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: John M. Perlowski, Chief Executive Officer, BlackRock
EuroFund, 40 East 52nd Street, New York, NY 10022
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 06/30/2011
Date of reporting period: 12/31/2010
Item 1 – Report to Stockholders
December 31, 2010
Semi-Annual Report (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 • No Bank Guarantee • May Lose Value
Table of Contents | |
Page | |
Dear Shareholder | 3 |
Semi-Annual Report: | |
Fund Summaries | 4 |
About Fund Performance | 12 |
Disclosure of Expenses | 12 |
Derivative Instruments | 13 |
Financial Statements: | |
Schedules of Investments | 14 |
Statements of Assets and Liabilities | 25 |
Statements of Operations | 27 |
Statements of Changes in Net Assets | 28 |
Financial Highlights | 30 |
Notes to Financial Statements | 50 |
Officers and Directors | 59 |
Additional Information | 60 |
Mutual Fund Family | 63 |
2 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Dear Shareholder
Economic data fluctuated widely throughout 2010 as the global economy continued to emerge from the “Great Recession.” As the year drew to a close, it
became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets
showed signs of continuing improvement.
Debt and deflationary risks remained present throughout 2010, causing central banks worldwide to respond with unprecedented actions, most notably a
second round of quantitative easing (informally known as “QE2”) from the US Federal Reserve Board (the “Fed”). Inflation remained a non-issue in the
developed world, but continued to rear its ugly head in some emerging economies, most evidently in China. Global and US gross domestic product (“GDP”)
growth both continued in a positive direction but remained subpar compared to most historical economic recoveries. In the United States, the corporate
sector has been an important area of strength and consumer spending has shown improvement, although weakness in the housing and labor markets con-
tinues to burden the economy.
Stocks moved higher in the early months of 2010 on the continuation of the 2009 asset recovery story. The mid-year months saw a double-digit percentage
correction on the back of the Greek sovereign debt crisis and a stalling in jobs growth, leading to fears of a double-dip recession. After touching a late
summer low, equity markets rallied through year end as these concerns receded. The announcement of QE2 and extension of the Bush-era tax cuts further
boosted equities as the year came to a close. Although the course was uneven and high volatility remained a constant for stocks, equity markets globally
ended the year strong. Emerging markets outpaced the developed world in terms of economic growth and posted respectable gains for the year despite
sovereign debt problems and heightening inflationary pressures. US stocks recorded double-digit percentage gains for the second consecutive year. Small
cap stocks outperformed large caps as investors began to move into higher-risk assets.
In fixed income markets, yields trended lower over most of the year as investors continued to favor safer assets. That trend reversed abruptly in the fourth
quarter when market fears abated and investors began seeking higher-risk assets, driving yields sharply upward through year end. However, yields were lower
overall for the year and fixed income markets finished 2010 in positive territory. Although fixed income securities generally underperformed equities, high
yield bonds only marginally trailed large cap stocks. Conversely, the tax-exempt municipal market was dealt an additional blow as it became apparent that
an extension of the Build America Bond program was unlikely. In addition, the fourth quarter brought an increase in negative headlines regarding fiscal
challenges faced by state and local governments, sparking additional volatility in the municipal market.
Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the year as short-term interest rates remained low. Yields
on money market securities remain near all-time lows.
Total Returns as of December 31, 2010 | 6-month | 12-month |
US large cap equities (S&P 500 Index) | 23.27% | 15.06% |
US small cap equities (Russell 2000 Index) | 29.38 | 26.85 |
International equities (MSCI Europe, Australasia, Far East Index) | 24.18 | 7.75 |
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index) | 0.08 | 0.13 |
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) | (1.33) | 7.90 |
US investment grade bonds (Barclays Capital US Aggregate Bond Index) | 1.15 | 6.54 |
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index) | (0.90) | 2.38 |
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) | 10.04 | 14.94 |
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. |
While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer
investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends
early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine,
where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder
Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months
and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
THIS PAGE NOT PART OF YOUR FUND REPORT 3
Fund Summary as of December 31, 2010 BlackRock EuroFund
Portfolio Management Commentary
How did the Fund perform?
•For the six-month period ended December 31, 2010, the Fund’s
Institutional, Investor A, Investor C and Class R Shares outperformed
its benchmark, the MSCI Europe Index. The Fund’s Investor B Shares
marginally underperformed the benchmark.
What factors influenced performance?
•During the period, stock selection had a positive impact on Fund per-
formance relative to the benchmark. Within the industrials sector, select
positions in the capital goods industry group (e.g., KCI Konecranes Oyj,
Bilfinger Berger AG and Safran SA) benefited from strong trends in the
global industrial cycle. In addition, positions in materials names Xstrata
Plc and BHP Billiton Plc performed well against a backdrop of sharply
rising commodity prices.
•The Fund benefited from positions in the financials sector, although sector
allocation detracted on the whole, as positions in consumer discretionary
and telecommunication services (telecom) were less successful over the
period. At the stock level, the Fund’s positions in Deutsche Telekom AG
(telecom) and in food retailer Koninklijke Ahold NV (consumer staples)
detracted from performance. Other notable detractors were found in the
consumer services industry within consumer discretionary, especially those
stocks with exposure to some of the region’s weaker consumer trends, such
as gaming firm Ladbrokes Plc and travel company Thomas Cook Group Plc.
•A final detractor from relative performance was the value-based investment
approach employed by the Fund. In 2010, value strategies faced significant
headwinds and notably underperformed growth strategies, as well as
broad markets.
Describe recent portfolio activity.
•During the six-month period, we reduced the Fund’s exposure to the
consumer staples sector by selling positions in Nestle SA and Koninklijke
Ahold NV, and we reduced health care exposure by closing a position in
Sanofi-Aventis. In addition, we reduced positions in Repsol YPF SA and
OAO Gazprom — ADR within the energy sector and recycled some of the
capital from those sales into BP Plc. In contrast, we added to the Fund’s
positions in the materials sector across both soft and hard commodities,
including increases in Rio Tinto Plc, Johnson Matthey Plc and Syngenta AG.
Describe Fund positioning at period end.
•At period end, the Fund is overweight in the industrials, consumer discre-
tionary, materials, telecom and information technology sectors, and it is
underweight in health care, energy, consumer staples and financials. In
terms of country exposure, the Fund is overweight in France, the UK,
Denmark and Germany, and underweight in Italy, Spain, the Netherlands
and Sweden.
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 |
Novartis AG, Registered Shares | 4% |
Royal Dutch Shell Plc, Class B | 4 |
Vodafone Group Plc | 3 |
Rio Tinto Plc, Registered Shares | 3 |
Xstrata Plc | 3 |
The Swatch Group Ltd., Bearer Shares | 3 |
Tesco Plc | 3 |
Bayer AG | 3 |
BP Plc | 3 |
Carlsberg A/S | 2 |
Percent of | |
Long-Term | |
Geographic Allocations | Investments |
United Kingdom | 37% |
France | 19 |
Germany | 14 |
Switzerland | 13 |
Denmark | 4 |
Sweden | 4 |
Spain | 3 |
Finland | 2 |
Norway | 2 |
Other1 | 2 |
1 Other includes a 1% holding in each of the following countries: Netherlands | |
and Belgium. |
4 SEMI-ANNUAL REPORT DECEMBER 31, 2010
BlackRock EuroFund
Total Return Based on a $10,000 Investment
1 Assuming maximum sales charge, transaction costs and other operating expenses, including investment 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 broad-based capitalization-weighted index is comprised of a representative sampling of large-, medium- and small-capitalization compa-
nies in developed European countries.
Performance Summary for the Period Ended December 31, 2010
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 | 25.58% | 0.95% | N/A | 2.36% | N/A | 3.91% | N/A |
Investor A | 25.43 | 0.70 | (4.59)% | 2.15 | 1.06% | 3.66 | 3.11% |
Investor B | 24.49 | (0.66) | (5.13) | 1.04 | 0.78 | 2.97 | 2.97 |
Investor C | 24.95 | (0.09) | (1.08) | 1.31 | 1.31 | 2.84 | 2.84 |
Class R | 25.18 | 0.09 | N/A | 1.61 | N/A | 3.40 | N/A |
MSCI Europe Index | 24.73 | 3.88 | N/A | 2.85 | N/A | 3.27 | 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 | Annualized | |
July 1, 2010 | December 31, 2010 During the Period5 | July 1, 2010 | December 31, 2010 During the Period5 | Expense Ratio | |||
Institutional | $1,000.00 | $1,255.80 | $ 6.20 | $1,000.00 | $1,019.71 | $ 5.55 | 1.09% |
Investor A | $1,000.00 | $1,254.30 | $ 7.22 | $1,000.00 | $1,018.80 | $ 6.46 | 1.27% |
Investor B | $1,000.00 | $1,244.90 | $15.96 | $1,000.00 | $1,010.98 | $14.29 | 2.82% |
Investor C | $1,000.00 | $1,249.50 | $12.08 | $1,000.00 | $1,014.46 | $10.82 | 2.13% |
Class R | $1,000.00 | $1,251.80 | $10.67 | $1,000.00 | $1,015.72 | $ 9.55 | 1.88% |
5 For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period shown).
6 Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most 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, 2010 5
Fund Summary as of December 31, 2010 BlackRock Focus Value Fund, Inc.
Portfolio Management Commentary
How did the Fund perform?
•For the six-month period ended December 31, 2010, the Fund outper-
formed its benchmark, the Russell 1000 Value Index, and the broad-
market S&P 500 Index. The following discussion pertains to the Fund’s
performance relative to the Russell 1000 Value Index.
What factors influenced performance?
•The Fund’s outperformance relative to the benchmark was primarily attrib-
utable to an overweight position and strong stock selection in the con-
sumer discretionary sector, led by returns of more than 50% from positions
in Limited Brands, Inc. and Carnival Corp.
•An overweight position and strong stock selection in the materials sector
also favorably contributed to results, with advances of more than 50% on
positions in United States Steel Corp. and Alcoa, Inc.
•Performance was further enhanced by the Fund’s overweight position and
strong stock selection in the energy sector, led by returns of more than
60% from positions in Halliburton Co. and Peabody Energy Corp. The
energy sector was the strongest performing sector in the Russell 1000
Value Index for the period.
•These areas of strength more than offset relative weakness from the
telecommunication services (telecom) sector, where poor stock selection
detracted from results, largely due to weakness in Sprint Nextel Corp.
•Poor stock selection in the industrials sector also impaired Fund perform-
ance, as a position in Raytheon Co. declined in price over the period.
Describe recent portfolio activity.
•We continued to adjust the Fund’s holdings during the six-month period
in response to ongoing market volatility. Within the health care sector, we
eliminated a position in Covidien Plc and reduced a holding in Bristol-
Myers Squibb Co., while introducing new positions in Amgen, Inc. and
Baxter International, Inc. to the Fund. We reduced and repositioned the
Fund’s information technology (IT) exposure, eliminating positions in Micron
Technology, Inc. and Novellus Systems, Inc. while introducing Hewlett-
Packard Co. We reduced exposure to a number of financials stocks, such
as Bank of America Corp. and Citigroup, Inc. during the fourth-quarter
rally, while increasing positions in laggards Morgan Stanley and Hartford
Financial Services Group, Inc. We also pared positions in some consumer
discretionary stocks after their strong performance.
Describe Fund positioning at period end.
•At period end, the Fund was overweight relative to the benchmark in the IT,
materials, energy and consumer discretionary sectors and underweight in
utilities, consumer staples, health care and financials. In addition, the Fund
is neutrally weighted in the industrials and telecom sectors.
•As evidenced by this pro-cyclical posture, we believe the economy can
sustain a moderate growth rate while inflation and interest rate pressures
should remain benign. Combined with good corporate profit growth and
reasonable equity market valuations, we believe these conditions can
deliver attractive stock market returns in the period ahead. We are sensi-
tive, however, to the risk of a correction or period of consolidation early in
2011, given the strength of the recent rally. We will look to be opportunistic
should such a correction occur.
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 |
Wells Fargo & Co. | 3% |
MetLife, Inc. | 3 |
Invesco Ltd. | 3 |
Honeywell International, Inc. | 3 |
Halliburton Co. | 3 |
Citigroup, Inc. | 3 |
JPMorgan Chase & Co. | 3 |
Comcast Corp., Special Class A | 3 |
Morgan Stanley | 3 |
United States Steel Corp. | 3 |
Percent of | |
Long-Term | |
Investment Criteria | Investments |
Earnings Turnaround | 28% |
Price-to-Earnings Per Share | 25 |
Operational Restructuring | 11 |
Above-Average Yield | 9 |
Price-to-Book Value | 6 |
Price-to-Cash Flow | 5 |
Special Situations | 5 |
Discount to Assets | 5 |
Below-Average Price/Earnings Ratio | 3 |
Low Price-to-Book Value | 3 |
6 SEMI-ANNUAL REPORT DECEMBER 31, 2010
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 investment 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, 2010
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 | 26.74% | 16.46% | N/A | 2.82% | N/A | 4.74% | N/A |
Investor A | 26.62 | 16.12 | 10.02% | 2.52 | 1.42% | 4.46 | 3.89% |
Investor B | 26.00 | 14.97 | 10.47 | 1.64 | 1.32 | 3.80 | 3.80 |
Investor C | 26.14 | 15.21 | 14.21 | 1.70 | 1.70 | 3.63 | 3.63 |
Class R | 26.11 | 15.32 | N/A | 1.89 | N/A | 4.07 | N/A |
Russell 1000 Value Index | 21.74 | 15.51 | N/A | 1.28 | N/A | 3.26 | N/A |
S&P 500 Index | 23.27 | 15.06 | N/A | 2.29 | N/A | 1.41 | 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 | Annualized | |
July 1, 2010 | December 31, 2010 During the Period6 | July 1, 2010 | December 31, 2010 During the Period6 | Expense Ratio | |||
Institutional | $1,000.00 | $1,267.40 | $ 5.89 | $1,000.00 | $1,020.01 | $ 5.24 | 1.03% |
Investor A | $1,000.00 | $1,266.20 | $ 7.60 | $1,000.00 | $1,018.50 | $ 6.77 | 1.33% |
Investor B | $1,000.00 | $1,260.00 | $13.22 | $1,000.00 | $1,013.50 | $11.77 | 2.32% |
Investor C | $1,000.00 | $1,261.40 | $12.25 | $1,000.00 | $1,014.36 | $10.92 | 2.15% |
Class R | $1,000.00 | $1,261.10 | $11.46 | $1,000.00 | $1,015.07 | $10.21 | 2.01% |
6 Expenses are equal to the expense ratio, 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, 2010 7
Fund Summary as of December 31, 2010 BlackRock Global SmallCap Fund, Inc.
Portfolio Management Commentary
How did the Fund perform?
•During the six-month period ended December 31, 2010, the Fund under-
performed the benchmark MSCI World Small Cap Index, but outperformed
the broader MSCI World Index. The following discussion pertains to the
Fund’s performance relative to the MSCI World Small Cap Index.
What factors influenced performance?
•Noteworthy detractors from Fund performance relative to the benchmark
included security selection in the information technology (IT), materials,
consumer discretionary and consumer staples sectors. Within the IT sector,
an overweight to and stock selection among semiconductors names
detracted from performance, as did stock selection in the communications
equipment and software industries. In the materials sector, the Fund’s over-
exposure to packaging companies and stock selection in the chemicals
industry detracted further. In the consumer sectors, stock selection in
textiles, retailers and personal products detracted from performance.
•Fund performance relative to the benchmark was enhanced, however,
by stock selection and an overweight in the energy sector, especially in
the energy services industry. Selection of stocks was also additive in the
industrials sector, where machinery company Timken Co., airline company
AirAsia Bhd, toll road operator Santos Brasil Participacoes SA, and con-
struction & engineering firm Foster Wheeler AG were notable contributors.
Fund holdings also outperformed in the health care sector, especially in
the pharmaceuticals and health care services industries.
Describe recent portfolio activity.
•During the period, Fund exposure to the energy sector was increased,
especially within the energy services industry. Overall health care exposure
was also increased modestly, with biotechnology positions being increased
and pharmaceuticals reduced. Within the financials sector, banks and real
estate investment trusts (REITs) were reduced, while exposures in the
consumer finance, capital markets and real estate management &
development industries were increased. Exposure to consumer staples
was reduced across industries.
Describe Fund positioning at period end.
•As of December 31, 2010, the Fund was overweight relative to the
benchmark in the IT and energy sectors and underweight in the industrials,
financials and consumer discretionary sectors. The Fund’s exposure was
relatively neutral in the remaining sectors. The Fund remains diversified
globally, with an overweight in emerging markets coming at the expense
of allocations to the United States and Japan.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These
views are not intended to be a forecast of future events and are no guarantee of future results.
Portfolio Information | |
Percent of | |
Long-Term | |
Ten Largest Holdings | Investments |
Rheinmetall AG | 1% |
Timken Co. | 1 |
Schoeller-Bleckmann Oilfield Equipment AG | 1 |
Celanese Corp., Series A | 1 |
IDEX Corp. | 1 |
Aryzta AG | 1 |
GEA Group AG | 1 |
Ryanair Holdings Plc | 1 |
Nuance Communications, Inc. | 1 |
Deutsche Euroshop AG | 1 |
Percent of | |
Long-Term | |
Geographic Allocations | Investments |
United States | 48% |
United Kingdom | 7 |
Canada | 5 |
Germany | 5 |
Switzerland | 5 |
Australia | 4 |
Singapore | 3 |
India | 3 |
Japan | 3 |
Hong Kong | 2 |
France | 2 |
China | 2 |
Other1 | 11 |
1 Other includes a 1% holding in each of the following countries: Austria, Bermuda,
Brazil, Finland, Ireland, Israel, Malaysia, Netherlands, Norway, Taiwan and
South Korea.
8 SEMI-ANNUAL REPORT DECEMBER 31, 2010
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 investment 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, 2010
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 | 28.64% | 18.72% | N/A | 6.73% | N/A | 7.11% | N/A |
Investor A | 28.40 | 18.31 | 12.10% | 6.42 | 5.28% | 6.82 | 6.24% |
Investor B | 27.76 | 17.24 | 12.74 | 5.51 | 5.22 | 6.14 | 6.14 |
Investor C | 27.84 | 17.35 | 16.35 | 5.55 | 5.55 | 5.96 | 5.96 |
Class R | 28.08 | 17.81 | N/A | 6.00 | N/A | 6.54 | N/A |
MSCI World Index | 23.96 | 11.76 | N/A | 2.43 | N/A | 2.31 | N/A |
MSCI World Small Cap Index | 31.02 | 26.13 | N/A | 4.53 | N/A | 9.14 | 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 | Annualized | |
July 1, 2010 | December 31, 2010 During the Period6 | July 1, 2010 | December 31, 2010 During the Period6 | Expense Ratio | |||
Institutional | $1,000.00 | $1,286.40 | $ 6.28 | $1,000.00 | $1,019.71 | $ 5.55 | 1.09% |
Investor A | $1,000.00 | $1,284.00 | $ 8.06 | $1,000.00 | $1,018.14 | $ 7.12 | 1.40% |
Investor B | $1,000.00 | $1,277.60 | $13.55 | $1,000.00 | $1,013.30 | $11.98 | 2.36% |
Investor C | $1,000.00 | $1,278.40 | $12.86 | $1,000.00 | $1,013.91 | $11.37 | 2.24% |
Class R | $1,000.00 | $1,280.80 | $10.52 | $1,000.00 | $1,015.97 | $ 9.30 | 1.83% |
6 For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period shown).
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, 2010 9
Fund Summary as of December 31, 2010 BlackRock International Value Fund
Portfolio Management Commentary
How did the Fund perform?
•For the six-month period ended December 31, 2010, the Fund outper-
formed its benchmark, the MSCI Europe, Australia, Far East (EAFE) Index.
What factors influenced performance?
•Generally speaking, stock selection contributed positively to Fund perform-
ance for the period, while sector allocation detracted.
•The Fund benefited from successful stock selection in the consumer
discretionary and financials sectors. Stock selection within industrials
was also rewarding, with capital goods companies Bilfinger Berger AG,
KCI Konecranes Oyj and Sumitomo Corp. posting strong gains. Other indi-
vidual holdings that performed particularly well include brewer Carlsberg
A/S and media company United Business Media Ltd. At the sector level,
underweight positions relative to the benchmark in utilities and financials
proved beneficial.
•Detracting from performance was the Fund’s underweight to the materials
sector, which rallied during the period on strong commodities prices and
the market’s expectations for increasing global demand in the future.
Stock selection within the telecommunications services sector had a
negative impact, where Deutsche Telekom AG and China Mobile Ltd. were
the notable detractors. Stock selection among energy companies, most
notably Inpex Corp. and BP Plc, also hindered returns.
Describe recent portfolio activity.
•During the six-month period, portfolio activity resulted mainly from individ-
ual stock selection. Within the industrial sector, we added to the Fund’s
capital goods holdings in both Europe and Japan (Koninklijke Philips
Electronics NV, Komatsu Ltd., Nippon Sheet Glass Co., Ltd. and Assa
Abloy AB). Elsewhere, we made small additions to holdings in materials
(Nitto Denko Corp. and BHP Billiton Plc) and information technology
(LG Display Co. Ltd. and Hitachi Ltd.). These additions were funded with
proceeds from the sale of select stocks in the consumer staples sector,
including the defensive confectionary company Nestle SA and Danish
brewer Carlsberg A/S. We also reduced exposure to financials, primarily
among banks, where we exited our positions in Barclays Plc and Itaú
Unibanco Holding SA.
