-----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, K2vdjToMJxOx2FxUYXWJejBs2FZ4hPQHU4xubTxFXduXj6rPHVVjp4CvRRWP+3Xs faQpkScsOXmjuCdybLfx6A== 0001193805-08-001615.txt : 20080626 0001193805-08-001615.hdr.sgml : 20080626 20080626131608 ACCESSION NUMBER: 0001193805-08-001615 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080430 FILED AS OF DATE: 20080626 DATE AS OF CHANGE: 20080626 EFFECTIVENESS DATE: 20080626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK FOCUS VALUE FUND, INC. CENTRAL INDEX KEY: 0000701960 IRS NUMBER: 133114958 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-03450 FILM NUMBER: 08918873 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH FOCUS VALUE FUND DATE OF NAME CHANGE: 20001006 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH PHOENIX FUND INC DATE OF NAME CHANGE: 19920703 0000701960 S000002519 BLACKROCK FOCUS VALUE FUND, INC. C000006947 Investor A C000006948 Investor B C000006949 Investor C C000006950 Institutional C000006951 Class R N-Q 1 e603963_nq-focus.txt 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 811-03450 Name of Fund: BlackRock Focus Value Fund, Inc. Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Focus Value Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011 Registrant's telephone number, including area code: (800) 882-0052, Option 4 Date of fiscal year end: 07/31/2008 Date of reporting period: 02/01/2008 - 04/30/2008 Item 1 - Schedule of Investments BlackRock Focus Value Fund, Inc. Schedule of Investments as of April 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Common Stocks Shares Value - ----------------------------------------------------------------------------------------------------------------------------- Above-Average Yield - 11.1% - ----------------------------------------------------------------------------------------------------------------------------- Capital Markets - 1.5% The Bank of New York Mellon Corp. 91,046 $ 3,963,232 - ----------------------------------------------------------------------------------------------------------------------------- Chemicals - 1.9% The Dow Chemical Co. 127,200 5,107,080 - ----------------------------------------------------------------------------------------------------------------------------- Communications Equipment - 2.2% Alcatel SA (a) 863,300 5,758,211 - ----------------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication AT&T Inc. 170,500 6,600,055 Services - 2.5% - ----------------------------------------------------------------------------------------------------------------------------- Leisure Equipment & Products - 0.9% Mattel, Inc. 124,700 2,338,125 - ----------------------------------------------------------------------------------------------------------------------------- Pharmaceuticals - 2.1% Wyeth 127,300 5,661,031 - ----------------------------------------------------------------------------------------------------------------------------- Total Above-Average Yield 29,427,734 - ----------------------------------------------------------------------------------------------------------------------------- Discount to Assets - 0.5% - ----------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 0.5% Anadarko Petroleum Corp. 19,800 1,317,888 - ----------------------------------------------------------------------------------------------------------------------------- Total Discount to Assets 1,317,888 - ----------------------------------------------------------------------------------------------------------------------------- Earnings Turnaround - 40.1% - ----------------------------------------------------------------------------------------------------------------------------- Capital Markets - 2.6% Morgan Stanley 141,200 6,862,320 - ----------------------------------------------------------------------------------------------------------------------------- Computers & Peripherals - 1.9% International Business Machines Corp. 42,300 5,105,610 - ----------------------------------------------------------------------------------------------------------------------------- Diversified Financial Services - 1.4% Bank of America Corp. 95,501 3,585,108 - ----------------------------------------------------------------------------------------------------------------------------- Energy Equipment & Services - 5.6% BJ Services Co. (b) 241,500 6,827,205 Halliburton Co. 176,900 8,121,479 ------------ 14,948,684 - ----------------------------------------------------------------------------------------------------------------------------- Food Products - 5.0% Kraft Foods, Inc. 122,700 3,881,001 Unilever NV (a) 276,100 9,260,394 ------------ 13,141,395 - ----------------------------------------------------------------------------------------------------------------------------- Household Durables - 1.1% Centex Corp. 143,000 2,977,260 - ----------------------------------------------------------------------------------------------------------------------------- Independent Power Producers & Dynegy, Inc. Class A (c) 354,100 3,052,342 Energy Traders - 1.2% - ----------------------------------------------------------------------------------------------------------------------------- Industrial Conglomerates - 2.4% General Electric Co. 196,900 6,438,630 - ----------------------------------------------------------------------------------------------------------------------------- Metals & Mining - 2.4% Alcoa, Inc. 181,800 6,323,004 - ----------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 3.0% Exxon Mobil Corp. 52,700 4,904,789 Peabody Energy Corp. 49,500 3,025,935 ------------ 7,930,724 - ----------------------------------------------------------------------------------------------------------------------------- Pharmaceuticals - 3.9% Bristol-Myers Squibb Co. 473,900 10,411,583 - ----------------------------------------------------------------------------------------------------------------------------- Semiconductors & Semiconductor LSI Corp. (c) 1,865,600 11,566,720 Equipment - 6.2% Micron Technology, Inc. (c) 626,700 4,838,124 ------------ 16,404,844 - ----------------------------------------------------------------------------------------------------------------------------- Software - 3.4% Borland Software Corp. (c) 2,448,900 4,334,553 Parametric Technology Corp. (c) 264,800 4,615,464 ------------ 8,950,017 - ----------------------------------------------------------------------------------------------------------------------------- Total Earnings Turnaround 106,131,521 - ----------------------------------------------------------------------------------------------------------------------------- Financial Restructuring - 0.0% - ----------------------------------------------------------------------------------------------------------------------------- Media - 0.0% Legacy Holdings, Inc. (c) 1,500 270 - ----------------------------------------------------------------------------------------------------------------------------- Total Financial Restructuring 270 - ----------------------------------------------------------------------------------------------------------------------------- Low Price-to-Book Value - 1.5% - ----------------------------------------------------------------------------------------------------------------------------- Semiconductors & Semiconductor Fairchild Semiconductor International, Inc. (c) 306,300 3,994,152 Equipment - 1.5% - ----------------------------------------------------------------------------------------------------------------------------- Total Low Price-to-Book Value 3,994,152 - ----------------------------------------------------------------------------------------------------------------------------- Low Price-to-Earnings Per Share - 3.4% - ----------------------------------------------------------------------------------------------------------------------------- Energy Equipment & Services - 0.6% Global Industries Ltd. (c) 107,201 1,710,928 - ----------------------------------------------------------------------------------------------------------------------------- Specialty Retail - 1.4% American Eagle Outfitters, Inc. 202,900 3,727,273 - -----------------------------------------------------------------------------------------------------------------------------
BlackRock Focus Value Fund, Inc. Schedule of Investments as of April 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Industry Common Stocks Shares Value - ----------------------------------------------------------------------------------------------------------------------------- Textiles, Apparel & Luxury Liz Claiborne, Inc. 205,700 $ 3,638,833 Goods - 1.4% - ----------------------------------------------------------------------------------------------------------------------------- Total Low Price-to-Earnings Per Share 9,077,034 - ----------------------------------------------------------------------------------------------------------------------------- Operational Restructuring - 19.2% - ----------------------------------------------------------------------------------------------------------------------------- Aerospace & Defense - 2.6% Raytheon Co. 105,800 6,768,026 - ----------------------------------------------------------------------------------------------------------------------------- Chemicals - 2.5% E.I. du Pont de Nemours & Co. 137,400 6,720,234 - ----------------------------------------------------------------------------------------------------------------------------- Diversified Financial Services - 2.8% JPMorgan Chase & Co. 155,540 7,411,481 - ----------------------------------------------------------------------------------------------------------------------------- Health Care Equipment Covidien Ltd. 85,750 4,003,667 & Supplies - 1.5% - ----------------------------------------------------------------------------------------------------------------------------- Industrial Conglomerates - 3.2% Tyco International Ltd. 183,350 8,578,947 - ----------------------------------------------------------------------------------------------------------------------------- Media - 3.0% Time Warner, Inc. 532,700 7,910,595 - ----------------------------------------------------------------------------------------------------------------------------- Office Electronics - 3.6% Xerox Corp. 675,400 9,435,338 - ----------------------------------------------------------------------------------------------------------------------------- Total Operational Restructuring 50,828,288 - ----------------------------------------------------------------------------------------------------------------------------- Price-to-Book - 4.6% - ----------------------------------------------------------------------------------------------------------------------------- Diversified Financial Services - 2.1% Citigroup, Inc. 218,900 5,531,603 - ----------------------------------------------------------------------------------------------------------------------------- Insurance - 2.5% American International Group, Inc. 144,500 6,675,900 - ----------------------------------------------------------------------------------------------------------------------------- Total Price-to-Book 12,207,503 - ----------------------------------------------------------------------------------------------------------------------------- Price-to-Earnings Per Share - 15.5% - ----------------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication Qwest Communications International Inc. (b) 2,425,700 12,516,612 Services - 4.7% - ----------------------------------------------------------------------------------------------------------------------------- Insurance - 5.4% Prudential Financial, Inc. 92,700 7,018,317 The Travelers Cos., Inc. 143,345 7,224,588 ------------ 14,242,905 - ----------------------------------------------------------------------------------------------------------------------------- Media - 1.6% Walt Disney Co. 130,200 4,222,386 - ----------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 1.8% Chevron Corp. 50,600 4,865,190 - ----------------------------------------------------------------------------------------------------------------------------- Textiles, Apparel & Luxury Phillips-Van Heusen Corp. (b) 121,800 5,141,178 Goods - 2.0% - ----------------------------------------------------------------------------------------------------------------------------- Total Price-to-Earnings Per Share 40,988,271 - ----------------------------------------------------------------------------------------------------------------------------- Total Common Stocks (Cost - $240,589,612) - 95.9% 253,972,661 - ----------------------------------------------------------------------------------------------------------------------------- Beneficial