UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-04612
Name of Fund: BlackRock EuroFund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock
EuroFund, 55 East 52nd Street, New York, NY 10055.
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 06/30/2010
Date of reporting period: 12/31/2009
Item 1 – Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
Semi-Annual Report
DECEMBER 31, 2009 I (UNAUDITED)
BlackRock EuroFund
BlackRock Focus Value Fund, Inc.
BlackRock Global SmallCap Fund, Inc.
BlackRock International Value Fund
OF BLACKROCK INTERNATIONAL VALUE TRUST
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Table of Contents
Page | |
Dear Shareholder | 3 |
Semi-Annual Report: | |
Fund Summaries | 4 |
About Fund Performance | 12 |
Disclosure of Expenses | 12 |
Derivative Financial Instruments | 13 |
Financial Statements: | |
Schedules of Investments | 14 |
Statements of Assets and Liabilities | 24 |
Statements of Operations | 26 |
Statements of Changes in Net Assets | 27 |
Financial Highlights | 29 |
Notes to Financial Statements | 49 |
Officers and Directors | 58 |
Additional Information | 59 |
Mutual Fund Family | 62 |
2 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Dear Shareholder
In 2009, investors worldwide witnessed a seismic shift in market sentiment as the fear and pessimism that characterized 2008 were replaced by guarded
optimism. The single most important reason for this change was the swing from a deep global recession to the beginnings of a global recovery.
At the outset of the year, markets were still reeling from 2008’s nearly unprecedented global financial and economic meltdown. The looming threat of further
collapse in global markets prompted stimulus packages and central bank interventions on an extraordinary scale worldwide. Ultimately, these actions
helped stabilize the financial system, and the economic contraction began to abate.
Stocks fell sharply to start 2009 as investor confidence remained low on fears of an economic depression. After touching their lows in March, stocks
galloped higher as massive, coordinated global monetary and fiscal stimulus began to reflate world economies. Sidelined cash poured into the markets,
triggering a dramatic and steep upward rerating of stocks and other risk assets. The financial sector and low-quality securities that had been battered
most in the downturn enjoyed the sharpest recovery. The experience in international markets was similar to that seen in the United States. European
stocks slightly edged out other developed markets for the year, but emerging markets were the clear winners in 2009. To some extent, this outperformance
reflected the stronger recoveries in emerging economies and corporate earnings, but emerging market stocks also saw significant expansion in valuations.
The improvement in the economic backdrop was reflected in fixed income markets as well, where non-Treasury assets made a robust recovery. One of the
major themes for 2009 was the reversal of the flight-to-quality trade seen in 2008. As investors grew more comfortable with risk, high yield finished the year
as the strongest-performing fixed income sector in both the taxable and tax-exempt space. Overall, the municipal market made a strong showing, outpacing
most taxable sectors. Despite fundamental challenges, the technical picture remained supportive of the asset class. Municipal fund inflows had a record-
setting year; investor expectations of higher taxes boosted demand; and the Build America Bonds program was deemed a success, adding $65 billion of
taxable supply to the municipal marketplace in 2009. Notably, the program has alleviated tax-exempt supply pressure and attracted the attention of a
global audience.
All told, the rebound in sentiment and global market conditions propelled virtually every major benchmark index into positive territory for both the 6- and
12-month periods, with the notable exception of Treasury bonds, which were negatively affected by rising long-term rates.
Total Returns as of December 31, 2009 | 6-month | 12-month |
US equities (S&P 500 Index) | 22.59% | 26.46% |
Small cap US equities (Russell 2000 Index) | 23.90 | 27.17 |
International equities (MSCI Europe, Australasia, Far East Index) | 22.07 | 31.78 |
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) | (1.06) | (9.71) |
Taxable fixed income (Barclays Capital US Aggregate Bond Index) | 3.95 | 5.93 |
Tax-exempt fixed income (Barclays Capital Municipal Bond Index) | 6.10 | 12.91 |
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) | 21.27 | 58.76 |
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. |
The market environment improved dramatically in the past year, but uncertainty and risk remain. Through periods of market turbulence, as ever, BlackRock’s
full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit the most recent issue
of our award-winning Shareholder® magazine at www.blackrock.com/shareholdermagazine. As always, we thank you for entrusting BlackRock with your
investments, and we look forward to continuing to serve you in the new year and beyond.
Announcement to Shareholders
On December 1, 2009, BlackRock, Inc. and Barclays Global Investors, N.A. combined to form one of the world’s preeminent investment management firms.
The new company, operating under the BlackRock name, manages $3.346 trillion in assets* and offers clients worldwide a full complement of active man-
agement, enhanced and index investment strategies and products, including individual and institutional separate accounts, mutual funds and other pooled
investment vehicles, and the industry-leading iShares platform of exchange traded funds.
* Data is as of December 31, 2009.
THIS PAGE NOT PART OF YOUR FUND REPORT DECEMBER 31, 2009 3
Fund Summary as of December 31, 2009 BlackRock EuroFund
Portfolio Management Commentary
How did the Fund perform?
•The Fund underperformed the benchmark MSCI Europe Index for the
six-month period.
What factors influenced performance?
•On the whole, stock selection was positive over the six months, but this
was offset by sector allocation results.
•Returns were hampered by the Fund’s underexposure to the materials
sector, which rallied on the back of strong commodities prices. Holding a
small amount of cash during a period of strong stock market gains also
detracted from performance. Elsewhere, stock selection in the energy
(Petroplus Holdings AG) and information technology (Nokia Oyj) sectors
was negative. Other individual positions that hampered performance
included overweights in medical equipment producer Fresenius AG and
defense contractor BAE Systems Plc, as well as an underweight in phar-
maceuticals maker GlaxoSmithKline Plc.
•On the positive side, the Fund benefited from successful stock selection
in the financials sector, where improved earnings and balance sheet con-
fidence resulted in a number of banks (KBC Bancassurance Holding,
Swedbank AB, UniCredit SpA and Lloyds TSB Group Plc) recovering after a
severe selloff early in the year. An overweight in this sector was rewarding
as well. Stock selection in the consumer discretionary sector was also
favorable, with airbag manufacturer Autoliv, Inc. benefiting from government
incentive schemes, which stimulated demand in the automobile industry.
Describe recent portfolio activity.
•During the six months, we increased the Fund’s industrials exposure by
purchasing logistics provider Deutsche Post AG and cargo handler Cargotec
Corp., both of which are likely to benefit from inventory restocking and an
increase in freight traffic. We also purchased French electricals company
Legrand Promesses and construction firm Vinci SA, which were trading at
attractive valuations with more stable earnings profiles. Elsewhere, we
increased exposure to the energy sector through the purchase of Petroplus
Holdings AG and an addition to Total SA, which we expect to benefit from
constrained supply and improving global demand.
•These transactions were largely funded by reductions in the financials
and consumer discretionary sectors. Within consumer discretionary, we
took profits in media companies, WPP Plc and Vivendi SA, as well as white
goods manufacturer Electrolux AB and performance car maker Porsche
Automobil Holding SE. The reduction in financials came mainly from our
cuts in banks Banco Santander SA and BNP Paribas SA, and our selling
of UniCredit SpA after strong performance.
Describe Fund positioning at period end.
•At period end, the Fund was overweight relative to the MSCI Europe Index
in the industrials, energy and financials sectors, and was underweight in
materials, consumer discretionary, utilities and consumer staples.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
Portfolio Information | |
Percent of | |
Long-Term | |
Ten Largest Holdings | Investments |
BP Plc | 5% |
HSBC Holdings Plc | 5 |
Nestle SA, Registered Shares | 5 |
Novartis AG, Registered Shares | 4 |
Total SA | 4 |
Sanofi-Aventis | 4 |
Vodafone Group Plc | 3 |
Banco Santander SA | 3 |
E.ON AG | 3 |
Vinci SA | 2 |
Percent of | |
Long-Term | |
Geographic Allocation | Investments |
United Kingdom | 25% |
France | 24 |
Germany | 14 |
Switzerland | 12 |
Finland | 5 |
Spain | 4 |
Italy | 4 |
Netherlands | 4 |
Norway | 2 |
Denmark | 2 |
Other1 | 4 |
1 Other includes a 1% holding in each of the following countries: Belgium, Greece, | |
Ireland and Sweden. |
4 SEMI-ANNUAL REPORT DECEMBER 31, 2009
BlackRock EuroFund
Total Return Based on a $10,000 Investment
1 Assuming maximum sales charge, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do not have
a sales charge.
2 Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities, including common stock and convertible securities, of
companies located in Europe. The Fund currently expects that a majority of the Fund’s assets will be invested in equity securities of companies in Western
European countries, but may also invest in emerging markets in Eastern European countries.
3 This unmanaged capitalization-weighted index is comprised of a representative sampling of large-, medium- and small-capitalization companies in devel-
oped European countries.
Performance Summary for the Period Ended December 31, 2009 | |||||||
Average Annual Total Returns4 | |||||||
1 Year | 5 Years | 10 Years | |||||
6-Month | w/o sales | w/sales | w/o sales | w/sales | w/o sales | w/sales | |
Total Returns | charge | charge | charge | charge | charge | charge | |
Institutional | 25.37% | 33.12% | N/A | 4.13% | N/A | 4.58% | N/A |
Investor A | 25.21 | 32.83 | 25.85% | 3.92 | 2.80% | 4.34 | 3.78% |
Investor B | 24.26 | 31.15 | 26.65 | 2.91 | 2.65 | 3.67 | 3.67 |
Investor C | 24.61 | 31.70 | 30.70 | 3.07 | 3.07 | 3.50 | 3.50 |
Class R | 25.00 | 32.01 | N/A | 3.45 | N/A | 4.10 | N/A |
MSCI Europe Index | 26.91 | 35.83 | N/A | 3.93 | N/A | 1.98 | N/A |
4 Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund
Performance” on page 12 for a detailed description of share classes, including any related sales charges and fees.
N/A — Not applicable as share class and index do not have a sales charge.
Past performance is not indicative of future results.
Expense Example | ||||||
Actual | Hypothetical6 | |||||
Beginning | Ending | Beginning | Ending | |||
Account Value | Account Value | Expenses Paid | Account Value | Account Value | Expenses Paid | |
July 1, 2009 | December 31, 2009 During the Period5 | July 1, 2009 | December 31, 2009 During the Period5 | |||
Institutional | $1,000 | $1,253.70 | $ 6.14 | $1,000 | $1,019.76 | $ 5.50 |
Investor A | $1,000 | $1,252.10 | $ 7.21 | $1,000 | $1,018.80 | $ 6.46 |
Investor B | $1,000 | $1,242.60 | $14.87 | $1,000 | $1,011.94 | $13.34 |
Investor C | $1,000 | $1,246.10 | $12.06 | $1,000 | $1,014.46 | $10.82 |
Class R | $1,000 | $1,250.00 | $10.55 | $1,000 | $1,015.82 | $ 9.45 |
5 For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.08% for Institutional, 1.27% for Investor A, 2.63% for Investor B, 2.13% for
Investor C and 1.86% for Class R), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).
6 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.
See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 5
Fund Summary as of December 31, 2009 BlackRock Focus Value Fund, Inc.
Portfolio Management Commentary
How did the Fund perform?
•The Fund underperformed the Russell 1000 Value Index for the six-month
period. Meanwhile, Institutional and Investor A Shares outperformed the
S&P 500 Index, while Investor B, Investor C and Class R Shares trailed
the index.
What factors influenced performance?
•Our underweight position and good stock selection in the energy sector
were the primary contributors to relative performance, led by strong gains
from positions in Peabody Energy Corp. and Halliburton Co. and by not
owning Exxon Mobil Corp., which declined in price over this period. Our
overweight position in the technology sector also proved beneficial as this
was one of the better-performing sectors over the six months. Favorable
stock selection in the consumer staples sector helped too, led by better-
than-25% gains from positions in Unilever NV ADR and Walgreen Co.
•These areas of strength were offset slightly by weakness in the financial
sector, where poor stock selection detracted from results as holdings in The
Bank of New York Mellon Corp. and Morgan Stanley performed poorly, and
because we did not own enough of the better-performing regional bank
stocks. Our underweight position and poor stock selection in the industrial
sector also detracted from performance. This was one of the better-per-
forming market sectors over the period, led in large part by a sharp recov-
ery in shares of the lower-quality companies in this space which we did not
own. Poor stock selection in the materials sector had a negative impact on
results for the same reason.
Describe recent portfolio activity.
•During the six months, we continued to adjust our holdings in response to
ongoing market activity. We increased our financial stock weighting, largely
through the introduction of new positions in Bank of America Corp. and
Citigroup, Inc. and an increase in our holding in Wells Fargo & Co.; mean-
while, we eliminated shares in The Bank of New York Mellon Corp. We
reduced and repositioned our technology holdings. Specifically, we
swapped a position in Applied Materials, Inc. for one in Novellus Systems
Inc.; sold Nokia Oyj, Microsoft Corp. and AOL, Inc.; increased our holding
in Maxim Integrated Products, Inc.; and, introduced Electronic Arts, Inc. We
added to our consumer discretionary weighting through the purchase of
CBS Corp., Comcast Corp. and Limited Brands, Inc.; we sold our position
in Viacom, Inc. after a better-than-50% gain in the stock and reduced our
Time Warner, Inc. holding as well. Lastly, health care exposure was reduced
following the completion of the takeovers of Wyeth and Schering-Plough
Corp., both of which we owned.
Describe Fund positioning at period end.
•At period end, the Fund was overweight relative to the Russell 1000 Value
Index in the information technology, consumer staples, consumer discre-
tionary and health care sectors; underweight in the utilities, industrials,
energy, telecommunications and financials sectors; and, neutral in the
materials sector.
•An accumulating body of evidence suggests that the US economy has
resumed growing at a healthy pace, while inflation and interest rate pres-
sures remain contained. Corporate profit growth continues to surprise to
the upside and equity market valuations remain reasonable. We expect
these conditions to help sustain the recent stock market advance in the
months ahead. We are increasingly wary, however, of the impact of the con-
tinued high level of unemployment, budgetary pressures at all levels of gov-
ernment, the still-fragile financial system and eventual risks posed by the
withdrawal of government fiscal and monetary stimulus. In addition, as
stock prices, expectations and valuations have increased, the market’s
overall risk/reward profile has deteriorated. As a result, we have migrated
the portfolio towards a more balanced posture, with cyclical exposure from
our overweight position in technology matched against more defensive
positions in consumer staples and healthcare and more limited exposure
to the economically-sensitive energy and industrial sectors. We believe this
is the appropriate strategy for the period ahead.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
Portfolio Information | |
Percent of | |
Long-Term | |
Ten Largest Holdings | Investments |
LSI Corp. | 4% |
The Travelers Cos., Inc. | 3 |
Hewlett-Packard Co. | 3 |
Coventry Health Care, Inc. | 3 |
Bristol-Myers Squibb Co. | 3 |
Halliburton Co. | 3 |
ACE Ltd. | 3 |
JPMorgan Chase & Co. | 3 |
Invesco Ltd. | 3 |
Verizon Communications, Inc. | 3 |
Percent of | |
Long-Term | |
Investment Criteria | Investments |
Earnings Turnaround | 32% |
Price-to-Earnings Per Share | 25 |
Operational Restructuring | 17 |
Above-Average Yield | 9 |
Discount to Assets | 7 |
Price-to-Book Value | 4 |
Price-to-Cash Flow | 3 |
Special Situations | 3 |
6 SEMI-ANNUAL REPORT DECEMBER 31, 2009
BlackRock Focus Value Fund, Inc.
Total Return Based on a $10,000 Investment
1 Assuming maximum sales charge, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do not have
a sales charge.
2 The Fund invests in a diversified portfolio of equity securities that Fund management believes are undervalued relative to its assessment of the current
or prospective condition of the issuer or relative to prevailing market ratios, including issuers that are experiencing poor operating conditions.
3 This unmanaged broad-based index is a subset of the Russell 1000 Index consisting of those Russell 1000 securities with lower price/book ratios and
lower forecasted growth values.
4 This unmanaged index covers 500 industrial, utility, transportation and financial companies of the US markets (mostly New York Stock Exchange (“NYSE”)
issues), representing about 75% of NYSE market capitalization and 30% of NYSE issues.
Performance Summary for the Period Ended December 31, 2009 | |||||||
Average Annual Total Returns5 | |||||||
1 Year | 5 Years | 10 Years | |||||
6-Month | w/o sales | w/sales | w/o sales | w/sales | w/o sales | w/sales | |
Total Returns | charge | charge | charge | charge | charge | charge | |
Institutional | 23.15% | 35.19% | N/A | 0.67% | N/A | 2.89% | N/A |
Investor A | 22.98 | 34.79 | 27.71% | 0.40 | (0.68)% | 2.62 | 2.07% |
Investor B | 22.49 | 33.55 | 29.05 | (0.43) | (0.72) | 1.98 | 1.98 |
Investor C | 22.52 | 33.62 | 32.62 | (0.41) | (0.41) | 1.81 | 1.81 |
Class R | 22.52 | 33.59 | N/A | (0.14) | N/A | 2.29 | N/A |
Russell 1000 Value Index | 23.23 | 19.69 | N/A | (0.25) | N/A | 2.47 | N/A |
S&P 500 Index | 22.59 | 26.46 | N/A | 0.42 | N/A | (0.95) | N/A |
5 Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund
Performance” on page 12 for a detailed description of share classes, including any related sales charges and fees.
N/A — Not applicable as share class and index do not have a sales charge.
Past performance is not indicative of future results.
Expense Example | ||||||
Actual | Hypothetical7 | |||||
Beginning | Ending | Beginning | Ending | |||
Account Value | Account Value | Expenses Paid | Account Value | Account Value | Expenses Paid | |
July 1, 2009 | December 31, 2009 During the Period6 | July 1, 2009 | December 31, 2009 During the Period6 | |||
Institutional | $1,000 | $1,231.50 | $ 6.19 | $1,000 | $1,019.65 | $ 5.60 |
Investor A | $1,000 | $1,229.80 | $ 7.87 | $1,000 | $1,018.14 | $ 7.12 |
Investor B | $1,000 | $1,224.90 | $13.01 | $1,000 | $1,013.50 | $11.77 |
Investor C | $1,000 | $1,225.20 | $12.51 | $1,000 | $1,013.96 | $11.32 |
Class R | $1,000 | $1,225.20 | $11.78 | $1,000 | $1,014.61 | $10.66 |
6 For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.10% for Institutional, 1.40% for Investor A, 2.32% for Investor B, 2.23% for
Investor C and 2.10% for Class R), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).
7 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.
See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 7
Fund Summary as of December 31, 2009 BlackRock Global SmallCap Fund, Inc.
Portfolio Management Commentary
How did the Fund perform?
•The Fund’s Institutional, Investor A and Class R Shares underperformed the
MSCI World Small Cap Index for the six-month period, but outperformed
the MSCI World Index; Investor B and Investor C Shares underperformed
both indexes.
What factors influenced performance?
•Relative to the MSCI World Small Cap Index, positive contributions to Fund
performance came from stock selection in the consumer discretionary,
materials and consumer staples sectors. Stock selection and an under-
weight in the utilities sector were also additive.
•Conversely, cash balances hindered Fund performance at the beginning of
the period. In addition, stock selection detracted in the financials, informa-
tion technology and energy sectors.
Describe recent portfolio activity.
•During the six months, the Fund’s cash balances were reduced from
earlier defensive levels to more normal levels. Exposure to the health care
and financials sectors was also reduced, and assets were put to work in
materials, utilities, industrials and energy. The largest purchases for the
reporting period included ITC Holdings Corp., JDS Uniphase Corp.,
ON Semiconductor Corp., Cliffs Natural Resources, Inc. and Avago
Technologies Ltd. Significant sales included Perusahaan Gas Negara
Tbk PT, Owens-Illinois, Inc., Informatica Corp., Addax Petroleum Corp.
and Dana Petroleum Plc.
Describe Fund positioning at period end.
•At period end, the Fund was overweight relative to the MSCI World
Small Cap Index in IT and materials; underweight in financials, consumer
discretionary and industrials; and neutral in the remaining sectors.
Geographically, the Fund was modestly underweight in the United States,
Europe and developed Asia, and it was overweight in the emerging markets
of China and India.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
Portfolio Information | |
Percent of | |
Long-Term | |
Ten Largest Holdings | Investments |
PetroHawk Energy Corp. | 1% |
Urban Outfitters, Inc. | 1 |
Rheinmetall AG | 1 |
Bonduelle SA | 1 |
Blackboard, Inc. | 1 |
Intersil Corp., Class A | 1 |
ITC Holdings Corp. | 1 |
Guess?, Inc. | 1 |
Phillips-Van Heusen Corp. | 1 |
Zoran Corp. | 1 |
Percent of | |
Long-Term | |
Geographic Allocation | Investments |
United States | 48% |
United Kingdom | 9 |
Japan | 6 |
Canada | 6 |
Germany | 4 |
France | 2 |
Norway | 2 |
Australia | 2 |
Bermuda | 2 |
China | 2 |
Singapore | 2 |
Cayman Islands | 2 |
Other1 | 13 |
1 Other includes a 1% holding in each of the following countries: Austria, Brazil, | |
Denmark, Finland, Hong Kong, India, Ireland, Israel, Italy, Spain, Sweden, Switzerland | |
and Thailand. |
8 SEMI-ANNUAL REPORT DECEMBER 31, 2009
BlackRock Global SmallCap Fund, Inc.
Total Return Based on a $10,000 Investment
1 Assuming maximum sales charge, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do
not have a sales charge.
2 The Fund invests primarily in a diversified portfolio of equity securities of small cap issuers located in various foreign countries and the United States.
3 This unmanaged market-capitalization weighted index is comprised of a representative sampling of stocks of large-, medium- and small-
capitalization companies in 23 countries, including the United States.
4 This unmanaged broad-based index is comprised of small cap companies from 23 developed markets.
Performance Summary for the Period Ended December 31, 2009 | |||||||
Average Annual Total Returns5 | |||||||
1 Year | 5 Years | 10 Years | |||||
6-Month�� | w/o sales | w/sales | w/o sales | w/sales | w/o sales | w/sales | |
Total Returns | charge | charge | charge | charge | charge | charge | |
Institutional | 22.76% | 35.13% | N/A | 5.66% | N/A | 6.49% | N/A |
Investor A | 22.59 | 34.72 | 27.64% | 5.37 | 4.24% | 6.21 | 5.63% |
Investor B | 22.02 | 33.50 | 29.00 | 4.51 | 4.23 | 5.54 | 5.54 |
Investor C | 22.07 | 33.63 | 32.63 | 4.52 | 4.52 | 5.36 | 5.36 |
Class R | 22.40 | 34.15 | N/A | 4.99 | N/A | 5.95 | N/A |
MSCI World Index | 22.23 | 29.99 | N/A | 2.01 | N/A | (0.24) | N/A |
MSCI World Small Cap Index | 25.68 | 44.12 | N/A | 2.74 | N/A | 6.44 | N/A |
5 Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund
Performance” on page 12 for a detailed description of share classes, including any related sales charges and fees.
N/A — Not applicable as share class and index do not have a sales charge.
Past performance is not indicative of future results.
Expense Example | ||||||
Actual | Hypothetical7 | |||||
Beginning | Ending | Beginning | Ending | |||
Account Value | Account Value | Expenses Paid | Account Value | Account Value | Expenses Paid | |
July 1, 2009 | December 31, 2009 During the Period6 | July 1, 2009 | December 31, 2009 During the Period6 | |||
Institutional | $1,000 | $1,227.60 | $ 6.40 | $1,000 | $1,019.45 | $ 5.80 |
Investor A | $1,000 | $1,225.90 | $ 8.08 | $1,000 | $1,017.94 | $ 7.32 |
Investor B | $1,000 | $1,220.20 | $13.21 | $1,000 | $1,013.30 | $11.98 |
Investor C | $1,000 | $1,220.70 | $12.82 | $1,000 | $1,013.66 | $11.62 |
Class R | $1,000 | $1,224.00 | $10.54 | $1,000 | $1,015.72 | $ 9.55 |
6 For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.14% for Institutional, 1.44% for Investor A, 2.36% for Investor B, 2.29% for
Investor C and 1.88% for Class R), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).
7 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.
See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 9
Fund Summary as of December 31, 2009 BlackRock International Value Fund
Portfolio Management Commentary
How did the Fund perform?
•The Fund underperformed the benchmark MSCI EAFE Index for the
six-month period.
What factors influenced performance?
•Fund returns were hampered by stock selection in the information technol-
ogy (IT) (HTC Corp.) and consumer staples (Japan Tobacco, Inc.) sectors.
Geographically, an underweight in the United Kingdom detracted from per-
formance, as did stock selection in Japan. The Japanese market lagged
other regions over the period as political uncertainty and economic weak-
ness offset the tailwind that value investing experienced elsewhere.
