Blackrock Large Cap Series Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09637 and 811-09739

Name of Fund:	BlackRock Large Cap Series Funds, Inc.
	BlackRock Large Cap Core Fund
	BlackRock Large Cap Growth Fund
	BlackRock Large Cap Value Fund
	BlackRock Large Cap Core Retirement Portfolio
	BlackRock Large Cap Growth Retirement Portfolio
	BlackRock Large Cap Value Retirement Portfolio
	Master Large Cap Series LLC
	Master Large Cap Core Portfolio
	Master Large Cap Growth Portfolio
	Master Large Cap Value Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 09/30/2011

Date of reporting period: 03/31/2011

Item 1 – Report to Stockholders

March 31, 2011

Semi-Annual Report (Unaudited)
BlackRock Large Cap Series Funds, Inc.
►	BlackRock Large Cap Core Fund
►	BlackRock Large Cap Growth Fund
►	BlackRock Large Cap Value Fund

Not FDIC Insured § No Bank Guarantee § May Lose Value

Table of Contents

	Page
Dear Shareholder	3
Semi-Annual Report:
Fund Summaries	4
About Fund Performance	10
Disclosure of Expenses	10
Fund Financial Statements:
Statements of Assets and Liabilities	11
Statements of Operations	13
Statements of Changes in Net Assets	14
Fund Financial Highlights	16
Fund Notes to Financial Statements	34
Portfolio Information	39
Portfolio Financial Statements:
Schedules of Investments	40
Statements of Assets and Liabilities	49
Statements of Operations	50
Statements of Changes in Net Assets	51
Portfolio Financial Highlights	53
Portfolio Notes to Financial Statements	56
Officers and Directors	59
Additional Information	60
Mutual Fund Family	62

2 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Dear Shareholder

Over the past 12 months, we have seen a sluggish, stimulus-driven economic recovery at long last gain real traction, accelerate, and transition into a consumption-driven expansion. For the most part, 2010 was plagued with widely fluctuating economic data, but as the year drew to a close, it became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs of continuing improvement. Although the sovereign debt crises and emerging market inflation that troubled the global economy in 2010 remain a challenge today, overall investor sentiment had improved considerably. In the first quarter of 2011, significant global events gave rise to new concerns about the future of the global economy. Political turmoil spread across the Middle East/North Africa (“MENA”) region, oil and other commodity prices soared, and markets recoiled as the nuclear crisis unfolded in the wake of a 9.0-magnitude earthquake and tsunami that struck Japan in March. These events shook investor confidence, but the global economic recovery would not be derailed.

In the United States, strength from the corporate sector and increasing consumer spending have been key drivers of economic growth, while the housing and labor markets have been the heaviest burdens. While housing has yet to show any meaningful sign of improvement, labor statistics have become increasingly positive in recent months.

Global equity markets experienced uneven growth and high volatility over the course of 2010, but ended the year strong. Following a strong start to 2011, the aforementioned headwinds brought high volatility back to equity markets. A pick up in inflationary pressures caused emerging market equities to underperform developed markets, where threats of inflation remained relatively subdued. Overall, equities posted strong returns for the 12-month period. US stocks outpaced most international markets and small cap stocks outperformed large caps as investors moved into higher-risk assets.

Fixed income markets saw yields trend lower over most of 2010, until the fourth quarter brought an abrupt reversal in sentiment and risk tolerance that drove yields sharply upward (pushing bond prices down) through year end. Improving economic data continued to pressure fixed income yields in 2011; however, escalating geopolitical risks have acted as a counterweight, restoring relative stability to yield movements. Global credit markets were surprisingly resilient in the face of major headwinds during the first quarter. Yield curves globally remained steep by historical standards and higher-risk sectors continued to outperform higher-quality assets.

The tax-exempt municipal market enjoyed a powerful rally during the period of low interest rates in 2010; however, when the yield trend reversed, the market was dealt an additional blow as it became evident that the Build America Bond program would expire at year end. In addition, negative headlines regarding fiscal challenges faced by state and local governments damaged investor confidence and further heightened volatility in the municipal market. Tax-exempt mutual funds experienced heavy outflows, resulting in wider quality spreads and further downward pressure on municipal bond prices. These headwinds began to abate in 2011 and the tax-exempt municipal market staged a mild rebound in the first quarter.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Total Returns as of March 31, 2011	6-month		12-month
US large cap equities (S&P 500 Index)	17.31	%	15.65	%
US small cap equities (Russell 2000 Index)	25.48		25.79
International equities (MSCI Europe, Australasia, Far East Index)	10.20		10.42
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)	0.09		0.16
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)	(5.90	)	6.52
US investment grade bonds (Barclays Capital US Aggregate Bond Index)	(0.88	)	5.12
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)	(3.68	)	1.63
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)	7.24		14.26

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder^® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of March 31, 2011 BlackRock Large Cap Core Fund

Investment Objective

BlackRock Large Cap Core Fund’s (the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), investment objective is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value.

Portfolio Management Commentary

	How did the Fund perform?
•	The Fund, through its investment in Master Large Cap Core Portfolio (the “Portfolio”), outperformed its benchmark, the Russell 1000 Index, for the six-month period ended March 31, 2011.
	What factors influenced performance?
•	Overall, positive results in the consumer discretionary, health care and consumer staples sectors more than offset negative performance in energy and utilities.
•	Stock selection in the consumer discretionary sector was the largest contributor to the Portfolio’s outperformance. Specialty retail topped the list of industry leaders as a better-than-expected 2010 holiday shopping season resulted in strong gains for the Portfolio’s holdings, particularly among apparel and apparel-related names. The media industry was another stand-out performer due to strong advertising trends. Consumer-related businesses continued to increase spending on advertising as their focus turned from cost reduction to revenue growth amid a slow-growth consumer environment. Additionally, a surge in competing media distribution platforms drove stronger demand for premium content, resulting in greater pricing power among select content providers.
•	In health care, performance was strongest in the providers & services industry, where a combination of disciplined pricing and muted medical cost trends resulted in higher earnings expectations for managed care organizations — a segment in which the Portfolio was overweight. More broadly, receding concerns about health care reform legislation and increased merger & acquisition activity provided an additional boost to the sector.
•	In consumer staples, both allocation decisions and stock selection were favorable. The Portfolio maintained its underweight in the sector overall, and especially in the household products industry, given the ongoing concern that commodity cost pressures could diminish profit margins as pricing power in the group is weak. This stance, together with a lack of exposure to select underperformers, proved advantageous. Positive selection in the food & staples retailing industry also aided relative results, as did an underweight in the tobacco industry.
•	Conversely, an overall underweight in energy detracted from performance and overshadowed the positive effects of stock selection in the sector. In particular, the Portfolio was underexposed to the large, diversified services & equipment companies, whose shares appreciated in tandem with the rapid run-up in the price of oil and quicker-than-anticipated absorption of excess capacity. An underweight in exploration & production names also hindered results.
•	An overweight in utilities had a negative impact as rising interest rates near the end of 2010 prompted a broad rotation out of the sector. Additionally, the sector’s defensive nature hurt in a generally rising market.
	Describe recent portfolio activity.
•	During the six-month period, we significantly increased exposure to the information technology sector, and also added to consumer staples. We considerably reduced the Portfolio’s weightings in consumer discretionary and industrials.
	Describe portfolio positioning at period end.
•	As of period end, we continue to advocate a mix of both high-quality and cyclical companies with strong balance sheets, good free cash flow and the ability to expand market share. In particular, we maintain a favorable outlook toward US stocks compared to other developed markets, with a special emphasis on multinational companies that can access revenue streams from around the world. Relative to the Russell 1000 Index, the Portfolio’s largest sector overweights at period end included information technology and health care, while the most significant underweights were in financials and industrials. As always, we rely on a disciplined investment process and a belief in the importance of portfolio construction and risk management as we strive to deliver consistent outperformance over the long term.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

4 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

BlackRock Large Cap Core Fund

Total Return Based on a $10,000 Investment

1	Assuming maximum sales charge, transaction costs and other operating expenses, including administration fees, if any. Institutional Shares do not have a sales charge.
2	The Fund invests all of its assets in Master Large Cap Core Portfolio of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities of large cap companies located in the United States that the investment advisor selects from among those that are, at the time of purchase, included in the Russell 1000 Index.
3	This unmanaged broad-based index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the total market capitalization of the Russell 3000 Index.

Performance Summary for the Period Ended March 31, 2011

				Average Annual Total Returns4
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		21.11	%		14.65	%		N/A			0.34	%		N/A			5.26	%		N/A
Service		20.97			14.49			N/A			0.14			N/A			5.02			N/A
Investor A		21.06			14.56			8.55	%		0.13			(0.94	)%		5.02			4.45	%
Investor B		20.50			13.60			9.10			(0.67	)		(1.01	)		4.36			4.36
Investor C		20.48			13.52			12.52			(0.75	)		(0.75	)		4.15			4.15
Class R		20.72			14.09			N/A			(0.28	)		N/A			4.72			N/A
Russell 1000 Index		18.13			16.69			N/A			2.93			N/A			3.83			N/A

4	Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees.
	N/A — Not applicable as share class and index do not have a sales charge.
	Past performance is not indicative of future results.