•The Fund’s regional allocation did not change significantly during the
period; however, we did reduce exposure to some European and Emerging
Market names and reinvested the proceeds in Japan.
Describe Fund positioning at period end.
•At period end, the Fund held sector overweights relative to the MSCI EAFE
Index in information technology, industrials and telecommunication serv-
ices, while it was underweight in financials, consumer staples, utilities and
consumer discretionary. From a regional perspective, the Fund was under-
weight in Europe, while it was neutral in Japan and overweight in select
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 |
Royal Dutch Shell Plc, Class B | 4% |
Novartis AG, Registered Shares | 4 |
BHP Billiton Plc | 3 |
Telefonica SA | 3 |
British American Tobacco Plc | 3 |
Total SA | 3 |
National Australia Bank Ltd. | 3 |
Bayer AG | 3 |
Hitachi Ltd. | 3 |
Centrica Plc | 3 |
Percent of | |
Long-Term | |
Geographic Allocations | Investments |
Japan | 22% |
United Kingdom | 21 |
Germany | 9 |
France | 8 |
Spain | 7 |
Switzerland | 7 |
Australia | 6 |
Netherlands | 4 |
China | 3 |
South Korea | 3 |
India | 2 |
Sweden | 2 |
Taiwan | 2 |
Mexico | 2 |
Other1 | 2 |
1 Other includes a 1% holding in each of the following countries: Brazil and Finland. |
10 SEMI-ANNUAL REPORT DECEMBER 31, 2010
BlackRock International Value Fund
Total Return Based on a $10,000 Investment
1 Assuming maximum sales charge, transaction costs and other operating expenses, including investment 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 index is an arithmetical average weighted by market value of the performance of over 1,000 non-U.S. companies representing 21 stock markets in
Europe, Australia, New Zealand and the Far East.
Performance Summary for the Period Ended December 31, 2010
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 | 25.61% | 6.11% | N/A | 1.82% | N/A | 4.34% | N/A |
Investor A | 25.44 | 5.73 | 0.18% | 1.48 | 0.40% | 4.04 | 3.48% |
Investor B | 24.70 | 4.60 | 0.10 | 0.47 | 0.16 | 3.35 | 3.35 |
Investor C | 24.70 | 4.63 | 3.63 | 0.47 | 0.47 | 3.14 | 3.14 |
Class R | 25.18 | 5.40 | N/A | 1.15 | N/A | 3.80 | N/A |
MSCI EAFE Index | 24.18 | 7.75 | N/A | 2.46 | N/A | 3.50 | 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 | Annualized | |
July 1, 2010 | December 31, 2010 | During the Period5 | July 1, 2010 | December 31, 2010 | During the Period5 | Expense Ratio | |
Institutional | $1,000.00 | $1,256.10 | $ 5.86 | $1,000.00 | $1,020.01 | $ 5.24 | 1.03% |
Investor A | $1,000.00 | $1,254.40 | $ 7.73 | $1,000.00 | $1,018.34 | $ 6.92 | 1.36% |
Investor B | $1,000.00 | $1,247.00 | $14.10 | $1,000.00 | $1,012.65 | $12.63 | 2.49% |
Investor C | $1,000.00 | $1,247.00 | $13.71 | $1,000.00 | $1,013.00 | $12.28 | 2.42% |
Class R | $1,000.00 | $1,251.80 | $ 9.71 | $1,000.00 | $1,016.58 | $ 8.69 | 1.71% |
5 For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period shown).
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, 2010 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
through exchanges and dividend reinvestments by existing shareholders or
for purchase by certain 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.
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, 2010 and held through December 31,
2010) 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, 2010
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 may 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 investments at inopportune times or for distressed val-
ues, may limit the amount of appreciation the Funds can realize on an
investment, may result in lower dividends paid to shareholders or may
cause the Funds to hold an investment 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, 2010 13
Schedule of Investments December 31, 2010 (Unaudited) BlackRock EuroFund
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Belgium — 1.0% | ||
KBC Bancassurance Holding (a) | 100,591 | $ 3,427,402 |
Denmark — 3.9% | ||
Carlsberg A/S | 88,362 | 8,869,372 |
Christian Hansen Holding A/S | 251,634 | 5,150,020 |
14,019,392 | ||
Finland — 2.2% | ||
KCI Konecranes Oyj | 194,818 | 8,049,557 |
France — 18.7% | ||
AXA SA | 457,145 | 7,609,324 |
BNP Paribas SA | 97,499 | 6,209,334 |
CFAO SA | 107,765 | 4,693,974 |
Cie de Saint-Gobain SA | 99,703 | 5,135,225 |
GDF Suez | 224,775 | 8,072,776 |
Legrand Promesses | 165,547 | 6,752,614 |
Safran SA | 157,972 | 5,599,825 |
Schneider Electric SA | 51,825 | 7,770,381 |
Societe Generale SA | 128,683 | 6,923,975 |
Vivendi SA | 287,563 | 7,770,374 |
66,537,802 | ||
Germany — 13.7% | ||
Bayer AG | 130,146 | 9,647,311 |
Bilfinger Berger AG | 89,432 | 7,570,329 |
Continental AG (a) | 82,736 | 6,572,100 |
Daimler AG (a) | 15,813 | 1,069,997 |
Deutsche Telekom AG | 385,404 | 4,968,291 |
HeidelbergCement AG | 122,172 | 7,667,824 |
Metro AG | 74,293 | 5,362,189 |
SAP AG | 117,241 | 5,979,558 |
48,837,599 | ||
Netherlands — 1.3% | ||
TNT NV | 170,344 | 4,504,855 |
Norway — 1.7% | ||
DnB NOR ASA | 428,883 | 6,033,543 |
Spain — 3.4% | ||
Amadeus IT Holding SA, Class A (a) | 281,059 | 5,906,500 |
Tecnicas Reunidas SA | 97,867 | 6,240,736 |
12,147,236 | ||
Sweden — 3.7% | ||
Swedbank AB, A Shares (a) | 368,339 | 5,150,595 |
TeliaSonera AB | 1,016,232 | 8,067,510 |
13,218,105 | ||
Switzerland — 13.2% | ||
Credit Suisse Group AG | 196,244 | 7,903,710 |
Julius Baer Group Ltd. | 152,492 | 7,140,139 |
Novartis AG, Registered Shares | 255,164 | 15,020,370 |
The Swatch Group Ltd., Bearer Shares | 23,681 | 10,558,656 |
Syngenta AG | 22,538 | 6,606,649 |
47,229,524 |
Common Stocks | Shares | Value | |
United Kingdom — 37.1% | |||
BP Plc | 1,218,674 | $ 8,982,820 | |
British American Tobacco Plc | 154,744 | 5,952,410 | |
Britvic Plc | 693,124 | 5,119,872 | |
Burberry Group Plc | 402,770 | 7,078,686 | |
Centrica Plc | 1,331,578 | 6,899,338 | |
International Power Plc | 710,160 | 4,863,479 | |
Johnson Matthey Plc | 140,910 | 4,489,398 | |
Lloyds TSB Group Plc (a) | 8,107,572 | 8,369,483 | |
Prudential Plc | 349,163 | 3,647,791 | |
Rio Tinto Plc, Registered Shares | 155,826 | 11,107,557 | |
Royal Dutch Shell Plc, Class B | 443,184 | 14,675,918 | |
Standard Chartered Plc | 197,619 | 5,334,872 | |
Tesco Plc | 1,564,357 | 10,373,337 | |
Vodafone Group Plc | 4,503,814 | 11,823,203 | |
Whitbread Plc | 172,304 | 4,821,434 | |
Wolseley Plc (a) | 242,123 | 7,750,910 | |
Xstrata Plc | 454,760 | 10,776,120 | |
132,066,628 | |||
Total Long-Term Investments | |||
(Cost — $327,494,382) — 99.9% | 356,071,643 | ||
Short-Term Securities | |||
Money Market Funds – 0.3% | |||
BlackRock Liquidity Funds, TempFund, | |||
Institutional Class, 0.17% (b)(c) | 876,188 | 876,188 | |
Par | |||
Time Deposits | (000) | ||
Europe – 0.0% | |||
Brown Brothers Harriman & Co., 0.08%, 1/01/11 | EUR | 68 | 91,605 |
United Kingdom – 0.0% | |||
Brown Brothers Harriman & Co., 0.07%, 1/01/11 | GBP | 68 | 105,612 |
Total Time Deposits — 0.0% | 197,217 | ||
Total Short-Term Securities | |||
(Cost — $1,072,429) — 0.3% | 1,073,405 | ||
Total Investments (Cost — $328,566,811*) — 100.2% | 357,145,048 | ||
Liabilities in Excess of Other Assets — (0.2)% | (796,643) | ||
Net Assets — 100.0% | $ 356,348,405 |
Portfolio Abbreviations | ||||
To simplify the listings of portfolio holdings in | ADR | American Depositary Receipts | MSCI | Morgan Stanley Capital International |
the Schedules of Investments, the names and | AUD | Australian Dollar | MYR | Malaysian Ringgit |
descriptions of many of the securities have been | EUR | Euro | NVDR | Non-Voting Depositary Receipt |
abbreviated according to the following list: | GBP | British Pound | USD | US Dollar |
HKD | Hong Kong Dollar |
See Notes to Financial Statements.
14 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Schedule of Investments (concluded) BlackRock EuroFund
* The cost and unrealized appreciation (depreciation) of investments as of
December 31, 2010, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 332,031,015 |
Gross unrealized appreciation | $ 35,004,026 |
Gross unrealized depreciation | (9,889,993) |
Net unrealized appreciation | $ 25,114,033 |
(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, as amended, were
as follows:
Shares Held | Shares Held | |||
at June 30, | Net | at December 31, | ||
Affiliate | 2010 | Activity | 2010 | Income |
BlackRock Liquidity | ||||
Funds, TempFund, | ||||
Institutional Class | 893,336 | (17,148) | 876,188 | $ 4,841 |
(c) Represents the current yield as of report date.
•Foreign currency exchange contracts as of December 31, 2010 were as follows:
Unrealized | ||||||
Currency | Currency | Settlement Appreciation | ||||
Purchased | Sold | Counterparty | Date | (Depreciation) | ||
USD | 473,223 | EUR | 358,883 Bank of New York 1/03/11 | $ (6,352) | ||
GBP | 2 43,188 | USD | 376,014 | JPMorgan | ||
Chase Bank NA | 1/04/11 | 3,140 | ||||
USD | 288,614 | EUR | 217,526 | Goldman Sachs | ||
International | 1/04/11 | (2,066) | ||||
GBP | 282,217 | USD | 433,909 | State Street | ||
Global | ||||||
Markets, LLC | 1/05/11 | 6,096 | ||||
USD | 1,980 | GBP | 1,275 | State Street | ||
Global | ||||||
Markets, LLC | 1/05/11 | (9) | ||||
GBP | 131,943 | USD | 204,919 | Citibank NA | 1/06/11 | 791 |
Total | $ 1,600 |
•FairValueMeasurements— Various inputs are used in determining the fair value of |
investments and derivatives, which are as follows: |
•Level 1 — price quotations in active markets/exchanges for identical assets |
and liabilities |
•Level2 — 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 |
and derivatives) |
The inputs or methodologies used for valuing securities are not necessarily an |
indication of the risk associated with investing in those securities. For information |
about the Fund’s policy regarding valuation of investments and derivatives and |
other significant accounting policies, please refer to Note 1 of the Notes to |
financial statements. |
The following tables summarize the inputs used as of December 31, 2010 in |
determining the fair valuation of the Fund’s investments and derivatives: |
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | |
Assets: | |||||
Investments in Securities: | |||||
Long-Term | |||||
Investments1 | — | $ 356,071,643 | — | $ 356,071,643 | |
Short-Term | |||||
Securities: | |||||
Money Market | |||||
Funds | $ 876,188 | — | — | 876,188 | |
Time Deposits | — | 197,217 | — | 197,217 | |
Total | $ 876,188 | $ 356,268,860 | — | $ 357,145,048 | |
1 See above Schedule of Investments for values in each country. |
Derivative Financial Instruments2 | ||||
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Foreign currency | ||||
exchange | ||||
contracts | — | $ 10,027 | — | $ 10,027 |
Liabilities: | ||||
Foreign currency | ||||
exchange | ||||
contracts | — | (8,427) | — | (8,427) |
Total | — | $ 1,600 | — | $ 1,600 |
2 Derivative 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, 2010 15
Schedule of Investments December 31, 2010 (Unaudited) BlackRock Focus Value Fund, Inc.
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Above-Average Yield — 9.1% | ||
Industrial Conglomerates — 2.7% | ||
Tyco International Ltd. | 101,950 | $ 4,224,808 |
Metals & Mining — 2.6% | ||
Alcoa, Inc. | 258,500 | 3,978,315 |
Pharmaceuticals — 2.5% | ||
Merck & Co, Inc. | 105,700 | 3,809,428 |
Specialty Retail — 1.3% | ||
Limited Brands, Inc. | 63,400 | 1,948,282 |
Total Above-Average Yield | 13,960,833 | |
Below-Average Price/Earnings Ratio — 2.8% | ||
Oil, Gas & Consumable Fuels — 2.8% | ||
Devon Energy Corp. | 54,300 | 4,263,093 |
Total Below-Average Price/Earnings Ratio | 4,263,093 | |
Discount to Assets — 4.8% | ||
Diversified Telecommunication Services — 2.4% | ||
Verizon Communications, Inc. | 101,600 | 3,635,248 |
Hotels, Restaurants & Leisure — 2.4% | ||
Carnival Corp. | 82,000 | 3,781,020 |
Total Discount to Assets | 7,416,268 | |
Earnings Turnaround — 27.9% | ||
Aerospace & Defense — 2.9% | ||
Honeywell International, Inc. | 85,200 | 4,529,232 |
Capital Markets — 2.8% | ||
Morgan Stanley | 157,000 | 4,271,970 |
Commercial Banks — 3.1% | ||
Wells Fargo & Co. | 152,100 | 4,713,579 |
Diversified Financial Services — 2.1% | ||
Bank of America Corp. | 247,600 | 3,302,984 |
Energy Equipment & Services — 2.9% | ||
Halliburton Co. | 110,100 | 4,495,383 |
Food Products — 2.0% | ||
Unilever NV - ADR | 95,500 | 2,998,700 |
Industrial Conglomerates — 2.1% | ||
General Electric Co. | 172,700 | 3,158,683 |
Insurance — 1.3% | ||
Hartford Financial Services Group, Inc. | 73,300 | 1,941,717 |
Oil, Gas & Consumable Fuels — 2.7% | ||
Peabody Energy Corp. | 64,900 | 4,152,302 |
Pharmaceuticals — 1.8% | ||
Bristol-Myers Squibb Co. | 104,500 | 2,767,160 |
Semiconductors & Semiconductor | ||
Equipment — 4.2% | ||
Intel Corp. | 168,400 | 3,541,452 |
LSI Corp. (a) | 496,200 | 2,972,238 |
6,513,690 | ||
Total Earnings Turnaround | 42,845,400 | |
Financial Restructuring — 0.0% | ||
Semiconductors & Semiconductor | ||
Equipment — 0.0% | ||
Legacy Holdings, Inc. (a) | 1,500 | 2 |
Total Financial Restructuring | 2 | |
Low Price-to-Book Value — 2.8% | ||
Metals & Mining — 2.8% | ||
United States Steel Corp. (b) | 73,000 | 4,264,660 |
Total Low Price-to-Book Value | 4,264,660 |
Common Stocks | Shares | Value |
Operational Restructuring — 10.8% | ||
Aerospace & Defense — 1.7% | ||
Raytheon Co. | 56,000 | $ 2,595,040 |
Chemicals — 2.6% | ||
E.I. du Pont de Nemours & Co. | 79,400 | 3,960,472 |
Computers & Peripherals — 1.7% | ||
Hewlett-Packard Co. | 61,000 | 2,568,100 |
Diversified Financial Services — 2.8% | ||
JPMorgan Chase & Co. | 103,400 | 4,386,228 |
Household Products — 2.0% | ||
Kimberly-Clark Corp. | 49,300 | 3,107,872 |
Total Operational Restructuring | 16,617,712 | |
Price-to-Book Value — 5.4% | ||
Diversified Financial Services — 2.9% | ||
Citigroup, Inc. (a) | 949,700 | 4,492,081 |
Semiconductors & Semiconductor | ||
Equipment — 2.5% | ||
Lam Research Corp. (a) | 72,400 | 3,748,872 |
Total Price-to-Book Value | 8,240,953 | |
Price-to-Cash Flow — 5.3% | ||
Media — 2.8% | ||
Comcast Corp., Special Class A | 210,000 | 4,370,100 |
Wireless Telecommunication Services — 2.5% | ||
Sprint Nextel Corp. (a) | 894,400 | 3,783,312 |
Total Price-to-Cash Flow | 8,153,412 | |
Price-to-Earnings Per Share — 25.2% | ||
Biotechnology — 1.8% | ||
Amgen, Inc. (a) | 49,800 | 2,734,020 |
Communications Equipment — 1.6% | ||
Motorola, Inc. (a) | 267,200 | 2,423,504 |
Energy Equipment & Services — 5.2% | ||
Ensco International Plc - ADR | 79,600 | 4,249,048 |
Weatherford International Ltd. (a) | 163,700 | 3,732,360 |
7,981,408 | ||
Health Care Equipment & Supplies — 1.2% | ||
Baxter International, Inc. | 35,700 | 1,807,134 |
Insurance — 8.2% | ||
ACE Ltd. | 65,100 | 4,052,475 |
MetLife, Inc. (b) | 103,100 | 4,581,764 |
The Travelers Cos., Inc. | 70,600 | 3,933,126 |
12,567,365 | ||
Media — 4.6% | ||
CBS Corp., Class B | 215,800 | 4,110,990 |
Time Warner, Inc. | 94,200 | 3,030,414 |
7,141,404 | ||
Oil, Gas & Consumable Fuels — 2.6% | ||
Occidental Petroleum Corp. | 40,600 | 3,982,860 |
Total Price-to-Earnings Per Share | 38,637,695 | |
Special Situations — 5.2% | ||
Capital Markets — 3.0% | ||
Invesco Ltd. | 188,900 | 4,544,934 |
IT Services — 2.2% | ||
International Business Machines Corp. | 22,700 | 3,331,452 |
Total Special Situations | 7,876,386 | |
Total Long-Term Investments | ||
(Cost — $115,013,867) — 99.3% | 152,276,414 |
See Notes to Financial Statements.
16 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Schedule of Investments (concluded) BlackRock Focus Value Fund, Inc.
(Percentages shown are based on Net Assets)
Short-Term Securities | Shares | Value |
BlackRock Liquidity Funds, TempCash, | ||
Institutional Class, 0.18% (c)(d) | 1,235,715 | $ 1,235,715 |
Beneficial | ||
Interest | ||
(000) | ||
BlackRock Liquidity Series, LLC | ||
Money Market Series, 0.44% (c)(d)(e) | $ 7,642 | 7,641,900 |
Total Short-Term Securities | ||
(Cost — $8,877,615) — 5.8% | 8,877,615 | |
Total Investments (Cost — $123,891,482*) — 105.1% | 161,154,029 | |
Liabilities in Excess of Other Assets — (5.1)% | (7,767,428) | |
Net Assets — 100.0% | $ 153,386,601 |
* The cost and unrealized appreciation (depreciation) of investments as of
December 31, 2010, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 125,890,875 |
Gross unrealized appreciation | $ 37,798,719 |
Gross unrealized depreciation | (2,535,565) |
Net unrealized appreciation | $ 35,263,154 |
(a) Non-income producing security.
(b) Security, or a portion of security, is on loan.
(c) Represents the current yield as of report date.
(d) 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, as amended, were
as follows:
Shares/Beneficial | Shares/Beneficial | |||
Interest Held | Interest Held at | |||
at June 30, | Net | December 31, | ||
Affiliate | 2010 | Activity | 2010 | Income |
BlackRock Liquidity | ||||
Funds, TempCash, | ||||
Institutional Class | 1,199,007 | 36,708 | 1,235,715 | $ 1,030 |
BlackRock Liquidity | ||||
Series, LLC | ||||
Money Market | ||||
Series | $1,960,000 | $5,681,900 | $7,641,900 | $ 5,376 |
(e) Security was purchased with the cash collateral from loaned securities.
•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 rating group indexes, and/or as defined by Fund management.
This definition may not apply for purposes of this report, which may combine such
industry 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 methodologies used for valuing securities are not necessarily an
indication 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, 2010 in
determining the fair valuation of the Fund’s investments:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | |
Assets: | |||||
Investments in Securities: | |||||
Long-Term | |||||
Investments1 | $ 152,276,414 | — | — | $ 152,276,414 | |
Short-Term | |||||
Securities | 1,235,715 | $ 7,641,900 | — | 8,877,615 | |
Total | $ 153,512,129 | $ 7,641,900 | — | $ 161,154,029 | |
1 See above Schedule of Investments for values in each industry. |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 17
Schedule of Investments December 31, 2010 (Unaudited) BlackRock Global SmallCap Fund, Inc.
