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Notes to Financial Statements (Unaudited) | BlackRock Large Cap Series Funds, Inc. |
1. Organization and Significant Accounting Policies:
BlackRock Large Cap Core Fund, BlackRock Large Cap Growth Fund and BlackRock Large Cap Value Fund (the “Funds” or, individually, as the “Fund”), constituting BlackRock Large Cap Series Funds, Inc. (the “Corporation”), are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as diversified, open-end management investment companies. BlackRock Large Cap Series Funds, Inc. is organized as a Maryland corporation. Each Fund seeks to achieve its investment objective by investing all, or a portion of, its assets in Master Large Cap Core Portfolio, Master Large Cap Growth Portfolio and Master Large Cap Value Portfolio (the “Portfolios” or individually as the “Portfolio”), respectively, constituting Master Large Cap Series LLC (the “Master LLC”), which has the same investment objective and strategies as the corresponding Fund. The value of a Fund’s investment in a Portfolio reflects a Fund’s proportionate interest in the net assets of the Portfolio. The performance of a Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolios, including the Schedules of Investments, are included elsewhere in this report and should be read in conjunction with the Funds’ financial statements. The Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. During the period, the Funds changed their fiscal year-end to September 30. As of March 31, 2009, the percentages of Master Large Cap Core Portfolio, Master Large Cap Growth Portfolio and Master Large Cap Value Portfolio owned by BlackRock Large Cap Core Fund, BlackRock Large Cap Growth Fund and BlackRock Large Cap Value Fund, were 74.7%, 82.3% and 93.0%, respectively. The Funds offer multiple classes of shares. Institutional and Service Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are generally sold with a front-end sales charge. Investor B and Investor C Shares may be subject to a contingent deferred sales charge. Class R Shares are sold only to certain retirement or other similar plans. All classes of shares have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Service, 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. 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 plan).
The following is a summary of significant accounting policies followed by the Funds:
Fund Reorganization: The Board of Directors of PNC Growth & Income Fund, Inc. (“Growth & Income”) of PNC Funds, Inc. and shareholders of BlackRock Large Cap Core Fund approved a reorganization, pursuant to which, BlackRock Large Cap Core Fund acquired substantially all of the assets and assumed substantially all of the liabilities of Growth & Income. The reorganization was a tax-free event and took place on November 17, 2008.
The acquisition was accomplished by a tax-free exchange of 9,787,642 capital shares of Growth & Income for 10,063,092 capital shares of BlackRock Large Cap Core Fund. Growth & Income’s net assets on that date of $78,592,131, including $180,905,992 of paid-in capital, $42,496,183 of net realized capital losses and $59,817,678 of net unrealized depreciation were combined with those of BlackRock Large Cap Core Fund. The aggregate net assets of BlackRock Large Cap Core Fund immediately after the acquisition amounted to $2,529,461,660.
Valuation of Investments: Each Fund records its investment in the corresponding Portfolio at fair value. Valuation of securities held by the Portfolios is discussed in Note 1 of the Portfolios’ Notes to Financial Statements, which are included elsewhere in this report.
Effective October 1, 2008, the Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157,”Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
| |
• | Level 1— price quotations in active markets/exchanges for identical securities |
| |
• | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs) |
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• | Level 3 — unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including each Fund’s own assumption used in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities.
The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of each Fund’s investments:
| | | | | | | | | | |
|
Valuation of Inputs | | BlackRock Large
Cap Core
Portfolio | | BlackRock Large
Cap Growth
Portfolio | | BlackRock Large
Cap Value
Portfolio | |
|
| | Assets | | Assets | | Assets | |
| |
| |
| |
|
|
Level 1 | | | — | | | — | | | — | |
Level 2 | | $ | 2,260,452,192 | | $ | 486,093,121 | | $ | 2,244,504,992 | |
Level 3 | | | — | | | — | | | — | |
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|
|
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|
|
|
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Total | | $ | 2,260,452,192 | | $ | 486,093,121 | | $ | 2,244,504,992 | |
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BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 35 |
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Notes to Financial Statements (continued) | BlackRock Large Cap Series Funds, Inc. |
Investment Transactions and Net Investment Income: Investment transactions in the Portfolios are accounted for on a trade date basis. Each Fund records daily its proportionate share of the Portfolio’s income, expenses and realized and unrealized gains and losses. In addition, each Fund accrues its own expenses. Income and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Dividends and Distributions to Shareholders: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates.
Income Taxes: It is each Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
Each Fund files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ US federal tax returns remains open for each of the four years ended October 31, 2008. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Recent Accounting Pronouncement: In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Fund’s financial statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to each 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. Other expenses of each Fund are allocated daily to each class based on its relative net assets.
2. Transactions with Affiliates:
Each Fund has entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide administrative services (other than investment advice and related portfolio activities). For such services, each Fund pays a monthly fee at an annual rate of 0.25% of each Fund’s average daily net assets. The PNC Financial Services Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). BAC became a stockholder of BlackRock following its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch were considered affiliates of the Funds under the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but due to the restructuring of Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.
With respect to BlackRock Large Cap Core Fund, the Administrator contractually agreed to waive and/or reimburse fees and/or expenses in order to limit expenses (excluding interest expense and certain other fund expenses) as a percentage of average daily net assets allocated to certain classes of the Fund as follows: 1.11% (for Investor A Shares), and 1.91% (for Investor B Shares), which is shown as fees reimbursed by administrator on the Statements of Operations. The Administrator has agreed not to reduce or discontinue this contractual waiver or reimbursement until March 1, 2010 unless approved by the Board of Directors (the “Board”), including a majority of the non-interested Directors.
The Corporation on behalf of each Fund has entered into a Distribution Agreement and Distribution Plans with BlackRock Investments, LLC (“BIL”), which is an affiliate of BlackRock.
Pursuant to the Distribution Plans adopted by the Funds in accordance with Rule 12b-1 under the 1940 Act, the Funds pay BIL 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 as follows:
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|
|
|
|
|
|
| | Service
Fee | | Distribution
Fee | |
|
|
|
|
|
|
Service | | 0.25 | % | | — | | |
Investor A | | 0.25 | % | | — | | |
Investor B | | 0.25 | % | | 0.75 | % | |
Investor C | | 0.25 | % | | 0.75 | % | |
Class R | | 0.25 | % | | 0.25 | % | |
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Pursuant to sub-agreements with BIL, broker-dealers, including Merrill Lynch, Pierce, Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, and BIL provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BIL and each broker-dealer for providing shareholder servicing and/or distribution-related services to Service, Investor A, Investor B, Investor C and Class R shareholders.
For the period November 1, 2008 to March 31, 2009 and the year ended October 31, 2008, certain affiliates earned underwriting discounts, direct
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36 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
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|
Notes to Financial Statements (continued) | BlackRock Large Cap Series Funds, Inc. |
commissions and dealer concessions on sales of the Funds’ Investor A Shares as follows:
| | | | | | | | | |
|
| | Investor A | |
|
| | Period
November 1,
2008 to
March 31,
2009 | | Year Ended
October 31,
2008 | |
|
BlackRock Large Cap Core Fund | | $ | 46,080 | | | $ | 752,473 | | |
BlackRock Large Cap Growth Fund | | $ | 16,279 | | | $ | 155,983 | | |
BlackRock Large Cap Value Fund | | $ | 12,478 | | | $ | 141,521 | | |
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For the period November 1, 2008 to March 31, 2009 and the year ended October 31, 2008, affiliates received contingent deferred sales charges relating to transactions in Investor B and Investor C Shares as follows:
| | | | | | | | | | | | | | | | |
|
| | Investor B | | Investor C | |
|
| | Period
November 1,
2008 to
March 31,
2009 | | Year Ended
October 31,
2008 | | Period
November 1,
2008 to
March 31,
2009 | | Year Ended
October 31,
2008 | |
|
BlackRock Large Cap Core Fund | | $98,103 | | $ | 329,391 | | | $ | 40,338 | | | $ | 190,259 | | |
BlackRock Large Cap Growth Fund | | $23,872 | | $ | 56,512 | | | $ | 9,324 | | | $ | 38,508 | | |
BlackRock Large Cap Value Fund | | $48,823 | | $ | 184,857 | | | $ | 28,737 | | | $ | 130,128 | | |
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Furthermore, affiliates received contingent deferred sales charges relating to transactions subject to front-end sales charge waivers on Investor A Shares as follows:
| | | | | | | | | |
|
| | Investor A | |
|
| | Period
November 1,
2008 to
March 31,
2009 | | Year Ended
October 31,
2008 | |
|
BlackRock Large Cap Core Fund | | $ | 1,242 | | | $ | 18,802 | | |
BlackRock Large Cap Growth Fund | | $ | 2,163 | | | $ | 5,237 | | |
BlackRock Large Cap Value Fund | | $ | 3,500 | | | $ | 13,142 | | |
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PNC Global Investment Servicing (U.S.) Inc., an indirect, wholly owned subsidiary of PNC and an affiliate of the Administrator, serves as transfer agent and dividend disbursing agent. Each class of the Funds bears the costs of transfer agent fees associated with such respective classes. Transfer agency fees borne by each class of the Funds are comprised of those fees charged for all shareholder communications including mailing of shareholder reports, dividend and distribution notices, and proxy materials for shareholders meetings, as well as per account and per transaction fees related to servicing and maintenance of shareholder accounts, including the issuing, redeeming and transferring of shares of each class of the Fund, 12b-1 fee calculation, check writing, anti-money laundering services, and customer identification services.
Pursuant to written agreements, certain 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 affiliates receive an annual fee per shareholder account which will vary depending on share class. For the period November 1, 2008 to December 31, 2008 and the year ended October 31, 2008 when they were considered affiliates, the Funds paid the following fees in return for these services, which are a component of the transfer agent fees in the accompanying Statements of Operations:
| | | | | | | | |
|
| | Period
November 1,
2008 to
March 31,
2009 | | Year Ended
October 31,
2008 | |
|
BlackRock Large Cap Core Fund | | $ | 757,528 | | | $ | 5,145,560 | |
BlackRock Large Cap Growth Fund | | $ | 221,422 | | | $ | 1,469,001 | |
BlackRock Large Cap Value Fund | | $ | 662,496 | | | $ | 4,148,051 | |
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The Funds may earn income on positive cash balances in demand deposit accounts that are maintained by the transfer agent on behalf of the Funds. For the period November 1, 2008 to March 31, 2009 and the year ended October 31, 2008, the Funds earned the following, which are included in income — affiliated in the Statements of Operations:
| | | | | | | | | |
|
| | Period
November 1,
2008 to
March 31,
2009 | | Year Ended
October 31,
2008 | |
|
BlackRock Large Cap Core Fund | | $ | 1,806 | | | $ | 33,940 | | |
BlackRock Large Cap Growth Fund | | $ | 102 | | | $ | 4,033 | | |
BlackRock Large Cap Value Fund | | $ | 1,322 | | | $ | 52,386 | | |
|
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The Administrator maintains a call center, which is responsible for providing certain shareholder services to each Fund, 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 period November 1, 2008 to March 31, 2009 and the year ended October 31, 2008, the following amounts have been accrued by each Fund to reimburse the Administrator for costs incurred running the call center, which are a component of the transfer agent fees in the accompanying Statements of Operations.
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BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 37 |
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| |
Notes to Financial Statements (continued) | BlackRock Large Cap Series Funds, Inc. |
| | | | | | | | | | | |
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| | Call Center Fees | |
|
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|
|
BlackRock Large Cap Core Fund | | Period
November 1,
2008 to
March 31,
2009 | | Year Ended
October 31,
2008 | |
|
|
|
|
|
|
Institutional | | | $ | 12,049 | | | | $ | 32,387 | | |
Service | | | $ | 8 | | | | $ | 8 | | |
Investor A | | | $ | 63,605 | | | | $ | 174,929 | | |
Investor B | | | $ | 15,978 | | | | $ | 60,129 | | |
Investor C | | | $ | 9,468 | | | | $ | 24,958 | | |
Class R | | | $ | 738 | | | | $ | 1,977 | | |
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|
BlackRock Large Cap Growth Fund | | | | | | | | | | | |
|
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|
Institutional | | | $ | 719 | | | | $ | 2,020 | | |
Service | | | $ | 151 | | | | $ | 174 | | |
Investor A | | | $ | 3,390 | | | | $ | 8,957 | | |
Investor B | | | $ | 1,029 | | | | $ | 35,001 | | |
Investor C | | | $ | 1,985 | | | | $ | 5,145 | | |
Class R | | | $ | 417 | | | | $ | 1,105 | | |
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|
BlackRock Large Cap Value Fund | | | | | | | | | | | |
|
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Institutional | | | $ | 10,926 | | | | $ | 22,135 | | |
Service | | | $ | 1,434 | | | | $ | 932 | | |
Investor A | | | $ | 49,422 | | | | $ | 151,196 | | |
Investor B | | | $ | 5,406 | | | | $ | 13,906 | | |
Investor C | | | $ | 8,628 | | | | $ | 20,338 | | |
Class R | | | $ | 1,392 | | | | $ | 2,909 | | |
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Certain officers and/or directors of the Funds are officers and/or directors of BlackRock, Inc. or its affiliates. The Funds reimburse the Administrator for compensation paid to the Corporation’s Chief Compliance Officer.
