UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-02809 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: John M. Perlowski, Chief Executive Officer, BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC, 55 East 52nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 441-7762
Date of fiscal year end: 03/31/2014
Date of reporting period: 03/31/2014
Item 1 Report to Stockholders
MARCH 31, 2014
ANNUAL REPORT
|
BLACKROCK® |
BlackRock Value Opportunities Fund, Inc. |
Not FDIC Insured ¡ May Lose Value ¡ No Bank Guarantee |
Table of Contents |
Page | ||||
3 | ||||
Annual Report: |
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4 | ||||
6 | ||||
6 | ||||
Fund Financial Statements: |
||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
15 | ||||
Fund Report of Independent Registered Public Accounting Firm |
18 | |||
19 | ||||
Master LLC Financial Statements: |
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20 | ||||
24 | ||||
25 | ||||
26 | ||||
26 | ||||
27 | ||||
Master LLC Report of Independent Registered Public Accounting Firm |
31 | |||
32 | ||||
35 | ||||
37 |
2 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
Fund Summary as of March 31, 2014 | BlackRock Value Opportunities Fund, Inc. |
Investment Objective |
BlackRock Value Opportunities Fund, Inc.s (the Fund) investment objective is to seek long term growth of capital by investing in a diversified portfolio of securities, primarily common stock, of relatively small companies that the Fund manager believes have special investment value and emerging growth companies regardless of size.
Portfolio Management Commentary |
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
4 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
BlackRock Value Opportunities Fund, Inc. |
Total Return Based on a $10,000 Investment |
|
1 | Assuming maximum sales charges, if any, transaction costs and other operating expenses, including administration fees. Institutional Shares do not have a sales charge. |
2 | The Fund invests all of its assets in the Master LLC. The Master LLC invests primarily in common stock of small companies and emerging growth companies that the Master LLCs management believes have special investment value. |
3 | This unmanaged index measures performance of the small capitalization value sector of the U.S. equity market. |
Performance Summary for the Period Ended March 31, 2014 | ||||||||||||||||||||||||||||
Average Annual Total Returns4 | ||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
6-Month Total Returns |
w/o sales charge |
w/ sales charge |
w/o sales charge |
w/ sales charge |
w/o sales charge |
w/ sales charge |
||||||||||||||||||||||
Institutional |
14.09 | % | 28.93 | % | N/A | 25.93 | % | N/A | 7.62 | % | N/A | |||||||||||||||||
Investor A |
13.96 | 28.56 | 21.81 | % | 25.56 | 24.21 | % | 7.33 | 6.76 | % | ||||||||||||||||||
Investor B |
13.40 | 27.15 | 22.65 | 24.31 | 24.14 | 6.58 | 6.58 | |||||||||||||||||||||
Investor C |
13.46 | 27.47 | 26.47 | 24.39 | 24.39 | 6.37 | 6.37 | |||||||||||||||||||||
Class R |
13.74 | 28.17 | N/A | 25.14 | N/A | 6.97 | N/A | |||||||||||||||||||||
S&P SmallCap 600® Value Index |
11.95 | 28.00 | N/A | 25.75 | N/A | 9.69 | 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 6 for a detailed description of share classes, including any related sales charges and fees. |
N/ANot 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 Account Value October 1, 2013 |
Ending Account Value |
Expenses
Paid During the Period5 |
Beginning Account Value October 1, 2013 |
Ending Account Value |
Expenses Paid During the Period5 |
Annualized Expense Ratio | ||||||||
Institutional |
$1,000.00 | $1,140.90 | $5.34 | $1,000.00 | $1,019.95 | $5.04 | 1.00% | |||||||
Investor A |
$1,000.00 | $1,139.60 | $6.67 | $1,000.00 | $1,018.70 | $6.29 | 1.25% | |||||||
Investor B |
$1,000.00 | $1,134.00 | $11.97 | $1,000.00 | $1,013.71 | $11.30 | 2.25% | |||||||
Investor C |
$1,000.00 | $1,134.60 | $11.12 | $1,000.00 | $1,014.51 | $10.50 | 2.09% | |||||||
Class R |
$1,000.00 | $1,137.40 | $8.10 | $1,000.00 | $1,017.35 | $7.64 | 1.52% |
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 182/365 (to reflect the one-half year period shown). Because the Fund invests significantly in the Master LLC, the expense table reflects the net expenses of both the Fund and the Master LLC in which it invests. |
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 6 for further information on how expenses were calculated. |
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 5 |
About Fund Performance |
|
6 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Statement of Assets and Liabilities | BlackRock Value Opportunities Fund, Inc. |
March 31, 2014 | ||||
Assets | ||||
Investments at value Master LLC (cost $780,726,262) |
$ | 1,028,689,982 | ||
Withdrawals receivable from the Master LLC |
1,564,008 | |||
Capital shares sold receivable |
450,155 | |||
Prepaid expenses |
54,600 | |||
|
|
|||
Total assets |
1,030,758,745 | |||
|
|
|||
Liabilities | ||||
Capital shares redeemed payable |
2,014,163 | |||
Transfer agent fees payable |
386,259 | |||
Service and distribution fees payable |
296,005 | |||
Administration fees payable |
220,767 | |||
Other affiliates payable |
30,332 | |||
Officers fees payable |
137 | |||
Other accrued expenses payable |
51,570 | |||
|
|
|||
Total liabilities |
2,999,233 | |||
|
|
|||
Net Assets |
$ | 1,027,759,512 | ||
|
|
|||
Net Assets Consist of | ||||
Paid-in capital |
$ | 963,340,961 | ||
Accumulated net investment loss |
(3,063,907 | ) | ||
Accumulated net realized loss allocated from the Master LLC |
(180,481,262 | ) | ||
Net unrealized appreciation/depreciation allocated from the Master LLC |
247,963,720 | |||
|
|
|||
Net Assets |
$ | 1,027,759,512 | ||
|
|
|||
Net Asset Value | ||||
Institutional Based on net assets of $308,696,803 and 9,798,023 shares outstanding, 100 million shares authorized, $0.10 par value |
$ | 31.51 | ||
|
|
|||
Investor A Based on net assets of $479,719,406 and 15,626,189 shares outstanding, 100 million shares authorized, $0.10 par value |
$ | 30.70 | ||
|
|
|||
Investor B Based on net assets of $10,654,745 and 426,909 shares outstanding, 100 million shares authorized, $0.10 par value |
$ | 24.96 | ||
|
|
|||
Investor C Based on net assets of $200,244,906 and 8,396,763 shares outstanding, 100 million shares authorized, $0.10 par value |
$ | 23.85 | ||
|
|
|||
Class R Based on net assets of $28,443,652 and 1,108,433 shares outstanding, 100 million shares authorized, $0.10 par value |
$ | 25.66 | ||
|
|
See Notes to Financial Statements.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 7 |
Statement of Operations | BlackRock Value Opportunities Fund, Inc. |
Year Ended March 31, 2014 | ||||
Investment Income | ||||
Net investment income allocated from the Master LLC: |
||||
Dividends unaffiliated |
$ | 11,050,037 | ||
Foreign taxes withheld |
(24,272 | ) | ||
Securities lending affiliated net |
1,162,706 | |||
Dividends affiliated |
10,191 | |||
Other income affiliated |
139,086 | |||
Expenses |
(5,315,551 | ) | ||
Fees waived |
16,618 | |||
|
|
|||
Total income |
7,038,815 | |||
|
|
|||
Fund Expenses | ||||
Administration |
2,443,291 | |||
Service Investor A |
1,115,189 | |||
Service and distribution Investor B |
144,415 | |||
Service and distribution Investor C |
1,879,060 | |||
Service and distribution Class R |
142,211 | |||
Transfer agent Institutional |
470,395 | |||
Transfer agent Investor A |
803,065 | |||
Transfer agent Investor B |
81,444 | |||
Transfer agent Investor C |
543,320 | |||
Transfer agent Class R |
63,004 | |||
Registration |
78,086 | |||
Professional |
76,832 | |||
Printing |
46,831 | |||
Officer |
348 | |||
Miscellaneous |
17,556 | |||
|
|
|||
Total expenses |
7,905,047 | |||
|
|
|||
Net investment loss |
(866,232 | ) | ||
|
|
|||
Realized and Unrealized Gain Allocated from the Master LLC | ||||
Net realized gain from investments and foreign currency transactions |
187,904,675 | |||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations |
57,610,706 | |||
|
|
|||
Total realized and unrealized gain |
245,515,381 | |||
|
|
|||
Net Increase in Net Assets Resulting from Operations |
$ | 244,649,149 | ||
|
|
See Notes to Financial Statements.
