Blackrock Global Smallcap Fund Inc.
03/05/2026 | Press release | Distributed by Public on 03/05/2026 09:47
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07171
Name of Fund: BlackRock Advantage Global Fund, Inc.
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Advantage Global Fund, Inc., 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code: (800) 441-7762
Date of fiscal year end: 06/30/2026
Date of reporting period: 12/31/2025
Item 1 - Report to Stockholders
(a) The Report to Shareholders is attached herewith.
BlackRock Advantage Global Fund, Inc.
Class K Shares | MKGCX
Semi-Annual Shareholder Report - December 31, 2025
This semi-annual shareholder report contains important information about BlackRock Advantage Global Fund, Inc. (the "Fund") for the period of July 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class K Shares
|
$36
|
0.66%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$521,539,630
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
226
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66%
|
What did the Fund invest in?
(as of December 31, 2025)
Geographic allocation
Ten largest holdings
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66.5%
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.3
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.6
|
|
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.5
|
|
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.2
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.2
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.2
|
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1%
|
|
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.6
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
Pfizer, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
CME Group, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.5
|
| Footnote | Description |
|
Footnote(a)
|
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
|
Footnote(b)
|
Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Global Fund, Inc.
Class K Shares | MKGCX
Semi-Annual Shareholder Report - December 31, 2025
MKGCX-12/25-SAR
BlackRock Advantage Global Fund, Inc.
Class R Shares | MRGSX
Semi-Annual Shareholder Report - December 31, 2025
This semi-annual shareholder report contains important information about BlackRock Advantage Global Fund, Inc. (the "Fund") for the period of July 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class R Shares
|
$65
|
1.21%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$521,539,630
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
226
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66%
|
What did the Fund invest in?
(as of December 31, 2025)
Geographic allocation
Ten largest holdings
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66.5%
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.3
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.6
|
|
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.5
|
|
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.2
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.2
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.2
|
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1%
|
|
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.6
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
Pfizer, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
CME Group, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.5
|
| Footnote | Description |
|
Footnote(a)
|
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
|
Footnote(b)
|
Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Global Fund, Inc.
Class R Shares | MRGSX
Semi-Annual Shareholder Report - December 31, 2025
MRGSX-12/25-SAR
BlackRock Advantage Global Fund, Inc.
Institutional Shares | MAGCX
Semi-Annual Shareholder Report - December 31, 2025
This semi-annual shareholder report contains important information about BlackRock Advantage Global Fund, Inc. (the "Fund") for the period of July 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Shares
|
$38
|
0.71%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$521,539,630
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
226
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66%
|
What did the Fund invest in?
(as of December 31, 2025)
Geographic allocation
Ten largest holdings
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66.5%
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.3
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.6
|
|
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.5
|
|
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.2
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.2
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.2
|
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1%
|
|
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.6
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
Pfizer, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
CME Group, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.5
|
| Footnote | Description |
|
Footnote(a)
|
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
|
Footnote(b)
|
Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Global Fund, Inc.
Institutional Shares | MAGCX
Semi-Annual Shareholder Report - December 31, 2025
MAGCX-12/25-SAR
BlackRock Advantage Global Fund, Inc.
Investor A Shares | MDGCX
Semi-Annual Shareholder Report - December 31, 2025
This semi-annual shareholder report contains important information about BlackRock Advantage Global Fund, Inc. (the "Fund") for the period of July 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor A Shares
|
$52
|
0.96%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$521,539,630
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
226
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66%
|
What did the Fund invest in?
(as of December 31, 2025)
Geographic allocation
Ten largest holdings
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66.5%
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.3
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.6
|
|
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.5
|
|
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.2
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.2
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.2
|
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1%
|
|
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.6
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
Pfizer, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
CME Group, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.5
|
| Footnote | Description |
|
Footnote(a)
|
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
|
Footnote(b)
|
Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Global Fund, Inc.
Investor A Shares | MDGCX
Semi-Annual Shareholder Report - December 31, 2025
MDGCX-12/25-SAR
BlackRock Advantage Global Fund, Inc.
Investor C Shares | MCGCX
Semi-Annual Shareholder Report - December 31, 2025
This semi-annual shareholder report contains important information about BlackRock Advantage Global Fund, Inc. (the "Fund") for the period of July 1, 2025 to December 31, 2025.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Investor C Shares
|
$92
|
1.71%Footnote Reference(a)
|
| Footnote | Description |
|
Footnote(a)
|
Annualized. |
Key Fund statistics
|
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
$521,539,630
|
|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
226
|
|
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66%
|
What did the Fund invest in?
(as of December 31, 2025)
Geographic allocation
Ten largest holdings
|
Country/Geographic Region
|
Percent of Net Assets
|
|
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
66.5%
|
|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.4
|
|
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.3
|
|
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.6
|
|
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.5
|
|
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.3
|
|
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.2
|
|
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.7
|
|
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
8.2
|
|
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
2.1
|
|
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
0.2
|
|
SecurityFootnote Reference(b)
|
Percent of Net Assets
|
|
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
5.1%
|
|
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.9
|
|
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
4.6
|
|
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
3.1
|
|
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.9
|
|
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Morgan Stanley........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.8
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
Pfizer, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.6
|
|
CME Group, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
|
1.5
|
| Footnote | Description |
|
Footnote(a)
|
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
|
Footnote(b)
|
Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Global Fund, Inc.
Investor C Shares | MCGCX
Semi-Annual Shareholder Report - December 31, 2025
MCGCX-12/25-SAR
(b) Not Applicable
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this semi-annual report
Item 5 - Audit Committee of Listed Registrant - Not Applicable
Item 6 - Investments
(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.
(b) The registrant's Financial Highlights are attached herewith.
December
31,
2025
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2025
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
Table
of
Contents
Page
2
Derivative
Financial
Instruments
.............................................................................................
3
Schedules
of
Investments
.................................................................................................
4
Statements
of
Assets
and
Liabilities
...........................................................................................
12
Statements
of
Operations
.................................................................................................
14
Statements
of
Changes
in
Net
Assets
..........................................................................................
15
Financial
Highlights
.....................................................................................................
16
Notes
to
Financial
Statements
..............................................................................................
26
Additional
Information
....................................................................................................
36
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
38
Derivative
Financial
Instruments
3
Derivative
Financial
Instruments
The
Funds
may
invest
in
various
derivative
financial
instruments.
These
instruments
are
used
to
obtain
exposure
to
a
security,
commodity,
index,
market,
and/or
other
assets
without
owning
or
taking
physical
custody
of
securities,
commodities
and/or
other
referenced
assets
or
to
manage
market,
equity,
credit,
interest
rate,
foreign
currency
exchange
rate,
commodity
and/or
other
risks.
Derivative
financial
instruments
may
give
rise
to
a
form
of
economic
leverage
and
involve
risks,
including
the
imperfect
correlation
between
the
value
of
a
derivative
financial
instrument
and
the
underlying
asset,
possible
default
of
the
counterparty
to
the
transaction
or
illiquidity
of
the
instrument.
Pursuant
to
Rule
18f-4
under
the
1940
Act,
among
other
things,
the
Funds
must
either
use
derivative
financial
instruments
with
embedded
leverage
in
a
limited
manner
or
comply
with
an
outer
limit
on
fund
leverage
risk
based
on
value-at-risk. The
Funds'
successful
use
of
a
derivative
financial
instrument
depends
on
the
investment
adviser's
ability
to
predict
pertinent
market
movements
accurately,
which
cannot
be
assured.
The
use
of
these
instruments
may
result
in
losses
greater
than
if
they
had
not
been
used,
may
limit
the
amount
of
appreciation a
Fund
can
realize
on
an
investment
and/or
may
result
in
lower
distributions
paid
to
shareholders.
The
Funds'
investments
in
these
instruments,
if
any,
are
discussed
in
detail
in
the
Notes
to
Financial
Statements.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
December
31,
2025
BlackRock
Advantage
Global
Fund,
Inc.
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Australia
-
2.3%
Commonwealth
Bank
of
Australia
...
20,184
$
2,154,421
CSL
Ltd.
....................
4,555
524,196
Fortescue
Ltd.
................
188,357
2,754,250
Glencore
plc
.................
177,823
972,098
Macquarie
Group
Ltd.
...........
11,887
1,606,292
QBE
Insurance
Group
Ltd.
.......
67,606
895,066
Rio
Tinto
plc
.................
19,789
1,594,025
Santos
Ltd.
..................
349,406
1,435,076
Woodside
Energy
Group
Ltd.
......
11,208
174,762
12,110,186
Brazil
-
0.6%
B3
SA
-
Brasil
Bolsa
Balcao
.......
540,778
1,382,718
Lojas
Renner
SA
..............
286,740
705,917
MBRF
Global
Foods
Co.
SA
......
291,185
1,063,299
Seguridade
Participacoes
SA
......
17,495
116,077
3,268,011
Canada
-
2.5%
Barrick
Mining
Corp.
............
54,829
2,388,420
Canadian
Natural
Resources
Ltd.
...
20,833
705,640
Power
Corp.
of
Canada
.........
50,792
2,699,557
Sun
Life
Financial,
Inc.
..........
10,843
676,863
Suncor
Energy,
Inc.
............
98,781
4,384,349
TELUS
Corp.
................
182,896
2,410,541
13,265,370
China
-
3.3%
Alibaba
Group
Holding
Ltd.
.......
46,500
853,785
Bank
of
Jiangsu
Co.
Ltd.
,
Class
A
...
1,949,000
2,905,703
BOC
Hong
Kong
Holdings
Ltd.
.....
16,500
83,737
Foxconn
Industrial
Internet
Co.
Ltd.
,
Class
A
..................
126,300
1,121,052
Industrial
Bank
Co.
Ltd.
,
Class
A
....
871,600
2,631,854
Jiangsu
Yanghe
Distillery
Co.
Ltd.
,
Class
A
..................
12,900
112,307
Shandong
Nanshan
Aluminum
Co.
Ltd.
,
Class
A
..................
646,800
498,598
Tencent
Holdings
Ltd.
...........
92,500
7,098,777
Xiaomi
Corp.
,
Class
B
(a)
(b)
(c)
.......
364,200
1,838,056
ZTE
Corp.
,
Class
H
............
44,800
156,520
17,300,389
Denmark
-
0.1%
Carlsberg
A/S
,
Class
B
..........
641
83,896
Danske
Bank
A/S
..............
3,519
175,726
Pandora
A/S
.................
295
32,623
292,245
Finland
-
0.3%
Kone
OYJ
,
Class
B
............
10,513
744,772
Nordea
Bank
Abp
.............
34,899
656,599
1,401,371
France
-
1.2%
AXA
SA
....................
42,286
2,028,927
Hermes
International
SCA
........
326
809,409
LVMH
Moet
Hennessy
Louis
Vuitton
SE
689
519,324
Sodexo
SA
..................
10,623
544,280
TotalEnergies
SE
..............
35,512
2,315,312
6,217,252
Germany
-
2.1%
Deutsche
Telekom
AG
(Registered)
.
10,125
329,579
Siemens
AG
(Registered)
........
19,357
5,421,443
Security
Shares
Shares
Value
Germany
(continued)
Siemens
Energy
AG
(a)
...........
38,035
$
5,335,876
11,086,898
Guatemala
-
0.0%
Millicom
International
Cellular
SA
...
1,505
83,437
Hong
Kong
-
0.8%
AIA
Group
Ltd.
...............
396,720
4,083,476
India
-
1.1%
Alkem
Laboratories
Ltd.
.........
2,455
150,370
Birlasoft
Ltd.
.................
27,669
133,446
DLF
Ltd.
....................
14,664
112,195
KPIT
Technologies
Ltd.
..........
10,367
135,358
Larsen
&
Toubro
Ltd.
...........
16,260
738,987
Lupin
Ltd.
...................
10,624
249,549
Multi
Commodity
Exchange
of
India
Ltd.
.....................
3,623
449,458
SBI
Life
Insurance
Co.
Ltd.
(b)
(c)
.....
6,724
152,413
Tata
Consultancy
Services
Ltd.
....
93,773
3,350,433
Voltas
Ltd.
..................