•On a positive note, the Fund benefited from successful stock selection in
the health care sector, where pharmaceuticals maker Bayer AG gained after
lagging the cyclical rally earlier in the year. Stock selection in the consumer
discretionary sector was also positive, as publisher Fairfax Media Ltd. ben-
efited from recovering demand in the Australian advertising market. The
Fund’s best-performing stocks included a number of banks that were sold
off earlier in the year, but then experienced a sharp recovery as earnings
improved and concerns regarding balance sheet strength and deteriorating
asset quality proved excessive (Swedbank AB, UniCredit SpA, Banco
Santander SA and Erste Bank der Oesterreichischen Sparkassen AG).
Geographically, the Fund’s allocation to emerging markets was beneficial
as those countries outperformed developed regions. Stock selection in
Europe also had a positive effect on returns.
Describe recent portfolio activity.
•During the six months, we increased the Fund’s exposure to the industrials
sector by purchasing a number of companies likely to benefit from inven-
tory restocking and an increase in freight traffic. Specifically, we purchased
airline Deutsche Lufthansa AG and logistics provider Deutsche Post AG. In
addition, we purchased a number of Japanese capital goods companies
that should benefit from a rebound in economic activity, including machin-
ery manufacturer Komatsu Ltd. and electronics producer Sumitomo Electric
Industries Ltd. Also within industrials, we purchased construction company
Vinci SA and crane manufacturer KCI Konecranes Oyj, which offered attrac-
tive valuations and more stable earnings profiles. Elsewhere, we added to
the energy sector, which should profit from constrained supply, improving
global demand and continued US dollar weakness. Specifically, we pur-
chased BP Plc, OAO Gazprom and Petroplus Holdings AG. The Fund’s IT
sector allocation was increased as well through the purchase of electronics
manufacturer TDK Corp. and mobile phone maker Nokia Oyj.
•These transactions were largely funded by profit-taking in the materials
sector, which surged on the back of higher commodities prices. Within this
sector, we reduced mining conglomerate BHP Billiton Ltd., and sold Xstrata
Plc and BASF SE. We also reduced the Fund’s weighting in the consumer
discretionary sector, where we locked in gains in advertising firm WPP Plc,
car producer DaimlerChrysler AG and white goods company Electrolux AB.
•Regionally, we took profits in emerging markets and also reduced our
Japanese holdings in favor of attractive investment opportunities in
developed Europe.
Describe Fund positioning at period end.
•At period end, the Fund was overweight relative to the MSCI EAFE Index
in industrials, energy and IT, and underweight in materials, financials, utili-
ties and consumer staples. At the regional level, the Fund was slightly
underweight in Europe, while it was overweight in Japan and selected
emerging markets.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
Portfolio Information | |
Percent of | |
Long-Term | |
Ten Largest Holdings | Investments |
HSBC Holdings Plc | 4% |
BP Plc | 4 |
Nestle SA, Registered Shares | 3 |
Novartis AG, Registered Shares | 3 |
Eni SpA | 3 |
Telstra Corp. Ltd. | 3 |
Vodafone Group Plc | 3 |
Sanofi-Aventis | 3 |
E.ON AG | 3 |
Honda Motor Co., Ltd. | 2 |
Percent of | |
Long-Term | |
Geographic Allocation | Investments |
Japan | 22% |
United Kingdom | 16 |
Germany | 12 |
France | 10 |
Switzerland | 9 |
Australia | 7 |
Italy | 4 |
Netherlands | 4 |
Finland | 3 |
Hong Kong | 3 |
Norway | 2 |
Denmark | 2 |
India | 2 |
Other1 | 4 |
1 Other includes a 1% holding in each of the following countries: Belgium, Brazil, | |
Greece and Russia. |
10 SEMI-ANNUAL REPORT DECEMBER 31, 2009
BlackRock International Value Fund
Total Return Based on a $10,000 Investment
1 Assuming maximum sales charge, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do
not have a sales charge.
2 The Fund invests primarily in stocks of companies in developed countries located outside of the United States.
3 This unmanaged index measures the total returns of developed foreign stock markets in Europe, Australasia and the Far East (in US dollars).
Performance Summary for the Period Ended December 31, 2009 | |||||||
Average Annual Total Returns4 | |||||||
1 Year | 5 Years | 10 Years | |||||
6-Month | w/o sales | w/sales | w/o sales | w/sales | w/o sales | w/sales | |
Total Returns | charge | charge | charge | charge | charge | charge | |
Institutional | 20.84% | 28.97% | N/A | 2.78% | N/A | 3.94% | N/A |
Investor A | 20.57 | 28.41 | 21.67% | 2.47 | 1.37% | 3.65 | 3.10% |
Investor B | 19.92 | 26.93 | 22.43 | 1.50 | 1.21 | 2.97 | 2.97 |
Investor C | 19.92 | 26.96 | 25.96 | 1.50 | 1.50 | 2.81 | 2.81 |
Class R | 20.37 | 27.92 | N/A | 2.15 | N/A | 3.42 | N/A |
MSCI EAFE Index | 22.07 | 31.78 | N/A | 3.54 | N/A | 1.17 | N/A |
4 Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund
Performance” on page 12 for a detailed description of share classes, including any related sales charges and fees.
N/A — Not applicable as share class and index do not have a sales charge.
Past performance is not indicative of future results.
Expense Example | ||||||
Actual | Hypothetical6 | |||||
Beginning | Ending | Beginning | Ending | |||
Account Value | Account Value | Expenses Paid | Account Value | Account Value | Expenses Paid | |
July 1, 2009 | December 31, 2009 During the Period5 | July 1, 2009 | December 31, 2009 During the Period5 | |||
Institutional | $1,000 | $1,208.40 | $ 5.46 | $1,000 | $1,020.26 | $ 4.99 |
Investor A | $1,000 | $1,205.70 | $ 7.73 | $1,000 | $1,018.19 | $ 7.07 |
Investor B | $1,000 | $1,199.20 | $13.86 | $1,000 | $1,012.60 | $12.68 |
Investor C | $1,000 | $1,199.20 | $13.69 | $1,000 | $1,012.75 | $12.53 |
Class R | $1,000 | $1,203.70 | $ 9.66 | $1,000 | $1,016.43 | $ 8.84 |
5 For each class of the Fund, expenses are equal to the annualized expense ratio for the class (0.98% for Institutional, 1.39% for Investor A, 2.50% for Investor B, 2.47% for
Investor C and 1.74% for Class R), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).
6 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.
See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 11
About Fund Performance
•Institutional Shares are not subject to any sales charge. Institutional
Shares bear no ongoing distribution or service fees and are available only to
eligible investors.
•Investor A Shares incur a maximum initial sales charge (front-end load) of
5.25% and a service fee of 0.25% per year (but no distribution fee).
•Investor B Shares are subject to a maximum contingent deferred sales
charge of 4.50% declining to 0% after six years. In addition, Investor B
Shares are subject to a distribution fee of 0.75% per year and a service fee
of 0.25% per year. These shares automatically convert to Investor A Shares
after approximately eight years. (There is no initial sales charge for auto-
matic share conversions.) All returns for periods greater than eight years
reflect this conversion. Investor B Shares of the Funds are only available for
purchase through exchanges, dividend reinvestments or for purchase by cer-
tain qualified employee benefit plans.
•Investor C Shares are subject to a 1% contingent deferred sales charge if
redeemed within one year of purchase. In addition, Investor C Shares are
subject to a distribution fee of 0.75% per year and a service fee of 0.25%
per year.
•Class R Shares do not incur a maxium initial sales charge (front-end load)
or deferred sales charge. These shares are subject to a distribution fee of
0.25% per year and a service fee of 0.25% per year. Class R Shares are
available only to certain retirement plans. Prior to January 3, 2003 for
BlackRock EuroFund, BlackRock Focus Value Fund, Inc. and BlackRock
International Value Fund, and February 4, 2003 for BlackRock Global
SmallCap Fund, Inc., Class R Share performance results are those of the
Institutional Shares (which have no distribution or service fees) restated to
reflect Class R Share fees.
The returns for BlackRock International Value Fund’s Investor B, Investor C
and Class R Shares prior to their respective inception dates (October 6,
2000, October 6, 2000 and January 3, 2003, respectively), are based upon
performance of the Fund’s Institutional Shares. The returns for Investor B,
Investor C and Class R Shares, however, are adjusted to reflect the distribu-
tion and service (12b-1) fees applicable to each class of shares.
Performance information reflects past performance and does not guarantee
future results. Current performance may be lower or higher than the perform-
ance data quoted. Refer to www.blackrock.com/funds to obtain performance
data current to the most recent month-end. Performance results do not
reflect the deduction of taxes that a shareholder would pay on fund distri-
butions or the redemption of fund shares. The Funds may charge a 2%
redemption fee for sales or exchanges of shares within 30 days of purchase
or exchange. Performance data does not reflect this potential fee. Figures
shown in the performance tables on the previous pages assume reinvest-
ment of all dividends and capital gain distributions, if any, at net asset value
on the ex-dividend date. Investment return and principal value of shares will
fluctuate so that shares, when redeemed, may be worth more or less than
their original cost. Dividends paid to each class of shares will vary because
of the different levels of service, distribution and transfer agency fees appli-
cable to each class, which are deducted from the income available to be
paid to shareholders.
Disclosure of Expenses
Shareholders of these Funds may incur the following charges: (a) expenses
related to transactions, including sales charges, redemption fees and
exchange fees; and (b) operating expenses including advisory fees, distri-
bution fees including 12b-1 fees, and other Fund expenses. The expense
examples on the previous pages (which are based on hypothetical invest-
ments of $1,000 invested on July 1, 2009 and held through December 31,
2009) are intended to assist shareholders both in calculating expenses
based on investments in the Funds and in comparing these expenses with
similar costs of investing in other mutual funds.
The tables provide information about actual account values and actual
expenses. In order to estimate the expenses a shareholder paid during
the period covered by this report, shareholders can divide their account
value by $1,000 and then multiply the result by the number correspond-
ing to their share class under the heading entitled “Expenses Paid During
the Period.”
The tables also provide information about hypothetical account values and
hypothetical expenses based on each Fund’s actual expense ratio and an
assumed rate of return of 5% per year before expenses. In order to assist
shareholders in comparing the ongoing expenses of investing in these
Funds and other funds, compare the 5% hypothetical example with the 5%
hypothetical examples that appear in other funds’ shareholder reports.
The expenses shown in the table are intended to highlight shareholders’
ongoing costs only and do not reflect any transactional expenses, such as
sales charges, redemption fees or exchange fees. Therefore, the hypotheti-
cal examples are useful in comparing ongoing expenses only, and will not
help shareholders determine the relative total expenses of owning different
funds. If these transactional expenses were included, shareholder expenses
would have been higher.
12 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Derivative Financial Instruments
The Funds may invest in various derivative instruments, including foreign
currency exchange contracts, as specified in Note 2 of the Notes to Fin-
ancials Statements, which constitute forms of economic leverage. Such
instruments are used to obtain exposure to a market without owning or
taking physical custody of securities or to hedge market and/or foreign
currency exchange rate risk. Such derivative instruments involve risks,
including the imperfect correlation between the value of a derivative instru-
ment and the underlying asset, possible default of the counterparty to the
transaction or illiquidity of the derivative instrument. The Funds’ ability to
successfully use a derivative instrument depends on the investment
advisor’s ability to accurately predict pertinent market movements, which
cannot be assured. The use of derivative instruments may result in losses
greater than if they had not been used, may require the Funds to sell or
purchase portfolio securities at inopportune times or for distressed values,
may limit the amount of appreciation the Funds can realize on an invest-
ment or may cause the Funds to hold a security that it might otherwise
sell. The Funds’ investments in these instruments are discussed in detail
in the Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 13
Schedule of Investments December 31, 2009 (Unaudited)
BlackRock EuroFund
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Belgium — 1.4% | ||
KBC Bancassurance Holding | 145,482 | $ 6,250,657 |
Denmark — 1.8% | ||
Carlsberg A/S | 110,324 | 8,121,462 |
Finland — 4.8% | ||
Cargotec Corp., Class B | 200,590 | 5,521,459 |
KCI Konecranes Oyj | 253,112 | 6,908,740 |
Nokia Oyj | 713,181 | 9,221,416 |
21,651,615 | ||
France — 23.5% | ||
AXA SA | 420,928 | 9,882,953 |
BNP Paribas SA | 120,389 | 9,549,009 |
Electricite de France SA | 144,431 | 8,584,007 |
Eramet | 14,641 | 4,585,140 |
European Aeronautic Defense and Space | 294,452 | 5,918,814 |
France Telecom SA | 72,250 | 1,805,401 |
Legrand Promesses | 175,565 | 4,886,261 |
Renault SA | 138,076 | 7,083,270 |
STMicroelectronics NV | 303,898 | 2,808,088 |
Sanofi-Aventis | 198,628 | 15,620,655 |
Thales SA | 143,408 | 7,370,491 |
Total SA | 268,102 | 17,220,160 |
Vinci SA | 197,783 | 11,129,452 |
106,443,701 | ||
Germany — 14.0% | ||
Allianz AG, Registered Shares | 57,564 | 7,135,628 |
Bayer AG | 82,041 | 6,565,206 |
Deutsche Lufthansa AG | 411,781 | 6,953,213 |
Deutsche Post AG | 471,196 | 9,106,705 |
Deutsche Telekom AG | 644,513 | 9,454,877 |
E.ON AG | 275,960 | 11,583,154 |
HeidelbergCement AG | 107,743 | 7,453,852 |
MAN SE | 64,601 | 5,012,528 |
63,265,163 | ||
Greece — 1.4% | ||
EFG Eurobank Ergasias SA (a) | 570,959 | 6,380,904 |
Ireland — 0.7% | ||
Irish Life & Permanent Plc | 698,523 | 3,075,651 |
Italy — 4.0% | ||
Eni SpA | 411,647 | 10,482,910 |
Fiat SpA | 528,364 | 7,732,049 |
18,214,959 | ||
Netherlands — 3.6% | ||
ING Groep NV-CVA | 823,418 | 7,929,827 |
Koninklijke Ahold NV | 617,553 | 8,181,759 |
16,111,586 | ||
Norway — 2.4% | ||
Statoil ASA | 428,732 | 10,692,414 |
Spain — 4.1% | ||
Banco Bilbao Vizcaya Argentaria SA | 125,616 | 2,289,353 |
Banco Santander SA | 763,141 | 12,610,639 |
Telefonica SA | 129,530 | 3,625,418 |
18,525,410 |
Common Stocks | Shares | Value | |
Sweden — 0.4% | |||
Telefonaktiebolaget LM Ericsson | 199,840 $ | 1,839,737 | |
Switzerland — 11.9% | |||
Nestle SA, Registered Shares | 433,698 | 21,048,940 | |
Novartis AG, Registered Shares | 363,698 | 19,861,272 | |
Petroplus Holdings AG | 276,640 | 5,061,103 | |
Swiss Reinsurance Co., Registered Shares | 169,434 | 8,116,676 | |
54,087,991 | |||
United Kingdom — 24.5% | |||
BHP Billiton Plc | 326,474 | 10,407,969 | |
BP Plc | 2,249,076 | 21,717,434 | |
BT Group Plc | 3,127,827 | 6,811,864 | |
Barclays Plc | 1,522,935 | 6,710,739 | |
HSBC Holdings Plc | 1,885,916 | 21,515,137 | |
Lloyds TSB Group Plc | 5,499,580 | 4,424,841 | |
Man Group Plc | 1,011,937 | 4,994,256 | |
Meggitt Plc | 1,262,324 | 5,284,490 | |
Redrow Plc (a) | 1,349,801 | 2,888,593 | |
Tesco Plc | 1,308,539 | 9,027,313 | |
Vodafone Group Plc | 5,541,358 | 12,832,164 | |
Xstrata Plc | 239,098 | 4,264,562 | |
110,879,362 | |||
Total Long-Term Investments | |||
(Cost — $392,233,683) — 98.5% | 445,540,612 | ||
Short-Term Securities | |||
BlackRock Liquidity Funds, TempFund, | |||
Institutional Class, 0.11% (b)(c) | 7,274,540 | 7,274,540 | |
Total Short-Term Securities | |||
(Cost — $7,274,540) — 1.6% | 7,274,540 | ||
Total Investments (Cost — $399,508,223*) — 100.1% | 452,815,152 | ||
Liabilities in Excess of Other Assets — (0.1)% | (620,970) | ||
Net Assets — 100.0% | $ 452,194,182 | ||
* The cost and unrealized appreciation (depreciation) of investments as of | |||
December 31, 2009, as computed for federal income tax purposes, were as follows: | |||
Aggregate cost | $ 406,925,817 | ||
Gross unrealized appreciation | $ 62,969,603 | ||
Gross unrealized depreciation | (17,080,268) | ||
Net unrealized appreciation | $ 45,889,335 | ||
(a) Non-income producing security. | |||
(b) Investments in companies considered to be an affiliate of the Fund, for purposes of | |||
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | |||
Net | |||
Affiliate | Activity | Income | |
BlackRock Liquidity Funds, TempFund, | |||
Institutional Class | $ (1,277,386) | $ 11,610 | |
(c) Represents the current yield as of report date. |
Portfolio Abbreviations | |
To simplify the listings of portfolio holdings in | ADR |
the Schedules of Investments, the names and | AUD |
descriptions of many of the securities have been | BRL |
abbreviated according to the following list: | CHF |
EUR |
American Depositary Receipts | GBP | British Pound |
Australian Dollar | HKD | Hong Kong Dollar |
Brazilian Real | JPY | Japanese Yen |
Swiss Franc | SGD | Singapore Dollar |
Euro | USD | US Dollar |
See Notes to Financial Statements.
14 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Schedule of Investments (concluded) BlackRock EuroFund
•For Fund compliance purposes, the Fund’s industry classifications refer to any one
or more of the industry sub-classifications used by one or more widely recognized
market indexes or ratings group indexes, and/or as defined by Fund management.
This definition may not apply for purposes of this report, which may combine indus-
try sub-classifications for reporting ease.
•Foreign currency exchange contracts as of December 31, 2009 were as follows:
Unrealized | ||||||
Currency | Currency | Settlement Appreciation | ||||
Purchased | Sold | Counterparty | Date | (Depreciation) | ||
EUR 13,793,955 | USD | 19,806,465 | State Street | 3/25/10 | $ (34,776) | |
Bank | ||||||
& Trust Co. | ||||||
GBP 46,835,753 | USD | 76,643,900 | State Street | 3/25/10 | (1,034,558) | |
Bank | ||||||
& Trust Co. | ||||||
USD | 68,521,300 | EUR 47,135,791 | State Street | 3/25/10 | 958,796 | |
Bank | ||||||
& Trust Co. | ||||||
USD | 22,397,965 | GBP 13,906,856 | State Street | 3/25/10 | (52,581) | |
Bank | ||||||
& Trust Co. | ||||||
Total | $ (163,119) |
•Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
•Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for
identical or similar assets or liabilities in markets that are not active, inputs
other than quoted prices that are observable for the assets or liabilities (such
as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including
the Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of December 31, 2009 in deter-
mining the fair valuation of the Fund’s investments:
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 — Short-Term Securities | $ 7,274,540 | |
Level 2 — Long-Term Investments1 | 445,540,612 | |
Level 3 | — | |
Total | $ 452,815,152 | |
1 See above Schedule of Investments for values in each country. | ||
Valuation | Other Financial | |
Inputs | Instruments2 | |
Assets | Liabilities | |
Level 1 | — | — |
Level 2 | $ 958,796 | $ (1,121,915) |
Level 3 | — | — |
Total | $ 958,796 | $ (1,121,915) |
2 Other financial instruments are foreign currency exchange contracts, which | ||
are shown at the unrealized appreciation/depreciation on the instrument. |
SEMI-ANNUAL REPORT DECEMBER 31, 2009 15
Schedule of Investments December 31, 2009 (Unaudited)
BlackRock Focus Value Fund, Inc.
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Above-Average Yield — 8.6% | ||
Industrial Conglomerates — 2.2% | ||
Tyco International Ltd. | 109,050 | $ 3,890,904 |
Pharmaceuticals — 1.8% | ||
Merck & Co, Inc. | 87,946 | 3,213,547 |
Semiconductors & Semiconductor | ||
Equipment — 2.0% | ||
Maxim Integrated Products, Inc. | 172,500 | 3,501,750 |
Specialty Retail — 2.6% | ||
Limited Brands, Inc. | 240,000 | 4,617,600 |
Total Above-Average Yield | 15,223,801 | |
Discount to Assets — 6.9% | ||
Diversified Telecommunication Services — 2.7% | ||
Verizon Communications, Inc. | 141,500 | 4,687,895 |
Hotels, Restaurants & Leisure — 1.7% | ||
Carnival Corp. (a) | 94,500 | 2,994,705 |
Oil, Gas & Consumable Fuels — 2.5% | ||
Anadarko Petroleum Corp. | 71,500 | 4,463,030 |
Total Discount to Assets | 12,145,630 | |
Earnings Turnaround — 30.6% | ||
Aerospace & Defense — 2.6% | ||
Honeywell International, Inc. | 115,500 | 4,527,600 |
Capital Markets — 2.2% | ||
Morgan Stanley | 128,500 | 3,803,600 |
Commercial Banks — 2.6% | ||
Wells Fargo & Co. | 168,000 | 4,534,320 |
Diversified Financial Services — 2.3% | ||
Bank of America Corp. | 272,500 | 4,103,850 |
Energy Equipment & Services — 2.8% | ||
Halliburton Co. | 166,600 | 5,012,994 |
Food Products — 2.2% | ||
Unilever NV-ADR | 120,800 | 3,905,464 |
Metals & Mining — 1.8% | ||
Nucor Corp. | 67,900 | 3,167,535 |
Oil, Gas & Consumable Fuels — 2.4% | ||
Peabody Energy Corp. | 91,700 | 4,145,757 |
Pharmaceuticals — 2.9% | ||
Bristol-Myers Squibb Co. | 204,100 | 5,153,525 |
Semiconductors & Semiconductor | ||
Equipment — 8.8% | ||
Analog Devices, Inc. | 140,600 | 4,440,148 |
LSI Corp. (a) | 1,056,600 | 6,350,166 |
Micron Technology, Inc. (a) | 436,500 | 4,609,440 |
15,399,754 | ||
Total Earnings Turnaround | 53,754,399 | |
Financial Restructuring — 0.0% | ||
Semiconductors & Semiconductor | ||
Equipment — 0.0% | ||
Legacy Holdings, Inc. (a) | 1,500 | 3 |
Total Financial Restructuring | 3 | |
Operational Restructuring — 17.2% | ||
Aerospace & Defense — 2.1% | ||
Raytheon Co. | 72,000 | 3,709,440 |
Chemicals — 2.4% | ||
E.I. du Pont de Nemours & Co. | 125,000 | 4,208,750 |
Common Stocks | Shares | Value |
Operational Restructuring (concluded) | ||
Computers & Peripherals — 3.1% | ||
Hewlett-Packard Co. | 104,000 | $ 5,357,040 |
Diversified Financial Services — 2.8% | ||
JPMorgan Chase & Co. | 116,400 | 4,850,388 |
Food & Staples Retailing — 2.3% | ||
Walgreen Co. | 111,500 | 4,094,280 |
Health Care Equipment & Supplies — 1.6% | ||
Covidien Plc | 59,000 | 2,825,510 |
Household Products — 2.0% | ||
Kimberly-Clark Corp. | 55,500 | 3,535,905 |
Media — 0.9% | ||
Comcast Corp., Special Class A | 103,500 | 1,657,035 |
Total Operational Restructuring | 30,238,348 | |
Price-to-Book Value — 4.2% | ||
Diversified Financial Services — 2.3% | ||
Citigroup, Inc. | 1,218,400 | 4,032,904 |
Semiconductors & Semiconductor | ||
Equipment — 1.9% | ||
Novellus Systems, Inc. (a) | 140,000 | 3,267,600 |
Total Price-to-Book Value | 7,300,504 | |
Price-to-Cash Flow — 2.9% | ||
Health Care Providers & Services — 2.9% | ||
Coventry Health Care, Inc. (a) | 212,500 | 5,161,625 |
Total Price-to-Cash Flow | 5,161,625 | |
Price-to-Earnings Per Share — 25.1% | ||
Diversified Telecommunication Services — 2.4% | ||
Qwest Communications International, Inc. (b) | 1,015,200 | 4,273,992 |
Energy Equipment & Services — 4.9% | ||
Noble Corp. | 102,600 | 4,175,820 |
Weatherford International Ltd. (a) | 247,300 | 4,429,143 |
8,604,963 | ||
Insurance — 8.5% | ||
ACE Ltd. | 97,000 | 4,888,800 |
MetLife, Inc. | 123,500 | 4,365,725 |
The Travelers Cos., Inc. | 112,300 | 5,599,278 |
14,853,803 | ||
Internet Software & Services — 0.0% | ||
AOL, Inc. (a) | 1 | 21 |
Media — 4.8% | ||
CBS Corp., Class B | 310,000 | 4,355,500 |
Time Warner, Inc. | 138,500 | 4,035,890 |
8,391,390 | ||
Oil, Gas & Consumable Fuels — 2.5% | ||
Chevron Corp. | 58,000 | 4,465,420 |
Software — 2.0% | ||
Electronic Arts, Inc. (a) | 197,000 | 3,496,750 |
Total Price-to-Earnings Per Share | 44,086,339 | |
Special Situations — 2.7% | ||
Capital Markets — 2.7% | ||
Invesco Ltd. | 201,000 | 4,721,490 |
Total Special Situations | 4,721,490 | |
Total Common Stocks — 98.2% | 172,632,139 |
See Notes to Financial Statements.