Expense Example

	Actual									Hypothetical6
	Beginning Account Value October 1, 2010			Ending Account Value March 31, 2011			Expenses Paid During the Period5			Beginning Account Value October 1, 2010			Ending Account Value March 31, 2011			Expenses Paid During the Period5			Annualized Expense Ratio
Institutional		$	1,000.00		$	1,211.10		$	5.84		$	1,000.00		$	1,019.61		$	5.34	1.06	%
Service		$	1,000.00		$	1,209.70		$	6.89		$	1,000.00		$	1,018.67		$	6.29	1.25	%
Investor A		$	1,000.00		$	1,210.60		$	6.28		$	1,000.00		$	1,019.22		$	5.74	1.14	%
Investor B		$	1,000.00		$	1,205.00		$	10.83		$	1,000.00		$	1,015.08		$	9.90	1.97	%
Investor C		$	1,000.00		$	1,204.80		$	11.05		$	1,000.00		$	1,014.88		$	10.10	2.01	%
Class R		$	1,000.00		$	1,207.20		$	8.47		$	1,000.00		$	1,017.22		$	7.75	1.54	%

5	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table reflects the expenses of both the feeder fund and the master portfolio in which it invests.
6	Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 5

Fund Summary as of March 31, 2011	BlackRock Large Cap Growth Fund
Investment Objective

BlackRock Large Cap Growth Fund’s (the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), investment objective is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value.

Portfolio Management Commentary

	How did the Fund perform?
•	The Fund, through its investment in Master Large Cap Growth Portfolio (the “Portfolio”), outperformed its benchmark, the Russell 1000 Growth Index, for the six-month period ended March 31, 2011.
	What factors influenced performance?
•	Overall, positive results in the information technology (“IT”) and industrials sectors more than offset negative performance in energy and health care.
•	Stock selection, primarily in the computers & peripherals and semiconductor industries, drove outperformance within IT. The Portfolio retained its large exposure to the personal computer (“PC”) supply chain following a difficult third quarter in 2010 and, subsequently, benefited as names recovered on stabilization in consumer demand and richer product configurations from healthy enterprise demand. In addition, the Portfolio significantly increased its allocation to semiconductor-related stocks in order to capitalize on secular trends in technology (e.g., smartphones, tablets and wireless communications). The Portfolio accumulated its select semiconductor holdings at reasonable valuations and was rewarded in kind as those names strongly outperformed. An underweight in the struggling communications equipment industry was also beneficial.
•	Stock selection aided performance in the industrials sector as well. Strength was most notable in the construction & engineering and machinery industries. Construction & engineering companies were buoyed by a significant acceleration in large energy infrastructure projects, while machinery names benefited from the initial signs of recovery in later-cycle commercial construction.
•	Conversely, an overall underweight in energy detracted from performance and overshadowed the positive effects of stock selection in the sector. In particular, the Portfolio was underexposed to the large, diversified services & equipment companies, whose shares appreciated in tandem with the rapid run-up in the price of oil and quicker-than-anticipated absorption of excess capacity. An underweight in exploration & production names also hindered results.
•	Within the health care sector, challenges for one of the Portfolio’s biotechnology holdings drove relative underperformance. A general overweight in the sector, and particularly in pharmaceuticals, also hurt returns as the defensive sector posted weak results amid a generally rising market.
	Describe recent portfolio activity.
•	During the six-month period, we significantly increased the Portfolio’s weighting in the IT sector, and also added to consumer staples exposure. We considerably reduced the allocation to consumer discretionary, with more modest decreases in industrials and utilities.
	Describe portfolio positioning at period end.
•	As of period end, we continue to advocate a mix of both high-quality and cyclical companies with strong balance sheets, good free cash flow and the ability to expand market share. In particular, we maintain a favorable outlook toward US stocks compared to other developed markets, with a special emphasis on multinational companies that can access revenue streams from around the world. Relative to the Russell 1000 Growth Index, the Portfolio’s largest sector overweights at period end included IT and health care, while the most significant underweights were in financials, consumer staples and energy. As always, we rely on a disciplined investment process and a belief in the importance of portfolio construction and risk management as we strive to deliver consistent outperformance over the long term.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

6 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

BlackRock Large Cap Growth Fund

Total Return Based on a $10,000 Investment

1	Assuming maximum sales charge, transaction costs and other operating expenses, including administration fees, if any. Institutional Shares do not have a sales charge.
2	The Fund invests all of its assets in Master Large Cap Growth Portfolio of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities of large cap companies located in the United States that the investment advisor selects from among those that are, at the time of purchase, in the Russell 1000 Growth Index.
3	This unmanaged broad-based index is a subset of the Russell 1000 Index consisting of those Russell 1000 securities with a greater-than-average growth orientation.

Performance Summary for the Period Ended March 31, 2011

				Average Annual Total Returns4
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		21.80	%		15.97	%		N/A			2.18	%		N/A			4.84	%		N/A
Service		21.65			15.66			N/A			1.96			N/A			4.60			N/A
Investor A		21.60			15.49			9.42	%		1.86			0.76	%		4.54			3.98	%
Investor B		21.01			14.56			10.06			1.05			0.66			3.89			3.89
Investor C		21.03			14.57			13.57			1.05			1.05			3.72			3.72
Class R		21.32			15.12			N/A			1.51			N/A			4.30			N/A
Russell 1000 Growth Index		18.57			18.26			N/A			4.34			N/A			2.99			N/A

4	Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees.
	N/A — Not applicable as share class and index do not have a sales charge.
	Past performance is not indicative of future results.

Expense Example

	Actual									Hypothetical6
	Beginning Account Value October 1, 2010			Ending Account Value March 31, 2011			Expenses Paid During the Period5			Beginning Account Value October 1, 2010			Ending Account Value March 31, 2011			Expenses Paid During the Period5			Annualized Expense Ratio
Institutional		$	1,000.00		$	1,218.00		$	5.03		$	1,000.00		$	1,020.36		$	4.58	0.91	%
Service		$	1,000.00		$	1,216.50		$	6.41		$	1,000.00		$	1,019.12		$	5.84	1.16	%
Investor A		$	1,000.00		$	1,216.00		$	6.91		$	1,000.00		$	1,018.67		$	6.29	1.25	%
Investor B		$	1,000.00		$	1,210.10		$	11.52		$	1,000.00		$	1,014.48		$	10.50	2.09	%
Investor C		$	1,000.00		$	1,210.30		$	11.41		$	1,000.00		$	1,014.58		$	10.40	2.07	%
Class R		$	1,000.00		$	1,213.20		$	8.88		$	1,000.00		$	1,016.87		$	8.10	1.61	%

5	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table reflects the expenses of both the feeder fund and the master portfolio in which it invests.
6	Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 7

Fund Summary as of March 31, 2011	BlackRock Large Cap Value Fund
Investment Objective

BlackRock Large Cap Value Fund’s (the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), investment objective is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value.

Portfolio Management Commentary

	How did the Fund perform?
•	The Fund, through its investment in Master Large Cap Value Portfolio (the “Portfolio”), outperformed its benchmark, the Russell 1000 Value Index, for the six-month period ended March 31, 2011.
	What factors influenced performance?
•	Overall, positive results in the consumer staples and health care sectors more than offset negative performance in energy and financials.
•	Both stock selection and allocation decisions were favorable within the consumer staples sector. Positive selection in the food products industry was the largest source of outperformance. The Portfolio maintained its underweight in the sector overall, and especially in the household products industry, given the ongoing concern that commodity cost pressures could diminish profit margins as pricing power in the group is weak. This stance proved advantageous to Portfolio performance. An underweight and favorable stock selection in the food & staples retailing industry also aided relative results.
•	In health care, an underweight in the defensive pharmaceutical industry proved beneficial as the group posted weak results amid a generally rising market. Stock selection among pharmaceutical stocks also contributed positively to performance. Strength was also notable in the providers & services industry, where a combination of disciplined pricing and muted medical cost trends resulted in higher earnings expectations for managed care organizations — a segment in which the Portfolio was overweight. More broadly, receding concerns about health care reform legislation and increased merger & acquisition activity provided an additional boost to the sector.
•	Conversely, an overall underweight in energy detracted from performance and overshadowed the positive effects of stock selection in the sector. In particular, the Portfolio was underexposed to the large, diversified services & equipment companies, whose shares appreciated in tandem with the rapid run-up in the price of oil and quicker-than-anticipated absorption of excess capacity. An underweight in exploration & production names also hindered results.
•	Within financials, unfavorable stock selection among commercial banks accounted for most of the Portfolio’s underperformance in the sector. Selection was also negative in the insurance industry, where a competitive underwriting environment pressured profitability for names in the group. Nevertheless, we maintain exposure to insurers as we continue to find the overall risk-reward balance favorable.
	Describe recent portfolio activity.
•	During the six-month period, we increased the Portfolio’s weighting in the information technology and health care sectors, while we significantly reduced the weightings in industrials, financials, consumer discretionary and utilities.
	Describe portfolio positioning at period end.
•	As of period end, we continue to advocate a mix of both high-quality and cyclical companies with strong balance sheets, good free cash flow and the ability to expand market share. In particular, we maintain a favorable outlook toward US stocks compared to other developed markets, with a special emphasis on multinational companies that can access revenue streams from around the world. Relative to the Russell 1000 Value Index, the Portfolio’s largest sector overweights at period end included information technology, health care and materials, while the most significant underweights were in financials, consumer staples and energy. As always, we rely on a disciplined investment process and a belief in the importance of portfolio construction and risk management as we strive to deliver consistent outperformance over the long term.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

8 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

BlackRock Large Cap Value Fund

Total Return Based on a $10,000 Investment

1	Assuming maximum sales charge, transaction costs and other operating expenses, including administration fees, if any. Institutional Shares do not have a sales charge.
2	The Fund invests all of its assets in Master Large Cap Value Portfolio of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities of large cap companies located in the United States that the investment advisor selects from among those that are, at the time of purchase, included in the Russell 1000 Value Index.
3	This unmanaged broad-based Index is a subset of the Russell 1000 Index consisting of those Russell 1000 securities with lower price/book ratios and lower forecasted growth values.