8,128
123,112
5,595,321
Ireland
-
0.8%
Accenture
plc
,
Class
A
..........
4,612
1,237,399
AerCap
Holdings
NV
...........
18,992
2,730,290
3,967,689
Israel
-
0.2%
Check
Point
Software
Technologies
Ltd.
(a)
....................
4,743
880,111
Italy
-
1.7%
Enel
SpA
...................
532,290
5,534,397
Intesa
Sanpaolo
SpA
...........
230,501
1,592,787
Mediobanca
Banca
di
Credito
Finanziario
SpA
.............
72,237
1,499,704
UniCredit
SpA
................
2,546
210,877
8,837,765
Japan
-
4.4%
ENEOS
Holdings,
Inc.
..........
262,000
1,853,678
Fujitsu
Ltd.
..................
48,700
1,338,418
Hitachi
Ltd.
..................
47,800
1,499,083
Japan
Tobacco,
Inc.
............
67,300
2,418,917
Mitsui
&
Co.
Ltd.
..............
20,200
599,886
Murata
Manufacturing
Co.
Ltd.
.....
125,000
2,583,494
NEC
Corp.
..................
81,200
2,747,443
Obayashi
Corp.
...............
28,500
596,445
Panasonic
Holdings
Corp.
........
38,800
503,005
Recruit
Holdings
Co.
Ltd.
........
14,200
797,920
SoftBank
Group
Corp.
..........
8,000
224,427
Sony
Financial
Group,
Inc.
(a)
......
307,100
325,451
Sony
Group
Corp.
.............
177,800
4,560,746
Tokyo
Electron
Ltd.
............
2,000
445,455
Toyota
Motor
Corp.
............
104,900
2,252,948
22,747,316
Malaysia
-
0.0%
YTL
Corp.
Bhd.
...............
266,000
133,476
Mexico
-
0.2%
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
..................
5,005
46,399
Wal-Mart
de
Mexico
SAB
de
CV
....
301,100
938,539
984,938
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2025
BlackRock
Advantage
Global
Fund,
Inc.
Schedules
of
Investments
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Netherlands
-
0.0%
Argenx
SE
(a)
.................
176
$
148,464
Republic
of
Turkiye
-
0.3%
Ford
Otomotiv
Sanayi
A/S
........
106,087
228,727
Haci
Omer
Sabanci
Holding
A/S
....
75,478
147,818
KOC
Holding
A/S
..............
70,541
276,758
Turkiye
Garanti
Bankasi
A/S
......
63,261
210,939
Turkiye
Is
Bankasi
A/S
,
Class
C
....
1,270,818
416,074
Turkiye
Petrol
Rafinerileri
A/S
......
106,252
455,809
1,736,125
Russia
-
0.0%
(a)(d)
Alrosa
PJSC
.................
18,331
2
Mobile
TeleSystems
PJSC
........
3,760
1
3
Singapore
-
0.1%
DBS
Group
Holdings
Ltd.
........
11,600
508,134
South
Korea
-
1.9%
KCC
Corp.
..................
595
173,538
Kia
Corp.
...................
12,935
1,096,545
LG
Display
Co.
Ltd.
(a)
...........
22,864
187,852
NAVER
Corp.
................
5,031
845,719
Samsung
Electronics
Co.
Ltd.
.....
59,081
4,951,868
SK
Hynix,
Inc.
................
6,099
2,762,104
10,017,626
Spain
-
1.0%
Banco
de
Sabadell
SA
..........
205,645
810,416
Iberdrola
SA
.................
151,248
3,275,033
Telefonica
SA
................
241,866
992,848
5,078,297
Sweden
-
0.3%
Essity
AB
,
Class
B
.............
4,829
138,840
Skandinaviska
Enskilda
Banken
AB
,
Class
A
..................
7,557
159,329
Svenska
Handelsbanken
AB
,
Class
A
50,013
724,566
Swedbank
AB
,
Class
A
..........
14,929
517,962
Volvo
AB
,
Class
B
.............
7,729
245,973
1,786,670
Switzerland
-
0.9%
ABB
Ltd.
(Registered)
...........
59,686
4,399,906
Swisscom
AG
(Registered)
.......
229
166,336
4,566,242
Taiwan
-
2.6%
AUO
Corp.
..................
413,000
160,671
Bizlink
Holding,
Inc.
............
17,286
835,110
Chroma
ATE,
Inc.
..............
57,000
1,409,808
Elan
Microelectronics
Corp.
.......
14,000
52,722
MediaTek,
Inc.
................
54,354
2,467,954
Nanya
Technology
Corp.
(a)
........
105,000
644,456
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
168,000
8,258,424
13,829,145
United
Kingdom
-
2.2%
AstraZeneca
plc
..............
7,636
1,413,113
Aviva
plc
...................
14,929
137,271
B&M
European
Value
Retail
SA
....
445,302
1,009,457
BAE
Systems
plc
..............
130,627
3,006,388
British
Land
Co.
plc
(The)
........
27,550
149,497
HSBC
Holdings
plc
............
93,878
1,477,259
International
Consolidated
Airlines
Group
SA
.................
88,035
488,190
Intertek
Group
plc
.............
9,571
593,561
Security
Shares
Shares
Value
United
Kingdom
(continued)
NatWest
Group
plc
.............
44,019
$
386,147
Next
plc
....................
9,939
1,829,772
Smiths
Group
plc
..............
26,180
828,080
11,318,735
United
States
-
66.5%
AbbVie,
Inc.
.................
10,742
2,454,440
Adobe,
Inc.
(a)
.................
2,367
828,426
Advanced
Micro
Devices,
Inc.
(a)
....
11,884
2,545,077
AECOM
....................
9,311
887,618
AGNC
Investment
Corp.
.........
39,613
424,651
Alexandria
Real
Estate
Equities,
Inc.
.
22,270
1,089,894
Allstate
Corp.
(The)
............
8,506
1,770,524
Alnylam
Pharmaceuticals,
Inc.
(a)
....
379
150,709
Alphabet,
Inc.
,
Class
A
..........
31,948
9,999,724
Alphabet,
Inc.
,
Class
C
..........
22,555
7,077,759
Altria
Group,
Inc.
..............
41,416
2,388,047
Amazon.com,
Inc.
(a)
............
69,524
16,047,530
AMETEK,
Inc.
................
23,426
4,809,592
Amgen,
Inc.
.................
3,763
1,231,668
Analog
Devices,
Inc.
............
7,477
2,027,762
Annaly
Capital
Management,
Inc.
...
15,995
357,648
Apple,
Inc.
..................
97,979
26,636,571
Arista
Networks,
Inc.
(a)
..........
8,505
1,114,410
AT&T,
Inc.
...................
92,823
2,305,723
Bank
of
America
Corp.
..........
141,396
7,776,780
Booking
Holdings,
Inc.
..........
327
1,751,193
BorgWarner,
Inc.
..............
68,386
3,081,473
Broadcom,
Inc.
...............
20,154
6,975,299
BRP,
Inc.
...................
770
54,445
Caterpillar,
Inc.
...............
2,433
1,393,793
Charles
Schwab
Corp.
(The)
......
37,275
3,724,145
Chevron
Corp.
................
21,007
3,201,677
Citigroup,
Inc.
................
40,439
4,718,827
CME
Group,
Inc.
,
Class
A
........
28,968
7,910,581
Coinbase
Global,
Inc.
,
Class
A
(a)
....
1,122
253,729
Comcast
Corp.
,
Class
A
.........
148,233
4,430,684
Conagra
Brands,
Inc.
...........
39,334
680,872
Costco
Wholesale
Corp.
.........
4,956
4,273,757
Crown
Castle,
Inc.
.............
8,510
756,284
Delta
Air
Lines,
Inc.
............
11,365
788,731
Devon
Energy
Corp.
............
41,007
1,502,086
Digital
Realty
Trust,
Inc.
.........
2,937
454,383
Eli
Lilly
&
Co.
................
2,893
3,109,049
Equinix,
Inc.
.................
2,038
1,561,434
Experian
plc
.................
44,667
2,013,882
GE
Vernova,
Inc.
..............
1,302
850,948
General
Motors
Co.
............
5,255
427,337
Gilead
Sciences,
Inc.
...........
5,980
733,985
GSK
plc
....................
41,308
1,012,757
Honeywell
International,
Inc.
......
35,990
7,021,289
ICON
plc
(a)
..................
2,710
493,816
Insmed,
Inc.
(a)
................
586
101,987
Intel
Corp.
(a)
.................
81,694
3,014,509
Johnson
&
Johnson
............
13,534
2,800,861
JPMorgan
Chase
&
Co.
.........
29,861
9,621,811
Lam
Research
Corp.
...........
14,291
2,446,333
Lockheed
Martin
Corp.
..........
6,477
3,132,731
LyondellBasell
Industries
NV
,
Class
A
116,235
5,032,976
MasTec,
Inc.
(a)
................
8,071
1,754,393
Medtronic
plc
................
25,208
2,421,481
Meta
Platforms,
Inc.
,
Class
A
......
9,471
6,251,712
Micron
Technology,
Inc.
..........
13,993
3,993,742
Microsoft
Corp.
...............
49,507
23,942,575
Moody's
Corp.
................
5,297
2,705,973
Morgan
Stanley
...............
53,154
9,436,430
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2025
BlackRock
Advantage
Global
Fund,
Inc.
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
United
States
(continued)
Motorola
Solutions,
Inc.
.........
9,133
$
3,500,862
Netflix,
Inc.
(a)
.................
11,722
1,099,055
Northrop
Grumman
Corp.
........
3,584
2,043,633
Novartis
AG
(Registered)
........
21,065
2,902,673
NVIDIA
Corp.
................
137,903
25,718,910
Old
Republic
International
Corp.
....
8,597
392,367
Oracle
Corp.
.................
8,000
1,559,280
Palantir
Technologies,
Inc.
,
Class
A
(a)
7,664
1,362,276
Pfizer,
Inc.
..................
329,698
8,209,480
PNC
Financial
Services
Group,
Inc.
(The)
....................
16,561
3,456,778
Procter
&
Gamble
Co.
(The)
......
16,643
2,385,108
Progressive
Corp.
(The)
.........
19,151
4,361,066
QUALCOMM,
Inc.
.............
17,725
3,031,861
Regeneron
Pharmaceuticals,
Inc.
...
898
693,139
Rithm
Capital
Corp.
............
12,630
137,667
ROBLOX
Corp.
,
Class
A
(a)
........
8,117
657,721
RTX
Corp.
..................
8,665
1,589,161
Salesforce,
Inc.
...............
8,238
2,182,329
Sandisk
Corp.
(a)
...............
5,542
1,315,560
Shell
plc
....................
150,842
5,558,867
Skyworks
Solutions,
Inc.
.........
5,568
353,067
Starwood
Property
Trust,
Inc.
......
6,574
118,398
Take-Two
Interactive
Software,
Inc.
(a)
.
15,315
3,921,100
Tesla,
Inc.
(a)
..................
14,957
6,726,462
Texas
Instruments,
Inc.
..........
21,808
3,783,470
Travelers
Cos.,
Inc.
(The)
........
7,139
2,070,738
UnitedHealth
Group,
Inc.
.........
6,020
1,987,262
US
Bancorp
.................
50,125
2,674,670
VeriSign,
Inc.
................
10,094
2,452,337
Verizon
Communications,
Inc.
.....
100,508
4,093,691
Vertex
Pharmaceuticals,
Inc.
(a)
.....
834
378,102
Visa,
Inc.
,
Class
A
.............
11,869
4,162,577
Walmart,
Inc.
.................
65,310
7,276,187
Western
Digital
Corp.
...........
17,485
3,012,141
346,926,518
Total
Common
Stocks
-
97.4%
(Cost:
$
372,551,222
)
.............................
508,171,210
Preferred
Securities
Preferred
Stocks
-
0.3%
Brazil
-
0.3%
ISA
Energia
Brasil
SA
(Preference)
..
21,795
109,084
Itau
Unibanco
Holding
SA
(Preference)
133,315
956,914
Itausa
SA
(Preference)
..........
21,943
46,938
Marcopolo
SA
(Preference)
.......