16 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Schedule of Investments (concluded)
BlackRock Focus Value Fund, Inc.
(Percentages shown are based on Net Assets)
Preferred Stock | Shares | Value | |
Earnings Turnaround — 0.5% | |||
Diversified Financial Services — 0.5% | |||
Bank of America Corp., 10.00% (c)(d) | 62,100 | $ 926,532 | |
Total Preferred Stock — 0.5% | 926,532 | ||
Total Long-Term Investments | |||
(Cost — $141,864,964) — 98.7% | 173,558,671 | ||
Short-Term Securities | |||
BlackRock Liquidity Funds, TempCash, | |||
Institutional Class, 0.17% (e)(f) | 2,201,749 | 2,201,749 | |
Beneficial | |||
Interest | |||
(000) | |||
BlackRock Liquidity Series, LLC | |||
Money Market Series, 0.29% (e)(f)(g) | $ 4,050 | 4,050,000 | |
Total Short-Term Securities | |||
(Cost — $6,251,749) — 3.6% | 6,251,749 | ||
Total Investments (Cost — $148,116,713*) — 102.3% | 179,810,420 | ||
Liabilities in Excess of Other Assets — (2.3)% | (3,975,632) | ||
Net Assets — 100.0% | $ 175,834,788 | ||
* The cost and unrealized appreciation (depreciation) of investments as of | |||
December 31, 2009, as computed for federal income tax purposes, were as follows: | |||
Aggregate cost | $ 151,020,530 | ||
Gross unrealized appreciation | $ 33,899,029 | ||
Gross unrealized depreciation | (5,109,139) | ||
Net unrealized appreciation | $ 28,789,890 | ||
(a) Non-income producing security. | |||
(b) Security, or a portion of security, is on loan. | |||
(c) Convertible security. | |||
(d) Variable rate security. Rate shown is as of report date. | |||
(e) Investments in companies considered to be an affiliate of the Fund, for purposes of | |||
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | |||
Net | |||
Affiliate | Activity | Income | |
BlackRock Liquidity Funds, TempCash, | |||
Institutional Class | $ (160,042) | $ 4,139 | |
BlackRock Liquidity Series, LLC | |||
Money Market Series | $(1,125,000) | $ 5,569 | |
(f) Represents the current yield as of report date. | |||
(g) Security was purchased with the cash collateral from securities loans. |
•For Fund compliance purposes, the Fund’s industry classifications refer to any one
or more of the industry sub-classifications used by one or more widely recognized
market indexes or ratings group indexes, and/or as defined by Fund management.
This definition may not apply for purposes of this report, which may combine indus-
try sub-classifications for reporting ease.
•Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
•Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for
identical or similar assets or liabilities in markets that are not active, inputs
other than quoted prices that are observable for the assets or liabilities (such
as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of December 31, 2009 in deter-
mining the fair valuation of the Fund’s investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 | |
Long-Term Investments1 | $ 173,558,671 |
Short-Term Securities | 2,201,749 |
Total Level 1 | 175,760,420 |
Level 2 — Short-Term Securities | 4,050,000 |
Level 3 | — |
Total | $ 179,810,420 |
1 See above Schedule of Investments for values in each industry excluding | |
Level 2 within the table. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 17
Schedule of Investments December 31, 2009 (Unaudited)
BlackRock Global SmallCap Fund, Inc.
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Australia — 2.3% | ||
CFS Retail Property Trust | 4,072,838 | $ 6,935,066 |
Cochlear Ltd. | 88,800 | 5,483,727 |
Goodman Fielder Ltd. | 3,523,000 | 5,130,191 |
Mount Gibson Iron Ltd. (a) | 1,577,400 | 2,324,763 |
Myer Holdings Ltd. (a) | 1,185,800 | 3,877,113 |
23,750,860 | ||
Austria — 0.8% | ||
Intercell AG (a) | 80,400 | 2,993,024 |
Schoeller-Bleckmann Oilfield Equipment AG | 111,100 | 5,306,442 |
8,299,466 | ||
Bermuda — 2.1% | ||
Lazard Ltd., Class A | 195,900 | 7,438,323 |
PartnerRe Ltd. | 95,200 | 7,107,632 |
Ports Design Ltd. | 2,220,500 | 6,846,305 |
21,392,260 | ||
Brazil — 1.0% | ||
Lupatech SA (a) | 335,100 | 5,225,712 |
Santos Brasil Participacoes SA (a) | 527,400 | 5,301,264 |
10,526,976 | ||
Canada — 5.5% | ||
Agnico-Eagle Mines Ltd. | 112,900 | 6,096,600 |
Biovail Corp. | 231,200 | 3,227,552 |
DiagnoCure, Inc. (a)(b) | 4,278,880 | 4,254,946 |
Dollarama, Inc. (a) | 70,600 | 1,508,735 |
Dollarama, Inc. (a)(c) | 203,600 | 4,350,968 |
Eastern Platinum Ltd. (a) | 3,280,900 | 2,886,100 |
Eldorado Gold Corp. (a) | 577,700 | 8,241,415 |
Inmet Mining Corp. | 107,700 | 6,567,965 |
Lundin Mining Corp. (a) | 1,214,800 | 4,994,636 |
Quadra Mining Ltd. (a) | 274,000 | 3,801,444 |
Taseko Mines Ltd. (a) | 1,168,200 | 4,929,804 |
Thompson Creek Metals Co., Inc. (a) | 462,600 | 5,453,801 |
56,313,966 | ||
Cayman Islands — 1.5% | ||
Ming Fai International Holdings Ltd. | 18,753,700 | 3,192,778 |
Parkson Retail Group Ltd. | 2,827,500 | 4,975,587 |
Polarcus Ltd. (a) | 3,095,000 | 1,977,875 |
XL Capital Ltd., Class A | 276,900 | 5,075,577 |
15,221,817 | ||
China — 1.7% | ||
7 Days Group Holdings Ltd.-ADR (a) | 262,100 | 3,271,008 |
Duoyuan Global Water, Inc.-ADR (a)(d) | 87,600 | 3,135,204 |
Shenguan Holdings Group Ltd. (a) | 1,236,800 | 1,126,191 |
Shenzhen Expressway Co., Ltd. | 8,423,100 | 4,129,676 |
WuXi PharmaTech Cayman, Inc.-ADR (a)(d) | 389,300 | 6,213,228 |
17,875,307 | ||
Denmark — 0.8% | ||
TrygVesta A/S | 89,115 | 5,857,941 |
Vestas Wind Systems A/S (a) | 34,216 | 2,083,166 |
7,941,107 | ||
Finland — 0.6% | ||
Ramirent Oyj | 648,750 | 6,304,326 |
France — 2.4% | ||
Bonduelle SA | 83,800 | 9,534,286 |
Eurofins Scientific SA | 51,275 | 2,793,377 |
Scor SE | 352,420 | 8,853,502 |
UBISOFT Entertainment (a) | 247,200 | 3,500,135 |
24,681,300 |
Common Stocks | Shares | Value |
Germany — 4.3% | ||
Deutsche Euroshop AG | 155,000 | $ 5,246,783 |
GEA Group AG | 293,450 | 6,536,893 |
Gerresheimer AG | 195,500 | 6,586,688 |
Paion AG (a) | 475,886 | 1,739,624 |
Rheinmetall AG | 170,200 | 10,805,791 |
Salzgitter AG | 56,500 | 5,536,353 |
Symrise AG | 361,600 | 7,707,577 |
44,159,709 | ||
Hong Kong — 1.1% | ||
Clear Media Ltd. (a) | 4,052,000 | 2,130,146 |
Dah Sing Financial Group | 320,700 | 1,767,154 |
Lu Ning Co. Ltd. | 1,854,400 | 7,031,542 |
10,928,842 | ||
India — 1.1% | ||
Container Corp. of India | 156,300 | 4,387,358 |
Steel Authority of India | 473,800 | 2,445,832 |
United Phosphorus Ltd. | 1,311,200 | 4,868,461 |
11,701,651 | ||
Ireland — 0.9% | ||
Ryanair Holdings Plc-ADR (a) | 328,196 | 8,802,217 |
Israel — 1.2% | ||
NICE Systems Ltd.-ADR (a) | 255,600 | 7,933,824 |
Strauss-Elite Ltd. | 269,800 | 4,020,938 |
11,954,762 | ||
Italy — 1.3% | ||
Credito Emiliano SpA (a) | 474,869 | 3,657,263 |
DiaSorin SpA | 145,300 | 5,163,885 |
Iride SpA | 1,756,900 | 3,346,646 |
Milano Assicurazioni SpA | 526,500 | 1,539,845 |
13,707,639 | ||
Japan — 5.9% | ||
Advantest Corp. | 126,000 | 3,282,426 |
Asics Corp. | 432,950 | 3,885,669 |
Don Quijote Co., Ltd. | 189,000 | 4,586,251 |
Fukuoka Financial Group, Inc. | 1,511,300 | 5,266,880 |
Hisaka Works Ltd. | 298,500 | 2,960,426 |
Jupiter Telecommunications Co., Ltd. | 4,335 | 4,289,591 |
Koito Manufacturing Co., Ltd. | 337,500 | 5,416,930 |
Komori Corp. | 205,600 | 2,270,813 |
Kureha Chemical Industry Co., Ltd. | 1,406,400 | 6,936,279 |
MEGMILK SNOW BRAND Co Ltd. | 123,300 | 1,813,722 |
Makita Corp. | 89,150 | 3,062,132 |
NGK Insulators Ltd. | 208,400 | 4,557,583 |
Nippon Building Fund, Inc. | 389 | 2,956,455 |
Osaka Securities Exchange Co., Ltd. | 1,275 | 6,077,307 |
PanaHome Corp. | 239,500 | 1,541,981 |
Suruga Bank Ltd. | 207,400 | 1,807,358 |
Toyo Suisan Kaisha, Ltd. | 14,100 | 325,155 |
61,036,958 | ||
Malaysia — 0.4% | ||
AirAsia Bhd (a) | 8,864,400 | 3,558,798 |
Mexico — 0.3% | ||
Embotelladoras Arca SA de CV | 1,013,400 | 3,369,737 |
Netherlands — 0.2% | ||
Fugro NV | 40,900 | 2,349,264 |
See Notes to Financial Statements.
18 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Schedule of Investments (continued)
BlackRock Global SmallCap Fund, Inc.
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Norway — 2.4% | ||
Golden Ocean Group Ltd. (a) | 4,015,500 | $ 7,277,327 |
ProSafe ASA | 415,500 | 2,635,855 |
Sevan Marine ASA (a) | 2,097,400 | 3,659,961 |
Songa Offshore SE (a) | 1,199,900 | 6,258,650 |
TGS Nopec Geophysical Co. ASA (a) | 266,500 | 4,813,514 |
24,645,307 | ||
Singapore — 1.7% | ||
Avago Technologies Ltd. (a) | 442,100 | 8,086,009 |
Cityspring Infrastructure Trust | 15,536,600 | 6,512,263 |
Olam International Ltd. | 500 | 939 |
UOL Group Ltd. | 934,600 | 2,693,343 |
17,292,554 | ||
Spain — 0.9% | ||
Bolsas y Mercados Espanoles | 42,800 | 1,380,448 |
Laboratorios Farmaceuticos Rovi SA | 723,294 | 8,007,293 |
9,387,741 | ||
Sweden — 0.9% | ||
Axfood AB | 142,800 | 4,165,555 |
Swedish Match AB | 215,100 | 4,702,791 |
8,868,346 | ||
Switzerland — 1.2% | ||
Addex Pharmaceuticals Ltd. (a) | 63,000 | 840,447 |
Aryzta AG | 73,900 | 2,752,314 |
Clariant AG | 217,500 | 2,571,962 |
Foster Wheeler AG (a) | 96,700 | 2,846,848 |
Rieter Holding AG | 15,231 | 3,440,244 |
12,451,815 | ||
Thailand — 0.4% | ||
Mermaid Maritime PCL (a) | 7,451,305 | 4,455,885 |
United Kingdom — 8.6% | ||
Amlin Plc | 1,320,215 | 7,623,045 |
Antofagasta Plc | 178,000 | 2,831,544 |
Britvic Plc | 1,091,800 | 7,159,471 |
Cairn Energy Plc (a) | 1,302,000 | 6,969,973 |
Charter International Plc | 571,200 | 6,616,962 |
EasyJet Plc (a) | 771,000 | 4,373,009 |
GKN Plc | 818,100 | 1,532,276 |
Group 4 Securicor Plc | 1,640,097 | 6,874,576 |
Halfords Group Plc | 847,700 | 5,455,169 |
Hikma Pharmaceuticals Plc | 961,400 | 7,897,760 |
Intertek Group Plc | 242,900 | 4,909,509 |
Kesa Electricals Plc | 2,982,800 | 7,165,519 |
QinetiQ Plc | 1,502,900 | 3,921,071 |
Rexam Plc | 1,431,572 | 6,692,426 |
Rightmove Plc | 323,700 | 2,628,622 |
Schroders Plc | 259,600 | 5,548,030 |
88,198,962 | ||
United States — 47.8% | ||
ADC Telecommunications, Inc. (a) | 465,000 | 2,887,650 |
AMB Property Corp. | 107,200 | 2,738,960 |
Abercrombie & Fitch Co., Class A | 25,400 | 885,190 |
Acadia Realty Trust | 159,600 | 2,692,452 |
Advanced Energy Industries, Inc. (a) | 438,900 | 6,618,612 |
AirTran Holdings, Inc. (a) | 57,800 | 301,716 |
Alexion Pharmaceuticals, Inc. (a) | 56,400 | 2,753,448 |
Alpha Natural Resources, Inc. (a) | 162,200 | 7,036,236 |
Ancestry.com, Inc. (a) | 40,800 | 571,608 |
Arch Capital Group Ltd. (a) | 71,800 | 5,137,290 |
Autoliv, Inc. (d) | 82,700 | 3,585,872 |
Common Stocks | Shares | Value |
United States (continued) | ||
BJ’s Restaurants, Inc. (a)(d) | 197,800 | $ 3,722,596 |
BMC Software, Inc. (a) | 103,500 | 4,150,350 |
BancorpSouth, Inc. (d) | 157,300 | 3,690,258 |
Bank of Hawaii Corp. (d) | 130,300 | 6,131,918 |
Blackboard, Inc. (a) | 205,300 | 9,318,567 |
BorgWarner, Inc. (d) | 80,150 | 2,662,583 |
Brooks Automation, Inc. (a) | 677,750 | 5,815,095 |
Burger King Holdings, Inc. | 110,100 | 2,072,082 |
Cadence Design Systems, Inc. (a) | 826,150 | 4,948,639 |
CardioNet, Inc. (a)(d) | 270,500 | 1,606,770 |
Celanese Corp., Series A | 247,400 | 7,941,540 |
Citrix Systems, Inc. (a) | 122,400 | 5,093,064 |
Cliffs Natural Resources, Inc. | 177,398 | 8,176,274 |
ComScore, Inc. (a) | 200,700 | 3,522,285 |
Commercial Vehicle Group, Inc. (a) | 411,600 | 2,465,484 |
Core Laboratories NV | 26,400 | 3,118,368 |
Corporate Office Properties Trust (d) | 100,200 | 3,670,326 |
Covanta Holding Corp. (a)(d) | 292,550 | 5,292,230 |
Coventry Health Care, Inc. (a) | 188,800 | 4,585,952 |
Cullen/Frost Bankers, Inc. (d) | 181,600 | 9,080,000 |
DSP Group, Inc. (a) | 793,800 | 4,469,094 |
Delta Air Lines, Inc. (a) | 334,900 | 3,811,162 |
Digital Realty Trust, Inc. (d) | 110,400 | 5,550,912 |
Drew Industries, Inc. (a) | 211,800 | 4,373,670 |
Duoyuan Printing, Inc. (a) | 153,000 | 1,231,650 |
Electronics for Imaging, Inc. (a) | 507,200 | 6,598,672 |
EnergySolutions, Inc. | 420,000 | 3,565,800 |
FTI Consulting, Inc. (a) | 103,700 | 4,890,492 |
Ferro Corp. | 709,900 | 5,849,576 |
Fidelity National Title Group, Inc., Class A | 435,700 | 5,864,522 |
Foot Locker, Inc. | 91,800 | 1,022,652 |
Fortinet, Inc. (a) | 8,700 | 152,859 |
Guess?, Inc. | 217,850 | 9,215,055 |
Home Properties, Inc. | 60,000 | 2,862,600 |
IDEX Corp. | 249,350 | 7,767,252 |
IHS, Inc., Class A (a) | 29,500 | 1,616,895 |
IPC The Hospitalist Co., Inc. (a) | 198,000 | 6,583,500 |
ITC Holdings Corp. | 177,500 | 9,245,975 |
Integrated Device Technology, Inc. (a) | 354,700 | 2,294,909 |
Intersil Corp., Class A | 606,100 | 9,297,574 |
j2 Global Communications, Inc. (a) | 319,600 | 6,503,860 |
JDS Uniphase Corp. (a) | 1,034,900 | 8,537,925 |
K-Swiss, Inc., Class A | 140,500 | 1,396,570 |
Kindred Healthcare, Inc. (a) | 50,600 | 934,076 |
Kinetic Concepts, Inc. (a) | 100,550 | 3,785,707 |
King Pharmaceuticals, Inc. (a)(d) | 574,100 | 7,044,207 |
Knight Capital Group, Inc., Class A (a) | 149,700 | 2,305,380 |
LKQ Corp. (a) | 337,663 | 6,614,818 |
Landstar System, Inc. | 129,350 | 5,014,900 |
Linear Technology Corp. | 124,750 | 3,809,865 |
The Macerich Co. (d) | 158,981 | 5,715,382 |
Manpower, Inc. | 54,900 | 2,996,442 |
Maxim Integrated Products, Inc. | 335,300 | 6,806,590 |
Mentor Graphics Corp. (a) | 621,250 | 5,485,637 |
Merit Medical Systems, Inc. (a) | 456,261 | 8,801,275 |
MoSys, Inc. (a) | 52,450 | 205,604 |
Nektar Therapeutics (a) | 290,000 | 2,702,800 |
Nordson Corp. | 81,450 | 4,983,111 |
Northeast Utilities, Inc. | 195,500 | 5,041,945 |
Nuance Communications, Inc. (a) | 475,200 | 7,384,608 |
ON Semiconductor Corp. (a) | 941,000 | 8,290,210 |
PMC-Sierra, Inc. (a) | 859,300 | 7,441,538 |
Packaging Corp. of America | 298,700 | 6,873,087 |
People’s United Financial, Inc. | 319,174 | 5,330,206 |
PetroHawk Energy Corp. (a)(d) | 477,300 | 11,450,427 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 19
Schedule of Investments (continued)
BlackRock Global SmallCap Fund, Inc.
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value | ||||
United States (concluded) | ||||||
Phillips-Van Heusen Corp. | 225,600 | $ 9,177,408 | ||||
Polycom, Inc. (a) | 292,500 | 7,303,725 | ||||
Priceline.com, Inc. (a)(d) | 9,175 | 2,004,737 | ||||
ProAssurance Corp. (a) | 45,500 | 2,443,805 | ||||
Regis Corp. | 245,200 | 3,817,764 | ||||
Silgan Holdings, Inc. | 111,800 | 6,470,984 | ||||
St. Mary Land & Exploration Co. | 143,200 | 4,903,168 | ||||
Stancorp Financial Group, Inc. | 123,200 | 4,930,464 | ||||
Steel Dynamics, Inc. (d) | 245,000 | 4,341,400 | ||||
Support.com, Inc. (a) | 1,771,179 | 4,675,912 | ||||
Sybase, Inc. (a)(d) | 205,125 | 8,902,425 | ||||
TECO Energy, Inc. (d) | 473,600 | 7,681,792 | ||||
Tanger Factory Outlet Centers, Inc. | 221,400 | 8,632,386 | ||||
Terex Corp. (a) | 184,150 | 3,648,011 | ||||
Timken Co. | 247,050 | 5,857,555 | ||||
Urban Outfitters, Inc. (a) | 322,100 | 11,270,279 | ||||
Vishay Intertechnology, Inc. (a)(d) | 551,100 | 4,601,685 | ||||
Volcano Corp. (a) | 67,600 | 1,174,888 | ||||
The Warnaco Group, Inc. (a) | 73,500 | 3,100,965 | ||||
Watsco, Inc. (d) | 43,000 | 2,106,140 | ||||
Whiting Petroleum Corp. (a) | 100,500 | 7,180,725 | ||||
Winnebago Industries, Inc. (a) | 264,150 | 3,222,630 | ||||
Zoran Corp. (a) | 830,450 | 9,176,472 | ||||
490,619,726 | ||||||
Total Long-Term Investments (Cost — $863,016,821) — 99.3% | 1,019,797,298 | |||||
Short-Term Securities | ||||||
BlackRock Liquidity Funds, TempFund, | ||||||
Institutional Class, 0.11% (e)(f) | 4,707,000 | 4,707,000 | ||||
Beneficial | ||||||
Interest | ||||||
(000) | ||||||
BlackRock Liquidity Series, LLC | ||||||
Money Market Series, 0.29% (e)(f)(g) | $ 71,463 | 71,462,783 | ||||
Total Short-Term Securities (Cost — $76,169,783) — 7.4% | 76,169,783 | |||||
Total Investments (Cost — $939,186,604*) — 106.7% | 1,095,967,081 | |||||
Liabilities in Excess of Other Assets — (6.7)% | (68,951,012) | |||||
Net Assets — 100.0% | $1,027,016,069 | |||||
* The cost and unrealized appreciation (depreciation) of investments as of | ||||||
December 31, 2009, as computed for federal income tax purposes, were as follows: | ||||||
Aggregate cost | $ 953,316,962 | |||||
Gross unrealized appreciation | $ 202,713,843 | |||||
Gross unrealized depreciation | (60,063,724) | |||||
Net unrealized appreciation | $ 142,650,119 | |||||
(a) Non-income producing security. | ||||||
(b) Investments in companies (whereby the Fund held 5% or more of the companies | ||||||
outstanding securities) that are considered to be an affiliate, for purposes of | ||||||
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | ||||||
Realized | ||||||
Purchase | Sales | Gains | ||||
Affiliate | Cost | Cost | (Losses) Income | |||
DiagnoCure, Inc. | — | — | — | — |
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. | ||||||||
These securities may be resold in transactions exempt from registration to qualified | ||||||||
institutional investors. | ||||||||
(d) Security, or a portion of security, is on loan. | ||||||||
(e) Investments in companies considered to be an affiliate of the Fund, for purposes of | ||||||||
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | ||||||||
Net | ||||||||
Affiliate | Activity | Income | ||||||
BlackRock Liquidity Funds, TempFund, | ||||||||
Institutional Class | $ (49,459,551) | $ 30,823 | ||||||
BlackRock Liquidity Series, LLC | ||||||||
Money Market Series | $ 51,382,783 | $ 60,539 | ||||||
(f) Represents the current yield as of report date. | ||||||||
(g) Security was purchased with the cash collateral from securities loans. | ||||||||
•Foreign currency exchange contracts as of December 31, 2009 were as follows: | ||||||||
Unrealized | ||||||||
Currency | Currency | Settlement Appreciation | ||||||
Purchased | Sold | Counterparty | Date | (Depreciation) | ||||
CHF | 147,561 | USD | 142,394 | State Street | 1/04/10 | $ 256 | ||
Bank & | ||||||||
Trust Co. | ||||||||
BRL 1,379,826 | USD | 792,093 | Brown | 1/05/10 | (406) | |||
Brothers | ||||||||
Harriman & | ||||||||
Co. | ||||||||
USD | 682,291 | SGD | 959,315 | State Street | 1/05/10 | (537) | ||
Bank & | ||||||||
Trust Co. | ||||||||
AUD | 134,935 | USD | 121,424 | State Street | 1/06/10 | (290) | ||
Bank & | ||||||||
Trust Co. | ||||||||
USD | 663,701 | JPY 61,549,053 | State Street | 1/06/10 | 2,822 | |||
Bank & | ||||||||
Trust Co. | ||||||||
Total | $ 1,845 |
•Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
•Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for
identical or similar assets or liabilities in markets that are not active, inputs
other than quoted prices that are observable for the assets or liabilities (such
as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
See Notes to Financial Statements.
