|
|
|
Schedule of Investments (concluded)
|
|
BlackRock Global SmallCap Fund,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Total
|
|
Assets (concluded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments (concluded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term investments (concluded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks (concluded):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
|
$
|
26,913,270
|
|
|
$
|
55,442,131
|
|
|
|
|
$
|
82,355,401
|
|
United States
|
|
|
596,652,911
|
|
|
|
|
|
|
|
|
|
596,652,911
|
|
Warrants
|
|
|
351,872
|
|
|
|
|
|
|
|
|
|
351,872
|
|
Short-Term securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market
|
|
|
11,012,040
|
|
|
|
92,852,762
|
|
|
|
|
|
103,864,802
|
|
Time Deposits
|
|
|
|
|
|
|
24,277
|
|
|
|
|
|
24,277
|
|
|
|
|
|
|
Total
|
|
$
|
772,628,804
|
|
|
$
|
436,943,102
|
|
|
|
|
$
|
1,209,571,906
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Total
|
|
Derivative Financial Instruments
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts
|
|
$
|
554
|
|
|
|
|
|
|
|
|
$
|
554
|
|
1
Derivative financial instruments are foreign currency exchange contracts, which are valued at the unrealized appreciation/depreciation on the
instrument.
|
|
The carrying amount for certain of the Funds assets
and liabilities approximates fair value for financial statement purposes. As of December 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Total
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency at value
|
|
$
|
538,163
|
|
|
|
|
|
|
|
|
$
|
538,163
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral on securities loaned at value
|
|
|
|
|
|
$
|
(92,852,762
|
)
|
|
|
|
|
(92,852,762
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
538,163
|
|
|
$
|
(92,852,762
|
)
|
|
|
|
$
|
(92,314,599
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no transfers between levels during the six months ended December 31, 2013.
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
17
|
|
|
|
Statements of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 (Unaudited)
|
|
BlackRock
EuroFund
|
|
|
BlackRock
Global SmallCap
Fund, Inc.
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
Investments at value
unaffiliated
1,2
|
|
$
|
401,669,992
|
|
|
$
|
1,105,021,844
|
|
Investments at value affiliated
3
|
|
|
251,534
|
|
|
|
104,550,062
|
|
Foreign currency at value
4
|
|
|
|
|
|
|
538,163
|
|
Capital shares sold receivable
|
|
|
414,452
|
|
|
|
2,215,711
|
|
Investments sold receivable
|
|
|
152,290
|
|
|
|
1,825,618
|
|
Dividends receivable
|
|
|
710,942
|
|
|
|
871,643
|
|
Securities lending income receivable affiliated
|
|
|
1,981
|
|
|
|
209,735
|
|
Unrealized appreciation on foreign currency exchange contracts
|
|
|
272
|
|
|
|
554
|
|
Prepaid expenses
|
|
|
58,442
|
|
|
|
75,671
|
|
Other income receivable affiliated
|
|
|
144
|
|
|
|
156,864
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
403,260,049
|
|
|
|
1,215,465,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
Collateral on securities loaned at value
|
|
|
148,750
|
|
|
|
92,852,762
|
|
Capital shares redeemed payable
|
|
|
234,905
|
|
|
|
4,350,480
|
|
Investments purchased payable
|
|
|
|
|
|
|
1,102,272
|
|
Investment advisory fees payable
|
|
|
244,850
|
|
|
|
785,118
|
|
Service and distribution fees payable
|
|
|
53,585
|
|
|
|
383,022
|
|
Officers and Directors fees payable
|
|
|
4,050
|
|
|
|
8,028
|
|
Other affiliates payable
|
|
|
568
|
|
|
|
1,871
|
|
Unrealized depreciation on foreign currency exchange contracts
|
|
|
19
|
|
|
|
|
|
Other accrued expenses payable
|
|
|
168,880
|
|
|
|
362,257
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
855,607
|
|
|
|
99,845,810
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
402,404,442
|
|
|
$
|
1,115,620,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
439,307,012
|
|
|
$
|
833,035,358
|
|
Distributions in excess of net investment income
|
|
|
(249,298
|
)
|
|
|
(31,994,632
|
)
|
Undistributed net realized gain (accumulated net realized loss)
|
|
|
(114,020,733
|
)
|
|
|
20,352,786
|
|
Net unrealized appreciation/depreciation
|
|
|
77,367,461
|
|
|
|
294,226,543
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
402,404,442
|
|
|
$
|
1,115,620,055
|
|
|
|
|
|
|
1
Investments at cost unaffiliated
|
|
$
|
324,324,349
|
|
|
$
|
797,549,585
|
|
2
Securities loaned at value
|
|
$
|
368,003
|
|
|
$
|
89,234,473
|
|
3
Investments at cost affiliated
|
|
$
|
251,534
|
|
|
$
|
117,797,533
|
|
4
Foreign currency at cost
|
|
|
|
|
|
$
|
544,083
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
18
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Statements of Assets and Liabilities (concluded)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 (Unaudited)
|
|
BlackRock
EuroFund
|
|
|
BlackRock
Global SmallCap
Fund, Inc.
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value
|
|
|
|
|
|
|
|
|
Institutional:
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
198,747,350
|
|
|
$
|
298,714,394
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
12,076,258
|
|
|
|
10,520,442
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
16.46
|
|
|
$
|
28.39
|
|
|
|
|
|
|
|
|
|
|
Par value
|
|
$
|
0.10
|
|
|
$
|
0.100
|
|
|
|
|
|
|
|
|
|
|
Shares authorized
|
|
|
Unlimited
|
|
|
|
100 million
|
|
|
|
|
|
|
|
|
|
|
Investor A:
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
182,793,600
|
|
|
$
|
453,225,099
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
11,309,879
|
|
|
|
16,394,236
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
16.16
|
|
|
$
|
27.65
|
|
|
|
|
|
|
|
|
|
|
Par value
|
|
$
|
0.10
|
|
|
$
|
0.100
|
|
|
|
|
|
|
|
|
|
|
Shares authorized
|
|
|
Unlimited
|
|
|
|
100 million
|
|
|
|
|
|
|
|
|
|
|
Investor B:
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
|
|
|
$
|
5,820,462
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
|
|
|
|
223,052
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
|
|
|
|
$
|
26.09
|
|
|
|
|
|
|
|
|
|
|
Par value
|
|
|
|
|
|
$
|
0.100
|
|
|
|
|
|
|
|
|
|
|
Shares authorized
|
|
|
|
|
|
|
100 million
|
|
|
|
|
|
|
|
|
|
|
Investor C:
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
19,143,398
|
|
|
$
|
324,526,423
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
1,641,915
|
|
|
|
13,011,630
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
11.66
|
|
|
$
|
24.94
|
|
|
|
|
|
|
|
|
|
|
Par value
|
|
$
|
0.10
|
|
|
$
|
0.100
|
|
|
|
|
|
|
|
|
|
|
Shares authorized
|
|
|
Unlimited
|
|
|
|
100 million
|
|
|
|
|
|
|
|
|
|
|
Class R:
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
1,720,094
|
|
|
$
|
33,333,677
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
138,034
|
|
|
|
1,273,974
|
|
|
|
|
|
|
|
|
|
|
Net asset value
|
|
$
|
12.46
|
|
|
$
|
26.17
|
|
|
|
|
|
|
|
|
|
|
Par value per share
|
|
$
|
0.10
|
|
|
$
|
0.100
|
|
|
|
|
|
|
|
|
|
|
Shares authorized
|
|
|
Unlimited
|
|
|
|
100 million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
19
|
|
|
|
|
|
|
|
|
|
Six Months Ended December 31, 2013 (Unaudited)
|
|
BlackRock
EuroFund
|
|
|
BlackRock
Global SmallCap
Fund, Inc.
|
|
|
|
|
|
|
|
|
|
|
Investment Income
|
|
|
|
|
|
|
|
|
Dividends unaffiliated
|
|
$
|
1,882,977
|
|
|
$
|
5,133,832
|
|
Foreign taxes withheld
|
|
|
(116,958
|
)
|
|
|
(198,490
|
)
|
Securities lending affiliated net
|
|
|
3,647
|
|
|
|
897,585
|
|
Dividends affiliated
|
|
|
385
|
|
|
|
2,760
|
|
Other income affiliated
|
|
|
144
|
|
|
|
156,864
|
|
|
|
|
|
|
Total income
|
|
|
1,770,195
|
|
|
|
5,992,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Investment advisory
|
|
|
1,223,798
|
|
|
|
4,417,119
|
|
Service Investor A
|
|
|
210,767
|
|
|
|
523,226
|
|
Service and distribution Investor B
|
|
|
|
|
|
|
33,509
|
|
Service and distribution Investor C
|
|
|
82,747
|
|
|
|
1,521,434
|
|
Service and distribution Class R
|
|
|
4,046
|
|
|
|
79,804
|
|
Transfer agent Institutional
|
|
|
79,100
|
|
|
|
137,217
|
|
Transfer agent Investor A
|
|
|
117,307
|
|
|
|
393,315
|
|
Transfer agent Investor B
|
|
|
|
|
|
|
14,937
|
|
Transfer agent Investor C
|
|
|
18,101
|
|
|
|
373,702
|
|
Transfer agent Class R
|
|
|
3,340
|
|
|
|
50,089
|
|
Accounting services
|
|
|
36,376
|
|
|
|
119,504
|
|
Custodian
|
|
|
50,759
|
|
|
|
95,133
|
|
Professional
|
|
|
39,677
|
|
|
|
57,253
|
|
Registration
|
|
|
35,680
|
|
|
|
51,812
|
|
Printing
|
|
|
21,690
|
|
|
|
31,727
|
|
Officer and Directors
|
|
|
11,909
|
|
|
|
16,676
|
|
Miscellaneous
|
|
|
17,254
|
|
|
|
26,580
|
|
|
|
|
|
|
Total expenses
|
|
|
1,952,551
|
|
|
|
7,943,037
|
|
Less fees waived by Manager
|
|
|
(668
|
)
|
|
|
(4,547
|
)
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
1,951,883
|
|
|
|
7,938,490
|
|
|
|
|
|
|
Net investment loss
|
|
|
(181,688
|
)
|
|
|
(1,945,939
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
Investments unaffiliated
|
|
|
18,105,239
|
|
|
|
84,124,795
|
|
Investments affiliated
|
|
|
|
|
|
|
(355,219
|
)
|
Financial futures contracts
|
|
|
177,333
|
|
|
|
|
|
Foreign currency transactions
|
|
|
(379,392
|
)
|
|
|
7,350
|
|
|
|
|
|
|
|
|
|
17,903,180
|
|
|
|
83,776,926
|
|
|
|
|
|
|
Net change in unrealized appreciation/depreciation on:
|
|
|
|
|
|
|
|
|
Investments
|
|
|
45,258,091
|
|
|
|
124,902,938
|
|
Foreign currency translations
|
|
|
35,670
|
|
|
|
15,362
|
|
|
|
|
|
|
|
|
|
45,293,761
|
|
|
|
124,918,300
|
|
|
|
|
|
|
Total realized and unrealized gain
|
|
|
63,196,941
|
|
|
|
208,695,226
|
|
|
|
|
|
|
Net Increase in Net Assets Resulting from Operations
|
|
$
|
63,015,253
|
|
|
$
|
206,749,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
20
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock
EuroFund
|
|
|
|
|
BlackRock Global
SmallCap Fund, Inc.
