-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GvauMe781SSVRxvyFNbCIQGQCqxe6MWncsLrF1u5d4loHW/n4c5zI7Ln9qP7TkQR WOEO4hqSFFZ97Vc/eRXpBg== 0001171200-09-000585.txt : 20090827 0001171200-09-000585.hdr.sgml : 20090827 20090827143038 ACCESSION NUMBER: 0001171200-09-000585 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090827 DATE AS OF CHANGE: 20090827 EFFECTIVENESS DATE: 20090827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Value Opportunities Fund, Inc. CENTRAL INDEX KEY: 0000230382 IRS NUMBER: 132928561 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-02809 FILM NUMBER: 091039064 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGNTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGNTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: Merrill Lynch Value Opportunities Fund, Inc. DATE OF NAME CHANGE: 20040726 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH SMALL CAP VALUE FUND INC DATE OF NAME CHANGE: 20000628 0000230382 S000002323 BlackRock Value Opportunities Fund, Inc. C000006079 Investor A C000006080 Investor B C000006081 Investor C C000006082 Institutional C000006083 Class R N-Q 1 i00271_nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-02809 and 811-10095

 

Name of Fund: BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC, 40 East 52nd Street, New York, NY 10022.

 

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

 

Date of fiscal year end: 03/31/2010

 

Date of reporting period: 06/30/2009

 

Item 1 – Schedule of Investments

 

 

 

BlackRock Value Opportunities Fund, Inc.

 

 

 

Schedule of Investments June 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

Mutual Fund

 

 

Value

 

 

Master Value Opportunities LLC

 

$

902,941,356

 

 

Total Investments (Cost - $1,084,668,233) - 100.1%

 

 

902,941,356

 

 

Liabilities in Excess of Other Assets - (0.1)%

 

 

(1,296,903

)

 

 

 

 

Net Assets - 100.0%

 

$

901,644,453

 

 

 

 

 

 

 

•

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of 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 securities

 

 

 

•

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an 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 the Fund’s most recent financial statements as contained in its annual report.

 

 

 

 

The following table summarizes the inputs used as of June 30, 2009 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

Valuation
   Inputs

 

Investments in
Securities

 

 

 

Assets

 

 

 

Level 1

 

 

—

 

Level 2

 

$

902,941,356

 

Level 3

 

 

—

 

Total

 

$

902,941,356

 

 

 

 

 

Master Value Opportunities LLC

 

 

 

Schedule of Investments June 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

 

Shares

 

 

Value

 

Aerospace & Defense - 2.2%

 

Curtiss-Wright Corp.

 

 

520,900

 

$

15,486,357

 

 

 

Triumph Group, Inc.

 

 

115,500

 

 

4,620,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,106,357

 

Airlines - 0.2%

 

AMR Corp. (a)

 

 

453,700

 

 

1,823,874

 

Biotechnology - 0.8%

 

Facet Biotech Corp. (a)

 

 

30,980

 

 

287,804

 

 

 

Neurogen Corp. (a)

 

 

921,280

 

 

221,107

 

 

 

PDL BioPharma, Inc.

 

 

774,600

 

 

6,119,340

 

 

 

Vical, Inc. (a)

 

 

381,140

 

 

1,032,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,661,140

 

Building Products - 0.8%

 

Ameron International Corp.

 

 

112,800

 

 

7,562,112

 

Capital Markets - 0.5%

 

Investment Technology Group, Inc. (a)

 

 

78,900

 

 

1,608,771

 

 

 

Thomas Weisel Partners Group, Inc. (a)

 

 

402,721

 

 

2,424,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,033,151

 

Chemicals - 1.8%

 

Arch Chemicals, Inc.

 

 

99,400

 

 

2,444,246

 

 

 

Cytec Industries, Inc.

 

 

22,800

 

 

424,536

 

 

 

Huntsman Corp.

 

 

347,400

 

 

1,747,422

 

 

 

NewMarket Corp.

 

 

25,900

 

 

1,743,847

 

 

 

OM Group, Inc. (a)

 

 

86,200

 

 

2,501,524

 

 

 

Rockwood Holdings, Inc. (a)

 

 

48,700

 

 

712,968

 

 

 

Solutia, Inc. (a)

 

 

221,400

 

 

1,275,264

 

 

 

Spartech Corp.