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Australia — 3.8% | ||
Cochlear Ltd. | 65,500 | $ 5,391,929 |
iSOFT Group Ltd. (a) | 19,154,700 | 1,431,703 |
Karoon Gas Australia Ltd. (a) | 360,000 | 2,705,672 |
Metcash Ltd. | 1,376,500 | 5,783,291 |
Mount Gibson Iron Ltd. (a) | 2,715,000 | 5,904,575 |
Myer Holdings Ltd. | 1,537,800 | 5,583,549 |
Oil Search Limited | 1,233,700 | 8,893,294 |
Paladin Energy Ltd. (a) | 1,519,100 | 7,654,321 |
Sigma Pharmaceuticals Ltd. (a) | 5,885,400 | 2,404,687 |
45,753,021 | ||
Austria — 0.9% | ||
Schoeller-Bleckmann Oilfield Equipment AG | 119,800 | 10,359,075 |
Bermuda — 1.4% | ||
Golar LNG Ltd. | 274,900 | 4,126,249 |
Lazard Ltd., Class A | 230,500 | 9,102,445 |
Ship Finance International Ltd. | 154,900 | 3,333,448 |
16,562,142 | ||
Brazil — 1.1% | ||
Anhanguera Educacional Participacoes SA | 107,000 | 2,578,313 |
Porto Seguro SA | 197,700 | 3,370,428 |
Santos Brasil Participacoes SA | 527,400 | 7,307,349 |
13,256,090 | ||
Canada — 5.0% | ||
Cathedral Energy Services Ltd. | 695,300 | 6,293,573 |
Consolidated Thompson Iron Mines Ltd. (a) | 575,500 | 8,155,280 |
DiagnoCure, Inc. (a)(b) | 4,371,580 | 4,484,574 |
Dollarama, Inc. (a) | 274,200 | 7,939,473 |
Eastern Platinum Ltd. (a) | 3,068,900 | 5,463,093 |
Eldorado Gold Corp. | 430,500 | 8,009,907 |
Lundin Mining Corp. (a) | 1,011,200 | 7,383,397 |
Paramount Resources Ltd. (a) | 128,600 | 4,097,403 |
Quadra FNX Mining Ltd. (a) | 488,300 | 8,225,913 |
60,052,613 | ||
China — 1.4% | ||
China Medical Technologies, Inc. — ADR (a) | 91,700 | 1,030,708 |
Global Education & Technology Group Ltd. — ADR (a) | 91,500 | 865,590 |
Parkson Retail Group Ltd. | 2,415,800 | 3,720,649 |
ShangPharma Corp. — ADR (a) | 33,300 | 382,950 |
Shenzhen Expressway Co., Ltd. | 8,423,100 | 4,993,536 |
WuXi PharmaTech Cayman, Inc. — ADR (a) | 368,400 | 5,945,976 |
16,939,409 | ||
Cyprus — 0.2% | ||
Songa Offshore SE (a) | 390,600 | 2,108,687 |
Finland — 1.2% | ||
Pohjola Bank Plc | 478,400 | 5,739,383 |
Ramirent Oyj | 664,550 | 8,741,944 |
14,481,327 | ||
France — 1.7% | ||
Bonduelle SA (a) | 64,900 | 6,199,661 |
Eurofins Scientific SA | 76,275 | 5,493,826 |
GameLoft (a) | 742,383 | 5,424,996 |
Ingenico | 97,300 | 3,526,084 |
20,644,567 | ||
Germany — 5.0% | ||
Asian Bamboo AG | 85,800 | 4,523,122 |
Deutsche Euroshop AG | 245,287 | 9,477,766 |
GEA Group AG | 335,050 | 9,682,346 |
Gerresheimer AG (a) | 195,500 | 8,592,757 |
Paion AG (a) | 475,886 | 1,424,475 |
Common Stocks | Shares | Value |
Germany (concluded) | ||
Rheinmetall AG | 170,200 | $ 13,634,010 |
Salzgitter AG | 51,500 | 3,981,639 |
Symrise AG | 277,400 | 7,600,780 |
58,916,895 | ||
Hong Kong — 1.8% | ||
City Telecom (HK) Ltd. — ADR | 96,900 | 1,435,089 |
Clear Media Ltd. (a) | 4,052,000 | 2,710,786 |
Li Ning Co., Ltd. | 200 | 424 |
Midland Holdings Ltd. | 2,998,300 | 2,457,250 |
Ming Fai International Holdings Ltd. | 7,602,100 | 3,129,407 |
Ports Design Ltd. | 2,010,700 | 5,547,937 |
Techtronic Industries Co. | 4,920,500 | 6,416,480 |
21,697,373 | ||
India — 2.7% | ||
Anant Raj Industries Ltd. | 577,300 | 1,383,603 |
Apollo Tyres Ltd. | 1,217,300 | 1,814,609 |
Aurobindo Pharma Ltd. | 284,200 | 8,349,152 |
Container Corp. of India | 156,300 | 4,429,506 |
The Great Eastern Shipping Co. Ltd. | 343,600 | 2,644,786 |
PTC India Ltd. | 2,728,800 | 7,807,177 |
United Phosphorus Ltd. | 1,311,200 | 5,068,744 |
31,497,577 | ||
Ireland — 1.3% | ||
Ryanair Holdings Plc — ADR | 314,396 | 9,670,821 |
XL Group Plc | 249,900 | 5,452,818 |
15,123,639 | ||
Israel — 0.8% | ||
NICE Systems Ltd. — ADR (a) | 255,600 | 8,920,440 |
Italy — 0.4% | ||
DiaSorin SpA | 114,600 | 4,931,509 |
Japan — 2.5% | ||
Asics Corp. | 432,950 | 5,541,571 |
Don Quijote Co., Ltd. | 189,000 | 5,750,894 |
Hisaka Works Ltd. | 298,500 | 3,928,178 |
Koito Manufacturing Co., Ltd. | 174,200 | 2,708,164 |
Kureha Chemical Industry Co., Ltd. | 1,423,200 | 8,564,853 |
NGK Insulators Ltd. | 208,400 | 3,385,254 |
29,878,914 | ||
Malaysia — 0.5% | ||
AirAsia Bhd (a) | 7,299,300 | 5,986,896 |
Netherlands — 0.5% | ||
TomTom NV (a) | 561,400 | 5,929,160 |
Norway — 0.6% | ||
Acergy SA | 303,600 | 7,466,545 |
Singapore — 2.9% | ||
Avago Technologies Ltd. | 303,900 | 8,652,033 |
Cityspring Infrastructure Trust | 15,891,300 | 7,070,294 |
Keppel Land Ltd. | 2,417,900 | 9,053,367 |
Straits Asia Resources Ltd. | 2,574,800 | 4,999,717 |
Wing Tai Holdings Ltd. | 3,520,000 | 4,640,678 |
34,416,089 | ||
South Africa — 0.5% | ||
African Bank Investments Ltd. | 928,900 | 5,466,396 |
South Korea — 1.0% | ||
Celltrion, Inc. (a) | 85,500 | 2,520,333 |
Dongbu Insurance Co., Ltd. | 174,100 | 6,892,427 |
Kangwon Land, Inc. | 122,400 | 3,016,329 |
12,429,089 |
See Notes to Financial Statements.
18 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Schedule of Investments (continued) BlackRock Global SmallCap Fund, Inc.
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Spain — 0.5% | ||
Laboratorios Farmaceuticos Rovi SA | 923,794 | $ 5,920,601 |
Switzerland — 4.8% | ||
Actelion Ltd. (a) | 125,800 | 6,888,727 |
Addex Pharmaceuticals Ltd. (a) | 100,700 | 1,056,542 |
Aryzta AG | 210,200 | 9,709,686 |
Clariant AG (a) | 156,900 | 3,179,170 |
Foster Wheeler AG (a) | 231,500 | 7,991,380 |
Lindt & Spruengli AG 'R' | 288 | 9,268,746 |
Rieter Holding AG (a) | 13,031 | 4,722,071 |
Sulzer AG | 54,800 | 8,360,341 |
Vontobel Holding AG | 161,400 | 6,144,700 |
57,321,363 | ||
Taiwan — 0.5% | ||
Lite-On Technology Corp. | 4,352,862 | 5,983,441 |
Thailand — 0.5% | ||
Bank of Ayudhya PCL | 156,600 | 132,470 |
Bank of Ayudhya PCL — DDR | 3,678,900 | 3,142,534 |
Mermaid Maritime PCL (a) | 7,639,205 | 2,563,602 |
5,838,606 | ||
United Arab Emirates — 0.4% | ||
Polarcus Ltd. (a) | 5,036,600 | 5,190,607 |
United Kingdom — 7.2% | ||
Afren Plc (a) | 3,838,600 | 8,850,787 |
Britvic Plc | 357,900 | 2,643,686 |
Charter International Plc | 653,200 | 8,615,666 |
Close Brothers Group Plc | 419,700 | 5,579,552 |
Domino's Pizza UK & IRL Plc | 204,800 | 1,765,050 |
EasyJet Plc (a) | 771,000 | 5,310,165 |
GKN Plc | 1,033,100 | 3,585,933 |
Group 4Securicor Plc | 1,588,997 | 6,303,559 |
Halfords Group Plc | 900,000 | 6,430,189 |
Hikma Pharmaceuticals Plc | 183,400 | 2,324,744 |
Inchcape Plc (a) | 856,900 | 4,779,460 |
Intertek Group Plc | 242,900 | 6,716,122 |
Ivory and Sime Plc | 3,634,600 | 4,765,736 |
John Wood Group Plc | 335,600 | 2,940,193 |
Premier Oil Plc (a) | 80,409 | 2,455,398 |
Rexam Plc | 1,471,072 | 7,639,840 |
Synergy Health Plc | 400,600 | 5,482,915 |
86,188,995 | ||
United States — 47.2% | ||
Abercrombie & Fitch Co., Class A | 25,800 | 1,486,854 |
Adtran, Inc. | 188,200 | 6,814,722 |
Advanced Energy Industries, Inc. (a) | 192,752 | 2,629,137 |
Aegerion Pharmaceuticals, Inc. (a) | 171,700 | 2,432,989 |
Alpha Natural Resources, Inc. (a) | 138,600 | 8,320,158 |
Aqua America, Inc. | 310,700 | 6,984,536 |
Arch Coal, Inc. | 102,100 | 3,579,626 |
Ariba, Inc. (a) | 372,300 | 8,745,327 |
Arris Group, Inc. (a) | 708,800 | 7,952,736 |
Art Technology Group, Inc. (a) | 941,500 | 5,630,170 |
Autoliv, Inc. | 82,500 | 6,512,550 |
BMC Software, Inc. (a) | 181,600 | 8,560,624 |
Bill Barrett Corp. (a) | 192,700 | 7,925,751 |
BioMarin Pharmaceuticals, Inc. (a) | 284,800 | 7,669,664 |
Blackboard, Inc. (a)(c) | 201,300 | 8,313,690 |
BorgWarner, Inc. (a) | 80,150 | 5,799,654 |
Brocade Communications Systems, Inc. (a) | 1,135,200 | 6,005,208 |
Brown & Brown, Inc. | 314,000 | 7,517,160 |
CB Richard Ellis Group, Inc. (a) | 407,000 | 8,335,360 |
Cadence Design Systems, Inc. (a) | 539,850 | 4,459,161 |
Camden Property Trust | 96,200 | 5,192,876 |
Common Stocks | Shares | Value |
United States (continued) | ||
CardioNet, Inc. (a) | 212,400 | $ 994,032 |
Celanese Corp., Series A | 247,400 | 10,185,458 |
Cepheid, Inc. (a) | 236,600 | 5,382,650 |
Checkpoint Systems, Inc. (a) | 362,300 | 7,445,265 |
Cliffs Natural Resources, Inc. | 55,598 | 4,337,200 |
ComScore, Inc. (a) | 167,400 | 3,734,694 |
Corporate Office Properties Trust | 142,100 | 4,966,395 |
Covanta Holding Corp. | 292,550 | 5,028,935 |
Coventry Health Care, Inc. (a) | 298,700 | 7,885,680 |
Cullen/Frost Bankers, Inc. | 113,000 | 6,906,560 |
DSP Group, Inc. (a) | 793,800 | 6,461,532 |
Delta Air Lines, Inc. (a) | 286,100 | 3,604,860 |
Developers Diversified Realty Corp. | 426,700 | 6,012,203 |
Discover Financial Services, Inc. | 401,700 | 7,443,501 |
Drew Industries, Inc. | 211,800 | 4,812,096 |
Electronic Arts, Inc. (a) | 450,200 | 7,374,276 |
Electronics for Imaging, Inc. (a) | 332,300 | 4,755,213 |
FTI Consulting, Inc. (a) | 88,300 | 3,291,824 |
Foot Locker, Inc. | 446,900 | 8,768,178 |
The Fresh Market, Inc. (a) | 10,200 | 420,240 |
Frontier Oil Corp. | 174,700 | 3,146,347 |
Guess?, Inc. | 198,050 | 9,371,726 |
Health Net, Inc. (a) | 98,600 | 2,690,794 |
Home Properties, Inc. | 108,100 | 5,998,469 |
IDEX Corp. | 249,350 | 9,754,572 |
IPC The Hospitalist Co., Inc. (a) | 189,100 | 7,376,791 |
Intersil Corp., Class A | 306,100 | 4,674,147 |
j2 Global Communications, Inc. (a) | 321,300 | 9,301,635 |
JDS Uniphase Corp. (a) | 619,600 | 8,971,808 |
LKQ Corp. (a) | 327,663 | 7,444,503 |
Landstar System, Inc. | 164,250 | 6,724,395 |
MSCI, Inc. (a) | 183,800 | 7,160,848 |
The Macerich Co. (c) | 90,175 | 4,271,590 |
Manpower, Inc. | 85,600 | 5,372,256 |
Maxim Integrated Products, Inc. | 289,300 | 6,833,266 |
Meadowbrook Insurance Group, Inc. | 756,700 | 7,756,175 |
Mentor Graphics Corp. (a) | 632,050 | 7,584,600 |
Merit Medical Systems, Inc. (a) | 95,761 | 1,515,897 |
Molex, Inc. (c) | 319,700 | 7,263,584 |
Nordson Corp. (c) | 81,450 | 7,483,626 |
Northeast Utilities, Inc. | 266,300 | 8,489,644 |
Nuance Communications, Inc. (a)(c) | 531,900 | 9,669,942 |
Oasis Petroleum, Inc. (a) | 287,300 | 7,791,576 |
PMC-Sierra, Inc. (a) | 676,600 | 5,811,994 |
Packaging Corp. of America | 289,900 | 7,491,016 |
PartnerRe Ltd. | 62,000 | 4,981,700 |
Patterson-UTI Energy, Inc. | 364,100 | 7,846,355 |
People's United Financial, Inc. | 260,974 | 3,656,246 |
PetroHawk Energy Corp. (a) | 180,900 | 3,301,425 |
Pharmaceutical Product Development, Inc. | 327,900 | 8,899,206 |
Phillips-Van Heusen Corp. | 116,600 | 7,346,966 |
Polycom, Inc. (a) | 64,950 | 2,531,751 |
QLogic Corp. (a) | 467,200 | 7,951,744 |
Radiant Systems, Inc. (a) | 191,400 | 3,745,698 |
Regis Corp. | 259,800 | 4,312,680 |
SVB Financial Group (a) | 136,000 | 7,214,800 |
SemiLeds Corp. (a) | 48,300 | 1,403,115 |
Silgan Holdings, Inc. | 169,400 | 6,066,214 |
Steel Dynamics, Inc. | 256,700 | 4,697,610 |
Stratasys, Inc. (a)(c) | 161,100 | 5,258,304 |
Superior Energy Services, Inc. (a) | 96,700 | 3,383,533 |
Support.com Inc. (a) | 1,307,379 | 8,471,816 |
The Talbots, Inc. (a) | 172,800 | 1,472,256 |
Tanger Factory Outlet Centers, Inc. | 69,200 | 3,542,348 |
Terex Corp. (a) | 258,050 | 8,009,872 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 19
Schedule of Investments (continued) BlackRock Global SmallCap Fund, Inc.
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value | |
United States (concluded) | |||
Timken Co. | 242,700 | $ 11,584,071 | |
Urban Outfitters, Inc. (a) | 218,700 | 7,831,647 | |
VeriFone Systems, Inc. (a) | 66,300 | 2,556,528 | |
The Warnaco Group, Inc. (a) | 124,850 | 6,875,489 | |
Watsco, Inc. | 37,500 | 2,365,500 | |
Whiting Petroleum Corp. (a) | 41,100 | 4,816,509 | |
Winnebago Industries, Inc. (a) | 264,150 | 4,015,080 | |
Zoran Corp. (a) | 807,850 | 7,109,080 | |
561,877,489 | |||
Total Long-Term Investments | |||
(Cost — $905,887,092) — 98.3% | 1,171,138,555 | ||
Short-Term Securities | |||
Money Market Funds | |||
BlackRock Liquidity Funds, TempFund, | |||
Institutional Class, 0.17% (d)(e) | 20,649,914 | 20,649,914 | |
Beneficial | |||
Interest | |||
(000) | |||
BlackRock Liquidity Series, LLC | |||
Money Market Series, 0.22% (d)(e)(f) | USD | 17,281 | 17,281,350 |
Total Money Market Funds — 3.2% | 37,931,264 | ||
Total Short-Term Securities | |||
(Cost — $37,931,264) — 3.2% | 37,931,264 | ||
Total Investments (Cost — $943,818,356*) — 101.5% | 1,209,069,819 | ||
Liabilities in Excess of Other Assets — (1.5)% | (18,195,239) | ||
Net Assets — 100.0% | $1,190,874,580 |
* The cost and unrealized appreciation (depreciation) of investments as of
December 31, 2010, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 956,385,735 |
Gross unrealized appreciation | $ 292,010,629 |
Gross unrealized depreciation | (39,326,545) |
Net unrealized appreciation | $ 252,684,084 |
(a) Non-income producing security. |
(b) Investments in companies (whereby the Fund held 5% or more of the companies’ |
outstanding securities) that were considered to be an affiliate during the period, |
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as |
amended, were as follows: |
Shares Held at | Shares Held at | Value at | |||||
June 30, | Shares | Shares | December 31, | December 31 | Realized | ||
Affiliate | 2010 | Purchased | Sold | 2010 | 2010 | Gain | Income |
DiagnoCure, Inc. | 4,278,880 | 92,700 | — | 4,371,580 | $4,484,574 | — | — |
(c) Security, or a portion of security, is on loan.
(d) 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, as amended, were
as follows:
Shares/Beneficial | Shares/Beneficial | |||
Interest Held | Interest Held | |||
at June 30, | Net | at December 31, | ||
Affiliate | 2010 | Activity | 2010 | Income |
BlackRock Liquidity | ||||
Funds, TempFund, | ||||
Institutional Class | 43,736,833 (23,086,919) 20,649,914 | $29,692 | ||
BlackRock Liquidity | ||||
Series, LLC, | ||||
Money Market | ||||
Series | $47,536,750 $(30,255,400) | $17,281,350 | $31,985 |
(e) Represents the current yield as of report date.
(f) Security was purchased with the cash collateral from loaned securities.
See Notes to Financial Statements.
20 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Schedule of Investments (continued) BlackRock Global SmallCap Fund, Inc.
•Foreigncurrency exchangecontracts as of December 31, 2010 were as follows: | ||||||
Unrealized | ||||||
Currency | Currency | Settlement Appreciation | ||||
Purchased | Sold | Counterparty | Date | (Depreciation) | ||
USD | 365,009 | EUR | 278,378 | State Street | 01/03/11 | $ (6,987) |
Global | ||||||
Markets, LLC | ||||||
USD | 412,116 | HKD | 3,207,653 | State Street | 01/03/11 | (561) |
Global | ||||||
Markets, LLC. | ||||||
USD | 168,237 | MYR | 516,571 | Brown | 01/03/11 | 709 |
Brothers | ||||||
Harriman & Co | ||||||
USD | 52,133 | EUR | 39,452 | State Street | 01/04/11 | (586) |
Global | ||||||
Markets, LLC | ||||||
SGD | 290,427 | USD | 226,862 | State Street | 01/05/11 | (558) |
Global | ||||||
Markets, LLC | ||||||
AUD | 508,368 | USD | 514,789 | State Street | 01/05/11 | 5,170 |
Global | ||||||
Markets, LLC | ||||||
USD | 41,103 | EUR | 30,963 | State Street | 01/05/11 | (274) |
Global | ||||||
Markets, LLC | ||||||
GBP | 58,048 | USD | 89,552 | State Street | 01/05/11 | 950 |
Global | ||||||
Markets, LLC | ||||||
GBP | 37,680 | USD | 58,957 | State Street | 01/06/11 | (211) |
Global | ||||||
Markets, LLC | ||||||
USD | 96,412 | GBP | 61,618 | State Street | 01/06/11 | 345 |
Global | ||||||
Markets, LLC | ||||||
Total | $ (2,003) |
•Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives, 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
and derivatives)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund's policy regarding valuation of investments and derivatives and
other significant accounting policies, please refer to Note 1 of the Notes to
Financial Statements.