Interest Other Interests (d) (000) - ----------------------------------------------------------------------------------------------------------------------------- Financial Restructuring - 0.0% - ----------------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 0.0% WRT Energy Corp. (Litigation Trust Certificates) (e) $ 1,982 21 - ----------------------------------------------------------------------------------------------------------------------------- Total Other Interests (Cost - $202,416) - 0.0% 20 - ----------------------------------------------------------------------------------------------------------------------------- Short-Term Securities - ----------------------------------------------------------------------------------------------------------------------------- BlackRock Liquidity Series, LLC Cash Sweep Series, 3.03% (f)(g) 6,925 6,924,534 BlackRock Liquidity Series, LLC Money Market Series, 2.85% (f)(g)(h) 9,788 9,787,750 - ----------------------------------------------------------------------------------------------------------------------------- Total Short-Term Securities (Cost - $16,712,284) - 6.3% 16,712,284 - ----------------------------------------------------------------------------------------------------------------------------- Total Investments Before Options Written (Cost - $257,504,312*) - 102.2% 270,684,965 - -----------------------------------------------------------------------------------------------------------------------------
BlackRock Focus Value Fund, Inc. Schedule of Investments as of April 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
Options Written Contracts Value - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- Call Options Written Mattel, Inc., expiring October 2008 at $22.50 600 $ (33,000) - ----------------------------------------------------------------------------------------------------------------------------- Total Options Written (Premiums Received - $41,400) - (0.0%) (33,000) - ----------------------------------------------------------------------------------------------------------------------------- Total Investments, Net of Options Written (Cost - $257,462,912) - 102.2% 270,651,965 Liabilities in Excess of Other Assets - (2.2%) (5,753,899) ------------ Net Assets - 100.0% $264,898,066 ============
* The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: Aggregate cost $ 257,841,077 ============= Gross unrealized appreciation $ 35,260,480 Gross unrealized depreciation (22,416,592) ------------- Net unrealized appreciation $ 12,843,888 ============= (a) Depositary receipts. (b) Security, or a portion of security, is on loan. (c) Non-income producing security. (d) Other interests represent beneficial interest in liquidation trusts and other reorganization entities and are non-income producing. (e) Restricted security as to resale, representing 0.0% of net assets was as follows: -------------------------------------------------------------------------- Acquisition Issue Date Cost Value -------------------------------------------------------------------------- WRT Energy Corp. (Litigation Trust Certificates) 7/10/1997 $ 202,416 $ 20 -------------------------------------------------------------------------- (f) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: ------------------------------------------------------------------------- Net Activity Interest Affiliate (000) Income ------------------------------------------------------------------------- BlackRock Liquidity Series, LLC Cash Sweep Series $ 605 $ 283,196 BlackRock Liquidity Series, LLC Money Market Series $ (40,544) $ 35,026 ------------------------------------------------------------------------- (g) Represents the current yield as of report date. (h) Security was purchased with the cash proceeds from securities loans. o For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. Item 2 - Controls and Procedures 2(a) - The registrant's principal executive and principal financial officers or persons performing similar functions have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. 2(b) - There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's 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, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BlackRock Focus Value Fund, Inc. By: /s/ Donald C. Burke ------------------- Donald C. Burke Chief Executive Officer of BlackRock Focus Value Fund, Inc. Date: June 23, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Donald C. Burke ------------------- Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock Focus Value Fund, Inc. Date: June 23, 2008 By: /s/ Neal J. Andrews ------------------- Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Focus Value Fund, Inc. Date: June 23, 2008 EX-99.CERT 2 e603963_ex99-cert.txt 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, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Focus Value Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of BlackRock Focus Value Fund, Inc.; 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 registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's 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 registrant 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 registrant, including its 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 registrant's 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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting. Date: June 23, 2008 /s/ Donald C. Burke - ------------------- Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock Focus Value Fund, Inc. 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 Focus Value Fund, Inc., certify that: 1. I have reviewed this report on Form N-Q of BlackRock Focus Value Fund, Inc.; 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 registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's 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 registrant 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 registrant, including its 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 registrant's 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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting. Date: June 23, 2008 /s/ Neal J. Andrews - ------------------- Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock Focus Value Fund, Inc. -----END PRIVACY-ENHANCED MESSAGE-----