20 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Schedule of Investments (concluded)
BlackRock Global SmallCap Fund, Inc.
The following table summarizes the inputs used as of December 31, 2009 in deter- | ||
mining the fair valuation of the Fund’s investments: | ||
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 | ||
Long-Term Investments: | ||
Australia | $ 3,877,113 | |
Bermuda | 14,545,955 | |
Brazil | 10,526,976 | |
Canada | 56,313,966 | |
Cayman Islands | 10,246,230 | |
China | 13,745,631 | |
Germany | 1,739,624 | |
Ireland | 8,802,217 | |
Israel | 7,933,824 | |
Japan | 1,813,722 | |
Mexico | 3,369,737 | |
Singapore | 8,086,009 | |
Switzerland | 3,687,295 | |
United States | 490,619,726 | |
Short-Term Securities | 4,707,000 | |
Total Level 1 | 640,015,025 | |
Level 2 | ||
Long-Term Investments: | ||
Australia | 19,873,747 | |
Austria | 8,299,466 | |
Bermuda | 6,846,305 | |
Cayman Islands | 4,975,587 | |
China | 4,129,676 | |
Denmark | 7,941,107 | |
Finland | 6,304,326 | |
France | 24,681,300 | |
Germany | 42,420,085 | |
Hong Kong | 10,928,842 | |
India | 11,701,651 | |
Israel | 4,020,938 | |
Italy | 13,707,639 | |
Japan | 59,223,236 | |
Malaysia | 3,558,798 | |
Netherlands | 2,349,264 | |
Norway | 24,645,307 | |
Singapore | 9,206,545 | |
Spain | 9,387,741 | |
Sweden | 8,868,346 | |
Switzerland | 8,764,520 | |
Thailand | 4,455,885 | |
United Kingdom | 88,198,962 | |
Short-Term Securities | 71,462,783 | |
Total Level 2 | 455,952,056 | |
Level 3 | — | |
Total | $ 1,095,967,081 | |
Valuation | Other Financial | |
Inputs | Instruments1 | |
Assets | Liabilities | |
Level 1 | — | — |
Level 2 | $ 3,078 | $ (1,233) |
Level 3 | — | — |
Total | $ 3,078 | $ (1,233) |
1 Other financial instruments are foreign currency exchange contracts, which are | ||
shown at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 21
Schedule of Investments December 31, 2009 (Unaudited)
BlackRock International Value Fund
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Australia — 6.9% | ||
Fairfax Media Ltd. | 8,026,896 | $ 12,476,250 |
Newcrest Mining Ltd. | 550,728 | 17,444,126 |
Suncorp-Metway Ltd. | 2,062,812 | 15,970,138 |
Telstra Corp. Ltd. | 8,852,981 | 27,217,346 |
73,107,860 | ||
Belgium — 0.9% | ||
KBC Bancassurance Holding | 227,860 | 9,790,040 |
Brazil — 0.6% | ||
Cyrela Brazil Realty SA | 465,571 | 6,551,689 |
Denmark — 1.6% | ||
Carlsberg A/S | 236,987 | 17,445,714 |
Finland — 2.9% | ||
KCI Konecranes Oyj | 380,228 | 10,378,396 |
Nokia Oyj | 1,553,454 | 20,086,129 |
30,464,525 | ||
France — 9.4% | ||
BNP Paribas SA | 268,124 | 21,267,047 |
Electricite de France SA | 297,289 | 17,668,858 |
European Aeronautic Defense and Space Co. | 604,538 | 12,151,889 |
Sanofi-Aventis | 331,736 | 26,088,636 |
Vinci SA | 385,870 | 21,713,300 |
98,889,730 | ||
Germany — 11.9% | ||
Allianz AG Registered Shares | 133,049 | 16,492,741 |
Bayer AG | 288,947 | 23,122,545 |
Deutsche Lufthansa AG | 796,994 | 13,457,806 |
Deutsche Post AG | 1,012,454 | 19,567,484 |
E.ON AG | 619,726 | 26,012,399 |
HeidelbergCement AG | 238,607 | 16,507,256 |
MAN SE | 130,890 | 10,156,031 |
125,316,262 | ||
Greece — 1.1% | ||
EFG Eurobank Ergasias SA (a) | 1,083,514 | 12,109,099 |
Hong Kong — 2.8% | ||
China Construction Bank, Class H | 12,509,000 | 10,684,512 |
Hutchison Whampoa Ltd. | 2,767,000 | 18,931,429 |
29,615,941 | ||
Hungary — 0.5% | ||
OTP Bank Nyrt. | 202,082 | 5,789,529 |
Italy — 4.2% | ||
Eni SpA | 1,107,494 | 28,203,194 |
Fiat SpA | 1,079,618 | 15,799,068 |
44,002,262 | ||
Japan — 21.9% | ||
Fuji Media Holdings, Inc. | 3,501 | 4,850,920 |
Fuji Photo Film Co., Ltd. | 672,600 | 20,312,966 |
Honda Motor Co., Ltd. | 725,500 | 24,615,271 |
JFE Holdings, Inc. | 265,500 | 10,494,909 |
Japan Prime Realty Investment Corp. | 825 | 1,714,248 |
Komatsu Ltd. | 767,100 | 16,058,603 |
Mazda Motor Corp. | 5,377,000 | 12,364,019 |
Mitsubishi Corp. | 947,400 | 23,598,398 |
Mitsubishi UFJ Financial Group, Inc. | 1,082,200 | 5,330,685 |
Common Stocks | Shares | Value | |
Japan (concluded) | |||
Mitsui Chemicals, Inc. | 3,246,000 | $ 8,404,864 | |
Nomura Holdings, Inc. | 2,704,500 | 20,112,488 | |
Seven & I Holdings Co., Ltd. | 471,400 | 9,625,256 | |
Sony Corp. | 573,400 | 16,669,754 | |
Sumitomo Electric Industries Ltd. | 1,615,100 | 20,117,498 | |
Sumitomo Mitsui Financial Group, Inc. | 338,300 | 9,707,647 | |
TDK Corp. | 291,700 | 17,826,513 | |
Tokio Marine Holdings, Inc. | 340,500 | 9,291,974 | |
231,096,013 | |||
Netherlands — 4.1% | |||
ING Groep NV CVA | 2,131,661 | 20,528,701 | |
Koninklijke Ahold NV | 1,698,200 | 22,498,900 | |
43,027,601 | |||
Norway — 1.8% | |||
Statoil ASA | 768,182 | 19,158,169 | |
Russia — 1.1% | |||
OAO Gazprom ADR | 444,318 | 11,330,109 | |
Switzerland — 8.7% | |||
Nestle SA Registered Shares | 692,886 | 33,628,275 | |
Novartis AG Registered Shares | 596,028 | 32,548,637 | |
Petroplus Holdings AG | 436,264 | 7,981,410 | |
Swiss Reinsurance Co. Registered Shares | 361,730 | 17,328,547 | |
91,486,869 | |||
United Kingdom — 15.1% | |||
BHP Billiton Plc | 373,182 | 11,897,018 | |
BP Plc | 4,246,193 | 41,001,912 | |
BT Group Plc | 8,250,267 | 17,967,649 | |
Cookson Group Plc | 310,136 | 2,098,164 | |
HSBC Holdings Plc | 3,728,852 | 42,539,945 | |
United Business Media Ltd. | 2,270,511 | 16,950,352 | |
Vodafone Group Plc | 11,468,673 | 26,558,091 | |
159,013,131 | |||
Total Common Stocks — 95.5% | 1,008,194,543 | ||
Par | |||
Structured Notes | (000) | ||
Cayman Islands — 0.4% | |||
Morgan Stanley BV (Rolta India Ltd.), | |||
due 5/26/14 | USD | 961 | 4,038,857 |
India — 1.5% | |||
Deutsche Bank AG (Axis Bank), due 8/17/17 (a) | 500 | 10,552,387 | |
UBS AG (Unitech Ltd.), due 6/16/11 | 2,817 | 4,982,605 | |
15,534,992 | |||
Total Structured Notes — 1.9% | 19,573,849 | ||
Total Long-Term Investments | |||
(Cost — $933,861,777) — 97.4% | 1,027,768,392 | ||
Short-Term Securities | Shares | ||
Money Market Fund — 1.6% | |||
BlackRock Liquidity Funds, TempFund, | |||
Institutional Class, 0.11% (b)(c) | 17,389,749 | 17,389,749 |
See Notes to Financial Statements.
22 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Schedule of Investments (concluded)
BlackRock International Value Fund
(Percentages shown are based on Net Assets)
Par | ||||||||
Short-Term Securities | (000) | Value | ||||||
Time Desposit — 0.1% | ||||||||
Europe | ||||||||
Brown Brothers Harriman & Co., 0.09%, 1/01/10 | EUR | 310 $ | 444,149 | |||||
Total Short-Term Securities | ||||||||
(Cost — $17,833,899) — 1.7% | 17,833,898 | |||||||
Total Investments (Cost — $951,695,676*) — 99.1% | 1,045,602,290 | |||||||
Other Assets Less Liabilities — 0.9% | 9,439,745 | |||||||
Net Assets — 100.0% | $1,055,042,035 | |||||||
* The cost and unrealized appreciation (depreciation) of investments as of | ||||||||
December 31, 2009, as computed for federal income tax purposes, were as follows: | ||||||||
Aggregate cost | $ 970,648,576 | |||||||
Gross unrealized appreciation | $ 120,414,895 | |||||||
Gross unrealized depreciation | (45,461,181) | |||||||
Net unrealized appreciation | $ 74,953,714 | |||||||
(a) Non-income producing security. | ||||||||
(b) Investments in companies considered to be an affiliate of the Fund, for purposes of | ||||||||
Section 2(a)(3) of the Investment Company Act of 1940, were as follows: | ||||||||
Net | ||||||||
Affiliate | Activity | Income | ||||||
BlackRock Liquidity Funds, TempFund, | ||||||||
Institutional Class | $ 4,560,332 | $ 18,226 | ||||||
(c) Represents the current yield as of report date. | ||||||||
•Foreigncurrency exchange contracts as of December 31, 2009 were as follows: | ||||||||
Unrealized | ||||||||
Currency | Currency | Settlement Appreciation | ||||||
Purchased | Sold | Counterparty | Date | (Depreciation) | ||||
USD | 45,100 | GBP | 28,215 | Citibank, NA | 1/04/10 | $ (472) | ||
USD | 759,039 | GBP | 478,045 | State Street | 1/04/10 | (13,082) | ||
Bank & | ||||||||
Trust Co. | ||||||||
USD | 135,687 | HKD | 1,052,258 | State Street | 1/04/10 | (33) | ||
Bank & | ||||||||
Trust Co. | ||||||||
USD | 462,770 | GBP | 287,667 | State Street | 1/05/10 | (1,858) | ||
Bank & | ||||||||
Trust Co. | ||||||||
USD | 521,720 | HKD | 4,046,021 | State Street | 1/05/10 | (137) | ||
Bank & | ||||||||
Trust Co. | ||||||||
USD | 20,508 | GBP | 12,644 | State Street | 1/06/10 | 87 | ||
Bank & | ||||||||
Trust Co. | ||||||||
EUR | 3,174,004 | USD | 4,678,000 | JPMorgan | 3/12/10 | (128,400) | ||
Chase | ||||||||
GBP 40,948,616 USD 66,455,100 JPMorgan | 3/12/10 | (343,650) | ||||||
Chase | ||||||||
USD 25,020,760 | EUR 17,019,536 State Street | 3/12/10 | 625,052 | |||||
Bank & | ||||||||
Trust Co. | ||||||||
USD 17,753,300 | JPY 1,566,043,448 | Citibank, NA | 3/12/10 | 932,487 | ||||
USD 27,615,359 | JPY 2,479,028,002 | Goldman | 3/12/10 | 988,213 | ||||
Sachs | ||||||||
Total | $ 2,058,207 |
•Fair Value Measurements — Various inputs are used in determining the fair value of
investments, which are as follows:
•Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
•Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for
identical or similar assets or liabilities in markets that are not active, inputs
other than quoted prices that are observable for the assets or liabilities (such
as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs)
•Level 3 — unobservable inputs based on the best information available in the
circumstances, to the extent observable inputs are not available (including the
Fund’s own assumptions used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indi-
cation of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of December 31, 2009 in deter-
mining the fair valuation of the Fund’s investments:
Valuation | Investments in | |
Inputs | Securities | |
Assets | ||
Level 1 | ||
Long-Term Investments: | ||
Brazil | $ 6,551,689 | |
Russia | 11,330,109 | |
Short-Term Securities | 17,389,749 | |
Total Level 1 | 35,271,547 | |
Level 2 | ||
Long-Term Investments1 | 1,009,886,594 | |
Short-Term Securities | 444,149 | |
Total Level 2 | 1,010,330,743 | |
Level 3 | — | |
Total | $ 1,045,602,290 | |
1 See above Schedule of Investments for values in each country excluding Level 1 | ||
within the table. | ||
Valuation | Other Financial | |
Inputs | Instruments2 | |
Assets | Liabilities | |
Level 1 | — | — |
Level 2 | $ 2,545,839 | $ (487,632) |
Level 3 | — | — |
Total | $ 2,545,839 | $ (487,632) |
2 Other financial instruments are foreign currency exchange contracts, which are | ||
shown at the unrealized appreciation/depreciation on the instrument. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 23
Statements of Assets and Liabilities | ||||
BlackRock | BlackRock | BlackRock | ||
BlackRock | Focus Value | Global SmallCap | International | |
December 31, 2009 (Unaudited) | EuroFund | Fund, Inc. | Fund, Inc. | Value Fund |
Assets | ||||
Investments at value — unaffiliated1,2 | $ 445,540,612 | $ 173,558,671 | $ 1,015,542,352 | $ 1,028,212,541 |
Investments at value — affiliated3 | 7,274,540 | 6,251,749 | 80,424,729 | 17,389,749 |
Foreign currency at value4 | 18 | — | 5,080,542 | — |
Unrealized appreciation on foreign currency exchange contracts | 958,796 | — | 3,078 | 2,545,839 |
Dividends receivable | 1,523,328 | 226,493 | 1,591,683 | 7,120,446 |
Capital shares sold receivable | 412,717 | 82,530 | 1,557,261 | 1,770,600 |
Investments sold receivable | — | — | 1,662,219 | 7,193,559 |
Securities lending income receivable — affiliated | — | 895 | 19,744 | — |
Prepaid expenses | 28,560 | 24,278 | 47,333 | 61,570 |
Other assets | 114,737 | 111,615 | — | 125 |
Total assets | 455,853,308 | 180,256,231 | 1,105,928,941 | 1,064,294,429 |
Liabilities | ||||
Collateral at value — securities loaned | — | 4,050,000 | 71,462,783 | — |
Unrealized depreciation on foreign currency exchange contracts | 1,121,915 | — | 1,233 | 487,632 |
Capital shares redeemed payable | 1,023,977 | 141,746 | 1,447,727 | 1,669,533 |
Investments purchased payable | 907,347 | — | 4,252,413 | 5,233,237 |
Investment advisory fees payable | 292,295 | 110,661 | 728,831 | 671,449 |
Distribution fees payable | 86,663 | 27,712 | 389,049 | 254,408 |
Other affiliates payable | 25,287 | 6,392 | 29,010 | 25,061 |
Officer’s and Directors’ fees payable | 483 | 289 | 340 | 371 |
Other accrued expenses payable | 201,159 | 84,643 | 601,486 | 910,703 |
Total liabilities | 3,659,126 | 4,421,443 | 78,912,872 | 9,252,394 |
Net Assets | $ 452,194,182 | $ 175,834,788 | $ 1,027,016,069 | $ 1,055,042,035 |
Net Assets Consist of | ||||
Paid-in capital | $ 555,065,651 | $ 210,553,928 | $ 1,078,863,745 | $ 1,336,057,256 |
Undistributed/accumulated (distributions in excess of) net investment income (loss) | (883,282) | 360,455 | (3,711,831) | (727,099) |
Accumulated net realized loss | (155,226,019) | (66,773,302) | (204,991,562) | (376,607,835) |
Net unrealized appreciation/depreciation | 53,237,832 | 31,693,707 | 156,855,717 | 96,319,713 |
Net Assets | $ 452,194,182 | $ 175,834,788 | $ 1,027,016,069 | $ 1,055,042,035 |
See Notes to Financial Statements.
24 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Statements of Assets and Liabilities (concluded) | ||||
BlackRock | BlackRock | BlackRock | ||
BlackRock | Focus Value | Global SmallCap | International | |
December 31, 2009 (Unaudited) | EuroFund | Fund, Inc. | Fund, Inc. | Value Fund |
Net Asset Value | ||||
Institutional: | ||||
Net assets | $ 156,033,174 | $ 92,289,334 | $ 332,031,527 | $ 544,039,174 |
Shares outstanding | 12,047,627 | 9,126,035 | 16,725,341 | 26,478,358 |
Net asset value | $ 12.95 | $ 10.11 | $ 19.85 | $ 20.55 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 50 million | 100 million | Unlimited |
Investor A: | ||||
Net assets | $ 258,970,445 | $ 66,531,217 | $ 281,294,161 | $ 244,513,365 |
Shares outstanding | 20,345,731 | 6,645,055 | 14,439,800 | 11,969,357 |
Net asset value | $ 12.73 | $ 10.01 | $ 19.48 | $ 20.43 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 100 million | 100 million | Unlimited |
Investor B: | ||||
Net assets | $ 4,591,903 | $ 3,847,046 | $ 40,444,272 | $ 33,877,734 |
Shares outstanding | 435,567 | 426,573 | 2,192,211 | 1,695,684 |
Net asset value | $ 10.54 | $ 9.02 | $ 18.45 | $ 19.98 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 100 million | 100 million | Unlimited |
Investor C: | ||||
Net assets | $ 29,565,694 | $ 12,227,559 | $ 332,624,485 | $ 180,276,937 |
Shares outstanding | 3,134,220 | 1,411,602 | 18,563,244 | 9,178,900 |
Net asset value | $ 9.43 | $ 8.66 | $ 17.92 | $ 19.64 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 50 million | 100 million | Unlimited |
Class R: | ||||
Net assets | $ 3,032,966 | $ 939,632 | $ 40,621,624 | $ 52,334,825 |
Shares outstanding | 302,540 | 102,978 | 2,186,717 | 2,592,707 |
Net asset value | $ 10.03 | $ 9.12 | $ 18.58 | $ 20.19 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 100 million | 100 million | Unlimited |
1 Securities loaned at value | — | $ 3,789,000 | $ 68,319,977 | — |
2 Investments at cost — unaffiliated | $ 392,233,683 | $ 141,864,964 | $ 848,823,301 | $ 934,305,927 |
3 Investments at cost — affiliated | $ 7,274,540 | $ 6,251,749 | $ 90,363,303 | $ 17,389,749 |
4 Foreign currency at cost | $ 18 | — | $ 5,028,727 | — |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 25
Statements of Operations | ||||
BlackRock | BlackRock | BlackRock | ||
BlackRock | Focus Value | Global SmallCap | International | |
Six Months Ended December 31, 2009 (Unaudited) | EuroFund | Fund, Inc. | Fund, Inc. | Value Fund |
Investment Income | ||||
Dividends | $ 4,053,211 | $ 1,956,553 | $ 6,233,512 | $ 8,582,847 |
Foreign taxes withheld | (324,062) | (6,132) | (190,287) | (722,946) |
Interest | 24 | — | 11 | 13 |
Income — affiliated | 11,610 | 4,139 | 30,823 | 18,226 |
Securities lending — affiliated | — | 5,569 | 60,539 | — |
Total income | 3,740,783 | 1,960,129 | 6,134,598 | 7,878,140 |
Expenses | ||||
Investment advisory fees | 1,705,238 | 833,286 | 4,080,253 | 3,909,603 |
Service — Investor A | 325,510 | 78,629 | 329,587 | 305,754 |
Service and distribution — Investor B | 27,013 | 20,623 | 209,729 | 173,024 |
Service and distribution — Investor C | 147,768 | 59,420 | 1,588,807 | 899,348 |
Service and distribution — Class R | 7,338 | 2,051 | 94,468 | 129,778 |
Transfer agent — Institutional | 150,136 | 51,578 | 267,098 | 337,096 |
Transfer agent — Investor A | 176,436 | 51,371 | 296,618 | 349,030 |
Transfer agent — Investor B | 19,876 | 6,898 | 84,354 | 111,643 |
Transfer agent — Investor C | 34,685 | 14,294 | 528,213 | 550,363 |
Transfer agent — Class R | 7,053 | 2,530 | 78,763 | 101,393 |
Accounting services | 101,227 | 50,253 | 170,032 | 177,410 |
Custodian | 65,980 | 3,006 | 135,605 | 153,005 |
Professional | 46,712 | 55,271 | 67,404 | 50,345 |
Registration | 33,872 | 30,120 | 62,210 | 40,944 |
Printing | 31,954 | 34,686 | 52,580 | 68,607 |
Officer and Directors | 13,339 | 9,558 | 18,250 | 19,730 |
Miscellaneous | 24,390 | 14,236 | 32,535 | 35,052 |
Total expenses | 2,918,527 | 1,317,810 | 8,096,506 | 7,412,125 |
Less fees waived by advisor | (3,565) | (209,738) | (9,664) | (6,410) |
Total expenses after fees waived | 2,914,962 | 1,108,072 | 8,086,842 | 7,405,715 |
Net investment income (loss) | 825,821 | 852,057 | (1,952,244) | 472,425 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | 70,996,469 | 3,453,111 | 42,077,978 | 175,343,791 |
Payment by affiliate | 111,300 | — | — | — |
Foreign currency transactions | 731,995 | — | (147,555) | (2,364,614) |
71,839,764 | 3,453,111 | 41,930,423 | 172,979,177 | |
Net change in unrealized appreciation/depreciation on: | ||||
Investments | 25,643,399 | 29,275,896 | 146,982,883 | 10,581,524 |
Foreign currency transactions | (1,947,893) | — | (43,504) | 1,871,834 |
23,695,506 | 29,275,896 | 146,939,379 | 12,453,358 | |
Total realized and unrealized gain | 95,535,270 | 32,729,007 | 188,869,802 | 185,432,535 |
Net Increase in Net Assets Resulting from Operations | $ 96,361,091 | $ 33,581,064 | $ 186,917,558 | $ 185,904,960 |
See Notes to Financial Statements.