The following tables summarize the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund’s investments and derivatives:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | |
Assets: | |||||
Investments in Securities: | |||||
Common Stocks: | |||||
Long-Term | |||||
Investments: | |||||
Australia | $ 7,654,321 | $ 38,098,700 | — | $ 45,753,021 | |
Austria | — | 10,359,075 | — | 10,359,075 | |
Bermuda | 16,562,142 | — | — | 16,562,142 | |
Brazil | 13,256,090 | — | — | 13,256,090 | |
Canada | 60,052,613 | — | — | 60,052,613 | |
China | 8,225,224 | 8,714,185 | — | 16,939,409 | |
Cyprus | — | 2,108,687 | — | 2,108,687 | |
Finland | — | 14,481,327 | — | 14,481,327 | |
France | 5,493,826 | 15,150,741 | — | 20,644,567 | |
Germany | 5,947,597 | 52,969,298 | — | 58,916,895 | |
Hong Kong | 4,145,875 | 17,551,498 | — | 21,697,373 | |
India | — | 23,148,425 | $ 8,349,152 | 31,497,577 | |
Ireland | 15,123,639 | — | — | 15,123,639 | |
Israel | 8,920,440 | — | — | 8,920,440 | |
Italy | — | 4,931,509 | — | 4,931,509 | |
Japan | — | 29,878,914 | — | 29,878,914 | |
Malaysia | — | 5,986,896 | — | 5,986,896 | |
Netherlands . | — | 5,929,160 | — | 5,929,160 | |
Norway | — | 7,466,545 | — | 7,466,545 | |
Singapore | 8,652,033 | 25,764,056 | — | 34,416,089 | |
South Africa . | — | 5,466,396 | — | 5,466,396 | |
South Korea . | — | 12,429,089 | — | 12,429,089 | |
Spain | — | 5,920,601 | — | 5,920,601 | |
Switzerland | 15,936,649 | 41,384,714 | — | 57,321,363 | |
Taiwan | — | 5,983,441 | — | 5,983,441 | |
Thailand | — | 5,838,606 | — | 5,838,606 | |
United Arab | |||||
Emirates | — | 5,190,607 | — | 5,190,607 | |
United Kingdom | — | 86,188,995 | — | 86,188,995 | |
United States | 561,877,489 | — | — | 561,877,489 | |
Short-Term | |||||
Securities: | |||||
Money Market | |||||
Funds | 20,649,914 | 17,281,350 | — | 37,931,264 | |
Total | $752,497,852 | $448,222,815 | $ 8,349,152 | $1,209,069,819 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 21
Schedule of Investments (concluded) BlackRock Global SmallCap Fund, Inc.
Derivative Financial Instruments1 | ||||
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Foreign currency | ||||
exchange | ||||
contracts | — | $ 7,174 | — | $ 7,174 |
Liabilities: | ||||
Foreign currency | ||||
exchange | ||||
contracts | — | (9,177) | — | (9,177) |
Total | — | $ (2,003) | — | $ (2,003) |
1 Derivative financial instruments are foreign currency exchange contracts, which
are shown at the unrealized appreciation/depreciation on the instrument.
The following table is a reconciliation of Level 3 investments for which significant
unobservable inputs were used in determining fair value:
Common Stocks | |
Assets: | |
Balance, as of June 30, 2010 | — |
Accrued discounts/premiums | — |
Net realized gain (loss) | — |
Net change in unrealized appreciation/depreciation2 | $ 1,997,320 |
Purchases | 6,351,832 |
Sales | — |
Transfers in3 | — |
Transfers out3 | — |
Balance, as of December 31, 2010 | $ 8,349,152 |
2 Included in the related net change in unrealized appreciation/depreciation
in the Statement of Operations. The change in unrealized appreciation/deprecia-
tion on securities still held at December 31, 2010 was $1,997,320.
3 The Fund’s policy is to recognize transfers in and transfers out as of the end of
the period of the event or the change in circumstances that caused the transfer.
22 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Schedule of Investments December 31, 2010 (Unaudited) BlackRock International Value Fund
(Percentages shown are based on Net Assets)
Common Stocks | Shares | Value |
Australia — 5.7% | ||
National Australia Bank Ltd. | 987,790 | $ 23,965,318 |
Newcrest Mining Ltd. | 373,655 | 15,498,686 |
Suncorp Group Ltd. | 1,677,761 | 14,774,884 |
54,238,888 | ||
Brazil — 1.0% | ||
Cyrela Brazil Realty SA | 692,127 | 9,110,226 |
China — 2.8% | ||
China Citic Bank | 19,121,000 | 12,391,300 |
Evergrande Real Estate Group Ltd. | 29,816,000 | 14,485,905 |
26,877,205 | ||
Finland — 1.0% | ||
KCI Konecranes Oyj | 235,422 | 9,727,247 |
France — 7.6% | ||
European Aeronautic Defense and Space Co. (a) | 582,816 | 13,599,939 |
Sanofi-Aventis | 330,632 | 21,196,920 |
Societe Generale SA | 241,877 | 13,014,542 |
Total SA | 456,816 | 24,330,998 |
72,142,399 | ||
Germany — 9.0% | ||
Bayer AG | 321,173 | 23,807,538 |
Bilfinger Berger AG | 204,174 | 17,283,123 |
Daimler AG (a) | 111,831 | 7,566,978 |
Deutsche Telekom AG | 1,467,902 | 18,922,908 |
HeidelbergCement AG | 294,619 | 18,491,033 |
86,071,580 | ||
Japan — 21.6% | ||
Bridgestone Corp. | 627,800 | 12,084,508 |
Fuji Photo Film Co., Ltd. | 477,700 | 17,206,119 |
Hitachi Ltd. | 4,442,000 | 23,583,332 |
Komatsu Ltd. | 657,700 | 19,794,694 |
Mitsubishi Corp. | 815,300 | 21,973,737 |
Mitsubishi UFJ Financial Group, Inc. | 3,204,800 | 17,280,664 |
Mitsui Chemicals, Inc. | 4,223,000 | 15,055,914 |
Nippon Sheet Glass Co., Ltd. | 3,636,000 | 9,752,650 |
Nippon Telegraph & Telephone Corp. | 400,500 | 18,237,878 |
Nissan Motor Co., Ltd. | 1,972,200 | 18,656,712 |
Nitto Denko Corp. | 258,300 | 12,114,463 |
Sumitomo Corp. | 1,385,300 | 19,501,237 |
205,241,908 | ||
Mexico — 1.5% | ||
America Movil, SA de CV — ADR | 253,756 | 14,550,369 |
Netherlands — 3.4% | ||
Koninklijke Ahold NV | 1,031,465 | 13,625,810 |
Koninklijke Philips Electronics NV | 618,767 | 18,969,614 |
32,595,424 | ||
South Korea — 2.5% | ||
LG Display Co. Ltd. | 218,300 | 7,634,057 |
Samsung Electronics Co., Ltd. | 19,048 | 15,907,668 |
23,541,725 | ||
Spain — 7.2% | ||
Banco Santander SA | 1,946,978 | 20,746,507 |
Repsol YPF SA | 785,525 | 21,997,385 |
Telefonica SA | 1,125,859 | 25,703,227 |
68,447,119 | ||
Sweden — 1.7% | ||
Assa Abloy AB, Series B | 570,116 | 16,082,220 |
Common Stocks | Shares | Value | ||
Switzerland — 6.9% | ||||
Credit Suisse Group AG | 310,203 | $ 12,493,398 | ||
Novartis AG, Registered Shares | 547,111 | 32,205,992 | ||
Swiss Reinsurance Co., Registered Shares | 392,198 | 21,040,170 | ||
65,739,560 | ||||
Taiwan — 1.6% | ||||
Taiwan Semiconductor Manufacturing | ||||
Co., Ltd. — ADR | 1,221,940 | 15,323,128 | ||
United Kingdom — 20.6% | ||||
Aviva Plc | 2,052,669 | 12,617,519 | ||
BHP Billiton Plc | 732,129 | 29,454,951 | ||
British American Tobacco Plc | 639,940 | 24,616,044 | ||
Centrica Plc | 4,473,137 | 23,176,776 | ||
Ladbrokes Plc | 5,966,270 | 11,456,863 | ||
Lloyds TSB Group Plc (a) | 18,232,556 | 18,821,550 | ||
Royal Dutch Shell Plc, Class B | 1,103,557 | 36,543,990 | ||
Tesco Plc | 3,464,937 | 22,976,187 | ||
United Business Media Ltd. | 1,476,050 | 15,922,028 | ||
195,585,908 | ||||
Total Common Stocks — 94.1% | 895,274,906 | |||
Par | ||||
Participation Notes | (000) | |||
India — 2.0% | ||||
Deutsche Bank AG (Axis Bank), due 8/17/17 | USD | 325,696 | 9,762,314 | |
Morgan Stanley BV (Rolta India Ltd.), due 5/26/14 | 908,731 | 3,140,938 | ||
UBS AG (Glenmark Pharmaceuticals Ltd.), | ||||
due 12/18/12 | 764,410 | 6,225,355 | ||
Total Participation Notes — 2.0% | 19,128,607 | |||
Total Long-Term Investments | ||||
(Cost — $795,754,212) — 96.1% | 914,403,513 | |||
Short-Term Securities | Shares | |||
Money Market Fund — 2.8% | ||||
BlackRock Liquidity Funds, TempFund, | ||||
Institutional Class, 0.17% (b)(c) | 26,452,685 | 26,452,685 | ||
Par | ||||
Time Deposits | (000) | |||
United Kingdom — 0.0% | ||||
Brown Brothers Harriman & Co., 0.07%, 1/04/11 | GBP | 151,418 | 236,143 | |
United States — 0.0% | ||||
Brown Brothers Harriman & Co., 0.12%, 1/03/11 | USD | 139 | 139 | |
Total Time Deposits — 0.0% | 236,282 | |||
Total Short-Term Securities | ||||
(Cost — $26,686,734) — 2.8% | 26,688,967 | |||
Total Investments (Cost — $822,440,946*) — 98.9% | 941,092,480 | |||
Other Assets Less Liabilities — 1.1% | 10,167,577 | |||
Net Assets — 100.0% | $ 951,260,057 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 23
Schedule of Investments (concluded) BlackRock International Value Fund
* The cost and unrealized appreciation (depreciation) of investments as of
December 31, 2010, as computed for federal income tax purposes, were as follows:
Aggregate cost | $ 828,485,328 |
Gross unrealized appreciation | $ 127,064,982 |
Gross unrealized depreciation | (14,457,830) |
Net unrealized appreciation | $ 112,607,152 |
(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, as amended, were
as follows:
Shares Held | Shares Held | |||
at June 30, | Net | at December 31, | ||
Affiliate | 2010 | Activity | 2010 | Income |
BlackRock Liquidity | ||||
Funds, TempFund, | ||||
Institutional Class | 16,699,456 | 9,753,229 | 26,452,685 | $13,718 |
(c) Represents the current yield as of report date.
•Foreign currency exchange contracts as of December 31, 2010 were as follows:
Currency | Currency | Settlement | Unrealized | |||
Purchased | Sold | Counterparty | Date | Depreciation | ||
USD | 3,346,886 | EUR | 2,538,212 | Bank of New York | 1/3/11 | $ (44,926) |
USD | 2,041,092 | EUR | 1,538,357 | Goldman Sachs | 1/4/11 | (14,614) |
Total | $ (59,540) |
•Fair Value Measurements — Various inputs are used in determining the fair value of
investments and derivatives, 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
and derivatives)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund's policy regarding valuation of investments and derivatives and
other significant accounting policies, please refer to Note 1 of the Notes to
Financial Statements.
The following tables summarize the inputs used as of December 31, 2010 in
determining the fair valuation of the Fund's investments and derivatives:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | ||
Assets: | ||||||
Investments in Securities: | ||||||
Common Stocks: | ||||||
Long-Term | ||||||
Investments: | ||||||
Australia | $ 14,774,884 | $ 39,464,004 | — | $ 54,238,888 | ||
Brazil | 9,110,226 | — | — | 9,110,226 | ||
China | — | 26,877,205 | — | 26,877,205 | ||
Finland | — | 9,727,247 | — | 9,727,247 | ||
France | — | 72,142,399 | — | 72,142,399 | ||
Germany | — | 86,071,580 | — | 86,071,580 | ||
Japan | — | 205,241,908 | — | 205,241,908 | ||
Mexico | 14,550,369 | -- | — | 14,550,369 | ||
Netherlands . | — | 32,595,424 | — | 32,595,424 | ||
South Korea . | — | 23,541,725 | — | 23,541,725 | ||
Spain | — | 68,447,119 | — | 68,447,119 | ||
Sweden | — | 16,082,220 | — | 16,082,220 | ||
Switzerland | — | 65,739,560 | — | 65,739,560 | ||
Taiwan | 15,323,128 | — | — | 15,323,128 | ||
United Kingdom | — | 195,585,908 | — | 195,585,908 | ||
Participation Notes: | ||||||
Long Term | ||||||
Investments: | ||||||
India | — | — | $19,128,607 | 19,128,607 | ||
Short-Term | ||||||
Securities: | ||||||
Money Market | ||||||
Funds | 26,452,685 | — | — | 26,452,685 | ||
Time Deposits | — | 236,282 | — | 236,282 | ||
Total | $ 80,211,292 | $841,752,581 | $19,128,607 | $941,092,480 | ||
Derivative Financial Instruments1 | ||||||
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | ||
Liabilities: | ||||||
Foreign Currency | ||||||
Exchange | ||||||
Contracts | — | $ (59,540) | — $ | (59,540) |
1 Derivative financial instruments are foreign currency exchange contracts, which
are shown at the unrealized appreciation/depreciation on the instrument.
The following table is a reconciliation of Level 3 investments for which significant
unobservable inputs were used in determining fair value:
Participation | |
Notes | |
Assets: | |
Balance, as of June 30, 2010 | — |
Accrued discounts/premiums | — |
Net realized gain (loss) | $ 95,178 |
Net change in unrealized appreciation/depreciation2 | 1,504,731 |
Purchases | 4,920,733 |
Sales | (295,287) |
Transfers in3 | 12,903,252 |
Transfers out3 | — |
Balance, as of December 31, 2010 | $ 19,128,607 |
2 The change in unrealized appreciation/depreciation on securities still held at
December 31, 2010 was $4,359,179.
3 The Fund’s policy is to recognize transfers in and transfers out as of the end of
the period of the event or the change in circumstances that caused the transfer.
See Notes to Financial Statements.
24 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Statements of Assets and Liabilities
BlackRock | BlackRock | BlackRock | ||
BlackRock | Focus Value | Global SmallCap | International | |
December 31, 2010 (Unaudited) | EuroFund | Fund, Inc. | Fund, Inc. | Value Fund |
Assets | ||||
Investments at value — unaffiliated1,2 | $ 356,268,860 | $ 152,276,414 | $ 1,166,653,981 | $ 914,639,795 |
Investments at value — affiliated3 | 876,188 | 8,877,615 | 42,415,838 | 26,452,685 |
Unrealized appreciation on foreign currency exchange contracts | 10,027 | — | 7,174 | — |
Foreign currency at value4 | 55 | — | 1,397,017 | 494 |
Dividends receivable | 1,226,062 | 153,122 | 1,389,311 | 6,890,752 |
Investments sold receivable | 770,323 | — | 2,441,730 | 5,447,587 |
Capital shares sold receivable | 312,657 | 60,567 | 1,854,401 | 1,305,559 |
Securities lending income receivable — affiliated | — | 1,908 | 5,632 | — |
Prepaid expenses | 23,948 | 22,030 | 43,284 | 52,555 |
Other assets | — | — | — | 907 |
Total assets | 359,488,120 | 161,391,656 | 1,216,208,368 | 954,790,334 |
Liabilities | ||||
Collateral on securities loaned at value | — | 7,641,900 | 17,281,350 | — |
Unrealized depreciation on foreign currency exchange contracts | 8,427 | — | 9,177 | 59,540 |
Capital shares redeemed payable | 1,581,480 | 196,311 | 3,997,174 | 1,738,984 |
Investments purchased payable | 1,022,883 | — | 1,986,394 | — |
Investment advisory fees payable | 227,134 | 95,447 | 839,063 | 598,577 |
Service and distribution fees payable | 69,134 | 26,505 | 410,707 | 232,888 |
Other affiliates payable | 6,941 | 2,600 | 16,669 | 13,406 |
Officer's and Directors' fees payable | 494 | 327 | 1,087 | 943 |
Deferred foreign capital gain tax payable | — | — | 114,164 | — |
Other accrued expenses payable | 223,216 | 41,965 | 677,224 | 885,939 |
Other liabilities payable | 6 | — | 779 | — |
Total liabilities | 3,139,715 | 8,005,055 | 25,333,788 | 3,530,277 |
Net Assets | $ 356,348,405 | $ 153,386,601 | $ 1,190,874,580 | $ 951,260,057 |
Net Assets Consist of | ||||
Paid-in capital | $ 470,698,283 | $ 168,750,263 | $ 1,065,463,152 | $ 1,175,104,745 |
Undistributed (distributions in excess of) net investment income | 308,976 | 219,482 | (5,004,729) | 3,379,923 |
Accumulated net realized loss | (143,276,762) | (52,845,691) | (134,776,807) | (346,421,668) |
Net unrealized appreciation/depreciation | 28,617,908 | 37,262,547 | 265,192,964 | 119,197,057 |
Net Assets | $ 356,348,405 | $ 153,386,601 | $ 1,190,874,580 | $ 951,260,057 |
1 Securities loaned at value | — | $ 7,431,012 | $ 16,696,683 | — |
2 Investments at cost — unaffiliated | $ 327,690,623 | $ 115,013,867 | $ 891,583,407 | $ 795,988,261 |
3 Investments at cost — affiliated | $ 876,188 | $ 8,877,615 | $ 52,234,949 | $ 26,452,685 |
4 Foreign currency at cost | $ 56 | — | $ 1,357,396 | $ 486 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 25
Statements of Assets and Liabilities (concluded)
BlackRock | BlackRock | BlackRock | ||
BlackRock | Focus Value | Global SmallCap | International | |
December 31, 2010 (Unaudited) | EuroFund | Fund, Inc. | Fund, Inc. | Value Fund |
Net Asset Value | ||||
Institutional: | ||||
Net assets | $ 114,020,252 | $ 69,141,592 | $ 422,008,206 | $ 477,391,466 |
Shares outstanding | 8,866,705 | 5,942,778 | 18,044,525 | 21,927,131 |
Net asset value | $ 12.86 | $ 11.63 | $ 23.39 | $ 21.77 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 50 million | 100 million | Unlimited |
Investor A: | ||||
Net assets | $ 213,148,852 | $ 69,116,037 | $ 335,603,073 | $ 232,309,722 |
Shares outstanding | 16,870,757 | 6,003,485 | 14,633,391 | 10,752,793 |
Net asset value | $ 12.63 | $ 11.51 | $ 22.93 | $ 21.60 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 100 million | 100 million | Unlimited |
Investor B: | ||||
Net assets | $ 2,958,249 | $ 1,847,489 | $ 29,796,919 | $ 26,088,431 |
Shares outstanding | 282,630 | 178,076 | 1,377,365 | 1,248,077 |
Net asset value | $ 10.47 | $ 10.37 | $ 21.63 | $ 20.90 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 100 million | 100 million | Unlimited |
Investor C: | ||||
Net assets | $ 23,633,891 | $ 12,168,418 | $ 354,743,241 | $ 168,064,039 |
Shares outstanding | 2,538,199 | 1,224,321 | 16,871,423 | 8,176,397 |
Net asset value | $ 9.31 | $ 9.94 | $ 21.03 | $ 20.55 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 50 million | 100 million | Unlimited |
Class R: | ||||
Net assets | $ 2,587,161 | $ 1,113,065 | $ 48,723,141 | $ 47,406,399 |
Shares outstanding | 261,330 | 106,365 | 2,230,558 | 2,227,954 |
Net asset value | $ 9.90 | $ 10.46 | $ 21.84 | $ 21.28 |
Par value per share | $ 0.10 | $ 0.10 | $ 0.10 | — |
Shares authorized | Unlimited | 100 million | 100 million | Unlimited |
See Notes to Financial Statements.