206,570
225,572
Usinas
Siderurgicas
de
Minas
Gerais
S
(Preference)
(a)
..............
149,234
160,171
1,498,679
Total
Preferred
Securities
-
0.3%
(Cost:
$
1,532,232
)
..............................
1,498,679
Total
Long-Term
Investments
-
97
.7
%
(Cost:
$
374,083,454
)
.............................
509,669,889
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
-
2.1%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.65
%
(e)
(f)
....
10,710,835
$
10,710,835
Total
Short-Term
Securities
-
2
.1
%
(Cost:
$
10,710,835
)
..............................
10,710,835
Total
Investments
-
99.8%
(Cost:
$
384,794,289
)
.............................
520,380,724
Other
Assets
Less
Liabilities
-
0.2
%
...................
1,158,906
Net
Assets
-
100.0%
..............................
$
521,539,630
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2025
BlackRock
Advantage
Global
Fund,
Inc.
Schedules
of
Investments
7
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
December
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
Affiliated
Issuer
Value
at
06/30/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/25
Shares
Held
at
12/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
............
$
-
$
-
$
(
10
)
(b)
$
10
$
-
$
-
-
$
1,380
(c)
$
-
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
9,845,942
864,893
(b)
-
-
-
10,710,835
10,710,835
140,790
-
$
10
$
-
$
10,710,835
$
142,170
$
-
-
-
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2025
BlackRock
Advantage
Global
Fund,
Inc.
8
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund's
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund's
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
EAFE
Index
.........................................................
18
03/20/26
$
2,612
$
18,015
MSCI
Emerging
Markets
Index
.................................................
16
03/20/26
1,129
28,576
S&P
500
E-Mini
Index
.......................................................
20
03/20/26
6,893
16,347
$
62,938
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
-
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
-
$
-
$
62,938
$
-
$
-
$
-
$
62,938
(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
December
31,
2025,
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
c
ontracts
.......................
$
-
$
-
$
954,446
$
-
$
-
$
-
$
954,446
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
-
$
-
$
(
128,644
)
$
-
$
-
$
-
$
(
128,644
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
-
long
..................................................................................
$
10,245,294
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
-
$
12,110,186
$
-
$
12,110,186
Brazil
...............................................
1,063,299
2,204,712
-
3,268,011
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2025
BlackRock
Advantage
Global
Fund,
Inc.
Schedules
of
Investments
9
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Canada
.............................................
$
13,265,370
$
-
$
-
$
13,265,370
China
...............................................
2,905,703
14,394,686
-
17,300,389
Denmark
.............................................
-
292,245
-
292,245
Finland
..............................................
-
1,401,371
-
1,401,371
France
..............................................
-
6,217,252
-
6,217,252
Germany
............................................
-
11,086,898
-
11,086,898
Guatemala
...........................................
83,437
-
-
83,437
Hong
Kong
...........................................
-
4,083,476
-
4,083,476
India
...............................................
-
5,595,321
-
5,595,321
Ireland
..............................................
3,967,689
-
-
3,967,689
Israel
...............................................
880,111
-
-
880,111
Italy
................................................
-
8,837,765
-
8,837,765
Japan
...............................................
325,451
22,421,865
-
22,747,316
Malaysia
.............................................
-
133,476
-
133,476
Mexico
..............................................
984,938
-
-
984,938
Netherlands
...........................................
-
148,464
-
148,464
Republic
of
Turkiye
......................................
-
1,736,125
-
1,736,125
Russia
..............................................
-
-
3
3
Singapore
............................................
-
508,134
-
508,134
South
Korea
..........................................
-
10,017,626
-
10,017,626
Spain
...............................................
-
5,078,297
-
5,078,297
Sweden
.............................................
-
1,786,670
-
1,786,670
Switzerland
...........................................
-
4,566,242
-
4,566,242
Taiwan
..............................................
-
13,829,145
-
13,829,145
United
Kingdom
........................................
-
11,318,735
-
11,318,735
United
States
..........................................
335,438,339
11,488,179
-
346,926,518
Preferred
Securities
.......................................
-
1,498,679
-
1,498,679
Short-Term
Securities
Money
Market
Funds
......................................
10,710,835
-
-
10,710,835
$
369,625,172
$
150,755,549
$
3
$
520,380,724
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
62,938
$
-
$
-
$
62,938
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of Period
End
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedules
of
Investments
(unaudited)
December
31,
2025
BlackRock
International
Select
Equity
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Australia
-
3.6%
CAR
Group
Ltd.
...............
60,791
$
1,245,077
Cochlear
Ltd.
................
8,245
1,431,491
REA
Group
Ltd.
...............
11,536
1,406,296
4,082,864
Austria
-
1.1%
Erste
Group
Bank
AG
...........
10,500
1,259,049
Belgium
-
1.8%
KBC
Group
NV
...............
15,589
2,030,249
Denmark
-
2.5%
Chemometec
A/S
..............
26,174
2,801,251
Finland
-
2.4%
Kone
OYJ
,
Class
B
............
37,941
2,687,852
France
-
13.7%
Airbus
SE
...................
15,312
3,555,814
Hermes
International
SCA
........
824
2,045,869
LVMH
Moet
Hennessy
Louis
Vuitton
SE
106
79,896
Safran
SA
...................
13,583
4,731,191
Schneider
Electric
SE
...........
11,208
3,066,231
Thales
SA
...................
7,798
2,103,634
15,582,635
Germany
-
11.2%
MTU
Aero
Engines
AG
..........
8,662
3,590,643
Nemetschek
SE
...............
10,339
1,118,579
SAP
SE
....................
10,553
2,564,047
Siemens
Energy
AG
(a)
...........
19,402
2,721,879
Talanx
AG
...................
20,901
2,776,467
12,771,615
Ireland
-
3.1%
AIB
Group
plc
................
336,178
3,593,860
Italy
-
6.8%
Intesa
Sanpaolo
SpA
...........
358,460
2,476,997
UniCredit
SpA
................
63,300
5,242,930
7,719,927
Japan
-
8.3%
Advantest
Corp.
...............
43,200
5,462,550
BayCurrent,
Inc.
..............
32,400
1,343,424
Hitachi
Ltd.
..................
84,600
2,653,189
9,459,163
Netherlands
-
9.4%
ABN
AMRO
Bank
NV
,
CVA
(b)
(c)
.....
102,344
3,575,786
Adyen
NV
(a)
(b)
(c)
...............
1,959
3,159,034
ASM
International
NV
...........
2,234
1,352,453
BE
Semiconductor
Industries
NV
...
17,117
2,676,005
10,763,278
Norway
-
0.6%
Kongsberg
Gruppen
ASA
........
26,295
673,817
Singapore
-
2.0%
Sea
Ltd.
,
ADR,
Class
A
(a)
.........
17,806
2,271,511
Spain
-
3.3%
CaixaBank
SA
................
306,192
3,743,542
Switzerland
-
7.0%
Belimo
Holding
AG
(Registered)
....
2,804
2,739,686
Cie
Financiere
Richemont
SA
(Registered)
...............
12,606
2,718,497
Galderma
Group
AG
............
7,325
1,491,611
Security
Shares
Shares
Value
Switzerland
(continued)
SMG
Swiss
Marketplace
Group
AG
(a)
(b)
(c)
(d)
......................
23,613
$
1,079,800
8,029,594
Taiwan
-
6.3%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
..................
147,000
7,226,121
United
Kingdom
-
11.5%
3i
Group
plc
.................
36,951
1,620,258
Lloyds
Banking
Group
plc
........
3,491,056
4,617,670
NatWest
Group
plc
.............
165,640
1,453,041
RELX
plc
...................
76,683
3,089,314
Weir
Group
plc
(The)
...........
60,510
2,312,874
13,093,157
United
States
-
4.7%
Mastercard,
Inc.
,
Class
A
.........
9,394
5,362,847
Total
Long-Term
Investments
-
99.3%
(Cost:
$
87,919,537
)
..............................
113,152,332
Short-Term
Securities
Money
Market
Funds
-
1.1%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.89
%
(g)
.......
711,187
711,543
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
3.65
%
......
511,065
511,065
Total
Short-Term
Securities
-
1
.1
%
(Cost:
$
1,222,608
)
..............................
1,222,608
Total
Investments
-
100.4%
(Cost:
$
89,142,145
)
..............................
114,374,940
Liabilities
in
Excess
of
Other
Assets
-
(
0.4
)
%
............
(
416,983
)
Net
Assets
-
100.0%
..............................
$
113,957,957
Schedules
of
Investments
(unaudited)
(continued)
December
31,
2025
BlackRock
International
Select
Equity
Fund
Schedules
of
Investments
11
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
December
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund's
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the Schedule
of
Investments
above.
See
notes
to
financial
statements.
(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)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
06/30/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/25
Shares
Held
at
12/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
-
$
711,543
(a)
$
-
$
-
$
-
$
711,543
711,187
$
133
(b)
$
-
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
390,906
120,159
(a)
-
-
-
511,065
511,065
7,732
-
$
-
$
-
$
1,222,608
$
7,865
$
-
-
-
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Australia
.............................................
$
-
$
4,082,864
$
-
$
4,082,864
Austria
..............................................
-
1,259,049
-
1,259,049
Belgium
.............................................
-
2,030,249
-
2,030,249
Denmark
.............................................
-
2,801,251
-
2,801,251
Finland
..............................................
-
2,687,852
-
2,687,852
France
..............................................
-
15,582,635
-
15,582,635
Germany
............................................
-
12,771,615
-
12,771,615
Ireland
..............................................
-
3,593,860
-
3,593,860
Italy
................................................
-
7,719,927
-
7,719,927
Japan
...............................................
-
9,459,163
-
9,459,163
Netherlands
...........................................
-
10,763,278
-
10,763,278
Norway
..............................................
-
673,817
-
673,817
Singapore
............................................
2,271,511
-
-
2,271,511
Spain
...............................................
-
3,743,542
-
3,743,542
Switzerland
...........................................
-
8,029,594
-
8,029,594
Taiwan
..............................................
-
7,226,121
-
7,226,121
United
Kingdom
........................................
-
13,093,157
-
13,093,157
United
States
..........................................
5,362,847
-
-
5,362,847
Short-Term
Securities
Money
Market
Funds
......................................
1,222,608
-
-
1,222,608
$
8,856,966
$
105,517,974
$
-
$
114,374,940
Statements
of
Assets
and
Liabilities
(unaudited)

December
31,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
12
See
notes
to
financial
statements.
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
ASSETS
Investments,
at
value
-
unaffiliated
(a)
(b)
........................................................................
$
509,669,889
$
113,152,332
Investments,
at
value
-
affiliated
(c)
...........................................................................
10,710,835
1,222,608
Cash
..............................................................................................
1,967
6,701
Cash
pledged:
Futures
contracts
.....................................................................................
549,000
-
Foreign
currency,
at
value
(d)
................................................................................
2,748,237
309,696
Receivables:
-
-
Investment
s
sold
.....................................................................................
7,165,532
-
Securities
lending
income
-
affiliated
.......................................................................
15
133
Capital
shares
sold
....................................................................................
-
5,783
Dividends
-
unaffiliated
................................................................................
792,654
160,099
Dividends
-
affiliated
..................................................................................
22,060
1,376
From
the
Manager
....................................................................................
48,329
5,146
Prepaid
e
xpenses
......................................................................................
43,903
45,201
Total
a
ssets
..........................................................................................
531,752,421
114,909,075
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
-
711,543
Payables:
-
-
Investments
purchased
.................................................................................
9,365,197
-
Accounting
services
fees
................................................................................
63,656
27,510
Capital
shares
redeemed
................................................................................
105,226
-
Custodian
fees
.......................................................................................
17,327
-
Deferred
foreign
capital
gain
tax
...........................................................................
56,630
-
Interest
expense
.....................................................................................
384
87
Investment
advisory
fees
................................................................................
251,076
40,132
Directors'
and
Officer's
fees
..............................................................................
2,891
2,062
Other
affiliate
fees
....................................................................................
2,513
465
Printing
and
postage
fees
...............................................................................
44,611
31,874
Professional
fees
.....................................................................................