26 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Statements of Changes in Net Assets | ||||
BlackRock EuroFund | BlackRock Focus Value Fund | |||
Six Months Ended | Six Months Ended | |||
December 31, | Year Ended | December 31, | Year Ended | |
2009 | June 30, | 2009 | June 30, | |
Increase (Decrease) in Net Assets: | (Unaudited) | 2009 | (Unaudited) | 2009 |
Operations | ||||
Net investment income | $ 825,821 | $ 11,977,252 | $ 852,057 | $ 2,472,751 |
Net realized gain (loss) | 71,839,764 | (223,457,154) | 3,453,111 | (61,420,326) |
Net change in unrealized appreciation/depreciation | 23,695,506 | (51,777,663) | 29,275,896 | 8,232,052 |
Net increase (decrease) in net assets resulting from operations | 96,361,091 | (263,257,565) | 33,581,064 | (50,715,523) |
Dividends and Distributions to Shareholders From | ||||
Net investment income: | ||||
Institutional | (4,787,750) | (5,123,918) | (1,098,820) | (1,562,094) |
Investor A | (7,712,559) | (7,939,628) | (639,494) | (898,953) |
Investor B | (49,605) | (154,501) | (3,370) | (22,459) |
Investor C | (929,917) | (925,942) | (54,217) | (80,625) |
Class R | (96,261) | (85,252) | (4,122) | (5,274) |
Net realized gain: | ||||
Institutional | — | (9,250,420) | — | — |
Investor A | — | (15,311,220) | — | — |
Investor B | — | (666,812) | — | — |
Investor C | — | (2,424,044) | — | — |
Class R | — | (184,774) | — | — |
Decrease in net assets resulting from dividends and distributions to shareholders | (13,576,092) | (42,066,511) | (1,800,023) | (2,569,405) |
Capital Share Transactions | ||||
Net decrease in net assets derived from capital share transactions | (17,060,257) | (90,120,433) | (2,846,789) | (33,089,217) |
Redemption Fee | ||||
Redemption fee | 1,893 | 3,959 | — | — |
Net Assets | ||||
Total increase (decrease) in net assets | 65,726,635 | (395,440,550) | 28,934,252 | (86,374,145) |
Beginning of period | 386,467,547 | 781,908,097 | 146,900,536 | 233,274,681 |
End of period | $ 452,194,182 | $ 386,467,547 | $ 175,834,788 | $ 146,900,536 |
Undistributed (distributions in excess of) net investment income | $ (883,282) | $ 11,866,989 | $ 360,455 | $ 1,308,421 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 27
Statements of Changes in Net Assets (concluded) | ||||||
BlackRock Global | BlackRock | |||||
SmallCap Fund, Inc. | International Value Fund | |||||
Six Months Ended | Six Months Ended | |||||
December 31, | Year Ended | December 31, | Year Ended | |||
2009 | June 30, | 2009 | June 30, | |||
Increase (Decrease) in Net Assets: | (Unaudited) | 2009 | (Unaudited) | 2009 | ||
Operations | ||||||
Net investment income (loss) | $ (1,952,244) $ | 651,318 | $ 472,425 | $ 19,665,396 | ||
Net realized gain (loss) | 41,930,423 | (241,450,114) | 172,979,177 | (522,400,187) | ||
Net change in unrealized appreciation/depreciation | 146,939,379 | (141,300,356) | 12,453,358 | (8,726,652) | ||
Net increase (decrease) in net assets resulting from operations | 186,917,558 | (382,099,152) | 185,904,960 | (511,461,443) | ||
Dividends and Distributions to Shareholders From | ||||||
Net investment income: | ||||||
Institutional | — | (677,093) | (14,158,979) | (15,053,273) | ||
Investor A | — | (152,149) | (5,714,335) | (4,589,545) | ||
Investor B | — | — | (359,168) | (505,351) | ||
Investor C | — | — | (2,417,426) | (2,421,079) | ||
Class R | — | — | (1,032,961) | (966,676) | ||
Net realized gain: | ||||||
Institutional | — | (28,424,001) | — | (8,534,436) | ||
Investor A | — | (24,273,866) | — | (2,831,575) | ||
Investor B | — | (6,176,424) | — | (515,717) | ||
Investor C | — | (34,504,639) | — | (2,323,398) | ||
Class R | — | (3,605,420) | — | (659,425) | ||
Decrease in net assets resulting from dividends and distributions to shareholders | — | (97,813,592) | (23,682,869) | (38,400,475) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets derived from capital share transactions | 7,443,710 | (25,808,909) | (20,873,791) | (260,550,944) | ||
Redemption Fee | ||||||
Redemption fee | 15,168 | 29,781 | 17,021 | 49,880 | ||
Net Assets | ||||||
Total increase (decrease) in net assets | 194,376,436 | (505,691,872) | 141,365,321 | (810,362,982) | ||
Beginning of period | 832,639,633 | 1,338,331,505 | 913,676,714 | 1,724,039,696 | ||
End of period | $ 1,027,016,069 $ | 832,639,633 | $ 1,055,042,035 | $ 913,676,714 | ||
Undistributed/accumulated (distributions in excess of) net investment income (loss) | $ (3,711,831) $ | (1,759,587) $ | (727,099) $ | 22,483,345 |
See Notes to Financial Statements.
28 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights | BlackRock EuroFund | |||||||
Institutional | ||||||||
Six Months | Period | |||||||
Ended | November 1, | |||||||
December 31, | Year Ended | 2007 to | ||||||
2009 | June 30, | June 30, | Year Ended October 31, | |||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 10.65 | $ 18.07 | $ 25.59 | $ 23.02 | $ 17.54 | $ 15.25 | $ 13.01 | |
Net investment income1 | 0.04 | 0.33 | 0.43 | 0.46 | 0.55 | 0.36 | 0.21 | |
Net realized and unrealized gain (loss) | 2.66 | (6.63) | (3.61) | 4.56 | 5.32 | 2.15 | 2.27 | |
Net increase (decrease) from investment operations | 2.70 | (6.30) | (3.18) | 5.02 | 5.87 | 2.51 | 2.48 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.40) | (0.40) | (0.55) | (0.72) | (0.39) | (0.22) | (0.24) | |
Net realized gain | — | (0.72) | (3.79) | (1.74) | — | — | — | |
Total dividends and distributions | (0.40) | (1.12) | (4.34) | (2.46) | (0.39) | (0.22) | (0.24) | |
Redemption fee | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | 0.002 | |
Net asset value, end of period | $ 12.95 | $ 10.65 | $ 18.07 | $ 25.59 | $ 23.02 | $ 17.54 | $ 15.25 | |
Total Investment Return3 | ||||||||
Based on net asset value | 25.37%4,5 | (34.12)%5 | (13.97)%4 | 24.46% | 34.03%6 | 16.52% | 19.26% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 1.08%7 | 1.11% | 1.03%7 | 1.01% | 0.99% | 0.99% | 1.05% | |
Total expenses after fees waived | 1.08%7 | 1.11% | 1.03%7 | 1.01% | 0.99% | 0.99% | 1.05% | |
Net investment income | 0.56%7 | 2.83% | 3.23%7 | 2.01% | 2.68% | 2.09% | 1.50% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 156,033 | $ 133,540 | $ 274,010 | $ 361,175 | $ 330,849 | $ 261,358 | $ 252,580 | |
Portfolio turnover | 87% | 124% | 30% | 63% | 76% | 72% | 78% | |
1 Based on average shares outstanding. | ||||||||
2 Amount is less than $0.01 per share. | ||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | ||||||||
4 Aggregate total investment return. | ||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | ||||||||
6 A portion of total investment return consisted of a payment by the previous investment advisor in order to resolve a regulatory issue relating to an investment, | ||||||||
which increased the return by 0.21%. | ||||||||
7 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 29
Financial Highlights (continued) | BlackRock EuroFund | |||||||
Investor A | ||||||||
Six Months | Period | |||||||
Ended | November 1, | |||||||
December 31, | Year Ended | 2007 to | ||||||
2009 | June 30, | June 30, | Year Ended October 31, | |||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 10.47 | $ 17.78 | $ 25.24 | $ 22.72 | $ 17.33 | $ 15.07 | $ 12.86 | |
Net investment income1 | 0.02 | 0.30 | 0.40 | 0.44 | 0.50 | 0.31 | 0.18 | |
Net realized and unrealized gain (loss) | 2.62 | (6.52) | (3.56) | 4.48 | 5.24 | 2.12 | 2.24 | |
Net increase (decrease) from investment operations | 2.64 | (6.22) | (3.16) | 4.92 | 5.74 | 2.43 | 2.42 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.38) | (0.37) | (0.51) | (0.67) | (0.35) | (0.17) | (0.21) | |
Net realized gain | — | (0.72) | (3.79) | (1.74) | — | — | — | |
Total dividends and distributions | (0.38) | (1.09) | (4.30) | (2.41) | (0.35) | (0.17) | (0.21) | |
Redemption fee | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | 0.002 | |
Net asset value, end of period | $ 12.73 | $ 10.47 | $ 17.78 | $ 25.24 | $ 22.72 | $ 17.33 | $ 15.07 | |
Total Investment Return3 | ||||||||
Based on net asset value | 25.21%4,5 | (34.21)%5 | (14.09)%4 | 24.29% | 33.64%6 | 16.20% | 18.98% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 1.28%7 | 1.30% | 1.21%7 | 1.20% | 1.24% | 1.24% | 1.30% | |
Total expenses after fees waived | 1.27%7 | 1.30% | 1.21%7 | 1.20% | 1.24% | 1.24% | 1.30% | |
Net investment income | 0.37%7 | 2.68% | 3.07%7 | 1.92% | 2.49% | 1.84% | 1.24% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 258,970 | $ 219,697 | $ 427,206 | $ 550,341 | $ 453,104 | $ 312,606 | $ 296,757 | |
Portfolio turnover | 87% | 124% | 30% | 63% | 76% | 72% | 78% | |
1 Based on average shares outstanding. | ||||||||
2 Amount is less than $0.01 per share. | ||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | ||||||||
4 Aggregate total investment return. | ||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | ||||||||
6 A portion of total investment return consisted of a payment by the previous investment advisor in order to resolve a regulatory issue relating to an investment, | ||||||||
which increased the return by 0.21%. |
See Notes to Financial Statements.
30 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights (continued) | BlackRock EuroFund | |||||||
Investor B | ||||||||
Six Months | Period | |||||||
Ended | November 1, | |||||||
December 31, | Year Ended | 2007 to | ||||||
2009 | June 30, | June 30, | Year Ended October 31, | |||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 8.57 | $ 14.70 | $ 21.49 | $ 19.59 | $ 14.99 | $ 13.08 | $ 11.18 | |
Net investment income (loss)1 | (0.05) | 0.11 | 0.19 | 0.17 | 0.30 | 0.16 | 0.03 | |
Net realized and unrealized gain (loss) | 2.13 | (5.35) | (2.94) | 3.86 | 4.54 | 1.84 | 1.99 | |
Net increase (decrease) from investment operations | 2.08 | (5.24) | (2.75) | 4.03 | 4.84 | 2.00 | 2.02 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.11) | (0.17) | (0.25) | (0.40) | (0.24) | (0.09) | (0.12) | |
Net realized gain | — | (0.72) | (3.79) | (1.74) | — | — | — | |
Total dividends and distributions | (0.11) | (0.89) | (4.04) | (2.14) | (0.24) | (0.09) | (0.12) | |
Redemption fee | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | 0.002 | |
Net asset value, end of period | $ 10.54 | $ 8.57 | $ 14.70 | $ 21.49 | $ 19.59 | $ 14.99 | $ 13.08 | |
Total Investment Return3 | ||||||||
Based on net asset value | 24.26%4,5 | (34.98)%5 | (14.61)%4 | 23.12% | 32.63%6 | 15.28% | 18.14% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 2.63%7 | 2.47% | 2.10%7 | 2.12% | 2.01% | 2.01% | 2.09% | |
Total expenses after fees waived | 2.63%7 | 2.47% | 2.10%7 | 2.12% | 2.01% | 2.01% | 2.09% | |
Net investment income (loss) | (0.99)%7 | 1.11% | 1.77%7 | 0.98% | 1.73% | 1.06% | 0.23% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 4,592 | $ 5,013 | $ 19,943 | $ 42,829 | $ 62,273 | $ 103,836 | $ 132,725 | |
Portfolio turnover | 87% | 124% | 30% | 63% | 76% | 72% | 78% | |
1 Based on average shares outstanding. | ||||||||
2 Amount is less than $0.01 per share. | ||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | ||||||||
4 Aggregate total investment return. | ||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | ||||||||
6 A portion of total investment return consisted of a payment by the previous investment advisor in order to resolve a regulatory issue relating to an investment, which increased | ||||||||
the return by 0.21%. | ||||||||
7 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 31
Financial Highlights (continued) | BlackRock EuroFund | |||||||
Investor C | ||||||||
Six Months | Period | |||||||
Ended | November 1, | |||||||
December 31, | Year Ended | 2007 to | ||||||
2009 | June 30, | June 30, | Year Ended October 31, | |||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 7.81 | $ 13.67 | $ 20.42 | $ 18.86 | $ 14.47 | $ 12.64 | $ 10.83 | |
Net investment income (loss)1 | (0.02) | 0.15 | 0.22 | 0.21 | 0.29 | 0.15 | 0.02 | |
Net realized and unrealized gain (loss) | 1.94 | (5.02) | (2.79) | 3.63 | 4.36 | 1.78 | 1.92 | |
Net increase (decrease) from investment operations | 1.92 | (4.87) | (2.57) | 3.84 | 4.65 | 1.93 | 1.94 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.30) | (0.27) | (0.39) | (0.55) | (0.26) | (0.10) | (0.13) | |
Net realized gain | — | (0.72) | (3.79) | (1.74) | — | — | — | |
Total dividends and distributions | (0.30) | (0.99) | (4.18) | (2.29) | (0.26) | (0.10) | (0.13) | |
Redemption fee | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | 0.002 | |
Net asset value, end of period | $ 9.43 | $ 7.81 | $ 13.67 | $ 20.42 | $ 18.86 | $ 14.47 | $ 12.64 | |
Total Investment Return3 | ||||||||
Based on net asset value | 24.61%4,5 | (34.75)%5 | (14.57)%4 | 23.26% | 32.57%6 | 15.33% | 18.06% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 2.13%7 | 2.15% | 2.01%7 | 2.00% | 2.01% | 2.02% | 2.08% | |
Total expenses after fees waived | 2.13%7 | 2.15% | 2.01%7 | 2.00% | 2.01% | 2.02% | 2.08% | |
Net investment income (loss) | (0.48)%7 | 1.73% | 2.21%7 | 1.11% | 1.71% | 1.05% | 0.20% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 29,566 | $ 25,504 | $ 56,909 | $ 79,355 | $ 60,160 | $ 44,881 | $ 44,166 | |
Portfolio turnover | 87% | 124% | 30% | 63% | 76% | 72% | 78% | |
1 Based on average shares outstanding. | ||||||||
2 Amount is less than $0.01 per share. | ||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | ||||||||
4 Aggregate total investment return. | ||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | ||||||||
6 A portion of total investment return consisted of a payment by the previous investment advisor in order to resolve a regulatory issue relating to an investment, | ||||||||
which increased the return by 0.21%. | ||||||||
7 Annualized. |
See Notes to Financial Statements.
32 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights (concluded) | BlackRock EuroFund | ||||||||
Class R | |||||||||
Six Months | Period | ||||||||
Ended | November 1, | ||||||||
December 31, | Year Ended | 2007 to | |||||||
2009 | June 30, | June 30, | Year Ended October 31, | ||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 8.29 | $ 14.50 | $ 21.45 | $ 19.74 | $ 15.14 | $ 13.23 | $ 11.32 | ||
Net investment income (loss)1 | (0.01) | 0.20 | 0.29 | 0.29 | 0.41 | 0.18 | 0.33 | ||
Net realized and unrealized gain (loss) | 2.08 | (5.36) | (2.97) | 3.80 | 4.55 | 1.93 | 1.82 | ||
Net increase (decrease) from investment operations | 2.07 | (5.16) | (2.68) | 4.09 | 4.96 | 2.11 | 2.15 | ||
Dividends and distributions from: | |||||||||
Net investment income | (0.33) | (0.33) | (0.48) | (0.65) | (0.36) | (0.20) | (0.24) | ||
Net realized gain | — | (0.72) | (3.79) | (1.74) | — | — | — | ||
Total dividends and distributions | (0.33) | (1.05) | (4.27) | (2.39) | (0.36) | (0.20) | (0.24) | ||
Redemption fee | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | 0.002 | ||
Net asset value, end of period | $ 10.03 | $ 8.29 | $ 14.50 | $ 21.45 | $ 19.74 | $ 15.14 | $ 13.23 | ||
Total Investment Return3 | |||||||||
Based on net asset value | 25.00%4,5 | (34.73)%5 | (14.39)%4 | 23.60% | 33.36%6 | 16.01% | 19.22% | ||
Ratios to Average Net Assets | |||||||||
Total expenses | 1.86%7 | 2.02% | 1.72%7 | 1.71% | 1.49% | 1.48% | 1.35% | ||
Total expenses after fees waived | 1.86%7 | 2.02% | 1.72%7 | 1.71% | 1.49% | 1.48% | 1.35% | ||
Net investment income (loss) | (0.24)%7 | 2.29% | 2.73%7 | 1.48% | 2.30% | 1.10% | 2.51% | ||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 3,033 | $ 2,713 | $ 3,840 | $ 4,509 | $ 1,948 | $ 823 | $ 104 | ||
Portfolio turnover | 87% | 124% | 30% | 63% | 76% | 72% | 78% | ||
1 Based on average shares outstanding. | |||||||||
2 Amount is less than $0.01 per share. | |||||||||
3 Where applicable, total investment returns include the reinvestment of dividends and distributions. | |||||||||
4 Aggregate total investment return. | |||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||
6 A portion of total investment return consisted of a payment by the previous investment advisor in order to resolve a regulatory issue relating to an investment, | |||||||||
which increased the return by 0.21%. | |||||||||
7 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 33
Financial Highlights | BlackRock Focus Value Fund, Inc. | |||||||
Institutional | ||||||||
Six Months | Period | |||||||
Ended | August 1, | |||||||
December 31, | Year Ended | 2007 to | ||||||
2009 | June 30, | June 30, | Year Ended July 31, | |||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 8.31 | $ 10.81 | $ 15.47 | $ 14.84 | $ 14.27 | $ 12.16 | $ 10.36 | |
Net investment income1 | 0.06 | 0.15 | 0.13 | 0.17 | 0.12 | 0.07 | 0.04 | |
Net realized and unrealized gain (loss) | 1.86 | (2.49) | (2.62) | 2.15 | 0.99 | 2.04 | 1.76 | |
Net increase (decrease) from investment operations | 1.92 | (2.34) | (2.49) | 2.32 | 1.11 | 2.11 | 1.80 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.12) | (0.16) | (0.16) | (0.18) | (0.06) | — | — | |
Net realized gain | — | — | (2.01) | (1.51) | (0.48) | — | — | |
Total dividends and distributions | (0.12) | (0.16) | (2.17) | (1.69) | (0.54) | — | — | |
Net asset value, end of period | $ 10.11 | $ 8.31 | $ 10.81 | $ 15.47 | $ 14.84 | $ 14.27 | $ 12.16 | |
Total Investment Return2 | ||||||||
Based on net asset value | 23.15%3 | (21.37)% | (18.55)%3 | 16.67% | 8.06% | 17.35% | 17.37% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 1.35%4 | 1.38% | 1.25%4 | 1.22% | 1.26% | 1.26% | 1.26% | |
Total expenses after fees waived and paid indirectly | 1.10%4 | 1.13% | 1.00%4 | 0.97% | 1.01% | 1.01% | 1.09% | |
Net investment income | 1.25%4 | 1.79% | 1.14%4 | 1.10% | 0.83% | 0.52% | 0.33% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 92,289 | $ 76,359 | $ 113,990 | $ 162,915 | $ 158,175 | $ 173,121 | $ 172,024 | |
Portfolio turnover | 29% | 112% | 87% | 65% | 100% | 72% | 92% | |
1 Based on average shares outstanding. | ||||||||
2 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | ||||||||
3 Aggregate total investment return. | ||||||||
4 Annualized. |
See Notes to Financial Statements.
34 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights (continued) | BlackRock Focus Value Fund, Inc. | ||||||
Investor A | |||||||
Six Months | Period | ||||||
Ended | August 1, | ||||||
December 31, | Year Ended | 2007 to | |||||
2009 | June 30, | June 30, | Year Ended July 31, | ||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |
Per Share Operating Performance | |||||||
Net asset value, beginning of period | $ 8.22 | $ 10.67 | $ 15.29 | $ 14.68 | $ 14.12 | $ 12.06 | $ 10.30 |
Net investment income1 | 0.04 | 0.12 | 0.10 | 0.13 | 0.08 | 0.04 | 0.01 |
Net realized and unrealized gain (loss) | 1.85 | (2.45) | (2.59) | 2.12 | 0.98 | 2.02 | 1.75 |
Net increase (decrease) from investment operations | 1.89 | (2.33) | (2.49) | 2.25 | 1.06 | 2.06 | 1.76 |
Dividends and distributions from: | |||||||
Net investment income | (0.10) | (0.12) | (0.12) | (0.13) | (0.02) | — | — |
Net realized gain | — | — | (2.01) | (1.51) | (0.48) | — | — |
Total dividends and distributions | (0.10) | (0.12) | (2.13) | (1.64) | (0.50) | — | — |
Net asset value, end of period | $ 10.01 | $ 8.22 | $ 10.67 | $ 15.29 | $ 14.68 | $ 14.12 | $ 12.06 |
Total Investment Return2 | |||||||
Based on net asset value | 22.98%3 | (21.61)% | (18.77)%3 | 16.30% | 7.79% | 17.08% | 17.09% |
Ratios to Average Net Assets | |||||||
Total expenses | 1.65%4 | 1.69% | 1.55%4 | 1.49% | 1.51% | 1.51% | 1.51% |
Total expenses after fees waived and paid indirectly | 1.40%4 | 1.44% | 1.30%4 | 1.24% | 1.26% | 1.26% | 1.34% |
Net investment income | 0.95%4 | 1.47% | 0.83%4 | 0.83% | 0.58% | 0.27% | 0.08% |
Supplemental Data | |||||||
Net assets, end of period (000) | $ 66,531 | $ 55,243 | $ 92,545 | $ 134,585 | $ 126,028 | $ 135,696 | $ 136,688 |
Portfolio turnover | 29% | 112% | 87% | 65% | 100% | 72% | 92% |
1 Based on average shares outstanding. | |||||||
2 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||
3 Aggregate total investment return. | |||||||
4 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 35
Financial Highlights (continued) | BlackRock Focus Value Fund, Inc. | ||||||
Investor B | |||||||
Six Months | Period | ||||||
Ended | August 1, | ||||||
December 31, | Year Ended | 2007 to | |||||
2009 | June 30, | June 30, | Year Ended July 31, | ||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |
Per Share Operating Performance | |||||||
Net asset value, beginning of period | $ 7.37 | $ 9.53 | $ 13.86 | $ 13.37 | $ 12.98 | $ 11.17 | $ 9.62 |
Net investment income (loss)1 | 0.002 | 0.04 | 0.002 | 0.01 | (0.03) | (0.06) | (0.08) |
Net realized and unrealized gain (loss) | 1.66 | (2.17) | (2.33) | 1.92 | 0.90 | 1.87 | 1.63 |
Net increase (decrease) from investment operations | 1.66 | (2.13) | (2.33) | 1.93 | 0.87 | 1.81 | 1.55 |
Dividends and distributions from: | |||||||
Net investment income | (0.01) | (0.03) | — | (0.00)3 | — | — | — |
Net realized gain | — | — | (2.00) | (1.44) | (0.48) | — | — |
Total dividends and distributions | (0.01) | (0.03) | (2.00) | (1.44) | (0.48) | — | — |
Net asset value, end of period | $ 9.02 | $ 7.37 | $ 9.53 | $ 13.86 | $ 13.37 | $ 12.98 | $ 11.17 |
Total Investment Return4 | |||||||
Based on net asset value | 22.49%5 | (22.29)% | (19.43)%5 | 15.37% | 6.97% | 16.20% | 16.11% |
Ratios to Average Net Assets | |||||||
Total expenses | 2.57%6 | 2.59% | 2.36%6 | 2.28% | 2.28% | 2.28% | 2.27% |
Total expenses after fees waived and paid indirectly | 2.32%6 | 2.34% | 2.11%6 | 2.03% | 2.03% | 2.03% | 2.11% |
Net investment income (loss) | 0.04%6 | 0.59% | 0.02%6 | 0.07% | (0.21)% | (0.50)% | (0.70)% |
Supplemental Data | |||||||
Net assets, end of period (000) | $ 3,847 | $ 4,051 | $ 9,345 | $ 19,000 | $ 26,537 | $ 42,351 | $ 57,812 |
Portfolio turnover | 29% | 112% | 87% | 65% | 100% | 72% | 92% |
1 Based on average shares outstanding. | |||||||
2 Amount is less than $0.01 per share. | |||||||
3 Amount is less than $(0.01) per share. | |||||||
4 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||
5 Aggregate total investment return. | |||||||
6 Annualized. |
See Notes to Financial Statements.