|
|
Increase (Decrease) in Net Assets:
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended
June 30,
2013
|
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended
June 30,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
(181,688
|
)
|
|
$
|
4,950,756
|
|
|
|
|
$
|
(1,945,939
|
)
|
|
$
|
1,561,507
|
|
Net realized gain
|
|
|
17,903,180
|
|
|
|
28,971,628
|
|
|
|
|
|
83,776,926
|
|
|
|
84,286,425
|
|
Net change in unrealized appreciation/depreciation
|
|
|
45,293,761
|
|
|
|
23,861,972
|
|
|
|
|
|
124,918,300
|
|
|
|
77,690,343
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
|
63,015,253
|
|
|
|
57,784,356
|
|
|
|
|
|
206,749,287
|
|
|
|
163,538,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Shareholders From
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
(2,421,532
|
)
|
|
|
(1,036,094
|
)
1
|
|
|
|
|
(2,290,080
|
)
|
|
|
(5,938,089
|
)
1
|
Investor A
|
|
|
(1,694,336
|
)
|
|
|
(2,325,850
|
)
1
|
|
|
|
|
(2,834,483
|
)
|
|
|
(8,860,041
|
)
1
|
Investor B
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,961
|
)
|
|
|
(96,225
|
)
1
|
Investor C
|
|
|
(167,648
|
)
|
|
|
(84,491
|
)
1
|
|
|
|
|
(1,049,729
|
)
|
|
|
(5,424,300
|
)
1
|
Class R
|
|
|
(14,502
|
)
|
|
|
(11,724
|
)
1
|
|
|
|
|
(164,507
|
)
|
|
|
(666,507
|
)
1
|
Net realized gain:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
|
|
|
|
|
|
|
|
|
(29,361,177
|
)
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,378,995
|
)
|
|
|
|
|
Investor B
|
|
|
|
|
|
|
|
|
|
|
|
|
(660,065
|
)
|
|
|
|
|
Investor C
|
|
|
|
|
|
|
|
|
|
|
|
|
(35,634,766
|
)
|
|
|
|
|
Class R
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,560,341
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets resulting from dividends and distributions to shareholders
|
|
|
(4,298,018
|
)
|
|
|
(3,458,159
|
)
|
|
|
|
|
(120,940,104
|
)
|
|
|
(20,985,162
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets derived from capital share transactions
|
|
|
90,002,146
|
|
|
|
(74,147,203
|
)
|
|
|
|
|
111,765,939
|
|
|
|
(28,819,112
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets
|
|
|
148,719,381
|
|
|
|
(19,821,006
|
)
|
|
|
|
|
197,575,122
|
|
|
|
113,734,001
|
|
Beginning of period
|
|
|
253,685,061
|
|
|
|
273,506,067
|
|
|
|
|
|
918,044,933
|
|
|
|
804,310,932
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period
|
|
$
|
402,404,442
|
|
|
$
|
253,685,061
|
|
|
|
|
$
|
1,115,620,055
|
|
|
$
|
918,044,933
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed (distributions in excess of) net investment income, end of period
|
|
$
|
(249,298
|
)
|
|
$
|
4,230,408
|
|
|
|
|
$
|
(31,994,632
|
)
|
|
$
|
(23,703,933
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
Determined in accordance with federal income tax regulations.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
21
|
|
|
|
Financial Highlights
|
|
BlackRock EuroFund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
13.62
|
|
|
$
|
11.29
|
|
|
$
|
13.97
|
|
|
$
|
10.41
|
|
|
$
|
10.65
|
|
|
$
|
18.07
|
|
|
|
|
|
|
Net investment income
1
|
|
|
0.01
|
|
|
|
0.27
|
|
|
|
0.16
|
|
|
|
0.36
|
|
|
|
0.21
|
|
|
|
0.33
|
|
Net realized and unrealized gain (loss)
|
|
|
3.03
|
|
|
|
2.22
|
|
|
|
(2.43
|
)
|
|
|
3.41
|
|
|
|
(0.05
|
)
|
|
|
(6.63
|
)
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
3.04
|
|
|
|
2.49
|
|
|
|
(2.27
|
)
|
|
|
3.77
|
|
|
|
0.16
|
|
|
|
(6.30
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.20
|
)
|
|
|
(0.16
|
)
2
|
|
|
(0.41
|
)
2
|
|
|
(0.21
|
)
2
|
|
|
(0.40
|
)
2
|
|
|
(0.40
|
)
2
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.72
|
)
2
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.20
|
)
|
|
|
(0.16
|
)
|
|
|
(0.41
|
)
|
|
|
(0.21
|
)
|
|
|
(0.40
|
)
|
|
|
(1.12
|
)
|
|
|
|
|
|
Redemption fee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
3
|
|
|
0.00
|
3
|
|
|
0.00
|
3
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
16.46
|
|
|
$
|
13.62
|
|
|
$
|
11.29
|
|
|
$
|
13.97
|
|
|
$
|
10.41
|
|
|
$
|
10.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
22.43%
|
5
|
|
|
22.10%
|
|
|
|
(15.99)%
|
|
|
|
36.42%
|
6
|
|
|
0.78%
|
6
|
|
|
(34.12)%
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
0.99%
|
7
|
|
|
1.07%
|
|
|
|
1.17%
|
|
|
|
1.05%
|
|
|
|
1.09%
|
|
|
|
1.11%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
0.99%
|
7
|
|
|
1.07%
|
|
|
|
1.17%
|
|
|
|
1.05%
|
|
|
|
1.08%
|
|
|
|
1.11%
|
|
|
|
|
|
|
Net investment income
|
|
|
0.10%
|
7
|
|
|
2.09%
|
|
|
|
1.40%
|
|
|
|
2.80%
|
|
|
|
1.73%
|
|
|
|
2.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
198,747
|
|
|
$
|
88,713
|
|
|
$
|
81,040
|
|
|
$
|
114,551
|
|
|
$
|
101,632
|
|
|
$
|
133,540
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
44%
|
|
|
|
115%
|
|
|
|
162%
|
|
|
|
148%
|
|
|
|
161%
|
|
|
|
124%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Determined in accordance with federal income tax regulations.
|
3
|
|
Amount is less than $0.005 per share.
|
4
|
|
Where applicable, assumes the reinvestment of dividends and distributions.
|
5
|
|
Aggregate total investment return.
|
6
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
22
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Financial Highlights (continued)
|
|
BlackRock EuroFund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
13.35
|
|
|
$
|
11.08
|
|
|
$
|
13.71
|
|
|
$
|
10.22
|
|
|
$
|
10.47
|
|
|
$
|
17.78
|
|
|
|
|
|
|
Net investment income (loss)
1
|
|
|
(0.01
|
)
|
|
|
0.20
|
|
|
|
0.14
|
|
|
|
0.33
|
|
|
|
0.18
|
|
|
|
0.30
|
|
Net realized and unrealized gain (loss)
|
|
|
2.97
|
|
|
|
2.22
|
|
|
|
(2.39
|
)
|
|
|
3.35
|
|
|
|
(0.05
|
)
|
|
|
(6.52
|
)
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
2.96
|
|
|
|
2.42
|
|
|
|
(2.25
|
)
|
|
|
3.68
|
|
|
|
0.13
|
|
|
|
(6.22
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.15
|
)
|
|
|
(0.15
|
)
2
|
|
|
(0.38
|
)
2
|
|
|
(0.19
|
)
2
|
|
|
(0.38
|
)
2
|
|
|
(0.37
|
)
2
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.72
|
)
2
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.15
|
)
|
|
|
(0.15
|
)
|
|
|
(0.38
|
)
|
|
|
(0.19
|
)
|
|
|
(0.38
|
)
|
|
|
(1.09
|
)
|
|
|
|
|
|
Redemption fee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
3
|
|
|
0.00
|
3
|
|
|
0.00
|
3
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
16.16
|
|
|
$
|
13.35
|
|
|
$
|
11.08
|
|
|
$
|
13.71
|
|
|
$
|
10.22
|
|
|
$
|
10.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
22.24%
|
5
|
|
|
21.89%
|
|
|
|
(16.18)%
|
|
|
|
36.15%
|
6
|
|
|
0.53%
|
6
|
|
|
(34.21)%
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.27%
|
7
|
|
|
1.29%
|
|
|
|
1.33%
|
|
|
|
1.25%
|
|
|
|
1.28%
|
|
|
|
1.30%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
1.27%
|
7
|
|
|
1.29%
|
|
|
|
1.33%
|
|
|
|
1.25%
|
|
|
|
1.28%
|
|
|
|
1.30%
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
(0.19)%
|
7
|
|
|
1.62%
|
|
|
|
1.21%
|
|
|
|
2.56%
|
|
|
|
1.51%
|
|
|
|
2.68%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
182,794
|
|
|
$
|
149,426
|
|
|
$
|
176,609
|
|
|
$
|
210,047
|
|
|
$
|
189,788
|
|
|
$
|
219,697
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
44%
|
|
|
|
115%
|
|
|
|
162%
|
|
|
|
148%
|
|
|
|
161%
|
|
|
|
124%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Determined in accordance with federal income tax regulations.