 

 

615,900

 

 

5,660,121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,509,928

 

Commercial Banks - 7.7%

 

BancorpSouth, Inc.

 

 

284,600

 

 

5,842,838

 

 

 

Bank of Hawaii Corp.

 

 

169,800

 

 

6,083,934

 

 

 

Commerce Bancshares, Inc.

 

 

10,600

 

 

337,398

 

 

 

Cullen/Frost Bankers, Inc.

 

 

183,029

 

 

8,441,298

 

 

 

Fifth Third Bancorp

 

 

402,400

 

 

2,857,040

 

 

 

First Financial Bankshares, Inc.

 

 

86,200

 

 

4,341,032

 

 

 

First Financial Corp.

 

 

68,264

 

 

2,155,777

 

 

 

First Horizon National Corp. (b)

 

 

227,189

 

 

2,726,269

 

 

 

First Merchants Corp.

 

 

58,000

 

 

465,740

 

 

 

First Midwest Bancorp, Inc.

 

 

630,000

 

 

4,605,300

 

 

 

Glacier Bancorp, Inc. (b)

 

 

216,100

 

 

3,191,797

 

 

 

IBERIABANK Corp.

 

 

68,000

 

 

2,679,880

 

 

 

M&T Bank Corp. (b)

 

 

39,131

 

 

1,992,942

 

 

 

MetroCorp Bancshares, Inc.

 

 

318,250

 

 

986,575

 

 

 

PrivateBancorp, Inc.

 

 

102,100

 

 

2,270,704

 

 

 

Republic Bancorp, Inc. Class A

 

 

151,300

 

 

3,417,867

 

 

 

S&T Bancorp, Inc.

 

 

190,100

 

 

2,311,616

 

 

 

Texas Capital Bancshares, Inc. (a)

 

 

364,000

 

 

5,631,080

 

 

 

United Bankshares, Inc. (b)

 

 

242,100

 

 

4,730,634

 

 

 

Univest Corp. of Pennsylvania

 

 

117,287

 

 

2,376,235

 

 

 

Wilmington Trust Corp.

 

 

130,300

 

 

1,779,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

69,225,854

 

Commercial Services & Supplies - 0.2%

 

Team, Inc. (a)

 

 

105,500

 

 

1,653,185

 

1

 

 

Master Value Opportunities LLC

 

 

 

Schedule of Investments June 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

 

Shares

 

 

Value

 

Communications Equipment - 4.3%

 

ADC Telecommunications, Inc. (a)(b)

 

 

797,700

 

$

6,349,692

 

 

 

Emulex Corp. (a)

 

 

205,900

 

 

2,013,702

 

 

 

Harmonic, Inc. (a)

 

 

667,800

 

 

3,933,342

 

 

 

Ixia (a)

 

 

47,990

 

 

323,453

 

 

 

Tellabs, Inc. (a)

 

 

4,530,700

 

 

25,960,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,581,100

 

Computers & Peripherals - 0.2%

 

Electronics for Imaging, Inc. (a)

 

 

196,700

 

 

2,096,822

 

Construction & Engineering - 1.4%

 

Layne Christensen Co. (a)

 

 

224,800

 

 

4,597,160

 

 

 

URS Corp. (a)

 

 

170,900

 

 

8,462,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,060,128

 

Consumer Finance - 0.3%

 

Ezcorp, Inc. (a)

 

 

213,900

 

 

2,305,842

 

Containers & Packaging - 0.9%

 

Packaging Corp. of America

 

 

215,500

 

 

3,491,100

 

 

 

Rock-Tenn Co. Class A

 

 

101,100

 

 

3,857,976

 

 

 

Smurfit-Stone Container Corp. (a)

 

 

4,845,000

 

 

823,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,172,726

 

Diversified Consumer Services - 0.1%

 

Service Corp. International

 

 

215,085

 

 

1,178,666

 

Electric Utilities - 3.1%

 

Allete, Inc.