3. Capital Loss Carryforward:
As of October 31, 2008, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
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|
Expires October 31, | | BlackRock
Large Cap
Core Fund | | BlackRock
Large Cap
Growth Fund | | BlackRock
Large Cap
Value Fund | |
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|
2009 | | $ | 17,134,577 | | $ | 5,667,758 | | | — | |
2010 | | | 26,458,063 | | | 43,580 | | | — | |
2011 | | | 2,999,774 | | | — | | | — | |
2016 | | | 423,595,759 | | | 71,355,323 | | $ | 464,452,445 | |
| |
|
|
|
|
|
|
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|
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Total | | $ | 470,188,173 | | $ | 77,066,661 | | $ | 464,452,445 | |
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4. Capital Share Transactions:
Transactions in shares for each class were as follows:
| | | | | | | | | | | | | | | | |
| | Period November 1, 2008 to
March 31, 2009 | | Year Ended
October 31, 2008 | | Year Ended
October 31, 2007 | |
| |
| |
| |
|
|
BlackRock Large Cap Core Fund | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional | | | | | | | | | | | | | | | | |
|
|
|
|
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|
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|
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|
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|
Shares sold | | 4,692,471 | | $ | 36,958,255 | | 18,307,143 | | $ | 213,274,693 | | 16,602,584 | | $ | 246,470,220 | |
Shares issued resulting from reorganization | | 9,664,610 | | | 75,542,880 | | — | | | — | | 32,717,868 | | | 467,180,857 | |
Shares issued to shareholders in reinvestment of distributions | | — | | | — | | 2,274,133 | | | 30,541,847 | | 5,760,400 | | | 82,316,928 | |
| |
|
|
|
| |
|
|
|
| |
|
|
|
|
|
Total issued | | 14,357,081 | | | 112,501,135 | | 20,581,276 | | | 243,816,540 | | 55,080,852 | | | 795,968,005 | |
Shares redeemed | | (11,842,607 | ) | | (92,129,948 | ) | (44,290,807 | ) | | (536,280,456 | ) | (15,085,098 | ) | | (222,976,522 | ) |
| |
|
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|
| |
|
|
|
| |
|
|
|
|
|
Net increase (decrease) | | 2,514,474 | | $ | 20,371,187 | | (23,709,531 | ) | $ | (292,463,916 | ) | 39,995,754 | | $ | 572,991,483 | |
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| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | September 24, 2007†
October 31, 2007 | |
| | | | | | | | | | | |
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|
| | | | | | | | | | | | Shares | | Amount | |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | — | | | — | | 1,706 | | $ | 20,740 | | 72 | | $ | 999 | |
Shares issued to shareholders in reinvestment of distributions | | — | | | — | | 207 | | | 2,724 | | 45,010 | | | 631,258 | |
| |
|
|
|
| |
|
|
|
| |
|
|
|
|
|
Total issued | | — | | | — | | 1,913 | | | 23,464 | | 45,082 | | | 632,257 | |
Shares redeemed | | (989 | ) | $ | (7,847 | ) | (2,490 | ) | | (29,767 | ) | (406 | ) | | (5,829 | ) |
| |
|
|
|
| |
|
|
|
| |
|
|
|
|
|
Net increase (decrease) | | (989 | ) | $ | (7,847 | ) | (577 | ) | $ | (6,303 | ) | 44,676 | | $ | 626,428 | |
| |
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| | |
| † | Commencement of operations. |
| | |
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38 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
| |
Notes to Financial Statements (continued) | BlackRock Large Cap Series Funds, Inc. |
| | | | | | | | | | | | | | | | | | | |
BlackRock Large Cap Core Fund
(concluded) | | Period November 1, 2008 to
March 31, 2009 | | Year Ended
October 31, 2008 | | Year Ended
October 31, 2007 | |
|
| |
| |
|
|
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | |
|
Investor A Shares | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold and automatic conversion of shares | | | 10,491,396 | | $ | 80,614,316 | | | 25,121,752 | | $ | 287,778,279 | | | 28,436,081 | | $ | 411,923,052 | |
Shares issued resulting from reorganization | | | 398,482 | | | 3,049,251 | | | — | | | — | | | 35,734,228 | | | 501,049,717 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 3,501,677 | | | 46,152,207 | | | 7,931,899 | | | 111,313,482 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 10,889,878 | | | 83,663,567 | | | 28,623,429 | | | 333,930,486 | | | 72,102,208 | | | 1,024,286,251 | |
Shares redeemed | | | (16,128,915 | ) | | (122,830,896 | ) | | (36,162,977 | ) | | (410,373,242 | ) | | (16,932,248 | ) | | (246,911,315 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase (decrease) | | | (5,239,037 | ) | $ | (39,167,329 | ) | | (7,539,548 | ) | $ | (76,442,756 | ) | | 55,169,960 | | $ | 777,374,936 | |
| |
|
|
|
|
| |
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|
|
| |
|
|
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| | | | | | | | | | | | | | | | | | | |
|
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Investor B | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 858,845 | | $ | 6,160,915 | | | 1,944,126 | | $ | 21,374,807 | | | 3,250,818 | | $ | 44,949,747 | |
Shares issued resulting from reorganization | | | — | | | — | | | — | | | — | | | 11,051,520 | | | 146,904,698 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 965,784 | | | 12,033,720 | | | 2,318,297 | | | 30,856,830 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 858,845 | | | 6,160,915 | | | 2,909,910 | | | 33,408,527 | | | 16,620,635 | | | 222,711,275 | |
Shares redeemed and automatic conversion of shares | | | (6,381,340 | ) | | (45,560,812 | ) | | (16,534,915 | ) | | (175,371,510 | ) | | (15,319,048 | ) | | (210,781,327 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase (decrease) | | | (5,522,495 | ) | $ | (39,399,897 | ) | | (13,625,005 | ) | $ | (141,962,983 | ) | | 1,301,587 | | $ | 11,929,948 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 6,545,805 | | $ | 46,933,379 | | | 18,173,395 | | $ | 198,511,648 | | | 25,010,048 | | $ | 343,608,226 | |
Shares issued resulting from reorganization | | | — | | | — | | | — | | | — | | | 1,351,067 | | | 17,877,463 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 2,978,085 | | | 36,928,497 | | | 9,176,419 | | | 121,646,342 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 6,545,805 | | | 46,933,379 | | | 21,151,480 | | | 235,440,145 | | | 35,537,534 | | | 483,132,031 | |
Shares redeemed | | | (16,362,712 | ) | | (115,381,872 | ) | | (37,605,977 | ) | | (400,427,690 | ) | | (17,089,724 | ) | | (235,184,620 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase (decrease) | | | (9,816,907 | ) | $ | (68,448,493 | ) | | (16,454,497 | ) | $ | (164,987,545 | ) | | 18,447,810 | | $ | 247,947,411 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Investor R | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 2,049,156 | | $ | 15,117,624 | | | 5,011,848 | | $ | 56,841,792 | | | 5,791,814 | | $ | 81,305,003 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 351,544 | | | 4,475,160 | | | 1,010,724 | | | 13,725,638 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 2,049,156 | | | 15,117,624 | | | 5,363,392 | | | 61,316,952 | | | 6,802,538 | | | 95,030,641 | |
Shares redeemed | | | (2,613,810 | ) | | (19,328,193 | ) | | (5,004,446 | ) | | (54,816,870 | ) | | (3,210,183 | ) | | (45,166,220 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase (decrease) | | | (564,654 | ) | $ | (4,210,569 | ) | | 358,946 | | $ | 6,500,082 | | | 3,592,355 | | $ | 49,864,421 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
BlackRock Large Cap Growth Fund | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Institutional | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 2,148,493 | | $ | 14,700,366 | | | 7,511,633 | | $ | 73,321,006 | | | 17,006,393 | | $ | 196,644,985 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 712,440 | | | 8,123,721 | | | 62,922 | | | 683,337 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 2,148,493 | | | 14,700,366 | | | 8,224,073 | | | 81,444,727 | | | 17,069,315 | | | 197,328,322 | |
Shares redeemed | | | (6,129,066 | ) | | (38,910,799 | ) | | (21,883,831 | ) | | (232,545,666 | ) | | (7,700,131 | ) | | (87,838,517 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase (decrease) | | | (3,980,573 | ) | $ | (24,210,433 | ) | | (13,659,758 | ) | $ | (151,100,939 | ) | | 9,369,184 | | $ | 109,489,805 | |
| |
|
|
|
|
| |
|
|
|
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|
|
|
|
| | |
|
|
|
BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 39 |
| |
|
| |
Notes to Financial Statements (continued) | BlackRock Large Cap Series Funds, Inc. |
| | | | | | | | | | | | | | | | | | | |
| | Period November 1, 2008 to
March 31, 2009 | | Year Ended
October 31, 2008 | | Year Ended
October 31, 2007 | |
BlackRock Large Cap Growth Fund
(concluded) | |
| |
| |
|
|
| Shares | | Amount | | Shares | | Amount | | Shares | | Amount | |
|
Service | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 573,767 | | $ | 3,995,966 | | | 800,038 | | $ | 8,201,394 | | | 614,628 | | $ | 7,183,206 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 25,764 | | | 292,397 | | | 1,438 | | | 15,600 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 573,767 | | | 3,995,966 | | | 825,802 | | | 8,493,791 | | | 616,066 | | | 7,198,806 | |
Shares redeemed | | | (321,802 | ) | | (2,113,341 | ) | | (343,432 | ) | | (3,339,036 | ) | | (187,853 | ) | | (2,111,501 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase | | | 251,965 | | $ | 1,882,625 | | | 482,370 | | $ | 5,154,755 | | | 428,213 | | $ | 5,087,305 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Investor A | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold and automatic conversion of shares | | | 9,681,347 | | $ | 64,331,853 | | | 11,239,300 | | $ | 111,809,291 | | | 13,520,166 | | $ | 152,824,259 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 738,365 | | | 8,229,629 | | | 74,874 | | | 798,915 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 9,681,347 | | | 64,331,853 | | | 11,977,665 | | | 120,038,920 | | | 13,595,040 | | | 153,623,174 | |
Shares redeemed | | | (4,726,292 | ) | | (31,333,170 | ) | | (14,146,657 | ) | | (138,339,235 | ) | | (7,519,049 | ) | | (84,391,960 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase (decrease) | | | 4,955,055 | | $ | 32,998,683 | | | (2,168,992 | ) | $ | (18,300,315 | ) | | 6,075,991 | | $ | 69,231,214 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor B | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 370,397 | | $ | 2,285,016 | | | 1,001,693 | | $ | 9,563,976 | | | 2,624,001 | | $ | 27,808,640 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 249,325 | | | 2,610,264 | | | 37,261 | | | 376,698 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 370,397 | | | 2,285,016 | | | 1,251,018 | | | 12,174,240 | | | 2,661,262 | | | 28,185,338 | |
Shares redeemed and automatic conversion of shares | | | (1,810,845 | ) | | (11,118,447 | ) | | (4,616,366 | ) | | (41,341,832 | ) | | (4,244,218 | ) | | (45,329,772 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net decrease | | | (1,440,448 | ) | $ | (8,833,431 | ) | | (3,365,348 | ) | $ | (29,167,592 | ) | | (1,582,956 | ) | $ | (17,144,434 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor C | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 2,549,320 | | $ | 15,751,735 | | | 5,629,306 | | $ | 52,751,745 | | | 11,083,851 | | $ | 118,787,413 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 698,980 | | | 7,309,379 | | | 69,949 | | | 706,480 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 2,549,320 | | | 15,751,735 | | | 6,328,286 | | | 60,061,124 | | | 11,153,800 | | | 119,493,893 | |
Shares redeemed | | | (4,372,368 | ) | | (26,701,902 | ) | | (9,646,626 | ) | | (87,478,848 | ) | | (5,360,747 | ) | | (57,345,607 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase (decrease) | | | (1,823,048 | ) | $ | (10,950,167 | ) | | (3,318,340 | ) | $ | (27,417,724 | ) | | 5,793,053 | | $ | 62,148,286 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class R | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 1,403,379 | | $ | 8,967,844 | | | 3,819,354 | | $ | 36,987,224 | | | 5,000,714 | | $ | 54,802,359 | |
Shares issued to shareholders in reinvestment of distributions | | | — | | | — | | | 242,342 | | | 2,618,770 | | | 20,340 | | | 211,332 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 1,403,379 | | | 8,967,844 | | | 4,061,696 | | | 39,605,994 | | | 5,021,054 | | | 55,013,691 | |
Shares redeemed | | | (1,722,598 | ) | | (10,933,203 | ) | | (4,306,198 | ) | | (40,459,087 | ) | | (2,159,077 | ) | | (23,656,657 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase (decrease) | | | (319,219 | ) | $ | (1,965,359 | ) | | (244,502 | ) | $ | (853,093 | ) | | 2,861,977 | | $ | 31,357,034 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
BlackRock Large Cap Value Fund | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | | 13,566,444 | | $ | 149,089,553 | | | 36,894,137 | | $ | 614,681,902 | | | 30,936,573 | | $ | 616,244,281 | |
Shares issued to shareholders in reinvestment of dividends and distributions | | | 832,481 | | | 9,823,482 | | | 4,133,919 | | | 77,302,827 | | | 788,152 | | | 15,077,111 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total issued | | | 14,398,925 | | | 158,913,035 | | | 41,028,056 | | | 691,984,729 | | | 31,724,725 | | | 631,321,392 | |
Shares redeemed | | | (14,154,013 | ) | | (151,936,972 | ) | | (33,791,812 | ) | | (566,502,267 | ) | | (20,606,763 | ) | | (412,032,591 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net increase | | | 244,912 | | $ | 6,976,063 | | | 7,236,244 | | $ | 125,482,462 | | | 11,117,962 | | $ | 219,288,801 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | |
|
|
|
40 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
|
| |
Notes to Financial Statements (concluded) | BlackRock Large Cap Series Funds, Inc. |
| | | | | | | | | | | | | | | | | | |
| | Period November 1, 2008 to
March 31, 2009 | | | Year Ended
October 31, 2008 | | | Year Ended
October 31, 2007 | |
BlackRock Large Cap Value Fund
(concluded) | |
| |
| |
|
| Shares | | Amount | | | Shares | | Amount | | | Shares | | Amount | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | 577,303 | | $ | 6,554,872 | | | 706,019 | | $ | 11,959,010 | | | 595,347 | | $ | 12,076,181 | |
Shares issued to shareholders in reinvestment of dividends and distributions | | 25,134 | | | 296,329 | | | 112,372 | | | 2,099,110 | | | 19,088 | | | 364,951 | |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
Total issued | | 602,437 | | | 6,851,201 | | | 818,391 | | | 14,058,120 | | | 614,435 | | | 12,441,132 | |
Shares redeemed | | (415,469 | ) | | (4,432,864 | ) | | (420,028 | ) | | (6,793,559 | ) | | (307,139 | ) | | (6,097,755 | ) |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
Net increase | | 186,968 | | $ | 2,418,337 | | | 398,363 | | $ | 7,264,561 | | | 307,296 | | $ | 6,343,377 | |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
| | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor A | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold and automatic conversion of shares | | 11,917,211 | | $ | 128,507,534 | | | 48,856,474 | | $ | 810,946,846 | | | 53,168,066 | | $ | 1,066,141,467 | |
Shares issued to shareholders in reinvestment of dividends and distributions | | 697,851 | | | 8,109,178 | | | 8,148,668 | | | 149,528,060 | | | 1,405,085 | | | 26,430,387 | |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
Total issued | | 12,615,062 | | | 136,616,712 | | | 57,005,142 | | | 960,474,906 | | | 54,573,151 | | | 1,092,571,854 | |
Shares redeemed | | (25,890,443 | ) | | (278,961,154 | ) | | (71,052,529 | ) | | (1,126,150,477 | ) | | (21,540,848 | ) | | (424,585,851 | ) |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
Net increase (decrease) | | (13,275,381 | ) | $ | (142,344,442 | ) | | (14,047,387 | ) | $ | (165,675,571 | ) | | 33,032,303 | | $ | 667,986,003 | |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
| | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor B | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares sold | | 452,912 | | $ | 4,596,309 | | | 1,092,265 | | $ | 17,474,705 | | | 2,551,487 | | $ | 47,649,721 | |
Shares issued to shareholders in reinvestment of distributions | | — | | | — | | | 854,376 | | | 14,866,308 | | | 260,480 | | | 4,661,325 | |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
Total issued | | 452,912 | | | 4,596,309 | | | 1,946,641 | | | 32,341,013 | | | 2,811,967 | | | 52,311,046 | |
Shares redeemed and automatic conversion of shares | | (2,974,346 | ) | | (30,169,099 | ) | | (6,636,951 | ) | | (100,755,559 | ) | | (5,980,285 | ) | | (112,293,764 | ) |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
Net decrease | | (2,521,434 | ) | $ | (25,572,790 | ) | | (4,690,310 | ) | $ | (68,414,546 | ) | | (3,168,318 | ) | $ | (59,982,718 | ) |
| |
|
|
|
| | |
|
|
|
| | |
|
|
|
|
|
| | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
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Investor C | | | | | | | | | | | | | | | | | | |
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|
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Shares sold | | 3,132,069 | | $ | 31,775,063 | | | 8,488,185 | | $ | 132,881,032 | | | 17,217,899 | | $ | 322,045,398 | |
Shares issued to shareholders in reinvestment of distributions | | — | | | — | | | 3,171,063 | | | 54,954,834 | | | 683,298 | | | 12,203,021 | |
| |
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|
| | |
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|
| | |
|
|
|
|
|
Total issued | | 3,132,069 | | | 31,775,063 | | | 11,659,248 | | | 187,835,866 | | | 17,901,197 | | | 334,248,419 | |
Shares redeemed | | (8,100,949 | ) | | (80,852,051 | ) | | (20,768,438 | ) | | (319,453,157 | ) | | (10,956,566 | ) | | (205,519,795 | ) |
| |
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|
|
| | |
|
|
|
| | |
|
|
|
|
|
Net increase (decrease) | | (4,968,880 | ) | $ | (49,076,988 | ) | | (9,109,190 | ) | $ | (131,617,291 | ) | | 6,944,631 | | $ | 128,728,624 | |
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| | | | | | | | | | | | | | | | | | |
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Class R | | | | | | | | | | | | | | | | | | |
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Shares sold | | 2,349,816 | | $ | 24,403,086 | | | 5,771,456 | | $ | 92,978,324 | | | 6,549,560 | | $ | 125,647,577 | |
Shares issued to shareholders in reinvestment of dividends and distributions | | 65,285 | | | 734,458 | | | 788,255 | | | 14,015,179 | | | 115,104 | | | 2,105,311 | |
| |
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| | |
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| | |
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Total issued | | 2,415,101 | | | 25,137,544 | | | 6,559,711 | | | 106,993,503 | | | 6,664,664 | | | 127,752,888 | |
Shares redeemed | | (2,663,733 | ) | | (27,498,051 | ) | | (4,981,736 | ) | | (78,250,333 | ) | | (2,632,867 | ) | | (50,881,167 | ) |
| |
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| | |
|
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| | |
|
|
|
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|
Net increase (decrease) | | (248,632 | ) | $ | (2,360,507 | ) | | 1,577,975 | | $ | 28,743,170 | | | 4,031,797 | | $ | 76,871,721 | |
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| | |
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|
BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 41 |
| | | |
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|
Sector Allocation | | | |
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|
|
|
| | | |
Master Large Cap Core Portfolio | | Percent of
Long-Term Investments |
|
|
|
|
Health Care | | 25 | % |
Energy | | 22 | |
Information Technology | | 21 | |
Consumer Discretionary | | 12 | |
Industrials | | 6 | |
Consumer Staples | | 5 | |
Financials | | 5 | |
Telecommunication Services | | 2 | |
Materials | | 1 | |
Utilities | | 1 | |
|
|
|
|
| | | |
Master Large Cap Growth Portfolio | | Percent of
Long-Term Investments |
|
|
|
|
Information Technology | | 35 | % |
Health Care | | 25 | |
Consumer Discretionary | | 14 | |
Energy | | 11 | |
Industrials | | 8 | |
Consumer Staples | | 4 | |
Telecommunication Services | | 1 | |
Materials | | 1 | |
Utilities | | 1 | |
|
|
|
|
| | | |
Master Large Cap Value Portfolio | | Percent of
Long-Term Investments |
|
|
|
|
Energy | | 26 | % |
Health Care | | 25 | |
Information Technology | | 13 | |
Financials | | 10 | |
Consumer Discretionary | | 9 | |
Industrials | | 7 | |
Telecommunication Services | | 6 | |
Consumer Staples | | 3 | |
Materials | | 1 | |
|
|
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|
For Portfolio compliance purposes, sector and industry classifications refer to any one or more of the sector and industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and /or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.