|
3
|
|
Amount is less than $0.005 per share.
|
4
|
|
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.
|
5
|
|
Aggregate total investment return.
|
6
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
23
|
|
|
|
Financial Highlights (continued)
|
|
BlackRock EuroFund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
9.67
|
|
|
$
|
8.05
|
|
|
$
|
10.06
|
|
|
$
|
7.54
|
|
|
$
|
7.81
|
|
|
$
|
13.67
|
|
|
|
|
|
|
Net investment income (loss)
1
|
|
|
(0.06
|
)
|
|
|
0.09
|
|
|
|
0.03
|
|
|
|
0.16
|
|
|
|
0.06
|
|
|
|
0.15
|
|
Net realized and unrealized gain (loss)
|
|
|
2.15
|
|
|
|
1.58
|
|
|
|
(1.75
|
)
|
|
|
2.47
|
|
|
|
(0.03
|
)
|
|
|
(5.02
|
)
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
2.09
|
|
|
|
1.67
|
|
|
|
(1.72
|
)
|
|
|
2.63
|
|
|
|
0.03
|
|
|
|
(4.87
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.10
|
)
|
|
|
(0.05
|
)
2
|
|
|
(0.29
|
)
2
|
|
|
(0.11
|
)
2
|
|
|
(0.30
|
)
2
|
|
|
(0.27
|
)
2
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.72
|
)
2
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.10
|
)
|
|
|
(0.05
|
)
|
|
|
(0.29
|
)
|
|
|
(0.11
|
)
|
|
|
(0.30
|
)
|
|
|
(0.99
|
)
|
|
|
|
|
|
Redemption fee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
3
|
|
|
0.00
|
3
|
|
|
0.00
|
3
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
11.66
|
|
|
$
|
9.67
|
|
|
$
|
8.05
|
|
|
$
|
10.06
|
|
|
$
|
7.54
|
|
|
$
|
7.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
21.72%
|
5
|
|
|
20.83%
|
|
|
|
(16.88)%
|
|
|
|
35.01%
|
6
|
|
|
(0.36)%
|
6
|
|
|
(34.75)%
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
2.10%
|
7
|
|
|
2.14%
|
|
|
|
2.22%
|
|
|
|
2.11%
|
|
|
|
2.13%
|
|
|
|
2.15%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
2.10%
|
7
|
|
|
2.14%
|
|
|
|
2.22%
|
|
|
|
2.11%
|
|
|
|
2.13%
|
|
|
|
2.15%
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
(1.01)%
|
7
|
|
|
0.99%
|
|
|
|
0.30%
|
|
|
|
1.66%
|
|
|
|
0.64%
|
|
|
|
1.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
19,143
|
|
|
$
|
13,982
|
|
|
$
|
13,470
|
|
|
$
|
22,169
|
|
|
$
|
20,997
|
|
|
$
|
25,504
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
44%
|
|
|
|
115%
|
|
|
|
162%
|
|
|
|
148%
|
|
|
|
161%
|
|
|
|
124%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Determined in accordance with federal income tax regulations.
|
3
|
|
Amount is less than $0.005 per share.
|
4
|
|
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.
|
5
|
|
Aggregate total investment return.
|
6
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
24
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Financial Highlights (concluded)
|
|
BlackRock EuroFund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
10.32
|
|
|
$
|
8.57
|
|
|
$
|
10.72
|
|
|
$
|
8.02
|
|
|
$
|
8.29
|
|
|
$
|
14.50
|
|
|
|
|
|
|
Net investment income (loss)
1
|
|
|
(0.04
|
)
|
|
|
0.13
|
|
|
|
0.04
|
|
|
|
0.19
|
|
|
|
0.08
|
|
|
|
0.20
|
|
Net realized and unrealized gain (loss)
|
|
|
2.29
|
|
|
|
1.69
|
|
|
|
(1.87
|
)
|
|
|
2.65
|
|
|
|
(0.02
|
)
|
|
|
(5.36
|
)
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
2.25
|
|
|
|
1.82
|
|
|
|
(1.83
|
)
|
|
|
2.84
|
|
|
|
0.06
|
|
|
|
(5.16
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.11
|
)
|
|
|
(0.07
|
)
2
|
|
|
(0.32
|
)
2
|
|
|
(0.14
|
)
2
|
|
|
(0.33
|
)
2
|
|
|
(0.33
|
)
2
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.72
|
)
2
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.11
|
)
|
|
|
(0.07
|
)
|
|
|
(0.32
|
)
|
|
|
(0.14
|
)
|
|
|
(0.33
|
)
|
|
|
(1.05
|
)
|
|
|
|
|
|
Redemption fee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00
|
3
|
|
|
0.00
|
3
|
|
|
0.00
|
3
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
12.46
|
|
|
$
|
10.32
|
|
|
$
|
8.57
|
|
|
$
|
10.72
|
|
|
$
|
8.02
|
|
|
$
|
8.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
21.87%
|
5
|
|
|
21.32%
|
|
|
|
(16.81)%
|
|
|
|
35.54%
|
6
|
|
|
(0.05)%
|
6
|
|
|
(34.73)%
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.80%
|
7
|
|
|
1.80%
|
|
|
|
1.96%
|
|
|
|
1.85%
|
|
|
|
1.87%
|
|
|
|
2.02%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
1.80%
|
7
|
|
|
1.80%
|
|
|
|
1.96%
|
|
|
|
1.85%
|
|
|
|
1.86%
|
|
|
|
2.02%
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
(0.73)%
|
7
|
|
|
1.34%
|
|
|
|
0.46%
|
|
|
|
1.90%
|
|
|
|
0.87%
|
|
|
|
2.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
1,720
|
|
|
$
|
1,564
|
|
|
$
|
1,405
|
|
|
$
|
2,275
|
|
|
$
|
2,083
|
|
|
$
|
2,713
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
44%
|
|
|
|
115%
|
|
|
|
162%
|
|
|
|
148%
|
|
|
|
161%
|
|
|
|
124%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Determined in accordance with federal income tax regulations.
|
3
|
|
Amount is less than $0.005 per share.
|
4
|
|
Where applicable, assumes the reinvestment of dividends and distributions.
|
5
|
|
Aggregate total investment return.
|
6
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
25
|
|
|
|
Financial Highlights
|
|
BlackRock Global SmallCap Fund, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
25.94
|
|
|
$
|
21.87
|
|
|
$
|
24.41
|
|
|
$
|
18.32
|
|
|
$
|
16.17
|
|
|
$
|
24.45
|
|
|
|
|
|
|
Net investment income
1
|
|
|
0.02
|
|
|
|
0.18
|
|
|
|
0.07
|
|
|
|
0.13
|
|
|
|
0.06
|
|
|
|
0.11
|
|
Net realized and unrealized gain (loss)
|
|
|
2.67
|
|
|
|
4.58
|
|
|
|
(2.31
|
)
|
|
|
6.13
|
2
|
|
|
2.09
|
2
|
|
|
(6.59
|
)
2
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
2.69
|
|
|
|
4.76
|
|
|
|
(2.24
|
)
|
|
|
6.26
|
|
|
|
2.15
|
|
|
|
(6.48
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.24
|
)
|
|
|
(0.69
|
)
3
|
|
|
(0.30
|
)
3
|
|
|
(0.17
|
)
3
|
|
|
|
|
|
|
(0.04
|
)
3
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.76
|
)
3
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.24
|
)
|
|
|
(0.69
|
)
|
|
|
(0.30
|
)
|
|
|
(0.17
|
)
|
|
|
|
|
|
|
(1.80
|
)
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
28.39
|
|
|
$
|
25.94
|
|
|
$
|
21.87
|
|
|
$
|
24.41
|
|
|
$
|
18.32
|
|
|
$
|
16.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
22.78%
|
5
|
|
|
22.20%
|
|
|
|
(9.11)%
|
|
|
|
34.25%
|
6
|
|
|
13.30%
|
6
|
|
|
(27.75)%
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.02%
|
7
|
|
|
1.02%
|
|
|
|
1.12%
|
|
|
|
1.08%
|
|
|
|
1.12%
|
|
|
|
1.20%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
1.02%
|
7
|
|
|
1.02%
|
|
|
|
1.12%
|
|
|
|
1.08%
|
|
|
|
1.12%
|
|
|
|
1.20%
|
|
|
|
|
|
|
Net investment income
|
|
|
0.13%
|
7
|
|
|
0.76%
|
|
|
|
0.30%
|
|
|
|
0.58%
|
|
|
|
0.31%
|
|
|
|
0.65%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
298,714
|
|
|
$
|
244,523
|
|
|
$
|
186,022
|
|
|
$
|
461,012
|
|
|
$
|
326,440
|
|
|
$
|
250,720
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
40%
|
|
|
|
73%
|
|
|
|
73%
|
|
|
|
82%
|
|
|
|
73%
|
|
|
|
114%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Includes a redemption fee, which is 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
|
|
Aggregate total investment return.