 

 

305,100

 

 

8,771,625

 

 

 

Cleco Corp. (b)

 

 

233,800

 

 

5,241,796

 

 

 

El Paso Electric Co. (a)

 

 

320,100

 

 

4,468,596

 

 

 

Portland General Electric Co.

 

 

194,700

 

 

3,792,756

 

 

 

UIL Holdings Corp.

 

 

233,700

 

 

5,246,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,521,338

 

Electrical Equipment - 0.2%

 

Hubbell, Inc. Class B

 

 

68,700

 

 

2,202,522

 

Electronic Equipment, Instruments & Components - 2.0%

 

Anixter International, Inc. (a)

 

 

231,300

 

 

8,694,567

 

 

 

Ingram Micro, Inc. Class A (a)

 

 

337,500

 

 

5,906,250

 

 

 

Vishay Intertechnology, Inc. (a)

 

 

529,700

 

 

3,596,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,197,480

 

Energy Equipment & Services - 2.4%

 

CARBO Ceramics, Inc. (b)

 

 

326,900

 

 

11,179,980

 

 

 

Dresser-Rand Group, Inc. (a)

 

 

36,200

 

 

944,820

 

 

 

Key Energy Services, Inc. (a)

 

 

369,900

 

 

2,130,624

 

 

 

Oil States International, Inc. (a)

 

 

131,900

 

 

3,193,299

 

 

 

Patterson-UTI Energy, Inc.

 

 

61,318

 

 

788,549

 

 

 

Superior Energy Services, Inc. (a)

 

 

193,800

 

 

3,346,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,584,198

 

Food & Staples Retailing - 0.8%

 

The Andersons, Inc.

 

 

239,000

 

 

7,155,660

 

Food Products - 0.8%

 

Hain Celestial Group, Inc. (a)

 

 

260,100

 

 

4,060,161

 

 

 

Smart Balance, Inc. (a)

 

 

489,750

 

 

3,335,198

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,395,359

 

Gas Utilities - 3.2%

 

Atmos Energy Corp.

 

 

328,300

 

 

8,220,632

 

 

 

New Jersey Resources Corp.

 

 

190,200

 

 

7,045,008

 

 

 

Northwest Natural Gas Co.

 

 

21,900

 

 

970,608

 

 

 

Piedmont Natural Gas Co. (b)

 

 

152,500

 

 

3,676,775

 

 

 

South Jersey Industries, Inc.

 

 

36,214

 

 

1,263,506

 

 

 

Southwest Gas Corp.

 

 

341,700

 

 

7,589,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,765,686

 

2

 

 

Master Value Opportunities LLC

 

 

 

Schedule of Investments June 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

Health Care Equipment & Supplies - 2.7%

 

CONMED Corp. (a)

 

 

277,900

 

$

4,313,008

 

 

 

The Cooper Cos., Inc.

 

 

119,400

 

 

2,952,762

 

 

 

DexCom, Inc. (a)

 

 

381,600

 

 

2,362,104

 

 

 

Merit Medical Systems, Inc. (a)

 

 

194,900

 

 

3,176,870

 

 

 

OraSure Technologies, Inc. (a)(c)

 

 

2,764,530

 

 

6,828,389

 

 

 

Wright Medical Group, Inc. (a)

 

 

298,200

 

 

4,848,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,481,865

 

Health Care Providers & Services - 2.0%

 

AMERIGROUP Corp. (a)

 

 

74,300

 

 

1,994,955

 

 

 

Healthways, Inc. (a)

 

 

149,900

 

 

2,016,155

 

 

 

MedCath Corp. (a)

 

 

347,300

 

 

4,084,248

 

 

 

Owens & Minor, Inc.

 

 

70,800

 

 

3,102,456

 

 

 

PharMerica Corp. (a)

 

 

170,100

 

 

3,339,063

 

 

 

WellCare Health Plans, Inc. (a)

 

 

166,700

 

 

3,082,283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,619,160

 

Health Care Technology - 0.2%

 

Cerner Corp. (a)

 

 

7,900

 

 

492,091

 

 

 

Merge Healthcare, Inc. (a)

 

 

369,213

 

 

1,587,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,079,707

 

Hotels, Restaurants & Leisure - 1.3%

 

Burger King Holdings, Inc.