-
85,266
Service
and
distribution
fees
..............................................................................
66,574
15,777
Transfer
agent
fees
...................................................................................
147,714
21,916
Other
accrued
expenses
................................................................................
19,405
14,486
Variation
margin
on
futures
contracts
........................................................................
69,587
-
Total
li
abilities
.........................................................................................
10,212,791
951,118
Commitments
and
contingent
liabilities
-
-
NET
ASSETS
.........................................................................................
$
521,539,630
$
113,957,957
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
382,391,898
$
87,157,686
Accumulated
earnings
...................................................................................
139,147,732
26,800,271
NET
ASSETS
.........................................................................................
$
521,539,630
$
113,957,957
(a)
Investments,
at
cost
-
unaffiliated
...................................................................
$
374,083,454
$
87,919,537
(b)
Securities
loaned,
at
value
........................................................................
$
-
$
685,158
(c)
Investments,
at
cost
-
affiliated
.....................................................................
$
10,710,835
$
1,222,608
(d)
Foreign
currency,
at
cost
.........................................................................
$
2,739,083
$
305,952
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
December
31,
2025
13
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
NET
ASSET
VALUE
Institutional
Net
assets
.........................................................................................
$
167,224,477
$
36,480,797
Shares
outstanding
...................................................................................
5,553,419
1,651,600
Net
asset
value
.....................................................................................
$
30.11
$
22.09
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Investor
A
Net
assets
.........................................................................................
$
313,325,704
$
72,891,800
Shares
outstanding
...................................................................................
11,324,255
3,392,095
Net
asset
value
.....................................................................................
$
27.67
$
21.49
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Investor
C
Net
assets
.........................................................................................
$
2,542,328
$
827,942
Shares
outstanding
...................................................................................
127,183
61,450
Net
asset
value
.....................................................................................
$
19.99
$
13.47
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Class
K
Net
assets
.........................................................................................
$
34,621,161
$
3,345,701
Shares
outstanding
...................................................................................
1,149,525
151,799
Net
asset
value
.....................................................................................
$
30.12
$
22.04
Shares
authorized
...................................................................................
2.0
billion
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Class
R
Net
assets
.........................................................................................
$
3,825,960
$
411,717
Shares
outstanding
...................................................................................
163,972
27,378
Net
asset
value
.....................................................................................
$
23.33
$
15.04
Shares
authorized
...................................................................................
100
million
Unlimited
Par
value
.........................................................................................
$
0.10
$
0.10
Statements
of
Operations
(unaudited)

Six
Months
Ended
December
31,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
14
See
notes
to
financial
statements.
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
INVESTMENT
INCOME
-
-
Dividends
-
unaffiliated
.............................................................................
$
5,382,023
$
657,301
Dividends
-
affiliated
...............................................................................
140,790
7,732
Interest
-
unaffiliated
...............................................................................
11,738
5,385
Securities
lending
income
-
affiliated
-
net
...............................................................
1,380
133
Foreign
taxes
withheld
..............................................................................
(
287,794
)
(
78,607
)
Foreign
withholding
tax
claims
.........................................................................
56,175
2,098
Total
investment
income
...............................................................................
5,304,312
594,042
EXPENSES
Investment
advisory
................................................................................
1,673,923
434,228
Service
and
distribution
-
class
specific
..................................................................
403,060
97,959
Transfer
agent
-
class
specific
........................................................................
384,805
60,698
Professional
.....................................................................................
84,588
179,559
Custodian
.......................................................................................
44,158
26,386
Accounting
services
................................................................................
31,203
17,012
Registration
.....................................................................................
28,394
32,123
Printing
and
postage
...............................................................................
26,107
20,301
Directors
and
Officer
...............................................................................
5,195
3,681
Miscellaneous
....................................................................................
30,793
14,989
Total
expenses
excluding
interest
expense
...................................................................
2,712,226
886,936
Interest
expense
..................................................................................
1,388
2,003
Total
e
xpenses
.....................................................................................
2,713,614
888,939
Less:
-
-
Fees
waived
and/or
reimbursed
by
the
Manager
.............................................................
(
246,925
)
(
265,047
)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
-
class
specific
........................................
(
266,315
)
(
32,605
)
Total
ex
penses
after
fees
waived
and/or
reimbursed
............................................................
2,200,374
591,287
Net
investment
income
................................................................................
3,103,938
2,755
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
58,095,219
$
(
896,407
)
Net
realized
gain
(loss)
from:
Investments
-
unaffiliated
.........................................................................
$
24,858,448
$
6,030,719
Investments
-
affiliated
...........................................................................
10
-
Foreign
currency
transactions
.......................................................................
(
54,559
)
(
27,030
)
Futures
contracts
................................................................................
954,446
-
25,758,345
6,003,689
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
(a)
........................................................................
32,470,514
(
6,897,852
)
Foreign
currency
translations
........................................................................
(
4,996
)
(
2,244
)
Futures
contracts
................................................................................
(
128,644
)
-
32,336,874
(6,900,096)
Net
realized
and
unrealized
gain
(loss)
.....................................................................
58,095,219
(896,407)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
......................................
$
61,199,157
$
(893,652)
(a)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
..........................................................
$
(
56,630
)
$
-
Statements
of
Changes
in
Net
Assets

15
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
BlackRock
Advantage
Global
Fund,
Inc.
BlackRock
International
Select
Equity
Fund
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
3,103,938
$
4,885,124
$
2,755
$
539,954
Net
realized
gain
................................................
25,758,345
36,245,135
6,003,689
23,637,763
Net
change
in
unrealized
appreciation
(depreciation)
........................
32,336,874
16,313,435
(
6,900,096
)
(
5,887,564
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
61,199,157
57,443,694
(893,652)
18,290,153
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Institutional
...................................................
(
12,885,466
)
(
7,995,890
)
(
3,993,440
)
(
377,300
)
Investor
A
....................................................
(
25,928,929
)
(
36,823,700
)
(
8,049,117
)
(
777,864
)
Investor
C
....................................................
(
248,104
)
(
396,309
)
(
154,526
)
(
14,125
)
Class
K
......................................................
(
2,679,405
)
(
3,539,209
)
(
370,922
)
(
31,699
)
Class
R
......................................................
(
350,386
)
(
409,531
)
(
54,741
)
(
4,673
)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(42,092,290)
(49,164,639)
(12,622,746)
(1,205,661)
CAPITAL
SHARE
TRANSACTIONS
$
-
$
-
$
-
$
-
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........
29,124,472
82,497,163
7,964,309
(4,980,529)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
48,231,339
90,776,218
(
5,552,089
)
12,103,963
Beginning
of
period
................................................
473,308,291
382,532,073
119,510,046
107,406,083
End
of
period
....................................................
$
521,539,630
$
473,308,291
$
113,957,957
$
119,510,046
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
16
BlackRock
Advantage
Global
Fund,
Inc.
Institutional
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
28.89
$
28.62
$
23.77
$
20.70
$
28.57
$
21.48
Net
investment
income
(a)
...................
0
.21
0
.41
0
.28
0
.38
0
.33
0
.24
Net
realized
and
unrealized
gain
(loss)
..........
3
.54
3
.58
4
.93
3
.08
(
4
.04
)
7
.82
Net
increase
(decrease)
from
investment
operations
..
3.75
3.99
5.21
3.46
(3.71
)
8.06
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.43
)
(
0
.38
)
(
0
.36
)
(
0
.39
)
(
0
.33
)
(
0
.35
)
From
net
realized
gain
.....................
(
2
.10
)
(
3
.34
)
-
-
(
3
.83
)
(
0
.62
)
Total
distributions
..........................
(2.53
)
(3.72
)
(0.36
)
(0.39
)
(4.16
)
(0.97
)
Net
asset
value,
end
of
period
................
$
30.11
$
28.89
$
28.62
$
23.77
$
20.70
$
28.57
Total
Return
(c)
Based
on
net
asset
value
....................
13.09
%
(d)
14.73
%
22.20
%
(e)
16.94
%
(15.52
)%
38.23
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.95
%
(g)
0.94
%
0.98
%
1.12
%
1.10
%
1.19
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.71
%
(g)
0.71
%
0.71
%
0.71
%
0.71
%
0.71
%
Net
investment
income
.....................
1.38
%
(g)
1.48
%
1.12
%
1.75
%
1.33
%
0.96
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
167,224
$
155,176
$
65,667
$
56,145
$
62,236
$
95,405
Portfolio
turnover
rate
.......................
66
%
160
%
152
%
102
%
136
%
311
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
22.12%.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
17
Financial
Highlights
BlackRock
Advantage
Global
Fund,
Inc.
Investor
A
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
26.71
$
26.71
$
22.24
$
19.39
$
27.02
$
20.36
Net
investment
income
(a)
...................
0
.16
0
.27
0
.20
0
.31
0
.27
0
.17
Net
realized
and
unrealized
gain
(loss)
..........
3
.26
3
.38
4
.60
2
.88
(
3
.80
)
7
.41
Net
increase
(decrease)
from
investment
operations
..
3.42
3.65
4.80
3.19
(3.53
)
7.58
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.36
)
(
0
.31
)
(
0
.33
)
(
0
.34
)
(
0
.27
)
(
0
.30
)
From
net
realized
gain
.....................
(
2
.10
)
(
3
.34
)
-
-
(
3
.83
)
(
0
.62
)
Total
distributions
..........................
(2.46
)
(3.65
)
(0.33
)
(0.34
)
(4.10
)
(0.92
)
Net
asset
value,
end
of
period
................
$
27.67
$
26.71
$
26.71
$
22.24
$
19.39
$
27.02
Total
Return
(c)
Based
on
net
asset
value
....................
12.94
%
(d)
14.48
%
21.87
%
(e)
16.65
%
(15.73
)%
37.91
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.15
%
(g)
1.20
%
1.26
%
1.41
%
1.40
%
1.51
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.96
%
(g)
0.96
%
0.96
%
0.96
%
0.96
%
0.96
%
Net
investment
income
.....................
1.13
%
(g)
1.05
%
0.85
%
1.51
%
1.14
%
0.71
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
313,326
$
280,951
$
287,093
$
274,647
$
264,270
$
327,701
Portfolio
turnover
rate
.......................
66
%
160
%
152
%
102
%
136
%
311
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
21.78%.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
18
BlackRock
Advantage
Global
Fund,
Inc.
Investor
C
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
19.87
$
20.74
$
17.42
$
15.24
$
22.06
$
16.58
Net
investment
income
(loss)
(a)
...............
0
.04
0
.05
0
.02
0
.12
0
.06
(
0
.01
)
Net
realized
and
unrealized
gain
(loss)
..........
2
.42
2
.58
3
.58
2
.26
(
2
.97
)
6
.04
Net
increase
(decrease)
from
investment
operations
..
2.46
2.63
3.60
2.38
(2.91
)
6.03
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.24
)
(
0
.16
)
(
0
.28
)
(
0
.20
)
(
0
.14
)
-
From
net
realized
gain
.....................
(
2
.10
)
(
3
.34
)
-
-
(
3
.77
)
(
0
.55
)
Total
distributions
..........................
(2.34
)
(3.50
)
(0.28
)
(0.20
)
(3.91
)
(0.55
)
Net
asset
value,
end
of
period
................
$
19.99
$
19.87
$
20.74
$
17.42
$
15.24
$
22.06
Total
Return
(c)
Based
on
net
asset
value
....................
12.53
%
(d)
13.61
%
20.91
%
(e)
15.78
%
(16.36
)%
36.88
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.98
%
(g)
2.06
%
2.10
%
2.20
%
2.19
%
2.42
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.71
%
(g)
1.71
%
1.71
%
1.71
%
1.71
%
1.71
%
Net
investment
income
(loss)
.................
0.39
%
(g)
0.27
%
0.10
%
0.76
%
0.31
%
(0.06
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
2,542
$
2,053
$
2,473
$
2,620
$
3,795
$
7,922
Portfolio
turnover
rate
.......................
66
%
160
%
152
%
102
%
136
%
311
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
20.86%.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
19
Financial
Highlights
BlackRock
Advantage
Global
Fund,
Inc.