|
6
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
26
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Financial Highlights (continued)
|
|
BlackRock Global SmallCap Fund, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
25.33
|
|
|
$
|
21.40
|
|
|
$
|
23.91
|
|
|
$
|
17.95
|
|
|
$
|
15.89
|
|
|
$
|
24.10
|
|
|
|
|
|
|
Net investment income (loss)
1
|
|
|
(0.03
|
)
|
|
|
0.08
|
|
|
|
0.02
|
|
|
|
0.06
|
|
|
|
(0.00
|
)
2
|
|
|
0.06
|
|
Net realized and unrealized gain (loss)
|
|
|
2.54
|
|
|
|
4.49
|
|
|
|
(2.29
|
)
|
|
|
6.01
|
3
|
|
|
2.06
|
3
|
|
|
(6.50
|
)
3
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
2.51
|
|
|
|
4.57
|
|
|
|
(2.27
|
)
|
|
|
6.07
|
|
|
|
2.06
|
|
|
|
(6.44
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.19
|
)
|
|
|
(0.64
|
)
4
|
|
|
(0.24
|
)
4
|
|
|
(0.11
|
)
4
|
|
|
|
|
|
|
(0.01
|
)
4
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.76
|
)
4
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.19
|
)
|
|
|
(0.64
|
)
|
|
|
(0.24
|
)
|
|
|
(0.11
|
)
|
|
|
|
|
|
|
(1.77
|
)
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
27.65
|
|
|
$
|
25.33
|
|
|
$
|
21.40
|
|
|
$
|
23.91
|
|
|
$
|
17.95
|
|
|
$
|
15.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
22.61%
|
6
|
|
|
21.78%
|
|
|
|
(9.44)%
|
|
|
|
33.88%
|
7
|
|
|
12.96%
|
7
|
|
|
(27.99)%
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.36%
|
8
|
|
|
1.40%
|
|
|
|
1.42%
|
|
|
|
1.38%
|
|
|
|
1.42%
|
|
|
|
1.50%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
1.36%
|
8
|
|
|
1.40%
|
|
|
|
1.42%
|
|
|
|
1.38%
|
|
|
|
1.42%
|
|
|
|
1.50%
|
|
|
|
|
|
|
Net investment income (loss)
|
|
|
(0.21)%
|
8
|
|
|
0.35%
|
|
|
|
0.08%
|
|
|
|
0.27%
|
|
|
|
(0.01)%
|
|
|
|
0.36%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
453,225
|
|
|
$
|
364,036
|
|
|
$
|
326,001
|
|
|
$
|
360,144
|
|
|
$
|
264,526
|
|
|
$
|
226,362
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
40%
|
|
|
|
73%
|
|
|
|
73%
|
|
|
|
82%
|
|
|
|
73%
|
|
|
|
114%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Amount is greater than $(0.01) per share.
|
3
|
|
Includes a redemption fee, which is less than $0.005 per share.
|
4
|
|
Determined in accordance with federal income tax regulations.
|
5
|
|
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.
|
6
|
|
Aggregate total investment return.
|
7
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
27
|
|
|
|
Financial Highlights (continued)
|
|
BlackRock Global SmallCap Fund, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor B
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
24.05
|
|
|
$
|
20.15
|
|
|
$
|
22.45
|
|
|
$
|
16.93
|
|
|
$
|
15.12
|
|
|
$
|
23.13
|
|
|
|
|
|
|
Net investment loss
1
|
|
|
(0.16
|
)
|
|
|
(0.16
|
)
|
|
|
(0.19
|
)
|
|
|
(0.14
|
)
|
|
|
(0.17
|
)
|
|
|
(0.09
|
)
|
Net realized and unrealized gain (loss)
|
|
|
2.23
|
|
|
|
4.27
|
|
|
|
(2.11
|
)
|
|
|
5.66
|
2
|
|
|
1.98
|
2
|
|
|
(6.23
|
)
2
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
2.07
|
|
|
|
4.11
|
|
|
|
(2.30
|
)
|
|
|
5.52
|
|
|
|
1.81
|
|
|
|
(6.32
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.03
|
)
|
|
|
(0.21
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.69
|
)
3
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.03
|
)
|
|
|
(0.21
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.69
|
)
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
26.09
|
|
|
$
|
24.05
|
|
|
$
|
20.15
|
|
|
$
|
22.45
|
|
|
$
|
16.93
|
|
|
$
|
15.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
21.93%
|
5
|
|
|
20.55%
|
|
|
|
(10.25)%
|
|
|
|
32.60%
|
6
|
|
|
11.97%
|
6
|
|
|
(28.62)%
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
2.37%
|
7
|
|
|
2.43%
|
|
|
|
2.39%
|
|
|
|
2.29%
|
|
|
|
2.33%
|
|
|
|
2.37%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
2.37%
|
7
|
|
|
2.43%
|
|
|
|
2.39%
|
|
|
|
2.29%
|
|
|
|
2.33%
|
|
|
|
2.37%
|
|
|
|
|
|
|
Net investment loss
|
|
|
(1.23)%
|
7
|
|
|
(0.74)%
|
|
|
|
(0.92)%
|
|
|
|
(0.67)%
|
|
|
|
(0.96)%
|
|
|
|
(0.56)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
5,820
|
|
|
$
|
7,355
|
|
|
$
|
11,968
|
|
|
$
|
25,054
|
|
|
$
|
28,247
|
|
|
$
|
40,600
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
40%
|
|
|
|
73%
|
|
|
|
73%
|
|
|
|
82%
|
|
|
|
73%
|
|
|
|
114%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Includes a redemption fee, which is less than $0.005 per share.
|
3
|
|
Determined in accordance with federal income tax regulations.
|
4
|
|
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.
|
5
|
|
Aggregate total investment return.
|
6
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
28
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Financial Highlights (continued)
|
|
BlackRock Global SmallCap Fund, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
23.13
|
|
|
$
|
19.57
|
|
|
$
|
21.83
|
|
|
$
|
16.45
|
|
|
$
|
14.68
|
|
|
$
|
22.50
|
|
|
|
|
|
|
Net investment loss
1
|
|
|
(0.13
|
)
|
|
|
(0.10
|
)
|
|
|
(0.15
|
)
|
|
|
(0.11
|
)
|
|
|
(0.15
|
)
|
|
|
(0.08
|
)
|
Net realized and unrealized gain (loss)
|
|
|
2.03
|
|
|
|
4.11
|
|
|
|
(2.08
|
)
|
|
|
5.49
|
2
|
|
|
1.92
|
2
|
|
|
(6.05
|
)
2
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
1.90
|
|
|
|
4.01
|
|
|
|
(2.23
|
)
|
|
|
5.38
|
|
|
|
1.77
|
|
|
|
(6.13
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.09
|
)
|
|
|
(0.45
|
)
3
|
|
|
(0.03
|
)
3
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.69
|
)
3
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.09
|
)
|
|
|
(0.45
|
)
|
|
|
(0.03
|
)
|
|
|
|
|
|
|
|
|
|
|
(1.69
|
)
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
24.94
|
|
|
$
|
23.13
|
|
|
$
|
19.57
|
|
|
$
|
21.83
|
|
|
$
|
16.45
|
|
|
$
|
14.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
22.09%
|
5
|
|
|
20.80%
|
|
|
|
(10.19)%
|
|
|
|
32.71%
|
6
|
|
|
12.06%
|
6
|
|
|
(28.58)%
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
2.17%
|
7
|
|
|
2.21%
|
|
|
|
2.27%
|
|
|
|
2.21%
|
|
|
|
2.27%
|
|
|
|
2.35%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
2.17%
|
7
|
|
|
2.21%
|
|
|
|
2.27%
|
|
|
|
2.21%
|
|
|
|
2.27%
|
|
|
|
2.35%
|
|
|
|
|
|
|
Net investment (loss)
|
|
|
(1.02)%
|
7
|
|
|
(0.45)%
|
|
|
|
(0.78)%
|
|
|
|
(0.57)%
|
|
|
|
(0.86)%
|
|
|
|
(0.51)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
324,526
|
|
|
$
|
273,018
|
|
|
$
|
251,459
|
|
|
$
|
345,372
|
|
|
$
|
293,633
|
|
|
$
|
281,387
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
40%
|
|
|
|
73%
|
|
|
|
73%
|
|
|
|
82%
|
|
|
|
73%
|
|
|
|
114%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Includes a redemption fee, which is less than $0.005 per share.
|
3
|
|
Determined in accordance with federal income tax regulations.
|
4
|
|
Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.
|
5
|
|
Aggregate total investment return.
|
6
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
29
|
|
|
|
Financial Highlights (concluded)
|
|
BlackRock Global SmallCap Fund, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R
|
|
|
|
Six Months Ended
December 31,
2013
(Unaudited)
|
|
|
Year Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Operating Performance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period
|
|
$
|
24.13
|
|
|
$
|
20.38
|
|
|
$
|
22.72
|
|
|
$
|
17.09
|
|
|
$
|
15.18
|
|
|
$
|
23.18
|
|
|
|
|
|
|
Net investment loss
1
|
|
|
(0.08
|
)
|
|
|
(0.01
|
)
|
|
|
(0.08
|
)
|
|
|
(0.03
|
)
|
|
|
(0.08
|
)
|
|
|
(0.02
|
)
|
Net realized and unrealized gain (loss)
|
|
|
2.26
|
|
|
|
4.28
|
|
|
|
(2.14
|
)
|
|
|
5.71
|
2
|
|
|
1.99
|
2
|
|
|
(6.25
|
)
2
|
|
|
|
|
|
Net increase (decrease) from investment operations
|
|
|
2.18
|
|
|
|
4.27
|
|
|
|
(2.22
|
)
|
|
|
5.68
|
|
|
|
1.91
|
|
|
|
(6.27
|
)
|
|
|
|
|
|
Dividends and distributions from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
(0.14
|
)
|
|
|
(0.52
|
)
3
|
|
|
(0.12
|
)
3
|
|
|
(0.05
|
)
3
|
|
|
|
|
|
|
|
|
Net realized gain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.73
|
)
3
|
|
|
|
|
|
Total dividends and distributions
|
|
|
(0.14
|
)
|
|
|
(0.52
|
)
|
|
|
(0.12
|
)
|
|
|
(0.05
|
)
|
|
|
|
|
|
|
(1.73
|
)
|
|
|
|
|
|
Net asset value, end of period
|
|
$
|
26.17
|
|
|
$
|
24.13
|
|
|
$
|
20.38
|
|
|
$
|
22.72
|
|
|
$
|
17.09
|
|
|
$
|
15.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value
|
|
|
22.36%
|
5
|
|
|
21.28%
|
|
|
|
(9.76)%
|
|
|
|
33.24%
|
6
|
|
|
12.58%
|
6
|
|
|
(28.37)%
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
1.74%
|
7
|
|
|
1.79%
|
|
|
|
1.83%
|
|
|
|
1.81%
|
|
|
|
1.84%
|
|
|
|
2.00%
|
|
|
|
|
|
|
Total expenses after fees waived
|
|
|
1.74%
|
7
|
|
|
1.79%
|
|
|
|
1.83%
|
|
|
|
1.81%
|
|
|
|
1.84%
|
|
|
|
2.00%
|
|
|
|
|
|
|
Net investment (loss)
|
|
|
(0.59)%
|
7
|
|
|
(0.04)%
|
|
|
|
(0.37)%
|
|
|
|
(0.16)%
|
|
|
|
(0.42)%
|
|
|
|
(0.13)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000)
|
|
$
|
33,334
|
|
|
$
|
29,112
|
|
|
$
|
28,861
|
|
|
$
|
46,316
|
|
|
$
|
38,378
|
|
|
$
|
33,571
|
|
|
|
|
|
|
Portfolio turnover
|
|
|
40%
|
|
|
|
73%
|
|
|
|
73%
|
|
|
|
82%
|
|
|
|
73%
|
|
|
|
114%
|
|
|
|
|
|
|
1
|
|
Based on average shares outstanding.
|
2
|
|
Includes a redemption fee, which is 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
|
|
Aggregate total investment return.
|
6
|
|
Total return calculation includes redemption fees received by the Fund. The impact to the return is less than 0.005%.