| | | |
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|
Ten Largest Holdings | | | |
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| | | |
Master Large Cap Core Portfolio | | Percent of
Long-Term Investments |
|
|
|
Exxon Mobil Corp. | | 5 | % |
Johnson & Johnson | | 3 | |
Chevron Corp. | | 3 | |
Pfizer, Inc. | | 2 | |
ConocoPhillips | | 2 | |
Amgen, Inc. | | 2 | |
Occidental Petroleum Corp. | | 2 | |
Eli Lilly & Co. | | 1 | |
The Travelers Cos., Inc. | | 1 | |
UnitedHealth Group, Inc. | | 1 | |
|
|
|
|
| | | |
Master Large Cap Growth Portfolio | | Percent of
Long-Term Investments |
|
|
|
International Business Machines Corp. | | 4 | % |
Oracle Corp. | | 3 | |
McDonald’s Corp. | | 2 | |
Exxon Mobil Corp. | | 2 | |
Occidental Petroleum Corp. | | 2 | |
Bristol-Myers Squibb Co. | | 2 | |
Johnson & Johnson | | 2 | |
Microsoft Corp. | | 1 | |
Accenture Ltd. Class A | | 1 | |
Biogen Idec, Inc. | | 1 | |
|
|
|
|
| | | |
Master Large Cap Value Portfolio | | Percent of
Long-Term Investments |
|
|
|
Exxon Mobil Corp. | | 9 | % |
Chevron Corp. | | 5 | |
Pfizer, Inc. | | 3 | |
Verizon Communications, Inc. | | 3 | |
ConocoPhillips | | 3 | |
Amgen, Inc. | | 2 | |
AT&T Inc. | | 2 | |
Eli Lilly & Co. | | 2 | |
The Travelers Cos., Inc. | | 2 | |
Johnson & Johnson | | 2 | |
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42 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
| |
Schedule of Investments March 31, 2009 (Unaudited) | Master Large Cap Core Portfolio |
| (Percentages shown are based on Net Assets) |
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Consumer Discretionary — 11.7% | | | | | | | |
Diversified Consumer Services — 2.2% | | | | | | | |
Apollo Group, Inc. Class A (a) | | | 410,000 | | $ | 32,115,300 | |
H&R Block, Inc. | | | 1,860,000 | | | 33,833,400 | |
| | | | |
|
|
|
| | | | | | 65,948,700 | |
|
|
|
|
|
|
|
|
Household Durables — 4.0% | | | | | | | |
D.R. Horton, Inc. | | | 3,020,000 | | | 29,294,000 | |
KB Home (b) | | | 1,190,000 | | | 15,684,200 | |
Lennar Corp. Class A | | | 3,080,000 | | | 23,130,800 | |
MDC Holdings, Inc. | | | 190,000 | | | 5,916,600 | |
NVR, Inc. (a) | | | 10,000 | | | 4,277,500 | |
Pulte Homes, Inc. | | | 2,800,000 | | | 30,604,000 | |
Toll Brothers, Inc. (a) | | | 630,000 | | | 11,440,800 | |
| | | | |
|
|
|
| | | | | | 120,347,900 | |
|
|
|
|
|
|
|
|
Multiline Retail — 1.8% | | | | | | | |
Family Dollar Stores, Inc. | | | 920,000 | | | 30,700,400 | |
Sears Holdings Corp. (a)(b) | | | 550,000 | | | 25,140,500 | |
| | | | |
|
|
|
| | | | | | 55,840,900 | |
|
|
|
|
|
|
|
|
Specialty Retail — 3.7% | | | | | | | |
AutoNation, Inc. (a)(b) | | | 880,000 | | | 12,214,400 | |
AutoZone, Inc. (a)(b) | | | 210,000 | | | 34,150,200 | |
Foot Locker, Inc. | | | 1,910,000 | | | 20,016,800 | |
The Gap, Inc. | | | 1,290,000 | | | 16,757,100 | |
Limited Brands, Inc. | | | 900,000 | | | 7,830,000 | |
RadioShack Corp. | | | 1,430,000 | | | 12,255,100 | |
Ross Stores, Inc. | | | 270,000 | | | 9,687,600 | |
| | | | |
|
|
|
| | | | | | 112,911,200 | |
|
|
|
|
|
|
|
|
Total Consumer Discretionary | | | | | | 355,048,700 | |
|
|
|
|
|
|
|
|
Consumer Staples — 5.2% | | | | | | | |
Beverages — 1.4% | | | | | | | |
The Coca-Cola Co. | | | 240,000 | | | 10,548,000 | |
Hansen Natural Corp. (a)(b) | | | 890,000 | | | 32,040,000 | |
| | | | |
|
|
|
| | | | | | 42,588,000 | |
|
|
|
|
|
|
|
|
Food & Staples Retailing — 1.0% | | | | | | | |
SYSCO Corp. | | | 620,000 | | | 14,136,000 | |
Wal-Mart Stores, Inc. | | | 300,000 | | | 15,630,000 | |
| | | | |
|
|
|
| | | | | | 29,766,000 | |
|
|
|
|
|
|
|
|
Food Products — 1.2% | | | | | | | |
Archer-Daniels-Midland Co. | | | 1,350,000 | | | 37,503,000 | |
|
|
|
|
|
|
|
|
Household Products — 0.9% | | | | | | | |
The Procter & Gamble Co. | | | 570,000 | | | 26,841,300 | |
|
|
|
|
|
|
|
|
Personal Products — 0.7% | | | | | | | |
Herbalife Ltd. | | | 1,320,000 | | | 19,773,600 | |
|
|
|
|
|
|
|
|
Total Consumer Staples | | | | | | 156,471,900 | |
|
|
|
|
|
|
|
|
Energy — 21.9% | | | | | | | |
Energy Equipment & Services — 3.1% | | | | | | | |
ENSCO International, Inc. | | | 1,050,000 | | | 27,720,000 | |
Nabors Industries Ltd. (a) | | | 2,810,000 | | | 28,071,900 | |
Rowan Cos., Inc. | | | 620,000 | | | 7,421,400 | |
Tidewater, Inc. | | | 810,000 | | | 30,075,300 | |
| | | | |
|
|
|
| | | | | | 93,288,600 | |
|
|
|
|
|
|
|
|
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Energy (concluded) | | | | | | | |
Oil, Gas & Consumable Fuels — 18.8% | | | | | | | |
Anadarko Petroleum Corp. | | | 890,000 | | $ | 34,612,100 | |
Chevron Corp. | | | 1,250,000 | | | 84,050,000 | |
ConocoPhillips | | | 1,400,000 | | | 54,824,000 | |
Exxon Mobil Corp. | | | 2,370,000 | | | 161,397,000 | |
Frontier Oil Corp. | | | 290,000 | | | 3,709,100 | |
Holly Corp. | | | 990,000 | | | 20,988,000 | |
Marathon Oil Corp. | | | 1,410,000 | | | 37,068,900 | |
Murphy Oil Corp. | | | 690,000 | | | 30,891,300 | |
Occidental Petroleum Corp. | | | 830,000 | | | 46,189,500 | |
Sunoco, Inc. | | | 1,180,000 | | | 31,246,400 | |
Tesoro Corp. | | | 2,150,000 | | | 28,960,500 | |
Valero Energy Corp. | | | 1,880,000 | | | 33,652,000 | |
| | | | |
|
|
|
| | | | | | 567,588,800 | |
|
|
|
|
|
|
|
|
Total Energy | | | | | | 660,877,400 | |
|
|
|
|
|
|
|
|
Financials — 4.9% | | | | | | | |
Diversified Financial Services — 0.3% | | | | | | | |
JPMorgan Chase & Co. | | | 350,000 | | | 9,303,000 | |
|
|
|
|
|
|
|
|
Insurance — 4.6% | | | | | | | |
Chubb Corp. | | | 840,000 | | | 35,548,800 | |
PartnerRe Ltd. | | | 440,000 | | | 27,310,800 | |
The Travelers Cos., Inc. | | | 1,030,000 | | | 41,859,200 | |
UnumProvident Corp. | | | 2,690,000 | | | 33,625,000 | |
| | | | |
|
|
|
| | | | | | 138,343,800 | |
|
|
|
|
|
|
|
|
Total Financials | | | | | | 147,646,800 | |
|
|
|
|
|
|
|
|
Health Care — 25.3% | | | | | | | |
Biotechnology — 3.0% | | | | | | | |
Amgen, Inc. (a) | | | 1,040,000 | | | 51,500,800 | |
Biogen Idec, Inc. (a) | | | 720,000 | | | 37,742,400 | |
| | | | |
|
|
|
| | | | | | 89,243,200 | |
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies — 0.6% | | | | | | | |
Edwards Lifesciences Corp. (a) | | | 230,000 | | | 13,944,900 | |
Kinetic Concepts, Inc. (a) | | | 250,000 | | | 5,280,000 | |
| | | | |
|
|
|
| | | | | | 19,224,900 | |
|
|
|
|
|
|
|
|
Health Care Providers & Services — 11.0% | | | | | | | |
Aetna, Inc. | | | 1,480,000 | | | 36,008,400 | |
AmerisourceBergen Corp. | | | 1,040,000 | | | 33,966,400 | |
Cigna Corp. | | | 290,000 | | | 5,101,100 | |
Community Health Systems, Inc. (a) | | | 470,000 | | | 7,209,800 | |
Express Scripts, Inc. (a) | | | 490,000 | | | 22,623,300 | |
Humana, Inc. (a) | | | 1,210,000 | | | 31,556,800 | |
LifePoint Hospitals, Inc. (a) | | | 350,000 | | | 7,301,000 | |
Lincare Holdings, Inc. (a) | | | 1,350,000 | | | 29,430,000 | |
McKesson Corp. | | | 950,000 | | | 33,288,000 | |
Omnicare, Inc. | | | 603,774 | | | 14,786,425 | |
Quest Diagnostics, Inc. | | | 650,000 | | | 30,862,000 | |
UnitedHealth Group, Inc. | | | 1,950,000 | | | 40,813,500 | |
WellPoint, Inc. (a) | | | 1,050,000 | | | 39,868,500 | |
| | | | |
|
|
|
| | | | | | 332,815,225 | |
|
|
|
|
|
|
|
|
Life Sciences Tools & Services — 0.3% | | | | | | | |
Pharmaceutical Product Development, Inc. | | | 320,000 | | | 7,590,400 | |
|
|
|
|
|
|
|
|
| | |
See Notes to Financial Statements. | | |
|
BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 43 |
| |
|
| |
Schedule of Investments (continued) | Master Large Cap Core Portfolio |
| (Percentages shown are based on Net Assets) |
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Health Care (concluded) | | | | | | | |
Pharmaceuticals — 10.4% | | | | | | | |
Abbott Laboratories | | | 70,000 | | $ | 3,339,000 | |
Bristol-Myers Squibb Co. | | | 1,520,000 | | | 33,318,400 | |
Eli Lilly & Co. | | | 1,310,000 | | | 43,767,100 | |
Endo Pharmaceuticals Holdings, Inc. (a) | | | 350,000 | | | 6,188,000 | |
Forest Laboratories, Inc. (a) | | | 1,390,000 | | | 30,524,400 | |
Johnson & Johnson | | | 1,710,000 | | | 89,946,000 | |
King Pharmaceuticals, Inc. (a) | | | 1,600,000 | | | 11,312,000 | |
Pfizer, Inc. | | | 4,560,000 | | | 62,107,200 | |
Sepracor, Inc. (a) | | | 1,410,000 | | | 20,670,600 | |
Watson Pharmaceuticals, Inc. (a) | | | 480,000 | | | 14,932,800 | |
| | | | |
|
|
|
| | | | | | 316,105,500 | |
|
|
|
|
|
|
|
|
Total Health Care | | | | | | 764,979,225 | |
|
|
|
|
|
|
|
|
Industrials — 6.0% | | | | | | | |
Aerospace & Defense — 3.7% | | | | | | | |
General Dynamics Corp. | | | 870,000 | | | 36,183,300 | |
L-3 Communications Holdings, Inc. | | | 530,000 | | | 35,934,000 | |
Raytheon Co. | | | 1,010,000 | | | 39,329,400 | |
| | | | |
|
|
|
| | | | | | 111,446,700 | |
|
|
|
|
|
|
|
|
Commercial Services & Supplies — 0.2% | | | | | | | |
Avery Dennison Corp. | | | 140,000 | | | 3,127,600 | |
R.R. Donnelley & Sons Co. | | | 380,000 | | | 2,785,400 | |
| | | | |
|
|
|
| | | | | | 5,913,000 | |
|
|
|
|
|
|
|
|
Industrial Conglomerates — 0.4% | | | | | | | |
General Electric Co. (a) | | | 1,220,000 | | | 12,334,200 | |
|
|
|
|
|
|
|
|
Machinery — 1.1% | | | | | | | |
Dover Corp. | | | 1,100,000 | | | 29,018,000 | |
Toro Co. (b) | | | 130,000 | | | 3,143,400 | |
| | | | |
|
|
|
| | | | | | 32,161,400 | |
|
|
|
|
|
|
|
|
Professional Services — 0.2% | | | | | | | |
Manpower, Inc. | | | 250,000 | | | 7,882,500 | |
|
|
|
|
|
|
|
|
Road & Rail — 0.4% | | | | | | | |
Ryder System, Inc. | | | 440,000 | | | 12,456,400 | |
|
|
|
|
|
|
|
|
Total Industrials | | | | | | 182,194,200 | |
|
|
|
|
|
|
|
|
Information Technology — 21.0% | | | | | | | |
Communications Equipment — 1.4% | | | | | | | |
Cisco Systems, Inc. (a) | | | 520,000 | | | 8,720,400 | |
F5 Networks, Inc. (a) | | | 1,530,000 | | | 32,053,500 | |
| | | | |
|
|
|
| | | | | | 40,773,900 | |
|
|
|
|
|
|
|
|
Computers & Peripherals — 4.6% | | | | | | | |
Apple, Inc. (a) | | | 60,000 | | | 6,307,200 | |
EMC Corp. (a) | | | 1,260,000 | | | 14,364,000 | |
International Business Machines Corp. | | | 240,000 | | | 23,253,600 | |
Lexmark International, Inc. Class A (a) | | | 1,330,000 | | | 22,437,100 | |
QLogic Corp. (a) | | | 2,480,000 | | | 27,577,600 | |
Seagate Technology | | | 2,330,000 | | | 14,003,300 | |
Western Digital Corp. (a) | | | 1,650,000 | | | 31,911,000 | |
| | | | |
|
|
|
| | | | | | 139,853,800 | |
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components — 0.3% | | | | | | | |
Avnet, Inc. (a) | | | 110,000 | | | 1,926,100 | |
Ingram Micro, Inc. Class A (a) | | | 600,000 | | | 7,584,000 | |
| | | | |
|
|
|
| | | | | | 9,510,100 | |
|
|
|
|
|
|
|
|
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Information Technology (concluded) | | | | | | | |
IT Services — 5.5% | | | | | | | |
Accenture Ltd. Class A | | | 1,350,000 | | $ | 37,111,500 | |
Affiliated Computer Services, Inc. Class A (a) | | | 340,000 | | | 16,282,600 | |
Alliance Data Systems Corp. (a)(b) | | | 880,000 | | | 32,516,000 | |
Computer Sciences Corp. (a) | | | 920,000 | | | 33,892,800 | |
Global Payments, Inc. | | | 580,000 | | | 19,377,800 | |
Hewitt Associates, Inc. Class A (a) | | | 930,000 | | | 27,676,800 | |
| | | | |
|
|
|
| | | | | | 166,857,500 | |
|
|
|
|
|
|
|
|
Internet Software & Services — 0.3% | | | | | | | |
Google, Inc. Class A (a) | | | 10,000 | | | 3,480,600 | |
Sohu.com, Inc. (a) | | | 140,000 | | | 5,783,400 | |
| | | | |
|
|
|
| | | | | | 9,264,000 | |
|
|
|
|
|
|
|
|
Office Electronics — 0.6% | | | | | | | |
Xerox Corp. | | | 3,610,000 | | | 16,425,500 | |
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment — 2.9% | | | | | | | |
Integrated Device Technology, Inc. (a) | | | 1,340,000 | | | 6,097,000 | |
Intel Corp. | | | 260,000 | | | 3,913,000 | |
LSI Corp. (a) | | | 2,910,000 | | | 8,846,400 | |
National Semiconductor Corp. | | | 2,670,000 | | | 27,420,900 | |
Novellus Systems, Inc. (a) | | | 1,760,000 | | | 29,268,800 | |
Silicon Laboratories, Inc. (a) | | | 490,000 | | | 12,936,000 | |
| | | | |
|
|
|
| | | | | | 88,482,100 | |
|
|
|
|
|
|
|
|
Software — 5.4% | | | | | | | |
BMC Software, Inc. (a)(b) | | | 980,000 | | | 32,340,000 | |
CA, Inc. | | | 1,580,000 | | | 27,823,800 | |
Compuware Corp. (a) | | | 2,710,000 | | | 17,858,900 | |
McAfee, Inc. (a) | | | 910,000 | | | 30,485,000 | |
Microsoft Corp. | | | 1,440,000 | | | 26,452,800 | |
Synopsys, Inc. (a) | | | 1,350,000 | | | 27,985,500 | |