 

 

324,600

 

 

5,605,842

 

 

 

O’Charleys, Inc. (c)

 

 

701,206

 

 

6,486,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,091,998

 

Household Durables - 0.5%

 

Furniture Brands International, Inc.

 

 

1,343,700

 

 

4,071,411

 

IT Services - 2.6%

 

Convergys Corp. (a)

 

 

2,526,300

 

 

23,444,064

 

Insurance - 2.8%

 

Aspen Insurance Holdings Ltd.

 

 

140,500

 

 

3,138,770

 

 

 

Fidelity National Title Group, Inc. Class A

 

 

459,400

 

 

6,215,682

 

 

 

HCC Insurance Holdings, Inc.

 

 

47,500

 

 

1,140,475

 

 

 

The Hanover Insurance Group, Inc.

 

 

104,000

 

 

3,963,440

 

 

 

IPC Holdings, Ltd.

 

 

172,300

 

 

4,710,682

 

 

 

Presidential Life Corp.

 

 

106,871

 

 

809,013

 

 

 

ProAssurance Corp. (a)

 

 

50,400

 

 

2,328,984

 

 

 

Prudential Financial, Inc.

 

 

73,600

 

 

2,739,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,046,438

 

Internet Software & Services - 2.9%

 

IAC/InterActiveCorp. (a)

 

 

801,600

 

 

12,865,680

 

 

 

RealNetworks, Inc. (a)

 

 

811,400

 

 

2,426,086

 

 

 

ValueClick, Inc. (a)

 

 

437,600

 

 

4,603,552

 

 

 

Vignette Corp. (a)

 

 

455,000

 

 

5,983,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,878,568

 

Leisure Equipment & Products - 0.2%

 

Leapfrog Enterprises, Inc. (a)

 

 

579,500

 

 

1,327,055

 

Life Sciences Tools & Services - 2.0%

 

Affymetrix, Inc. (a)

 

 

1,173,900

 

 

6,961,227

 

 

 

Exelixis, Inc. (a)

 

 

562,100

 

 

2,737,427

 

 

 

Parexel International Corp. (a)

 

 

179,700

 

 

2,584,086

 

 

 

PerkinElmer, Inc.

 

 

313,100

 

 

5,447,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,730,680

 

Machinery - 4.4%

 

AGCO Corp. (a)

 

 

341,600

 

 

9,930,312

 

 

 

Altra Holdings, Inc. (a)

 

 

473,178

 

 

3,544,103

 

 

 

CIRCOR International, Inc.

 

 

145,400

 

 

3,432,894

 

 

 

EnPro Industries, Inc. (a)(b)

 

 

181,400

 

 

3,267,014

 

 

 

Mueller Industries, Inc.

 

 

106,800

 

 

2,221,440

 

3

 

 

Master Value Opportunities LLC

 

 

 

Schedule of Investments June 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

 

 

RBC Bearings, Inc. (a)

 

 

286,400

 

$

5,856,880

 

 

 

Robbins & Myers, Inc.

 

 

573,600

 

 

11,041,800

 

 

 

Wabash National Corp.

 

 

1,226,000

 

 

858,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,152,643

 

Media - 3.3%

 

Arbitron, Inc.

 

 

28,400

 

 

451,276

 

 

 

Harte-Hanks, Inc. (c)

 

 

2,708,500

 

 

25,053,625

 

 

 

Playboy Enterprises, Inc. Class B (a)(c)

 

 

1,742,700

 

 

4,374,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,879,078

 

Metals & Mining - 0.7%

 

Carpenter Technology Corp.

 

 

318,500

 

 

6,627,985

 

Multi-Utilities - 2.4%

 

Avista Corp.

 

 

262,000

 

 

4,666,220

 

 

 

OGE Energy Corp.