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
30
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Notes to Financial Statements
(Unaudited)
|
|
|
1. Organization:
BlackRock EuroFund (EuroFund) and BlackRock Global SmallCap Fund,
Inc. (Global SmallCap) (the Funds), are registered under the Investment Company Act of 1940, as amended (the 1940 Act), as diversified, open-end management investment companies. EuroFund is organized as a
Massachusetts business trust. Global SmallCap is organized as a Maryland corporation. Each Fund offers multiple classes of shares. Institutional Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are
generally sold with an initial sales charge but may be subject to a CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. Investor B and Investor C Shares may be subject to a CDSC. Class R Shares are sold
without a sales charge and only to certain employer-sponsored retirement plans. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that Investor A, Investor B,
Investor C and Class R Shares bear certain expenses related to the shareholder servicing of such shares, and Investor B, Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor B Shares
automatically convert to Investor A Shares after approximately eight years. Investor B Shares are only available through exchanges and dividend reinvestments by existing shareholders and for purchase by certain employer-sponsored retirement plans.
Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor B shareholders may vote on material changes to the Investor A distribution and service plan). On
June 10, 2013, all of the issued and outstanding shares of EuroFunds Investor B Shares were converted into Investor A Shares with the same relative aggregate net asset value.
2. Significant Accounting Policies:
The Funds financial statements are prepared in
conformity with accounting principles generally accepted in the United States of America (US GAAP), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the
financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of the significant accounting policies
followed by the Funds:
Valuation: US GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a
liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments at market value using independent dealers or pricing services under policies approved by the
Board (the Board). The BlackRock Global Valuation Methodologies Committee (the Global Valuation Committee) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of
the pricing function for the Funds for all financial instruments.
Equity investments traded on a recognized securities exchange or the NASDAQ
Stock Market (NASDAQ) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where
the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid (long positions) or ask (short positions) price. Financial futures contracts
traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at NAV each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost,
which approximates fair value.
The Funds value their investments in BlackRock Liquidity Series, LLC Money Market Series (the Money Market
Series) at fair value, which is ordinarily based upon their pro rata ownership in the underlying funds net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the
Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act. The Funds may withdraw up to 25% of their investment
daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.
Securities and other assets and liabilities denominated in foreign currencies are translated into US dollars using exchange rates determined as of the close
of business on the New York Stock Exchange (NYSE). Foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of business on the NYSE. Interpolated values are derived when
the settlement date of the contract is an interim date for which quotations are not available.
In the event that application of these methods of
valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in
accordance with a policy approved by the Board as reflecting fair value (Fair Value Assets). When determining the price for Fair Value Assets, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund
might reasonably expect to receive from the current sale of that asset in an arms-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deem relevant
consistent with the principles of fair value measurement, which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
31
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as
appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the
investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash
flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may
differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist,
including regular due diligence of the Funds pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of
missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof on a quarterly basis.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally,
events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of each Funds net assets. If events (for example, a company
announcement, market volatility or a natural disaster) occur during such periods that are expected to affect the value of such instruments materially, those instruments may be Fair Value Assets and valued at their fair value, as determined in good
faith by the Global Valuation Committee, or its delegate, using a pricing service and/or policies approved by the Board. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity
securities and foreign exchange-traded and OTC options (the Systematic Fair Value Price). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of
the close of business on the NYSE, which follows the close of the local markets.
Foreign Currency: The Funds books and records are
maintained in US dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the respective date of such transactions. Generally, when the US dollar rises in value against a foreign currency, the
Funds investments denominated in that currency will lose value because that currency is worth fewer US dollars; the opposite effect occurs if the US dollar falls in relative value.
The Funds do not isolate the portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of investments held or sold for financial
reporting purposes. Accordingly, the effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments but are included as a
component of net realized and unrealized gain (loss) from investments. The Funds report realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas
such components may be treated as ordinary income for federal income tax purposes.
Segregation and Collateralization: In cases where the Funds
enter into certain investments (e.g., financial futures contracts and foreign currency exchange contracts), that would be senior securities for 1940 Act purposes, the Funds may segregate or designate on their books and records cash or
liquid securities having a market value at least equal to the amount of the Funds future obligations under such investments or borrowings. Doing so allows the investment to be excluded from treatment as a senior security. Furthermore, if
required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are
entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may
have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from
issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and
discounts on debt securities, is recognized on the accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Dividends and Distributions: Dividends and distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of dividends and
distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.
Income Taxes: It is the
Funds policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. Therefore, no
federal income tax provision is required.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
The Funds file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds US federal tax returns remains open for
each of the four years ended June 30, 2013. The statutes of limitations on the Funds state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds facts and circumstances and does not believe there are any
uncertain tax positions that require recognition of a tax liability.
Other: Expenses directly related to a Fund or its classes are charged to
that Fund or class. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses pro rated to the
Funds are allocated daily to each class based on its relative net assets or other appropriate methods.
The Funds have an arrangement with the
custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset
by accumulated credits earned or may result in additional custody charges.
3. Securities and Other Investments:
Securities Lending: The Funds may lend securities to approved borrowers, such as banks, brokers and other financial institutions. The borrower pledges cash,
securities issued or guaranteed by the US government or irrevocable letters of credit issued by a bank as collateral. The initial collateral received by the Funds should have a value of at least 102% of the current value of the loaned securities for
securities traded on US exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned
securities is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities lending income, as disclosed in the Statements of Operations, represents the income
earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. During the term of the loan, the Funds earn dividend or interest income on the securities
loaned but do not receive interest income on the securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for
settlement of securities transactions.
The market value of securities on loan and the value of the related collateral are shown separately in the
Statements of Assets and Liabilities as a component of investments at value, and collateral on securities loaned at value, respectively. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC
(BIM), if any, is disclosed in the Schedules of Investments.
Securities lending transactions are entered into by the Funds under
Master Securities Lending Agreements (MSLA) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting
party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically
greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions
against such a right of offset in the event of a MSLA counterpartys bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral, or, upon an event of default,
resell or re-pledge the collateral.
The following table is a summary of EuroFunds securities lending agreements by counterparty which are
subject to offset under a MSLA as of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Securities
Loaned at Value
|
|
|
Cash Collateral
Received
|
|
|
Net
Amount
1
|
|
Credit Suisse Securities (USA) LLC
|
|
$
|
368,003
|
|
|
$
|
(148,750
|
)
|
|
$
|
219,253
|
|
|
1
|
|
The market value of the loaned securities is determined as of December 31, 2013. Additional collateral is delivered to the Fund on the next business
day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of a default by the counterparty.
|
The following table is a summary of Global SmallCaps securities lending agreements by counterparty which are subject to offset under a MSLA as of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Securities
Loaned at Value
|
|
|
Cash Collateral
Received
2
|
|
|
Net Amount
|
|
BNP Paribas S.A.
|
|
$
|
3,271,892
|
|
|
$
|
(3,271,892
|
)
|
|
|
|
|
Citigroup Global Markets, Inc.
|
|
|
5,007,286
|
|
|
|
(5,007,286
|
)
|
|
|
|
|
Credit Suisse Securities (USA) LLC
|
|
|
11,481,883
|
|
|
|
(11,481,883
|
)
|
|
|
|
|
Deutsche Bank Securities, Inc.
|
|
|
2,702,679
|
|
|
|
(2,702,679
|
)
|
|
|
|
|
Goldman Sachs & Co.
|
|
|
12,776,963
|
|
|
|
(12,776,963
|
)
|
|
|
|
|
JP Morgan Clearing Corp.
|
|
|
8,802,936
|
|
|
|
(8,802,936
|
)
|
|
|
|
|
Merrill Lynch, Pierce, Fenner & Smith Inc.
|
|
|
5,381,447
|
|
|
|
(5,381,447
|
)
|
|
|
|
|
Morgan Stanley
|
|
|
32,089,504
|
|
|
|
(32,089,504
|
)
|
|
|
|
|
UBS Securities LLC
|
|
|
7,719,883
|
|
|
|
(7,719,883
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
89,234,473
|
|
|
$
|
(89,234,473
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
|
Collateral with a value of $92,852,762 has been received in connection with securities lending agreement. Excess of collateral received from the
individual counterparty is not shown for financial reporting purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
33
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
The risks of securities lending also include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate this risk, the Funds benefit
from a borrower default indemnity provided by BlackRock, Inc. (BlackRock). BlackRocks indemnity allows for full replacement of the securities lent. The Funds also could suffer a loss if the value of an investment purchased with
cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. During the six months ended December 31, 2013, any
securities on loan were collateralized by cash.
4. Derivative Financial Instruments:
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to economically hedge
their exposure to certain risks such as foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC.
Financial
Futures Contracts: The Funds purchase and/or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk). Financial futures
contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures contracts
are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.
Upon entering into a financial futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contracts
size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Securities deposited as initial margin are designated on the Schedules of Investments and cash deposited, if any, is
recorded on the Statements of Assets and Liabilities as cash pledged for financial futures contracts. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the
contract. Such receipts or payments are known as variation margin. Variation margin is recorded by the Funds as unrealized appreciation or depreciation and if applicable, as a receivable or payable for variation margin in the Statements of Assets
and Liabilities.