26 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Statements of Operations
BlackRock | BlackRock | BlackRock | ||
BlackRock | Focus Value | Global SmallCap | International | |
Six Months Ended December 31, 2010 (Unaudited) | EuroFund | Fund, Inc. | Fund, Inc. | Value Fund |
Investment Income | ||||
Dividends — unaffiliated | $ 2,856,907 | $ 1,569,379 | $ 8,731,377 | $ 10,784,834 |
Foreign taxes withheld | (187,888) | (8,737) | (357,626) | (767,321) |
Dividends — affiliated | 4,841 | 1,030 | 29,692 | 13,718 |
Interest | — | — | 715 | 1,022 |
Securities lending — affiliated | — | 5,376 | 31,985 | — |
Total income | 2,673,860 | 1,567,048 | 8,436,143 | 10,032,253 |
Expenses | ||||
Investment advisory | 1,358,331 | 723,464 | 4,560,958 | 3,488,990 |
Service — Investor A | 271,641 | 79,497 | 376,933 | 289,624 |
Service and distribution — Investor B | 15,671 | 9,611 | 146,220 | 135,399 |
Service and distribution — Investor C | 120,435 | 55,652 | 1,634,247 | 824,485 |
Service and distribution — Class R | 6,077 | 2,286 | 110,242 | 120,119 |
Transfer agent — Institutional | 119,895 | 32,860 | 288,092 | 419,813 |
Transfer agent — Investor A | 157,326 | 47,687 | 320,837 | 296,080 |
Transfer agent — Investor B | 14,674 | 3,742 | 60,878 | 85,619 |
Transfer agent — Investor C | 30,522 | 12,452 | 493,769 | 461,664 |
Transfer agent — Class R | 6,403 | 2,658 | 86,177 | 86,036 |
Custodian | 48,986 | 5,465 | 130,126 | 147,727 |
Accounting services | 47,481 | 13,702 | 142,458 | 127,888 |
Professional | 44,837 | 34,393 | 52,801 | 47,228 |
Registration | 38,019 | 33,549 | 46,159 | 40,911 |
Printing | 21,310 | 17,797 | 49,808 | 69,328 |
Officer and Directors | 14,159 | 10,846 | 20,062 | 20,407 |
Miscellaneous | 20,999 | 14,916 | 28,522 | 29,502 |
Total expenses | 2,336,766 | 1,100,577 | 8,548,289 | 6,690,820 |
Less fees waived by advisor | (1,690) | (181,242) | (9,575) | (4,788) |
Total expenses after fees waived | 2,335,076 | 919,335 | 8,538,714 | 6,686,032 |
Net investment income (loss) | 338,784 | 647,713 | (102,571) | 3,346,221 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | 24,393,050 | 6,921,592 | 45,033,5151 | 5,608,258 |
Foreign currency transactions | (30,826) | — | (18,542) | (29,527) |
24,362,224 | 6,921,592 | 45,014,973 | 5,578,731 | |
Net change in unrealized appreciation/depreciation on: | ||||
Investments | 54,133,988 | 26,407,725 | 219,815,6682 | 194,437,775 |
Foreign currency transactions | 82,398 | — | 117,365 | 740,777 |
54,216,386 | 26,407,725 | 219,933,033 | 195,178,552 | |
Total realized and unrealized gain | 78,578,610 | 33,329,317 | 264,948,006 | 200,757,283 |
Net Increase in Net Assets Resulting from Operations | $ 78,917,394 | $ 33,977,030 | $ 264,845,435 | $ 204,103,504 |
1 Including a $607,547 foreign capital gains tax.
2 Including a $114,164 change in deferred foreign capital gains tax.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 27
Statements of Changes in Net Assets
BlackRock | BlackRock | ||||
EuroFund | Focus Value Fund, Inc. | ||||
Six Months Ended | Six Months Ended | ||||
December 31, | Year Ended | December 31, | Year Ended | ||
2010 | June 30, | 2010 | June 30, | ||
Increase (Decrease) in Net Assets: | (Unaudited) | 2010 | (Unaudited) | 2010 | |
Operations | |||||
Net investment income | $ 338,784 | $ 6,412,256 | $ 647,713 | $ 1,563,377 | |
Net realized gain | 24,362,224 | 60,105,630 | 6,921,592 | 10,459,130 | |
Net change in unrealized appreciation/depreciation | 54,216,386 | (55,140,804) | 26,407,725 | 8,437,011 | |
Net increase in net assets resulting from operations | 78,917,394 | 11,377,082 | 33,977,030 | 20,459,518 | |
Dividends to Shareholders From | |||||
Net investment income: | |||||
Institutional | (1,892,036) | (4,787,749) | (807,749) | (1,098,820) | |
Investor A | (3,199,961) | (7,712,559) | (643,282) | (639,493) | |
Investor B | — | (49,605) | — | (3,370) | |
Investor C | (284,076) | (929,917) | (43,239) | (54,217) | |
Class R | (35,722) | (96,261) | (5,736) | (4,123) | |
Decrease in net assets resulting from dividends to shareholders | (5,411,795) | (13,576,091) | (1,500,006) | (1,800,023) | |
Capital Share Transactions | |||||
Net decrease in net assets derived from capital share transactions | (34,511,732) | (66,918,607) | (15,896,631) | (28,753,823) | |
Redemption Fee | |||||
Redemption fee | 675 | 3,932 | — | — | |
Net Assets | |||||
Total increase (decrease) in net assets | 38,994,542 | (69,113,684) | 16,580,393 | (10,094,328) | |
Beginning of period | 317,353,863 | 386,467,547 | 136,806,208 | 146,900,536 | |
End of period | $ 356,348,405 | $ 317,353,863 | $153,386,601 | $ 136,806,208 | |
Undistributed net investment income | $ 308,976 | $ 5,381,987 | $ 219,482 | $ 1,071,775 |
See Notes to Financial Statements.
28 SEMI-ANNUAL REPORT DECEMBER 31, 2010
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 | |
2010 | June 30, | 2010 | June 30, | |
Increase (Decrease) in Net Assets: | (Unaudited) | 2010 | (Unaudited) | 2010 |
Operations | ||||
Net investment income (loss) | $ (102,571) | $ (2,327,011) | $ 3,346,221 | $ 7,274,405 |
Net realized gain | 45,014,973 | 71,128,008 | 5,578,731 | 180,636,031 |
Net change in unrealized appreciation/depreciation | 219,933,033 | 35,343,593 | 195,178,552 | (159,847,850) |
Net increase in net assets resulting from operations | 264,845,435 | 104,144,590 | 204,103,504 | 28,062,586 |
Dividends to Shareholders From | ||||
Net investment income: | ||||
Institutional | (3,077,979) | — | (795,932) | (14,158,979) |
Investor A | (1,672,239) | — | — | (5,714,335) |
Investor B | — | — | — | (359,168) |
Investor C | — | — | — | (2,417,426) |
Class R | (107,738) | — | — | (1,032,961) |
Decrease in net assets resulting from dividends to shareholders | (4,857,956) | — | (795,932) | (23,682,869) |
Capital Share Transactions | ||||
Net increase (decrease) in net assets derived from capital share transactions | (20,354,811) | 14,413,235 | (69,305,673) | (101,613,873) |
Redemption Fee | ||||
Redemption fee | 17,583 | 26,871 | 17,028 | 29,624 |
Proceeds from Regulatory Settlement | ||||
Proceeds from regulatory settlement | — | — | — | 768,948 |
Net Assets | ||||
Total increase (decrease) in net assets | 239,650,251 | 118,584,696 | 134,018,927 | (96,435,584) |
Beginning of period | 951,224,329 | 832,639,633 | 817,241,130 | 913,676,714 |
End of period | $ 1,190,874,580 | $ 951,224,329 | $ 951,260,057 | $ 817,241,130 |
Undistributed (distributions in excess of) net investment income | $ (5,004,729) | $ (44,202) | $ 3,379,923 | $ 829,634 |
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 29
Financial Highlights BlackRock EuroFund
Institutional | ||||||||
Six Months | Period | |||||||
Ended | November 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended October 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 10.41 | $ 10.65 | $ 18.07 | $ 25.59 | $ 23.02 | $ 17.54 | $ 15.25 | |
Net investment income1 | 0.02 | 0.21 | 0.33 | 0.43 | 0.46 | 0.55 | 0.36 | |
Net realized and unrealized gain (loss) | 2.64 | (0.05) | (6.63) | (3.61) | 4.56 | 5.32 | 2.15 | |
Net increase (decrease) from investment operations | 2.66 | 0.16 | (6.30) | (3.18) | 5.02 | 5.87 | 2.51 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.21) | (0.40) | (0.40) | (0.55) | (0.72) | (0.39) | (0.22) | |
Net realized gain | — | — | (0.72) | (3.79) | (1.74) | — | — | |
Total dividends and distributions | (0.21) | (0.40) | (1.12) | (4.34) | (2.46) | (0.39) | (0.22) | |
Redemption fee | 0.002 | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | |
Net asset value, end of period | $ 12.86 | $ 10.41 | $ 10.65 | $ 18.07 | $ 25.59 | $ 23.02 | $ 17.54 | |
Total Investment Return3 | ||||||||
Based on net asset value | 25.58%4,5 | 0.78%5 | (34.12)%5 | (13.97)%4 | 24.46% | 34.03%6 | 16.52% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 1.09%7 | 1.09% | 1.11% | 1.03%7 | 1.01% | 0.99% | 0.99% | |
Total expenses after fees waived | 1.09%7 | 1.08% | 1.11% | 1.03%7 | 1.01% | 0.99% | 0.99% | |
Net investment income | 0.39%7 | 1.73% | 2.83% | 3.23%7 | 2.01% | 2.68% | 2.09% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 114,020 | $ 101,632 | $ 133,540 | $ 274,010 | $ 361,175 | $ 330,849 | $ 261,358 | |
Portfolio turnover | 78% | 161% | 124% | 30% | 63% | 76% | 72% |
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.
30 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Financial Highlights (continued) BlackRock EuroFund
Investor A | ||||||||
Six Months | Period | |||||||
Ended | November 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended October 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 10.22 | $ 10.47 | $ 17.78 | $ 25.24 | $ 22.72 | $ 17.33 | $ 15.07 | |
Net investment income1 | 0.01 | 0.18 | 0.30 | 0.40 | 0.44 | 0.50 | 0.31 | |
Net realized and unrealized gain (loss) | 2.59 | (0.05) | (6.52) | (3.56) | 4.48 | 5.24 | 2.12 | |
Net increase (decrease) from investment operations | 2.60 | 0.13 | (6.22) | (3.16) | 4.92 | 5.74 | 2.43 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.19) | (0.38) | (0.37) | (0.51) | (0.67) | (0.35) | (0.17) | |
Net realized gain | — | — | (0.72) | (3.79) | (1.74) | — | — | |
Total dividends and distributions | (0.19) | (0.38) | (1.09) | (4.30) | (2.41) | (0.35) | (0.17) | |
Redemption fee | 0.002 | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | |
Net asset value, end of period | $ 12.63 | $ 10.22 | $ 10.47 | $ 17.78 | $ 25.24 | $ 22.72 | $ 17.33 | |
Total Investment Return3 | ||||||||
Based on net asset value | 25.43%4,5 | 0.53%5 | (34.21)%5 | (14.09)%4 | 24.29% | 33.64%6 | 16.20% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 1.28%7 | 1.28% | 1.30% | 1.21%7 | 1.20% | 1.24% | 1.24% | |
Total expenses after fees waived | 1.27%7 | 1.28% | 1.30% | 1.21%7 | 1.20% | 1.24% | 1.24% | |
Net investment income | 0.20%7 | 1.51% | 2.68% | 3.07%7 | 1.92% | 2.49% | 1.84% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 213,149 | $ 189,788 | $ 219,697 | $ 427,206 | $ 550,341 | $ 453,104 | $ 312,606 | |
Portfolio turnover | 78% | 161% | 124% | 30% | 63% | 76% | 72% |
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, 2010 31
Financial Highlights (continued) BlackRock EuroFund
Investor B | ||||||||
Six Months | Period | |||||||
Ended | November 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended October 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 8.41 | $ 8.57 | $ 14.70 | $ 21.49 | $ 19.59 | $ 14.99 | $ 13.08 | |
Net investment income (loss)1 | (0.07) | (0.01) | 0.11 | 0.19 | 0.17 | 0.30 | 0.16 | |
Net realized and unrealized gain (loss) | 2.13 | (0.04) | (5.35) | (2.94) | 3.86 | 4.54 | 1.84 | |
Net increase (decrease) from investment operations | 2.06 | (0.05) | (5.24) | (2.75) | 4.03 | 4.84 | 2.00 | |
Dividends and distributions from: | ||||||||
Net investment income | — | (0.11) | (0.17) | (0.25) | (0.40) | (0.24) | (0.09) | |
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) | |
Redemption fee | 0.002 | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | |
Net asset value, end of period | $ 10.47 | $ 8.41 | $ 8.57 | $ 14.70 | $ 21.49 | $ 19.59 | $ 14.99 | |
Total Investment Return3 | ||||||||
Based on net asset value | 24.49%4,5 | (0.85)%5 | (34.98)%5 | (14.61)%4 | 23.12% | 32.63%6 | 15.28% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 2.82%7 | 2.64% | 2.47% | 2.10%7 | 2.12% | 2.01% | 2.01% | |
Total expenses after fees waived | 2.82%7 | 2.64% | 2.47% | 2.10%7 | 2.12% | 2.01% | 2.01% | |
Net investment income (loss) | (1.33)%7 | (0.05)% | 1.11% | 1.77%7 | 0.98% | 1.73% | 1.06% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 2,958 | $ 2,854 | $ 5,013 | $ 19,943 | $ 42,829 | $ 62,273 | $ 103,836 | |
Portfolio turnover | 78% | 161% | 124% | 30% | 63% | 76% | 72% |
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, 2010
Financial Highlights (continued) BlackRock EuroFund
Investor C | ||||||||
Six Months | Period | |||||||
Ended | November 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended October 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 7.54 | $ 7.81 | $ 13.67 | $ 20.42 | $ 18.86 | $ 14.47 | $ 12.64 | |
Net investment income (loss)1 | (0.03) | 0.06 | 0.15 | 0.22 | 0.21 | 0.29 | 0.15 | |
Net realized and unrealized gain (loss) | 1.91 | (0.03) | (5.02) | (2.79) | 3.63 | 4.36 | 1.78 | |
Net increase (decrease) from investment operations | 1.88 | 0.03 | (4.87) | (2.57) | 3.84 | 4.65 | 1.93 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.11) | (0.30) | (0.27) | (0.39) | (0.55) | (0.26) | (0.10) | |
Net realized gain | — | — | (0.72) | (3.79) | (1.74) | — | — | |
Total dividends and distributions | (0.11) | (0.30) | (0.99) | (4.18) | (2.29) | (0.26) | (0.10) | |
Redemption fee | 0.002 | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | |
Net asset value, end of period | $ 9.31 | $ 7.54 | $ 7.81 | $ 13.67 | $ 20.42 | $ 18.86 | $ 14.47 | |
Total Investment Return3 | ||||||||
Based on net asset value | 24.95%4,5 | (0.36)%5 | (34.75)%5 | (14.57)%4 | 23.26% | 32.57%6 | 15.33% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 2.13%7 | 2.13% | 2.15% | 2.01%7 | 2.00% | 2.01% | 2.02% | |
Total expenses after fees waived | 2.13%7 | 2.13% | 2.15% | 2.01%7 | 2.00% | 2.01% | 2.02% | |
Net investment income (loss) | (0.65)%7 | 0.64% | 1.73% | 2.21%7 | 1.11% | 1.71% | 1.05% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 23,634 | $ 20,997 | $ 25,504 | $ 56,909 | $ 79,355 | $ 60,160 | $ 44,881 | |
Portfolio turnover | 78% | 161% | 124% | 30% | 63% | 76% | 72% |
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, 2010 33
Financial Highlights (concluded) BlackRock EuroFund
Class R | |||||||||
Six Months | Period | ||||||||
Ended | November 1, | ||||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended October 31, | ||||||
2010 | June 30, | ||||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||
Per Share Operating Performance | |||||||||
Net asset value, beginning of period | $ 8.02 | $ 8.29 | $ 14.50 | $ 21.45 | $ 19.74 | $ 15.14 | $ 13.23 | ||
Net investment income (loss)1 | (0.02) | 0.08 | 0.20 | 0.29 | 0.29 | 0.41 | 0.18 | ||
Net realized and unrealized gain (loss) | 2.04 | (0.02) | (5.36) | (2.97) | 3.80 | 4.55 | 1.93 | ||
Net increase (decrease) from investment operations | 2.02 | 0.06 | (5.16) | (2.68) | 4.09 | 4.96 | 2.11 | ||
Dividends and distributions from: | |||||||||
Net investment income | (0.14) | (0.33) | (0.33) | (0.48) | (0.65) | (0.36) | (0.20) | ||
Net realized gain | — | — | (0.72) | (3.79) | (1.74) | — | — | ||
Total dividends and distributions | (0.14) | (0.33) | (1.05) | (4.27) | (2.39) | (0.36) | (0.20) | ||
Redemption fee | 0.002 | 0.002 | 0.002 | 0.002 | 0.01 | 0.002 | 0.002 | ||
Net asset value, end of period | $ 9.90 | $ 8.02 | $ 8.29 | $ 14.50 | $ 21.45 | $ 19.74 | $ 15.14 | ||
Total Investment Return3 | |||||||||
Based on net asset value | 25.18%4,5 | (0.05)%5 | (34.73)%5 | (14.39)%4 | 23.60% | 33.36%6 | 16.01% | ||
Ratios to Average Net Assets | |||||||||
Total expenses | 1.88%7 | 1.87% | 2.02% | 1.72%7 | 1.71% | 1.49% | 1.48% | ||
Total expenses after fees waived | 1.88%7 | 1.86% | 2.02% | 1.72%7 | 1.71% | 1.49% | 1.48% | ||
Net investment income (loss) | (0.41)%7 | 0.87% | 2.29% | 2.73%7 | 1.48% | 2.30% | 1.10% | ||
Supplemental Data | |||||||||
Net assets, end of period (000) | $ 2,587 | $ 2,083 | $ 2,713 | $ 3,840 | $ 4,509 | $ 1,948 | $ 823 | ||
Portfolio turnover | 78% | 161% | 124% | 30% | 63% | 76% | 72% |
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.
34 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Financial Highlights BlackRock Focus Value Fund, Inc.
Institutional | ||||||||
Six Months | Period | |||||||
Ended | August 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended July 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 9.29 | $ 8.31 | $ 10.81 | $ 15.47 | $ 14.84 | $ 14.27 | $ 12.16 | |
Net investment income1 | 0.06 | 0.11 | 0.15 | 0.13 | 0.17 | 0.12 | 0.07 | |
Net realized and unrealized gain (loss) | 2.42 | 0.99 | (2.49) | (2.62) | 2.15 | 0.99 | 2.04 | |
Net increase (decrease) from investment operations | 2.48 | 1.10 | (2.34) | (2.49) | 2.32 | 1.11 | 2.11 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.14) | (0.12) | (0.16) | (0.16) | (0.18) | (0.06) | — | |
Net realized gain | — | — | — | (2.01) | (1.51) | (0.48) | — | |
Total dividends and distributions | (0.14) | (0.12) | (0.16) | (2.17) | (1.69) | (0.54) | — | |
Net asset value, end of period | $ 11.63 | $ 9.29 | $ 8.31 | $ 10.81 | $ 15.47 | $ 14.84 | $ 14.27 | |
Total Investment Return2 | ||||||||
Based on net asset value | 26.74%3 | 13.16% | (21.37)% | (18.55)%3 | 16.67% | 8.06% | 17.35% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 1.28%4 | 1.31% | 1.38% | 1.25%4 | 1.22% | 1.26% | 1.26% | |
Total expenses after fees waived and paid indirectly | 1.03%4 | 1.06% | 1.13% | 1.00%4 | 0.97% | 1.01% | 1.01% | |
Net investment income | 1.13%4 | 1.15% | 1.79% | 1.14%4 | 1.10% | 0.83% | 0.52% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 69,142 | $ 65,787 | $ 76,359 | $ 113,990 | $ 162,915 | $ 158,175 | $ 173,121 | |
Portfolio turnover | 13% | 61% | 112% | 87% | 65% | 100% | 72% |
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, 2010 35
Financial Highlights (continued) BlackRock Focus Value Fund, Inc.
Investor A | ||||||||
Six Months | Period | |||||||
Ended | August 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended July 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 9.18 | $ 8.22 | $ 10.67 | $ 15.29 | $ 14.68 | $ 14.12 | $ 12.06 | |
Net investment income1 | 0.04 | 0.08 | 0.12 | 0.10 | 0.13 | 0.08 | 0.04 | |
Net realized and unrealized gain (loss) | 2.40 | 0.98 | (2.45) | (2.59) | 2.12 | 0.98 | 2.02 | |
Net increase (decrease) from investment operations | 2.44 | 1.06 | (2.33) | (2.49) | 2.25 | 1.06 | 2.06 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.11) | (0.10) | (0.12) | (0.12) | (0.13) | (0.02) | — | |
Net realized gain | — | — | — | (2.01) | (1.51) | (0.48) | — | |
Total dividends and distributions | (0.11) | (0.10) | (0.12) | (2.13) | (1.64) | (0.50) | — | |
Net asset value, end of period | $ 11.51 | $ 9.18 | $ 8.22 | $ 10.67 | $ 15.29 | $ 14.68 | $ 14.12 | |
Total Investment Return2 | ||||||||
Based on net asset value | 26.62%3 | 12.79% | (21.61)% | (18.77)%3 | 16.30% | 7.79% | 17.08% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 1.58%4 | 1.60% | 1.69% | 1.55%4 | 1.49% | 1.51% | 1.51% | |
Total expenses after fees waived and paid indirectly | 1.33%4 | 1.35% | 1.44% | 1.30%4 | 1.24% | 1.26% | 1.26% | |
Net investment income | 0.84%4 | 0.86% | 1.47% | 0.83%4 | 0.83% | 0.58% | 0.27% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 69,116 | $ 58,125 | $ 55,243 | $ 92,545 | $ 134,585 | $ 126,028 | $ 135,696 | |
Portfolio turnover | 13% | 61% | 112% | 87% | 65% | 100% | 72% |
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.
36 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Financial Highlights (continued) BlackRock Focus Value Fund, Inc.