8 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Statements of Changes in Net Assets | BlackRock Value Opportunities Fund, Inc. |
Year Ended March 31, | ||||||||
Increase (Decrease) in Net Assets: | 2014 | 2013 | ||||||
Operations | ||||||||
Net investment loss |
$ | (866,232 | ) | $ | (509,681 | ) | ||
Net realized gain |
187,904,675 | 99,745,869 | ||||||
Net change in unrealized appreciation/depreciation |
57,610,706 | 5,796,754 | ||||||
|
|
|||||||
Net increase in net assets resulting from operations |
244,649,149 | 105,032,942 | ||||||
|
|
|||||||
Capital Share Transactions | ||||||||
Net decrease in net assets derived from capital share transactions |
(141,288,532 | ) | (102,504,930 | ) | ||||
|
|
|||||||
Net Assets | ||||||||
Total increase in net assets |
103,360,617 | 2,528,012 | ||||||
Beginning of year |
924,398,895 | 921,870,883 | ||||||
|
|
|||||||
End of year |
$ | 1,027,759,512 | $ | 924,398,895 | ||||
|
|
|||||||
Accumulated net investment loss, end of year |
$ | (3,063,907 | ) | $ | (2,404,926 | ) | ||
|
|
See Notes to Financial Statements.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 9 |
Financial Highlights | BlackRock Value Opportunities Fund, Inc. |
Institutional | ||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year |
$ | 24.44 | $ | 21.52 | $ | 21.36 | $ | 16.70 | $ | 10.01 | ||||||||||
|
|
|||||||||||||||||||
Net investment income1 |
0.08 | 0.08 | 0.04 | 0.05 | 0.09 | |||||||||||||||
Net realized and unrealized gain |
6.99 | 2.84 | 0.12 | 4.65 | 2 | 6.65 | 2 | |||||||||||||
|
|
|||||||||||||||||||
Net increase from investment operations |
7.07 | 2.92 | 0.16 | 4.70 | 6.74 | |||||||||||||||
|
|
|||||||||||||||||||
Dividends from net investment income3 |
| | | (0.04 | ) | (0.05 | ) | |||||||||||||
|
|
|||||||||||||||||||
Net asset value, end of year |
$ | 31.51 | $ | 24.44 | $ | 21.52 | $ | 21.36 | $ | 16.70 | ||||||||||
|
|
|||||||||||||||||||
Total Investment Return4 | ||||||||||||||||||||
Based on net asset value |
28.93 | % | 13.57 | % | 0.75 | % | 28.24 | % | 67.43 | %5 | ||||||||||
|
|
|||||||||||||||||||
Ratios to Average Net Assets6 | ||||||||||||||||||||
Total expenses |
0.97 | %7 | 0.99 | %7 | 1.00 | %7 | 1.01 | % | 1.07 | % | ||||||||||
|
|
|||||||||||||||||||
Net investment income |
0.30 | %7 | 0.37 | %7 | 0.19 | %7 | 0.30 | % | 0.63 | % | ||||||||||
|
|
|||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) |
$ | 308,697 | $ | 280,316 | $ | 249,012 | $ | 418,333 | $ | 288,028 | ||||||||||
|
|
|||||||||||||||||||
Portfolio turnover of the Master LLC |
61 | % | 51 | % | 45 | % | 52 | % | 79 | % | ||||||||||
|
|
1 | Based on average shares outstanding. |
2 | Includes redemption fees, which are less than $0.005 per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
5 | Includes proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Funds total investment return. Not including these proceeds, the Funds total investment return would have been 67.13%. |
6 | Includes the Funds share of the Master LLCs allocated net expenses and/or net investment income. |
7 | Includes the Funds share of the Master LLCs allocated fees waived of less than 0.005%. |
See Notes to Financial Statements.