When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract
at the time it was opened and the value at the time it was closed. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest or foreign currency
exchange rates and the underlying assets.
Foreign Currency Exchange Contracts: The Funds enter into foreign currency exchange contracts as an
economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from, foreign currencies (foreign currency exchange rate risk). A foreign currency exchange contract is an agreement
between two parties to buy and sell a currency at a set exchange rate on a future date. Foreign currency exchange contracts, when used by the Funds, help to manage the overall exposure to the currencies, in which some of the investments held by the
Funds are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. When the contract is closed, the Funds record a realized gain or loss equal to the difference
between the value at the time it was opened and the value at the time it was closed. The use of foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the
value of the referenced foreign currencies.
The following is a summary of the Funds derivative financial instruments categorized by risk
exposure:
|
|
|
|
|
|
|
|
|
|
|
Fair Values of Derivative Financial Instruments as of December 31,
2013
|
|
|
|
Derivative Assets
|
|
|
|
Statements of
Assets and Liabilities
Location
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
Foreign currency exchange contracts
|
|
Unrealized appreciation on foreign currency exchange contracts
|
|
$
|
272
|
|
|
$
|
554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Liabilities
|
|
|
|
Statements of
Assets and Liabilities
Location
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
Foreign currency exchange contracts
|
|
Unrealized depreciation on foreign currency exchange contracts
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Effect of Derivative Financial Instruments in the Statements of
Operations
Six Months Ended December 31, 2013
|
|
|
|
Net Realized Gain (Loss) From
|
|
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
Equity contracts:
|
|
|
|
|
|
|
|
|
Financial futures contracts
|
|
$
|
177,333
|
|
|
|
|
|
Foreign currency exchange contracts:
|
|
|
|
|
|
|
|
|
Foreign currency transactions
|
|
|
239,083
|
|
|
$
|
(152,646
|
)
|
|
|
|
|
|
Total
|
|
$
|
416,416
|
|
|
$
|
(152,646
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized
Appreciation/Depreciation on
|
|
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
Foreign currency exchange contracts:
|
|
|
|
|
|
|
|
|
Foreign currency translations
|
|
|
$(7,268)
|
|
|
|
$(15,321)
|
|
|
|
|
|
|
Total
|
|
|
$(7,268)
|
|
|
|
$(15,321)
|
|
|
|
|
|
|
For the six months ended December 31, 2013, the average quarterly balances of outstanding derivative financial
instruments were as follows:
|
|
|
|
|
|
|
|
|
EuroFund
|
|
Global
SmallCap
|
|
Foreign currency exchange contracts:
|
|
|
|
|
|
|
Average number of contracts US dollars purchased
|
|
1
|
|
|
2
|
|
Average number of contracts US dollars sold
|
|
2
|
|
|
6
|
|
Average US dollar amounts purchased
|
|
$217,241
|
|
$
|
181,256
|
|
Average US dollar amounts sold
|
|
$320,919
|
|
$
|
2,476,753
|
|
|
|
|
|
|
|
|
Counterparty Credit Risk: A derivative contract may suffer a mark to market loss if the value of the contract decreases due
to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The
clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. Credit risk exists in exchange traded futures with respect to initial and variation margin that is held in a
clearing brokers customer accounts. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or
insolvency) of the clearing broker or clearinghouse. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a
shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing brokers customers, potentially resulting in losses to the
Funds.
In order to better define its contractual rights and to secure rights that will help the Funds mitigate its counterparty risk, the Funds
may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between
each Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each
Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master
Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions
against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Funds net assets
decline by a stated percentage or the Funds fail to meet the terms of its ISDA Master Agreements, which would cause the Funds to accelerate payment of any net liability owed to the counterparty.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to
market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash
pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum
transfer amount threshold (e.g. $500,000) before a transfer is required, which is determined at the close of business of the Funds and any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the
Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to each Fund from its counterparties are not fully collateralized, contractually or otherwise, each Fund bears the risk of
loss from counterparty non-performance. Each Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial
stability of those counterparties.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that
are subject to netting arrangements in the Statements of Assets and Liabilities.
At December 31, 2013, the Funds derivative assets and
liabilities (by type) are as follows:
|
|
|
|
|
|
|
|
|
EuroFund
|
|
Assets
|
|
|
Liabilities
|
|
Derivative Financial Instruments:
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts
|
|
$
|
272
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
Derivatives not subject to a master netting
agreement or similar agreement (MNA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total derivative assets and liabilities subject to a MNA
|
|
$
|
272
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
35
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
|
|
|
|
|
|
|
|
|
Global SmallCap
|
|
Assets
|
|
|
Liabilities
|
|
Derivative Financial Instruments:
|
|
|
|
|
|
|
|
|
Foreign currency exchange contracts
|
|
$
|
554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not subject to a master netting
agreement or similar agreement (MNA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total derivative assets and liabilities subject to a MNA
|
|
$
|
554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following tables present EuroFunds derivative
assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received by the Fund as of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Derivative Assets
Subject to a MNA
by
Counterparty
|
|
|
Derivatives
Available
for Offset
|
|
|
Non-cash Collateral
Received
|
|
|
Cash Collateral
Received
|
|
|
Net Amount of
Derivative Assets
|
|
|
|
JPMorgan Chase Bank N.A.
|
|
$
|
272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Derivative Liabilities
Subject to a MNA
by
Counterparty
|
|
|
Derivatives
Available
for Offset
|
|
|
Non-cash Collateral
Pledged
|
|
|
Cash Collateral
Pledged
|
|
|
Net Amount of
Derivative Liabilities
|
|
|
|
Citibank N.A.
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19
|
|
|
|
The following table presents Global SmallCaps derivative assets by counterparty net of amounts available for offset
under a MNA and net of the related collateral received by the Fund as of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Counterparty
|
|
Derivative Assets
Subject to a MNA
by
Counterparty
|
|
|
Derivatives
Available
for Offset
|
|
|
Non-cash Collateral
Received
|
|
|
Cash Collateral
Received
|
|
|
Net Amount of
Derivative Assets
|
|
|
|
UBS AG
|
|
$
|
530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
530
|
|
|
|
Deutsche Bank AG
|
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24
|
|
|
|
|
|
|
|
Total
|
|
$
|
554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
554
|
|
|
|
|
|
|
|
5. Investment Advisory Agreement and Other Transactions with Affiliates:
The PNC Financial
Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes, of BlackRock.
Each Fund entered into an Investment
Advisory Agreement with BlackRock Advisors, LLC (the Manager), the Funds investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible
for the management of each Funds portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee based on
percentage of each Funds average daily net assets at the following annual rates:
|
|
|
|
|
|
|
|
|
|
|
Investment Advisory Fee
|
|
Average Daily Net Assets
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
First $1 Billion
|
|
|
0.75
|
%
|
|
|
0.85
|
%
|
$1 $3 Billion
|
|
|
0.71
|
%
|
|
|
0.80
|
%
|
$3 $5 Billion
|
|
|
0.68
|
%
|
|
|
0.77
|
%
|
$5 to $10 Billion
|
|
|
0.65
|
%
|
|
|
0.74
|
%
|
Greater than $10 Billion
|
|
|
0.64
|
%
|
|
|
0.72
|
%
|
The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays
to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with each Funds investment in
other affiliated investment companies, if any. These amounts are included in fees waived by Manager in the Statements of Operations.
The Manager,
with respect to EuroFund, entered into a sub-advisory agreement with BIM and BlackRock International Ltd, (BIL), both affiliates of the Manager. The Manager pays BIM and BIL, for services they provide, a monthly fee that is a percentage
of the investment advisory fees paid by the Fund to the Manager.
The Manager, with respect to Global SmallCap, entered into a subadvisory
agreement with BIM. The Manager pays BIM, for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by the Fund to the Manager.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
For the six months ended December 31, 2013, each Fund reimbursed the Manager for certain accounting services, which is included in accounting services in the Statements of Operations. The reimbursements
were as follows:
|
|
|
|
|
EuroFund
|
|
$
|
1,380
|
|
Global SmallCap
|
|
$
|
4,765
|
|
The Funds entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC
(BRIL), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid
monthly at annual rates based upon the average daily net assets of the shares of each Fund as follows:
|
|
|
|
|
|
|
|
|
|
|
Service
Fee
|
|
|
Distribution
Fee
|
|
Investor A
|
|
|
0.25
|
%
|
|
|
|
|
Investor B
|
|
|
0.25
|
%
|
|
|
0.75
|
%
|
Investor C
|
|
|
0.25
|
%
|
|
|
0.75
|
%
|
Class R
|
|
|
0.25
|
%
|
|
|
0.25
|
%
|
Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to each
Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Investor A, Investor B, Investor C and Class R shareholders.
Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping,
sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the
six months ended December 31, 2013, the Funds paid the following to affiliates in return for these services, which are included in transfer agent class specific in the Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
Institutional
|
|
|
|
|
|
$
|
121
|
|
The Manager maintains a call center, which is responsible for providing certain shareholder services to the Funds, such as
responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the six months ended December 31, 2013, the Funds reimbursed the
Manager the following amounts for costs incurred in running the call center, which are included in transfer agent class specific in the Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
Institutional
|
|
$
|
1,399
|
|
|
$
|
949
|
|
Investor A
|
|
$
|
2,566
|
|
|
$
|
27,599
|
|
Investor B
|
|
|
|
|
|
$
|
107
|
|
Investor C
|
|
$
|
185
|
|
|
$
|
1,837
|
|
Class R
|
|
$
|
78
|
|
|
$
|
887
|
|
For the six months ended December 31, 2013, affiliates earned underwriting discounts, direct commissions and dealer
concessions on sales of the Funds Investor A Shares as follows:
|
|
|
|
|
|
|
Investor A
|
|
EuroFund
|
|
$
|
4,771
|
|
Global SmallCap
|
|
$
|
57,288
|
|
For the six months ended December 31, 2013, affiliates received CDSCs as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
Investor B
|
|
|
Investor C
|
|
EuroFund
|
|
|
|
|
|
|
|
|
|
$
|
1,762
|
|
Global SmallCap
|
|
$
|
1,167
|
|
|
$
|
1,067
|
|
|
$
|
10,069
|
|
The Funds received an exemptive order from the SEC permitting it, among other things, to pay an affiliated securities lending
agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Funds, invest cash collateral received by the Funds for such loans in a private
investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral, if applicable, is shown in the Statements of
Assets and Liabilities as securities loaned at value and collateral on securities loaned at value, respectively. The cash collateral invested by BIM, if any, is disclosed in the Schedules of Investments. Securities lending income is equal to the
total of income earned from the reinvestment of cash collateral, net of rebates paid to, or fees paid by, borrowers of securities. The Funds retain 65% of securities lending income and pays a fee to BIM equal to 35% of such income. The Funds benefit
from a borrower default indemnity provided by BlackRock. As securities lending agent, BIM bears all operational costs directly related to securities lending as well as the cost of borrower default indemnification. BIM does not receive any fees for
managing the cash collateral. The share of income earned by the Funds is shown as securities lending affiliated net in the Statements of Operations. For the six month ended December 31, 2013, BIM received $1,971 and $476,366 in
securities lending agent fees related to securities lending activities for EuroFund and Global SmallCap, respectively.