 

 

603,100

 

 

17,079,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,746,012

 

Multiline Retail - 0.9%

 

Saks, Inc. (a)(b)

 

 

1,869,900

 

 

8,283,657

 

Oil, Gas & Consumable Fuels - 2.3%

 

Cabot Oil & Gas Corp. Class A

 

 

291,400

 

 

8,928,496

 

 

 

Plains Exploration & Production Co. (a)

 

 

200,300

 

 

5,480,208

 

 

 

St. Mary Land & Exploration Co.

 

 

131,400

 

 

2,742,318

 

 

 

Whiting Petroleum Corp. (a)

 

 

91,000

 

 

3,199,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,350,582

 

Personal Products - 0.6%

 

Alberto-Culver Co.

 

 

202,500

 

 

5,149,575

 

Pharmaceuticals - 2.2%

 

Cypress Bioscience, Inc. (a)

 

 

178,400

 

 

1,680,528

 

 

 

King Pharmaceuticals, Inc. (a)

 

 

885,900

 

 

8,531,217

 

 

 

Medicis Pharmaceutical Corp. Class A

 

 

288,100

 

 

4,701,792

 

 

 

Sepracor, Inc. (a)

 

 

286,600

 

 

4,963,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,877,449

 

Professional Services - 0.2%

 

Heidrick & Struggles International, Inc.

 

 

107,400

 

 

1,960,050

 

Real Estate Investment Trusts (REITs) - 4.4%

 

Alexandria Real Estate Equities, Inc. (b)

 

 

55,700

 

 

1,993,503

 

 

 

Douglas Emmett, Inc.

 

 

79,300

 

 

712,907

 

 

 

Dupont Fabros Technology, Inc.

 

 

644,000

 

 

6,066,480

 

 

 

Highwoods Properties, Inc.

 

 

31,200

 

 

697,944

 

 

 

Home Properties, Inc.

 

 

47,500

 

 

1,619,750

 

 

 

Lexington Corporate Properties Trust

 

 

864,467

 

 

2,939,188

 

 

 

MFA Financial, Inc.

 

 

822,000

 

 

5,688,240

 

 

 

The Macerich Co.

 

 

52,300

 

 

921,003

 

 

 

National Retail Properties, Inc.

 

 

297,300

 

 

5,158,155

 

 

 

Omega Healthcare Investors, Inc.

 

 

233,300

 

 

3,620,816

 

 

 

Senior Housing Properties Trust

 

 

511,100

 

 

8,341,152

 

 

 

UDR, Inc.

 

 

148,500

 

 

1,534,005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,293,143

 

Real Estate Management & Development - 1.3%

 

Jones Lang LaSalle, Inc.

 

 

122,600

 

 

4,012,698

 

 

 

The St. Joe Co. (a)(b)

 

 

286,500

 

 

7,589,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,602,083

 

Road & Rail - 1.2%

 

Marten Transport Ltd. (a)

 

 

169,248

 

 

3,513,588

 

 

 

Vitran Corp., Inc. (a)(c)

 

 

703,721

 

 

6,966,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,480,426

 

Semiconductors & Semiconductor Equipment - 4.5%

 

Actel Corp. (a)(b)

 

 

366,000

 

 

3,927,180

 

 

 

Advanced Energy Industries, Inc. (a)

 

 

58,698

 

 

527,695

 

4

 

 

Master Value Opportunities LLC

 

 

 

Schedule of Investments June 30, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

 

 

DSP Group, Inc. (a)

 

 

1,045,137

 

$

7,065,126

 

 

 

Integrated Device Technology, Inc. (a)

 

 

417,000

 

 

2,518,680

 

 

 

Intersil Corp. Class A

 

 

388,300

 

 

4,880,931

 

 

 

Mattson Technology, Inc. (a)

 

 

586,100

 

 

691,598

 

 

 

Teradyne, Inc. (a)

 

 

906,300

 

 

6,217,218

 

 

 

Zoran Corp. (a)

 

 

1,391,150

 

 

15,163,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,991,963

 

Software - 4.9%

 

Bottomline Technologies, Inc. (a)(c)

 

 

1,810,511

 

 

16,312,704

 

 

 

Novell, Inc. (a)

 

 

3,528,900

 

 

15,985,917

 

 

 

TIBCO Software, Inc. (a)

 

 

1,714,300

 

 

12,291,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,590,152

 