10 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Financial Highlights (continued) | BlackRock Value Opportunities Fund, Inc. |
Investor A | ||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year |
$ | 23.88 | $ | 21.08 | $ | 20.99 | $ | 16.41 | $ | 9.85 | ||||||||||
|
|
|||||||||||||||||||
Net investment income (loss)1 |
0.00 | 2 | 0.02 | (0.03 | ) | 0.00 | 2 | 0.04 | ||||||||||||
Net realized and unrealized gain |
6.82 | 2.78 | 0.12 | 4.58 | 3 | 6.54 | 3 | |||||||||||||
|
|
|||||||||||||||||||
Net increase from investment operations |
6.82 | 2.80 | 0.09 | 4.58 | 6.58 | |||||||||||||||
|
|
|||||||||||||||||||
Dividends from net investment income4 |
| | | (0.00 | )5 | (0.02 | ) | |||||||||||||
|
|
|||||||||||||||||||
Net asset value, end of year |
$ | 30.70 | $ | 23.88 | $ | 21.08 | $ | 20.99 | $ | 16.41 | ||||||||||
|
|
|||||||||||||||||||
Total Investment Return6 | ||||||||||||||||||||
Based on net asset value |
28.56 | % | 13.28 | % | 0.43 | % | 27.92 | % | 66.80 | %7 | ||||||||||
|
|
|||||||||||||||||||
Ratios to Average Net Assets8 | ||||||||||||||||||||
Total expenses |
1.25 | %9 | 1.26 | %9 | 1.30 | %9 | 1.29 | % | 1.35 | % | ||||||||||
|
|
|||||||||||||||||||
Net investment income (loss) |
0.01 | %9 | 0.09 | %9 | (0.14 | )%9 | 0.02 | % | 0.33 | % | ||||||||||
|
|
|||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) |
$ | 479,719 | $ | 416,998 | $ | 397,591 | $ | 445,797 | $ | 403,008 | ||||||||||
|
|
|||||||||||||||||||
Portfolio turnover of the Master LLC |
61 | % | 51 | % | 45 | % | 52 | % | 79 | % | ||||||||||
|
|
1 | Based on average shares outstanding. |
2 | Amount is less than $0.005 per share. |
3 | Includes redemption fees, which are less than $0.005 per share. |
4 | Determined in accordance with federal income tax regulations. |
5 | Amount is greater than $(0.005) per share. |
6 | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
7 | Includes proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Funds total investment return. Not including these proceeds, the Funds total investment return would have been 66.49%. |
8 | Includes the Funds share of the Master LLCs allocated net expenses and/or net investment income. |
9 | Includes the Funds share of the Master LLCs allocated fees waived of less than 0.005%. |
See Notes to Financial Statements.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 11 |
Financial Highlights (continued) | BlackRock Value Opportunities Fund, Inc. |
Investor B | ||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year |
$ | 19.63 | $ | 17.50 | $ | 17.61 | $ | 13.89 | $ | 8.41 | ||||||||||
|
|
|||||||||||||||||||
Net investment loss1 |
(0.24 | ) | (0.15 | ) | (0.18 | ) | (0.13 | ) | (0.07 | ) | ||||||||||
Net realized and unrealized gain |
5.57 | 2.28 | 0.07 | 3.85 | 2 | 5.55 | 2 | |||||||||||||
|
|
|||||||||||||||||||
Net increase (decrease) from investment operations. |
5.33 | 2.13 | (0.11 | ) | 3.72 | 5.48 | ||||||||||||||
|
|
|||||||||||||||||||
Net asset value, end of year |
$ | 24.96 | $ | 19.63 | $ | 17.50 | $ | 17.61 | $ | 13.89 | ||||||||||
|
|
|||||||||||||||||||
Total Investment Return3 | ||||||||||||||||||||
Based on net asset value |
27.15 | % | 12.17 | % | (0.62 | )% | 26.78 | % | 65.16 | %4 | ||||||||||
|
|
|||||||||||||||||||
Ratios to Average Net Assets5 | ||||||||||||||||||||
Total expenses |
2.37 | %6 | 2.24 | %6 | 2.30 | %6 | 2.25 | % | 2.34 | % | ||||||||||
|
|
|||||||||||||||||||
Net investment loss |
(1.09 | )%6 | (0.90 | )%6 | (1.14 | )%6 | (0.93 | )% | (0.64 | )% | ||||||||||
|
|
|||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) |
$ | 10,655 | $ | 22,579 | $ | 54,590 | $ | 88,310 | $ | 109,461 | ||||||||||
|
|
|||||||||||||||||||
Portfolio turnover of the Master LLC |
61 | % | 51 | % | 45 | % | 52 | % | 79 | % | ||||||||||
|
|
1 | Based on average shares outstanding. |
2 | Includes redemption fees, which are less than $0.005 per share. |
3 | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Includes proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Funds total investment return. Not including these proceeds, the Funds total investment return would have been 64.92%. |
5 | Includes the Funds share of the Master LLCs allocated net expenses and/or net investment income. |
6 | Includes the Funds share of the Master LLCs allocated fees waived of less than 0.005%. |
See Notes to Financial Statements.
12 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Financial Highlights (continued) | BlackRock Value Opportunities Fund, Inc. |
Investor C | ||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year |
$ | 18.71 | $ | 16.67 | $ | 16.76 | $ | 13.23 | $ | 8.01 | ||||||||||
|
|
|||||||||||||||||||
Net investment loss1 |
(0.18 | ) | (0.13 | ) | (0.17 | ) | (0.13 | ) | (0.08 | ) | ||||||||||
Net realized and unrealized gain |
5.32 | 2.17 | 0.08 | 3.66 | 2 | 5.30 | 2 | |||||||||||||
|
|
|||||||||||||||||||
Net increase (decrease) from investment operations |
5.14 | 2.04 | (0.09 | ) | 3.53 | 5.22 | ||||||||||||||
|
|
|||||||||||||||||||
Net asset value, end of year |
$ | 23.85 | $ | 18.71 | $ | 16.67 | $ | 16.76 | $ | 13.23 | ||||||||||
|
|
|||||||||||||||||||
Total Investment Return3 | ||||||||||||||||||||
Based on net asset value |
27.47 | % | 12.24 | % | (0.54 | )% | 26.68 | % | 65.17 | %4 | ||||||||||
|
|
|||||||||||||||||||
Ratios to Average Net Assets5 | ||||||||||||||||||||
Total expenses |
2.11 | %6 | 2.17 | %6 | 2.25 | %6 | 2.26 | % | 2.40 | % | ||||||||||
|
|
|||||||||||||||||||
Net investment loss |
(0.84 | )%6 | (0.82 | )%6 | (1.09 | )%6 | (0.94 | )% | (0.71 | )% | ||||||||||
|
|
|||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) |
$ | 200,245 | $ | 176,629 | $ | 190,059 | $ | 232,996 | $ | 215,916 | ||||||||||
|
|
|||||||||||||||||||
Portfolio turnover of the Master LLC |
61 | % | 51 | % | 45 | % | 52 | % | 79 | % | ||||||||||
|
|
1 | Based on average shares outstanding. |
2 | Includes redemption fees, which are less than $0.005 per share. |