Investor B | ||||||||
Six Months | Period | |||||||
Ended | August 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended July 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 8.23 | $ 7.37 | $ 9.53 | $ 13.86 | $ 13.37 | $ 12.98 | $ 11.17 | |
Net investment income (loss)1 | (0.01) | (0.00)2 | 0.04 | 0.003 | 0.01 | (0.03) | (0.06) | |
Net realized and unrealized gain (loss) | 2.15 | 0.87 | (2.17) | (2.33) | 1.92 | 0.90 | 1.87 | |
Net increase (decrease) from investment operations | 2.14 | 0.87 | (2.13) | (2.33) | 1.93 | 0.87 | 1.81 | |
Dividends and distributions from: | ||||||||
Net investment income | — | (0.01) | (0.03) | — | (0.00)2 | — | — | |
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 | $ 10.37 | $ 8.23 | $ 7.37 | $ 9.53 | $ 13.86 | $ 13.37 | $ 12.98 | |
Total Investment Return4 | ||||||||
Based on net asset value | 26.00%5 | 11.76% | (22.29)% | (19.43)%5 | 15.37% | 6.97% | 16.20% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 2.57%6 | 2.52% | 2.59% | 2.36%6 | 2.28% | 2.28% | 2.28% | |
Total expenses after fees waived and paid indirectly | 2.32%6 | 2.27% | 2.34% | 2.11%6 | 2.03% | 2.03% | 2.03% | |
Net investment income (loss) | (0.15)%6 | (0.04)% | 0.59% | 0.02%6 | 0.07% | (0.21)% | (0.50)% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 1,847 | $ 1,967 | $ 4,051 | $ 9,345 | $ 19,000 | $ 26,537 | $ 42,351 | |
Portfolio turnover | 13% | 61% | 112% | 87% | 65% | 100% | 72% |
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.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 37
Financial Highlights (continued) BlackRock Focus Value Fund, Inc.
Investor C | ||||||||
Six Months | Period | |||||||
Ended | August 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended July 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 7.91 | $ 7.10 | $ 9.21 | $ 13.49 | $ 13.07 | $ 12.71 | $ 10.94 | |
Net investment income (loss)1 | 0.002 | 0.002 | 0.05 | 0.01 | 0.01 | (0.03) | (0.06) | |
Net realized and unrealized gain (loss) | 2.07 | 0.85 | (2.11) | (2.26) | 1.90 | 0.87 | 1.83 | |
Net increase (decrease) from investment operations | 2.07 | 0.85 | (2.06) | (2.25) | 1.91 | 0.84 | 1.77 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.04) | (0.04) | (0.05) | (0.02) | (0.01) | — | — | |
Net realized gain | — | — | — | (2.01) | (1.48) | (0.48) | — | |
Total dividends and distributions | (0.04) | (0.04) | (0.05) | (2.03) | (1.49) | (0.48) | — | |
Net asset value, end of period | $ 9.94 | $ 7.91 | $ 7.10 | $ 9.21 | $ 13.49 | $ 13.07 | $ 12.71 | |
Total Investment Return3 | ||||||||
Based on net asset value | 26.14%4 | 11.91% | (22.26)% | (19.42)%4 | 15.50% | 6.88% | 16.18% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 2.41%5 | 2.43% | 2.51% | 2.33%5 | 2.26% | 2.28% | 2.29% | |
Total expenses after fees waived and paid indirectly | 2.15%5 | 2.17% | 2.26% | 2.08%5 | 2.01% | 2.03% | 2.04% | |
Net investment income (loss) | 0.02%5 | 0.04% | 0.65% | 0.05%5 | 0.06% | (0.21)% | (0.50)% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 12,168 | $ 10,063 | $ 10,539 | $ 16,687 | $ 25,334 | $ 23,819 | $ 31,391 | |
Portfolio turnover | 13% | 61% | 112% | 87% | 65% | 100% | 72% |
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 Annualized.
See Notes to Financial Statements.
38 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Financial Highlights (concluded) BlackRock Focus Value Fund, Inc.
Class R | ||||||||
Six Months | Period | |||||||
Ended | August 1, | |||||||
December 31, | Year Ended June 30, | 2007 to | Year Ended July 31, | |||||
2010 | June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | ||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 8.34 | $ 7.48 | $ 9.72 | $ 14.15 | $ 13.71 | $ 13.23 | $ 11.33 | |
Net investment income1 | 0.01 | 0.01 | 0.04 | 0.02 | 0.06 | 0.05 | 0.002 | |
Net realized and unrealized gain (loss) | 2.16 | 0.89 | (2.22) | (2.37) | 1.98 | 0.91 | 1.90 | |
Net increase (decrease) from investment operations | 2.17 | 0.90 | (2.18) | (2.35) | 2.04 | 0.96 | 1.90 | |
Dividends and distributions from: | ||||||||
Net investment income | (0.05) | (0.04) | (0.06) | (0.07) | (0.09) | (0.00)3 | — | |
Net realized gain | — | — | — | (2.01) | (1.51) | (0.48) | — | |
Total dividends and distributions | (0.05) | (0.04) | (0.06) | (2.08) | (1.60) | (0.48) | — | |
Net asset value, end of period | $ 10.46 | $ 8.34 | $ 7.48 | $ 9.72 | $ 14.15 | $ 13.71 | $ 13.23 | |
Total Investment Return4 | ||||||||
Based on net asset value | 26.11%5 | 12.04% | (22.27)% | (19.29)%5 | 15.85% | 7.56% | 16.77% | |
Ratios to Average Net Assets | ||||||||
Total expenses | 2.26%6 | 2.29% | 2.60% | 2.22%6 | 1.90% | 1.76% | 1.76% | |
Total expenses after fees waived and paid indirectly | 2.01%6 | 2.04% | 2.35% | 1.97%6 | 1.65% | 1.51% | 1.51% | |
Net investment income | 0.18%6 | 0.16% | 0.55% | 0.15%6 | 0.43% | 0.34% | 0.03% | |
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 1,113 | $ 864 | $ 708 | $ 708 | $ 741 | $ 609 | $ 513 | |
Portfolio turnover | 13% | 61% | 112% | 87% | 65% | 100% | 72% |
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.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 39
Financial Highlights BlackRock Global SmallCap Fund, Inc.
Institutional | |||||||
Six Months | |||||||
Ended | |||||||
December 31, | |||||||
2010 | Year Ended June 30, | ||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||
Per Share Operating Performance | |||||||
Net asset value, beginning of period | $ 18.32 | $ 16.17 | $ 24.45 | $ 29.24 | $ 25.77 | $ 23.62 | |
Net investment income1 | 0.05 | 0.06 | 0.11 | 0.12 | 0.11 | 0.08 | |
Net realized and unrealized gain (loss)2 | 5.19 | 2.09 | (6.59) | (0.30) | 6.37 | 3.79 | |
Net increase (decrease) from investment operations | 5.24 | 2.15 | (6.48) | (0.18) | 6.48 | 3.87 | |
Dividends and distributions from: | |||||||
Net investment income | (0.17) | — | (0.04) | (0.32) | — | (0.03) | |
Net realized gain | — | — | (1.76) | (4.29) | (3.01) | (1.69) | |
Total dividends and distributions | (0.17) | — | (1.80) | (4.61) | (3.01) | (1.72) | |
Net asset value, end of period | $ 23.39 | $ 18.32 | $ 16.17 | $ 24.45 | $ 29.24 | $ 25.77 | |
Total Investment Return3 | |||||||
Based on net asset value | 28.64%4,5 | 13.30%5 | (27.75)%5 | (1.08)% | 28.15% | 16.80% | |
Ratios to Average Net Assets | |||||||
Total expenses | 1.09%6 | 1.12% | 1.20% | 1.12% | 1.15% | 1.22% | |
Total expenses after fees waived | 1.09%6 | 1.12% | 1.20% | 1.12% | 1.15% | 1.22% | |
Net investment income | 0.48%6 | 0.31% | 0.65% | 0.46% | 0.42% | 0.31% | |
Supplemental Data | |||||||
Net assets, end of period (000) | $ 422,008 | $326,440 | $250,720 | $399,802 | $411,767 | $352,779 | |
Portfolio turnover | 41% | 73% | 114% | 97% | 95% | 96% |
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, 2010
Financial Highlights (continued) BlackRock Global SmallCap Fund, Inc.
Investor A | ||||||
Six Months | ||||||
Ended | ||||||
December 31, | ||||||
2010 | Year Ended June 30, | |||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |
Per Share Operating Performance | ||||||
Net asset value, beginning of period | $ 17.95 | $ 15.89 | $ 24.10 | $ 28.85 | $ 25.50 | $ 23.39 |
Net investment income (loss)1 | 0.02 | (0.00)2 | 0.06 | 0.05 | 0.04 | 0.02 |
Net realized and unrealized gain (loss)3 | 5.07 | 2.06 | (6.50) | (0.30) | 6.29 | 3.75 |
Net increase (decrease) from investment operations | 5.09 | 2.06 | (6.44) | (0.25) | 6.33 | 3.77 |
Dividends and distributions from: | ||||||
Net investment income | (0.11) | — | (0.01) | (0.25) | — | — |
Net realized gain | — | — | (1.76) | (4.25) | (2.98) | (1.66) |
Total dividends and distributions | (0.11) | — | (1.77) | (4.50) | (2.98) | (1.66) |
Net asset value, end of period | $ 22.93 | $ 17.95 | $ 15.89 | $ 24.10 | $ 28.85 | $ 25.50 |
Total Investment Return4 | ||||||
Based on net asset value | 28.40%5,6 | 12.96%6 | (27.99)%6 | (1.36)% | 27.78% | 16.51% |
Ratios to Average Net Assets | ||||||
Total expenses | 1.40%7 | 1.42% | 1.50% | 1.40% | 1.42% | 1.46% |
Total expenses after fees waived | 1.40%7 | 1.42% | 1.50% | 1.40% | 1.42% | 1.46% |
Net investment income (loss) | 0.17%7 | (0.01)% | 0.36% | 0.19% | 0.15% | 0.09% |
Supplemental Data | ||||||
Net assets, end of period (000) | $ 335,603 | $264,526 | $226,362 | $330,282 | $334,022 | $282,971 |
Portfolio turnover | 41% | 73% | 114% | 97% | 95% | 96% |
1 Based on average shares outstanding.
2 Amount is less than $(0.01) per share.
3 Includes a redemption fee, which 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.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 41
Financial Highlights (continued) BlackRock Global SmallCap Fund, Inc.
Investor B | ||||||
Six Months | ||||||
Ended | ||||||
December 31, | ||||||
2010 | Year Ended June 30, | |||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |
Per Share Operating Performance | ||||||
Net asset value, beginning of period | $ 16.93 | $ 15.12 | $ 23.13 | $ 27.71 | $ 24.67 | $ 22.76 |
Net investment loss1 | (0.08) | (0.17) | (0.09) | (0.17) | (0.16) | (0.18) |
Net realized and unrealized gain (loss)2 | 4.78 | 1.98 | (6.23) | (0.27) | 6.06 | 3.65 |
Net increase (decrease) from investment operations | 4.70 | 1.81 | (6.32) | (0.44) | 5.90 | 3.47 |
Dividends from net realized gain | — | — | (1.69) | (4.14) | (2.86) | (1.56) |
Net asset value, end of period | $ 21.63 | $ 16.93 | $ 15.12 | $ 23.13 | $ 27.71 | $ 24.67 |
Total Investment Return3 | ||||||
Based on net asset value | 27.76%4,5 | 11.97%5 | (28.62)%5 | (2.14)% | 26.79% | 15.60% |
Ratios to Average Net Assets | ||||||
Total expenses | 2.36%6 | 2.33% | 2.37% | 2.21% | 2.21% | 2.24% |
Total expenses after fees waived | 2.36%6 | 2.33% | 2.37% | 2.21% | 2.21% | 2.24% |
Net investment loss | (0.78)%6 | (0.96)% | (0.56)% | (0.68)% | (0.66)% | (0.72)% |
Supplemental Data | ||||||
Net assets, end of period (000) | $ 29,797 | $ 28,247 | $ 40,600 | $ 91,693 | $130,954 | $142,522 |
Portfolio turnover | 41% | 73% | 114% | 97% | 95% | 96% |
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.
42 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Financial Highlights (continued) BlackRock Global SmallCap Fund, Inc.
Investor C | ||||||
Six Months | ||||||
Ended | ||||||
December 31, | ||||||
2010 | Year Ended June 30, | |||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |
Per Share Operating Performance | ||||||
Net asset value, beginning of period | $ 16.45 | $ 14.68 | $ 22.50 | $ 27.15 | $ 24.25 | $ 22.40 |
Net investment loss1 | (0.06) | (0.15) | (0.08) | (0.16) | (0.16) | (0.17) |
Net realized and unrealized gain (loss)2 | 4.64 | 1.92 | (6.05) | (0.28) | 5.94 | 3.59 |
Net increase (decrease) from investment operations | 4.58 | 1.77 | (6.13) | (0.44) | 5.78 | 3.42 |
Dividends and distributions from: | ||||||
Net investment income | — | — | — | (0.06) | — | — |
Net realized gain | — | — | (1.69) | (4.15) | (2.88) | (1.57) |
Total dividends and distributions | — | — | (1.69) | (4.21) | (2.88) | (1.57) |
Net asset value, end of period | $ 21.03 | $ 16.45 | $ 14.68 | $ 22.50 | $ 27.15 | $ 24.25 |
Total Investment Return3 | ||||||
Based on net asset value | 27.84%4,5 | 12.06%5 | (28.58)%5 | (2.19)% | 26.79% | 15.62% |
Ratios to Average Net Assets | ||||||
Total expenses | 2.24%6 | 2.27% | 2.35% | 2.21% | 2.21% | 2.25% |
Total expenses after fees waived | 2.24%6 | 2.27% | 2.35% | 2.21% | 2.21% | 2.25% |
Net investment loss | (0.67)%6 | (0.86)% | (0.51)% | (0.64)% | (0.63)% | (0.69)% |
Supplemental Data | ||||||
Net assets, end of period (000) | $ 354,743 | $293,633 | $281,387 | $470,280 | $518,216 | $418,363 |
Portfolio turnover | 41% | 73% | 114% | 97% | 95% | 96% |
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, 2010 43
Financial Highlights (concluded) BlackRock Global SmallCap Fund, Inc.
Class R | ||||||||
Six Months | ||||||||
Ended | ||||||||
December 31, | ||||||||
2010 | Year Ended June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 17.09 | $ 15.18 | $ 23.18 | $ 27.94 | $ 24.83 | $ 22.85 | ||
Net investment loss1 | (0.02) | (0.08) | (0.02) | (0.05) | (0.04) | (0.03) | ||
Net realized and unrealized gain (loss)2 | 4.82 | 1.99 | (6.25) | (0.30) | 6.10 | 3.65 | ||
Net increase (decrease) from investment operations | 4.80 | 1.91 | (6.27) | (0.35) | 6.06 | 3.62 | ||
Dividends and distributions from: | ||||||||
Net investment income | (0.05) | — | — | (0.20) | — | — | ||
Net realized gain | — | — | (1.73) | (4.21) | (2.95) | (1.64) | ||
Total dividends and distributions | (0.05) | — | (1.73) | (4.41) | (2.95) | (1.64) | ||
Net asset value, end of period | $ 21.84 | $ 17.09 | $ 15.18 | $ 23.18 | $ 27.94 | $ 24.83 | ||
Total Investment Return3 | ||||||||
Based on net asset value | 28.08%4,5 | 12.58%5 | (28.37)%5 | (1.77)% | 27.42% | 16.22% | ||
Ratios to Average Net Assets | ||||||||
Total expenses | 1.83%6 | 1.84% | 2.00% | 1.81% | 1.73% | 1.71% | ||
Total expenses after fees waived | 1.83%6 | 1.84% | 2.00% | 1.81% | 1.73% | 1.71% | ||
Net investment loss | (0.25)%6 | (0.42)% | (0.13)% | (0.20)% | (0.15)% | (0.11)% | ||
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 48,723 | $ 38,378 | $ 33,571 | $ 46,275 | $ 33,662 | $ 23,568 | ||
Portfolio turnover | 41% | 73% | 114% | 97% | 95% | 96% |
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.
44 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Financial Highlights BlackRock International Value Fund
Institutional | |||||||
Six Months | |||||||
Ended | |||||||
December 31, | |||||||
2010 | Year Ended June 30, | ||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||
Per Share Operating Performance | |||||||
Net asset value, beginning of period | $ 17.36 | $ 17.46 | $ 26.00 | $ 34.48 | $ 30.55 | $ 26.41 | |
Net investment income1 | 0.11 | 0.22 | 0.41 | 0.55 | 0.71 | 0.56 | |
Net realized and unrealized gain (loss)2 | 4.34 | 0.21 | (8.32) | (4.30) | 6.10 | 6.19 | |
Net increase (decrease) from investment operations | 4.45 | 0.43 | (7.91) | (3.75) | 6.81 | 6.75 | |
Dividends and distributions from: | |||||||
Net investment income | (0.04) | (0.55) | (0.40) | (0.68) | (0.90) | (0.62) | |
Net realized gain | — | — | (0.23) | (4.05) | (1.98) | (1.99) | |
Total dividends and distributions | (0.04) | (0.55) | (0.63) | (4.73) | (2.88) | (2.61) | |
Proceeds from regulatory settlement | — | 0.02 | — | — | — | — | |
Net asset value, end of period | $ 21.77 | $ 17.36 | $ 17.46 | $ 26.00 | $ 34.48 | $ 30.55 | |
Total Investment Return3 | |||||||
Based on net asset value | 25.61%4,5 | 2.08%5,6 | (30.81)%5 | (12.23)% | 24.20% | 27.18%7 | |
Ratios to Average Net Assets | |||||||
Total expenses | 1.04%8 | 0.99% | 1.08% | 1.04% | 1.01% | 1.02% | |
Total expenses after fees waived | 1.03%8 | 0.99% | 1.08% | 1.04% | 1.01% | 1.02% | |
Net investment income | 1.12%8 | 1.15% | 2.24% | 1.86% | 2.27% | 1.97% | |
Supplemental Data | |||||||
Net assets, end of period (000) | $ 477,391 | $403,645 | $462,171 | $1,007,433 | $1,253,724 | $961,207 | |
Portfolio turnover | 45% | 155% | 187% | 122% | 65% | 81% |
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 Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the total return would have been 1.97%.
7 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 by 0.21%.
8 Annualized.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 45
Financial Highlights (continued) BlackRock International Value Fund
Investor A | ||||||
Six Months | ||||||
Ended | ||||||
December 31, | ||||||
2010 | Year Ended June 30, | |||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |
Per Share Operating Performance | ||||||
Net asset value, beginning of period | $ 17.22 | $ 17.35 | $ 25.89 | $ 34.33 | $ 30.44 | $ 26.33 |
Net investment income1 | 0.08 | 0.15 | 0.36 | 0.46 | 0.62 | 0.49 |
Net realized and unrealized gain (loss)2 | 4.30 | 0.19 | (8.30) | (4.28) | 6.08 | 6.16 |
Net increase (decrease) from investment operations | 4.38 | 0.34 | (7.94) | (3.82) | 6.70 | 6.65 |
Dividends and distributions from: | ||||||
Net investment income | — | (0.49) | (0.37) | (0.59) | (0.83) | (0.55) |
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) |
Proceeds from regulatory settlement | — | 0.02 | — | — | — | — |
Net asset value, end of period | $ 21.60 | $ 17.22 | $ 17.35 | $ 25.89 | $ 34.33 | $ 30.44 |
Total Investment Return3 | ||||||
Based on net asset value | 25.44%4,5 | 1.62%5,6 | (31.06)%5 | (12.47)% | 23.84% | 26.84%7 |
Ratios to Average Net Assets | ||||||
Total expenses | 1.36%8 | 1.39% | 1.43% | 1.34% | 1.30% | 1.27% |
Total expenses after fees waived | 1.36%8 | 1.39% | 1.43% | 1.34% | 1.30% | 1.27% |
Net investment income | 0.80%8 | 0.76% | 2.04% | 1.55% | 1.98% | 1.75% |
Supplemental Data | ||||||
Net assets, end of period (000) | $ 232,310 | $200,267 | $215,337 | $320,764 | $390,547 | $320,926 |
Portfolio turnover | 45% | 155% | 187% | 122% | 65% | 81% |
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 Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the total return would have been 1.51%.
7 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 by 0.17%.
8 Annualized.
See Notes to Financial Statements.
46 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Financial Highlights (continued) BlackRock International Value Fund
Investor B | |||||||
Six Months | |||||||
Ended | |||||||
December 31, | |||||||
2010 | Year Ended June 30, | ||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | ||
Per Share Operating Performance | |||||||
Net asset value, beginning of period | $ 16.76 | $ 16.84 | $ 25.28 | $ 33.60 | $ 29.88 | $ 25.94 | |
Net investment income (loss)1 | (0.03) | (0.06) | 0.13 | 0.14 | 0.34 | 0.26 | |
Net realized and unrealized gain (loss)2 | 4.17 | 0.17 | (8.12) | (4.16) | 5.96 | 6.07 | |
Net increase (decrease) from investment operations | 4.14 | 0.11 | (7.99) | (4.02) | 6.30 | 6.33 | |
Dividends and distributions from: | |||||||
Net investment income | — | (0.21) | (0.22) | (0.43) | (0.60) | (0.40) | |
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) | |
Proceeds from regulatory settlement | — | 0.02 | — | — | — | — | |
Net asset value, end of period | $ 20.90 | $ 16.76 | $ 16.84 | $ 25.28 | $ 33.60 | $ 29.88 | |
Total Investment Return3 | |||||||
Based on net asset value | 24.70%4,5 | 0.59%5,6 | (31.91)%5 | (13.31)% | 22.78% | 25.84%7 | |
Ratios to Average Net Assets | |||||||
Total expenses | 2.49%8 | 2.46% | 2.61% | 2.30% | 2.15% | 2.06% | |
Total expenses after fees waived | 2.49%8 | 2.46% | 2.61% | 2.30% | 2.15% | 2.06% | |
Net investment income (loss) | (0.32)%8 | (0.34)% | 0.74% | 0.47% | 1.11% | 0.95% | |
Supplemental Data | |||||||
Net assets, end of period (000) | $ 26,088 | $ 24,944 | $ 31,261 | $ 61,007 | $ 90,447 | $ 79,165 | |
Portfolio turnover | 45% | 155% | 187% | 122% | 65% | 81% |
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 Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the total return would have been 0.47%.