Performance Summary for the Period Ended March 31, 2011

				Average Annual Total Returns4
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		20.43	%		14.58	%		N/A			0.29	%		N/A			6.40	%		N/A
Service		20.25			14.32			N/A			0.07			N/A			6.15			N/A
Investor A		20.20			14.35			8.34	%		0.01			(1.06	)%		6.13			5.56	%
Investor B		19.65			13.31			8.81			(0.81	)		(1.17	)		5.46			5.46
Investor C		19.77			13.39			12.39			(0.80	)		(0.80	)		5.29			5.29
Class R		19.99			13.94			N/A			(0.30	)		N/A			5.87			N/A
Russell 1000 Value Index		17.68			15.15			N/A			1.38			N/A			4.53			N/A

4	Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees.
	N/A — Not applicable as share class and index do not have a sales charge.
	Past performance is not indicative of future results.

Expense Example

	Actual									Hypothetical6
	Beginning Account Value October 1, 2010			Ending Account Value March 31, 2011			Expenses Paid During the Period5			Beginning Account Value October 1, 2010			Ending Account Value March 31, 2011			Expenses Paid During the Period5			Annualized Expense Ratio
Institutional		$	1,000.00		$	1,204.30		$	5.50		$	1,000.00		$	1,019.91		$	5.04	1.00	%
Service		$	1,000.00		$	1,202.50		$	6.31		$	1,000.00		$	1,019.17		$	5.79	1.15	%
Investor A		$	1,000.00		$	1,202.00		$	6.86		$	1,000.00		$	1,018.67		$	6.29	1.25	%
Investor B		$	1,000.00		$	1,196.50		$	11.77		$	1,000.00		$	1,014.18		$	10.80	2.15	%
Investor C		$	1,000.00		$	1,197.70		$	11.51		$	1,000.00		$	1,014.43		$	10.55	2.10	%
Class R		$	1,000.00		$	1,199.90		$	8.72		$	1,000.00		$	1,016.97		$	8.00	1.59	%

5	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table reflects the expenses of both the feeder fund and the master portfolio in which it invests.
6	Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 9

About Fund Performance BlackRock Large Cap Series Funds, Inc.

•	Institutional Shares are not subject to any sales charge. Institutional Shares bear no ongoing distribution or service fees and are available only to eligible investors.
•	Service Shares are not subject to any sales charge. Service Shares are subject to a service fee of 0.25% per year (but no distribution fee) and are available only to eligible investors. For BlackRock Large Cap Growth Fund and BlackRock Large Cap Value Fund, prior to October 2, 2006, Service Share performance results are those of Institutional Shares (which have no distribution or service fees) restated to reflect the Service Share fees. For BlackRock Large Cap Core Fund, prior to September 24, 2007, Service Share performance results are those of Institutional Shares (which have no distribution or service fees) restated to reflect the Service Share fees.
•	Investor A Shares incur a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee).
•	Investor B Shares are subject to a maximum contingent deferred sales charge of 4.50% declining to 0% after six years. In addition, Investor B Shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares automatically convert to Investor A Shares after approximately eight years. (There is no initial sales charge for automatic share conversions.) All returns for periods greater than eight years reflect this conversion. Investor B Shares of the Funds are only available through exchanges and dividend reinvestment or for purchase by certain qualified employee benefit plans.
•	Investor C Shares are subject to a 1% contingent deferred sales charge if redeemed within one year of purchase. In addition, Investor C Shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year.
•	Class R Shares do not incur a maximum initial sales charge (front-end load) or deferred sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. Class R Shares are available only to certain retirement plans. Prior to January 3, 2003, Class R Share performance results are those of Institutional Shares (which have no distribution or service fees) restated to reflect Class R Share fees.
	Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in each of the performance tables on the previous pages assume reinvestment of all dividends and capital gain distributions, if any, at net asset value on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Dividends paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders. BlackRock Large Cap Core Fund’s administrator waived and/or reimbursed a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. The administrator is under no obligation to waive and/or reimburse or continue waiving and/or reimbursing its fees.

Disclosure of Expenses

Shareholders of the Funds may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses including administration fees, service and distribution fees including 12b-1 fees and other Fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on October 1, 2010 and held through March 31, 2011) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The tables provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The tables also provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the tables are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

10 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Statements of Assets and Liabilities BlackRock Large Cap Series Funds, Inc.

March 31, 2011 (Unaudited)	BlackRock Large Cap Core Fund			BlackRock Large Cap Growth Fund			BlackRock Large Cap Value Fund
Assets
Investments at value — Master Large Cap Core Portfolio, Master Large Cap Growth Portfolio, Master Large Cap Value Portfolio (the “Portfolios”), respectively1	$	2,555,756,664		$	779,147,346		$	1,935,568,973
Withdrawals receivable from the Portfolios		3,234,021			2,151,369			4,841,580
Capital shares sold receivable		3,971,596			1,056,887			3,961,666
Prepaid expenses		5,066			21,334			38,559
Other assets		—			—			15
Total assets		2,562,967,347			782,376,936			1,944,410,793
Liabilities
Capital shares redeemed payable		7,205,617			3,208,256			8,803,246
Service and distribution fees payable		869,315			196,005			424,928
Administration fees payable		451,634			162,347			411,694
Officer’s fees payable		588			126			494
Other affiliates payable		24,597			2,046			10,684
Other accrued expenses payable		1,751,928			197,050			1,204,490
Total liabilities		10,303,679			3,765,830			10,855,536
Net Assets	$	2,552,663,668		$	778,611,106		$	1,933,555,257
Net Assets Consist of
Paid-in capital	$	2,785,789,781		$	697,448,028		$	2,571,797,487
Undistributed net investment income		5,331,239			1,715,731			4,912,197
Accumulated net realized loss allocated from the Portfolios		(714,991,727	)		(43,200,363	)		(982,007,188	)
Net unrealized appreciation/depreciation allocated from the Portfolios		476,534,375			122,647,710			338,852,761
Net Assets	$	2,552,663,668		$	778,611,106		$	1,933,555,257
1   Investments at cost	$	2,079,222,289		$	656,499,635		$	1,596,716,212

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	11

Statements of Assets and Liabilities (concluded) BlackRock Large Cap Series Funds, Inc.

March 31, 2011 (Unaudited)	BlackRock Large Cap Core Fund		BlackRock Large Cap Growth Fund		BlackRock Large Cap Value Fund
Net Asset Value
Institutional:
Net assets	$	644,490,014	$	339,986,028	$	723,400,855
Shares outstanding, $0.10 par value2		52,930,024		29,263,101		44,882,679
Net asset value	$	12.18	$	11.62	$	16.12
Service:
Net assets	$	388,390	$	14,754,929	$	36,122,270
Shares outstanding, $0.10 par value3		32,646		1,281,273		2,245,968
Net asset value	$	11.90	$	11.52	$	16.08
Investor A:
Net assets	$	1,103,444,976	$	226,808,985	$	719,941,061
Shares outstanding, $0.10 par value4		92,756,785		20,151,630		45,392,827
Net asset value	$	11.90	$	11.26	$	15.86
Investor B:
Net assets	$	74,272,827	$	14,299,933	$	34,472,697
Shares outstanding, $0.10 par value5		6,688,082		1,386,416		2,300,857
Net asset value	$	11.11	$	10.31	$	14.98
Investor C:
Net assets	$	650,824,762	$	134,952,979	$	307,333,581
Shares outstanding, $0.10 par value6		59,144,983		13,099,999		20,633,174
Net asset value	$	11.00	$	10.30	$	14.90
Class R:
Net assets	$	79,242,699	$	47,808,252	$	112,284,793
Shares outstanding, $0.10 par value7		6,949,801		4,423,444		7,334,878
Net asset value	$	11.40	$	10.81	$	15.31
2   Shares authorized — Institutional		400 million		100 million		400 million
3   Shares authorized — Service		50 million		50 million		50 million
4   Shares authorized — Investor A		300 million		100 million		400 million
5   Shares authorized — Investor B		200 million		200 million		200 million
6   Shares authorized — Investor C		400 million		100 million		400 million
7   Shares authorized — Class R		200 million		200 million		200 million

See Notes to Financial Statements.
12	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Statements of Operations BlackRock Large Cap Series Funds, Inc.