3 | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
4 | Includes proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Funds total investment return. Not including these proceeds, the Funds total investment return would have been 64.92%. |
5 | Includes the Funds share of the Master LLCs allocated net expenses and/or net investment income. |
6 | Includes the Funds share of the Master LLCs allocated fees waived of less than 0.005%. |
See Notes to Financial Statements.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 13 |
Financial Highlights (concluded) | BlackRock Value Opportunities Fund, Inc. |
Class R | ||||||||||||||||||||
Year Ended March 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||
Net asset value, beginning of year |
$ | 20.02 | $ | 17.73 | $ | 17.72 | $ | 13.90 | $ | 8.36 | ||||||||||
|
|
|||||||||||||||||||
Net investment loss1 |
(0.06 | ) | (0.04 | ) | (0.08 | ) | (0.05 | ) | (0.01 | ) | ||||||||||
Net realized and unrealized gain |
5.70 | 2.33 | 0.09 | 3.87 | 2 | 5.55 | 2 | |||||||||||||
|
|
|||||||||||||||||||
Net increase from investment operations |
5.64 | 2.29 | 0.01 | 3.82 | 5.54 | |||||||||||||||
|
|
|||||||||||||||||||
Net asset value, end of year |
$ | 25.66 | $ | 20.02 | $ | 17.73 | $ | 17.72 | $ | 13.90 | ||||||||||
|
|
|||||||||||||||||||
Total Investment Return3 | ||||||||||||||||||||
Based on net asset value |
28.17 | % | 12.92 | % | 0.06 | % | 27.48 | % | 66.27 | %4 | ||||||||||
|
|
|||||||||||||||||||
Ratios to Average Net Assets5 | ||||||||||||||||||||
Total expenses |
1.54 | %6 | 1.59 | %6 | 1.65 | %6 | 1.65 | % | 1.75 | % | ||||||||||
|
|
|||||||||||||||||||
Net investment loss |
(0.27 | )%6 | (0.23 | )%6 | (0.50 | )%6 | (0.33 | )% | (0.05 | )% | ||||||||||
|
|
|||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) |
$ | 28,444 | $ | 27,877 | $ | 30,620 | $ | 42,078 | $ | 39,126 | ||||||||||
|
|
|||||||||||||||||||
Portfolio turnover of the Master LLC |
61 | % | 51 | % | 45 | % | 52 | % | 79 | % | ||||||||||
|
|
1 | Based on average shares outstanding. |
2 | Includes redemption fees, which are less than $0.005 per share. |
3 | Where applicable, assumes the reinvestment of dividends and distributions. |
4 | Includes proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Funds total investment return. Not including these proceeds, the Funds total investment return would have been 66.03%. |
5 | Includes the Funds share of the Master LLCs allocated net expenses and/or net investment income. |
6 | Includes the Funds share of the Master LLCs allocated fees waived of less than 0.005%. |
See Notes to Financial Statements.
14 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Notes to Financial Statements | BlackRock Value Opportunities Fund, Inc. |
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 15 |
Notes to Financial Statements (continued) | BlackRock Value Opportunities Fund, Inc. |
16 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Notes to Financial Statements (concluded) | BlackRock Value Opportunities Fund, Inc. |
5. Capital Share Transactions:
Transactions in capital shares for each class were as follows:
Year Ended March 31, 2014 |
Year Ended March 31, 2013 |
|||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Institutional |
||||||||||||||||||
Shares sold |
1,248,461 | $ | 34,600,719 | 2,507,584 | $ | 54,317,091 | ||||||||||||
Shares redeemed |
(2,920,710 | ) | (83,354,922 | ) | (2,610,574 | ) | (56,495,928 | ) | ||||||||||
|
|
|
|
|||||||||||||||
Net decrease |
(1,672,249 | ) | $ | (48,754,203 | ) | (102,990 | ) | $ | (2,178,837 | ) | ||||||||
|
|
|
|
|||||||||||||||
Investor A |
||||||||||||||||||
Shares sold and automatic conversion of shares |
2,381,624 | $ | 63,831,957 | 3,284,112 | $ | 68,463,333 | ||||||||||||
Shares redeemed |
(4,217,952 | ) | (112,711,643 | ) | (4,683,710 | ) | (97,764,309 | ) | ||||||||||
|
|
|
|
|||||||||||||||
Net decrease |
(1,836,328 | ) | $ | (48,879,686 | ) | (1,399,598 | ) | $ | (29,300,976 | ) | ||||||||
|
|
|
|
|||||||||||||||
Investor B |
||||||||||||||||||
Shares sold |
60,773 | $ | 1,329,996 | 250,790 | $ | 4,264,854 | ||||||||||||
Shares redeemed and automatic conversion of shares |
(783,940 | ) | (16,710,199 | ) | (2,219,907 | ) | (37,648,678 | ) | ||||||||||
|
|
|
|
|||||||||||||||
Net decrease |
(723,167 | ) | $ | (15,380,203 | ) | (1,969,117 | ) | $ | (33,383,824 | ) | ||||||||
|
|
|
|
|||||||||||||||
Investor C |
||||||||||||||||||
Shares sold |
1,127,181 | $ | 23,795,616 | 1,037,433 | $ | 17,067,760 | ||||||||||||
Shares redeemed |
(2,170,789 | ) | (45,639,787 | ) | (3,000,783 | ) | (48,906,953 | ) | ||||||||||
|
|
|
|
|||||||||||||||
Net decrease |
(1,043,608 | ) | $ | (21,844,171 | ) | (1,963,350 | ) | $ | (31,839,193 | ) | ||||||||
|
|
|
|
|||||||||||||||
Class R |
||||||||||||||||||
Shares sold |
398,538 | $ | 8,990,342 | 451,873 | $ | 7,876,850 | ||||||||||||
Shares redeemed |
(682,233 | ) | (15,420,611 | ) | (786,444 | ) | (13,678,950 | ) | ||||||||||
|
|
|
|
|||||||||||||||
Net decrease |
(283,695 | ) | $ | (6,430,269 | ) | (334,571 | ) | $ | (5,802,100 | ) | ||||||||
|
|
|
|
|||||||||||||||
Total Net Decrease |
(5,559,047 | ) | $ | (141,288,532 | ) | (5,769,626 | ) | $ | (102,504,930 | ) | ||||||||
|
|
|
|
6. Subsequent Events:
Management has evaluated the impact of all subsequent events on the 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.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 17 |
Report of Independent Registered Public Accounting Firm | BlackRock Value Opportunities Fund, Inc. |
18 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Master LLC Portfolio Information | Master Value Opportunities LLC |
As of March 31, 2014 |
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 19 |
Schedule of Investments March 31, 2014 | Master Value Opportunities LLC | |||
(Percentages shown are based on Net Assets) |
See Notes to Financial Statements.