| | | | |
|
|
|
| | | | | | 162,946,000 | |
|
|
|
|
|
|
|
|
Total Information Technology | | | | | | 634,112,900 | |
|
|
|
|
|
|
|
|
Materials — 1.0% | | | | | | | |
Chemicals — 1.0% | | | | | | | |
The Dow Chemical Co. | | | 3,520,000 | | | 29,673,600 | |
|
|
|
|
|
|
|
|
Total Materials | | | | | | 29,673,600 | |
|
|
|
|
|
|
|
|
Telecommunication Services — 2.3% | | | | | | | |
Diversified Telecommunication Services — 2.3% | | | | | | | |
AT&T Inc. | | | 1,180,000 | | | 29,736,000 | |
Qwest Communications International Inc. | | | 9,050,000 | | | 30,951,000 | |
Verizon Communications, Inc. | | | 350,000 | | | 10,570,000 | |
|
|
|
|
|
|
|
|
Total Telecommunication Services | | | | | | 71,257,000 | |
|
|
|
|
|
|
|
|
Utilities — 0.7% | | | | | | | |
Independent Power Producers & Energy Traders — 0.7% | | | | | | | |
The AES Corp. (a) | | | 3,940,000 | | | 22,891,400 | |
|
|
|
|
|
|
|
|
Total Utilities | | | | | | 22,891,400 | |
|
|
|
|
|
|
|
|
Total Long-Term Investments
(Cost — $3,449,130,307) — 100.0% | | | | | | 3,025,153,125 | |
|
|
|
|
|
|
|
|
| | |
See Notes to Financial Statements. | |
|
44 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
| |
Schedule of Investments (concluded) | Master Large Cap Core Portfolio |
| (Percentages shown are based on Net Assets) |
| | | | | | | |
Short-Term Securities | | Beneficial
Interest
(000) | | Value | |
|
|
|
|
|
|
|
|
BlackRock Liquidity Series, LLC Money Market Series, 1.17% (c)(d)(e) | | $ | 154,695 | | $ | 154,695,400 | |
|
|
|
|
|
|
|
|
Total Short-Term Securities
(Cost — $154,695,400) — 5.1% | | | | | | 154,695,400 | |
|
|
|
|
|
|
|
|
Total Investments
(Cost — $3,603,825,707*) — 105.1% | | | | | | 3,179,848,525 | |
Liabilities in Excess of Other Assets — (5.1)% | | | | | | (155,348,098 | ) |
| | | | |
|
|
|
Net Assets — 100.0% | | | | | $ | 3,024,500,427 | |
| | | | |
|
|
|
| |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as computed for federal income tax purposes, were as follows: |
| | | | |
Aggregate cost | | $ | 3,660,234,781 | |
| |
|
|
|
Gross unrealized appreciation | | $ | 168,399,885 | |
Gross unrealized depreciation | | | (648,786,141 | ) |
| |
|
|
|
Net unrealized depreciation | | $ | (480,386,256 | ) |
| |
|
|
|
| |
(a) | Non-income producing security. |
| |
(b) | Security, or a portion of security, is on loan. |
| |
(c) | Represents the current yield as of report date. |
| |
(d) | Security was purchased with the cash proceeds from securities loans. |
| |
(e) | Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
| | | | | | | |
|
|
|
|
|
|
|
|
Affiliate | | Net
Activity | | Income | |
|
|
|
|
|
|
|
|
BlackRock Liquidity Series, LLC Cash Sweep Series | | | — | | $ | 289 | |
BlackRock Liquidity Series, LLC Money Market Series | | $ | 143,107,000 | | $ | 235,227 | |
|
|
|
|
|
|
|
|
| | |
• | For Portfolio compliance purposes, the Portfolio’s sector and industry classifications refer to any one or more of the sector and industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
| | |
• | Effective November 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
| | |
| • | Level 1 — price quotations in active markets/exchanges for identical securities |
| | |
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| | |
| • | Level 3 — unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumption used in determining the fair value of investments) |
| | |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
| | |
| The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of the Portfolio’s investments: |
| | | | |
|
|
|
|
Valuation Inputs | | Investments in
Securities | |
|
|
|
|
| | Assets | |
| |
|
|
Level 1 | | $ | 3,025,153,125 | |
Level 2 | | | 154,695,400 | |
Level 3 | | | — | |
|
|
|
|
|
Total | | $ | 3,179,848,525 | |
| |
|
|
|
| | |
See Notes to Financial Statements. | | |
|
BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 45 |
| |
|
| |
Schedule of Investments March 31, 2009 (Unaudited) | Master Large Cap Growth Portfolio |
| (Percentages shown are based on Net Assets) |
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
Consumer Discretionary — 13.8% | | | | | | | |
Diversified Consumer Services — 2.5% | | | | | | | |
Apollo Group, Inc. Class A (a) | | | 96,000 | | $ | 7,519,680 | |
H&R Block, Inc. | | | 393,000 | | | 7,148,670 | |
| | | | |
|
|
|
| | | | | | 14,668,350 | |
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure — 3.5% | | | | | | | |
Darden Restaurants, Inc. | | | 189,000 | | | 6,475,140 | |
McDonald’s Corp. | | | 255,000 | | | 13,915,350 | |
| | | | |
|
| |
| | | | | | 20,390,490 | |
|
|
|
|
|
|
|
|
Household Durables — 1.6% | | | | | | | |
NVR, Inc. (a) | | | 9,000 | | | 3,849,750 | |
Pulte Homes, Inc. | | | 538,000 | | | 5,880,340 | |
| | | | |
|
|
|
| | | | | | 9,730,090 | |
|
|
|
|
|
|
|
|
Media — 0.5% | | | | | | | |
Interpublic Group of Cos., Inc. (a) | | | 752,000 | | | 3,098,240 | |
|
|
|
|
|
|
|
|
Multiline Retail — 2.1% | | | | | | | |
Dollar Tree, Inc. (a) | | | 150,000 | | | 6,682,500 | |
Family Dollar Stores, Inc. | | | 180,000 | | | 6,006,600 | |
| | | | |
|
|
|
| | | | | | 12,689,100 | |
|
|
|
|
|
|
|
|
Specialty Retail — 3.6% | | | | | | | |
Advance Auto Parts, Inc. | | | 157,000 | | | 6,449,560 | |
AnnTaylor Stores Corp. (a) | | | 255,000 | | | 1,326,000 | |
AutoZone, Inc. (a)(b) | | | 42,000 | | | 6,830,040 | |
Ross Stores, Inc. | | | 183,000 | | | 6,566,040 | |
| | | | |
|
|
|
| | | | | | 21,171,640 | |
|
|
|
|
|
|
|
|
Total Consumer Discretionary | | | | | | 81,747,910 | |
|
|
|
|
|
|
|
|
Consumer Staples — 4.1% | | | | | | | |
Beverages — 1.1% | | | | | | | |
Hansen Natural Corp. (a) | | | 177,000 | | | 6,372,000 | |
|
|
|
|
|
|
|
|
Food & Staples Retailing — 2.1% | | | | | | | |
The Kroger Co. | | | 128,000 | | | 2,716,160 | |
SYSCO Corp. | | | 336,000 | | | 7,660,800 | |
Wal-Mart Stores, Inc. | | | 32,000 | | | 1,667,200 | |
| | | | |
|
|
|
| | | | | | 12,044,160 | |
|
|
|
|
|
|
|
|
Personal Products — 0.9% | | | | | | | |
Herbalife Ltd. | | | 369,000 | | | 5,527,620 | |
|
|
|
|
|
|
|
|
Total Consumer Staples | | | | | | 23,943,780 | |
|
|
|
|
|
|
|
|
Energy — 10.7% | | | | | | | |
Energy Equipment & Services — 2.4% | | | | | | | |
ENSCO International, Inc. | | | 212,000 | | | 5,596,800 | |
Rowan Cos., Inc. | | | 253,000 | | | 3,028,410 | |
Tidewater, Inc. | | | 157,000 | | | 5,829,410 | |
| | | | |
|
|
|
| | | | | | 14,454,620 | |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels — 8.3% | | | | | | | |
Exxon Mobil Corp. | | | 199,000 | | | 13,551,900 | |
Holly Corp. | | | 252,000 | | | 5,342,400 | |
Murphy Oil Corp. | | | 143,000 | | | 6,402,110 | |
Occidental Petroleum Corp. | | | 207,000 | | | 11,519,550 | |
Sunoco, Inc. | | | 231,000 | | | 6,116,880 | |
Tesoro Corp. | | | 448,000 | | | 6,034,560 | |
| | | | |
|
|
|
| | | | | | 48,967,400 | |
|
|
|
|
|
|
|
|
Total Energy | | | | | | 63,422,020 | |
|
|
|
|
|
|
|
|
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Health Care — 25.3% | | | | | | | |
Biotechnology — 1.4% | | | | | | | |
Biogen Idec, Inc. (a) | | | 156,000 | | $ | 8,177,520 | |
|
|
|
|
|
|
|
|
Health Care Providers & Services — 13.7% | | | | | | | |
Aetna, Inc. | | | 293,000 | | | 7,128,690 | |
AmerisourceBergen Corp. | | | 170,000 | | | 5,552,200 | |
Cigna Corp. | | | 293,000 | | | 5,153,870 | |
Community Health Systems, Inc. (a) | | | 392,000 | | | 6,013,280 | |
Express Scripts, Inc. (a) | | | 142,000 | | | 6,556,140 | |
Humana, Inc. (a) | | | 155,000 | | | 4,042,400 | |
Lincare Holdings, Inc. (a) | | | 286,000 | | | 6,234,800 | |
McKesson Corp. | | | 177,000 | | | 6,202,080 | |
Medco Health Solutions, Inc. (a) | | | 193,000 | | | 7,978,620 | |
Omnicare, Inc. | | | 208,000 | | | 5,093,920 | |
Quest Diagnostics, Inc. | | | 147,000 | | | 6,979,560 | |
UnitedHealth Group, Inc. | | | 350,000 | | | 7,325,500 | |
WellPoint, Inc. (a) | | | 171,000 | | | 6,492,870 | |
| | | | |
|
|
|
| | | | | | 80,753,930 | |
|
|
|
|
|
|
|
|
Health Care Technology — 0.9% | | | | | | | |
IMS Health, Inc. | | | 438,000 | | | 5,461,860 | |
|
|
|
|
|
|
|
|
Life Sciences Tools & Services — 0.7% | | | | | | | |
Pharmaceutical Product Development, Inc. | | | 163,000 | | | 3,866,360 | |
|
|
|
|
|
|
|
|
Pharmaceuticals — 8.6% | | | | | | | |
Abbott Laboratories | | | 105,000 | | | 5,008,500 | |
Bristol-Myers Squibb Co. | | | 499,000 | | | 10,938,080 | |
Eli Lilly & Co. | | | 180,000 | | | 6,013,800 | |
Endo Pharmaceuticals Holdings, Inc. (a) | | | 362,000 | | | 6,400,160 | |
Forest Laboratories, Inc. (a) | | | 248,000 | | | 5,446,080 | |
Johnson & Johnson | | | 197,000 | | | 10,362,200 | |
Watson Pharmaceuticals, Inc. (a) | | | 216,000 | | | 6,719,760 | |
| | | | |
|
|
|
| | | | | | 50,888,580 | |
|
|
|
|
|
|
|
|
Total Health Care | | | | | | 149,148,250 | |
|
|
|
|
|
|
|
|
Industrials — 8.4% | | | | | | | |
Aerospace & Defense — 3.3% | | | | | | | |
L-3 Communications Holdings, Inc. | | | 100,000 | | | 6,780,000 | |
Northrop Grumman Corp. | | | 140,000 | | | 6,109,600 | |
Raytheon Co. | | | 175,000 | | | 6,814,500 | |
| | | | |
|
|
|
| | | | | | 19,704,100 | |
|
|
|
|
|
|
|
|
Electrical Equipment — 0.5% | | | | | | | |
Hubbell, Inc. Class B | | | 101,000 | | | 2,722,960 | |
|
|
|
|
|
|
|
|
Machinery — 1.7% | | | | | | | |
Dover Corp. | | | 232,000 | | | 6,120,160 | |
Timken Co. | | | 296,000 | | | 4,132,160 | |
| | | | |
|
|
|
| | | | | | 10,252,320 | |
|
|
|
|
|
|
|
|
Professional Services — 0.9% | | | | | | | |
Manpower, Inc. | | | 174,000 | | | 5,486,220 | |
|
|
|
|
|
|
|
|
Road & Rail — 1.0% | | | | | | | |
Norfolk Southern Corp. | | | 175,000 | | | 5,906,250 | |
|
|
|
|
|
|
|
|
Trading Companies & Distributors — 1.0% | | | | | | | |
WESCO International, Inc. (a) | | | 310,000 | | | 5,617,200 | |
|
|
|
|
|
|
|
|
Total Industrials | | | | | | 49,689,050 | |
|
|
|
|
|
|
|
|
| | |
See Notes to Financial Statements. |
|
|
|
46 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
| |
Schedule of Investments (continued) | Master Large Cap Growth Portfolio |
| (Percentages shown are based on Net Assets) |
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Information Technology — 35.6% | | | | | | | |
Communications Equipment — 1.6% | | | | | | | |
Cisco Systems, Inc. (a) | | | 130,000 | | $ | 2,180,100 | |
F5 Networks, Inc. (a) | | | 287,000 | | | 6,012,650 | |
JDS Uniphase Corp. (a) | | | 341,000 | | | 1,108,250 | |
| | | | |
|
|
|
| | | | | | 9,301,000 | |
|
|
|
|
|
|
|
|
Computers & Peripherals — 9.0% | | | | | | | |
Apple, Inc. (a) | | | 14,000 | | | 1,471,680 | |
EMC Corp. (a) | | | 679,000 | | | 7,740,600 | |
International Business Machines Corp. | | | 259,000 | | | 25,094,510 | |
Lexmark International, Inc. Class A (a) | | | 219,000 | | | 3,694,530 | |
QLogic Corp. (a) | | | 488,000 | | | 5,426,560 | |
Seagate Technology | | | 525,000 | | | 3,155,250 | |
Western Digital Corp. (a) | | | 340,000 | | | 6,575,600 | |
| | | | |
|
|
|
| | | | | | 53,158,730 | |
|
|
|
|
|
|
|
|
Electronic Equipment & Instruments — 2.9% | | | | | | | |
Arrow Electronics, Inc. (a) | | | 278,000 | | | 5,298,680 | |
Dolby Laboratories, Inc. Class A (a) | | | 174,000 | | | 5,935,140 | |
Tech Data Corp. (a) | | | 273,000 | | | 5,945,940 | |
| | | | |
|
|
|
| | | | | | 17,179,760 | |
|
|
|
|
|
|
|
|
IT Services — 9.3% | | | | | | | |
Accenture Ltd. Class A | | | 302,000 | | | 8,301,980 | |
Affiliated Computer Services, Inc. Class A (a) | | | 132,000 | | | 6,321,480 | |
Alliance Data Systems Corp. (a)(b) | | | 175,000 | | | 6,466,250 | |
Automatic Data Processing, Inc. | | | 164,000 | | | 5,766,240 | |
DST Systems, Inc. (a) | | | 179,000 | | | 6,196,980 | |
Global Payments, Inc. | | | 83,000 | | | 2,773,030 | |
Hewitt Associates, Inc. Class A (a) | | | 219,000 | | | 6,517,440 | |
Paychex, Inc. | | | 269,000 | | | 6,905,230 | |
SAIC, Inc. (a) | | | 318,000 | | | 5,937,060 | |
| | | | |
|
|
|
| | | | | | 55,185,690 | |
|
|
|
|
|
|
|
|
Internet Software & Services — 1.1% | | | | | | | |
Sohu.com, Inc. (a) | | | 150,000 | | | 6,196,500 | |
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment — 2.0% | | | | | | | |
Integrated Device Technology, Inc. (a) | | | 199,000 | | | 905,450 | |
National Semiconductor Corp. | | | 471,000 | | | 4,837,170 | |
Novellus Systems, Inc. (a) | | | 357,000 | | | 5,936,910 | |
| | | | |
|
|
|
| | | | | | 11,679,530 | |
|
|
|
|
|
|
|
|
Software — 9.7% | | | | | | | |
Amdocs Ltd. (a) | | | 49,000 | | | 907,480 | |