36 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights (continued) | BlackRock Focus Value Fund, Inc. | ||||||
Investor C | |||||||
Six Months | Period | ||||||
Ended | August 1, | ||||||
December 31, | Year Ended | 2007 to | |||||
2009 | June 30, | June 30, | Year Ended July 31, | ||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |
Per Share Operating Performance | |||||||
Net asset value, beginning of period | $ 7.10 | $ 9.21 | $ 13.49 | $ 13.07 | $ 12.71 | $ 10.94 | $ 9.42 |
Net investment income (loss)1 | 0.01 | 0.05 | 0.01 | 0.01 | (0.03) | (0.06) | (0.08) |
Net realized and unrealized gain (loss) | 1.59 | (2.11) | (2.26) | 1.90 | 0.87 | 1.83 | 1.60 |
Net increase (decrease) from investment operations | 1.60 | (2.06) | (2.25) | 1.91 | 0.84 | 1.77 | 1.52 |
Dividends and distributions from: | |||||||
Net investment income | (0.04) | (0.05) | (0.02) | (0.01) | — | — | — |
Net realized gain | — | — | (2.01) | (1.48) | (0.48) | — | — |
Total dividends and distributions | (0.04) | (0.05) | (2.03) | (1.49) | (0.48) | — | — |
Net asset value, end of period | $ 8.66 | $ 7.10 | $ 9.21 | $ 13.49 | $ 13.07 | $ 12.71 | $ 10.94 |
Total Investment Return2 | |||||||
Based on net asset value | 22.52%3 | (22.26)% | (19.42)%3 | 15.50% | 6.88% | 16.18% | 16.14% |
Ratios to Average Net Assets | |||||||
Total expenses | 2.48%4 | 2.51% | 2.33%4 | 2.26% | 2.28% | 2.29% | 2.28% |
Total expenses after fees waived and paid indirectly | 2.23%4 | 2.26% | 2.08%4 | 2.01% | 2.03% | 2.04% | 2.12% |
Net investment income (loss) | 0.13%4 | 0.65% | 0.05%4 | 0.06% | (0.21)% | (0.50)% | (0.70)% |
Supplemental Data | |||||||
Net assets, end of period (000) | $ 12,228 | $ 10,539 | $ 16,687 | $ 25,334 | $ 23,819 | $ 31,391 | $ 34,179 |
Portfolio turnover | 29% | 112% | 87% | 65% | 100% | 72% | 92% |
1 Based on average shares outstanding. | |||||||
2 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||
3 Aggregate total investment return. | |||||||
4 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 37
Financial Highlights (concluded) | BlackRock Focus Value Fund, Inc. | |||||||
Class R | ||||||||
Six Months | Period | |||||||
Ended | August 1, | |||||||
December 31, | Year Ended | 2007 to | ||||||
2009 | June 30, | June 30, | Year Ended July 31, | |||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 7.48 | $ 9.72 | $ 14.15 | $ 13.71 | $ 13.23 | $ 11.33 | $ 9.71 | |
Net investment income1 | 0.01 | 0.04 | 0.02 | 0.06 | 0.05 | 0.002 | 0.003 | |
Net realized and unrealized gain (loss) | 1.67 | (2.22) | (2.37) | 1.98 | 0.91 | 1.90 | 1.62 | |
Net increase (decrease) from investment operations | 1.68 | (2.18) | (2.35) | 2.04 | 0.96 | 1.90 | 1.62 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.04) | (0.06) | (0.07) | (0.09) | (0.00)3 | — | — | |
Net realized gain | — | — | (2.01) | (1.51) | (0.48) | — | — | |
Total dividends and distributions | (0.04) | (0.06) | (2.08) | (1.60) | (0.48) | — | — | |
Net asset value, end of period | $ 9.12 | $ 7.48 | $ 9.72 | $ 14.15 | $ 13.71 | $ 13.23 | $ 11.33 | |
Total Investment Return4 | ||||||||
Based on net asset value | 22.52%5 | (22.27)% | (19.29)%5 | 15.85% | 7.56% | 16.77% | 16.68% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 2.35%6 | 2.60% | 2.22%6 | 1.90% | 1.76% | 1.76% | 1.75% | |
Total expenses after fees waived and paid indirectly | 2.10%6 | 2.35% | 1.97%6 | 1.65% | 1.51% | 1.51% | 1.57% | |
Net investment income | 0.25%6 | 0.55% | 0.15%6 | 0.43% | 0.34% | 0.03% | (0.05)% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 940 | $ 708 | $ 708 | $ 741 | $ 609 | $ 513 | $ 389 | |
Portfolio turnover | 29% | 112% | 87% | 65% | 100% | 72% | 92% | |
1 Based on average shares outstanding. | ||||||||
2 Amount is less than $0.01 per share. | ||||||||
3 Amount is less than $(0.01) per share. | ||||||||
4 Where applicable, total investment returns include the reinvestment of dividends and distributions. | ||||||||
5 Aggregate total investment return. | ||||||||
6 Annualized. |
See Notes to Financial Statements.
38 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights | BlackRock Global SmallCap Fund, Inc. | ||||||||
Institutional | |||||||||
Six Months | |||||||||
Ended | |||||||||
December 31, | |||||||||
2009 | Year Ended June 30, | ||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 16.17 | $ 24.45 | $ 29.24 | $ 25.77 | $ 23.62 | $ 20.77 | |||
Net investment income1 | 0.01 | 0.11 | 0.12 | 0.11 | 0.08 | 0.14 | |||
Net realized and unrealized gain (loss)2 | 3.67 | (6.59) | (0.30) | 6.37 | 3.79 | 2.79 | |||
Net increase (decrease) from investment operations | 3.68 | (6.48) | (0.18) | 6.48 | 3.87 | 2.93 | |||
Dividends and distributions from: | |||||||||
Net investment income | — | (0.04) | (0.32) | — | (0.03) | (0.08) | |||
Net realized gain | — | (1.76) | (4.29) | (3.01) | (1.69) | — | |||
Total dividends and distributions | — | (1.80) | (4.61) | (3.01) | (1.72) | (0.08) | |||
Net asset value, end of period | $ 19.85 | $ 16.17 | $ 24.45 | $ 29.24 | $ 25.77 | $ 23.62 | |||
Total Investment Return3 | |||||||||
Based on net asset value | 22.76%4,5 | (27.75)%5 | (1.08)% | 28.15% | 16.80% | 14.23% | |||
Ratios to Average Net Assets | |||||||||
Total expenses | 1.14%6 | 1.20% | 1.12% | 1.15% | 1.22% | 1.17% | |||
Total expenses after fees waived | 1.14%6 | 1.20% | 1.12% | 1.15% | 1.22% | 1.17% | |||
Net investment income | 0.14%6 | 0.65% | 0.46% | 0.42% | 0.31% | 0.63% | |||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 332,032 | $250,720 | $ 399,802 | $ 411,767 | $ 352,779 | $ 426,718 | |||
Portfolio turnover | 35% | 114% | 97% | 95% | 96% | 97% | |||
1 Based on average shares outstanding. | |||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | |||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||||
4 Aggregate total investment return. | |||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||
6 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 39
Financial Highlights (continued) | BlackRock Global SmallCap Fund, Inc. | ||||||||
Investor A | |||||||||
Six Months | |||||||||
Ended | |||||||||
December 31, | |||||||||
2009 | Year Ended June 30, | ||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 15.89 | $ 24.10 | $ 28.85 | $ 25.50 | $ 23.39 | $ 20.59 | |||
Net investment income (loss)1 | (0.01) | 0.06 | 0.05 | 0.04 | 0.02 | 0.09 | |||
Net realized and unrealized gain (loss)2 | 3.60 | (6.50) | (0.30) | 6.29 | 3.75 | 2.77 | |||
Net increase (decrease) from investment operations | 3.59 | (6.44) | (0.25) | 6.33 | 3.77 | 2.86 | |||
Dividends and distributions from: | |||||||||
Net investment income | — | (0.01) | (0.25) | — | — | (0.06) | |||
Net realized gain | — | (1.76) | (4.25) | (2.98) | (1.66) | — | |||
Total dividends and distributions | — | (1.77) | (4.50) | (2.98) | (1.66) | (0.06) | |||
Net asset value, end of period | $ 19.48 | $ 15.89 | $ 24.10 | $ 28.85 | $ 25.50 | $ 23.39 | |||
Total Investment Return3 | |||||||||
Based on net asset value | 22.59%4,5 | (27.99)%5 | (1.36)% | 27.78% | 16.51% | 13.96% | |||
Ratios to Average Net Assets | |||||||||
Total expenses | 1.44%6 | 1.50% | 1.40% | 1.42% | 1.46% | 1.42% | |||
Total expenses after fees waived | 1.44%6 | 1.50% | 1.40% | 1.42% | 1.46% | 1.42% | |||
Net investment income (loss) | (0.16)%6 | 0.36% | 0.19% | 0.15% | 0.09% | 0.39% | |||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 281,294 | $ 226,362 | $ 330,282 | $ 334,022 | $ 282,971 | $ 218,687 | |||
Portfolio turnover | 35% | 114% | 97% | 95% | 96% | 97% | |||
1 Based on average shares outstanding. | |||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | |||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||||
4 Aggregate total investment return. | |||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||
6 Annualized. |
See Notes to Financial Statements.
40 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights (continued) | BlackRock Global SmallCap Fund, Inc. | ||||||||
Investor B | |||||||||
Six Months | |||||||||
Ended | |||||||||
December 31, | |||||||||
2009 | Year Ended June 30, | ||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 15.12 | $ 23.13 | $ 27.71 | $ 24.67 | $ 22.76 | $ 20.12 | |||
Net investment loss1 | (0.09) | (0.09) | (0.17) | (0.16) | (0.18) | (0.09) | |||
Net realized and unrealized gain (loss)2 | 3.42 | (6.23) | (0.27) | 6.06 | 3.65 | 2.73 | |||
Net increase (decrease) from investment operations | 3.33 | (6.32) | (0.44) | 5.90 | 3.47 | 2.64 | |||
Dividends and distributions from: | |||||||||
Net investment income | — | — | — | — | — | — | |||
Net realized gain | — | (1.69) | (4.14) | (2.86) | (1.56) | — | |||
Total dividends and distributions | — | (1.69) | (4.14) | (2.86) | (1.56) | — | |||
Net asset value, end of period | $ 18.45 | $ 15.12 | $ 23.13 | $ 27.71 | $ 24.67 | $ 22.76 | |||
Total Investment Return3 | |||||||||
Based on net asset value | 22.02%4,5 | (28.62)%5 | (2.14)% | 26.79% | 15.60% | 13.12% | |||
Ratios to Average Net Assets | |||||||||
Total expenses | 2.37%6 | 2.37% | 2.21% | 2.21% | 2.24% | 2.21% | |||
Total expenses after fees waived | 2.36%6 | 2.37% | 2.21% | 2.21% | 2.24% | 2.21% | |||
Net investment loss | (1.09)%6 | (0.56)% | (0.68)% | (0.66)% | (0.72)% | (0.40)% | |||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 40,444 | $ 40,600 | $ 91,693 | $ 130,954 | $ 142,522 | $ 152,598 | |||
Portfolio turnover | 35% | 114% | 97% | 95% | 96% | 97% | |||
1 Based on average shares outstanding. | |||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | |||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||||
4 Aggregate total investment return. | |||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||
6 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 41
Financial Highlights (continued) | BlackRock Global SmallCap Fund, Inc | ||||||||
Investor C | |||||||||
Six Months | |||||||||
Ended | |||||||||
December 31, | |||||||||
2009 | Year Ended June 30, | ||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 14.68 | $ 22.50 | $ 27.15 | $ 24.25 | $ 22.40 | $ 19.81 | |||
Net investment loss1 | (0.09) | (0.08) | (0.16) | (0.16) | (0.17) | (0.08) | |||
Net realized and unrealized gain (loss)2 | 3.33 | (6.05) | (0.28) | 5.94 | 3.59 | 2.67 | |||
Net increase (decrease) from investment operations | 3.24 | (6.13) | (0.44) | 5.78 | 3.42 | 2.59 | |||
Dividends and distributions from: | |||||||||
Net investment income | — | — | (0.06) | — | — | (0.00)3 | |||
Net realized gain | — | (1.69) | (4.15) | (2.88) | (1.57) | — | |||
Total dividends and distributions | — | (1.69) | (4.21) | (2.88) | (1.57) | (0.00)3 | |||
Net asset value, end of period | $ 17.92 | $ 14.68 | $ 22.50 | $ 27.15 | $ 24.25 | $ 22.40 | |||
Total Investment Return4 | |||||||||
Based on net asset value | 22.07%5,6 | (28.58)%6 | (2.19)% | 26.79% | 15.62% | 13.08% | |||
Ratios to Average Net Assets | |||||||||
Total expenses | 2.30%7 | 2.35% | 2.21% | 2.21% | 2.25% | 2.21% | |||
Total expenses after fees waived | 2.29%7 | 2.35% | 2.21% | 2.21% | 2.25% | 2.21% | |||
Net investment loss | (1.02)%7 | (0.51)% | (0.64)% | (0.63)% | (0.69)% | (0.40)% | |||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 332,624 | $ 281,387 | $ 470,280 | $ 518,216 | $ 418,363 | $ 331,059 | |||
Portfolio turnover | 35% | 114% | 97% | 95% | 96% | 97% | |||
1 Based on average shares outstanding. | |||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | |||||||||
3 Amount is less than $(0.01) per share. | |||||||||
4 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||||
5 Aggregate total investment return. | |||||||||
6 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||
7 Annualized. |
See Notes to Financial Statements.
42 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights (concluded) | BlackRock Global SmallCap Fund, Inc. | |||||||||
Class R | ||||||||||
Six Months | ||||||||||
Ended | ||||||||||
December 31, | ||||||||||
2009 | Year Ended June 30, | |||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||
Per Share Operating Performance | ||||||||||
Net asset value, beginning of period | $ 15.18 | $ 23.18 | $ 27.94 | $ 24.83 | $ 22.85 | $ 20.16 | ||||
Net investment income (loss)1 | (0.05) | (0.02) | (0.05) | (0.04) | (0.03) | 0.04 | ||||
Net realized and unrealized gain (loss)2 | 3.45 | (6.25) | (0.30) | 6.10 | 3.65 | 2.702 | ||||
Net increase (decrease) from investment operations | 3.40 | (6.27) | (0.35) | 6.06 | 3.62 | 2.74 | ||||
Dividends and distributions from: | ||||||||||
Net investment income | — | — | (0.20) | — | — | (0.05) | ||||
Net realized gain | — | (1.73) | (4.21) | (2.95) | (1.64) | — | ||||
Total dividends and distributions | — | (1.73) | (4.41) | (2.95) | (1.64) | (0.05) | ||||
Net asset value, end of period | $ 18.58 | $ 15.18 | $ 23.18 | $ 27.94 | $ 24.83 | $ 22.85 | ||||
Total Investment Return3 | ||||||||||
Based on net asset value | 22.40%4,5 | (28.37)%5 | (1.77)% | 27.42% | 16.22% | 13.67% | ||||
Ratios to Average Net Assets | ||||||||||
Total expenses | 1.88%6 | 2.00% | 1.81% | 1.73% | 1.71% | 1.65% | ||||
Total expenses after fees waived | 1.88%6 | 2.00% | 1.81% | 1.73% | 1.71% | 1.65% | ||||
Net investment income (loss) | (0.60)%6 | (0.13)% | (0.20)% | (0.15)% | (0.11)% | 0.19% | ||||
Supplemental Data | ||||||||||
Net assets, end of period (000) | $ 40,622 | $ 33,571 | $ 46,275 | $ 33,662 | $ 23,568 | $ 12,212 | ||||
Portfolio turnover | 35% | 114% | 97% | 95% | 96% | 97% | ||||
1 Based on average shares outstanding. | ||||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | ||||||||||
3 Where applicable, total investment returns include the reinvestment of dividends and distributions. | ||||||||||
4 Aggregate total investment return. | ||||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | ||||||||||
6 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 43
Financial Highlights | BlackRock International Value Fund | |||||||||
Institutional | ||||||||||
Six Months | ||||||||||
Ended | ||||||||||
December 31, | ||||||||||
2009 | Year Ended June 30, | |||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||
Per Share Operating Performance | ||||||||||
Net asset value, beginning of period | $ 17.46 | $ 26.00 | $ 34.48 | $ 30.55 | $ 26.41 | $ 23.54 | ||||
Net investment income1 | 0.05 | 0.41 | 0.55 | 0.71 | 0.56 | 0.52 | ||||
Net realized and unrealized gain (loss)2 | 3.59 | (8.32) | (4.30) | 6.10 | 6.19 | 2.83 | ||||
Net increase (decrease) from investment operations | 3.64 | (7.91) | (3.75) | 6.81 | 6.75 | 3.35 | ||||
Dividends and distributions from: | ||||||||||
Net investment income | (0.55) | (0.40) | (0.68) | (0.90) | (0.62) | (0.48) | ||||
Net realized gain | — | (0.23) | (4.05) | (1.98) | (1.99) | — | ||||
Total dividends and distributions | (0.55) | (0.63) | (4.73) | (2.88) | (2.61) | (0.48) | ||||
Net asset value, end of period | $ 20.55 | $ 17.46 | $ 26.00 | $ 34.48 | $ 30.55 | $ 26.41 | ||||
Total Investment Return3 | ||||||||||
Based on net asset value | 20.84%4,5 | (30.81)%5 | (12.23)% | 24.20% | 27.18%6 | 14.59% | ||||
Ratios to Average Net Assets | ||||||||||
Total expenses | 0.98%7 | 1.08% | 1.04% | 1.01% | 1.02% | 1.08% | ||||
Total expenses after fees waived | 0.98%7 | 1.08% | 1.04% | 1.01% | 1.02% | 1.08% | ||||
Net investment income | 0.53%7 | 2.24% | 1.86% | 2.27% | 1.97% | 2.07% | ||||
Supplemental Data | ||||||||||
Net assets, end of period (000) | $ 544,039 | $ 462,171 | $ 1,007,433 | $ 1,253,724 | $ 961,207 | $ 800,990 | ||||
Portfolio turnover | 80% | 187% | 122% | 65% | 81% | 70% | ||||
1 Based on average shares outstanding. | ||||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | ||||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | ||||||||||
4 Aggregate total investment return. | ||||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | ||||||||||
6 A portion of total investment return consists of payments by the previous investment advisor in order to resolve a regulatory issue relating to an investment, which | ||||||||||
increased the return of the Fund’s Institutional Shares by 0.21%. | ||||||||||
7 Annualized. |
See Notes to Financial Statements.
44 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights (continued) | BlackRock International Value Fund | ||||||||
Investor A | |||||||||
Six Months | |||||||||
Ended | |||||||||
December 31, | |||||||||
2009 | Year Ended June 30, | ||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 17.35 | $ 25.89 | $ 34.33 | $ 30.44 | $ 26.33 | $ 23.48 | |||
Net investment income1 | 0.01 | 0.36 | 0.46 | 0.62 | 0.49 | 0.50 | |||
Net realized and unrealized gain (loss)2 | 3.56 | (8.30) | (4.28) | 6.08 | 6.16 | 2.77 | |||
Net increase (decrease) from investment operations | 3.57 | (7.94) | (3.82) | 6.70 | 6.65 | 3.27 | |||
Dividends and distributions from: | |||||||||
Net investment income | (0.49) | (0.37) | (0.59) | (0.83) | (0.55) | (0.42) | |||
Net realized gain | — | (0.23) | (4.03) | (1.98) | (1.99) | — | |||
Total dividends and distributions | (0.49) | (0.60) | (4.62) | (2.81) | (2.54) | (0.42) | |||
Net asset value, end of period | $ 20.43 | $ 17.35 | $ 25.89 | $ 34.33 | $ 30.44 | $ 26.33 | |||
Total Investment Return3 | |||||||||
Based on net asset value | 20.57%4,5 | (31.06)%5 | (12.47)% | 23.84% | 26.84%6 | 14.29% | |||
Ratios to Average Net Assets | |||||||||
Total expenses | 1.39%7 | 1.43% | 1.34% | 1.30% | 1.27% | 1.33% | |||
Total expenses after fees waived | 1.39%7 | 1.43% | 1.34% | 1.30% | 1.27% | 1.33% | |||
Net investment income | 0.12%7 | 2.04% | 1.55% | 1.98% | 1.75% | 1.94% | |||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 244,513 | $ 215,337 | $ 320,764 | $ 390,547 | $ 320,926 | $ 254,207 | |||
Portfolio turnover | 80% | 187% | 122% | 65% | 81% | 70% | |||
1 Based on average shares outstanding. | |||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | |||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||||
4 Aggregate total investment return. | |||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||
6 A portion of total investment return consists of payments by the previous investment advisor in order to resolve a regulatory issue relating to an investment, which | |||||||||
increased the return of the Fund’s Investor A Shares by 0.17%. | |||||||||
7 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 45
Financial Highlights (continued) | BlackRock International Value Fund | ||||||||
Investor B | |||||||||
Six Months | |||||||||
Ended | |||||||||
December 31, | |||||||||
2009 | Year Ended June 30, | ||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 16.84 | $ 25.28 | $ 33.60 | $ 29.88 | $ 25.94 | $ 23.24 | |||
Net investment income (loss)1 | (0.10) | 0.13 | 0.14 | 0.34 | 0.26 | 0.32 | |||
Net realized and unrealized gain (loss)2 | 3.45 | (8.12) | (4.16) | 5.96 | 6.07 | 2.74 | |||
Net increase (decrease) from investment operations | 3.35 | (7.99) | (4.02) | 6.30 | 6.33 | 3.06 | |||
Dividends and distributions from: | |||||||||
Net investment income | (0.21) | (0.22) | (0.43) | (0.60) | (0.40) | (0.36) | |||
Net realized gain | — | (0.23) | (3.87) | (1.98) | (1.99) | — | |||
Total dividends and distributions | (0.21) | (0.45) | (4.30) | (2.58) | (2.39) | (0.36) | |||
Net asset value, end of period | $ 19.98 | $ 16.84 | $ 25.28 | $ 33.60 | $ 29.88 | $ 25.94 | |||
Total Investment Return3 | |||||||||
Based on net asset value | 19.92%4,5 | (31.91)%5 | (13.31)% | 22.78% | 25.84%6 | 13.45% | |||
Ratios to Average Net Assets | |||||||||
Total expenses | 2.50%7 | 2.61% | 2.30% | 2.15% | 2.06% | 2.12% | |||
Total expenses after fees waived | 2.50%7 | 2.61% | 2.30% | 2.15% | 2.06% | 2.12% | |||
Net investment income (loss) | (0.99)%7 | 0.74% | 0.47% | 1.11% | 0.95% | 1.27% | |||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 33,878 | $ 31,261 | $ 61,007 | $ 90,447 | $ 79,165 | $ 62,261 | |||
Portfolio turnover | 80% | 187% | 122% | 65% | 81% | 70% | |||
1 Based on average shares outstanding. | |||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | |||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||||
4 Aggregate total investment return. | |||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||
6 A portion of total investment return consists of payments by the previous investment advisor in order to resolve a regulatory issue relating to an investment, which | |||||||||
increased the return of the Fund’s Investor B Shares by 0.21%. | |||||||||
7 Annualized. |
See Notes to Financial Statements.
46 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Financial Highlights (continued) | BlackRock International Value Fund | ||||||||
Investor C | |||||||||
Six Months | |||||||||
Ended | |||||||||
December 31, | |||||||||
2009 | Year Ended June 30, | ||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 16.60 | $ 24.94 | $ 33.24 | $ 29.59 | $ 25.72 | $ 23.09 | |||
Net investment income (loss)1 | (0.09) | 0.14 | 0.16 | 0.35 | 0.28 | 0.37 | |||
Net realized and unrealized gain (loss)2 | 3.40 | (8.01) | (4.13) | 5.90 | 5.99 | 2.65 | |||
Net increase (decrease) from investment operations | 3.31 | (7.87) | (3.97) | 6.25 | 6.27 | 3.02 | |||
Dividends and distributions from: | |||||||||
Net investment income | (0.27) | (0.24) | (0.45) | (0.62) | (0.41) | (0.39) | |||
Net realized gain | — | (0.23) | (3.88) | (1.98) | (1.99) | — | |||
Total dividends and distributions | (0.27) | (0.47) | (4.33) | (2.60) | (2.40) | (0.39) | |||
Net asset value, end of period | $ 19.64 | $ 16.60 | $ 24.94 | $ 33.24 | $ 29.59 | $ 25.72 | |||
Total Investment Return3 | |||||||||
Based on net asset value | 19.92%4,5 | (31.89)%5 | (13.32)% | 22.82% | 25.86%6 | 13.41% | |||
Ratios to Average Net Assets | |||||||||
Total expenses | 2.47%7 | 2.60% | 2.31% | 2.15% | 2.06% | 2.12% | |||
Total expenses after fees waived | 2.47%7 | 2.60% | 2.31% | 2.15% | 2.06% | 2.12% | |||
Net investment income (loss) | (0.95)%7 | 0.83% | 0.55% | 1.15% | 1.01% | 1.45% | |||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 180,277 | $ 159,516 | $ 262,573 | $ 332,940 | $ 244,931 | $ 164,317 | |||
Portfolio turnover | 80% | 187% | 122% | 65% | 81% | 70% | |||
1 Based on average shares outstanding. | |||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | |||||||||
3 Where applicable, total investment returns exclude the effects of sales charges and include the reinvestment of dividends and distributions. | |||||||||
4 Aggregate total investment return. | |||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||
6 A portion of total investment return consists of payments by the previous investment advisor in order to resolve a regulatory issue relating to an investment, which | |||||||||
increased the return of the Fund’s Investor C Shares by 0.17%. | |||||||||
7 Annualized. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 47
Financial Highlights (concluded) | BlackRock International Value Fund | ||||||||||
Class R | |||||||||||
Six Months | |||||||||||
Ended | |||||||||||
December 31, | |||||||||||
2009 | Year Ended June 30, | ||||||||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | ||||||
Per Share Operating Performance | |||||||||||
Net asset value, beginning of period | $ 17.11 | $ 25.61 | $ 34.06 | $ 30.24 | $ 26.19 | $ 23.39 | |||||
Net investment income (loss)1 | (0.02) | 0.28 | 0.39 | 0.55 | 0.50 | 0.50 | |||||
Net realized and unrealized gain (loss)2 | 3.51 | (8.22) | (4.27) | 6.02 | 6.04 | 2.70 | |||||
Net increase (decrease) from investment operations | 3.49 | (7.94) | (3.88) | 6.57 | 6.54 | 3.20 | |||||
Dividends and distributions from: | |||||||||||
Net investment income | (0.41) | (0.33) | (0.57) | (0.77) | (0.50) | (0.40) | |||||
Net realized gain | — | (0.23) | (4.00) | (1.98) | (1.99) | — | |||||
Total dividends and distributions | (0.41) | (0.56) | (4.57) | (2.75) | (2.49) | (0.40) | |||||
Net asset value, end of period | $ 20.19 | $ 17.11 | $ 25.61 | $ 34.06 | $ 30.24 | $ 26.19 | |||||
Total Investment Return3 | |||||||||||
Based on net asset value | 20.37%4,5 | (31.36)%5 | (12.76)% | 23.53% | 26.52%6 | 14.03% | |||||
Ratios to Average Net Assets | |||||||||||
Total expenses | 1.75%7 | 1.86% | 1.65% | 1.57% | 1.52% | 1.58% | |||||
Total expenses after fees waived | 1.74%7 | 1.86% | 1.65% | 1.57% | 1.52% | 1.58% | |||||
Net investment income (loss) | (0.23)%7 | 1.58% | 1.35% | 1.78% | 1.76% | 1.96% | |||||
Supplemental Data | |||||||||||
Net assets, end of period (000) | $ 52,335 | $ 45,391 | $ 72,262 | $ 60,258 | $ 36,048 | $ 16,951 | |||||
Portfolio turnover | 80% | 187% | 122% | 65% | 81% | 70% | |||||
1 Based on average shares outstanding. | |||||||||||
2 Includes a redemption fee, which is less than $0.01 per share. | |||||||||||
3 Where applicable, total investment returns include the reinvestment of dividends and distributions. | |||||||||||
4 Aggregate total investment return. | |||||||||||
5 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%. | |||||||||||
6 A portion of total investment return consists of payments by the previous investment advisor in order to resolve a regulatory issue relating to an investment, which | |||||||||||
increased the return of the Fund’s Class R Shares by 0.16%. | |||||||||||
7 Annualized. |
See Notes to Financial Statements.