20 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Schedule of Investments (continued) | Master Value Opportunities LLC | |||
(Percentages shown are based on Net Assets) |
See Notes to Financial Statements.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 21 |
Schedule of Investments (continued) | Master Value Opportunities LLC | |||
(Percentages shown are based on Net Assets) |
Notes to Schedule of Investments |
* | As of March 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
Tax cost |
$ | 905,532,957 | ||
|
|
|||
Gross unrealized appreciation |
$ | 260,443,871 | ||
Gross unrealized depreciation |
(16,772,233 | ) | ||
|
|
|||
Net unrealized appreciation |
$ | 243,671,638 | ||
|
|
(a) | Non-income producing security. |
(b) | Security, or a portion of security, is on loan. |
(c) | Investments in issuers (whereby the Master LLC held 5% or more of the companies outstanding securities) that were considered to be an affiliate during the year ended March 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares Held at March 31, 2013 |
Shares Purchased |
Shares Sold |
Shares Held at March 31, 2014 |
Value Held at March 31, |
Income | Realized Loss |
|||||||||||||||||||||
dELiA*s, Inc. |
| 3,780,485 | (41,500 | ) | 3,738,985 | $ | 3,140,747 | | $ | (22,637 | ) | |||||||||||||||||
LCA-Vision, Inc. |
1,496,716 | 458,867 | | 1,955,583 | $ | 10,462,369 | | |
(d) | Warrants entitle the Master LLC to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. |
(e) | Represents the current yield as of report date. |
(f) | Investments in issuers considered to be an affiliate of the Master LLC during the year ended March 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares/Beneficial Interest Held at March 31, 2013 |
Net Activity |
Shares/Beneficial Interest Held at March 31, 2014 |
Income | ||||||||||||
BlackRock Liquidity Funds, TempFund, Institutional Class |
23,663,723 | (16,979,081 | ) | 6,684,642 | $ | 10,247 | ||||||||||
BlackRock Liquidity Series, LLC, Money Market Series |
$ | 133,618,177 | $ | (19,423,434 | ) | $ | 114,194,743 | $ | 1,169,442 |
(g) | Security was purchased with the cash collateral from loaned securities. The Master LLC may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day. |
| For Master LLC compliance purposes, the Master LLCs 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 the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. |
See Notes to Financial Statements.
22 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Schedule of Investments (concluded) | Master Value Opportunities LLC |
| Fair Value Measurements Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
| Level 1 unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master LLC has the ability to access |
| 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 marketcorroborated 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 LLCs own assumptions used in determining the fair value of investments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master LLCs policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master LLCs policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.
The following table summarizes the Master LLCs investments categorized in the disclosure hierarchy as of March 31, 2014:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
||||||||||||||||
Investments: |
||||||||||||||||
Long-Term Investments: |
||||||||||||||||
Common Stocks1 |
$ | 1,027,632,176 | | | $ | 1,027,632,176 | ||||||||||
Warrants |
343,980 | | $ | 349,054 | 693,034 | |||||||||||
Short-Term Securities |
6,684,642 | $ | 114,194,743 | | 120,879,385 | |||||||||||
Total |
$ | 1,034,660,798 | $ | 114,194,743 | $ | 349,054 | $ | 1,149,204,595 | ||||||||
|
|
|||||||||||||||
1 See above Schedule of Investments for values in each industry. |
||||||||||||||||
The carrying amount for certain of the Master LLCs assets and/or liabilities approximates fair value for financial statement purposes. As of March 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
||||||||||||||||
Foreign currency at value |
$ | 482 | | | $ | 482 | ||||||||||
Liabilities: |
||||||||||||||||
Collateral on securities loaned at value |
| $ | (114,194,743 | ) | | (114,194,743 | ) | |||||||||
Bank overdraft |
| (5,204 | ) | | (5,204 | ) | ||||||||||
Total |
$ | 482 | $ | (114,199,947 | ) | | $ | (114,199,465 | ) | |||||||
|
|
There were no transfers between levels during the year ended March 31, 2014.
See Notes to Financial Statements.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 23 |
Statement of Assets and Liabilities | Master Value Opportunities LLC |
March 31, 2014 | ||||
Assets | ||||
Investments at value unaffiliated (including securities loaned at value of $112,061,866) (cost $767,054,379) |
$ | 1,014,722,094 | ||
Investments at value affiliated (cost $132,589,133) |
134,482,501 | |||
Foreign currency at value (cost $503) |
482 | |||
Investments sold receivable |
7,597,749 | |||
Dividends receivable unaffiliated |
554,473 | |||
Securities lending income receivable affiliated |
220,456 | |||
Dividends receivable affiliated |
452 | |||
Prepaid expenses |
8,211 | |||
|
|
|||
Total assets |
1,157,586,418 | |||
|
|
|||
Liabilities | ||||
Bank overdraft |
5,204 | |||
Collateral on securities loaned at value |
114,194,743 | |||
Investments purchased payable |
6,181,117 | |||
Withdrawals payable to investors |
1,564,008 | |||
Investment advisory fees payable |
442,560 | |||
Directors fees payable |
10,248 | |||
Other affiliates payable |
2,440 | |||
Other accrued expenses payable |
119,800 | |||
|
|
|||
Total liabilities |
122,520,120 | |||
|
|
|||
Net Assets |
$ | 1,035,066,298 | ||
|
|
|||
Net Assets Consist of | ||||
Investors capital |
$ | 785,505,236 | ||
Net unrealized appreciation/depreciation |
249,561,062 | |||
|
|
|||
Net Assets |
$ | 1,035,066,298 | ||
|
|
See Notes to Financial Statements.