Six Months Ended March 31, 2011 (Unaudited)	BlackRock Large Cap Core Fund			BlackRock Large Cap Growth Fund			BlackRock Large Cap Value Fund
Investment Income
Net investment income allocated from the Portfolios:
Dividends — unaffiliated	$	22,269,108		$	6,601,102		$	19,646,098
Interest		35,395			7,160			—
Securities lending — affiliated		34,607			10,364			20,863
Foreign taxes withheld		—			(1,757	)		(2,318	)
Dividends — affiliated		372			3,435			148
Expenses		(6,097,130	)		(2,087,516	)		(5,248,623	)
Total income		16,242,352			4,532,788			14,416,168
Expenses
Administration		3,084,182			971,920			2,460,868
Service — Service		465			16,747			41,733
Service — Investor A		1,295,476			305,587			874,865
Service and distribution — Investor B		384,319			73,410			181,263
Service and distribution — Investor C		3,121,491			648,813			1,519,808
Service and distribution — Class R		203,973			125,437			285,430
Transfer agent — Institutional		980,070			164,439			733,201
Transfer agent — Service		449			6,600			17,932
Transfer agent — Investor A		1,148,652			220,728			804,738
Transfer agent — Investor B		165,212			20,503			63,800
Transfer agent — Investor C		777,581			163,790			463,911
Transfer agent — Class R		112,989			75,744			165,095
Printing		110,769			28,421			58,072
Registration		38,772			36,684			55,468
Professional		32,833			10,718			10,649
Officer		588			129			575
Miscellaneous		13,054			9,827			14,314
Total expenses		11,470,875			2,879,497			7,751,722
Less transfer agent fees waived and/or reimbursed — Investor A		(475,411	)		—			—
Less transfer agent fees waived and/or reimbursed — Investor B		(84,591	)		—			—
Total expenses after fees waived and/or reimbursed		10,910,873			2,879,497			7,751,722
Net investment income		5,331,479			1,653,291			6,664,446
Realized and Unrealized Gain Allocated from the Portfolios
Net realized gain from investments		233,941,747			65,897,046			121,237,735
Net change in unrealized appreciation/depreciation on investments		226,960,646			80,890,143			231,179,115
Total realized and unrealized gain		460,902,393			146,787,189			352,416,850
Net Increase in Net Assets Resulting from Operations	$	466,233,872		$	148,440,480		$	359,081,296

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	13

Statements of Changes in Net Assets BlackRock Large Cap Series Funds, Inc.

	BlackRock Large Cap Core Fund						BlackRock Large Cap Growth Fund
Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Six Months Ended March 31, 2011 (Unaudited)		Year Ended September 30, 2010
Operations
Net investment income (loss)	$	5,331,479		$	8,307,932		$	1,653,291	$	(1,307,511	)
Net realized gain		233,941,747			308,196,095			65,897,046		84,608,462
Net change in unrealized appreciation/depreciation		226,960,646			(171,012,775	)		80,890,143		(46,665,882	)
Net increase in net assets resulting from operations		466,233,872			145,491,252			148,440,480		36,635,069
Dividends to Shareholders From
Net investment income:
Institutional		(3,428,086	)		(12,993,303	)		—		(220,527	)
Service		(2,148	)		(4,287	)		—		(22,031	)
Investor A		(5,187,070	)		(10,902,059	)		—		(470,574	)
Investor B		—			(190,868	)		—		—
Investor C		—			(1,867,896	)		—		—
Class R		(144,983	)		(614,642	)		—		—
Decrease in net assets resulting from dividends to shareholders		(8,762,287	)		(26,573,055	)		—		(713,132	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(279,027,413	)		(756,551,310	)		110,694,841		(113,926,921	)
Net Assets
Total increase (decrease) in net assets		178,444,172			(637,633,113	)		259,135,321		(78,004,984	)
Beginning of period		2,374,219,496			3,011,852,609			519,475,785		597,480,769
End of period	$	2,552,663,668		$	2,374,219,496		$	778,611,106	$	519,475,785
Undistributed net investment income	$	5,331,239		$	8,762,047		$	1,715,731	$	62,440

See Notes to Financial Statements.
14	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Statements of Changes in Net Assets (concluded) BlackRock Large Cap Series Funds, Inc.

	BlackRock Large Cap Value Fund
Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010
Operations
Net investment income	$	6,664,446		$	12,424,379
Net realized gain		121,237,735			340,281,615
Net change in unrealized appreciation/depreciation		231,179,115			(269,161,988	)
Net increase in net assets resulting from operations		359,081,296			83,544,006
Dividends to Shareholders From
Net investment income:
Institutional		(6,903,118	)		(9,770,493	)
Service		(266,885	)		(314,621	)
Investor A		(5,379,859	)		(8,289,868	)
Investor C		—			(655,147	)
Class R		(450,372	)		(970,125	)
Decrease in net assets resulting from dividends to shareholders		(13,000,234	)		(20,000,254	)
Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(388,346,217	)		(537,210,237	)
Net Assets
Total decrease in net assets		(42,265,155	)		(473,666,485	)
Beginning of period		1,975,820,412			2,449,486,897
End of period	$	1,933,555,257		$	1,975,820,412
Undistributed net investment income	$	4,912,197		$	11,247,985

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	15

Financial Highlights BlackRock Large Cap Core Fund

	Institutional
	Six Months Ended March 31, 2011 (Unaudited)						Period November 1, 2008 to September 30, 2009
				Year Ended September 30, 2010
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	10.11		$	9.68		$	8.62		$	14.60		$	14.20		$	13.20		$	11.28
Net investment income1		0.04			0.06			0.09			0.07			0.04			0.03			0.04
Net realized and unrealized gain (loss)		2.09			0.49			0.97			(5.66	)		1.83			2.10			1.97
Net increase (decrease) from investment operations		2.13			0.55			1.06			(5.59	)		1.87			2.13			2.01
Dividends and distributions from:
Net investment income		(0.06	)		(0.12	)		—			—			—			—			—
Net realized gain		—			—			—			(0.39	)		(1.47	)		(1.13	)		(0.09	)
Total dividends and distributions		(0.06	)		(0.12	)		—			(0.39	)		(1.47	)		(1.13	)		(0.09	)
Net asset value, end of period	$	12.18		$	10.11		$	9.68		$	8.62		$	14.60		$	14.20		$	13.20
Total Investment Return2
Based on net asset value		21.11	%3		5.69	%		12.30	%3,4		(39.25	)%		13.55	%		16.91	%		17.94	%
Ratios to Average Net Assets5
Total expenses		1.06	%6		0.98	%		0.89	%6		0.86	%		0.87	%		0.89	%		0.91	%
Total expenses after fees waived and/or reimbursed		1.06	%6		0.98	%		0.89	%6		0.86	%		0.87	%		0.89	%		0.91	%
Net investment income		0.75	%6		0.63	%		1.15	%6		0.58	%		0.24	%		0.19	%		0.31	%
Supplemental Data
Net assets, end of period (000)	$	644,490		$	646,562		$	1,073,342		$	700,113		$	1,532,235		$	922,301		$	601,378
Portfolio turnover of the Fund		—			—			—			—			0	%7		0	%7		—
Portfolio turnover of the Portfolio		67	%		173	%		168	%		109	%		96	%		88	%		94	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 12.06%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.
7	BlackRock Large Cap Core Fund (the “Fund”).

See Notes to Financial Statements.
16	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (continued) BlackRock Large Cap Core Fund

	Service
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008			Period September 24, 20071 to October 31, 2007
Per Share Operating Performance
Net asset value, beginning of period	$	9.89		$	9.47		$	8.44		$	14.33		$	14.02
Net investment income (loss)2		0.03			0.05			0.07			0.04			(0.01	)
Net realized and unrealized gain (loss)		2.04			0.47			0.96			(5.55	)		0.32
Net increase (decrease) from investment operations		2.07			0.52			1.03			(5.51	)		0.31
Dividends and distributions from:
Net investment income		(0.06	)		(0.10	)		—			—			—
Net realized gain		—			—			—			(0.38	)		—
Total dividends and distributions		(0.06	)		(0.10	)		—			(0.38	)		—
Net asset value, end of period	$	11.90		$	9.89		$	9.47		$	8.44		$	14.33
Total Investment Return3
Based on net asset value		20.97	%4		5.53	%		12.20	%4,5		(39.39	)%		2.21	%4
Ratios to Average Net Assets6
Total expenses		1.25	%7		1.12	%		1.09	%7		1.06	%		1.14	%7
Total expenses after fees waived and/or reimbursed		1.25	%7		1.12	%		1.09	%7		1.06	%		1.14	%7
Net investment income (loss)		0.59	%7		0.49	%		0.95	%7		0.37	%		(0.52	)%7
Supplemental Data
Net assets, end of period (000)	$	388		$	369		$	395		$	372		$	640
Portfolio turnover of the Portfolio		67	%		173	%		168	%		109	%		96	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 11.85%.
6	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
7	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	17

Financial Highlights (continued) BlackRock Large Cap Core Fund

	Investor A
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
											2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.88		$	9.46		$	8.44		$	14.33		$	13.97		$	13.01		$	11.15
Net investment income (loss)1		0.04			0.05			0.07			0.04			0.002			(0.01	)		0.01
Net realized and unrealized gain (loss)		2.03			0.47			0.95			(5.54	)		1.79			2.08			1.94
Net increase (decrease) from investment operations		2.07			0.52			1.02			(5.50	)		1.79			2.07			1.95
Dividends and distributions from:
Net investment income		(0.05	)		(0.10	)		—			—			—			—			—
Net realized gain		—			—			—			(0.39	)		(1.43	)		(1.11	)		(0.09	)
Total dividends and distributions		(0.05	)		(0.10	)		—			(0.39	)		(1.43	)		(1.11	)		(0.09	)
Net asset value, end of period	$	11.90		$	9.88		$	9.46		$	8.44		$	14.33		$	13.97		$	13.01
Total Investment Return3
Based on net asset value		21.06	%4		5.50	%		12.09	%4,5		(39.38	)%		13.23	%		16.61	%		17.61	%
Ratios to Average Net Assets6
Total expenses		1.23	%7		1.25	%		1.32	%7		1.23	%		1.16	%		1.14	%		1.16	%
Total expenses after fees waived and/or reimbursed		1.14	%7		1.14	%		1.12	%7		1.11	%		1.14	%		1.14	%		1.16	%
Net investment income (loss)		0.67	%7		0.47	%		0.93	%7		0.32	%		(0.03	)%		(0.06	)%		0.05	%
Supplemental Data
Net assets, end of period (000)	$	1,103,445		$	973,066		$	1,060,517		$	1,023,005		$	1,846,007		$	1,028,585		$	629,682
Portfolio turnover of the Fund		—			—			—			—			0	%8		0	%8		—
Portfolio turnover of the Portfolio		67	%		173	%		168	%		109	%		96	%		88	%		94	%

1	Based on average shares outstanding.
2	Amount is less than $0.01 per share.
3	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 11.73%.
6	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
7	Annualized.
8	BlackRock Large Cap Core Fund (the “Fund”).