7 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 by 0.21%.
8 Annualized.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 47
Financial Highlights (continued) BlackRock International Value Fund
Investor C | ||||||
Six Months | ||||||
Ended | ||||||
December 31, | ||||||
2010 | Year Ended June 30, | |||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |
Per Share Operating Performance | ||||||
Net asset value, beginning of period | $ 16.48 | $ 16.60 | $ 24.94 | $ 33.24 | $ 29.59 | $ 25.72 |
Net investment income (loss)1 | (0.03) | (0.05) | 0.14 | 0.16 | 0.35 | 0.28 |
Net realized and unrealized gain (loss)2 | 4.10 | 0.18 | (8.01) | (4.13) | 5.90 | 5.99 |
Net increase (decrease) from investment operations | 4.07 | 0.13 | (7.87) | (3.97) | 6.25 | 6.27 |
Dividends and distributions from: | ||||||
Net investment income | — | (0.27) | (0.24) | (0.45) | (0.62) | (0.41) |
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) |
Proceeds from regulatory settlement | — | 0.02 | — | — | — | — |
Net asset value, end of period | $ 20.55 | $ 16.48 | $ 16.60 | $ 24.94 | $ 33.24 | $ 29.59 |
Total Investment Return3 | ||||||
Based on net asset value | 24.70%4,5 | 0.63%5,6 | (31.89)%5 | (13.32)% | 22.82% | 25.86%7 |
Ratios to Average Net Assets | ||||||
Total expenses | 2.42%8 | 2.44% | 2.60% | 2.31% | 2.15% | 2.06% |
Total expenses after fees waived | 2.42%8 | 2.44% | 2.60% | 2.31% | 2.15% | 2.06% |
Net investment income (loss) | (0.26)%8 | (0.28)% | 0.83% | 0.55% | 1.15% | 1.01% |
Supplemental Data | ||||||
Net assets, end of period (000) | $ 168,064 | $145,996 | $159,516 | $262,573 | $332,940 | $244,931 |
Portfolio turnover | 45% | 155% | 187% | 122% | 65% | 81% |
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 Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the total return would have been 0.50%.
7 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 by 0.17%.
8 Annualized.
See Notes to Financial Statements.
48 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Financial Highlights (concluded) BlackRock International Value Fund
Class R | ||||||||
Six Months | ||||||||
Ended | ||||||||
December 31, | ||||||||
2010 | Year Ended June 30, | |||||||
(Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 | |||
Per Share Operating Performance | ||||||||
Net asset value, beginning of period | $ 17.00 | $ 17.11 | $ 25.61 | $ 34.06 | $ 30.24 | $ 26.19 | ||
Net investment income1 | 0.05 | 0.09 | 0.28 | 0.39 | 0.55 | 0.50 | ||
Net realized and unrealized gain (loss)2 | 4.23 | 0.193 | (8.22) | (4.27) | 6.02 | 6.04 | ||
Net increase (decrease) from investment operations | 4.28 | 0.28 | (7.94) | (3.88) | 6.57 | 6.54 | ||
Dividends and distributions from: | ||||||||
Net investment income | — | (0.41) | (0.33) | (0.57) | (0.77) | (0.50) | ||
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) | ||
Proceeds from regulatory settlement | — | 0.02 | — | — | — | — | ||
Net asset value, end of period | $ 21.28 | $ 17.00 | $ 17.11 | $ 25.61 | $ 34.06 | $ 30.24 | ||
Total Investment Return4 | ||||||||
Based on net asset value | 25.18%5,6 | 1.35%6,7 | (31.36)%6 | (12.76)% | 23.53% | 26.52%8 | ||
Ratios to Average Net Assets | ||||||||
Total expenses | 1.71%9 | 1.72% | 1.86% | 1.65% | 1.57% | 1.52% | ||
Total expenses after fees waived | 1.71%9 | 1.72% | 1.86% | 1.65% | 1.57% | 1.52% | ||
Net investment income | 0.46%9 | 0.45% | 1.58% | 1.35% | 1.78% | 1.76% | ||
Supplemental Data | ||||||||
Net assets, end of period (000) | $ 47,406 | $ 42,390 | $ 45,391 | $ 72,262 | $ 60,258 | $ 36,048 | ||
Portfolio turnover | 45% | 155% | 187% | 122% | 65% | 81% |
1 Based on average shares outstanding.
2 Includes a redemption fee, which is less than $0.01 per share.
3 Includes litigation proceeds, which are 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 Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.01%.
7 Includes proceeds received from a settlement of litigation, which impacted the Fund’s total return. Not including these proceeds, the total return would have been 1.23%.
8 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 by 0.16%.
9 Annualized.
See Notes to Financial Statements.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 49
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
investment 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 (“US GAAP”), which may require management
to make estimates and assumptions that affect the reported amounts and
disclosures in the financial statements. Actual results could differ from
those estimates. The Boards of Directors and the Boards of Trustees 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 without a sales charge
and only to certain retirement and other 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 servicing
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 eight
years. Investor B Shares are only available through exchanges, dividend
reinvestment by existing shareholders or for purchase by certain qualified
employee benefit plans. Each class has exclusive voting rights with respect
to matters relating to its shareholder servicing and distribution expendi-
tures (except that Investor B shareholders may vote on material changes to
the Investor A distribution and service plan).
The following is a summary of significant accounting policies followed by
the Funds:
Valuation: The Funds’ fair value their financial instruments at market value
using independent dealers or pricing services under policies approved by
the Board. Equity investments traded on a recognized securities exchange
or the NASDAQ Global Market System (“NASDAQ”) are valued at the last
reported sale price that day or the NASDAQ official closing price, if applica-
ble. 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 deter-
mined that such prior day’s price no longer reflects the fair value of the
security. Investments in open-end registered investment companies are
valued at net asset value each business day. Short-term securities with
remaining maturities of 60 days or less 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. Although the Money
Market Series is not registered under the 1940 Act, its investments will
follow the parameters of investments by a money market fund that is sub-
ject to Rule 2a-7 promulgated by the Securities and Exchange Commission
(“SEC”) under the 1940 Act. The Funds may withdraw up to 25% of their
investment daily, although the manager of the Money Market Series, in its
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 mean 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 in accordance with a policy approved by the Board as reflecting
fair value (“Fair Value Assets”). When determining the price for Fair Value
Assets, the investment advisor and/or the sub-advisor seeks to determine
the price that each Fund might reasonably expect to receive from the cur-
rent sale of that asset in an arm’s-length transaction. Fair value determina-
tions shall be based upon all available factors that the investment advisor
and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is
subsequently reported to the Board or a committee thereof.
Generally, trading in foreign instruments is substantially completed
each day at various times prior to the close of business on the NYSE.
Occasionally, events affecting the values of such instruments may occur
between the foreign market close and the close of business on the NYSE
that may not be reflected in the computation of each Fund’s net assets.
If events (for example, a company announcement, market volatility or a nat-
ural disaster) occur during such periods that are expected to materially
affect the value of such instruments, those instruments may be Fair Value
Assets and be valued at their fair value, as determined in good faith by
the investment advisor using a pricing service and/or policies approved
by the Board. Each business day, the Funds use a pricing service to assist
with the valuation of certain foreign exchange-traded equity securities
and foreign exchange-traded and over-the-counter (“OTC”) options (the
“Systematic Fair Value Price”). Using current market factors, the Systematic
Fair Value Price is designed to value such foreign securities and foreign
options at fair value as of the close of business on the NYSE, which follows
the close of the local markets.
50 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Notes to Financial Statements (continued)
Foreign Currency Transactions: The Funds’ books and records are main-
tained in US dollars. Purchases and sales of investment securities are
recorded at the rates of exchange prevailing on the date the transactions
are entered into. Generally, when the US dollar rises in value against a
foreign currency, the Funds’ investments denominated in that currency will
lose value because its currency is worth fewer US dollars; the opposite
effect occurs if the US dollar falls in relative value.
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.
Participation Notes: Certain Funds may invest in participation notes
(“P-Notes”). P-Notes are promissory notes issued by banks or broker-
dealers that are designed to offer the Funds a return measured by the
change in value of the underlying security or basket of securities (the
“underlying security”) while not holding the actual shares of the underlying
security. P-Notes are typically used to allow the Funds to gain exposure to
securities traded in foreign markets that may be restricted due to country-
specific regulations. When the P-Note matures, the issuer will pay to, or
receive from, the Funds the difference between the value of the underlying
security at the time of the purchase and the underlying security’s value at
maturity of the P-Notes. Income received on P-Notes is recorded by the
Funds as dividend income in the Statements of Operations. An investment
in a P-Note involves additional risks beyond the risks normally associated
with a direct investment in the underlying security. While the holder of the
P-Note is entitled to receive from the bank or broker-dealer any dividends
paid by the underlying security, the holder is not entitled to the same rights
(e.g., voting rights) as a direct owner of the underlying security. P-Notes are
considered general unsecured contractual obligations of the bank or bro-
ker-dealer. The Funds must rely on the creditworthiness of the issuer for its
investment returns on the P-Notes and have no rights against the issuer of
the underlying security. A P-Note may be more volatile and less liquid than
other investments held by the Funds since the P-Note generally is depend-
ent on the liquidity in the local trading market for the underlying security.
Segregation and Collateralization: In cases in which the 1940 Act and
the interpretive positions of the SEC require that the Funds either deliver
collateral or segregate assets in connection with certain investments
(e.g., foreign currency exchange contracts), the Funds will, consistent with
SEC rules and/or certain interpretive letters issued by the SEC, segregate
collateral or designate on their books and records cash or other liquid
securities having a 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 bro-
ker-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
foreign securities where the ex-dividend date may have passed are
subsequently recorded when the Funds have determined the ex-dividend
date. Under the applicable foreign tax laws, a withholding tax at various
rates may be imposed on capital gains, dividends and interest. Upon
notification from issuers, some of the dividend income received from a
real estate investment trust may be redesignated as a reduction of cost of
the related investment and/or realized gain. Interest income, including
amortization and accretion of premiums and discounts on debt securities,
is recognized 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 paid by the Funds
are recorded on the ex-dividend dates. The amount and timing of dividends
and distributions are determined in accordance with federal income tax
regulations, which may differ from US GAAP.
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. Securities lending
income, as disclosed in the Statements of Operations, represents the
income earned from the investment of the cash collateral, net of rebates
paid to, or fees paid by, borrowers and less the fees paid to the securities
lending agent. During the term of the loan, the Funds earn dividend and
interest on the securities loaned. 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.
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 collateral. The Funds
also could suffer a loss if the value of an investment purchased with cash
collateral falls below the market value of loaned securities or if the value of
an investment purchased with cash collateral falls below the value of the
original cash collateral received.
Income Taxes: It is each Fund’s policy to comply with the requirements of
the Internal Revenue Code of 1986, as amended, applicable to regulated
investment companies and to distribute substantially all of its taxable
income to its shareholders. Therefore, no federal income tax provision
is required.
Each Fund files US federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limita-
tions on the Funds’ US federal tax returns remains open for each of the
four years ended June 30, 2010 for Global SmallCap and International
Value and the periods ended July 31, 2007, June 30, 2008, June 30,
2009 and June 30, 2010 for Focus Value and the periods ended
October 31, 2007, June 30, 2008, June 30, 2009 and June 30, 2010 for
EuroFund. The statutes of limitations on each Fund’s state and local tax
returns may remain open for an additional year depending upon the juris-
diction. Management does not believe there are any uncertain tax positions
that require recognition of a tax liability.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 51
Notes to Financial Statements (continued)
Other: Expenses directly related to a Fund or its classes are charged to that
Fund or class. Other operating expenses shared by several funds are pro
rated among those funds on the basis of relative net assets or other appro-
priate methods. Other expenses of the Funds are allocated daily to each
class based on its relative net assets. The Funds have an arrangement with
the custodians whereby fees may be reduced by credits earned on unin-
vested cash balances, which if applicable are shown as fees paid indirectly
in the Statements of Operations. The custodians impose fees on overdrawn
cash balances, which can be offset by accumulated credits earned or may
result in additional custody charges.
2. Derivative Financial Instruments:
The Funds engage in various portfolio investment strategies using derivative
contracts 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. These contracts may be transacted on an exchange
or OTC.
Losses may arise if the value of the contract decreases due to an unfavor-
able change in the market rates or values of the underlying instrument or if
the counterparty does not perform under the contract. The Funds’ maximum
risk of loss from counterparty credit risk on OTC derivatives is generally the
aggregate unrealized gain netted against any collateral pledged by/posted
to the counterparty.
The Funds may mitigate counterparty risk by procuring collateral and
through netting provisions included within an International Swaps and
Derivatives Association, Inc. (“ISDA”) Master Agreement implemented
between a Fund and each of its respective counterparties. The ISDA
Master Agreement allows each Fund to offset with each separate counter-
party certain derivative financial instrument’s payables and/or receivables
with collateral held. The amount of collateral moved to/from applicable
counterparties is generally based upon minimum transfer amounts of up
to $500,000. To the extent amounts due to the Funds from their counter-
parties are not fully collateralized contractually or otherwise, the Funds
bear the risk of loss from counterparty non-performance. See Note 1
“Segregation and Collateralization” for information with respect to collateral
practices. In addition, the Funds manage counterparty risk by entering into
agreements only with counterparties that they believe have the financial
resources to honor their obligations and by monitoring the financial stability
of those counterparties.
Certain ISDA Master Agreements allow counterparties to OTC derivatives to
terminate derivative contracts prior to maturity in the event a Funds’ net
assets decline by a stated percentage or the Funds fails to meet the terms
of its ISDA Master Agreements, which would cause the Funds to accelerate
payment of any net liability owed to the counterparty.
Foreign Currency Exchange Contracts: The Funds enter into foreign cur-
rency exchange contracts as an economic hedge against either specific
trans-actions or portfolio instruments or to obtain exposure to foreign cur-
rencies (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 cur-
rency backing some of the investments held by the Funds. The contract is
marked-to-market daily and the change in market 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 difference 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 the value of a for-
eign currency exchange contract changes unfavorably due to movements in
the value of the referenced foreign currencies and the risk that a counter-
party to the contract does not perform its obligations under the agreement.
Derivative Instruments Categorized by Risk Exposure: | |||||
Fair Values of Derivative Instruments as of December 31, 2010 | |||||
Asset Derivatives | |||||
Statement of Assets | Global | ||||
and Liabilities | SmallCap | International | |||
Location | EuroFund | Fund | Value Fund | ||
Unrealized appreciation | |||||
Foreign currency | on foreign currency | ||||
exchange contracts | exchange contracts | $10,027 | $ 7,174 | — | |
Liability Derivatives | |||||
Statement of Assets | Global | ||||
and Liabilities | SmallCap | International | |||
Location | EuroFund | Fund | Value Fund | ||
Unrealized depreciation | |||||
Foreign currency | on foreign currency | ||||
exchange contracts | exchange contracts | $ 8,427 | $ 9,177 | $59,540 | |
The Effect of Derivative Instruments on the Statements of Operations | |||||
Six Months Ended December 31, 2010 | |||||
Net Realized Gain (Loss) from | |||||
Global | |||||
SmallCap | International | ||||
EuroFund | Fund | Value Fund | |||
Foreign currency | |||||
transactions | $ (18,003) | $ 24,545 | $(5,184,788) | ||
Net Change in Unrealized Appreciation/Depreciation on | |||||
Global | |||||
SmallCap | International | ||||
EuroFund | Fund | Value Fund | |||
Foreign currency | |||||
transactions | $ (28,181) | $ (27,618) $ (25,851) | |||
For the six months ended December 31, 2010, the average quarterly | |||||
balances of outstanding derivative financial instruments were as follows: | |||||
Global | |||||
SmallCap | International | ||||
EuroFund | Fund | Value Fund | |||
Foreign currency exchange contracts: | |||||
Average number of | |||||
contracts purchased | 3 | 8 | 2 | ||
Average number of | |||||
contracts sold | 3 | 9 | — | ||
Average US dollar amount purchased . $ 1,439,633 | $ 1,260,393 | $ 4,854,549 | |||
Average US dollar amount sold | $ 1,155,283 | $ 4,168,419 | — |
52 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Notes to Financial Statements (continued)
3. Investment Advisory Agreement and Other Transactions
with Affiliates:
The PNC Financial Services Group, Inc. (“PNC”), Bank of America
Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest
stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership
structure, PNC is an affiliate of the Funds for 1940 Act purposes, but
BAC and Barclays are not.
Each Fund entered into an Investment Advisory Agreement with BlackRock
Advisors, LLC (the “Manager”), the Funds’ 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 operations of each
Fund. For such services, each Fund pays the Manager a monthly fee at
the annual rates set forth below, of each Fund’s average daily net assets
as follows:
EuroFund | 0.75% |
Focus Value | 1.00% |
Global SmallCap | 0.85% |
International Value | |
Portion of Average Daily Value of Net Assets | Rate |
Not exceeding $2 billion | 0.75% |
In excess of $2 billion, but not exceeding $4 billion | 0.70% |
In excess of $4 billion | 0.65% |
The Manager contractually agreed to waive 0.25% of Focus Value’s invest-
ment advisory fees until November 1, 2011. The contractual waiver may
be terminated upon 90 day’s notice by a majority of the non-interested
directors of the Fund or by vote of a majority of the outstanding voting
securities of the Fund. For the six months ended December 31, 2010, the
manager waived $180,862, which is included in fees waived by advisor in
the Statements of Operations.
The Manager voluntarily agreed to waive its investment advisory fees by
the amount of investment advisory fees each Fund pays to the Manager
indirectly through its investment in affiliated money market funds, however
the Manager does not waive its investment advisory fees by the amount
of investment advisory fees paid through each Fund’s investment in other
affiliated investment companies, if any. These amounts are shown as, or
included in, fees waived by advisor in the Statements of Operations. For the
six months ended December 31, 2010, the amounts waived were
as follows:
EuroFund | $ 1,690 |
Focus Value | $ 380 |
Global SmallCap | $ 9,575 |
International Value | $ 4,788 |
The Manager, on behalf of EuroFund, entered into a sub-advisory agree-
ment with BlackRock Investment Management, LLC (“BIM”), and BlackRock
International Ltd, (“BIL”), both affiliates of the Manager. The Manager pays
each sub-advisor for services it provides, a monthly fee that is a percent-
age of the investment advisory fees paid by each Fund to the Manager.
The Manager, on behalf of Focus Value and Global Small Cap, entered into
a sub-advisory agreement with BIM. The Manager pays BIM for services it
provides, a monthly fee that is a percentage of the investment advisory
fees paid by each Fund to the Manager.
The Manager, on behalf of International Value, entered into a sub-advisory
agreement with BIL The Manager pays BIL for services it provides, a
monthly fee that is a percentage of the investment advisory fees paid by
the Fund to the Manager.
For the six months ended December 31, 2010, 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:
EuroFund | $ 3,615 |
Focus Value | $ 1,408 |
Global SmallCap | $ 9,848 |
International Value | $ 9,420 |
The Funds received an exemptive order from the SEC permitting them,
among other things, to 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, 2010,
BIM received securities lending agent fees as follows:
Focus Value | $ 1,393 |
Global SmallCap | $ 7,917 |
The Funds entered into a Distribution Agreement and Distribution and
Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of
BlackRock. Pursuant to the Distribution and Service Plan and in accor-
dance with Rule 12b-1 under the 1940 Act, each Fund pay BRIL ongoing
service and distribution fees. The fees are accrued daily and paid monthly
at annual rates based upon the average daily net assets of the 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.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 53
Notes to Financial Statements (continued)
For the six months ended December 31, 2010, affiliates earned underwrit-
ing discounts, direct commissions and dealer concessions on sales of the
Funds’ Investor A Shares as follows:
Investor A | |
EuroFund | $ 571 |
Focus Value | $ 1,064 |
Global SmallCap | $ 17,087 |
International Value | $ 6,514 |
For the six months ended December 31, 2010, affiliates received the
following contingent deferred sales charges relating to transactions in
Investor B and Investor C Shares as follows:
Investor B | Investor C | |
EuroFund | $ 3,013 | $ 698 |
Focus Value | $ 576 | $ 712 |
Global SmallCap | $11,423 | $16,538 |
International Value | $ 4,715 | $ 3,699 |
Furthermore, affiliates received contingent deferred sale charges relating to
transactions subject to front-end sales charge waivers on Investor A Shares
as follows:
Investor A | |
EuroFund | $ 1,447 |
Global SmallCap | $ 151 |
International Value | $ 22 |
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, 2010, the Funds reimbursed the
Manager the following amounts for costs incurred in running the call cen-
ter, which are included in transfer agent — class specific in the Statements
of Operations:
Focus | Global | International | ||
EuroFund | Value | SmallCap | Value | |
Institutional | $1,358 | $ 522 | $ 951 | $2,033 |
Investor A | $1,815 | $ 550 | $2,747 | $1,230 |
Investor B | $ 144 | $ 39 | $ 370 | $ 212 |
Investor C | $ 259 | $ 118 | $2,771 | $1,034 |
Class R | $ 11 | $ 4 | $ 189 | $ 155 |
Certain officers and/or directors of the Funds are officers and/or
directors of BlackRock or its affiliates. The Funds reimburse the Manager
for compensation 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, 2010, were as follows:
Purchases | Sales | |
EuroFund | $ 267,312,704 | $ 297,594,532 |
Focus Value | $ 18,650,489 | $ 35,446,027 |
Global SmallCap | $ 430,854,660 | $ 413,106,904 |
International Value | $ 394,480,082 | $ 468,708,577 |
5. Borrowings:
The Funds, along with certain other funds managed by the Manager and
its affiliates, are a party to a $500 million credit agreement with a group
of lenders, which expired in November 2010. The Funds may borrow under
the credit agreement to fund shareholder redemptions. Effective November
2009, 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, 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. In addition, the
Funds paid administration and arrangement fees which were allocated to
the Funds based on their net assets as of October 31, 2009. Effective
November 2010, the credit agreement was renewed until November 2011
with the following terms: a commitment fee of 0.08% 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
1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on
amounts borrowed. In addition, the Funds paid administration and arrange-
ment fees, which were allocated to the Funds based on their net assets as
of October 31, 2010. The Funds did not borrow under the credit agreement
during the six months ended December 31, 2010.