48 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Notes to Financial Statements (Unaudited)
1. Organization and Significant Accounting Policies:
BlackRock EuroFund (“EuroFund”), BlackRock Focus Value Fund, Inc.
(“Focus Value”), BlackRock Global SmallCap Fund, Inc. (“Global
SmallCap”) and BlackRock International Value Fund (“International Value”),
a series of BlackRock International Value Trust (the “Trust”) (collectively the
“Funds”), are registered under the Investment Company Act of 1940, as
amended (the “1940 Act”), as diversified, open-end management invest-
ment companies. The EuroFund and the Trust are organized as
Massachusetts business trusts. Focus Value and Global SmallCap are
organized as Maryland corporations. The Funds’ financial statements are
prepared in conformity with accounting principles generally accepted in the
United States of America, which may require the use of management
accruals and estimates. Actual results may differ from these estimates. The
Boards of Trustees and the Boards of Directors of the Funds are referred to
throughout this report as the “Board of Directors” or the “Board.” Each Fund
offers multiple classes of shares. Institutional Shares are sold without a
sales charge and only to certain eligible investors. Investor A Shares are
generally sold with a front-end sales charge. Investor B and Investor C
Shares may be subject to a contingent deferred sales charge. Class R
Shares are sold only to certain retirement or similar plans. All classes of
shares have identical voting, dividend, liquidation and other rights and the
same terms and conditions, except that Investor A, Investor B, Investor C
and Class R Shares bear certain expenses related to the shareholder serv-
icing of such shares, and Investor B, Investor C and Class R Shares also
bear certain expenses related to the distribution of such shares. Investor B
Shares automatically convert to Investor A Shares after approximately 8
years. Investor B Shares are only available for purchase through exchanges,
dividend reinvestments or for purchase by certain qualified employee bene-
fit plans. Each class has exclusive voting rights with respect to matters
relating to its shareholder servicing and distribution expenditures (except
that Investor B shareholders may vote on material changes to the Investor A
distribution plan).
The following is a summary of significant accounting policies followed by
the Funds:
Valuation: The Funds’ policy is to value instruments at fair value. Equity
investments traded on a recognized securities exchange or the NASDAQ
Global Market System are valued at the last reported sale price that day
or the NASDAQ official closing price, if applicable. For equity investments
traded on more than one exchange, the last reported sale price on the
exchange where the stock is primarily traded is used. Equity investments
traded on a recognized exchange for which there were no sales on that
day are valued at the last available bid price. If no bid price is available,
the prior day’s price will be used, unless it is determined that such prior
day’s price no longer reflects the fair value of the security. Investments in
open-end investment companies are valued at net asset value each busi-
ness day. Short-term securities with maturities less than 60 days may be
valued at amortized cost, which approximates fair value.
Certain Funds value their investments in BlackRock Liquidity Series, LLC
Money Market Series (the "Money Market Series") at fair value, which is
ordinarily based upon their pro rata ownership in the net assets of the
underlying fund. The Money Market Series seeks current income consistent
with maintaining liquidity and preserving capital. The Money Market Series'
investments will follow the parameters of investments by a money market
fund that is subject to Rule 2a-7 promulgated by the Securities and
Exchange Commission (“SEC”) under the 1940 Act. The Funds may with-
draw up to 25% of their investment daily, although the manager of the
Money Market Series, in their sole discretion, may permit an investor to
withdraw more than 25% on any one day.
Securities and other assets and liabilities denominated in foreign curren-
cies are translated into US dollars using exchange rates determined as of
the close of business on the New York Stock Exchange (“NYSE”). Foreign
currency exchange contracts are valued at the mid between the bid and
ask prices and are determined as of the close of business on the NYSE.
Interpolated values are derived when the settlement date of the contract is
an interim date for which quotations are not available.
In the event that application of these methods of valuation results in a
price for an investment which is deemed not to be representative of the
market value of such investment or is not available, the investment will be
valued by a method approved by each Fund’s Board as reflecting fair value
(“Fair Value Assets”). When determining the price for Fair Value Assets, the
investment advisor and/or sub-advisor seeks to determine the price that
the Funds might reasonably expect to receive from the current sale of that
asset in an arm’s-length transaction. Fair value determinations shall be
based upon all available factors that the investment advisor and/or sub-
advisor deems relevant.
Generally, trading in foreign instruments is substantially completed each
day at various times prior to the close of business on the NYSE. The values
of such instruments used in computing the net assets of the Funds are
determined as of such times. Occasionally, events affecting the values of
such instruments may occur between the times at which they are deter-
mined and the close of business on the NYSE that may not be reflected
in the computation of the Funds’ net assets. If events (for example, a com-
pany announcement, market volatility or a natural disaster) occur during
such periods that are expected to materially affect the value of such instru-
ments, those instruments will be valued at their fair value as determined in
good faith by the Board or by the investment advisor using a pricing service
and/or procedures approved by the Board.
Foreign Currency Transactions: Foreign currency amounts are translated
into United States dollars on the following basis: (i) market value of in-
vestment securities, assets and liabilities at the current rate of exchange;
and (ii) purchases and sales of investment securities, income and ex-
penses at the rates of exchange prevailing on the respective dates of
such transactions.
The Funds report foreign currency related transactions as components of
realized gain (loss) for financial reporting purposes, whereas such compo-
nents are treated as ordinary income for federal income tax purposes.
Segregation and Collateralization: In cases in which the 1940 Act and
the interpretive positions of the SEC require that each Fund either delivers
collateral or segregates assets in connection with certain investments
(e.g. foreign currency exchange contracts), each Fund will, consistent with
certain interpretive letters issued by the SEC, segregate collateral or desig-
nate on its books and records cash or other liquid securities having a
SEMI-ANNUAL REPORT DECEMBER 31, 2009 49
Notes to Financial Statements (continued)
market value at least equal to the amount that would otherwise be
required to be physically segregated. Furthermore, based on requirements
and agreements with certain exchanges and third party broker-dealers,
each party has requirements to deliver/deposit securities as collateral for
certain investments.
Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the transac-
tions are entered into (the trade dates). Realized gains and losses on
investment transactions are determined on the identified cost basis.
Dividend income is recorded on the ex-dividend dates. Dividends from for-
eign securities where the ex-dividend date may have passed are subse-
quently recorded when the Funds have determined the ex-dividend date.
Interest income is recognized on the accrual basis. Income and realized
and unrealized gains and losses are allocated daily to each class based on
its relative net assets.
Dividends and Distributions: Dividends and distributions are recorded on
the ex-dividend dates.
Securities Lending: The Funds may lend securities to financial institutions
that provide cash as collateral, which will be maintained at all times in an
amount equal to at least 100% of the current market value of the loaned
securities. The market value of the loaned securities is determined at the
close of business of the Funds and any additional required collateral is
delivered to the Funds on the next business day. The Funds typically receive
the income on the loaned securities but do not receive the income on the
collateral. The Funds may invest the cash collateral and retain the amount
earned on such investment, net of any amount rebated to the borrower.
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. The Funds may pay reason-
able lending agent, administrative and custodial fees in connection with
their loans. In the event that the borrower defaults on its obligation to
return borrowed securities because of insolvency or for any other reason,
the Funds could experience delays and costs in gaining access to the col-
lateral. The Funds also could suffer a loss if the value of an investment pur-
chased with cash collateral falls below the market value of loaned
securities or if the value of an investment purchased with cash collateral
falls below the value of the original cash collateral received.
Income Taxes: It is each Fund’s policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required. Under the applicable
foreign tax laws, a withholding tax may be imposed on interest, dividends
and capital gains at various rates.
Each Fund files US federal and various state and local tax returns. No
income tax returns are currently under examination. The Funds’ statutes
of limitations on their US federal tax returns remains open for each of the
four years ended June 30, 2009 for EuroFund, Global SmallCap and
International Value and the periods ended July 31, 2006, July 31, 2007,
June 30, 2008 and June 30, 2009 for Focus Value. The statutes of
limitations on the Funds’ state and local tax returns may remain open for
an additional year depending upon the jurisdiction.
Recent Accounting Standards: In June 2009, amended guidance was
issued by the Financial Accounting Standards Board (“FASB”) for transfers
of financial assets. This guidance is intended to improve the relevance,
representational faithfulness and comparability of the information that
a reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, financial
performance, and cash flows; and a transferor’s continuing involvement, if
any, in transferred financial assets. The amended guidance is effective for
financial statements issued for fiscal years and interim periods beginning
after November 15, 2009. Earlier application is prohibited. The recognition
and measurement provisions of this guidance must be applied to transfers
occurring on or after the effective date. Additionally, the enhanced disclo-
sure provisions of the amended guidance should be applied to transfers
that occurred both before and after the effective date of this guidance.
The impact of this guidance on the Funds’ financial statements and dis-
closures, if any, is currently being assessed.
In January 2010, the FASB issued amended guidance for improving disclo-
sure about fair value measurements that adds new disclosure requirements
about transfers into and out of Levels 1 and 2 and separate disclosures
about purchases, sales, issuances and settlements in the reconciliation for
fair value measurements using significant unobservable inputs (Level 3).
It also clarifies existing disclosure requirements relating to the levels of dis-
aggregation for fair value measurement and inputs and valuation tech-
niques used to measure fair value. The amended guidance is effective for
financial statements for fiscal years and interim periods beginning after
December 15, 2009 except for disclosures about purchases, sales,
issuances and settlements in the rollforward of activity in Level 3 fair value
measurements, which are effective for fiscal years beginning after
December 15, 2010 and for interim periods within those fiscal years. The
impact of this guidance on the Funds’ financial statements and disclo-
sures, if any, is currently being assessed.
Other: Expenses directly related to each Fund or its classes are charged to
that Fund or class. Other operating expenses shared by several funds are
prorated among those funds on the basis of relative net assets or other
appropriate methods. Other expenses of each Fund are allocated daily to
each class based on its relative net assets.
2. Derivative Financial Instruments:
The Funds may engage in various portfolio investment strategies both to
increase the returns of the Funds and to economically hedge, or protect,
their exposure to certain risks such as foreign currency exchange rate risk.
Losses may arise if the value of the contract decreases due to an unfavor-
able change in the price of the underlying security or if the counterparty
does not perform under the contract. The Funds may mitigate counterparty
risk through master netting agreements included within an International
Swap and Derivatives Association, Inc. (“ISDA”) Master Agreement between
a Fund and its counterparties. The ISDA Master Agreement allows each
Fund to offset with its counterparty certain derivative financial instruments’
payables and/or receivables with collateral held with each counterparty.
The amount of collateral moved to/from applicable counterparties is based
50 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Notes to Financial Statements (continued)
upon minimum transfer amounts of up to $500,000. To the extent
amounts due to the Funds from their counterparties are not fully collateral-
ized contractually or otherwise, the Funds bear the risk of loss from coun-
terparty non-performance. See Note 1 “Segregation and Collateralization”
for information with respect to collateral practices.
The Funds’ maximum risk of loss from counterparty credit risk on over-the-
counter (“OTC”) derivatives is generally the aggregate unrealized gain in
excess of any collateral pledged by the counterparty to the Funds. Certain
ISDA Master Agreements allow counterparties to OTC derivatives to termi-
nate derivative contracts prior to maturity in the event a Fund’s net assets
decline by a stated percentage or a Fund fails to meet the terms of its
ISDA Master Agreements, which would cause the Fund to accelerate pay-
ment of any net liability owed to the counterparty.
Foreign Currency Exchange Contracts: The Funds may enter into foreign
currency exchange contracts as an economic hedge against either specific
transactions or portfolio positions (foreign currency exchange rate risk). A
foreign currency exchange contract is an agreement between two parties to
buy and sell a currency at a set exchange rate on a future date. Foreign
currency exchange contracts, when used by the Funds, help to manage the
overall exposure to the currency backing some of the investments held by
the Funds. The contract is marked-to-market daily and the change in mar-
ket value is recorded by the Funds as an unrealized gain or loss. When the
contract is closed, the Funds record a realized gain or loss equal to the dif-
ference between the value at the time it was opened and the value at the
time it was closed. The use of foreign currency exchange contracts involves
the risk that counterparties may not meet the terms of the agreement or
unfavorable movements in the value of a foreign currency relative to the
US dollar.
Derivative Instruments Categorized by Risk Exposure: | |||||
Values of Derivative Instruments as of December 31, 2009 | |||||
Asset Derivatives | |||||
Statements of Assets | |||||
and Liabilities | Global | International | |||
Location | EuroFund | SmallCap | Value | ||
Unrealized appreciation | |||||
Foreign currency | on foreign currency | ||||
exchange contracts | exchange contracts $ | 958,796 | $ 3,078 | $ 2,545,839 | |
Liability Derivatives | |||||
Statements of Assets | |||||
and Liabilities | Global | International | |||
Location | EuroFund | SmallCap | Value | ||
Unrealized depreciation | |||||
Foreign currency | on foreign currency | ||||
exchange contracts | exchange contracts $ 1,121,915 | $ 1,233 | $ 487,632 | ||
The Effect of Derivative Instruments on the Statements of Operations | |||||
Six Months Ended December 31, 2009 | |||||
Net Realized Gain (Loss) from | |||||
Global | International | ||||
EuroFund | SmallCap | Value | |||
Foreign currency | |||||
transactions | $ 194,067 | $ 189,312 | $ (386,280) | ||
Net Change in Unrealized Appreciation/Depreciation on | |||||
Global | International | ||||
EuroFund | SmallCap | Value | |||
Foreign currency | |||||
transactions | $(1,872,182) $ | (2,478) $ 1,675,763 |
For the six months ended December 31, 2009, the average derivative | |||
activity was as follows: | |||
Global | International | ||
EuroFund | SmallCap | Value | |
Foreign currency exchange contracts: | |||
Average number of contracts | 6 | 13 | 9 |
Average US dollar amount | $136,447,450 $ | 4,848,119 | $149,423,571 |
3. Investment Advisory Agreement and Other Transactions
with Affiliates:
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corp-
oration (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stock-
holders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure,
PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.
Each Fund entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC, (the “Manager”), each Fund’s investment advisor, an indirect,
wholly owned subsidiary of BlackRock, to provide investment advisory and
administration services.
The Manager is responsible for the management of each Fund’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operation of each Fund. For such services,
EuroFund, Focus Value and Global SmallCap pay the Manager a monthly
fee at an annual rate of 0.75%, 1.00% and 0.85%, respectively, on an
annual basis of the average daily value of each Fund’s net assets.
International Value pays the Manager a monthly fee of 0.75%, on an
annual basis, of the average daily value of the Fund’s net assets not
exceeding $2 billion, 0.70% of the average daily value of the Fund’s net
assets in excess of $2 billion but not exceeding $4 billion and 0.65% of
the average daily value of the Fund’s net assets in excess of $4 billion.
The Manager has contractually agreed to waive 0.25% of Focus Value’s
investment advisory fees. This contractual waiver agreement has a one-year
term and is automatically renewable year to year unless terminated by the
Manager. For the six months ended December 31, 2009, the Fund waived
$208,322, which is included in fees waived by advisor in the Statements
of Operations.
The Manager has voluntarily agreed to waive its advisory fee by the amount
of investment advisory fees the Funds pay to the Manager indirectly
through its investment in affiliated money market funds. For the six months
ended December 31, 2009, the following amounts were waived, which are
included in fees waived by advisor in the Statements of Operations.
Fees Waived | |
EuroFund | $ 3,565 |
Focus Value | $ 1,416 |
Global SmallCap | $ 9,664 |
International Value | $ 6,410 |
The Manager will reimburse EuroFund $111,300 for net losses associated
with certain investment transactions executed in December 2009.
The Manager, on behalf of EuroFund, has entered into separate sub-advi-
sory agreements with BlackRock Investment Management, LLC (“BIM”)
SEMI-ANNUAL REPORT DECEMBER 31, 2009 51
Notes to Financial Statements (continued)
and BlackRock International Ltd., both affiliates of the Manager, under
which the Manager pays each sub-advisor for services it provides, a
monthly fee that is a percentage of the investment advisory fee paid
by the Fund to the Manager.
The Manager, on behalf of Focus Value and Global SmallCap, has entered
into separate sub-advisory agreements with BIM, under which the Manager
pays the subadvisor for services it provides, a monthly fee that is a per-
centage of the investment advisory fee paid by each Fund to the Manager.
The Manager, on behalf of International Value, has entered into a separate
sub-advisory agreement with BlackRock International Ltd., an affiliate of
the Manager, under which the Manager pays the sub-advisor for services it
provides, a monthly fee that is a percentage of the investment advisory fee
paid by the Fund to the Manager.
For the six months ended December 31, 2009, each Fund reimbursed the
Manager for certain accounting services, which are included in accounting
services in the Statements of Operations. The reimbursements were
as follows:
Accounting | |
Services | |
EuroFund | $ 4,630 |
Focus Value | $ 1,659 |
Global SmallCap | $ 9,426 |
International Value | $ 10,474 |
The Funds have received an exemptive order from the SEC permitting it to,
among other things, pay an affiliated securities lending agent a fee based
on a share of the income derived from the securities lending activities and
has retained BIM as the securities lending agent. BIM may, on behalf of the
Funds, invest cash collateral received by the Funds for such loans, among
other things, in a private investment company managed by the Manager or
in registered money market funds advised by the Manager or its affiliates.
The share of income earned by the Funds on such investments is shown as
securities lending — affiliated in the Statements of Operations. For the six
months ended December 31, 2009, BIM received securities lending agent
fees as follows:
Focus Value | $ 1,288 |
Global SmallCap | $ 15,147 |
The Funds have entered into a Distribution Agreement and Distribution
Plans with BlackRock Investments, LLC (“BRIL”), which is an affiliate
of BlackRock.
Pursuant to the Distribution Plans adopted by the Funds in accordance
with Rule 12b-1 under the 1940 Act, each Fund pays the Distributor ongo-
ing service and distribution fees. The fees are accrued daily and paid
monthly at annual rates based upon the average daily net assets of the
shares of each Fund as follows:
Service | Distribution | |
Fee | Fee | |
Investor A | 0.25% | — |
Investor B | 0.25% | 0.75% |
Investor C | 0.25% | 0.75% |
Class R | 0.25% | 0.25% |
Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide
shareholder servicing and distribution services to each Fund. The ongoing
service and/or distribution fee compensates BRIL and each broker-dealer
for providing shareholder servicing and/or distribution-related services to
Investor A, Investor B, Investor C and Class R shareholders.
For the six months ended December 31, 2009, affiliates earned underwrit-
ing discounts, direct commissions and dealer concessions on sales of the
Funds’ Investor A Shares as follows:
Investor A | |
EuroFund | $ 1,173 |
Focus Value | $ 754 |
Global SmallCap | $ 16,256 |
International Value | $ 3,420 |
For the six months ended December 31, 2009, affiliates received contin-
gent deferred sales charges relating to transactions in Investor B and
Investor C Shares as follows:
Investor B | Investor C | |
EuroFund | $ 3,613 | $ 727 |
Focus Value | $ 1,887 | $ 211 |
Global SmallCap | $16,120 | $7,923 |
International Value | $ 7,732 | $3,179 |
Furthermore, for the six months ended December 31, 2009, affiliates
received contingent deferred sales charges relating to transactions subject
to front-end sales charge waivers relating to Investor A Shares as follows:
Investor A | |
EuroFund | $ 13 |
Global SmallCap | $ 28 |
International Value | $ 69 |
PNC Global Investment Servicing (U.S.) Inc., an indirect, wholly owned
subsidiary of PNC and an affiliate of the Manager, serves as transfer agent
and dividend disbursing agent. Each class of the Funds bears the costs of
transfer agent fees associated with such respective classes. Transfer agency
fees borne by each class of the Funds are comprised of those fees charged
for all shareholder communications including mailing of shareholder
reports, dividend and distribution notices, and proxy materials for share-
holder meetings, as well as per account and per transaction fees related
to servicing and maintenance of shareholder accounts, including the issu-
ing, redeeming and transferring of shares of each class of the Funds,
12b-1 fee calculation, check writing, anti-money laundering services,
and customer identification services.
Pursuant to written agreements, certain affiliates provide the Funds with
sub-accounting, recordkeeping, sub-transfer agency and other administra-
tive services with respect to sub-accounts they service. For these services,
these affiliates receive an annual fee per shareholder account which will
vary depending on share class. For the six months ended December 31,
2009, the Funds paid the following fees in return for these services,
which are included in transfer agent — class specific in the Statements
of Operations:
Global SmallCap | $ 101 |
International Value | $ 30 |
52 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Notes to Financial Statements (continued)
The Manager maintains a call center, which is responsible for providing cer-
tain shareholder services to the Funds, such as responding to shareholder
inquiries and processing transactions based upon instructions from share-
holders with respect to the subscription and redemption of Fund shares.
For the six months ended December 31, 2009, the following amounts have
been accrued by the Funds to reimburse the Manager for costs incurred
running the call center, which are included in transfer agent — class spe-
cific in the Statements of Operations:
Focus | Global | International | ||
EuroFund | Value | SmallCap | Value | |
Institutional | $ 2,947 | $ 900 | $ 1,766 | $ 4,650 |
Investor A | $ 3,719 | $ 931 | $ 4,905 | $ 2,639 |
Investor B | $ 319 | $ 103 | $ 963 | $ 507 |
Investor C | $ 506 | $ 215 | $ 5,334 | $ 2,352 |
Class R | $ 24 | $ 6 | $ 282 | $ 329 |
Certain officers and/or directors of the Funds are officers and/or directors
of BlackRock or its affiliates. The Funds reimburse the Manager for com-
pensation paid to the Funds’ Chief Compliance Officer.
4. Investments:
Purchases and sales of investments, excluding short-term securities, for the
six months ended December 31, 2009 were as follows:
Purchases | Sales | |
EuroFund | $370,051,816 | $396,936,307 |
Focus Value | $ 46,391,327 | $ 50,759,973 |
Global SmallCap | $379,656,242 | $323,298,764 |
International Value | $796,481,993 | $844,120,334 |
5. Borrowings:
The Funds, along with certain other funds managed by the Manager and its
affiliates, were a party to a $500 million credit agreement with a group of
lenders, which was renewed until November 2010. The Funds may borrow
under the credit agreement to fund shareholder redemptions and for other
lawful purposes other than for leverage. The Funds may borrow up to the
maximum amount allowable under each Fund’s current Prospectus and
Statement of Additional Information, subject to various other legal, regula-
tory or contractual limits. Prior to its renewal, the credit agreement had the
following terms: 0.02% upfront fee on the aggregate commitment amount
which was allocated to each Fund based on its net assets as of October
31, 2008; a commitment fee of 0.08% per annum based on each Fund’s
pro rata share of the unused portion of the credit agreement, which is
included in miscellaneous in the Statements of Operations, and interest
at a rate equal to the higher of the (a) federal funds effective rate and
(b) reserve adjusted one-month LIBOR, plus, in each case, the higher of (i)
1.50% and (ii) 50% of the CDX Index (as defined in the credit agreement)
on amounts borrowed. Effective November 2009, the credit agreement was
renewed with the following terms: 0.02% upfront fee on the aggregate
commitment amount which was allocated to each Fund based on its net
assets as of October 31, 2009, a commitment fee of 0.10% per annum
based on each Fund’s pro rata share of the unused portion of the credit
agreement and interest at a rate equal to the higher of (a) the one-month
LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per
annum on amounts borrowed. The Funds did not borrow under the credit
agreement during the year ended December 31, 2009.