Certain officers and/or
directors of the Funds are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
37
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
a portion of the compensation paid to the Funds Chief Compliance Officer, which is included in officer and directors in the Statements of Operations.
The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment
adviser, common officers, or common trustees. For the six months ended December 31, 2013, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
Sales
|
|
Global SmallCap
|
|
$
|
129,465
|
|
|
$
|
360,320
|
|
During the six months ended December 31, 2013, the Funds received payments from an affiliate to compensate for foregone
securities lending revenue, which is included in Other income affiliated in the Statements of Operations.
6. Purchases and Sales:
Purchases and sales of investments, excluding short-term securities, for the six months ended December 31, 2013 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Purchases
|
|
|
Sales
|
|
EuroFund
|
|
$
|
225,309,555
|
|
|
$
|
139,575,995
|
|
Global SmallCap
|
|
$
|
426,703,239
|
|
|
$
|
406,035,540
|
|
7. Income Tax Information:
As of June 30, 2013, EuroFund had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
|
|
|
|
|
Expires June 30,
|
|
|
|
2017
|
|
$
|
38,781,995
|
|
2018
|
|
|
85,950,061
|
|
No Expiration Date
1
|
|
|
5,183,861
|
|
|
|
|
|
|
Total
|
|
$
|
129,915,917
|
|
|
|
|
|
|
1
|
|
Must be utilized prior to losses subject to expiration.
|
As of December 31, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were
as follows:
|
|
|
|
|
|
|
|
|
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
Tax cost
|
|
$
|
326,588,197
|
|
|
$
|
941,909,177
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
77,806,671
|
|
|
$
|
329,239,266
|
|
Gross unrealized depreciation
|
|
|
(2,473,342
|
)
|
|
|
(61,576,537
|
)
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
75,333,329
|
|
|
$
|
267,662,729
|
|
|
|
|
|
|
|
|
|
|
8. Bank Borrowings:
The Funds, along with certain other funds managed by the Manager and its affiliates (Participating Funds), are parties to a 364-day, $800 million credit agreement with a group of lenders, under
which the Funds may borrow to fund shareholder redemptions. The agreement expires in April 2014. Excluding commitments designated for a certain individual fund, other Participating Funds, including the Funds, can borrow up to an aggregate commitment
amount of $500 million, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.065% per annum on unused commitment amounts and interest at a rate equal to the
higher of (a) the one-month LIBOR plus 0.80% per annum or (b) the Fed Funds rate plus 0.80% per annum on amounts borrowed. Participating Funds paid administration and arrangement fees, which, along with commitment fees, were
allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. The Funds did not borrow under the credit agreement during the six months ended December 31, 2013.
9. Concentration, Market and Credit Risk:
In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet
all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general
economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the
risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe
have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of
financial instruments and receivables due from counterparties. The extent of the Funds exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the
Statements of Assets and Liabilities, less any collateral held by the Funds.
The Funds invest a substantial amount of their assets in issuers
located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, they assume the risk that economic, political and social conditions in those countries may have a significant impact on their
investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
|
|
Notes to Financial Statements (continued)
|
|
|
reporting standards and practices as used in the United States. Foreign securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically
associated with investing in US securities. Please see the Schedules of Investments for concentrations in specific countries.
Each Fund invests a
significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about
economic downturns in, or rising government debt levels of several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds investments.
As of December 31, 2013, the Funds had the following industry classifications:
|
|
|
|
|
|
|
|
|
Industry
|
|
EuroFund
|
|
|
Global
SmallCap
|
|
Pharmaceuticals
|
|
|
14
|
%
|
|
|
4
|
%
|
Commercial Banks
|
|
|
13
|
|
|
|
6
|
|
Oil, Gas & Consumable Fuels
|
|
|
8
|
|
|
|
8
|
|
Wireless Telecommunication Services
|
|
|
5
|
|
|
|
1
|
|
Insurance
|
|
|
4
|
|
|
|
3
|
|
Software
|
|
|
2
|
|
|
|
5
|
|
Health Care Equipment & Supplies
|
|
|
|
|
|
|
6
|
|
Other
1
|
|
|
54
|
|
|
|
67
|
|
1
|
|
All other industries held were each less than 5% of long-term investments.
|
10. Capital Share Transactions:
Transactions in capital shares for each class were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
December 31, 2013
|
|
|
|
|
Year Ended
June 30, 2013
|
|
EuroFund
|
|
Shares
|
|
|
Amount
|
|
|
|
|
Shares
|
|
|
Amount
|
|
Institutional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
6,163,759
|
|
|
$
|
95,068,518
|
|
|
|
|
|
665,181
|
|
|
$
|
8,730,734
|
|
Shares issued to shareholders in reinvestment of dividends
|
|
|
139,937
|
|
|
|
2,194,211
|
|
|
|
|
|
69,951
|
|
|
|
900,947
|
|
Shares redeemed
|
|
|
(738,991
|
)
|
|
|
(11,366,492
|
)
|
|
|
|
|
(1,403,525
|
)
|
|
|
(18,046,695
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
5,564,705
|
|
|
$
|
85,896,237
|
|
|
|
|
|
(668,393
|
)
|
|
$
|
(8,415,014
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold and automatic conversion of shares
|
|
|
810,434
|
|
|
$
|
12,380,599
|
|
|
|
|
|
2,563,311
|
|
|
$
|
31,952,079
|
|
Shares issued to shareholders in reinvestment of dividends
|
|
|
93,249
|
|
|
|
1,436,035
|
|
|
|
|
|
161,813
|
|
|
|
2,045,172
|
|
Shares redeemed
|
|
|
(782,872
|
)
|
|
|
(11,745,390
|
)
|
|
|
|
|
(7,469,947
|
)
|
|
|
(96,349,545
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
120,811
|
|
|
$
|
2,071,244
|
|
|
|
|
|
(4,744,823
|
)
|
|
$
|
(62,352,294
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor B
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
|
|
|
|
|
|
|
|
|
|
4,998
|
|
|
$
|
50,389
|
|
Shares issued to shareholders in reinvestment of dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares redeemed and automatic conversion of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
(111,871
|
)
|
|
|
(1,238,438
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease
|
|
|
|
|
|
|
|
|
|
|
|
|
(106,873
|
)
|
|
$
|
(1,188,049
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
356,879
|
|
|
$
|
3,920,547
|
|
|
|
|
|
196,950
|
|
|
$
|
1,832,496
|
|
Shares issued to shareholders in reinvestment of dividends
|
|
|
12,748
|
|
|
|
141,762
|
|
|
|
|
|
8,037
|
|
|
|
73,852
|
|
Shares redeemed
|
|
|
(173,642
|
)
|
|
|
(1,881,863
|
)
|
|
|
|
|
(432,802
|
)
|
|
|
(3,980,039
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
195,985
|
|
|
$
|
2,180,446
|
|
|
|
|
|
(227,815
|
)
|
|
$
|
(2,073,691
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
28,923
|
|
|
$
|
333,476
|
|
|
|
|
|
48,275
|
|
|
$
|
484,895
|
|
Shares issued to shareholders in reinvestment of dividends
|
|
|
1,221
|
|
|
|
14,502
|
|
|
|
|
|
1,197
|
|
|
|
11,724
|
|
Shares redeemed
|
|
|
(43,629
|
)
|
|
|
(493,759
|
)
|
|
|
|
|
(61,806
|
)
|
|
|
(614,774
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease
|
|
|
(13,485
|
)
|
|
$
|
(145,781
|
)
|
|
|
|
|
(12,334
|
)
|
|
$
|
(118,155
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Increase (Decrease)
|
|
|
5,868,016
|
|
|
$
|
90,002,146
|
|
|
|
|
|
(5,760,238
|
)
|
|
$
|
(74,147,203
|
)
|
|
|
|
|
|
|
|
|
|
|
|
2
At the close of business on June 10, 2013, all of the issued and outstanding Investor B shares of EuroFund converted to Investor A Shares of the
Fund.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
39
|
|
|
|
|
|
Notes to Financial Statements (concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
December 31, 2013
|
|
|
|
|
Year Ended
June 30, 2013
|
|
Global Smallcap
|
|
Shares
|
|
|
Amount
|
|
|
|
|
Shares
|
|
|
Amount
|
|
Institutional
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,383,000
|
|
|
$
|
39,838,981
|
|
|
|
|
|
2,690,237
|
|
|
$
|
64,950,373
|
|
Shares issued to shareholders in reinvestment of dividends and distributions
|
|
|
921,493
|
|
|
|
24,972,441
|
|
|
|
|
|
198,443
|
|
|
|
4,520,441
|
|
Shares redeemed
|
|
|
(1,211,575
|
)
|
|
|
(35,179,114
|
)
|
|
|
|
|
(1,968,850
|
)
|
|
|
(47,109,236
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
1,092,918
|
|
|
$
|
29,632,308
|
|
|
|
|
|
919,830
|
|
|
$
|
22,361,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold and automatic conversion of shares
|
|
|
2,102,714
|
|
|
$
|
58,738,824
|
|
|
|
|
|
3,420,485
|
|
|
$
|
81,588,752
|
|
Shares issued to shareholders in reinvestment of dividends and distributions
|
|
|
1,659,667
|
|
|
|
43,798,495
|
|
|
|
|
|
350,900
|
|
|
|
7,824,984
|
|
Shares redeemed
|
|
|
(1,739,828
|
)
|
|
|
(48,452,067
|
)
|
|
|
|
|
(4,630,542
|
)
|
|
|
(107,465,319
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
2,022,553
|
|
|
$
|
54,085,252
|
|
|
|
|
|
(859,157
|
)
|
|
$
|
(18,051,583
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
6,847
|
|
|
$
|
181,844
|
|
|
|
|
|
19,237
|
|
|
$
|
427,885
|
|
Shares issued to shareholders in reinvestment of dividends and distributions
|
|
|
21,435
|
|
|
|
534,159
|
|
|
|
|
|
3,416
|
|
|
|
72,669
|
|
Shares redeemed and automatic conversion of shares
|
|
|
(111,126
|
)
|
|
|
(2,914,086
|
)
|
|
|
|
|
(310,754
|
)
|
|
|
(6,876,966
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
(82,844
|
)
|
|
$
|
(2,198,083
|
)
|
|
|
|
|
(288,101
|
)
|
|
$
|
(6,376,412
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
1,118,313
|
|
|
$
|
28,535,312
|
|
|
|
|
|
1,587,817
|
|
|
$
|
34,569,493
|
|
Shares issued to shareholders in reinvestment of dividends and distributions
|
|
|
1,356,221
|
|
|
|
32,305,042
|
|