BMC Software, Inc. (a) | | | 204,000 | | | 6,732,000 | |
CA, Inc. | | | 375,000 | | | 6,603,750 | |
Compuware Corp. (a) | | | 849,000 | | | 5,594,910 | |
Microsoft Corp. | | | 478,000 | | | 8,780,860 | |
Novell, Inc. (a) | | | 324,000 | | | 1,380,240 | |
Oracle Corp. | | | 826,000 | | | 14,925,820 | |
Red Hat, Inc. (a) | | | 356,000 | | | 6,351,040 | |
Synopsys, Inc. (a) | | | 294,000 | | | 6,094,620 | |
| | | | |
|
|
|
| | | | | | 57,370,720 | |
|
|
|
|
|
|
|
|
Total Information Technology | | | | | | 210,071,930 | |
|
|
|
|
|
|
|
|
Materials — 0.8% | | | | | | | |
Containers & Packaging — 0.8% | | | | | | | |
Crown Holdings, Inc. (a) | | | 217,000 | | | 4,932,410 | |
|
|
|
|
|
|
|
|
Total Materials | | | | | | 4,932,410 | |
|
|
|
|
|
|
|
|
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
Telecommunication Services — 1.0% | | | | | | | |
Diversified Telecommunication Services — 1.0% | | | | | | | |
Qwest Communications International Inc. | | | 1,662,000 | | $ | 5,684,040 | |
|
|
|
|
|
|
|
|
Total Telecommunication Services | | | | | | 5,684,040 | |
|
|
|
|
|
|
|
|
Utilities — 0.5% | | | | | | | |
Independent Power Producers & Energy Traders — 0.5% | | | | | | | |
Mirant Corp. (a) | | | 276,000 | | | 3,146,400 | |
|
|
|
|
|
|
|
|
Total Utilities | | | | | | 3,146,400 | |
|
|
|
|
|
|
|
|
Total Long-Term Investments
(Cost — $628,718,812) — 100.2% | | | | | | 591,785,790 | |
|
|
|
|
|
|
|
|
| | | | | | | |
Short-Term Securities | | Beneficial
Interest
(000) | | | | |
|
|
|
|
|
|
|
|
| | | | | | | |
BlackRock Liquidity Series, LLC Money Market Series, 1.17% (c)(d)(e) | | $ | 10,943 | | | 10,943,300 | |
|
|
|
|
|
|
|
|
Total Short-Term Securities
(Cost — $10,943,300) — 1.9% | | | | | | 10,943,300 | |
|
|
|
|
|
|
|
|
Total Investments
(Cost — $639,662,112*) — 102.1% | | | | | | 602,729,090 | |
Liabilities in Excess of Other Assets — (2.1)% | | | | | | (12,100,441 | ) |
| | | | |
|
|
|
Net Assets — 100.0% | | | | | $ | 590,628,649 | |
| | | | |
|
|
|
| |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as computed for federal income tax purposes, were as follows: |
| | | | | | | |
Aggregate cost | | | | | $ | 657,905,847 | |
| | | | |
|
|
|
Gross unrealized appreciation | | | | | $ | 26,259,831 | |
Gross unrealized depreciation | | | | | | (81,436,588 | ) |
| | | | |
|
|
|
Net unrealized depreciation | | | | | $ | (55,176,757 | ) |
| | | | |
|
|
|
| |
(a) | Non-income producing security. |
| |
(b) | Security, or a portion of security, is on loan. |
| |
(c) | Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
| | | | | | | |
|
|
|
|
|
|
Affiliate | | Net
Activity | | Income | |
|
|
|
|
|
|
BlackRock Liquidity Series, LLC Cash Sweep Series | | | — | | $ | 171 | |
BlackRock Liquidity Series, LLC Money Market Series | | $ | 6,149,300 | | $ | 24,702 | |
|
|
|
|
|
|
|
|
| |
(d) | Represents the current yield as of report date. |
| |
(e) | Security was purchased with the cash proceeds from securities loans. |
| |
• | For Portfolio compliance purposes, the Portfolio’s sector and industry classifications refer to any one or more of the sector and industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
| | |
See Notes to Financial Statements. | | |
|
|
|
BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 47 |
| |
|
| |
Schedule of Investments (concluded) | Master Large Cap Growth Portfolio |
| | |
• | Effective November 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
| | |
| • | Level 1 — price quotations in active markets/exchanges for identical securities |
| | |
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| | |
| • | Level 3 — unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumption used in determining the fair value of investments) |
| | |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
| | |
| The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of the Portfolio’s investments: |
| | | | |
|
|
|
|
|
Valuation Inputs | | Investments in
Securities | |
|
|
|
|
| | Assets | |
| |
|
|
Level 1 | | $ | 591,785,790 | |
Level 2 | | | 10,943,300 | |
Level 3 | | | — | |
|
|
|
|
|
Total | | $ | 602,729,090 | |
| |
|
|
|
| | |
See Notes to Financial Statements. |
|
|
|
48 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
| |
Schedule of Investments March 31, 2009 (Unaudited) | Master Large Cap Value Portfolio |
| (Percentages shown are based on Net Assets) |
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Consumer Discretionary — 9.5% | | | | | | | |
Household Durables — 5.0% | | | | | | | |
D.R. Horton, Inc. | | | 2,720,000 | | $ | 26,384,000 | |
Jarden Corp. (a)(b) | | | 1,460,000 | | | 18,498,200 | |
Lennar Corp. Class A (b) | | | 2,630,000 | | | 19,751,300 | |
NVR, Inc. (a) | | | 60,000 | | | 25,665,000 | |
Pulte Homes, Inc. | | | 1,360,000 | | | 14,864,800 | |
Toll Brothers, Inc. (a)(b) | | | 820,000 | | | 14,891,200 | |
| | | | |
|
|
|
| | | | | | 120,054,500 | |
|
|
|
|
|
|
|
|
Multiline Retail — 1.0% | | | | | | | |
Family Dollar Stores, Inc. | | | 490,000 | | | 16,351,300 | |
Sears Holdings Corp. (a)(b) | | | 160,000 | | | 7,313,600 | |
| | | | |
|
|
|
| | | | | | 23,664,900 | |
|
|
|
|
|
|
|
|
Specialty Retail — 3.5% | | | | | | | |
AutoNation, Inc. (a)(b) | | | 1,730,000 | | | 24,012,400 | |
Barnes & Noble, Inc. (b) | | | 1,060,000 | | | 22,662,800 | |
Foot Locker, Inc. | | | 2,390,000 | | | 25,047,200 | |
RadioShack Corp. | | | 1,600,000 | | | 13,712,000 | |
| | | | |
|
|
|
| | | | | | 85,434,400 | |
|
|
|
|
|
|
|
|
Total Consumer Discretionary | | | | | | 229,153,800 | |
|
|
|
|
|
|
|
|
Consumer Staples — 2.7% | | | | | | | |
Food Products — 1.7% | | | | | | | |
Archer-Daniels-Midland Co. | | | 1,310,000 | | | 36,391,800 | |
Del Monte Foods Co. | | | 540,000 | | | 3,936,600 | |
| | | | |
|
|
|
| | | | | | 40,328,400 | |
|
|
|
|
|
|
|
|
Household Products — 0.5% | | | | | | | |
The Procter & Gamble Co. | | | 260,000 | | | 12,243,400 | |
|
|
|
|
|
|
|
|
Tobacco — 0.5% | | | | | | | |
Reynolds American, Inc. | | | 320,000 | | | 11,468,800 | |
|
|
|
|
|
|
|
|
Total Consumer Staples | | | | | | 64,040,600 | |
|
|
|
|
|
|
|
|
Energy — 26.2% | | | | | | | |
Energy Equipment & Services — 3.1% | | | | | | | |
ENSCO International, Inc. | | | 860,000 | | | 22,704,000 | |
Nabors Industries Ltd. (a) | | | 1,360,000 | | | 13,586,400 | |
Rowan Cos., Inc. | | | 1,030,000 | | | 12,329,100 | |
Tidewater, Inc. | | | 680,000 | | | 25,248,400 | |
| | | | |
|
|
|
| | | | | | 73,867,900 | |
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels — 23.1% | | | | | | | |
Anadarko Petroleum Corp. | | | 880,000 | | | 34,223,200 | |
Chevron Corp. | | | 1,730,000 | | | 116,325,200 | |
ConocoPhillips | | | 1,640,000 | | | 64,222,400 | |
Exxon Mobil Corp. | | | 3,030,000 | | | 206,343,000 | |
Marathon Oil Corp. | | | 1,380,000 | | | 36,280,200 | |
Occidental Petroleum Corp. | | | 400,000 | | | 22,260,000 | |
Sunoco, Inc. | | | 950,000 | | | 25,156,000 | |
Tesoro Corp. | | | 1,610,000 | | | 21,686,700 | |
Valero Energy Corp. | | | 1,710,000 | | | 30,609,000 | |
| | | | |
|
|
|
| | | | | | 557,105,700 | |
|
|
|
|
|
|
|
|
Total Energy | | | | | | 630,973,600 | |
|
|
|
|
|
|
|
|
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Financials — 10.1% | | | | | | | |
Diversified Financial Services — 0.6% | | | | | | | |
JPMorgan Chase & Co. | | | 560,000 | | $ | 14,884,800 | |
|
|
|
|
|
|
|
|
Insurance — 9.5% | | | | | | | |
American Financial Group, Inc. | | | 990,000 | | | 15,889,500 | |
CNA Financial Corp. | | | 90,000 | | | 824,400 | |
Chubb Corp. | | | 850,000 | | | 35,972,000 | |
Everest Re Group Ltd. | | | 50,000 | | | 3,540,000 | |
HCC Insurance Holdings, Inc. | | | 230,000 | | | 5,793,700 | |
PartnerRe Ltd. | | | 440,000 | | | 27,310,800 | |
RenaissanceRe Holdings Ltd. | | | 540,000 | | | 26,697,600 | |
Torchmark Corp. | | | 170,000 | | | 4,459,100 | |
Transatlantic Holdings, Inc. | | | 160,000 | | | 5,707,200 | |
The Travelers Cos., Inc. | | | 1,040,000 | | | 42,265,600 | |
Unitrin, Inc. | | | 460,000 | | | 6,430,800 | |
UnumProvident Corp. | | | 2,260,000 | | | 28,250,000 | |
W.R. Berkley Corp. | | | 1,200,000 | | | 27,060,000 | |
| | | | |
|
|
|
| | | | | | 230,200,700 | |
|
|
|
|
|
|
|
|
Total Financials | | | | | | 245,085,500 | |
|
|
|
|
|
|
|
|
Health Care — 24.9% | | | | | | | |
Biotechnology — 2.5% | | | | | | | |
Amgen, Inc. (a) | | | 1,210,000 | | | 59,919,200 | |
|
|
|
|
|
|
|
|
Health Care Providers & Services — 10.9% | | | | | | | |
Aetna, Inc. | | | 990,000 | | | 24,086,700 | |
AmerisourceBergen Corp. | | | 770,000 | | | 25,148,200 | |
Cigna Corp. | | | 290,000 | | | 5,101,100 | |
Community Health Systems, Inc. (a) | | | 630,000 | | | 9,664,200 | |
Humana, Inc. (a) | | | 870,000 | | | 22,689,600 | |
LifePoint Hospitals, Inc. (a) | | | 1,180,000 | | | 24,614,800 | |
Lincare Holdings, Inc. (a) | | | 940,000 | | | 20,492,000 | |
McKesson Corp. | | | 620,000 | | | 21,724,800 | |
Omnicare, Inc. | | | 930,000 | | | 22,775,700 | |
Quest Diagnostics, Inc. | | | 390,000 | | | 18,517,200 | |
UnitedHealth Group, Inc. | | | 1,460,000 | | | 30,557,800 | |
WellPoint, Inc. (a) | | | 980,000 | | | 37,210,600 | |
| | | | |
|
|
|
| | | | | | 262,582,700 | |
|
|
|
|
|
|
|
|
Health Care Technology — 0.7% | | | | | | | |
IMS Health, Inc. | | | 1,390,000 | | | 17,333,300 | |
|
|
|
|
|
|
|
|
Pharmaceuticals — 10.8% | | | | | | | |
Eli Lilly & Co. | | | 1,360,000 | | | 45,437,600 | |
Endo Pharmaceuticals Holdings, Inc. (a) | | | 1,120,000 | | | 19,801,600 | |
Forest Laboratories, Inc. (a) | | | 1,160,000 | | | 25,473,600 | |
Johnson & Johnson | | | 790,000 | | | 41,554,000 | |
King Pharmaceuticals, Inc. (a) | | | 2,450,000 | | | 17,321,500 | |
Pfizer, Inc. | | | 6,110,000 | | | 83,218,200 | |
Watson Pharmaceuticals, Inc. (a) | | | 870,000 | | | 27,065,700 | |
| | | | |
|
|
|
| | | | | | 259,872,200 | |
|
|
|
|
|
|
|
|
Total Health Care | | | | | | 599,707,400 | |
|
|
|
|
|
|
|
|
Industrials — 6.7% | | | | | | | |
Aerospace & Defense — 2.9% | | | | | | | |
General Dynamics Corp. | | | 300,000 | | | 12,477,000 | |
L-3 Communications Holdings, Inc. | | | 390,000 | | | 26,442,000 | |
Northrop Grumman Corp. | | | 700,000 | | | 30,548,000 | |
| | | | |
|
|
|
| | | | | | 69,467,000 | |
|
|
|
|
|
|
|
|
| | |
See Notes to Financial Statements. | | |
|
|
|
BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 49 |
| |
|
| |
Schedule of Investments (continued) | Master Large Cap Value Portfolio |
| (Percentages shown are based on Net Assets) |
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Industrials (concluded) | | | | | | | |
Commercial Services & Supplies — 0.4% | | | | | | | |
R.R. Donnelley & Sons Co. | | | 1,210,000 | | $ | 8,869,300 | |
|
|
|
|
|
|
|
|
Electrical Equipment — 0.2% | | | | | | | |
Thomas & Betts Corp. (a) | | | 250,000 | | | 6,255,000 | |
|
|
|
|
|
|
|
|
Industrial Conglomerates — 1.0% | | | | | | | |
General Electric Co. | | | 2,400,000 | | | 24,264,000 | |
|
|
|
|
|
|
|
|
Machinery — 1.1% | | | | | | | |
Dover Corp. | | | 920,000 | | | 24,269,600 | |
Timken Co. | | | 110,000 | | | 1,535,600 | |
| | | | |
|
|
|
| | | | | | 25,805,200 | |
|
|
|
|
|
|
|
|
Professional Services — 0.6% | | | | | | | |
Manpower, Inc. | | | 460,000 | | | 14,503,800 | |
|
|
|
|
|
|
|
|
Trading Companies & Distributors — 0.5% | | | | | | | |
United Rentals, Inc. (a) | | | 890,000 | | | 3,746,900 | |
WESCO International, Inc. (a) | | | 500,000 | | | 9,060,000 | |
| | | | |
|
|
|
| | | | | | 12,806,900 | |
|
|
|
|
|
|
|
|
Total Industrials | | | | | | 161,971,200 | |
|
|
|
|
|
|
|
|
Information Technology — 12.7% | | | | | | | |
Computers & Peripherals — 3.1% | | | | | | | |
Lexmark International, Inc. Class A (a) | | | 1,390,000 | | | 23,449,300 | |
QLogic Corp. (a) | | | 2,170,000 | | | 24,130,400 | |
Seagate Technology | | | 690,000 | | | 4,146,900 | |
Western Digital Corp. (a) | | | 1,240,000 | | | 23,981,600 | |
| | | | |
|
|
|
| | | | | | 75,708,200 | |
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components — 2.3% | | | | | | | |
Arrow Electronics, Inc. (a) | | | 960,000 | | | 18,297,600 | |
Ingram Micro, Inc. Class A (a) | | | 1,790,000 | | | 22,625,600 | |
Tech Data Corp. (a) | | | 680,000 | | | 14,810,400 | |
| | | | |
|
|
|
| | | | | | 55,733,600 | |
|
|
|
|
|
|
|
|
IT Services — 2.3% | | | | | | | |
Affiliated Computer Services, Inc. Class A (a)(b) | | | 540,000 | | | 25,860,600 | |