24 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Statement of Operations | Master Value Opportunities LLC |
Year Ended March 31, 2014 | ||||
Investment Income | ||||
Dividends unaffiliated |
$ | 11,111,575 | ||
Foreign taxes withheld |
(24,409 | ) | ||
Securities lending affiliated net |
1,169,442 | |||
Dividends affiliated |
10,247 | |||
Other income affiliated |
139,900 | |||
|
|
|||
Total income |
12,406,755 | |||
|
|
|||
Expenses | ||||
Investment advisory |
4,915,116 | |||
Accounting services |
215,935 | |||
Custodian |
90,039 | |||
Professional |
57,591 | |||
Directors |
32,434 | |||
Printing |
2,313 | |||
Miscellaneous |
32,065 | |||
|
|
|||
Total expenses |
5,345,493 | |||
Less fees waived by Manager |
(16,710 | ) | ||
|
|
|||
Total expenses after fees waived |
5,328,783 | |||
|
|
|||
Net investment income |
7,077,972 | |||
|
|
|||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain from: |
||||
Investments unaffiliated |
188,857,933 | |||
Investments affiliated |
(22,637 | ) | ||
Foreign currency transactions |
(303 | ) | ||
|
|
|||
188,834,993 | ||||
|
|
|||
Net change in unrealized appreciation/depreciation on: |
||||
Investments unaffiliated |
56,175,151 | |||
Investments affiliated |
1,893,368 | |||
Foreign currency translations |
(13 | ) | ||
|
|
|||
58,068,506 | ||||
|
|
|||
Total realized and unrealized gain |
246,903,499 | |||
|
|
|||
Net Increase in Net Assets Resulting from Operations |
$ | 253,981,471 | ||
|
|
See Notes to Financial Statements.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 25 |
Statements of Changes in Net Assets | Master Value Opportunities LLC |
Year Ended March 31, | ||||||||
Increase (Decrease) in Net Assets: | 2014 | 2013 | ||||||
Operations | ||||||||
Net investment income |
$ | 7,077,972 | $ | 6,923,263 | ||||
Net realized gain |
188,834,993 | 100,151,844 | ||||||
Net change in unrealized appreciation/depreciation |
58,068,506 | 5,800,288 | ||||||
|
|
|||||||
Net increase in net assets resulting from operations |
253,981,471 | 112,875,395 | ||||||
|
|
|||||||
Capital Transactions | ||||||||
Proceeds from contributions |
132,740,767 | 97,521,554 | ||||||
Value of withdrawals |
(281,778,459 | ) | (208,867,485 | ) | ||||
|
|
|||||||
Net decrease in net assets derived from capital transactions |
(149,037,692 | ) | (111,345,931 | ) | ||||
|
|
|||||||
Net Assets | ||||||||
Total increase in net assets |
104,943,779 | 1,529,464 | ||||||
Beginning of year |
930,122,519 | 928,593,055 | ||||||
|
|
|||||||
End of year |
$ | 1,035,066,298 | $ | 930,122,519 | ||||
|
|
Financial Highlights | Master Value Opportunities LLC |
Year Ended March 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Total Investment Return | ||||||||||||||||||||
Total investment return |
29.39 | % | 14.01 | % | 1.17 | % | 28.70 | % | 68.13 | %1 | ||||||||||
|
|
|||||||||||||||||||
Ratios to Average Net Assets | ||||||||||||||||||||
Total expenses |
0.54 | % | 0.55 | % | 0.54 | % | 0.54 | % | 0.55 | % | ||||||||||
|
|
|||||||||||||||||||
Total expenses after fees waived2 |
0.54 | % | 0.55 | % | 0.54 | % | 0.54 | % | 0.55 | % | ||||||||||
|
|
|||||||||||||||||||
Net investment income |
0.72 | % | 0.81 | % | 0.62 | % | 0.78 | % | 1.14 | % | ||||||||||
|
|
|||||||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of year (000) |
$ | 1,035,066 | $ | 930,123 | $ | 928,593 | $ | 1,235,622 | $ | 1,056,751 | ||||||||||
|
|
|||||||||||||||||||
Portfolio turnover |
61 | % | 51 | % | 45 | % | 52 | % | 79 | % | ||||||||||
|
|
1 | Includes proceeds received from a settlement of litigation, which impacted the Master LLCs total return. Not including these proceeds, the Master LLCs total investment return would have been 67.83%. |
2 | Includes allocated fees waived of less than 0.005%. |
See Notes to Financial Statements.
26 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Notes to Financial Statements | Master Value Opportunities LLC |
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 27 |
Notes to Financial Statements (continued) | Master Value Opportunities LLC |
28 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Notes to Financial Statements (continued) | Master Value Opportunities LLC |
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 29 |
Notes to Financial Statements (concluded) | Master Value Opportunities LLC |
30 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Report of Independent Registered Public Accounting Firm | Master Value Opportunities LLC |
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 31 |
Officers and Directors |
Name, Address, and Year of Birth |
Position(s) Held with Fund/ Master LLC |
Length of Time Served as a Director2 |
Principal Occupation(s) During Past 5 Years | Number of BlackRock- Advised Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen |
Public Directorships | |||||
Independent Directors1 | ||||||||||
Robert M. Hernandez 55 East 52nd Street New York, NY 10055 1944 |
Chairman of the Board and Director | Since 2007 |
Director, Vice Chairman and Chief Financial Officer of USX Corporation (energy and steel business) from 1991 to 2001; Director, TE Connectivity (electronics) from 2006 to 2012. | 29 RICs consisting of 96 Portfolios |
ACE Limited (insurance company); Eastman Chemical Company; RTI International Metals, Inc. | |||||
Fred G. Weiss 55 East 52nd Street New York, NY 10055 1941 |
Vice Chairman of the Board and Director | Since 1998 |
Managing Director, FGW Associates (consulting and investment company) since 1997; Director and Treasurer, Michael J. Fox Foundation for Parkinsons Research since 2000; Director, BTG International Plc (medical technology commercialization company) from 2001 to 2007. | 29 RICs consisting of 96 Portfolios |
Actavis, Plc (pharmaceuticals) | |||||
James H. Bodurtha 55 East 52nd Street New York, NY 10055 1944 |
Director | Since 2007 |
Director, The China Business Group, Inc. (consulting and investing firm) from 1996 to 2013 and Executive Vice President thereof from 1996 to 2003; Chairman of the Board, Berkshire Holding Corporation since 1980. | 29 RICs consisting of 96 Portfolios |
None | |||||
Bruce R. Bond 55 East 52nd Street New York, NY 10055 1946 |
Director | Since 2007 |
Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007. | 29 RICs consisting of 96 Portfolios |
None | |||||
Donald W. Burton 55 East 52nd Street New York, NY 10055 1944 |
Director | Since 2002 |
Managing General Partner, The Burton Partnership, LP (an investment partnership) since 1979; Managing General Partner, The South Atlantic Venture Funds from 1983 to 2012; Director, IDology, Inc. (technology solutions) since 2006; Director, Knology, Inc. (telecommunications) from 1996 to 2012; Director, Capital Southwest from 2006 to 2012. | 29 RICs consisting of 96 Portfolios |
None | |||||
Honorable Stuart E. Eizenstat 55 East 52nd Street New York, NY 10055 1943 |
Director | Since 2007 |
Partner and Head of International Practice, Covington and Burling LLP (law firm) since 2001; International Advisory Board Member, The Coca-Cola Company from 2002 to 2011; Advisory Board Member, Veracity Worldwide, LLC (risk management) from 2007 to 2012; Member of the International Advisory Board GML Ltd. (energy) since 2003; Advisory Board Member, BT Americas (telecommunications) from 2004 to 2009. | 29 RICs consisting of 96 Portfolios |
Alcatel-Lucent (telecommunications); Global Specialty Metallurgical; UPS Corporation (delivery service) | |||||
Kenneth A. Froot 55 East 52nd Street New York, NY 10055 1957 |
Director | Since 2007 |
Professor, Harvard University since 1992. | 29 RICs consisting of 96 Portfolios |
None | |||||
John F. OBrien 55 East 52nd Street New York, NY 10055 1943 |
Director | Since 2005 |
Chairman, Woods Hole Oceanographic Institute since 2009 and Trustee thereof from 2003 to 2009; Director, Ameresco, Inc. (energy solutions company) from 2006 to 2007. | 29 RICs consisting of 96 Portfolios |
Cabot Corporation (chemicals); LKQ Corporation (auto parts manufacturing); TJX Companies, Inc. (retailer) | |||||
Roberta Cooper Ramo 55 East 52nd Street New York, NY 10055 1942 |
Director | Since 2007 |
Shareholder and Attorney, Modrall, Sperling, Roehl, Harris & Sisk, P.A. (law firm) since 1993; Chairman of the Board, Coopers Inc., (retail) since 1999; Director, ECMC Group (service provider to students, schools and lenders) since 2001; President, The American Law Institute (non-profit) since 2008. | 29 RICs consisting of 96 Portfolios |
None |
32 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Officers and Directors (continued) |
Name, Address, and Year of Birth |
Position(s) Held with Fund/ Master LLC |
Length of Time Served as a Director2 |
Principal Occupation(s) During Past 5 Years | Number of BlackRock- Advised Registered Investment Companies (RICs) Consisting of Investment Portfolios (Portfolios) Overseen |
Public Directorships | |||||
Independent Directors1 (concluded) | ||||||||||
David H. Walsh 55 East 52nd Street New York, NY 10055 1941 |
Director |
Since 2003 |
Director, National Museum of Wildlife Art since 2007; Trustee, University of Wyoming Foundation from 2008 to 2012; Director, Ruckelshaus Institute and Haub School of Natural Resources at the University of Wyoming from 2006 to 2008; Director, The American Museum of Fly Fishing since 1997. | 29 RICs consisting of 96 Portfolios |
None | |||||
1 Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation or removal as provided by the Funds/Master LLCs by-laws or charter or statute. In no event may an Independent Director hold office beyond December 31 of the year in which he or she turns 74.