|
|
|
|
227,597
|
|
|
|
4,654,199
|
|
Shares redeemed
|
|
|
(1,266,217
|
)
|
|
|
(32,214,529
|
)
|
|
|
|
|
(2,858,564
|
)
|
|
|
(61,288,987
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
1,208,317
|
|
|
$
|
28,625,825
|
|
|
|
|
|
(1,043,150
|
)
|
|
$
|
(22,065,295
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold
|
|
|
184,079
|
|
|
$
|
4,877,620
|
|
|
|
|
|
351,551
|
|
|
$
|
7,942,874
|
|
Shares issued to shareholders in reinvestment of dividends and distributions
|
|
|
149,096
|
|
|
|
3,724,423
|
|
|
|
|
|
31,312
|
|
|
|
666,318
|
|
Shares redeemed
|
|
|
(265,874
|
)
|
|
|
(6,981,406
|
)
|
|
|
|
|
(592,648
|
)
|
|
|
(13,296,592
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
|
|
|
67,301
|
|
|
$
|
1,620,637
|
|
|
|
|
|
(209,785
|
)
|
|
$
|
(4,687,400
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total Net Increase (Decrease)
|
|
|
4,308,245
|
|
|
$
|
111,765,939
|
|
|
|
|
|
(1,480,363
|
)
|
|
$
|
(28,819,112
|
)
|
|
|
|
|
|
|
|
|
|
|
|
11. Subsequent Events:
Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued and has determined that there
were no subsequent events requiring adjustment or additional disclosure in the financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
Robert M. Hernandez, Chairman of the Board and Director
Fred G. Weiss, Vice Chairman of the Board and Director
Paul L. Audet, President
1
and Director
James H. Bodurtha, Director
Bruce R. Bond, Director
Donald W. Burton, Director
Honorable Stuart E. Eizenstat, Director
Laurence D. Fink, Director
Kenneth A. Froot, Director
Henry Gabbay, Director
John F. OBrien, Director
Roberta Cooper Ramo, Director
David H. Walsh, Director
John M. Perlowski, President
2
and Chief Executive Officer
Brendan Kyne, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer and Anti-Money Laundering Officer
Benjamin Archibald, Secretary
2
|
|
For Global SmallCap Fund.
|
Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Advisors
BlackRock Investment Management, LLC
Princeton, NJ 08540
BlackRock International Limited
3
Edinburgh, EH3 8BL, United Kingdom
Custodians
Brown Brothers Harriman & Co.
Boston, MA 02109
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Accounting Agent
State Street Bank and Trust Company
Boston, MA 02110
Distributor
BlackRock Investments, LLC
New York, NY 10022
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
41
|
Electronic Delivery
Electronic copies of most
financial reports and prospectuses are available on the Funds website or shareholders can sign up for
e-mail
notifications of quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Funds electronic delivery program.
To enroll:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your
financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts
Directly with BlackRock:
1)
|
Access the BlackRock website at http://www.blackrock.com/edelivery
|
2)
|
Select eDelivery under the More Information section
|
Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with
multiple accounts at the same address. This practice is commonly called householding and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded
indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at
(800) 441-7762.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form
N-Q.
The Funds Forms
N-Q
are available on the SECs website at http://www.sec.gov and may also be reviewed and copied at the SECs Public Reference Room in Washington, DC. Information on how to access documents on the
SECs website without charge may be obtained by calling
(800) SEC-0330.
The Funds Forms
N-Q
may also be obtained upon request and without charge by
calling
(800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling
(800) 441-7762;
(2) at http://www.blackrock.com; and (3) on the SECs website at http://www.sec.gov.
Availability of Proxy Voting Record
Information about
how the Funds voted proxies relating to securities held in the Funds portfolios during the most recent
12-month
period ended June 30 is available upon request and without charge (1) at
http://www.blackrock.com or by calling
(800) 441-7762
and (2) on the SECs website at http://www.sec.gov.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
|
|
|
|
Additional Information (concluded)
|
|
|
Account Information
Call us at
(800) 441-7762
from 8:00 AM to 6:00 PM EST on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at
http://www.blackrock.com/funds.
Automatic Investment Plans
Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor Class
shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth,
Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
|
|
|
BlackRock Privacy Principles
|
|
|
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, Clients) and to
safeguarding their
non-public
personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain
cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require
BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal
non-public
information from and about you from different sources, including the following: (i) information we receive from
you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and
(iv) from visits to our websites.
BlackRock does not sell or disclose to
non-affiliated
third
parties any
non-public
personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These
non-affiliated
third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock
restricts access to
non-public
personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural
safeguards that are designed to protect the
non-public
personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT
|
|
DECEMBER 31, 2013
|
|
43
|
|
|
|
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.
BlackRock ACWI ex-US Index Fund
BlackRock All-Cap Energy & Resources Portfolio
BlackRock Basic
Value Fund
BlackRock Capital Appreciation Fund
BlackRock Commodity Strategies Fund
BlackRock Disciplined Small Cap Core Fund
BlackRock Emerging Markets Fund
BlackRock Emerging Markets Dividend Fund
BlackRock Emerging Markets
Long/Short Equity Fund
BlackRock Energy & Resources Portfolio
BlackRock Equity Dividend Fund
BlackRock EuroFund
BlackRock Flexible Equity Fund
BlackRock Focus Growth Fund
BlackRock Global Dividend Portfolio
BlackRock Global Long/Short Equity
Fund
BlackRock Global Opportunities Portfolio
BlackRock Global SmallCap Fund
BlackRock Health Sciences Opportunities Portfolio
BlackRock
International Fund
BlackRock International Index Fund
BlackRock International Opportunities Portfolio
BlackRock Large Cap Core Fund
BlackRock Large Cap Core Plus Fund
BlackRock Large Cap Growth Fund
BlackRock Large Cap Value Fund
BlackRock Latin America Fund
BlackRock Long-Horizon Equity Fund
BlackRock Mid-Cap Growth Equity
Portfolio
BlackRock Mid Cap Value Opportunities Fund
BlackRock Natural Resources Trust
BlackRock Pacific Fund
BlackRock Real Estate Securities Fund
BlackRock Russell 1000
®
Index Fund
BlackRock Science
& Technology Opportunities Portfolio
BlackRock Small Cap Growth Equity Portfolio
BlackRock Small Cap Growth Fund II
BlackRock Small Cap Index Fund
BlackRock S&P 500 Stock Fund
BlackRock U.S. Opportunities Portfolio
BlackRock Value Opportunities Fund
|
|
|
Taxable Fixed Income Funds
|
|
|
BlackRock Bond Index Fund
BlackRock Core Bond Portfolio
BlackRock CoreAlpha Bond Fund
BlackRock CoRI Funds
BlackRock Emerging Markets Flexible Dynamic Bond Portfolio
BlackRock Floating Rate Income Portfolio
BlackRock Global Long/Short Credit Fund
BlackRock GNMA Portfolio
BlackRock High Yield Bond Portfolio
BlackRock Inflation Protected Bond
Portfolio
BlackRock International Bond Portfolio
BlackRock Investment Grade Bond Portfolio
BlackRock Low Duration Bond Portfolio
BlackRock Secured Credit Portfolio
BlackRock Short Obligations Fund
BlackRock Short-Term Treasury Fund
BlackRock Strategic Income Opportunities Portfolio
BlackRock Total Return Fund
BlackRock U.S. Government Bond Portfolio
BlackRock U.S. Mortgage
Portfolio
BlackRock Ultra-Short Obligations Fund
BlackRock World Income Fund
|
|
|
Municipal Fixed Income Funds
|
|
|
BlackRock California Municipal Bond Fund
BlackRock High Yield Municipal Fund
BlackRock National Municipal Fund
BlackRock New Jersey Municipal Bond Fund
BlackRock New York Municipal
Bond Fund
BlackRock Pennsylvania Municipal Bond Fund
BlackRock Short-Term Municipal Fund
BlackRock Strategic Municipal Opportunities Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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LifePath Portfolios
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BlackRock Prepared Portfolios
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Retirement
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2040
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Conservative Prepared Portfolio
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2020
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2045
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Moderate Prepared Portfolio
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2025
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2050
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Growth Prepared Portfolio
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2030
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2055
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Aggressive Growth Prepared Portfolio
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2035
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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.
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44
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SEMI-ANNUAL REPORT
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DECEMBER 31, 2013
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This report is transmitted to shareholders only. This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Funds unless accompanied or preceded by 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. Please see each Funds
current prospectus for a description of risks associated with global investments.
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EGSC-12/13-SAR
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