6. Capital Loss Carryforwards:
As of June 30, 2009, the Funds had capital loss carryforwards available to
offset future realized capital gains through the indicated expiration dates:
Expires | Focus | Global | International | |
June 30, | EuroFund | Value | SmallCap | Value |
2010 | — | — | — | $ 10,936,387 |
2017 | $ 67,839,175 | $ 14,541,173 | $ 45,917,435 | 226,455,864 |
Total | $ 67,839,175 | $ 14,541,173 | $ 45,917,435 | $237,392,251 |
7. Concentration, Market and Credit Risk:
In the normal course of business, the Funds invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (credit
risk). The value of securities held by the Funds may decline in response to
certain events, including those directly involving the issuers whose securi-
ties are owned by the Funds; conditions affecting the general economy;
overall market changes; local, regional or global political, social or eco-
nomic instability; and currency and interest rate and price fluctuations.
Similar to credit risk, the Funds may be exposed to counterparty risk, or the
risk that an entity with which the Funds have unsettled or open transac-
tions may default. Financial assets, which potentially expose the Funds to
credit and counterparty risks, consist principally of investments and cash
due from counterparties. The extent of the Funds’ exposure to credit and
counterparty risks with respect to these financial assets is approximated by
their value recorded in the Funds’ Statements of Assets and Liabilities, less
any collateral held by the Funds.
EuroFund, Global SmallCap and International Value
The Funds invest from time to time a substantial amount of their assets in
issuers located in a single country or a limited number of countries. When
the Funds concentrate their investments in this manner, they assume the
risk that economic, political and social conditions in those countries may
have a significant impact on their investment performance. Please see the
Schedules of Investments for concentrations in specific countries.
As of December 31, 2009, the Funds had the following industry classifica-
tions as a percent of long-term investments:
Global International | |||
Industry | EuroFund SmallCap | Value | |
Commercial Banks | 16% | — | 11% |
Oil, Gas & Consumable Fuels | 15 | — | 11 |
Pharmaceuticals | 9 | — | 8 |
Insurance | 6 | 5% | 6 |
Diversified Telecommunication Services | 5 | — | — |
Food Products | 5 | — | — |
Electric Utilities | 5 | — | — |
Equipment | — | 7 | — |
Metals & Mining | — | 7 | — |
Machinery | — | 6 | — |
Software | — | 6 | — |
Automobiles | — | — | 5 |
Other* | 39 | 69 | 59 |
* All other industries held were each less than 5% of long-term investments. |
SEMI-ANNUAL REPORT DECEMBER 31, 2009 53
Notes to Financial Statements (continued) | |||||
8. Capital Share Transactions: | |||||
Transactions in capital shares for each class were as follows: | |||||
Six Months Ended | Year Ended | ||||
December 31, 2009 | June 30, 2009 | ||||
EuroFund | Shares | Amount | Shares | Amount | |
Institutional | |||||
Shares sold | 424,670 | $ 5,490,382 | 1,460,138 | $ 16,161,353 | |
Shares issued to shareholders in reinvestment of dividends and distributions | 314,700 | 4,091,815 | 1,293,422 | 12,259,844 | |
Total issued | 739,370 | 9,582,197 | 2,753,560 | 28,421,197 | |
Shares redeemed | (1,228,778) | (15,770,882) | (5,379,100) | (64,289,598) | |
Net decrease | (489,408) | $ (6,188,685) | (2,625,540) | $(35,868,401) | |
Investor A | |||||
Shares sold and automatic conversion of shares | 746,657 | $ 9,443,141 | 1,197,790 | $ 13,360,632 | |
Shares issued to shareholders in reinvestment of dividends and distributions | 502,630 | 6,424,367 | 2,088,623 | 19,462,176 | |
Total issued | 1,249,287 | 15,867,508 | 3,286,413 | 32,822,808 | |
Shares redeemed | (1,893,237) | (23,803,345) | (6,326,059) | (70,869,488) | |
Net decrease | (643,950) | $ (7,935,837) | (3,039,646) | $(38,046,680) | |
Investor B | |||||
Shares sold | 27,360 | $ 281,140 | 82,038 | $ 755,014 | |
Shares issued to shareholders in reinvestment of dividends and distributions | 3,894 | 41,240 | 94,383 | 724,752 | |
Total issued | 31,254 | 322,380 | 176,421 | 1,479,766 | |
Shares redeemed and automatic conversion of shares | (180,969) | (1,874,355) | (947,583) | (9,096,353) | |
Net decrease | (149,715) | $ (1,551,975) | (771,162) | $ (7,616,587) | |
Investor C | |||||
Shares sold | 144,050 | $ 1,372,737 | 216,658 | $ 1,873,508 | |
Shares issued to shareholders in reinvestment of dividends and distributions | 87,606 | 829,683 | 432,215 | 3,021,002 | |
Total issued | 231,656 | 2,202,420 | 648,873 | 4,894,510 | |
Shares redeemed | (364,218) | (3,349,676) | (1,543,650) | (13,823,844) | |
Net decrease | (132,562) | $ (1,147,256) | (894,777) | $ (8,929,334) | |
Class R | |||||
Shares sold | 76,334 | $ 761,777 | 169,661 | $ 1,453,868 | |
Shares issued to shareholders in reinvestment of dividends and distributions | 9,535 | 96,018 | 36,290 | 269,269 | |
Total issued | 85,869 | 857,795 | 205,951 | 1,723,137 | |
Shares redeemed | (110,379) | (1,094,299) | (143,682) | (1,382,568) | |
Net increase (decrease) | (24,510) | $ (236,504) | 62,269 | $ 340,569 |
54 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Notes to Financial Statements (continued) | |||||
Six Months Ended | Year Ended | ||||
December 31, 2009 | June 30, 2009 | ||||
Focus Value | Shares | Amount | Shares | Amount | |
Institutional | |||||
Shares sold | 412,040 | $ 3,937,399 | 566,599 | $ 4,647,742 | |
Shares issued to shareholders in reinvestment of dividends | 98,150 | 966,841 | 199,496 | 1,383,010 | |
Total issued | 510,190 | 4,904,240 | 766,095 | 6,030,752 | |
Shares redeemed | (575,695) | (5,458,339) | (2,123,841) | (17,029,977) | |
Net decrease | (65,505) | $ (554,099) | (1,357,746) | $(10,999,225) | |
Investor A | |||||
Shares sold and automatic conversion of shares | 327,652 | $ 3,051,469 | 724,912 | $ 5,818,854 | |
Shares issued to shareholders in reinvestment of dividends | 58,384 | 569,259 | 118,787 | 813,292 | |
Total issued | 386,036 | 3,620,728 | 843,699 | 6,632,146 | |
Shares redeemed | (463,329) | (4,333,248) | (2,797,520) | (23,449,242) | |
Net decrease | (77,293) | $ (712,520) | (1,953,821) | $(16,817,096) | |
Investor B | |||||
Shares sold | 13,187 | $ 109,557 | 47,233 | $ 336,478 | |
Shares issued to shareholders in reinvestment of dividends | 319 | 2,800 | 3,135 | 18,519 | |
Total issued | 13,506 | 112,357 | 50,368 | 354,997 | |
Shares redeemed and automatic conversion of shares | (136,618) | (1,145,665) | (480,808) | (3,501,802) | |
Net decrease | (123,112) | $ (1,033,308) | (430,440) | $ (3,146,805) | |
Investor C | |||||
Shares sold | 137,016 | $ 1,097,143 | 176,248 | $ 1,235,902 | |
Shares issued to shareholders in reinvestment of dividends | 5,501 | 46,430 | 12,076 | 70,342 | |
Total issued | 142,517 | 1,143,573 | 188,324 | 1,306,244 | |
Shares redeemed | (215,098) | (1,765,057) | (515,587) | (3,589,847) | |
Net decrease | (72,581) | $ (621,484) | (327,263) | $ (2,283,603) | |
Class R | |||||
Shares sold | 18,922 | $ 164,702 | 49,745 | $ 355,793 | |
Shares issued to shareholders in reinvestment of dividends | 463 | 4,122 | 850 | 5,274 | |
Total issued | 19,385 | 168,824 | 50,595 | 361,067 | |
Shares redeemed | (11,085) | (94,202) | (28,734) | (203,555) | |
Net increase | 8,300 | $ 74,622 | 21,861 | $ 157,512 |
SEMI-ANNUAL REPORT DECEMBER 31, 2009 55
Notes to Financial Statements (continued) | |||||
Six Months Ended | Year Ended | ||||
December 31, 2009 | June 30, 2009 | ||||
Global SmallCap | Shares | Amount | Shares | Amount | |
Institutional | |||||
Shares sold | 2,985,094 | $ 55,536,484 | 4,485,041 | $ 72,524,824 | |
Shares issued to shareholders in reinvestment of dividends and distributions | — | — | 1,292,842 | 25,210,490 | |
Total issued | 2,985,094 | 55,536,484 | 5,777,883 | 97,735,314 | |
Shares redeemed | (1,769,196) | (32,535,288) | (6,620,223) | (104,409,249) | |
Net increase (decrease) | 1,215,898 | $ 23,001,196 | (842,340) | $ (6,673,935) | |
Investor A | |||||
Shares sold and automatic conversion of shares | 2,143,673 | $ 39,051,952 | 3,977,126 | $ 63,620,067 | |
Shares issued to shareholders in reinvestment of dividends and distributions | — | — | 1,164,477 | 22,369,622 | |
Total issued | 2,143,673 | 39,051,952 | 5,141,603 | 85,989,689 | |
Shares redeemed | (1,952,336) | (35,671,423) | (4,598,347) | (72,698,891) | |
Net increase | 191,337 | $ 3,380,529 | 543,256 | $ 13,290,798 | |
Investor B | |||||
Shares sold | 78,765 | $ 1,336,912 | 298,014 | $ 4,544,670 | |
Shares issued to shareholders in reinvestment of dividends and distributions | — | — | 311,301 | 5,727,939 | |
Total issued | 78,765 | 1,336,912 | 609,315 | 10,272,609 | |
Shares redeemed and automatic conversion of shares | (572,432) | (9,766,845) | (1,888,307) | (28,758,559) | |
Net decrease | (493,667) | $ (8,429,933) | (1,278,992) | $ (18,485,950) | |
Investor C | |||||
Shares sold | 1,670,022 | $ 27,859,025 | 3,798,162 | $ 55,245,824 | |
Shares issued to shareholders in reinvestment of dividends and distributions | — | — | 1,806,330 | 32,279,164 | |
Total issued | 1,670,022 | 27,859,025 | 5,604,492 | 87,524,988 | |
Shares redeemed | (2,279,841) | (38,067,064) | (7,328,338) | (106,128,519) | |
Net decrease | (609,819) | $ (10,208,039) | (1,723,846) | $ (18,603,531) | |
Class R | |||||
Shares sold | 441,029 | $ 7,650,015 | 1,004,661 | $ 15,560,191 | |
Shares issued to shareholders in reinvestment of dividends and distributions | — | — | 195,376 | 3,600,783 | |
Total issued | 441,029 | 7,650,015 | 1,200,037 | 19,160,974 | |
Shares redeemed | (465,351) | (7,950,058) | (985,343) | (14,497,265) | |
Net increase (decrease) | (24,322) | $ (300,043) | 214,694 | $ 4,663,709 |
56 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Notes to Financial Statements (concluded) | ||||||
Six Months Ended | Year Ended | |||||
December 31, 2009 | June 30, 2009 | |||||
International Value | Shares | Amount | Shares | Amount | ||
Institutional | ||||||
Shares sold | 1,847,693 | $ 37,350,807 | 5,816,862 | $ 95,634,573 | ||
Shares issued to shareholders in reinvestment of dividends and distributions | 660,817 | 13,562,794 | 936,953 | 19,345,513 | ||
Total issued | 2,508,510 | 50,913,601 | 6,753,815 | 114,980,086 | ||
Shares redeemed | (2,499,262) | (50,177,107) | (19,026,770) | (354,195,904) | ||
Net increase (decrease) | 9,248 | $ 736,494 | (12,272,955) | $(239,215,818) | ||
Investor A | ||||||
Shares sold and automatic conversion of shares | 976,669 | $ 19,289,397 | 3,434,693 | $ 59,848,115 | ||
Shares issued to shareholders in reinvestment of dividends and distributions | 267,116 | 5,451,912 | 344,649 | 7,089,290 | ||
Total issued | 1,243,785 | 24,741,309 | 3,779,342 | 66,937,405 | ||
Shares redeemed | (1,687,038) | (33,832,587) | (3,756,287) | (63,233,969) | ||
Net increase (decrease) | (443,253) | $ (9,091,278) | 23,055 | $ 3,703,436 | ||
Investor B | ||||||
Shares sold | 243,433 | $ 4,714,964 | 644,754 | $ 10,792,856 | ||
Shares issued to shareholders in reinvestment of dividends and distributions | 17,376 | 347,017 | 48,841 | 984,615 | ||
Total issued | 260,809 | 5,061,981 | 693,595 | 11,777,471 | ||
Shares redeemed and automatic conversion of shares | (421,263) | (8,172,328) | (1,251,145) | (21,002,550) | ||
Net decrease | (160,454) | $ (3,110,347) | (557,550) | $ (9,225,079) | ||
Investor C | ||||||
Shares sold | 1,050,648 | $ 20,036,732 | 3,410,251 | $ 55,856,558 | ||
Shares issued to shareholders in reinvestment of dividends and distributions | 116,443 | 2,285,844 | 228,224 | 4,534,691 | ||
Total issued | 1,167,091 | 22,322,576 | 3,638,475 | 60,391,249 | ||
Shares redeemed | (1,597,167) | (30,544,321) | (4,559,171) | (74,845,775) | ||
Net decrease | (430,076) | $ (8,221,745) | (920,696) | $ (14,454,526) | ||
Class R | ||||||
Shares sold | 501,264 | $ 9,959,692 | 1,348,323 | $ 23,691,262 | ||
Shares issued to shareholders in reinvestment of dividends and distributions | 51,204 | 1,032,783 | 79,855 | 1,625,856 | ||
Total issued | 552,468 | 10,992,475 | 1,428,178 | 25,317,118 | ||
Shares redeemed | (612,866) | (12,179,390) | (1,596,470) | (26,676,075) | ||
Net decrease | (60,398) | $ (1,186,915) | (168,292) | $ (1,358,957) |
There is a 2% redemption fee on shares redeemed or exchanged that have been held for 30 days or less for each Fund (except Focus Value). The
redemption fees are collected and retained by each Fund for the benefit of the remaining shareholders. The redemption fees are recorded as a credit to
paid-in capital.
9. Subsequent Events:
Management has evaluated the impact of all subsequent events on the Funds through February 24, 2010, 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.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 57
Officers and Directors
Robert M. Hernandez, Chairman of the Board, Director and Member
of the Audit Committee
Fred G. Weiss, Vice Chairman of the Board, Chairman of
the Audit Committee and Director
James H. Bodurtha, Director
Bruce R. Bond, Director
Donald W. Burton, Director
Richard S. Davis, Fund President1 and Director
Stuart E. Eizenstat, Director
Laurence D. Fink, Director
Kenneth A. Froot, Director
Henry Gabbay, Director
John F. O’Brien, Director
Roberta Cooper Ramo, Director
David H. Walsh, Director
Richard R. West, Director and Member of the Audit Committee
Anne F. Ackerley, Fund President2 and Chief Executive Officer
Jeffrey Holland, Vice President
Brendan Kyne, Vice President
Brian Schmidt, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer of the Fund
Howard B. Surloff, Secretary
1 Fund President for EuroFund.
2 Fund President for all Funds except EuroFund.
Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Advisor
BlackRock Investment Management, LLC3
Plainsboro, NJ 08536
BlackRock International Limited4
Edinburgh, EH3 8JB, United Kingdom
Custodian
Brown Brothers Harriman & Co.5
Boston, MA 02101
JPMorgan Chase Bank, N.A.6
Brooklyn, NY 11245
Transfer Agent
PNC Global Investment
Servicing (U.S.) Inc.
Wilmington, DE 19809
Accounting Agent
State Street Bank
and Trust Company
Princeton, NJ 08540
Distributor
BlackRock Investments, LLC
New York, NY 10022
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Independent Registered
Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540
Address of the Fund
100 Bellevue Parkway
Wilmington, DE 19809
3 For all Funds except International Value.
4 For EuroFund and International Value.
5 For all Funds except Focus Value.
6 For Focus Value.
58 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Additional Information
General Information
Electronic Delivery
Electronic copies of most financial reports and prospectuses are available
on the Funds’ website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospectuses
by enrolling in the Funds’ electronic delivery program.
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
http://www.blackrock.com/edelivery
2) Click on the applicable link and follow the steps to sign up
3) Log into your account
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling (800) 441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission’s
(the “SEC”) website at http://www.sec.gov.
Householding
The Funds will mail only one copy of shareholder documents, including
prospectuses, annual and semi-annual reports and proxy statements, to
shareholders with multiple accounts at the same address. This practice is
commonly called “householding” and it is intended to reduce expenses and
eliminate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you instruct
us otherwise. If you do not want the mailing of these documents to be com-
bined with those for other members of your household, please contact the
Funds at (800) 441-7762.
Availability of Proxy Voting Record
Information about how the Funds voted proxies relating to securities held in
the Funds’ portfolio during the most recent 12-month period ended June 30
is available upon request and without charge (1) at www.blackrock.com or by
calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
The Funds file their complete schedule of portfolio holdings with the SEC
for the first and third quarters of each fiscal year on Form N-Q. The Funds’
Forms N-Q are available on the SEC’s website at http://www.sec.gov and
may also be reviewed and copied at the SEC’s Public Reference Room in
Washington, D.C. Information on the operation of the Public Reference
Room may be obtained by calling (202) 551-8090. The Funds’ Forms
N-Q may also be obtained upon request and without charge by calling
(800) 441-7762.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 59
Additional Information (continued)
Shareholder Privileges
Account Information
Call us at (800) 441-7762 8:00 AM to 6:00 PM EST on any business day to
get information about your account balances, recent transactions and share
prices. You can also reach us on the Web at www.blackrock.com/funds.
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.
60 SEMI-ANNUAL REPORT DECEMBER 31, 2009
Additional Information (concluded)
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and
former fund investors and individual clients (collectively, “Clients”) and
to safeguarding their non-public personal information. The following infor-
mation is provided to help you understand what personal information
BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with
those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and
about you from different sources, including the following: (i) information we
receive from you or, if applicable, your financial intermediary, on applica-
tions, forms or other documents; (ii) information about your transactions
with us, our affiliates, or others; (iii) information we receive from a con-
sumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-
public personal information about its Clients, except as permitted by law
or as is necessary to respond to regulatory requests or to service Client
accounts. These non-affiliated third parties are required to protect the
confidentiality and security of this information and to use it only for its
intended purpose.
We may share information with our affiliates to service your account or to
provide you with information about other BlackRock products or services
that may be of interest to you. In addition, BlackRock restricts access to
non-public personal information about its Clients to those BlackRock
employees with a legitimate business need for the information. BlackRock
maintains physical, electronic and procedural safeguards that are designed
to protect the non-public personal information of its Clients, including pro-
cedures relating to the proper storage and disposal of such information.
SEMI-ANNUAL REPORT DECEMBER 31, 2009 61
A World-Class 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.
Equity Funds
BlackRock All-Cap Energy & Resources Portfolio
BlackRock Asset Allocation Portfolio†
BlackRock Aurora Portfolio
BlackRock Balanced Capital Fund†
BlackRock Basic Value Fund
BlackRock Capital Appreciation Portfolio
BlackRock Energy & Resources Portfolio
BlackRock Equity Dividend Fund
BlackRock EuroFund
BlackRock Focus Growth Fund
BlackRock Focus Value Fund
BlackRock Fundamental Growth Fund
BlackRock Global Allocation Fund†
BlackRock Global Dynamic Equity Fund
BlackRock Global Emerging Markets Fund
BlackRock Global Financial Services Fund
BlackRock Global Growth Fund
BlackRock Global Opportunities Portfolio
BlackRock Global SmallCap Fund
BlackRock Health Sciences Opportunities Portfolio
BlackRock Healthcare Fund
BlackRock Index Equity Portfolio*
BlackRock International Fund
BlackRock International Index Fund
BlackRock International Opportunities Portfolio
BlackRock International Value Fund
BlackRock Large Cap Core Fund
BlackRock Large Cap Core Plus Fund
BlackRock Large Cap Growth Fund
BlackRock Large Cap Value Fund
BlackRock Latin America Fund
BlackRock Mid-Cap Growth Equity Portfolio
BlackRock Mid-Cap Value Equity Portfolio
BlackRock Mid Cap Value Opportunities Fund
BlackRock Natural Resources Trust
BlackRock Pacific Fund
BlackRock Science & Technology
Opportunities Portfolio
BlackRock Small Cap Core Equity Portfolio
BlackRock Small Cap Growth Equity Portfolio
BlackRock Small Cap Growth Fund II
BlackRock Small Cap Index Fund
BlackRock Small/Mid-Cap Growth Portfolio
BlackRock S&P 500 Index Fund
BlackRock U.S. Opportunities Portfolio
BlackRock Utilities and Telecommunications Fund
BlackRock Value Opportunities Fund
Fixed Income Funds
BlackRock Bond Portfolio
BlackRock Emerging Market Debt Portfolio
BlackRock GNMA Portfolio
BlackRock Government Income Portfolio
BlackRock High Income Fund
BlackRock High Yield Bond Portfolio
BlackRock Income Portfolio†
BlackRock Income Builder Portfolio†
BlackRock Inflation Protected Bond Portfolio
BlackRock Intermediate Government
Bond Portfolio
BlackRock International Bond Portfolio
BlackRock Long Duration Bond Portfolio
BlackRock Low Duration Bond Portfolio
BlackRock Managed Income Portfolio
BlackRock Short-Term Bond Fund
BlackRock Strategic Income Portfolio
BlackRock Total Return Fund
BlackRock Total Return Portfolio II
BlackRock World Income Fund
Municipal Bond Funds
BlackRock AMT-Free Municipal Bond Portfolio
BlackRock California Municipal Bond Fund
BlackRock High Yield Municipal Fund
BlackRock Intermediate Municipal Fund
BlackRock Kentucky Municipal Bond Portfolio
BlackRock Municipal Insured Fund
BlackRock National Municipal Fund
BlackRock New Jersey Municipal Bond Fund
BlackRock New York Municipal Bond Fund
BlackRock Ohio Municipal Bond Portfolio
BlackRock Pennsylvania Municipal Bond Fund
BlackRock Short-Term Municipal Fund
Target Risk & Target Date Funds
BlackRock Prepared Portfolios
Conservative Prepared Portfolio
Moderate Prepared Portfolio
Growth Prepared Portfolio
Aggressive Growth Prepared Portfolio
BlackRock Lifecycle Prepared Portfolios
Prepared Portfolio 2010
Prepared Portfolio 2015
Prepared Portfolio 2020
Prepared Portfolio 2025
Prepared Portfolio 2030
Prepared Portfolio 2035
Prepared Portfolio 2040
Prepared Portfolio 2045
Prepared Portfolio 2050
* See the prospectus for information on specific limitations on investments in the fund.
† Mixed asset fund.
BlackRock mutual funds are currently distributed by BlackRock Investments, LLC. You should consider the investment objectives, risks, charges and
expenses of the funds under consideration carefully before investing. Each fund’s prospectus contains this and other information and is available at
www.blackrock.com or by calling (800) 441-7762 or from your financial advisor. The prospectus should be read carefully before investing.
62 SEMI-ANNUAL REPORT DECEMBER 31, 2009
This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless accompanied or preceded by the Funds’
current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment return 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.
Investment in foreign securities involves special risks including fluctuating foreign exchange rates, foreign government regulations, differing degrees of liquid-
ity and the possibility of substantial volatility due to adverse political, economic or other developments.
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 Registrants – Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to
Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a
nominee should send nominations that include biographical information and set forth the
qualifications of the proposed nominee to the registrant’s Secretary. There have been no
material changes to these procedures.
Item 11 – Controls and Procedures
11(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.
11(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 second fiscal quarter
of the period covered by this report that have materially affected, or are reasonably likely to
materially affect, the registrant’s internal control over financial reporting.
Item 12 – Exhibits attached hereto
12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
12(a)(2) – Certifications – Attached hereto
12(a)(3) – Not Applicable
12(b) – Certifications – Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
BlackRock EuroFund
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock EuroFund
Date: February 23, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock EuroFund
Date: February 23, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock EuroFund
Date: February 23, 2010