2 Date shown is the earliest date a person has served for the Fund/Master LLC covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (MLIM) and BlackRock, Inc. (BlackRock) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Directors as joining the Funds/Master LLCs board in 2007, those Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: James H. Bodurtha, 1995; Bruce R. Bond, 2005; Donald W. Burton, 2002; Honorable Stuart E. Eizenstat, 2001; Kenneth A. Froot, 2005; Robert M. Hernandez, 1996; John F. OBrien, 2005; Roberta Cooper Ramo, 1999; David H. Walsh, 2003; and Fred G. Weiss, 1998. | ||||||||||
Interested Directors3 | ||||||||||
Paul L. Audet 55 East 52nd Street New York, NY 10055 1953 |
Director | Since 2011 |
Senior Managing Director of BlackRock and Head of U.S. Mutual Funds since 2011; Chair of the U.S. Mutual Funds Committee reporting to the Global Executive Committee since 2011; Head of BlackRocks Real Estate business from 2008 to 2011; Member of BlackRocks Global Operating and Corporate Risk Management Committees and of the BlackRock Alternative Investors Executive Committee and Investment Committee for the Private Equity Fund of Funds business since 2008; Head of BlackRocks Global Cash Management business from 2005 to 2010; Acting Chief Financial Officer of BlackRock from 2007 to 2008; Chief Financial Officer of BlackRock from 1998 to 2005. | 144 RICs consisting of 333 Portfolios |
None | |||||
Laurence D. Fink 55 East 52nd Street New York, NY 10055 1952 |
Director | Since 2007 |
Chairman and Chief Executive Officer of BlackRock since its formation in 1998 and of BlackRocks predecessor entities since 1988 and Chairman of the Executive and Management Committees; Formerly Managing Director, The First Boston Corporation, Member of its Management Committee, Co-head of its Taxable Fixed Income Division and Head of its Mortgage and Real Estate Products Group; Chairman of the Board of several of BlackRocks alternative investment vehicles; Director of several of BlackRocks offshore funds; Member of the Board of Trustees of New York University, Chair of the Financial Affairs Committee and a member of the Executive Committee, the Ad Hoc Committee on Board Governance, and the Committee on Trustees; Co-Chairman of the NYU Hospitals Center Board of Trustees, Chairman of the Development/Trustee Stewardship Committee and Chairman of the Finance Committee; Trustee, The Boys Club of New York. | 29 RICs consisting of 96 Portfolios |
BlackRock, Inc. | |||||
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947 |
Director |
Since 2007 |
Consultant, BlackRock from 2007 to 2008; Managing Director, BlackRock from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly, BlackRock Bond Allocation Target Shares) from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006. | 144 RICs consisting of 333 Portfolios |
None | |||||
3 Messrs. Audet and Fink are both interested persons, as defined in the 1940 Act, of the Fund/Master LLC based on their positions with BlackRock and its affiliates. Mr. Gabbay is an interested person of the Fund/Master LLC based on his former positions with BlackRock and its affiliates as well as his ownership of BlackRock and The PNC Financial Services Group, Inc. securities. Mr. Audet and Mr. Gabbay are also Directors of the BlackRock registered closed-end funds and Directors of other BlackRock registered open-end funds. Interested Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. |
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 33 |
Officers and Directors (concluded) |
Name, Address, and Year of Birth |
Position(s) Held with Fund/ Master LLC |
Length of Time Served |
Principal Occupation(s) During Past 5 Years | |||
Officers1 | ||||||
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964 |
President and Chief Executive Officer | Since 2010 |
Managing Director of BlackRock since 2009; Global Head of BlackRock Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009. | |||
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977 |
Vice President | Since 2009 |
Managing Director of BlackRock since 2010; Director of BlackRock from 2008 to 2009; Head of Product Development and Management for BlackRocks U.S. Retail Group since 2009; and Co-head thereof from 2007 to 2009; Vice President of BlackRock from 2005 to 2008. | |||
Neal Andrews 55 East 52nd Street New York, NY 10055 1966 |
Chief Financial Officer | Since 2007 |
Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006. | |||
Jay Fife 55 East 52nd Street New York, NY 10055 1970 |
Treasurer | Since 2007 |
Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006. | |||
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959 |
Chief Compliance Officer and Anti-Money Laundering Officer | Since 2007 |
Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock since 2005. | |||
Benjamin Archibald 55 East 52nd Street New York, NY 10055 1975 |
Secretary |
Since 2012 |
Managing Director of BlackRock since 2014; Director of BlackRock, Inc. from 2010 to 2013; Assistant Secretary of the BlackRock-advised funds from 2010 to 2012; General Counsel and Chief Operating Officer of Uhuru Capital Management from 2009 to 2010; Executive Director and Counsel of Goldman Sachs Asset Management from 2005 to 2009. | |||
1 Officers of the Fund/Master LLC serve at the pleasure of the Board. | ||||||
Further information about the Officers and Directors is available in the Fund/Master LLCs Statement of Additional Information, which can be obtained without charge by calling 1-800-441-7762. |
Investment Advisor and Administrator BlackRock Advisors, LLC Wilmington, DE 19809 |
Sub-Advisor BlackRock Investment Management, LLC Princeton, NJ 08540 |
Custodian The Bank of New York Mellon New York, NY 10286 |
Address of the Fund 100 Bellevue Parkway Wilmington, DE 19809 | |||
Accounting Agent and Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809 |
Distributor BlackRock Investments, LLC New York, NY 10022 |
Independent Registered Public Accounting Firm Deloitte & Touche LLP Philadelphia, PA 19103 |
Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019 |
Effective May 14, 2014, Brian Kindelan resigned as Chief Compliance Officer and Anti-Money Laundering Officer of the Fund/Master LLC and Charles Park became Chief Compliance Officer and Anti-Money Laundering Officer of the Fund/Master LLC. |
34 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
Additional Information |
General Information |
Shareholder Privileges |
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 35 |
Additional Information (concluded) |
BlackRock Privacy Principles |
36 | BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 |
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 |
Taxable Fixed Income Funds |
Municipal Fixed Income Funds |
Mixed Asset Funds |
BlackRock Balanced Capital Fund | LifePath Active Portfolios | LifePath Index Portfolios | ||||||||||||
BlackRock Emerging Market Allocation Portfolio | 2015 |
2040 | Retirement |
2040 | ||||||||||
BlackRock Global Allocation Fund | 2020 |
2045 | 2020 |
2045 | ||||||||||
BlackRock Managed Volatility Portfolio | 2025 |
2050 | 2025 |
2050 | ||||||||||
BlackRock Multi-Asset Income Portfolio | 2030 |