Class
K
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
28.91
$
28.63
$
23.78
$
20.71
$
28.58
$
21.48
Net
investment
income
(a)
...................
0
.22
0
.39
0
.27
0
.39
0
.36
0
.27
Net
realized
and
unrealized
gain
(loss)
..........
3
.53
3
.62
4
.95
3
.08
(
4
.05
)
7
.81
Net
increase
(decrease)
from
investment
operations
..
3.75
4.01
5.22
3.47
(3.69
)
8.08
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.44
)
(
0
.39
)
(
0
.37
)
(
0
.40
)
(
0
.35
)
(
0
.36
)
From
net
realized
gain
.....................
(
2
.10
)
(
3
.34
)
-
-
(
3
.83
)
(
0
.62
)
Total
distributions
..........................
(2.54
)
(3.73
)
(0.37
)
(0.40
)
(4.18
)
(0.98
)
Net
asset
value,
end
of
period
................
$
30.12
$
28.91
$
28.63
$
23.78
$
20.71
$
28.58
Total
Return
(c)
Based
on
net
asset
value
....................
13.10
%
(d)
14.82
%
22.22
%
(e)
16.99
%
(15.46
)%
38.34
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
0.76
%
(g)
0.82
%
0.84
%
0.98
%
1.00
%
1.13
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.66
%
(g)
0.66
%
0.66
%
0.66
%
0.66
%
0.66
%
Net
investment
income
.....................
1.43
%
(g)
1.39
%
1.10
%
1.81
%
1.45
%
1.04
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
34,621
$
31,024
$
24,606
$
56,522
$
49,643
$
56,800
Portfolio
turnover
rate
.......................
66
%
160
%
152
%
102
%
136
%
311
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
22.05%.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
20
BlackRock
Advantage
Global
Fund,
Inc.
Class
R
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
22.84
$
23.35
$
19.51
$
17.05
$
24.24
$
18.33
Net
investment
income
(a)
...................
0
.10
0
.19
0
.12
0
.22
0
.18
0
.10
Net
realized
and
unrealized
gain
(loss)
..........
2
.79
2
.90
4
.04
2
.53
(
3
.33
)
6
.65
Net
increase
(decrease)
from
investment
operations
..
2.89
3.09
4.16
2.75
(3.15
)
6.75
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.30
)
(
0
.26
)
(
0
.32
)
(
0
.29
)
(
0
.21
)
(
0
.22
)
From
net
realized
gain
.....................
(
2
.10
)
(
3
.34
)
-
-
(
3
.83
)
(
0
.62
)
Total
distributions
..........................
(2.40
)
(3.60
)
(0.32
)
(0.29
)
(4.04
)
(0.84
)
Net
asset
value,
end
of
period
................
$
23.33
$
22.84
$
23.35
$
19.51
$
17.05
$
24.24
Total
Return
(c)
Based
on
net
asset
value
....................
12.80
%
(d)
14.15
%
21.59
%
(e)
16.34
%
(15.94
)%
37.52
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...........................
1.53
%
(g)
1.54
%
1.60
%
1.76
%
1.82
%
1.79
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.21
%
(g)
1.21
%
1.21
%
1.21
%
1.21
%
1.21
%
Net
investment
income
.....................
0.86
%
(g)
0.87
%
0.61
%
1.25
%
0.85
%
0.45
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
3,826
$
4,105
$
2,693
$
2,283
$
2,506
$
3,996
Portfolio
turnover
rate
.......................
66
%
160
%
152
%
102
%
136
%
311
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Includes
payment
received
from
a
settlement
of
litigation,
which
impacted
the
Fund's
total
return.
Excluding
the
payment
from
a
settlement
of
litigation,
the
Fund's
total
return
is
21.49%.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
21
Financial
Highlights
BlackRock
International
Select
Equity
Fund
Institutional
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
24.81
$
21.20
$
19.23
$
14.70
$
20.34
$
14.31
Net
investment
income
(a)
...................
0
.02
0
.15
0
.25
0
.24
0
.13
0
.03
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.18
)
3
.73
1
.96
4
.41
(
5
.77
)
6
.00
Net
increase
(decrease)
from
investment
operations
..
(0.16
)
3.88
2.21
4.65
(5.64
)
6.03
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.26
)
(
0
.27
)
(
0
.24
)
(
0
.12
)
-
-
From
net
realized
gain
.....................
(
2
.30
)
-
-
-
-
-
Total
distributions
..........................
(2.56
)
(0.27
)
(0.24
)
(0.12
)
-
-
Net
asset
value,
end
of
period
................
$
22.09
$
24.81
$
21.20
$
19.23
$
14.70
$
20.34
Total
Return
(c)
Based
on
net
asset
value
....................
(0.64
)%
(d)
18.52
%
11.65
%
31.80
%
(27.73
)%
42.14
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
1.36
%
(f)
1.32
%
1.27
%
1.48
%
1.17
%
1.18
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.85
%
(f)
0.95
%
1.09
%
1.31
%
1.10
%
1.12
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
...............
0.85
%
(f)
0.94
%
1.04
%
1.04
%
1.09
%
1.12
%
Net
investment
income
.....................
0.17
%
(f)
0.69
%
1.29
%
1.43
%
0.65
%
0.19
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
36,481
$
37,980
$
31,712
$
34,272
$
25,025
$
81,809
Portfolio
turnover
rate
.......................
31
%
89
%
32
%
37
%
42
%
26
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
22
BlackRock
International
Select
Equity
Fund
Investor
A
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
24.17
$
20.69
$
18.80
$
14.37
$
19.93
$
14.05
Net
investment
income
(loss)
(a)
...............
(
0
.01
)
0
.09
0
.21
0
.18
0
.09
(
0
.01
)
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.16
)
3
.63
1
.90
4
.33
(
5
.65
)
5
.89
Net
increase
(decrease)
from
investment
operations
..
(0.17
)
3.72
2.11
4.51
(5.56
)
5.88
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.21
)
(
0
.24
)
(
0
.22
)
(
0
.08
)
-
-
From
net
realized
gain
.....................
(
2
.30
)
-
-
-
-
-
Total
distributions
..........................
(2.51
)
(0.24
)
(0.22
)
(0.08
)
-
-
Net
asset
value,
end
of
period
................
$
21.49
$
24.17
$
20.69
$
18.80
$
14.37
$
19.93
Total
Return
(c)
Based
on
net
asset
value
....................
(0.73
)%
(d)
18.18
%
11.36
%
31.49
%
(27.90
)%
41.85
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
1.62
%
(f)
1.54
%
1.50
%
1.71
%
1.40
%
1.39
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.10
%
(f)
1.20
%
1.34
%
1.56
%
1.33
%
1.33
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
...............
1.10
%
(f)
1.19
%
1.29
%
1.29
%
1.32
%
1.33
%
Net
investment
income
(loss)
.................
(0.08
)%
(f)
0.43
%
1.08
%
1.07
%
0.48
%
(0.03
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
72,892
$
76,535
$
71,961
$
71,692
$
59,981
$
87,462
Portfolio
turnover
rate
.......................
31
%
89
%
32
%
37
%
42
%
26
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
23
Financial
Highlights
BlackRock
International
Select
Equity
Fund
Investor
C
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
16.05
$
13.87
$
12.73
$
9.76
$
13.63
$
9.68
Net
investment
income
(loss)
(a)
...............
(
0
.06
)
(
0
.05
)
0
.04
0
.04
(
0
.06
)
(
0
.10
)
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.11
)
2
.42
1
.28
2
.93
(
3
.81
)
4
.05
Net
increase
(decrease)
from
investment
operations
..
(0.17
)
2.37
1.32
2.97
(3.87
)
3.95
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.11
)
(
0
.19
)
(
0
.18
)
-
-
-
From
net
realized
gain
.....................
(
2
.30
)
-
-
-
-
-
Total
distributions
..........................
(2.41
)
(0.19
)
(0.18
)
-
-
-
Net
asset
value,
end
of
period
................
$
13.47
$
16.05
$
13.87
$
12.73
$
9.76
$
13.63
Total
Return
(c)
Based
on
net
asset
value
....................
(1.12
)%
(d)
17.34
%
10.52
%
30.43
%
(28.39
)%
40.81
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
2.52
%
(f)
2.47
%
2.34
%
2.44
%
2.17
%
2.17
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.85
%
(f)
1.95
%
2.09
%
2.32
%
2.10
%
2.11
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
...............
1.85
%
(f)
1.94
%
2.03
%
2.02
%
2.09
%
2.11
%
Net
investment
income
(loss)
.................
(0.86
)%
(f)
(0.32
)%
0.33
%
0.36
%
(0.45
)%
(0.86
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
828
$
1,077
$
1,173
$
1,267
$
1,055
$
2,451
Portfolio
turnover
rate
.......................
31
%
89
%
32
%
37
%
42
%
26
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
excludes
the
effects
of
any
sales
charges
and
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
24
BlackRock
International
Select
Equity
Fund
Class
K
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
24.76
$
21.16
$
19.19
$
14.69
$
20.30
$
14.26
Net
investment
income
(a)
...................
0
.02
0
.19
0
.35
0
.23
0
.16
0
.06
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.17
)
3
.68
1
.87
4
.42
(
5
.77
)
5
.98
Net
increase
(decrease)
from
investment
operations
..
(0.15
)
3.87
2.22
4.65
(5.61
)
6.04
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.27
)
(
0
.27
)
(
0
.25
)
(
0
.15
)
-
-
From
net
realized
gain
.....................
(
2
.30
)
-
-
-
-
-
Total
distributions
..........................
(2.57
)
(0.27
)
(0.25
)
(0.15
)
-
-
Net
asset
value,
end
of
period
................
$
22.04
$
24.76
$
21.16
$
19.19
$
14.69
$
20.30
Total
Return
(c)
Based
on
net
asset
value
....................
(0.60
)%
(d)
18.54
%
11.71
%
31.81
%
(27.64
)%
42.36
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
1.28
%
(f)
1.23
%
1.15
%
1.37
%
1.08
%
1.04
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
0.80
%
(f)
0.89
%
1.03
%
1.25
%
1.01
%
0.98
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
...............
0.80
%
(f)
0.88
%
0.98
%
0.99
%
1.00
%
0.98
%
Net
investment
income
.....................
0.21
%
(f)
0.87
%
1.77
%
1.40
%
0.83
%
0.34
%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
3,346
$
3,562
$
2,256
$
1,098
$
886
$
860
Portfolio
turnover
rate
.......................
31
%
89
%
32
%
37
%
42
%
26
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
25
Financial
Highlights
BlackRock
International
Select
Equity
Fund
Class
R
Six
Months
Ended
12/31/25
(unaudited)
Year
Ended
06/30/25
Year
Ended
06/30/24
Year
Ended
06/30/23
Year
Ended
06/30/22
Year
Ended
06/30/21
Net
asset
value,
beginning
of
period
...........
$
17.68
$
15.22
$
13.91
$
10.61
$
14.79
$
10.46
Net
investment
income
(loss)
(a)
...............
(
0
.02
)
0
.03
0
.12
0
.12
(
0
.06
)
(
0
.04
)
Net
realized
and
unrealized
gain
(loss)
..........
(
0
.13
)
2
.66
1
.40
3
.18
(
4
.12
)
4
.37
Net
increase
(decrease)
from
investment
operations
..
(0.15
)
2.69
1.52
3.30
(4.18
)
4.33
Distributions
(b)
-
-
-
-
-
-
From
net
investment
income
................
(
0
.19
)
(
0
.23
)
(
0
.21
)
-
-
-
From
net
realized
gain
.....................
(
2
.30
)
-
-
-
-
-
Total
distributions
..........................
(2.49
)
(0.23
)
(0.21
)
-
-
-
Net
asset
value,
end
of
period
................
$
15.04
$
17.68
$
15.22
$
13.91
$
10.61
$
14.79
Total
Return
(c)
Based
on
net
asset
value
....................
(0.89
)%
(d)
17.96
%
11.09
%
31.10
%
(28.26
)%
41.40
%
Ratios
to
Average
Net
Assets
(e)
Total
expen
ses
...........................