Specialty Retail - 2.1%

 

Charming Shoppes, Inc. (a)

 

 

456,900

 

 

1,699,668

 

 

 

The Children’s Place Retail Stores, Inc. (a)

 

 

264,600

 

 

6,993,378

 

 

 

Collective Brands, Inc. (a)(b)

 

 

384,463

 

 

5,601,626

 

 

 

Urban Outfitters, Inc. (a)

 

 

241,700

 

 

5,044,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,338,951

 

Textiles, Apparel & Luxury Goods - 0.7%

 

Hanesbrands, Inc. (a)

 

 

261,100

 

 

3,919,111

 

 

 

Jones Apparel Group, Inc.

 

 

194,300

 

 

2,084,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,003,950

 

Thrifts & Mortgage Finance - 1.0%

 

Dime Community Bancshares, Inc.

 

 

250,400

 

 

2,281,144

 

 

 

Provident Financial Services, Inc.

 

 

326,900

 

 

2,974,790

 

 

 

Provident New York Bancorp

 

 

485,300

 

 

3,940,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,196,570

 

Trading Companies & Distributors - 1.0%

 

Applied Industrial Technologies, Inc.

 

 

141,000

 

 

2,777,700

 

 

 

WESCO International, Inc. (a)

 

 

246,300

 

 

6,167,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,945,052

 

 

 

Total Common Stocks - 89.2%

 

 

 

 

 

805,033,395

 

 

 

Exchange-Traded Funds

 

 

 

 

 

 

 

 

 

iShares Dow Jones U.S. Real Estate Index Fund (b)

 

 

279,900

 

 

9,051,966

 

 

 

iShares Russell 2000 Growth Index Fund (b)

 

 

211,900

 

 

12,012,611

 

 

 

iShares Russell 2000 Index Fund (b)

 

 

233,300

 

 

11,888,968

 

 

 

PowerShares Zacks Micro Cap Portfolio

 

 

162,200

 

 

1,373,834

 

 

 

SPDR Gold Trust (a)

 

 

101,900

 

 

9,291,242

 

 

 

SPDR KBW Regional Banking ETF (b)

 

 

198,600

 

 

3,640,338

 

 

 

Total Exchange-Traded Funds - 5.2%

 

 

 

 

 

47,258,959

 

 

 

Total Long-Term Investments (Cost - $1,034,019,231) - 94.4%

 

 

 

 

 

852,292,354

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

 

 

BlackRock Liquidity Funds, TempFund, 0.45% (d)(e)

 

 

46,058,203

 

 

46,058,203

 

 

 

 

 

Beneficial
Interest
(000)

 

 

 

 

 

 

BlackRock Liquidity Series, LLC Money Market Series, 0.55% (d)(e)(f)

 

$

91,943

 

 

91,943,320

 

 

 

Total Short-Term Securities (Cost - $138,001,523) - 15.3%

 

 

 

 

 

138,001,523

 

 

 

Total Investments (Cost - $1,172,020,754*) - 109.7%

 

 

 

 

 

990,293,877

 

 

 

Liabilities in Excess of Other Assets - (9.7)%

 

 

 

 

 

(87,352,521

)

 

 

 

 

 

 

 

 

 

Net Assets - 100.0%

 

 

 

 

$

902,941,356

 

 

 

 

 

 

 

 

5

 

Master Value Opportunities LLC

 

Schedule of Investments June 30, 2009 (Unaudited)

 

 

*  

The cost and unrealized appreciation (depreciation) of investments as of June 30, 2009, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

1,236,683,900

 

 

 

 

Gross unrealized appreciation

 

$

54,927,598

 

Gross unrealized depreciation

 

 

(301,317,621

)

 

 

 

Net unrealized depreciation

 

$

(246,390,023

)

 

 

 

 

 

(a)

Non-income producing security.

 

 

(b)

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

 

 

(c)

Investments in companies (whereby the Master LLC held 5% or more of the companies’ outstanding securities) that are considered to be an affiliate, for purposes of Section 2(a) (3) of the Investment Company Act of 1940, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Purchase Cost

 

Sales Cost

 

Realized Loss

 

Income

 

Bottomline Technologies, Inc.