See Notes to Financial Statements.
18	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (continued) BlackRock Large Cap Core Fund

	Investor B
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.22		$	8.82		$	7.92		$	13.57		$	13.30		$	12.43		$	10.74
Net investment income (loss)1		(0.01	)		(0.03	)		0.01			(0.05	)		(0.10	)		(0.11	)		(0.08	)
Net realized and unrealized gain (loss)		1.90			0.45			0.89			(5.23	)		1.69			1.99			1.86
Net increase (decrease) from investment operations		1.89			0.42			0.90			(5.28	)		1.59			1.88			1.78
Dividends and distributions from:
Net investment income		—			(0.02	)		—			—			—			—			—
Net realized gain		—			—			—			(0.37	)		(1.32	)		(1.01	)		(0.09	)
Total dividends and distributions		—			(0.02	)		—			(0.37	)		(1.32	)		(1.01	)		(0.09	)
Net asset value, end of period	$	11.11		$	9.22		$	8.82		$	7.92		$	13.57		$	13.30		$	12.43
Total Investment Return2
Based on net asset value		20.50	%3		4.71	%		11.36	%3,4		(39.90	)%		12.30	%		15.72	%		16.69	%
Ratios to Average Net Assets5
Total expenses		2.19	%6		2.16	%		2.25	%6		2.04	%		1.94	%		1.91	%		1.93	%
Total expenses after fees waived and/or reimbursed		1.97	%6		1.97	%		1.91	%6		1.88	%		1.93	%		1.91	%		1.93	%
Net investment income (loss)		(0.16	)%6		(0.35	)%		0.18	%6		(0.45	)%		(0.78	)%		(0.83	)%		(0.66	)%
Supplemental Data
Net assets, end of period (000)	$	74,273		$	78,876		$	119,910		$	180,730		$	494,478		$	467,145		$	446,242
Portfolio turnover of the Fund		—			—			—			—			0	%7		0	%7		—
Portfolio turnover of the Portfolio		67	%		173	%		168	%		109	%		96	%		88	%		94	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 10.86%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.
7	BlackRock Large Cap Core Fund (the “Fund”).

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	19

Financial Highlights (continued) BlackRock Large Cap Core Fund

	Investor C
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.13		$	8.76		$	7.88		$	13.51		$	13.26		$	12.43		$	10.73
Net investment loss1		(0.01	)		(0.04	)		(0.00	)2		(0.06	)		(0.11	)		(0.11	)		(0.09	)
Net realized and unrealized gain (loss)		1.88			0.44			0.88			(5.20	)		1.71			1.97			1.88
Net increase (decrease) from investment operations		1.87			0.40			0.88			(5.26	)		1.60			1.86			1.79
Dividends and distributions from:
Net investment income		—			(0.03	)		—			—			—			—			—
Net realized gain		—			—			—			(0.37	)		(1.35	)		(1.03	)		(0.09	)
Total dividends and distributions		—			(0.03	)		—			(0.37	)		(1.35	)		(1.03	)		(0.09	)
Net asset value, end of period	$	11.00		$	9.13		$	8.76		$	7.88		$	13.51		$	13.26		$	12.43
Total Investment Return3
Based on net asset value		20.48	%4		4.51	%		11.17	%4,5		(39.93	)%		12.40	%		15.64	%		16.80	%
Ratios to Average Net Assets6
Total expenses		2.01	%7		2.02	%		2.09	%7		1.97	%		1.93	%		1.91	%		1.94	%
Total expenses after fees waived and/or reimbursed		2.01	%7		2.02	%		2.09	%7		1.97	%		1.93	%		1.91	%		1.94	%
Net investment loss		(0.20	)%7		(0.41	)%		(0.03	)%7		(0.54	)%		(0.79	)%		(0.84	)%		(0.73	)%
Supplemental Data
Net assets, end of period (000)	$	650,825		$	594,396		$	662,591		$	714,368		$	1,447,336		$	1,176,244		$	737,063
Portfolio turnover of the Fund		—			—			—			—			0	%8		0	%8		—
Portfolio turnover of the Portfolio		67	%		173	%		168	%		109	%		96	%		88	%		94	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 10.66%.
6	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
7	Annualized.
8	BlackRock Large Cap Core Fund (the “Fund”).

See Notes to Financial Statements.
20	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (concluded) BlackRock Large Cap Core Fund

	Class R
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.46		$	9.06		$	8.11		$	13.85		$	13.56		$	12.68		$	10.89
Net investment income (loss)1		0.01			0.01			0.03			(0.01	)		(0.05	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		1.95			0.45			0.92			(5.35	)		1.75			2.02			1.91
Net increase (decrease) from investment operations		1.96			0.46			0.95			(5.36	)		1.70			1.98			1.88
Dividends and distributions from:
Net investment income		(0.02	)		(0.06	)		—			—			—			—			—
Net realized gain		—			—			—			(0.38	)		(1.41	)		(1.10	)		(0.09	)
Total dividends and distributions		(0.02	)		(0.06	)		—			(0.38	)		(1.41	)		(1.10	)		(0.09	)
Net asset value, end of period	$	11.40		$	9.46		$	9.06		$	8.11		$	13.85		$	13.56		$	12.68
Total Investment Return2
Based on net asset value		20.72	%3		5.09	%		11.71	%3,4		(39.71	)%		12.90	%		16.29	%		17.39	%
Ratios to Average Net Assets5
Total expenses		1.54	%6		1.54	%		1.61	%6		1.54	%		1.45	%		1.39	%		1.42	%
Total expenses after fees waived and/or reimbursed		1.54	%6		1.54	%		1.61	%6		1.54	%		1.45	%		1.39	%		1.42	%
Net investment income (loss)		0.27	%6		0.07	%		0.44	%6		(0.12	)%		(0.33	)%		(0.32	)%		(0.28	)%
Supplemental Data
Net assets, end of period (000)	$	79,243		$	80,950		$	95,098		$	97,139		$	160,861		$	108,762		$	46,379
Portfolio turnover of the Fund		—			—			—			—			0	%7		0	%7		—
Portfolio turnover of the Portfolio		67	%		173	%		168	%		109	%		96	%		88	%		94	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 11.22%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.
7	BlackRock Large Cap Core Fund (the “Fund”).

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	21

Financial Highlights BlackRock Large Cap Growth Fund

	Institutional
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.54		$	8.92		$	7.43		$	12.40		$	10.63		$	9.36		$	8.36
Net investment income (loss)1		0.05			0.03			0.02			0.02			(0.02	)		(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		2.03			0.62			1.47			(4.67	)		1.83			1.29			1.02
Net increase (decrease) from investment operations		2.08			0.65			1.49			(4.65	)		1.81			1.27			1.00
Distributions and distributions from:
Net investment income		—			(0.03	)		—			—			—			—			—
Net realized gain		—			—			—			(0.32	)		(0.04	)		—			—
Total dividends and distributions		—			(0.03	)		—			(0.32	)		(0.04	)		—			—
Net asset value, end of period	$	11.62		$	9.54		$	8.92		$	7.43		$	12.40		$	10.63		$	9.36
Total Investment Return2
Based on net asset value		21.80	%3		7.25	%		20.05	%3,4		(38.41	)%		17.07	%		13.57	%		11.96	%
Ratios to Average Net Assets5
Total expenses		0.91	%6		1.01	%		1.07	%6		0.96	%		0.95	%		1.04	%		1.08	%
Net investment income (loss)		0.81	%6		0.28	%		0.35	%6		0.21	%		(0.16	)%		(0.22	)%		(0.20	)%
Supplemental Data
Net assets, end of period (000)	$	339,986		$	66,857		$	87,078		$	118,873		$	368,001		$	215,697		$	128,667
Portfolio turnover of the Portfolio		91	%		232	%		242	%		144	%		87	%		117	%		132	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 19.79%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.