2.03
%
(f)
1.95
%
1.92
%
2.20
%
1.91
%
1.73
%
Total
expenses
after
fees
waived
and/or
reimbursed
..
1.35
%
(f)
1.45
%
1.59
%
1.82
%
1.84
%
1.67
%
Total
expenses
after
fees
waived
and/or
reimbursed
and
excluding
interest
expense
and
professional
fees
for
foreign
withholding
tax
claims
...............
1.35
%
(f)
1.44
%
1.53
%
1.54
%
1.83
%
1.67
%
Net
investment
income
(loss)
.................
(0.32
)%
(f)
0.20
%
0.88
%
0.96
%
(0.41
)%
(0.32
)%
Supplemental
Data
Net
assets,
end
of
period
(000)
................
$
412
$
357
$
304
$
279
$
195
$
471
Portfolio
turnover
rate
.......................
31
%
89
%
32
%
37
%
42
%
26
%
(a)
Based
on
average
shares
outstanding.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(d)
Not
annualized.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
26
1.
ORGANIZATION
BlackRock
Advantage
Global
Fund,
Inc.,
(the
"Corporation")
and
BlackRock International
Select
Equity
Fund (the
"Trust")
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
as
open-end
management
investment
companies.
The
Corporation
is
organized
as
a
Maryland
corporation.
The
Trust
is
organized
as
a
Massachusetts
business
trust.
The
following
are
referred
to
herein
collectively
as
the
"Funds"
or
individually
as
a
"Fund":
Each
Fund
offers
multiple
classes
of
shares.
All
classes
of
shares
have
identical
voting,
dividend,
liquidation
and
other
rights
and
are
subject
to
the
same
terms
and
conditions,
except
that
certain
classes
bear
expenses
related
to
the
shareholder
servicing
and
distribution
of
such
shares.
Institutional
and
Class
K
Shares
are
sold
only
to
certain
eligible
investors.
Investor
A,
Investor
C
and
Class
R
Shares
bear
certain
expenses
related
to
shareholder
servicing
of
such
shares,
and
Investor
C
and
Class
R
Shares
also
bear
certain
expenses
related
to
the
distribution
of
such
shares.
Investor
A
and
Investor
C
Shares
are
generally
available
through
financial
intermediaries.
Class
R
Shares
are
sold
only
to
certain
employer-sponsored
retirement
plans.
Each
class
has
exclusive
voting
rights
with
respect
to
matters
relating
to
its
shareholder
servicing
and
distribution
expenditures
(except
that
Investor
C
shareholders
may
vote
on
material
changes
to
the
Investor
A
Shares
distribution
and
service
plan).
(a)
Investor
A
Shares
may
be
subject
to
a
CDSC
for
certain
redemptions
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
(b)
A
CDSC
of
1.00%
is
assessed
on
certain
redemptions
of
Investor
C
Shares
made
within
one
year
after
purchase.
The
Board
of
Trustees
of
the
Trust
and
the
Board
of
Directors
of
the
Corporation
are
collectively
referred
to
throughout
this
report
as
the
"Board,"
and
the
directors/trustees
thereof
are
collectively
referred
to
throughout
this
report
as
"Directors".
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Advisors,
LLC
(the
"Manager") or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the BlackRock
Multi-Asset
Complex.
2.
SIGNIFICANT
ACCOUNTING
POLICIES
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("U.S.
GAAP"),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
dates.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
dates
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
dates
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
dates.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Income,
expenses
and
realized
and
unrealized
gains
and
losses
are
allocated
daily
to
each
class
based
on
its
relative
net
assets.
Foreign
Currency
Translation:
Each
Fund's
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
("NYSE").
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Advantage
Global
Fund,
Inc.
.........................................
Advantage
Global
Diversified
BlackRock
International
Select
Equity
Fund
.......................................
International
Select
Equity
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charge
("CDSC")
Conversion
Privilege
Institutional,
Class
K
and
Class
R
Shares
.............................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Investor
C
Shares
...........................................
No
Yes
(b)
To
Investor
A
Shares
after
approximately
8
years
Notes
to
Financial
Statements
(unaudited)
(continued)
27
Notes
to
Financial
Statements
are
presented
as
"Foreign
taxes
withheld",
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
December
31,
2025
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Consistent
with
U.S.
GAAP
accrual
requirements
for
uncertain
tax
positions,
each
Fund
recognizes
tax
reclaims
when
the
Fund
determines
that
it
is
more
likely
than
not
that
each
Fund
will
sustain
its
position
that
it
is
due
the
reclaim.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction's
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
Distributions:
Distributions
paid
by
the
Funds
are
recorded
on
the
ex-dividend
dates.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
a
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
A
Fund's
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
a
Fund,
which
cannot
be
predicted
with
any
certainty.
Other:
Expenses
directly
related
to
a
Fund
or
its
classes
are
charged
to
that
Fund
or
the
applicable
class.
Expenses
directly
related
to
the
Funds
and
other
shared
expenses
prorated
to
the
Funds
are
allocated
daily
to
each
class
based
on
their
relative
net
assets
or
other
appropriate
methods.
Other
operating
expenses
shared
by
several
funds,
including
other
funds
managed
by
the
Manager,
are
prorated
among
those
funds
on
the
basis
of
relative
net
assets
or
other
appropriate
methods.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Funds'
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since
each
Fund has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within each
Fund's
financial
statements.
Recent
Accounting
Standard:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Tax
Disclosures
("ASU
2023-09")
during
the
period.
ASU
2023-09
enhances
income
tax
disclosures,
including
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
Funds'
adoption
of
the
new
standard
did
not
have
a
material
impact
on
financial
statement
disclosures
and
did
not
affect
each
Fund's
financial
position
or
results
of
operations.
3.
INVESTMENT
VALUATION
AND
FAIR
VALUE
MEASUREMENTS
Investment
Valuation
Policies:
Each
Fund's
investments
are
valued
at
fair
value
(also
referred
to
as
"market
value"
within
the
financial
statements)
each
day
that
the
Fund
is
open
for
business
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
has
approved
the
designation
of
each
Fund's
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager's
policies.
If
a
security's
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
the
Manager's
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
"Valuation
Committee")
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund's
assets
and
liabilities:
Equity
investments
(except
ETF
options,
equity
index
options
or
those
that
are
customized) traded
on
a
recognized
securities
exchange
are
valued
at
that
day's official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
trade
or
last
available
bid
(long
positions)
or
ask
(short
positions)
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds) are
valued
at
that
day's
net
asset
value
("NAV").
Futures
contracts
are valued
based
on
that
day's
last
reported
settlement
or
trade price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
("Systematic
Fair
Value
Price").
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which occurs
after
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee
in
accordance
with
the
Manager's
policies
and
procedures
as
reflecting
fair
value
("Fair
Valued
Investments").
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
28
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm's-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
For
investments
in
equity
or
debt
issued
by
privately
held
companies
or
funds
("Private
Company"
or
collectively,
the
"Private
Companies")
and
other
Fair
Valued
Investments,
the
fair
valuation
approaches
that
are
used
by
the
Valuation
Committee
and
third-party
pricing
services
utilized
by
the
Valuation
Committee
include one
or
a
combination
of,
but
not
limited
to,
the
following
inputs:
(i)
recent
market
transactions,
including
secondary
market
transactions,
merger
or
acquisition
activity
and
subsequent
rounds
of
financing
in
the
underlying investment
or
comparable
issuers
(ii)
recapitalizations
and
other
transactions
across
the
capital
structure
(iii)
market
or
relevant
indices
multiples
of
comparable
issuers
(iv)
future
cash
flows
discounted
to
present
and
adjusted
as
appropriate
for
liquidity,
credit,
and/or
market
risks
(v)
quoted
prices
for
similar
investments
or
assets
in
active
markets
(vi)
other
risk
factors,
such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks,
recovery
rates,
liquidation
amounts
and/
or default
rates
(vii) audited
or
unaudited
financial
statements,
investor
communications
and
Private
Company
financial
or
operational
metrics
(viii) relevant
market
news
and
other
public
sources.
Investments
in
series
of
preferred
stock
issued
by
Private
Companies
are
typically
valued
utilizing
a
market
approach to
determine the
enterprise
value
of
the
company.
Such
investments
often
contain
rights
and
preferences
that
differ
from
other
series
of
preferred
and
common
stock
of
the
same
issuer.
Enterprise
valuation
techniques
such
as
an
option
pricing
model
("OPM"),
a
probability
weighted
expected
return
model
("PWERM"),
current
value
method or
a
hybrid
of
those
techniques
are
used
as
deemed
appropriate
under
the
circumstances.
The
use
of these
valuation techniques
involves
a
determination
of
the
exit
scenarios
of
the
investment
in
order
to
appropriately
allocate
the
enterprise
value
of
the
company
among
the
various
parts
of
its
capital
structure.
Private
Companies
are
not
subject
to
public
company
disclosure,
timing,
and
reporting
standards
applicable
to other
investments
held
by
a
Fund. Certain
information
made
available
by
a
Private
Company
is
as
of
a
date
that
is
earlier
than
the
date
a
Fund
is
calculating
its
NAV.
This
factor
may
result
in
a
difference
between
the
value
of
the
investment
and
the
price
a
Fund
could
receive
upon
the
sale
of
the
investment.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial reporting purposes
as
follows:
Level
1
-
Unadjusted
price
quotations
in
active
markets/exchanges
that
each
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
-
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3 -
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for the
asset
or
liability
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
Private
Companies
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
SECURITIES
AND
OTHER
INVESTMENTS
Preferred
Stocks:
Preferred
stock
has
a
preference
over
common
stock
in
liquidation
(and
generally
in
receiving
dividends
as
well),
but
is
subordinated
to
the
liabilities
of
the
issuer
in
all
respects.
As
a
general
rule,
the
market
value
of
preferred
stock
with
a
fixed
dividend
rate
and
no
conversion
element
varies
inversely
with
interest
rates
and
perceived
credit
risk,
while
the
market
price
of
convertible
preferred
stock
generally
also
reflects
some
element
of
conversion
value.
Because
preferred
stock
is
junior
to
debt
securities
and
other
obligations
of
the
issuer,
deterioration
in
the
credit
quality
of
the
issuer
will
cause
greater
changes
in
the
value
of
a
preferred
stock
than
in
a
more
senior
debt
security
with
similar
stated
yield
characteristics.
Unlike
interest
payments
on
debt
securities,
preferred
stock
dividends
are
payable
only
if
declared
by
the
issuer's
board
of
directors.
Preferred
stock
also
may
be
subject
to
optional
or
mandatory
redemption
provisions.
Securities
Lending:
The
Funds
may
lend
their
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Funds
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
a
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund,
or
excess
Notes
to
Financial
Statements
(unaudited)
(continued)
29
Notes
to
Financial
Statements
collateral returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Funds
are
entitled
to
all
distributions
made
on
or in
respect
of
the
loaned
securities,
but
do
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
by
the
securities
lending
agent,
BlackRock
Investment
Management,
LLC
("BIM"),
if
any,
is
disclosed
in
the
Schedules
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
disclosed
in
the
Funds'
Schedules
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
related
collateral,
if
any,
are
shown
separately
in
the
Statements
of
Assets
and
Liabilities
as
a
component
of
investments
at
value
-
unaffiliated
and
collateral
on
securities
loaned,
respectively.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
"MSLA"),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty's
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties'
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party's
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks, each
Fund benefits
from
a
borrower
default
indemnity
provided
by
BIM.
BIM's
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
on
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by each
Fund.
5.
Derivative
Financial
Instruments
The
Funds
engage
in
various
portfolio
investment
strategies
using
derivative
contracts
both
to
increase
the
returns
of
the
Funds
and/or
to
manage
their
exposure
to
certain
risks
such
as
credit
risk,
equity
risk,
interest
rate
risk,
foreign
currency
exchange
rate
risk,
commodity
price
risk
or
other
risks
(e.g.,
inflation
risk).
Derivative
financial
instruments
categorized
by
risk
exposure
are
included
in
the
Schedules
of
Investments.
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract's
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedules
of
Investments
and
cash
deposited,
if
any, are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
("variation
margin").