 

 

—

 

 

—

 

 

—

 

 

—

 

Harte-Hanks, Inc.*

 

 

—

 

$

23,061,431

 

$

(15,706,562

)

$

216,203

 

O’Charleys, Inc.*

 

 

—

 

$

9,017,741

 

$

(6,769,872

)

 

—

 

OraSure Technologies, Inc.

 

 

—

 

$

90,180

 

$

(53,432

)

 

—

 

Playboy Enterprises, Inc. Class B

 

 

—

 

 

—

 

 

—

 

 

—

 

Vitran Corp., Inc.

 

 

—

 

 

—

 

 

—

 

 

—

 

 

 

 

* No longer an affiliated company or held by the Master LLC as of report date.

 

 

(d)

Investments in companies considered to be an affiliate of the Master LLC, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

 

 

 

 

 

 

 

 

Affiliate

 

Net Activity

 

Income

 

BlackRock Liquidity Funds, TempFund

 

 

4,613,582

 

$

82,115

 

BlackRock Liquidity Series, LLC Money Market Series

 

$

31,157,520

 

$

130,747

 

 

 

(e)

Represents the current yield as of report date.

 

 

(f)

Security was purchased with the cash proceeds from securities loans.

 

 

•  

For Master LLC compliance purposes, the Master LLC’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Master LLC management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

6

 

Master Value Opportunities LLC

 

Schedule of Investments June 30, 2009 (Unaudited)

 

 

 

•  

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of 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 securities

 

 

 

 

•

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 Master LLC’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Master LLC’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master LLC’s most recent financial statements as contained in its annual report.

 

 

 

The following table summarizes the inputs used as of June 30, 2009 in determining the fair valuation of the Master LLC’s investments:

 

 

 

 

 

 

Valuation
Inputs

 

 

Investments in
Securities

 

 

 

 

Assets

 

 

 

 

Level 1

 

 

 

 

 

Long-Term Investments1

 

 

$

852,292,354

 

Short-Term Securities

 

 

 

46,058,203

 

 

 

 

Level 1 - Total

 

 

 

898,350,557

 

Level 2 - Short-Term Securities

 

 

 

91,943,320

 

Level 3

 

 

 

—

 

Total

 

 

$

990,293,877

 

 

 

 

 

 

 

 

 

 

1 See above Schedule of Investments for values in each industry.

7

Item 2 –

Controls and Procedures
   

2(a) –

The registrants’ principal executive and principal financial officers or persons performing similar functions have concluded that the registrants’ disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.
   

2(b) –

There were no changes in the registrants’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants’ last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants’ internal control over financial reporting.
   

Item 3 –

Exhibits

 

Certifications – Attached hereto

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC
   
 

By:

 /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC
   
  Date: August 21, 2009
   
  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 each registrant and in the capacities and on the dates indicated.
   
 

By:

 /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC
   
  Date: August 21, 2009
   
 

By:

 /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC
   
  Date: August 21, 2009

 

 

 EX-99.CERT 2 i00271_ex99-cert.htm

EX-99. CERT

 

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

 

I, Anne F. Ackerley, Chief Executive Officer (principal executive officer) of BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC, certify that:

1.

I have reviewed this report on Form N-Q of BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC;
   

2.

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

   

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrants as of the end of the fiscal quarter for which the report is filed;
   

4.

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

 

a)

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

 

b)

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

 

c)

evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
     

 

d)

disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and
   

5.

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

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ ability to record, process, summarize, and report financial information; and
     
 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.
     

Date: August 21, 2009
 
/s/ Anne F. Ackerley  
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC


 

EX-99. CERT

 

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

 

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC, certify that:

1.

I have reviewed this report on Form N-Q of BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC;
   

2.

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

   

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrants as of the end of the fiscal quarter for which the report is filed;
   

4.

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

 

a)

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

 

b)

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

 

c)

evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
     

 

d)

disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and
   

5.

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

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ ability to record, process, summarize, and report financial information; and
     

 

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.
     

Date: August 21, 2009
 
/s/ Neal J. Andrews  
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC


 

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