See Notes to Financial Statements.
22	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (continued) BlackRock Large Cap Growth Fund

	Service
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009									Period October 2, 20061 to October 31, 2006
										Year Ended October 31,
										2008			2007
Per Share Operating Performance
Net asset value, beginning of period	$	9.47		$	8.87		$	7.39		$	12.37		$	10.62		$	10.18
Net investment income (loss)2		0.03			0.01			0.01			(0.01	)		(0.05	)		(0.01	)
Net realized and unrealized gain (loss)		2.02			0.61			0.47			(4.65	)		1.84			0.45
Net increase (decrease) from investment operations		2.05			0.62			1.48			(4.66	)		1.79			0.44
Dividends and distributions from:
Net investment income		—			(0.02	)		—			—			—			—
Net realized gain		—			—			—			(0.32	)		(0.04	)		—
Total dividends and distributions		—			(0.02	)		—			(0.32	)		(0.04	)		—
Net asset value, end of period	$	11.52		$	9.47		$	8.87		$	7.39		$	12.37		$	10.62
Total Investment Return3
Based on net asset value		21.65	%4		6.97	%		20.03	%4,5		(38.59	)%		16.89	%		4.32	%4
Ratios to Average Net Assets6
Total expenses		1.16	%7		1.22	%		1.22	%7		1.14	%		1.20	%		1.36	%7
Net investment income (loss)		0.50	%7		0.07	%		0.16	%7		(0.07	)%		(0.42	)%		(1.14	)%7
Supplemental Data
Net assets, end of period (000)	$	14,755		$	11,299		$	11,392		$	10,218		$	11,134		$	5,014
Portfolio turnover of the Portfolio		91	%		232	%		242	%		144	%		87	%		117	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 19.62%.
6	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
7	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	23

Financial Highlights (continued) BlackRock Large Cap Growth Fund

	Investor A
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	9.26		$	8.68		$	7.24		$	12.15		$	10.44		$	9.22		$	8.26
Net investment income (loss)1		0.02			(0.00	)2		(0.00	)2		(0.02	)		(0.05	)		(0.06	)		(0.04	)
Net realized and unrealized gain (loss)		1.98			0.60			1.44			(4.57	)		1.80			1.28			1.00
Net increase (decrease) from investment operations		2.00			0.60			1.44			(4.59	)		1.75			1.22			0.96
Dividends and distributions from:
Net investment income		—			(0.02	)		—			—			—			—			—
Net realized gain		—			—			—			(0.32	)		(0.04	)		—			—
Total dividends and distributions		—			(0.02	)		—			(0.32	)		(0.04	)		—			—
Net asset value, end of period	$	11.26		$	9.26		$	8.68		$	7.24		$	12.15		$	10.44		$	9.22
Total Investment Return3
Based on net asset value		21.60	%4		6.86	%		19.89	%4,5		(38.72	)%		16.80	%		13.23	%		11.62	%
Ratios to Average Net Assets6
Total expenses		1.25	%7		1.31	%		1.39	%7		1.31	%		1.27	%		1.29	%		1.33	%
Net investment income (loss)		0.47	%7		(0.01	)%		(0.02	)%7		(0.21	)%		(0.46	)%		(0.48	)%		(0.46	)%
Supplemental Data
Net assets, end of period (000)	$	226,809		$	254,354		$	267,606		$	179,528		$	327,501		$	218,017		$	112,887
Portfolio turnover of the Portfolio		91	%		232	%		242	%		144	%		87	%		117	%		132	%

1	Based on average shares outstanding.
2	Amount is less than $(0.01) per share.
3	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 19.47%.
6	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
7	Annualized.

See Notes to Financial Statements.
24	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (continued) BlackRock Large Cap Growth Fund

	Investor B
	Six Months Ended March 31, 2011 (Unaudited)						Period November 1, 2008 to September 30, 2009
				Year Ended September 30, 2010
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	8.52		$	8.03		$	6.75		$	11.43		$	9.91		$	8.82		$	7.96
Net investment loss1		(0.02	)		(0.07	)		(0.05	)		(0.09	)		(0.13	)		(0.12	)		(0.10	)
Net realized and unrealized gain (loss)		1.81			0.56			1.33			(4.27	)		1.69			1.21			0.96
Net increase (decrease) from investment operations		1.79			0.49			1.28			(4.36	)		1.56			1.09			0.86
Distributions from net realized gain		—			—			—			(0.32	)		(0.04	)		—			—
Net asset value, end of period	$	10.31		$	8.52		$	8.03		$	6.75		$	11.43		$	9.91		$	8.82
Total Investment Return2
Based on net asset value		21.01	%3		6.10	%		18.96	%3,4		(39.15	)%		15.78	%		12.36	%		10.80	%
Ratios to Average Net Assets5
Total expenses		2.09	%6		2.11	%		2.17	%6		2.05	%		2.08	%		2.07	%		2.11	%
Net investment loss		(0.44	)%6		(0.81	)%		(0.75	)%6		(0.93	)%		(1.26	)%		(1.25	)%		(1.15	)%
Supplemental Data
Net assets, end of period (000)	$	14,300		$	14,937		$	26,959		$	39,608		$	105,513		$	107,113		$	95,593
Portfolio turnover of the Portfolio		91	%		232	%		242	%		144	%		87	%		117	%		132	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 18.66%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	25

Financial Highlights (continued) BlackRock Large Cap Growth Fund

	Investor C
	Six Months Ended March 31, 2011 (Unaudited)						Period November 1, 2008 to September 30, 2009
				Year Ended September 30, 2010
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	8.51		$	8.03		$	6.75		$	11.42		$	9.90		$	8.81		$	7.95
Net investment loss1		(0.02	)		(0.07	)		(0.05	)		(0.09	)		(0.13	)		(0.12	)		(0.10	)
Net realized and unrealized gain (loss)		1.81			0.55			1.33			(4.26	)		1.69			1.21			0.96
Net increase (decrease) from investment operations		1.79			0.48			1.28			(4.35	)		1.56			1.09			0.86
Distributions from net realized gain		—			—			—			(0.32	)		(0.04	)		—			—
Net asset value, end of period	$	10.30		$	8.51		$	8.03		$	6.75		$	11.42		$	9.90		$	8.81
Total Investment Return2
Based on net asset value		21.03	%3		5.98	%		18.96	%3,4		(39.10	)%		15.79	%		12.37	%		10.82	%
Ratios to Average Net Assets5
Total expenses		2.07	%6		2.12	%		2.20	%6		2.05	%		2.04	%		2.06	%		2.11	%
Net investment loss		(0.41	)%6		(0.82	)%		(0.81	)%6		(0.95	)%		(1.24	)%		(1.25	)%		(1.19	)%
Supplemental Data
Net assets, end of period (000)	$	134,953		$	121,936		$	142,215		$	143,081		$	280,142		$	185,337		$	125,150
Portfolio turnover of the Portfolio		91	%		232	%		242	%		144	%		87	%		117	%		132	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 18.52%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.

See Notes to Financial Statements.
26	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (concluded) BlackRock Large Cap Growth Fund

	Class R
	Six Months Ended March 31, 2011 (Unaudited)						Period November 1, 2008 to September 30, 2009
				Year Ended September 30, 2010
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	8.91		$	8.36		$	7.00		$	11.79		$	10.17		$	9.00		$	8.08
Net investment loss1		0.00	2		(0.03	)		(0.02	)		(0.05	)		(0.09	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		1.90			0.58			1.38			(4.42	)		1.75			1.24			0.99
Net increase (decrease) from investment operations		1.90			0.55			1.36			(4.47	)		1.66			1.17			0.92
Distributions from net realized gain		—			—			—			(0.32	)		(0.04	)		—			—
Net asset value, end of period	$	10.81		$	8.91		$	8.36		$	7.00		$	11.79		$	10.17		$	9.00
Total Investment Return3
Based on net asset value		21.32	%4		6.58	%		19.43	%4,5		(38.88	)%		16.36	%		13.00	%		11.39	%
Ratios to Average Net Assets6
Total expenses		1.61	%7		1.65	%		1.76	%7		1.64	%		1.58	%		1.54	%		1.58	%
Net investment income (loss)		0.05	%7		(0.35	)%		(0.37	)%7		(0.53	)%		(0.79	)%		(0.73	)%		(0.75	)%
Supplemental Data
Net assets, end of period (000)	$	47,808		$	50,093		$	62,231		$	55,073		$	95,637		$	53,356		$	26,566
Portfolio turnover of the Portfolio		91	%		232	%		242	%		144	%		87	%		117	%		132	%

1	Based on average shares outstanding.
2	Amount is less than $0.01 per share.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 19.15%.
6	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
7	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	27

Financial Highlights BlackRock Large Cap Value Fund

	Institutional
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	13.51		$	13.16		$	12.29		$	20.95		$	18.96		$	17.12		$	14.71
Net investment income1		0.08			0.11			0.14			0.14			0.12			0.06			0.06
Net realized and unrealized gain (loss)		2.67			0.40			0.90			(7.42	)		2.19			2.93			3.01
Net increase (decrease) from investment operations		2.75			0.51			1.04			(7.28	)		2.31			2.99			3.07
Dividends and distributions from:
Net investment income		(0.14	)		(0.16	)		(0.17	)		(0.05	)		(0.02	)		—			—
Net realized gain		—			—			—			(1.33	)		(0.30	)		(1.15	)		(0.66	)
Total dividends and distributions		(0.14	)		(0.16	)		(0.17	)		(1.38	)		(0.32	)		(1.15	)		(0.66	)
Net asset value, end of period	$	16.12		$	13.51		$	13.16		$	12.29		$	20.95		$	18.96		$	17.12
Total Investment Return2
Based on net asset value		20.43	%3		3.88	%		8.60	%3,4		(37.01	)%		12.35	%		18.06	%		21.49	%
Ratios to Average Net Assets5
Total expenses		1.00	%6		1.03	%		1.05	%6		0.93	%		0.88	%		0.94	%		0.98	%
Net investment income		1.01	%6		0.85	%		1.35	%6		0.81	%		0.59	%		0.32	%		0.35	%
Supplemental Data
Net assets, end of period (000)	$	723,401		$	737,610		$	869,863		$	867,750		$	1,327,046		$	990,081		$	446,172
Portfolio turnover of the Portfolio		82	%		183	%		151	%		108	%		72	%		71	%		95	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 8.18%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.