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES
Investment
Advisory:
Each
Fund
entered
into
an
Investment
Advisory
Agreement
with
the
Manager,
the
Funds'
investment
adviser
and
an
indirect,
majority-owned
subsidiary
of
BlackRock,
Inc.
("BlackRock"),
to
provide
investment
advisory
and
administrative
services.
The
Manager
is
responsible
for
the
management
of
each
Fund's
portfolio
and
provides
the
personnel,
facilities,
equipment
and
certain
other
services
necessary
to
the
operations
of
each
Fund.
As
of
period
end,
the
following
table
is
a
summary
of
the
Fund's
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
Fund
Name/Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
Net
Amount
International
Select
Equity
Morgan
Stanley
..............................
$
685,158
$
(685,158)
$
-
$
-
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund's
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
30
For
such
services,
each
Fund
pays
the
Manager
a
monthly
fee
at
an
annual
rate
equal
to
the
following
percentages
of
the
average
daily
value
of
each
Fund's
net
assets:
With
respect
to
International
Select
Equity,
the
Manager
entered
into
a
sub-advisory
agreement
with
BlackRock
International
Limited
("BIL"),
an
affiliate
of
the
Manager.
The
Manager
pays
BIL
for
services
it
provides
for
that
portion
of
the
Fund
for
which
BIL
acts
as
Sub-Adviser,
a
monthly
fee
that
is
equal
to
a
percentage
of
the
investment
advisory
fees
paid
by
International
Select
Equity
to
the
Manager.
Service
and
Distribution
Fees:
The
Funds
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plans
with
BlackRock
Investments,
LLC
("BRIL"),
an
affiliate
of
the
Manager. Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act, each
Fund
pays
BRIL
ongoing
service
and
distribution fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services
to
the
Funds.
The
ongoing
service
and/or
distribution
fee
compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution
related
services
to
shareholders.
For
the six
months
ended
December
31,
2025,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
Transfer
Agent:
Pursuant
to
written
agreements,
certain
financial
intermediaries,
some
of
which
may
be
affiliates,
provide
the
Funds
with
sub-accounting,
recordkeeping,
sub-transfer
agency
and
other
administrative
services
with
respect
to
servicing
of
underlying
investor
accounts.
For
these
services,
these
entities
receive
an
asset-based
fee
or
an
annual
fee
per
shareholder
account,
which
will
vary
depending
on
share
class
and/or
net
assets.
For
the
six
months
ended December
31,
2025,
the
Funds
did
not
pay
any
amounts
to
affiliates
in
return
for
these
services.
The
Manager
maintains
a
call
center
that
is
responsible
for
providing
certain
shareholder
services
to
the
Funds.
Shareholder
services
include
responding
to
inquiries
and
processing
purchases
and
sales
based
upon
instructions
from
shareholders.
For
the six
months
ended
December
31,
2025,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
-
class
specific
in
the
Statements
of
Operations:
For
the
six
months ended
December
31,
2025,
the
following
table
shows
the
class
specific
transfer
agent
fees
borne
directly
by
each
share
class
of
each
Fund:
Other
Fees:
For
the
six
months
ended
December
31,
2025
,
affiliates
earned
underwriting
discounts,
direct
commissions
and
dealer
concessions
on
sales
of
each
Fund's Investor
A
Shares
as
follows:
For
the six
months
ended
December
31,
2025,
affiliates
received
CDSCs
as
follows:
Investment
Advisory
Fees
Average
Daily
Net
Assets
Advantage
Global
International
Select
Equity
First
$1
billion
...........................................................................................
0.66%
0.75%
$1
billion
-
$3
billion
.......................................................................................
0.62
0.71
$3
billion
-
$5
billion
.......................................................................................
0.59
0.68
$5
billion
-
$10
billion
......................................................................................
0.57
0.65
Greater
than
$10
billion
.....................................................................................
0.56
0.64
Share
Class
Service
Fees
Distribution
Fees
Investor
A
.................................................................................................
0.25
%
-
%
Investor
C
.................................................................................................
0.25
0.75
Class
R
..................................................................................................
0.25
0.25
Fund
Name
Investor
A
Investor
C
Class
R
Total
Advantage
Global
.....................................................................
$
381,873
$
11,131
$
10,056
$
403,060
International
Select
Equity
................................................................
92,648
4,367
944
97,959
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
Advantage
Global
.....................................................
$
127
$
2,179
$
173
$
20
$
38
$
2,537
International
Select
Equity
................................................
439
1,064
58
7
12
1,580
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Total
Advantage
Global
.....................................................
$
155,912
$
220,732
$
2,478
$
305
$
5,378
$
384,805
International
Select
Equity
................................................
18,595
40,292
1,010
281
520
60,698
Fund
Name
Other
Fees
Advantage
Global
........................................................................................................
$
1,633
International
Select
Equity
...................................................................................................
194
Fund
Name
Investor
A
International
Select
Equity
....................................................................................................
$
128
Notes
to
Financial
Statements
(unaudited)
(continued)
31
Notes
to
Financial
Statements
Expense
Limitations,
Waivers,
and
Reimbursements:
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
its
investment
advisory
fees
by
the
amount
of
investment
advisory
fees
each
Fund
pays
to
the
Manager
indirectly
through
its
investment
in
affiliated
money
market
funds
(the
"affiliated
money
market
fund
waiver")
through
June
30,
2026.
The
contractual
agreement
may
be
terminated
upon
90
days'
notice
by
a
majority
of
the
directors
who
are
not
"interested
persons"
of
the
Funds,
as
defined
in
the
1940
Act
("Independent
Directors"),
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of
a
Fund.
The
amount
of
waivers
and/or
reimbursements
of
fees
and
expenses
made
pursuant
to
the
expense
limitation
described
below
will
be
reduced
by
the
amount
of
the
affiliated
money
market
fund
waiver.
These
amounts
are
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations.
For
the six
months
ended
December
31,
2025
,
the
amounts
waived
were
as
follows:
The
Manager
has
contractually
agreed
to
waive
its
investment
advisory
fee
with
respect
to
any
portion
of
the
Fund's
assets
invested
in
affiliated
equity
and
fixed-income mutual
funds
and
affiliated
exchange-traded
funds
that
have
a
contractual
management
fee
through
June
30,
2026.
The
contractual
agreement
may
be
terminated
upon
90
days'
notice
by
a
majority
of
the
Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of the
Fund.
For
the
six
months
ended
December
31,
2025,
there
were
no
fees
waived
and/or
reimbursed
by
the
Manager
pursuant
to
this
arrangement.
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses
("expense
limitation").
The
expense
limitations
as
a
percentage
of
average
daily
net
assets
are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2026,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Directors,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund. For
the
six
months
ended
December
31,
2025,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager
are
included
in
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
-
class
specific
in
the
Statements
of
Operations.
For
the six
months
ended
December
31,
2025, class
specific
expense
waivers
and/or
reimbursements
were
as
follows:
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
("SEC")
has
issued
an
exemptive
order
which
permits
BIM,
an
affiliate
of
the
Manager,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BIM
bears
all
operational
costs
directly
related
to
securities
lending.
The
Funds
are
responsible
for fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
"collateral
investment
fees").
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional,
managed
by
the
Manager
or
its
affiliates.
However,
BIM
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
the
Funds
bear
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
reinvested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
the
money
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Advantage
Global
........................................................................................................
$
2,865
International
Select
Equity
...................................................................................................
171
Fund
Name
Institutional
Investor
A
Investor
C
Class
K
Class
R
Advantage
Global
..........................................................
0.71
%
0.96
%
1.71
%
0.66
%
1.21
%
International
Select
Equity
.....................................................
0.85
1.10
1.85
0.80
1.35
Fund
Name
Fees
Waived
and/or
Reimbursed
by
the
Manager
Advantage
Global
..........................................................................................................
$
244,060
International
Select
Equity
.....................................................................................................
264,876
Fund
Name/Share
Class
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Advantage
Global
Institutional
.......................................................................................................
$
115,359
Investor
A
........................................................................................................
144,357
Investor
C
........................................................................................................
1,922
Class
K
.........................................................................................................
305
Class
R
.........................................................................................................
4,372
$
266,315
International
Select
Equity
Institutional
.......................................................................................................
9,343
Investor
A
........................................................................................................
21,763
Investor
C
........................................................................................................
792
Class
K
.........................................................................................................
281
Class
R
.........................................................................................................
426
$
32,605
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
32
market
fund
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
The
money
market
fund
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
the
money
market
fund
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits the
remaining
portion
to
BIM
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement, Advantage
Global
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds specified
thresholds,
Advantage
Global,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Pursuant
to
the
current
securities
lending
agreement,
International
Select
Equity retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
earned
across
the
BlackRock Multi-Asset
Complex
in
a
calendar
year
exceeds
specified
thresholds, International
Select
Equity,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
securities
lending
income
in
an
amount
equal
to
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
-
affiliated
-
net
in
the Statements
of
Operations.
For
the six
months
ended
December
31,
2025, each
Fund
paid
BIM
the
following
amounts
for
securities
lending
agent
services:
Directors
and
Officers:
Certain
directors
and/or
officers
of
the
Funds
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the
Funds'
Chief
Compliance
Officer,
which
is
included
in
Directors
and
Officer
in
the
Statements
of
Operations.
Other
Transactions:
The
Funds
may
purchase
securities
from,
or
sell
securities
to,
an
affiliated
fund
provided
the
affiliation
is
due
solely
to
having
a
common
investment
adviser,
common
officers,
or
common trustees.
For
the
six
months
ended
December
31,
2025,
the
purchase
and
sale
transactions
and
any
net
realized
gains
(losses)
with affiliated
funds
in
compliance
with
Rule
17a-7
under
the
1940
Act
were
as
follows:
7.
PURCHASES
AND
SALES
For
the six
months ended
December
31,
2025,
purchases
and
sales
of
investments
and excluding
short-term
securities,
were
as
follows:
8.
INCOME
TAX
INFORMATION
It
is
each
Fund's
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Each Fund
files
U.S.
federal
and
various
state
and
local
tax
returns. No
income
tax
returns
are
currently
under
examination.
The
statute
of
limitations
on each
Fund's
U.S.
federal
tax
returns
generally
remains
open
for
a
period
of
three
years
after
they
are
filed.
The
statutes
of
limitations
on each
Fund's
state
and
local
tax
returns
may
remain
open
for
an
additional
year
depending
upon
the
jurisdiction.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the Funds
as
of
December
31,
2025,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds' financial
statements.
Management's
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds'
NAV.
Fund
Name
Amounts
Advantage
Global
........................................................................................................
$
324
International
Select
Equity
...................................................................................................
25
Fund
Name
Purchases
Sales
Net
Realized
Gain
(Loss)
Advantage
Global
.....................................................................
$
54,634,609
$
49,886,469
$
234
Other
Securities
Fund
Name
Purchases
Sales
Advantage
Global
.....................................................................................
$
327,027,066
$
337,517,795
International
Select
Equity
................................................................................
35,328,459
39,252,972
Notes
to
Financial
Statements
(unaudited)
(continued)
33
Notes
to
Financial
Statements
As
of
December
31,
2025, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
BANK
BORROWINGS
The
Funds, along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
("Participating
Funds"), is
party
to
a
364-day,
$2.40
billion
credit
agreement
with
a
group
of
lenders.
Under
this
agreement,
the
Funds
may
borrow
to
fund
shareholder
redemptions.
Excluding
commitments
designated
for
certain
individual
funds,
the
Participating
Funds,
including
the
Funds,
can
borrow
up
to
an
aggregate
commitment
amount
of
$1.75
billion
at
any
time
outstanding,
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
agreement.
The
credit
agreement
has
the
following
terms:
a
fee
of
0.10%
per
annum
on
unused
commitment
amounts
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Overnight
Bank
Funding
Rate
("OBFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.80%
per
annum,
(b)
the
Fed
Funds
rate
(but,
in
any
event,
not
less
than
0.00%)
in
effect
from
time
to
time
plus
0.80%
per
annum
on
amounts
borrowed
or
(c)
the
sum
of
(x)
Daily
Simple
Secured
Overnight
Financing
Rate
("SOFR")
(but,
in
any
event,
not
less
than
0.00%)
on
the
date
the
loan
is
made
plus
0.10%
and
(y) 0.80%
per
annum.