Computer Sciences Corp. (a) | | | 780,000 | | | 28,735,200 | |
DST Systems, Inc. (a) | | | 20,000 | | | 692,400 | |
| | | | |
|
|
|
| | | | | | 55,288,200 | |
|
|
|
|
|
|
|
|
Office Electronics — 0.4% | | | | | | | |
Xerox Corp. | | | 1,800,000 | | | 8,190,000 | |
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment — 0.8% | | | | | | | |
Integrated Device Technology, Inc. (a) | | | 1,280,000 | | | 5,824,000 | |
Novellus Systems, Inc. (a) | | | 860,000 | | | 14,301,800 | |
| | | | |
|
|
|
| | | | | | 20,125,800 | |
|
|
|
|
|
|
|
|
Software — 3.8% | | | | | | | |
BMC Software, Inc. (a) | | | 620,000 | | | 20,460,000 | |
CA, Inc. | | | 1,290,000 | | | 22,716,900 | |
Compuware Corp. (a) | | | 3,610,000 | | | 23,789,900 | |
Synopsys, Inc. (a) | | | 1,180,000 | | | 24,461,400 | |
| | | | |
|
|
|
| | | | | | 91,428,200 | |
|
|
|
|
|
|
|
|
Total Information Technology | | | | | | 306,474,000 | |
|
|
|
|
|
|
|
|
Materials — 0.7% | | | | | | | |
Chemicals — 0.7% | | | | | | | |
The Dow Chemical Co. | | | 2,160,000 | | | 18,208,800 | |
|
|
|
|
|
|
|
|
Total Materials | | | | | | 18,208,800 | |
|
|
|
|
|
|
|
|
| | | | | | | |
Common Stocks | | Shares | | Value | |
|
|
|
|
|
|
|
|
Telecommunication Services — 6.6% | | | | | | | |
Diversified Telecommunication Services — 6.6% | | | | | | | |
AT&T Inc. | | | 2,110,000 | | $ | 53,172,000 | |
Qwest Communications International Inc. | | | 6,950,000 | | | 23,769,000 | |
Verizon Communications, Inc. | | | 2,710,000 | | | 81,842,000 | |
|
|
|
|
|
|
|
|
Total Telecommunication Services | | | | | | 158,783,000 | |
|
|
|
|
|
|
|
|
Total Long-Term Investments
(Cost — $2,767,974,637) — 100.1% | | | | | | 2,414,397,900 | |
|
|
|
|
|
|
|
|
| | | | | | | |
Short-Term Securities | | Beneficial
Interest
(000) | | | | |
|
|
|
|
|
|
|
|
BlackRock Liquidity Series, LLC Money Market Series, 1.17% (c)(d)(e) | | $ | 82,440 | | | 82,440,150 | |
|
|
|
|
|
|
|
|
Total Short-Term Securities
(Cost — $82,440,150) — 3.4% | | | | | | 82,440,150 | |
|
|
|
|
|
|
|
|
Total Investments
(Cost — $2,850,414,787*) — 103.5% | | | | | | 2,496,838,050 | |
Liabilities in Excess of Other Assets — (3.5)% | | | | | | (83,943,195 | ) |
| | | | |
|
|
|
Net Assets — 100.0% | | | | | $ | 2,412,894,855 | |
| | | | |
|
|
|
| | | | | | | |
|
|
|
|
|
|
|
|
| |
* | The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as computed for federal income tax purposes, were as follows: |
| | | | |
Aggregate cost | | $ | 2,943,141,999 | |
| |
|
|
|
Gross unrealized appreciation | | $ | 123,812,521 | |
Gross unrealized depreciation | | | (570,116,470 | ) |
| |
|
|
|
Net unrealized depreciation | | $ | (446,303,949 | ) |
| |
|
|
|
| |
(a) | Non-income producing security. |
| |
(b) | Security, or a portion of security, is on loan. |
| |
(c) | Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
| | | | | | | |
|
|
|
|
|
|
|
|
Affiliate | | Net
Activity | | Income | |
|
|
|
|
|
|
BlackRock Liquidity Series, LLC Cash Sweeps Series | | $ | (3,951,863 | ) | $ | 7,268 | |
BlackRock Liquidity Series, LLC Money Market Series | | $ | 49,959,250 | | $ | 155,252 | |
|
|
|
|
|
|
|
|
| |
(d) | Represents the current yield as of report date. |
| |
(e) | Security was purchased with the cash proceeds from securities loans. |
| |
• | For Portfolio compliance purposes, the Portfolio’s sector and industry classifications refer to any one or more of the sector and industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease. |
| | |
See Notes to Financial Statements. |
|
50 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
| |
Schedule of Investments (concluded) | Master Large Cap Value Portfolio |
| | |
• | Effective November 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
| | |
| • | Level 1 — price quotations in active markets/exchanges for identical securities |
| | |
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| | |
| • | Level 3 — unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Portfolio’s own assumption used in determining the fair value of investments) |
| | |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. |
| | |
| The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of the Portfolio’s investments: |
| | | | |
|
|
|
|
|
Valuation Inputs | | Investments in
Securities | |
|
|
|
|
| | Assets | |
| |
|
|
Level 1 | | $ | 2,414,397,900 | |
Level 2 | | | 82,440,150 | |
Level 3 | | | — | |
|
|
|
|
|
Total | | $ | 2,496,838,050 | |
| |
|
|
|
| | |
See Notes to Financial Statements. | | |
|
BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 51 |
| |
|
|
| |
Statements of Assets and Liabilities | Master Large Cap Series LLC |
| | | | | | | | | | |
March 31, 2009 (Unaudited) | | Master Large
Cap Core
Portfolio | | Master Large
Cap Growth
Portfolio | | Master Large
Cap Value
Portfolio | |
|
|
|
|
|
|
|
|
Assets | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Investments at value — unaffiliated1,2 | | $ | 3,025,153,125 | | $ | 591,785,790 | | $ | 2,414,397,900 | |
Investments at value — affiliated3 | | | 154,695,400 | | | 10,943,300 | | | 82,440,150 | |
Investments sold receivable — unaffiliated | | | 62,986,201 | | | 49,218,325 | | | 101,478,654 | |
Investments sold receivable — affiliated | | | 2,646,308 | | | — | | | — | |
Dividends receivable | | | 2,633,600 | | | 351,020 | | | 2,010,575 | |
Contributions receivable from investors | | | 273,956 | | | 37,722,212 | | | — | |
Securities lending income receivable — affiliated | | | 184,772 | | | 4,517 | | | 117,092 | |
Interest receivable | | | — | | | 59 | | | 1,422 | |
Prepaid expenses | | | 99,275 | | | 21,965 | | | 95,509 | |
Other assets | | | — | | | 255 | | | 99,035 | |
| |
|
|
|
|
|
|
|
|
|
Total assets | | | 3,248,672,637 | | | 690,047,443 | | | 2,600,640,337 | |
| |
|
|
|
|
|
|
|
|
|
| | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Liabilities | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Collateral at value — securities loaned | | | 154,695,400 | | | 10,943,300 | | | 82,440,150 | |
Bank overdraft | | | 2,266,039 | | | 549,576 | | | 59,243 | |
Investments purchased payable — unaffiliated | | | 57,309,606 | | | 86,575,134 | | | 101,366,237 | |
Investments purchased payable — affiliated | | | — | | | 1,024,870 | | | — | |
Withdrawals payable to investors | | | 8,581,485 | | | 33,152 | | | 2,815,894 | |
Investment advisory fees payable | | | 1,151,472 | | | 224,142 | | | 973,888 | |
Officer’s and Directors’ fees payable | | | 439 | | | 76 | | | 605 | |
Other affiliates payable | | | 28,181 | | | 7,826 | | | 35,796 | |
Other accrued expenses payable | | | 135,070 | | | 60,718 | | | 46,763 | |
Other liabilities | | | 4,518 | | | — | | | 6,906 | |
| |
|
|
|
|
|
|
|
|
|
Total liabilities | | | 224,172,210 | | | 99,418,794 | | | 187,745,482 | |
| |
|
|
|
|
|
|
|
|
|
Net Assets | | $ | 3,024,500,427 | | $ | 590,628,649 | | $ | 2,412,894,855 | |
| |
|
|
|
|
|
|
|
|
|
| | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Investors’ capital | | $ | 3,448,477,609 | | $ | 627,561,671 | | $ | 2,766,471,592 | |
Net unrealized appreciation/depreciation | | | (423,977,182 | ) | | (36,933,022 | ) | | (353,576,737 | ) |
| |
|
|
|
|
|
|
|
|
|
Net Assets | | $ | 3,024,500,427 | | $ | 590,628,649 | | $ | 2,412,894,855 | |
| |
|
|
|
|
|
|
|
|
|
1 Investments at cost — unaffiliated | | $ | 3,449,130,307 | | $ | 628,718,812 | | $ | 2,767,974,637 | |
| |
|
|
|
|
|
|
|
|
|
2 Securities loaned at value | | $ | 152,294,484 | | $ | 11,143,838 | | $ | 78,856,083 | |
| |
|
|
|
|
|
|
|
|
|
3 Investments at cost — affiliated | | $ | 154,695,400 | | $ | 10,943,300 | | $ | 82,440,150 | |
| |
|
|
|
|
|
|
|
|
|
| | |
See Notes to Financial Statements. |
|
|
|
52 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
|
| |
Statements of Operations | Master Large Cap Series LLC |
| | | | | | | | | | | | | | | | | | | |
| | Master Large Cap
Core Portfolio | | Master Large Cap
Growth Portfolio | | Master Large Cap
Value Portfolio | |
| |
| |
| |
| |
| | Period
November 1
2008
to March 31,
2009
(Unaudited) | | Year Ended
October 31,
2008 | | Period
November 1
2008
to March 31,
2009
(Unaudited) | | Year Ended
October 31,
2008 | | Period
November 1
2008
to March 31,
2009
(Unaudited) | | Year Ended
October 31,
2008 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Income | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends | | $ | 26,264,202 | | $ | 60,423,512 | | $ | 3,860,979 | | $ | 10,476,436 | | $ | 29,984,023 | | $ | 77,751,307 | |
Securities lending — affiliated | | | 235,227 | | | 2,505,518 | | | 24,702 | | | 532,649 | | | 155,252 | | | 1,943,004 | |
Income — affiliated | | | 2,040 | | | 47,261 | | | 296 | | | 37,127 | | | 8,668 | | | 179,408 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total income | | | 26,501,469 | | | 62,976,291 | | | 3,885,977 | | | 11,046,212 | | | 30,147,943 | | | 79,873,719 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory | | | 5,494,942 | | | 20,282,735 | | | 1,223,267 | | | 4,995,410 | | | 5,464,864 | | | 22,131,879 | |
Accounting services | | | 238,044 | | | 704,837 | | | 114,206 | | | 342,759 | | | 250,599 | | | 703,315 | |
Custodian | | | 137,686 | | | 615,937 | | | 34,998 | | | 143,303 | | | 127,764 | | | 541,106 | |
Professional | | | 46,169 | | | 92,678 | | | 28,093 | | | 56,961 | | | 37,320 | | | 87,896 | |
Officer and Directors | | | 23,502 | | | 69,965 | | | 10,412 | | | 28,916 | | | 21,986 | | | 71,242 | |
Printing | | | 2,119 | | | 6,931 | | | 552 | | | 1,744 | | | 1,921 | | | 7,378 | |
Miscellaneous | | | 29,646 | | | 84,660 | | | 9,211 | | | 22,075 | | | 28,396 | | | 80,669 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total expenses | | | 5,972,108 | | | 21,857,743 | | | 1,420,739 | | | 5,591,168 | | | 5,932,850 | | | 23,623,485 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net investment income | | | 20,529,361 | | | 41,118,548 | | | 2,465,238 | | | 5,455,044 | | | 24,215,093 | | | 56,250,234 | |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized loss from investments | | | (620,518,873 | ) | | (521,502,159 | ) | | (163,730,985 | ) | | (114,597,872 | ) | | (759,204,312 | ) | | (586,455,313 | ) |
Net change in unrealized appreciation/depreciation on investments | | | 210,196,092 | | | (1,536,726,590 | ) | | 104,052,330 | | | (333,142,941 | ) | | 296,664,817 | | | (1,366,434,994 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Total realized and unrealized loss | | | (410,322,781 | ) | | (2,058,228,749 | ) | | (59,678,655 | ) | | (447,740,813 | ) | | (462,539,495 | ) | | (1,952,890,307 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
Net Decrease in Net Assets Resulting from Operations | | $ | (389,793,420 | ) | $ | (2,017,110,201 | ) | $ | (57,213,417 | ) | $ | (442,285,769 | ) | $ | (438,324,402 | ) | $ | (1,896,640,073 | ) |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
|
| | |
See Notes to Financial Statements. |
|
|
|
BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 53 |
| |
|
|
| |
Statements of Changes in Net Assets | Master Large Cap Series LLC |
| | | | | | | | | | | | | | | | | | | |
| | (As Restated for 2007. See Note 7)
Master Large Cap Core Portfolio | | | |
| | | Master Large Cap Growth Portfolio | |
| |
| |
|
|
| | Period
November 1,
2008 to
March 31,
2009
(Unaudited) | | | | Period
November 1,
2008 to
March 31,
2009
(Unaudited) | | | |
| | | | | | | |
| | | Year Ended
October 31, | | | Year Ended
October 31, | |
| | |
| | |
|
|
Increase (Decrease) in Net Assets: | | | 2008 | | 2007 | | | 2008 | | 2007 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income | | $ | 20,529,361 | | $ | 41,118,548 | | $ | 27,760,104 | | $ | 2,465,238 | | $ | 5,455,044 | | $ | 2,458,062 | |
Net realized gain (loss) | | | (620,518,873 | ) | | (521,502,159 | ) | | 527,140,752 | | | (163,730,985 | ) | | (114,597,872 | ) | | 69,759,009 | |
Net change in unrealized appreciation/depreciation | | | 210,196,092 | | | (1,536,726,590 | ) | | 22,249,344 | | | 104,052,330 | | | (333,142,941 | ) | | 89,197,066 | |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (389,793,420 | ) | | (2,017,110,201 | ) | | 577,150,200 | | | (57,213,417 | ) | | (442,285,769 | ) | | 161,414,137 | |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Transactions | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from contributions | | | 924,954,722 | | | 986,366,566 | | | 1,415,268,883 | | | 120,835,008 | | | 469,632,427 | | | 596,750,862 | |