See Notes to Financial Statements.
28	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (continued) BlackRock Large Cap Value Fund

	Service
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009									Period October 2, 20061 to October 31, 2006
										Year Ended October 31,
										2008			2007
Per Share Operating Performance
Net asset value, beginning of period	$	13.48		$	13.13		$	12.26		$	20.89		$	18.95		$	18.62
Net investment income (loss)2		0.06			0.09			0.12			0.10			0.06			(0.01	)
Net realized and unrealized gain (loss)		2.66			0.40			0.89			(7.38	)		2.19			0.65
Net increase (decrease) from investment operations		2.72			0.49			1.01			(7.28	)		2.25			0.64
Dividends and distributions from:
Net investment income		(0.12	)		(0.14	)		(0.14	)		(0.02	)		(0.01	)		—
Net realized gain		—			—			—			(1.33	)		(0.30	)		(0.31	)
Total dividends and distributions		(0.12	)		(0.14	)		(0.14	)		(1.35	)		(0.31	)		(0.31	)
Net asset value, end of period	$	16.08		$	13.48		$	13.13		$	12.26		$	20.89		$	18.95
Total Investment Return3
Based on net asset value		20.25	%4		3.75	%		8.37	%4,5		(37.10	)%		12.01	%		3.49	%4
Ratios to Average Net Assets6
Total expenses		1.15	%7		1.18	%		1.22	%7		1.12	%		1.18	%		1.35	%7
Net investment income (loss)		0.84	%7		0.70	%		1.16	%7		0.62	%		0.29	%		(1.14	)%7
Supplemental Data
Net assets, end of period (000)	$	36,122		$	30,564		$	29,033		$	24,717		$	33,790		$	24,828
Portfolio turnover of the Portfolio		82	%		183	%		151	%		108	%		72	%		71	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 7.96%.
6	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
7	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	29

Financial Highlights (continued) BlackRock Large Cap Value Fund

	Investor A
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	13.29		$	12.92		$	12.03		$	20.54		$	18.64		$	16.86		$	14.53
Net investment income1		0.05			0.09			0.11			0.09			0.06			0.01			0.02
Net realized and unrealized gain (loss)		2.62			0.40			0.87			(7.26	)		2.16			2.89			2.97
Net increase (decrease) from investment operations		2.67			0.49			0.98			(7.17	)		2.22			2.90			2.99
Dividends and distributions from:
Net investment income		(0.10	)		(0.12	)		(0.09	)		(0.01	)		(0.02	)		—			—
Net realized gain		—			—			—			(1.33	)		(0.30	)		(1.12	)		(0.66	)
Total dividends and distributions		(0.10	)		(0.12	)		(0.09	)		(1.34	)		(0.32	)		(1.12	)		(0.66	)
Net asset value, end of period	$	15.86		$	13.29		$	12.92		$	12.03		$	20.54		$	18.64		$	16.86
Total Investment Return2
Based on net asset value		20.20	%3		3.75	%		8.22	%3,4		(37.17	)%		12.04	%		17.78	%		21.20	%
Ratios to Average Net Assets5
Total expenses		1.25	%6		1.23	%		1.40	%6		1.22	%		1.17	%		1.19	%		1.23	%
Net investment income		0.74	%6		0.67	%		1.04	%6		0.52	%		0.28	%		0.05	%		0.10	%
Supplemental Data
Net assets, end of period (000)	$	719,941		$	756,124		$	967,445		$	1,295,100		$	2,499,604		$	1,652,442		$	371,216
Portfolio turnover of the Portfolio		82	%		183	%		151	%		108	%		72	%		71	%		95	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 7.80%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.

See Notes to Financial Statements.
30	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (continued) BlackRock Large Cap Value Fund

	Investor B
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	12.52		$	12.18		$	11.34		$	19.41		$	17.76		$	16.12		$	14.02
Net investment income (loss)1		(0.01	)		(0.03	)		0.03			(0.04	)		(0.09	)		(0.11	)		(0.09	)
Net realized and unrealized gain (loss)		2.47			0.37			0.81			(6.85	)		2.04			2.74			2.85
Net increase (decrease) from investment operations		2.46			0.34			0.84			(6.89	)		1.95			2.63			2.76
Distributions from net realized gain		—			—			—			(1.18	)		(0.30	)		(0.99	)		(0.66	)
Net asset value, end of period	$	14.98		$	12.52		$	12.18		$	11.34		$	19.41		$	17.76		$	16.12
Total Investment Return2
Based on net asset value		19.65	%3		2.79	%		7.41	%3,4		(37.62	)%		11.11	%		16.81	%		20.29	%
Ratios to Average Net Assets5
Total expenses		2.15	%6		2.14	%		2.21	%6		1.99	%		1.98	%		1.96	%		2.00	%
Net investment income (loss)		(0.15	)%6		(0.24	)%		0.28	%6		(0.24	)%		(0.47	)%		(0.67	)%		(0.60	)%
Supplemental Data
Net assets, end of period (000)	$	34,473		$	37,720		$	63,930		$	108,660		$	277,113		$	309,795		$	261,345
Portfolio turnover of the Portfolio		82	%		183	%		151	%		108	%		72	%		71	%		95	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 6.97%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	31

Financial Highlights (continued) BlackRock Large Cap Value Fund

	Investor C
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	12.44		$	12.13		$	11.29		$	19.37		$	17.72		$	16.11		$	14.01
Net investment income (loss)1		(0.01	)		(0.03	)		0.02			(0.04	)		(0.09	)		(0.12	)		(0.10	)
Net realized and unrealized gain (loss)		2.47			0.36			0.82			(6.83	)		2.04			2.76			2.86
Net increase (decrease) from investment operations		2.46			0.33			0.84			(6.87	)		1.95			2.64			2.76
Dividends and distributions from:
Net investment income		—			(0.02	)		—			—			—			—			—
Net realized gain		—			—			—			(1.21	)		(0.30	)		(1.03	)		(0.66	)
Total dividends and distributions		—			(0.02	)		—			(1.21	)		(0.30	)		(1.03	)		(0.66	)
Net asset value, end of period	$	14.90		$	12.44		$	12.13		$	11.29		$	19.37		$	17.72		$	16.11
Total Investment Return2
Based on net asset value		19.77	%3		2.74	%		7.44	%3,4		(37.66	)%		11.14	%		16.89	%		20.31	%
Ratios to Average Net Assets5
Total expenses		2.10	%6		2.11	%		2.19	%6		2.00	%		1.97	%		1.96	%		2.00	%
Net investment income (loss)		(0.11	)%6		(0.22	)%		0.24	%6		(0.26	)%		(0.50	)%		(0.69	)%		(0.65	)%
Supplemental Data
Net assets, end of period (000)	$	307,334		$	298,040		$	379,388		$	456,180		$	959,039		$	754,266		$	409,937
Portfolio turnover of the Portfolio		82	%		183	%		151	%		108	%		72	%		71	%		95	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 7.00%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.

See Notes to Financial Statements.
32	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (concluded) BlackRock Large Cap Value Fund

	Class R
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Per Share Operating Performance
Net asset value, beginning of period	$	12.81		$	12.48		$	11.63		$	19.92		$	18.13		$	16.46		$	14.23
Net investment income (loss)1		0.03			0.04			0.07			0.03			(0.01	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		2.52			0.38			0.84			(7.02	)		2.11			2.80			2.92
Net increase (decrease) from investment operations		2.55			0.42			0.91			(6.99	)		2.10			2.77			2.89
Dividends and distributions from:
Net investment income		(0.05	)		(0.09	)		(0.06	)		—			(0.01	)		—			—
Net realized gain		—			—			—			(1.30	)		(0.30	)		(1.10	)		(0.66	)
Total dividends and distributions		(0.05	)		(0.09	)		(0.06	)		(1.30	)		(0.31	)		(1.10	)		(0.66	)
Net asset value, end of period	$	15.31		$	12.81		$	12.48		$	11.63		$	19.92		$	18.13		$	16.46
Total Investment Return2
Based on net asset value		19.99	%3		3.35	%		7.88	%3,4		(37.35	)%		11.71	%		17.41	%		20.93	%
Ratios to Average Net Assets5
Total expenses		1.59	%6		1.60	%		1.68	%6		1.55	%		1.50	%		1.45	%		1.48	%
Net investment income (loss)		0.41	%6		0.29	%		0.72	%6		0.19	%		(0.06	)%		(0.19	)%		(0.19	)%
Supplemental Data
Net assets, end of period (000)	$	112,285		$	115,763		$	139,827		$	141,571		$	211,115		$	119,085		$	45,894
Portfolio turnover of the Portfolio		82	%		183	%		151	%		108	%		72	%		71	%		95	%

1	Based on average shares outstanding.
2	Where applicable, total investment returns include the reinvestment of dividends and distributions.
3	Aggregate total investment return.
4	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 7.45%.
5	Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income (loss).
6	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	33

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 (each a “Fund” and collectively the “Funds”), each a member of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. The Corporation is organized as a Maryland corporation. Each Fund seeks to achieve its investment objective by investing all of its assets in Master Large Cap Core Portfolio, Master Large Cap Growth Portfolio and Master Large Cap Value Portfolio (collectively the “Portfolios” or individually a “Portfolio”), respectively, constituting Master Large Cap Series LLC (the “Master LLC”), each of which has the same investment objective and strategies as the corresponding Fund. The value of a Fund’s investment in the applicable Portfolio reflects the Fund’s proportionate interest in the net assets of such Portfolio. As of March 31, 2011, 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%, 78% and 91%, respectively. The performance of a Fund is directly affected by the performance of the applicable 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 (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund offers multiple classes of shares. Institutional Shares are sold without a sales charge and only to certain eligible investors. Service Shares are sold without a sales charge. 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 without a sales charge and only to certain retirement and 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. Investor B Shares automatically convert to Investor A Shares after approximately eight years. Investor B Shares are only available through exchanges, dividend reinvestment by existing shareholders or for purchase by certain qualified employee benefit plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor B shareholders may vote on material changes to the Investor A distribution and service plan).