6. Capital Loss Carryforwards:
As of June 30, 2010, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
Global | International | |||
Expires June 30, | EuroFund | Focus Value | SmallCap | Value |
2017 | $ 67,839,175 | $ 14,541,173 | $ 45,917,435 | $ 226,455,864 |
2018 | 85,950,061 | 43,225,950 | 126,086,057 | 119,500,153 |
Total | $ 153,789,236 | $ 57,767,123 | $ 172,003,492 | $ 345,956,017 |
Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after June 30, 2011 will not be
subject to expiration. In addition, such losses must be utilized prior to the losses incurred in the years preceding enactment.
54 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Notes to Financial Statements (continued)
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 (issuer
credit risk). The value of securities held by the Funds may decline in
response to certain events, including those directly involving the issuers
whose securities are owned by the Funds; conditions affecting the general
economy; overall market changes; local, regional or global political, social
or economic instability; and currency and interest rate and price fluctua-
tions. Similar to issuer credit risk, the Funds may be exposed to counter-
party credit risk, or the risk that an entity with which the Funds have
unsettled or open transactions may fail to or be unable to perform on its
commitments. The Funds manage counterparty credit risk by entering into
transactions only with counterparties that they believe have the financial
resources to honor their obligations and by monitoring the financial stability
of those counterparties. Financial assets, which potentially expose the
Funds to market, issuer and counterparty credit risks, consist principally
of financial instruments and receivables due from counterparties. The
extent of the Funds’ exposure to market, issuer and counterparty credit
risks with respect to these financial assets is generally 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 a substantial amount of their assets in issuers located in
a single country or a limited number of countries. When the Funds concen-
trate 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, 2010, the Funds had the following industry classifica-
tions as a percentage of long-term investments:
Global International | |||
Industry | EuroFund SmallCap | Value | |
Software | — | 6% | — |
Semiconductors & Semiconductor Equipment | — | 4 | 3% |
Commercial Banks | 12% | 1 | 12 |
Pharmaceuticals | 7 | 2 | 9 |
Oil, Gas & Consumable Fuels… | 7 | 8 | 9 |
Diversified Telecommunication Services | — | — | 7 |
Construction & Engineering | — | — | 2 |
Food Products | — | 3 | — |
Metals & Mining | 6 | 5 | 5 |
Chemicals | 5 | 3 | 3 |
Textiles, Apparel & Luxury Goods | 5 | 2 | — |
Machinery | — | 6 | 3 |
Other* | 58 | 60 | 47 |
* All other industries held were each less than 5% of long-term investments. |
8. Capital Share Transactions:
Transactions in capital shares for each class were as follows:
Six Months Ended | Year Ended | ||||
December 31, 2010 | June 30, 2010 | ||||
EuroFund | Shares | Amount | Shares | Amount | |
Institutional | |||||
Shares sold | 256,374 | $ 3,213,633 | 864,251 | $ 10,721,971 | |
Shares issued to shareholders in reinvestment of dividends | 124,274 | 1,606,600 | 314,699 | 4,091,816 | |
Total issued | 380,648 | 4,820,233 | 1,178,950 | 14,813,787 | |
Shares redeemed | (1,279,519) | (15,788,331) | (3,950,409) | (45,897,216) | |
Net decrease | (898,871) | $(10,968,098) | (2,771,459) | $(31,083,429) | |
Investor A | |||||
Shares sold and automatic conversion of shares | 429,016 | $ 5,274,138 | 1,230,158 | $ 15,151,813 | |
Shares issued to shareholders in reinvestment of dividends | 214,075 | 2,718,959 | 502,630 | 6,424,367 | |
Total issued | 643,091 | 7,993,097 | 1,732,788 | 21,576,180 | |
Shares redeemed | (2,345,357) | (28,779,143) | (4,149,446) | (50,094,831) | |
Net decrease | (1,702,266) | $(20,786,046) | (2,416,658) | $(28,518,651) | |
Investor B | |||||
Shares sold | 9,469 | $ 94,855 | 39,404 | $ 398,064 | |
Shares issued to shareholders in reinvestment of dividends | — | — | 3,894 | 41,240 | |
Total issued | 9,469 | 94,855 | 43,298 | 439,304 | |
Shares redeemed and automatic conversion of shares | (66,341) | (666,133) | (289,078) | (2,927,261) | |
Net decrease | (56,872) | $ (571,278) | (245,780) | $ (2,487,957) |
SEMI-ANNUAL REPORT DECEMBER 31, 2010 55
Notes to Financial Statements (continued)
Six Months Ended | Year Ended | |||
December 31, 2010 | June 30, 2010 | |||
EuroFund (concluded) | Shares | Amount | Shares | Amount |
Investor C | ||||
Shares sold | 80,904 | $ 733,649 | 282,943 | $ 2,546,749 |
Shares issued to shareholders in reinvestment of dividends | 26,765 | 250,812 | 87,606 | 829,683 |
Total issued | 107,669 | 984,461 | 370,549 | 3,376,432 |
Shares redeemed | (353,864) | (3,193,952) | (852,938) | (7,554,574) |
Net decrease | (246,195) | $ (2,209,491) | (482,389) | $ (4,178,142) |
Class R | ||||
Shares sold | 40,737 | $ 393,233 | 122,331 | $ 1,186,904 |
Shares issued to shareholders in reinvestment of dividends | 3,586 | 35,720 | 9,535 | 96,018 |
Total issued | 44,323 | 428,953 | 131,866 | 1,282,922 |
Shares redeemed | (42,528) | (405,772) | (199,381) | (1,933,350) |
Net increase (decrease) | 1,795 | $ 23,181 | (67,515) | $ (650,428) |
Focus Value | ||||
Institutional | ||||
Shares sold | 67,092 | $ 700,533 | 573,048 | $ 5,573,629 |
Shares issued to shareholders in reinvestment of dividends | 61,591 | 679,326 | 98,151 | 966,840 |
Total issued | 128,683 | 1,379,859 | 671,199 | 6,540,469 |
Shares redeemed | (1,269,795) | (13,010,676) | (2,778,849) | (26,874,826) |
Net decrease | (1,141,112) | $(11,630,817) | (2,107,650) | $(20,334,357) |
Investor A | ||||
Shares sold and automatic conversion of shares | 171,607 | $ 1,761,182 | 647,308 | $ 6,326,110 |
Shares issued to shareholders in reinvestment of dividends | 52,822 | 576,795 | 58,383 | 569,259 |
Total issued | 224,429 | 2,337,977 | 705,691 | 6,895,369 |
Shares redeemed | (552,074) | (5,648,918) | (1,096,909) | (10,759,700) |
Net decrease | (327,645) | $ (3,310,941) | (391,218) | $(3,864,331) |
Investor B | ||||
Shares sold | 3,444 | $ 31,755 | 17,245 | $ 146,385 |
Shares issued to shareholders in reinvestment of dividends | — | — | 319 | 2,800 |
Total issued | 3,444 | 31,755 | 17,564 | 149,185 |
Shares redeemed and automatic conversion of shares | (64,310) | (595,781) | (328,306) | (2,902,015) |
Net decrease | (60,866) | $ (564,026) | (310,742) | $ (2,752,830) |
Investor C | ||||
Shares sold | 85,999 | $ 758,320 | 226,077 | $ 1,876,927 |
Shares issued to shareholders in reinvestment of dividends | 3,905 | 36,820 | 5,501 | 46,430 |
Total issued | 89,904 | 795,140 | 231,578 | 1,923,357 |
Shares redeemed | (137,693) | (1,227,220) | (443,651) | (3,807,264) |
Net decrease | (47,789) | $ (432,080) | (212,073) | $ (1,883,907) |
Class R | ||||
Shares sold | 27,017 | $ 257,717 | 28,000 | $ 248,492 |
Shares issued to shareholders in reinvestment of dividends | 577 | 5,736 | 463 | 4,122 |
Total issued | 27,594 | 263,453 | 28,463 | 252,614 |
Shares redeemed | (24,805) | (222,220) | (19,565) | (171,012) |
Net increase | 2,789 | $ 41,233 | 8,898 | $ 81,602 |
56 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Notes to Financial Statements (continued)
Six Months Ended | Year Ended | |||||
December 31, 2010 | June 30, 2010 | |||||
Global SmallCap | Shares | Amount | Shares | Amount | ||
Institutional | ||||||
Shares sold | 2,028,495 | $ 42,785,529 | 6,136,279 | $ 118,722,072 | ||
Shares issued to shareholders in reinvestment of dividends | 117,365 | 2,686,457 | — | — | ||
Total issued. | 2,145,860 | 45,471,986 | 6,136,279 | 118,722,072 | ||
Shares redeemed | (1,915,451) | (39,666,078) | (3,831,606) | (73,495,863) | ||
Net increase | 230,409 | $ 5,805,908 | 2,304,673 | $ 45,226,209 | ||
Investor A | ||||||
Shares sold and automatic conversion of shares | 1,455,992 | $ 29,793,266 | 3,978,681 | $ 75,186,517 | ||
Shares issued to shareholders in reinvestment of dividends | 68,163 | 1,530,241 | — | — | ||
Total issued | 1,524,155 | 31,323,507 | 3,978,681 | 75,186,517 | ||
Shares redeemed | (1,624,039) | (33,281,264) | (3,493,869) | (65,870,679) | ||
Net increase (decrease) | (99,884) | $ (1,957,757) | 484,812 | $ 9,315,838 | ||
Investor B | ||||||
Shares sold | 32,340 | $ 624,096 | 129,206 | $ 2,273,237 | ||
Shares issued to shareholders in reinvestment of dividends | — | — | — | — | ||
Total issued | 32,340 | 624,096 | 129,206 | 2,273,237 | ||
Shares redeemed and automatic conversion of shares | (323,311) | (6,159,965) | (1,146,748) | (20,494,205) | ||
Net decrease | (290,971) | $ (5,535,869) | (1,017,542) | $ (18,220,968) | ||
Investor C | ||||||
Shares sold | 1,004,203 | $ 18,691,808 | 3,180,506 | $ 55,171,854 | ||
Shares issued to shareholders in reinvestment of dividends | — | — | — | — | ||
Total issued | 1,004,203 | 18,691,808 | 3,180,506 | 55,171,854 | ||
Shares redeemed | (1,986,604) | (37,120,916) | (4,499,745) | (77,966,157) | ||
Net decrease | (982,401) | $ (18,429,108) | (1,319,239) | $ (22,794,303) | ||
Class R | ||||||
Shares sold | 432,907 | $ 8,320,203 | 960,385 | $ 17,330,556 | ||
Shares issued to shareholders in reinvestment of dividends | 5,028 | 107,553 | — | — | ||
Total issued | 437,935 | 8,427,756 | 960,385 | 17,330,556 | ||
Shares redeemed | (453,352) | (8,665,741) | (925,449) | (16,464,097) | ||
Net increase (decrease) | (15,417) | $ (237,985) | 34,936 | $ 886,459 |
SEMI-ANNUAL REPORT DECEMBER 31, 2010 57
Notes to Financial Statements (concluded)
Six Months Ended | Year Ended | |||||
December 31, 2010 | June 30, 2010 | |||||
International Value | Shares | Amount | Shares | Amount | ||
Institutional | ||||||
Shares sold | 1,528,820 | $ 31,364,713 | 4,216,370 | $ 83,023,378 | ||
Shares issued to shareholders in reinvestment of dividends | 35,037 | 761,440 | 660,817 | 13,562,794 | ||
Total issued | 1,563,857 | 32,126,153 | 4,877,187 | 96,586,172 | ||
Shares redeemed | (2,889,239) | (58,571,631) | (8,093,784) | (157,966,063) | ||
Net decrease | (1,325,382) | $ (26,445,478) | (3,216,597) | $ (61,379,891) | ||
Investor A | ||||||
Shares sold and automatic conversion of shares | 1,401,833 | $ 26,700,432 | 2,013,939 | $ 39,367,834 | ||
Shares issued to shareholders in reinvestment of dividends | — | — | 267,115 | 5,451,912 | ||
Total issued | 1,401,833 | 26,700,432 | 2,281,054 | 44,819,746 | ||
Shares redeemed | (2,275,666) | (46,323,470) | (3,067,038) | (60,639,619) | ||
Net decrease | (873,833) | $ (19,623,038) | (785,984) | $ (15,819,873) | ||
Investor B | ||||||
Shares sold | 127,343 | $ 2,496,280 | 415,953 | $ 7,992,241 | ||
Shares issued to shareholders in reinvestment of dividends | — | — | 17,376 | 347,017 | ||
Total issued | 127,343 | 2,496,280 | 433,329 | 8,339,258 | ||
Shares redeemed and automatic conversion of shares | (367,468) | (7,213,532) | (801,265) | (15,419,130) | ||
Net decrease | (240,125) | $ (4,717,252) | (367,936) | $ (7,079,872) | ||
Investor C | ||||||
Shares sold | 785,937 | $ 15,108,324 | 2,248,152 | $ 42,381,360 | ||
Shares issued to shareholders in reinvestment of dividends | — | — | 116,442 | 2,285,844 | ||
Total issued | 785,937 | 15,108,324 | 2,364,594 | 44,667,204 | ||
Shares redeemed | (1,470,310) | (28,204,970) | (3,112,800) | (58,867,895) | ||
Net decrease | (684,373) | $ (13,096,646) | (748,206) | $ (14,200,691) | ||
Class R | ||||||
Shares sold | 328,585 | $ 6,546,994 | 962,520 | $ 18,827,640 | ||
Shares issued to shareholders in reinvestment of dividends | — | — | 51,204 | 1,032,783 | ||
Total issued | 328,585 | 6,546,994 | 1,013,724 | 19,860,423 | ||
Shares redeemed | (594,855) | (11,970,253) | (1,172,605) | (22,993,969) | ||
Net decrease | (266,270) | $ 5,423,259) | (158,881) | $ (3,133,546) |
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 the Funds 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 each Fund through the date the financial statements were issued and has determined
that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
58 SEMI-ANNUAL REPORT DECEMBER 31, 2010
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, 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
John M. Perlowski, President2 and Chief Executive Officer
Brendan Kyne, Vice President
Brian Schmidt, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer of the Fund
Ira Shapiro, Secretary
1 For EuroFund only.
2 For all Funds except EuroFund.
Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Advisors
BlackRock Investment Management, LLC3
Plainsboro, NJ 08536
BlackRock International Limited4
Edinburgh, EH3 8JB, United Kingdom
Custodians
Brown Brothers Harriman & Co.5
Boston, MA 02101
JPMorgan Chase Bank, N.A.6
Brooklyn, NY 11245
Transfer Agent
BNY Mellon Investment Servicing (US), 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 Funds
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.
Effective September 15, 2010, John M. Perlowski became
President and Chief Executive Officer of the Funds.
Effective November 10, 2010, Ira Shapiro became Secretary
of the Funds.
Effective December 31, 2010, Richard R. West retired as
a Director of the Funds. The Board wishes Mr. West well in
his retirement.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 59
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
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 Quarterly Portfolio Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the
Securities and Exchange Commission (the “SEC”) for the first and third
quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are avail-
able 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 (800) SEC-0330. The Funds’ Forms N-Q may also be
obtained upon request and without charge by calling (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
http://www.blackrock.com or by calling (800) 441-7762 and (2) on
the SEC’s website at http://www.sec.gov.
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
http://www.blackrock.com; and (3) on the SEC’s website at
http://www.sec.gov.
60 SEMI-ANNUAL REPORT DECEMBER 31, 2010
Additional Information (continued)
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 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
http://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.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 61
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.
62 SEMI-ANNUAL REPORT DECEMBER 31, 2010
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 Global SmallCap Fund | BlackRock Natural Resources Trust | ||
BlackRock Asset Allocation Portfolio† | BlackRock Health Sciences Opportunities Portfolio | BlackRock Pacific Fund | ||
BlackRock Balanced Capital Fund† | BlackRock Healthcare Fund | BlackRock Science & Technology | ||
BlackRock Basic Value Fund | BlackRock Index Equity Portfolio* | Opportunities Portfolio | ||
BlackRock Capital Appreciation Fund | BlackRock International Fund | BlackRock Small Cap Core Equity Portfolio | ||
BlackRock Energy & Resources Portfolio | BlackRock International Index Fund | BlackRock Small Cap Growth Equity Portfolio | ||
BlackRock Equity Dividend Fund | BlackRock International Opportunities Portfolio | BlackRock Small Cap Growth Fund II | ||
BlackRock EuroFund | BlackRock International Value Fund | BlackRock Small Cap Index Fund | ||
BlackRock Focus Growth Fund | BlackRock Large Cap Core Fund | BlackRock Small/Mid-Cap Growth Portfolio | ||
BlackRock Focus Value Fund | BlackRock Large Cap Core Plus Fund | BlackRock S&P 500 Index Fund | ||
BlackRock Global Allocation Fund† | BlackRock Large Cap Growth Fund | BlackRock S&P 500 Stock Fund | ||
BlackRock Global Dynamic Equity Fund | BlackRock Large Cap Value Fund | BlackRock U.S. Opportunities Portfolio | ||
BlackRock Global Emerging Markets Fund | BlackRock Latin America Fund | BlackRock Utilities and Telecommunications Fund | ||
BlackRock Global Financial Services Fund | BlackRock Mid-Cap Growth Equity Portfolio | BlackRock Value Opportunities Fund | ||
BlackRock Global Growth Fund | BlackRock Mid-Cap Value Equity Portfolio | BlackRock World Gold Fund | ||
BlackRock Global Opportunities Portfolio | BlackRock Mid Cap Value Opportunities Fund | |||
Fixed Income Funds | ||||
BlackRock Bond Index Fund | BlackRock High Yield Bond Portfolio | BlackRock Managed Income Portfolio | ||
BlackRock Bond Portfolio | BlackRock Income Portfolio† | BlackRock Multi-Sector Bond Portfolio | ||
BlackRock Emerging Market Debt Portfolio | BlackRock Inflation Protected Bond Portfolio | BlackRock Short-Term Bond Fund | ||
BlackRock Floating Rate Income Portfolio | BlackRock Intermediate Government | BlackRock Strategic Income | ||
BlackRock GNMA Portfolio | Bond Portfolio | Opportunities Portfolio | ||
BlackRock Global Dividend Income Portfolio† | BlackRock International Bond Portfolio | BlackRock Total Return Fund | ||
BlackRock Government Income Portfolio | BlackRock Long Duration Bond Portfolio | BlackRock Total Return Portfolio II | ||
BlackRock High Income Fund | BlackRock Low Duration Bond Portfolio | BlackRock World Income Fund | ||
Municipal Bond Funds | ||||
BlackRock AMT-Free Municipal Bond Portfolio | BlackRock Kentucky Municipal Bond Portfolio | BlackRock New York Municipal Bond Fund | ||
BlackRock California Municipal Bond Fund | BlackRock Municipal Fund | BlackRock Ohio Municipal Bond Portfolio | ||
BlackRock High Yield Municipal Fund | BlackRock National Municipal Fund | BlackRock Pennsylvania Municipal Bond Fund | ||
BlackRock Intermediate Municipal Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock Short-Term Municipal Fund | ||
Target Risk & Target Date Funds† | ||||
BlackRock Prepared Portfolios | BlackRock Lifecycle Prepared Portfolios | BlackRock LifePath Portfolios | ||
Conservative Prepared Portfolio | 2015 | 2035 | Retirement | 2040 |
Moderate Prepared Portfolio | 2020 | 2040 | 2020 | 2045 |
Growth Prepared Portfolio | 2025 | 2045 | 2025 | 2050 |
Aggressive Growth Prepared Portfolio | 2030 | 2050 | 2030 | 2055 |
2035 |
* 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.
SEMI-ANNUAL REPORT DECEMBER 31, 2010 63
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 liquidity 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
(a) – The registrant’s principal executive and principal financial officers or persons
performing similar functions have concluded that the registrant’s disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this
report based on the evaluation of these controls and procedures required by Rule 30a-3(b)
under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as
amended.
(b) – There were no changes in the registrant’s internal control over financial reporting (as
defined in Rule 30a-3(d) under the 1940 Act) that occurred during the 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
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
(a)(2) – Certifications – Attached hereto
(a)(3) – Not Applicable
(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/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock EuroFund
Date: March 4, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.
By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock EuroFund
Date: March 4, 2011
By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock EuroFund
Date: March 4, 2011