2055 | 2030 |
2055 | ||||||||||
BlackRock Multi-Asset Real Return Fund | 2035 |
2035 |
||||||||||||
BlackRock Strategic Risk Allocation Fund | ||||||||||||||
LifePath Portfolios | ||||||||||||||
BlackRock Prepared Portfolios | Retirement |
2040 | ||||||||||||
Conservative Prepared Portfolio |
2020 |
2045 | ||||||||||||
Moderate Prepared Portfolio |
2025 |
2050 | ||||||||||||
Growth Prepared Portfolio |
2030 |
2055 | ||||||||||||
Aggressive Growth Prepared Portfolio |
2035 |
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 funds 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.
BLACKROCK VALUE OPPORTUNITIES FUND, INC. | MARCH 31, 2014 | 37 |
This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless accompanied or preceded by that Funds current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change. |
VO-3/14-AR |
Item 2 | Code of Ethics Each registrant (or Fund) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrants principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com. | |
Item 3 | Audit Committee Financial Expert Each registrants board of directors (the board of directors), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: Robert M. Hernandez Fred G. Weiss Stuart E. Eizenstat | |
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an expert for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. | ||
Item 4 | Principal Accountant Fees and Services | |
The following table presents fees billed by Deloitte & Touche LLP (D&T) in each of the last two fiscal years for the services rendered to the Funds: |
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees3 | |||||||||||||
Entity Name | Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year End |
Previous Fiscal Year End | ||||||||
BlackRock Value Opportunities Fund, Inc. | $7,363 | $7,363 | $0 | $0 | $12,850 | $12,850 | $0 | $0 | ||||||||
Master Value Opportunities LLC | $37,113 | $36,763 | $0 | $0 | $13,000 | $13,000 | $0 | $0 |
The following table presents fees billed by D&T that were required to be approved by each registrants audit committee (the Committee) for services that relate directly to the operations or financial reporting of the Funds and that are rendered on behalf of BlackRock Advisors, LLC (Investment Adviser or BlackRock) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (Fund Service Providers):
Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees1 | $0 | $0 | ||
(c) Tax Fees2 | $0 | $0 | ||
(d) All Other Fees3 | $2,555,000 | $2,865,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services includes tax compliance, tax advice and tax planning.
3 Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.
2
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrants on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrants and those non-audit services provided to the Investment Adviser and Fund Service Providers that relate directly to the operations and the financial reporting of the registrants. Certain of these non-audit services that the Committee believes are (a) consistent with the SECs auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (general pre-approval). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrants which have a direct impact on the operations or financial reporting of the registrants will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrants or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrants, the Investment Adviser and the Fund Service Providers were:
Entity Name | Current Fiscal Year End |
Previous Fiscal Year End | ||
BlackRock Value Opportunities Fund, Inc. | $12,850 | $12,850 | ||
Master Value Opportunities LLC | $13,000 | $13,000 |
Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,555,000 and $2,865,000, respectively, were billed by D&T to the Investment Adviser.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Fund Service Providers that were not pre-approved pursuant to
3
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountants independence. | ||
Item 5 | Audit Committee of Listed Registrants Not Applicable | |
Item 6 | Investments | |
(a) The registrants Schedules of Investments are 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 There have been no material changes to these procedures. | |
Item 11 | Controls and Procedures | |
(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 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. | ||
Item 12 | Exhibits attached hereto | |
(a)(1) Code of Ethics See Item 2 | ||
(a)(2) Certifications Attached hereto | ||
(a)(3) Not Applicable | ||
(b) Certifications Attached hereto |
4
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/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC | ||
Date: June 2, 2014 |
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/ John M. Perlowski | |
John M. Perlowski | ||
Chief Executive Officer (principal executive officer) of | ||
BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC | ||
Date: June 2, 2014 | ||
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: June 2, 2014 |
5
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, John M. Perlowski, 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-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented in this report;
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 second fiscal quarter of the period covered by this report 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 committees of the registrants boards 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: June 2, 2014
/s/ John M. Perlowski |
John M. Perlowski |
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-CSR 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented in this report;
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 second fiscal quarter of the period covered by this report 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 committees of the registrants boards 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: June 2, 2014
/s/ Neal J. Andrews |
Neal J. Andrews |
Chief Financial Officer (principal financial officer) of BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC |
Exhibit 99.906CERT
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC (the registrants), hereby certifies, to the best of his knowledge, that the registrants Report on Form N-CSR for the period ended March 31, 2014 (the Report) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrants.
Date: June 2, 2014
/s/ John M. Perlowski |
John M. Perlowski |
Chief Executive Officer (principal executive officer) of |
BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC |
Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC (the registrants), hereby certifies, to the best of his knowledge, that the registrants Report on Form N-CSR for the period ended March 31, 2014 (the Report) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrants.
Date: June 2, 2014
/s/ Neal J. Andrews |
Neal J. Andrews |
Chief Financial Officer (principal financial officer) of |
BlackRock Value Opportunities Fund, Inc. and Master Value Opportunities LLC |
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.
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