The
agreement
expires
in
April
2026
unless
extended
or
renewed.
These
fees
were
allocated
among
such
funds
based
upon
portions
of
the
aggregate
commitment
available
to
them
and
relative
net
assets
of
Participating
Funds.
During
the
six
months ended
December
31,
2025,
the
Funds
did
not
borrow
under
the
credit
agreement.
10.
PRINCIPAL
RISKS
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
each
Fund
to
various
risks,
including
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and their
investments.
Each
Fund's
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
each
Fund's
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which a
Fund
invests.
A
Fund's
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/
or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price a
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from a
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore a
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by a
Fund,
and a
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
the
Manager
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds'
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker's
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Advantage
Global
.................................................
$
386,866,921
$
140,053,178
$
(6,476,437)
$
133,576,741
International
Select
Equity
...........................................
89,516,740
28,266,793
(3,408,593)
24,858,200
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
34
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker's
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is appropriate
and
consistent
with
a
fund's
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each Fund's
portfolio
are
disclosed
in
its Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedules
of
Investments
Certain
Funds invest
a
significant
portion
of their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
"debt
ceiling."
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
Certain
Funds
invest a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds'
investments.
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states.
The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching.
In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but
have
been,
and
may
continue
to
be,
significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund's
NAV,
increase
the
fund's
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
CAPITAL
SHARE
TRANSACTIONS
Transactions
in
capital
shares
for
each
class
were
as
follows:
d
Six
Months
Ended
12/31/25
Year
Ended
06/30/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Advantage
Global
Institutional
Shares
sold
..........................................
455,318
$
14,062,857
4,673,940
$
125,753,188
Shares
issued
in
reinvestment
of
distributions
.....................
420,530
12,510,757
273,252
7,443,385
Shares
redeemed
......................................
(692,910)
(21,362,395)
(1,871,345)
(51,387,479)
182,938
$
5,211,219
3,075,847
$
81,809,094
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
724,370
$
20,209,805
442,585
$
11,458,394
Shares
issued
in
reinvestment
of
distributions
.....................
870,300
23,794,001
1,330,479
33,541,369
Shares
redeemed
......................................
(789,904)
(22,367,016)
(2,001,839)
(51,550,090)
804,766
$
21,636,790
(228,775)
$
(6,550,327)
Investor
C
Shares
sold
..........................................
24,859
$
513,303
14,753
$
288,688
Shares
issued
in
reinvestment
of
distributions
.....................
12,556
248,104
21,035
396,309
Shares
redeemed
and
automatic
conversion
of
shares
...............
(13,517)
(284,044)
(51,734)
(994,515)
23,898
$
477,363
(15,946)
$
(309,518)
Notes
to
Financial
Statements
(unaudited)
(continued)
35
Notes
to
Financial
Statements
As
of
December
31,
2025,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned 12,070 Class
K Shares
of
International
Select
Equity.
12.
Foreign
Withholdings
Tax
Claims
The
Internal
Revenue
Service
("IRS")
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Assuming
there
are
sufficient
foreign
taxes
paid
which each
of
Advantage
Global
and
International
Select
Equity,
is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
each
of
the
Funds,
will
be
able
to
offset
the
prior
years'
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
the
Fund.
Certain
of
the
outstanding
foreign
tax
reclaims
are
not
deemed
by
the
Fund
to
meet
the
recognition
criteria
under
U.S.
GAAP
as
of
December
31,
2025 and
have
not
been
recorded
in
the
applicable
Fund's
net
asset
value.
The
recognition
by
the
Fund(s)
of
these
amounts
would
have
a
positive
impact
on
the
applicable
Fund's
performance.
If
a
Fund
receives
a
tax
refund
that
has
not
been
previously
recorded,
investors
in
the
Fund
at
the
time
the
claim
is
successful
will
benefit
from
any
resulting
increase
in
the
Fund's
NAV.
Investors
who
sold
their
shares
prior
to
such
time
will
not
benefit
from
such
NAV
increase.
During
the
year
ended
June
30,
2025,
International
Select
Equity
filed
a
closing
agreement
with
the
IRS
related
to
the
recovery
of
foreign
taxes
received
in
fiscal
years
June
30,
2023,
and
June
30,
2024,
and
the
related
tax
compliance
fee,
including
interest,
was
paid
to
the
IRS.
13.
SUBSEQUENT
EVENTS
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Six
Months
Ended
12/31/25
Year
Ended
06/30/25
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Class
K
Shares
sold
..........................................
89,477
$
2,754,176
307,126
$
8,677,399
Shares
issued
in
reinvestment
of
distributions
.....................
90,064
2,679,405
129,927
3,539,209
Shares
redeemed
......................................
(103,281)
(3,210,610)
(223,255)
(6,035,725)
76,260
$
2,222,971
213,798
$
6,180,883
Class
R
Shares
sold
..........................................
9,312
$
222,722
80,139
$
1,707,007
Shares
issued
in
reinvestment
of
distributions
.....................
15,194
350,386
18,969
409,531
Shares
redeemed
......................................
(40,244)
(996,979)
(34,740)
(749,507)
(15,738)
$
(423,871)
64,368
$
1,367,031
1,072,124
$
29,124,472
3,109,292
$
82,497,163
International
Select
Equity
Institutional
Shares
sold
..........................................
81,079
$
1,823,633
195,815
$
4,503,485
Shares
issued
in
reinvestment
of
distributions
.....................
121,292
2,740,579
15,740
329,132
Shares
redeemed
......................................
(81,869)
(1,847,617)
(176,538)
(3,814,000)
120,502
$
2,716,595
35,017
$
1,018,617
Investor
A
Shares
sold
and
automatic
conversion
of
shares
....................
137,089
$
3,086,766
86,651
$
1,917,380
Shares
issued
in
reinvestment
of
distributions
.....................
302,536
6,654,265
30,956
631,816
Shares
redeemed
......................................
(213,427)
(4,701,570)
(430,151)
(9,123,647)
226,198
$
5,039,461
(312,544)
$
(6,574,451)
Investor
C
Shares
sold
..........................................
4,988
$
71,618
24,490
$
353,130
Shares
issued
in
reinvestment
of
distributions
.....................
10,993
154,526
1,038
14,122
Shares
redeemed
and
automatic
conversion
of
shares
...............
(21,598)
(304,993)
(43,033)
(610,874)
(5,617)
$
(78,849)
(17,505)
$
(243,622)
Class
K
Shares
sold
..........................................
27,276
$
612,836
55,138
$
1,208,110
Shares
issued
in
reinvestment
of
distributions
.....................
15,072
339,913
1,362
28,422
Shares
redeemed
......................................
(34,378)
(778,056)
(19,298)
(420,468)
7,970
$
174,693
37,202
$
816,064
Class
R
Shares
sold
..........................................
3,700
$
58,228
1,585
$
24,625
Shares
issued
in
reinvestment
of
distributions
.....................
3,531
54,741
312
4,673
Shares
redeemed
......................................
(36)
(560)
(1,682)
(26,435)
7,195
$
112,409
215
$
2,863
356,248
$
7,964,309
(257,615)
$
(4,980,529)
Additional
Information
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
36
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
Compensation
to
the
independent
directors/trustees
of
the
Corporation
and
Trust
is
paid
by
the
Corporation
and
Trust,
on
behalf
of
the
Funds.
General
Information
Quarterly
performance,
shareholder
reports,
semi-annual
and
annual
financial
statements,
current
net
asset
value
and
other
information
regarding
the
Funds
may
be
found
on
BlackRock's
website,
which
can
be
accessed
at
blackrock.com
.
Any
reference
to
BlackRock's
website
in
this
report
is
intended
to
allow
investors
public
access
to
information
regarding
the
Funds
and
does
not,
and
is
not
intended
to,
incorporate
BlackRock's
website
in
this
report.
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
of
quarterly
statements,
annual
and
semi-annual
shareholder
reports
and
prospectuses
by
enrolling
in
the
electronic
delivery
program.
To
enroll
in
electronic
delivery:
Shareholders
Who
Hold
Accounts
with
Investment
Advisors,
Banks
or
Brokerages:
Please
contact
your
financial
advisor.
Please
note
that
not
all
investment
advisors,
banks
or
brokerages
may
offer
this
service.
Shareholders
Who
Hold
Accounts
Directly
with
BlackRock:
1.
Access
the
BlackRock
website
at
blackrock.com
2.
Select
"Access
Your
Account"
3.
Next,
select
"eDelivery"
in
the
"Related
Resources"
box
and
follow
the
sign-up
instructions.
BlackRock's
Mutual
Fund
Family
BlackRock
offers
a
diverse
lineup
of
open-end
mutual
funds
crossing
all
investment
styles
and
managed
by
experts
in
equity,
fixed-income
and
tax-exempt
investing.
Visit
blackrock.com
for
more
information.
Shareholder
Privileges
Account
Information
Call
us
at
(800)
441-7762
from
8:00
AM
to
6:00
PM
ET
on
any
business
day
to
get
information
about
your
account
balances,
recent
transactions
and
share
prices.
You
can
also
visit
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for
more
information.
Automatic
Investment
Plans
Investor
class
shareholders
who
want
to
invest
regularly
can
arrange
to
have
$50
or
more
automatically
deducted
from
their
checking
or
savings
account
and
invested
in
any
of
the
BlackRock
funds.
Systematic
Withdrawal
Plans
Investor
class
shareholders
can
establish
a
systematic
withdrawal
plan
and
receive
periodic
payments
of
$50
or
more
from
their
BlackRock
funds,
as
long
as
their
account
balance
is
at
least
$10,000.
Retirement
Plans
Shareholders
may
make
investments
in
conjunction
with
Traditional,
Rollover,
Roth,
Coverdell,
Simple
IRAs,
SEP
IRAs
and
403(b)
Plans.
Additional
Information
(continued)
37
Additional
Information
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Advisors,
LLC
Wilmington,
DE
19809
Sub-Advisers
(a)
BlackRock
International
Limited
Edinburgh,
EH3
8BL
United
Kingdom
Accounting
Agent
and
Custodian
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Transfer
Agent
BNY
Mellon
Investment
Servicing
(US)
Inc.
Wilmington,
DE
19809
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Independent
Registered
Public
Accounting
Firm
Deloitte
&
Touche
LLP
Boston,
MA
02110
Legal
Counsel
Ropes
&
Gray
LLP
New
York,
NY
10036
Address
of
the
Funds
100
Bellevue
Parkway
Wilmington,
DE
19809
(a)
For
BlackRock
International
Select
Equity
Fund.
Glossary
of
Terms
Used
in
these
Financial
Statements
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
38
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
MSCI
Morgan
Stanley
Capital
International
PJSC
Public
Joint
Stock
Company
SAB
Special
Assessment
Bonds
SCA
Svenska
Cellulosa
Aktiebolaget
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds'
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - See Item 7
Item 9 - Proxy Disclosures for Open-End Management Investment Companies - See Item 7
Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - See Item 7
Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract - Not Applicable
Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable
Item 13 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable
Item 15 - Submission of Matters to a Vote of Security Holders - There have been no material changes to these procedures.
Item 16 - Controls and Procedures
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies -Not Applicable
Item 18 - Recovery of Erroneously Awarded Compensation - Not Applicable
Item 19 - Exhibits attached hereto
(a)(1) Code of Ethics - Not Applicable to this semi-annual report
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed - Not Applicable
(a)(3) Section 302 Certifications are attached.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 - Not Applicable
(a)(5) Change in Registrant's independent public accountant - Not Applicable
(b) Section 906 Certifications are attached.
BlackRock Advantage Global Fund, Inc.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Advantage Global Fund, Inc.
Date: February 24, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Advantage Global Fund, Inc.
Date: February 24, 2026
By: /s/ Trent Walker
Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Advantage Global Fund, Inc.
Date: February 24, 2026
Blackrock Global Smallcap Fund Inc. published this content on March 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 05, 2026 at 15:48 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]