Fair value of withdrawals | | | (354,175,650 | ) | | (1,775,472,579 | ) | | (219,326,884 | ) | | (138,955,644 | ) | | (595,379,184 | ) | | (309,546,572 | ) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets derived from capital transactions | | | 570,779,072 | | | (789,106,013 | ) | | 1,195,941,999 | | | (18,120,636 | ) | | (125,746,757 | ) | | 287,204,290 | |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets | | | 180,985,652 | | | (2,806,216,214 | ) | | 1,773,092,199 | | | (75,334,053 | ) | | (568,032,526 | ) | | 448,618,427 | |
Beginning of period | | | 2,843,514,775 | | | 5,649,730,989 | | | 3,876,638,790 | | | 665,962,702 | | | 1,233,995,228 | | | 785,376,801 | |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
End of period | | $ | 3,024,500,427 | | $ | 2,843,514,775 | | $ | 5,649,730,989 | | $ | 590,628,649 | | $ | 665,962,702 | | $ | 1,233,995,228 | |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
| |
Statements of Changes in Net Assets | Master Large Cap Series LLC |
| | | | | | | | | | |
| | Master Large Cap Value Portfolio | |
| |
|
|
| | Period
November 1,
2008 to
March 31,
2009
(Unaudited) | | | |
| | | | |
| | | Year Ended
October 31, | |
| | |
|
|
Increase (Decrease) in Net Assets: | | | 2008 | | 2007 | |
|
|
|
|
|
|
|
|
|
|
|
Operations | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Net investment income | | $ | 24,215,093 | | $ | 56,250,234 | | $ | 45,367,286 | |
Net realized gain (loss) | | | (759,204,312 | ) | | (586,455,313 | ) | | 338,339,351 | |
Net change in unrealized appreciation/depreciation | | | 296,664,817 | | | (1,366,434,994 | ) | | 147,211,110 | |
| |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations | | | (438,324,402 | ) | | (1,896,640,073 | ) | | 530,917,747 | |
| |
|
|
|
|
|
|
|
|
|
| | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Capital Transactions | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from contributions | | | 394,081,558 | | | 1,889,127,025 | | | 2,162,748,781 | |
Fair value of withdrawals | | | (605,977,928 | ) | | (2,321,525,876 | ) | | (1,229,437,681 | ) |
| |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets derived from capital transactions | | | (211,896,370 | ) | | (432,398,851 | ) | | 933,311,100 | |
| |
|
|
|
|
|
|
|
|
|
| | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Net Assets | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets | | | (650,220,772 | ) | | (2,329,038,924 | ) | | 1,464,228,847 | |
Beginning of period | | | 3,063,115,627 | | | 5,392,154,551 | | | 3,927,925,704 | |
| |
|
|
|
|
|
|
|
|
|
End of period | | $ | 2,412,894,855 | | $ | 3,063,115,627 | | $ | 5,392,154,551 | |
| |
|
|
|
|
|
|
|
|
|
| | |
See Notes to Financial Statements. |
|
|
|
54 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
| |
|
| |
Financial Highlights | Master Large Cap Series LLC |
| | | | | | | | | | | | | | | | | | | |
| | Master Large Cap Core Portfolio | |
| |
|
|
| | Period
November 1,
2008 to
March 31,
2009
(Unaudited) | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | Year Ended October 31, | |
| | |
|
|
| | | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return | | | (11.79 | )%1 | | (38.84 | )% | | 13.94 | % | | 17.32 | % | | 18.35 | % | | 9.61 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses | | | 0.51 | %2 | | 0.50 | % | | 0.49 | % | | 0.49 | % | | 0.51 | % | | 0.52 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income | | | 1.75 | %2 | | 0.93 | % | | 0.63 | % | | 0.58 | % | | 0.72 | % | | 0.57 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000) | | $ | 3,024,500 | | $ | 2,843,515 | | $ | 5,649,731 | | $ | 3,876,639 | | $ | 2,666,699 | | $ | 1,831,300 | |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio turnover | | | 70 | % | | 109 | % | | 96 | % | | 88 | % | | 94 | % | | 136 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | |
| 1 | Aggregate total investment return. |
| | |
| 2 | Annualized. |
| |
|
| |
Financial Highlights (continued) | Master Large Cap Series LLC |
| |
| | | | | | | | | | | | | | | | | | | |
| | Master Large Cap Growth Portfolio | |
| |
|
|
| | Period
November 1,
2008 to
March 31,
2009
(Unaudited) | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | Year Ended October 31, | |
| | |
|
|
| | | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return | | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment return | | | (8.13 | )%1 | | (37.96 | )% | | 17.47 | % | | 14.05 | % | | 12.47 | % | | 5.42 | % |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses | | | 0.58 | %2 | | 0.56 | % | | 0.56 | % | | 0.56 | % | | 0.57 | % | | 0.59 | % |
| |
|
|
|
|
|
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Net investment income | | | 1.01 | %2 | | 0.54 | % | | 0.25 | % | | 0.26 | % | | 0.33 | % | | 0.09 | % |
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Supplemental Data | | | | | | | | | | | | | | | | | | | |
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Net assets, end of period (000) | | $ | 590,629 | | $ | 665,963 | | $ | 1,233,995 | | $ | 785,377 | | $ | 489,398 | | $ | 344,400 | |
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Portfolio turnover | | | 107 | % | | 144 | % | | 87 | % | | 117 | % | | 132 | % | | 165 | % |
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| 1 | Aggregate total investment return. |
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| 2 | Annualized. |
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See Notes to Financial Statements. |
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BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 55 |
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Financial Highlights (concluded) | Master Large Cap Series LLC |
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| | Master Large Cap Value Portfolio | |
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| | Period
November 1,
2008 to
March 31,
2009
(Unaudited) | | | | | | | | | | | | |
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| | | Year Ended October 31, | |
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| | | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
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Total Investment Return | | | | | | | | | | | | | | | | | | | |
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Total investment return | | | (14.38 | )%1 | | (36.54 | )% | | 12.72 | % | | 18.48 | % | | 21.93 | % | | 14.57 | % |
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Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | |
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Total expenses | | | 0.54 | %2 | | 0.51 | % | | 0.51 | % | | 0.53 | % | | 0.55 | % | | 0.56 | % |
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Net investment income | | | 2.22 | %2 | | 1.22 | % | | 0.95 | % | | 0.73 | % | | 0.80 | % | | 0.93 | % |
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Supplemental Data | | | | | | | | | | | | | | | | | | | |
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Net assets, end of period (000) | | $ | 2,412,895 | | $ | 3,063,116 | | $ | 5,392,155 | | $ | 3,927,926 | | $ | 1,535,988 | | $ | 810,489 | |
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Portfolio turnover | | | 58 | % | | 108 | % | | 72 | % | | 71 | % | | 95 | % | | 128 | % |
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| 1 | Aggregate total investment return. |
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| 2 | Annualized. |
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See Notes to Financial Statements. |
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56 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
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Notes to Financial Statements (Unaudited) | Master Large Cap Series LLC |
1. Organization and Significant Accounting Policies:
Master Large Cap Core Portfolio, Master Large Cap Growth Portfolio and Master Large Cap Value Portfolio (the “Portfolios” or individually, a “Portfolio”) constitute the Master Large Cap Series LLC (the “Master LLC”). The Master LLC is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open-end management investment company and is organized as a Delaware limited liability company. The Limited Liability Company Agreement permits the Board of Directors (the “Board”) to issue non-transferable interests in the Master LLC, subject to certain limitations. The Portfolios’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. During the period, the Portfolios changed their fiscal year end to September 30. On January 30, 2009, Master Large Cap Core Portfolio received an in-kind contribution of portfolio securities from one of its investors, which was valued at $771,174,100.
The following is a summary of significant accounting policies followed by the Portfolios:
Valuation of Investments: Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System 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 price. If no bid price is available, the prior day’s price will be used, unless it is determined that such prior day’s price no longer reflects the fair value of the security. Short-term securities with maturities less than 60 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value each business day. The Portfolios value their investments in Cash Sweep Series and Money Market Series, each of the BlackRock Liquidity Series, LLC at fair value, which is ordinarily based upon their pro-rata ownership in the net assets of the underlying fund.
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by the Board of Directors (the “Board”) as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that a Portfolio might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.
Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated a reduction of cost of the related investment and/or realized gain. Interest income is recognized on the accrual basis.
Securities Lending: The Portfolios may lend securities to financial institutions that provide cash, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of each Portfolio and any additional required collateral is delivered to the Portfolios on the next business day. Each Portfolio typically receives income on loaned securities but does not receive income on the collateral. Each Portfolio may invest the cash collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. 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 Portfolios may pay reasonable lending agent, administrative and custodial fees in connection with their loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Portfolios could experience delays and costs in gaining access to the collateral. The Portfolios also could suffer a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities.
Income Taxes: Each Portfolio is classified as a partnership for federal income tax purposes. As such, each investor in a Portfolio is treated as owner of its proportionate share of the net assets, income, expenses and realized and unrealized gains and losses of the Portfolio. Therefore, no federal income tax provision is required. It is intended that each Portfolio’s assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code.
Recent Accounting Pronouncement: In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Portfolios’ financial statement disclosures, if any, is currently being assessed.
Bank Overdraft: The Portfolios recorded bank overdrafts, which resulted from estimates of available cash.
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BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 57 |
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Notes to Financial Statements (continued) | Master Large Cap Series LLC |
Other: Expenses directly related to one of the Portfolios are charged to that Portfolio. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
The Master LLC, on behalf of each Portfolio, has entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. The PNC Financial Services Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). BAC became a stockholder of BlackRock following its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch were considered affiliates of the Portfolio under the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but due to the restructuring of Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.
The Advisor is responsible for the management of each Portfolio’s investments and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Portfolios. Master Large Cap Core Portfolio pays a monthly fee at an annual rate of 0.50% of the average daily net assets not exceeding $1 billion, 0.45% of the average daily net assets in excess of $1 billion but not exceeding $5 billion and 0.40% of the average daily net assets in excess of $5 billion; Master Large Cap Growth Portfolio pays a monthly fee at an annual rate of 0.50% of the average daily net assets not exceeding $5 billion and 0.45% of the average daily net assets in excess of $5 billion; Master Large Cap Value Portfolio pays a monthly fee at an annual rate of 0.50% of the average daily net assets not exceeding $3 billion and 0.45% the average daily net assets in excess of $3 billion.
The Advisor has entered into a separate sub-advisory agreement with BlackRock Investment Management, LLC (“BIM”), an affiliate of the Advisor with respect to each Portfolio, under which the Advisor pays BIM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by each Portfolio to the Advisor.
For the period November 1, 2008 to March 31, 2009, and the year ended October 31, 2008, each Portfolio reimbursed the Advisor the following amounts for certain accounting services, which is included in accounting services in the Statements of Operations:
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Accounting Services | | Period November 1,
2008 to March 31,
2009 | | Year Ended
October 31,
2008 | |
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Master Large Cap Core Portfolio | | | $ | 23,142 | | | | $ | 79,621 | | |
Master Large Cap Growth Portfolio | | | $ | 6,953 | | | | $ | 18,111 | | |
Master Large Cap Value Portfolio | | | $ | 29,288 | | | | $ | 83,040 | | |
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The Master LLC has received an exemptive order from the Securities Exchange Commission permitting it to lend portfolio securities to Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, or its affiliates. Pursuant to that order, each Portfolio has retained BIM as the securities lending agent for a fee based on a share of the returns on investment of cash collateral. BIM may, on behalf of a Portfolio, invest cash collateral received by the Portfolio for such loans, among other things, in a private investment company managed by the Advisor or in registered money market funds advised by the Advisor or its affiliates. The share of income earned by the Portfolios on such investments is shown as securities lending — affiliated on the Statements of Operations. For the period November 1, 2008 to March 31, 2009, and the year ended October 31, 2008, BIM received the following amounts in securities lending agent fees:
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| | Period November 1,
2008 to March 31,
2009 | | Year Ended
October 31,
2008 | |
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Master Large Cap Core Portfolio | | | $ | 66,522 | | | | $ | 608,113 | | |
Master Large Cap Growth Portfolio | | | $ | 6,261 | | | | $ | 130,236 | | |
Master Large Cap Value Portfolio | | | $ | 42,522 | | | | $ | 431,465 | | |
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The Portfolios may earn income on positive cash balances in demand deposit accounts. For the period November 1, 2008 to March 31, 2009, and the year ended October 31, 2008, the Portfolios earned the following amounts, which are included in income — affiliated in the Statements of Operations:
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| | Period November 1,
2008 to March 31,
2009 | | Year Ended
October 31,
2008 | |
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Master Large Cap Core Portfolio | | | $ | 1,751 | | | | $ | 36,030 | | |
Master Large Cap Growth Portfolio | | | $ | 125 | | | | $ | 4,795 | | |
Master Large Cap Value Portfolio | | | $ | 1,400 | | | | $ | 54,352 | | |
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Certain officers and/or directors of the Master LLC are officers and/or directors of BlackRock, Inc. or its affiliates. Each Portfolio reimburses the Advisor for compensation paid to the Master LLC’s Chief Compliance Officer.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the period November 1, 2008 to March 31, 2009 were as follows:
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| | Purchases | | Sales | |
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Master Large Cap Core Portfolio | | $ | 2,683,323,022 | | $ | 2,038,044,217 | |
Master Large Cap Growth Portfolio | | $ | 668,039,603 | | $ | 684,117,560 | |
Master Large Cap Value Portfolio | | $ | 1,547,006,919 | | $ | 1,740,732,949 | |
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58 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
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| |
Notes to Financial Statements (concluded) | Master Large Cap Series LLC |
4. Short-Term Borrowings:
The Master LLC, on behalf of the Portfolios, along with certain other funds managed by the Advisor and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which expired in November 2008 and was subsequently renewed until November 2009. Each Portfolio may borrow under the credit agreement to fund shareholder redemptions and for other lawful purposes other than for leverage. Each Portfolio may borrow up to the maximum amount allowable under each Portfolio’s current Prospectus and Statement of Additional Information, subject to various other legal, regulatory or contractual limits. The Portfolios paid their pro rata share of a 0.02% upfront fee on the aggregate commitment amount based on their net assets as of October 31, 2008. Each Portfolio pays a commitment fee of 0.08% per annum based on each Portfolio’s pro rata share of the unused portion of the credit agreement, which is included in miscellaneous in the Statements of Operations. Amounts borrowed under the credit agreement bear interest at a rate equal to the higher of the (a) federal funds effective rate and (b) reserve adjusted one month LIBOR, plus, in each case, the higher of (i) 1.50% and (ii) 50% of the CDX Index (as defined in the credit agreement) in effect from time to time. The Portfolios did not borrow under the credit agreement during the period November 1, 2008 to March 31, 2009.
5. Market and Credit Risk:
In the normal course of business, the Portfolios 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 (credit risk). The value of securities held by the Portfolios may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Portfolios; 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 credit risk, the Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Portfolios have unsettled or open transactions may default. Financial assets, which potentially expose the Portfolios to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Portfolios’ exposure to credit and counterparty risks with respect to these financial assets is approximated by their value recorded in the Portfolios’ Statements of Assets and Liabilities.
6. Reorganization:
Master Large Cap Core Portfolio
On September 24, 2007, an investor of the Portfolio acquired all of the net assets of BlackRock Investment Trust Portfolio of BlackRock Funds (“Investment Trust”), pursuant to a plan of reorganization. As a result of the reorganization, which included $286,539,853 of net unrealized appreciation, the Portfolio received an in-kind contribution of portfolio securities.
On November 17, 2008, an investor of Master Large Cap Core acquired all of the assets and certain stated liabilities of PNC Growth & Income Fund (the “PNC Fund”), a series of PNC Funds, Inc. The reorganization was pursuant to an Agreement and Plan of Reorganization, which was approved by the shareholders of the PNC Fund on October 31, 2008. As a result of the reorganization, which included $59,817,678 of net unrealized depreciation, Master Large Cap Core received an in-kind contribution of portfolio securities.
7. Restatement:
Master Large Cap Core Portfolio
During the October 31, 2008’s financial reporting process, Master Large Cap Core Portfolio determined that the net unrealized appreciation recognized as a result of the September 24, 2007 reorganization described in Note 6 should have been reported in the financial statements as proceeds received from contributions rather than as part of the net change in unrealized appreciation for the year ended October 31, 2007. Accordingly, Master Large Cap Core Portfolio has restated its Statement of Changes in Net Assets for the year ended October 31, 2007 to appropriately reduce the net change in unrealized appreciation/depreciation and increase the proceeds from contributions by a corresponding amount.
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Statement of Changes in Net Assets
Year Ended October 31, 2007 | | Previously
Reported | | Restated | |
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Net change in unrealized appreciation/depreciation | | $ | 308,789,197 | | $ | 22,249,344 | |
Net increase in net assets resulting from operations | | $ | 863,690,053 | | $ | 577,150,200 | |
Proceeds from contributions | | $ | 1,128,729,030 | | $ | 1,415,268,883 | |
Net increase (decrease) in net assets derived from capital transactions | | $ | 909,402,146 | | $ | 1,195,941,999 | |
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BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 59 |
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Officers and Directors |
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Ronald W. Forbes, Co-Chairman of the Board and Director |
Rodney D. Johnson, Co-Chairman of the Board and Director |
David O. Beim, Director |
Richard S. Davis, Director |
Henry Gabbay, Director |
Dr. Matina Horner, Director |
Herbert I. London, Director |
Cynthia A. Montgomery, Director |
Joseph P. Platt, Jr., Director |
Robert C. Robb, Jr., Director |
Toby Rosenblatt, Director |
Kenneth L. Urish, Chairman of the Audit Committee and Director |
Frederick W. Winter, Director |
Donald C. Burke, Fund President and Chief Executive Officer |
Anne F. Ackerley, Vice President |
Neal J. Andrews, Chief Financial Officer |
Jay M. Fife, Treasurer |
Brian P. Kindelan, Chief Compliance Officer of the Funds |
Howard B. Surloff, Secretary |
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Custodian |
Brown Brothers Harriman & Co. |
Boston, MA 02109 |
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Transfer Agent |
PNC Global Investment Servicing (U.S.) Inc. |
Wilmington, DE 19809 |
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Accounting Agent |
State Street Bank and Trust Company |
Princeton, NJ 08540 |
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Independent Registered Public Accounting Firm |
Deloitte & Touche LLP |
Princeton, NJ 08540 |
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Legal Counsel |
Sidley Austin LLP |
New York, NY 10019 |
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60 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
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Additional Information |
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BlackRock Privacy Principles |
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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.
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Availability of Additional Information |
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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:
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1) | Access the BlackRock website at http://www.blackrock.com/edelivery |
| |
2) | Click on the applicable link and follow the steps to sign up |
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3) | Log into your account |
Householding
The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Funds at (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 toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.
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BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 61 |
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Additional Information (concluded) |
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Availability of Additional Information (concluded) |
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Availability of Proxy Voting Record
Information about how the Funds vote 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 www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
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 SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at 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 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.
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62 | BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 |
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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.
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Equity Funds |
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BlackRock All-Cap Energy & Resources Portfolio |
BlackRock Asset Allocation Portfolio† |
BlackRock Aurora Portfolio |
BlackRock Balanced Capital Fund† |
BlackRock Basic Value Fund |
BlackRock Capital Appreciation Portfolio |
BlackRock Energy & Resources Portfolio |
BlackRock Equity Dividend Fund |
BlackRock EuroFund |
BlackRock Focus Growth Fund |
BlackRock Focus Value Fund |
BlackRock Fundamental Growth Fund |
BlackRock Global Allocation Fund† |
BlackRock Global Dynamic Equity Fund |
BlackRock Global Emerging Markets Fund |
BlackRock Global Financial Services Fund |
BlackRock Global Growth Fund |
BlackRock Global Opportunities Portfolio |
BlackRock Global SmallCap Fund |
BlackRock Health Sciences Opportunities Portfolio |
BlackRock Healthcare Fund |
BlackRock Index Equity Portfolio* |
BlackRock International Fund |
BlackRock International Diversification Fund |
BlackRock International Index Fund |
BlackRock International Opportunities Portfolio |
BlackRock International Value Fund |
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 Mid-Cap Growth Equity Portfolio |
BlackRock Mid-Cap Value Equity Portfolio |
BlackRock Mid Cap Value Opportunities Fund |
BlackRock Natural Resources Trust |
BlackRock Pacific Fund |
BlackRock Science & Technology Opportunities Portfolio |
BlackRock Small Cap Core Equity Portfolio |
BlackRock Small Cap Growth Equity Portfolio |
BlackRock Small Cap Growth Fund II |
BlackRock Small Cap Index Fund |
BlackRock Small Cap Value Equity Portfolio* |
BlackRock Small/Mid-Cap Growth Portfolio |
BlackRock S&P 500 Index Fund |
BlackRock U.S. Opportunities Portfolio |
BlackRock Utilities and Telecommunications Fund |
BlackRock Value Opportunities Fund |
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Fixed Income Funds |
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BlackRock Bond Portfolio |
BlackRock Emerging Market Debt Portfolio |
BlackRock Enhanced Income Portfolio |
BlackRock GNMA Portfolio |
BlackRock Government Income Portfolio |
BlackRock High Income Fund |
BlackRock High Yield Bond Portfolio |
BlackRock Income Portfolio† |
BlackRock Income Builder Portfolio† |
BlackRock Inflation Protected Bond Portfolio |
BlackRock Intermediate Government Bond Portfolio |
BlackRock International Bond Portfolio |
BlackRock Long Duration Bond Portfolio |
BlackRock Low Duration Bond Portfolio |
BlackRock Managed Income Portfolio |
BlackRock Short-Term Bond Fund |
BlackRock Strategic Income Portfolio |
BlackRock Total Return Fund |
BlackRock Total Return Portfolio II |
BlackRock World Income Fund |
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Municipal Bond Funds |
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BlackRock AMT-Free Municipal Bond Portfolio |
BlackRock California Municipal Bond Fund |
BlackRock Delaware Municipal Bond Portfolio |
BlackRock High Yield Municipal Fund |
BlackRock Intermediate Municipal Fund |
BlackRock Kentucky Municipal Bond Portfolio |
BlackRock Municipal Insured Fund |
BlackRock National Municipal Fund |
BlackRock New Jersey Municipal Bond Fund |
BlackRock New York Municipal Bond Fund |
BlackRock Ohio Municipal Bond Portfolio |
BlackRock Pennsylvania Municipal Bond Fund |
BlackRock Short-Term Municipal Fund |
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Target Risk & Target Date Funds |
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BlackRock Prepared Portfolios |
Conservative Prepared Portfolio |
Moderate Prepared Portfolio |
Growth Prepared Portfolio |
Aggressive Growth Prepared Portfolio |
BlackRock Lifecycle Prepared Portfolios |
Prepared Portfolio 2010 |
Prepared Portfolio 2015 |
Prepared Portfolio 2020 |
Prepared Portfolio 2025 |
Prepared Portfolio 2030 |
Prepared Portfolio 2035 |
Prepared Portfolio 2040 |
Prepared Portfolio 2045 |
Prepared Portfolio 2050 |
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* | See the prospectus for information on specific limitations on investments in the fund. |
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† | Mixed asset fund. |
BlackRock mutual funds are currently distributed by BlackRock Investments, LLC. You should consider the investment objectives, risks, charges and expenses of the funds under consideration carefully before investing. Each fund’s prospectus contains this and other information and is available at www.blackrock.com or by calling (800) 882-0052 or from your financial advisor. The prospectus should be read carefully before investing.
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BLACKROCK LARGE CAP SERIES FUNDS, INC. | MARCH 31, 2009 | 63 |
These reports are not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless accompanied or preceded by the Funds’ current prospectus. Past performance results shown in these reports 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.
BlackRock Large Cap Series Funds, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
#CAPSERIES-3/09
| Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
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Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
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Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
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Item 5 – | Audit Committee of Listed Registrants – Not Applicable |
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Item 6 – | Investments |
| | (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. |
| | (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. |
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Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable |
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Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable |
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Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
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| Item 10 – | Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures. |
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| Item 11 – | Controls and Procedures |
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11(a) – | The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended. |
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11(b) – | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
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| Item 12 – | Exhibits attached hereto |
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| 12(a)(1) – | Code of Ethics – Not Applicable to this semi-annual report |
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| 12(a)(2) – | Certifications – Attached hereto |
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| 12(a)(3) – | Not Applicable |
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12(b) – | Certifications – Attached hereto |
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| | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
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| | BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC |
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| | By: | /s/ Donald C. Burke | |
| | | Donald C. Burke |
| | | Chief Executive Officer of |
| | | BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC |
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| | Date: May 20, 2009 |
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| | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
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| | By: | /s/ Donald C. Burke | |
| | | Donald C. Burke |
| | | Chief Executive Officer (principal executive officer) of |
| | | BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC |
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| | Date: May 20, 2009 |
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| | By: | /s/ Neal J. Andrews | |
| | | Neal J. Andrews |
| | | Chief Financial Officer (principal financial officer) of |
| | | BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC |
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| | Date: May 20, 2009 |