The following is a summary of significant accounting policies followed by the Funds:

Valuation: US GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds’ policy is to fair value their financial instruments at market value. Each Fund records its investment in the corresponding Portfolio at fair value based on the Fund’s proportionate interest in the net assets of the Portfolio. Valuation of securities held by the Portfolio, including categorization of fair value measurements, is discussed in Note 1 of the Master LLC’s Notes to Financial Statements, which are included elsewhere in this report.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). For financial reporting purposes, contributions to and withdrawals from the Portfolios are accounted for on a trade date basis. Each Fund records daily its proportionate share of the corresponding 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 on investments are allocated daily to each class based on its relative net assets.

Dividends and Distributions: Dividends and distributions paid by the Funds are recorded on the ex-dividend dates. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

Income Taxes: It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of 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 the year ended September 30, 2010, the period ended September 30, 2009 and the two years ended October 31, 2008.The statutes of limitations on the Funds’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. There are no uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or class. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Other expenses of each Fund are allocated daily to each class based on its relative net assets.

2. Administration Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but BAC and Barclays are not.

The Corporation, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary of BlackRock, to provide administrative services (other than investment advice and related portfolio activities). For such services, each Fund pays the Administrator a monthly fee at an annual rate of 0.25% of the average daily value of each Fund’s net assets. The Funds do not pay an investment advisory fee or investment management fee.

34 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Notes to Financial Statements (continued) BlackRock Large Cap Series Funds, Inc.

With respect to BlackRock Large Cap Core Fund, the Administrator contractually agreed to waive and/or reimburse fees or expenses, excluding interest expense, dividend expense, acquired fund fees and expenses and certain other fund expenses, in order to limit expenses. The Administrator has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to February 1, 2012 unless approved by the Board, including a majority of the non-interested Directors. These amounts are shown as transfer agent fees waived and/or reimbursed — class specific in the Statements of Operations. The expense limitations as a percentage of average daily net assets are as follows: 1.14% for Investor A and 1.97% for Investor B.

The Corporation, on behalf of the Funds, entered into a Distribution Agreement and Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of BlackRock. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares of each Fund as follows:

	Service Fee		Distribution Fee
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%

Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to each Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Service, Investor A, Investor B, Investor C and Class R shareholders.

For the six months ended March 31, 2011, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Funds’ Investor A Shares as follows:

	Investor A
BlackRock Large Cap Core Fund	$	39,761
BlackRock Large Cap Growth Fund	$	10,452
BlackRock Large Cap Value Fund	$	9,339

For the six months ended March 31, 2011, affiliates received the following contingent deferred sales charges relating to transactions in Investor B and Investor C Shares:

	Investor B		Investor C
BlackRock Large Cap Core Fund	$	40,377	$	22,738
BlackRock Large Cap Growth Fund	$	6,966	$	2,483
BlackRock Large Cap Value Fund	$	28,022	$	9,731

Furthermore, affiliates received contingent deferred sale charges relating to transactions subject to front-end sales charge waivers on Investor A Shares as follows:

	Investor A
BlackRock Large Cap Core Fund	$	2,350
BlackRock Large Cap Growth Fund	$	63
BlackRock Large Cap Value Fund	$	1,083

The Administrator maintains a call center, which is responsible for providing certain shareholder services to the Funds, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the six months ended March 31, 2011, the Funds reimbursed the Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

	BlackRock Large Cap Core Fund			BlackRock Large Cap Growth Fund			BlackRock Large Cap Value Fund
Institutional		$	3,588		$	161		$	1,368
Service		$	3		$	60		$	335
Investor A		$	16,116		$	1,026		$	6,537
Investor B		$	2,142		$	138		$	544
Investor C		$	2,568		$	548		$	1,607
Class R		$	180		$	113		$	293

Certain officers and/or directors of the Corporation are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Administrator for compensation paid to the Corporation’s Chief Compliance Officer.

3. Capital Loss Carryforwards:

As of September 30, 2010, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires September 30,	BlackRock Large Cap Core Fund		BlackRock Large Cap Growth Fund		BlackRock Large Cap Value Fund
2016	$	196,432,528		—	$	236,415,548
2017		703,142,916	$	101,382,129		783,578,280
Total	$	899,575,444	$	101,382,129	$	1,019,993,828

Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after September 30, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 35

Notes to Financial Statements (continued) BlackRock Large Cap Series Funds, Inc.

4. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

	Six Months Ended March 31, 2011						Year Ended September 30, 2010
BlackRock Large Cap Core Fund	Shares			Amount			Shares			Amount
Institutional
Shares sold		3,554,595		$	39,298,127			10,773,130		$	108,830,104
Shares issued to shareholders in reinvestment of dividends		215,803			2,378,139			995,656			10,056,127
Total issued		3,770,398			41,676,266			11,768,786			118,886,231
Shares redeemed		(14,778,157	)		(163,250,760	)		(58,705,823	)		(580,312,532	)
Net decrease		(11,007,759	)	$	(121,574,494	)		(46,937,037	)	$	(461,426,301	)
Service
Shares sold		1,804		$	20,000			21		$	209
Shares issued to shareholders in reinvestment of dividends		64			694			68			670
Total issued		1,868			20,694			89			879
Shares redeemed		(6,531	)		(70,285	)		(4,462	)		(43,976	)
Net decrease		(4,663	)	$	(49,591	)		(4,373	)	$	(43,097	)
Investor A
Shares sold and automatic conversion of shares		5,967,842		$	65,664,547			13,647,851		$	134,090,944
Shares issued to shareholders in reinvestment of dividends		450,984			4,857,051			1,022,108			10,098,403
Total issued		6,418,826			70,521,598			14,669,959			144,189,347
Shares redeemed		(12,134,943	)		(132,116,717	)		(28,324,813	)		(278,146,597	)
Net decrease		(5,716,117	)	$	(61,595,119	)		(13,654,854	)	$	(133,957,250	)
Investor B
Shares sold		151,538		$	1,540,609			485,306		$	4,475,426
Shares issued to shareholders in reinvestment of dividends		—			—			18,880			175,014
Total issued		151,538			1,540,609			504,186			4,650,440
Shares redeemed and automatic conversion of shares		(2,022,206	)		(20,597,830	)		(5,540,874	)		(51,182,780	)
Net decrease		(1,870,668	)	$	(19,057,221	)		(5,036,688	)	$	(46,532,340	)
Investor C
Shares sold		3,956,868		$	40,356,646			9,126,282		$	83,325,024
Shares issued to shareholders in reinvestment of dividends		—			—			184,903			1,699,248
Total issued		3,956,868			40,356,646			9,311,185			85,024,272
Shares redeemed		(9,889,292	)		(100,151,955	)		(19,911,091	)		(181,463,376	)
Net decrease		(5,932,424	)	$	(59,795,309	)		(10,599,906	)	$	(96,439,104	)
Class R
Shares sold		950,432		$	10,058,282			2,430,715		$	23,002,677
Shares issued to shareholders in reinvestment of dividends		14,026			144,891			64,796			614,263
Total issued		964,458			10,203,173			2,495,511			23,616,940
Shares redeemed		(2,572,816	)		(27,158,852	)		(4,437,568	)		(41,770,158	)
Net decrease		(1,608,358	)	$	(16,955,679	)		(1,942,057	)	$	(18,153,218	)

36 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Notes to Financial Statements (continued) BlackRock Large Cap Series Funds, Inc.

	Six Months Ended March 31, 2011						Year Ended September 30, 2010
BlackRock Large Cap Growth Fund	Shares			Amount			Shares			Amount
Institutional
Shares sold		30,433,030		$	298,737,903			1,338,286		$	12,666,317
Shares issued to shareholders in reinvestment of dividends		—			—			14,931			140,651
Total issued		30,433,030			298,737,903			1,353,217			12,806,968
Shares redeemed		(8,180,120	)		(87,101,992	)		(4,102,509	)		(38,052,825	)
Net increase (decrease)		22,252,910		$	211,635,911			(2,749,292	)	$	(25,245,857	)
Service
Shares sold and automatic conversion of shares		237,584		$	2,467,644			314,193		$	2,934,482
Shares issued to shareholders in reinvestment of dividends		—			—			2,316			21,700
Total issued		237,584			2,467,644			316,509			2,956,182
Shares redeemed		(149,809	)		(1,607,465	)		(407,564	)		(3,752,048	)
Net increase (decrease)		87,775		$	860,179			(91,055	)	$	(795,866	)
Investor A
Shares sold and automatic conversion of shares		2,935,187		$	30,884,077			6,818,978		$	62,794,718
Shares issued to shareholders in reinvestment of dividends		—			—			49,226			451,399
Total issued		2,935,187			30,884,077			6,868,204			63,246,117
Shares redeemed		(10,260,219	)		(105,587,638	)		(10,233,312	)		(93,172,865	)
Net decrease		(7,325,032	)	$	(74,703,561	)		(3,365,108	)	$	(29,926,748	)
Investor B
Shares sold		47,431		$	453,695			118,538		$	998,894
Shares issued to shareholders in reinvestment of dividends		—			—			—			—
Total issued		47,431			453,695			118,538			998,894
Shares redeemed and automatic conversion of shares		(414,381	)		(3,913,235	)		(1,720,564	)		(14,492,638	)
Net decrease		(366,950	)	$	(3,459,540	)		(1,602,026	)	$	(13,493,744	)
Investor C
Shares sold		1,006,789		$	9,653,758			2,236,747		$	18,917,169
Shares issued to shareholders in reinvestment of dividends		—			—			—			—
Total issued		1,006,789			9,653,758			2,236,747			18,917,169
Shares redeemed		(2,239,664	)		(21,301,890	)		(5,624,127	)		(47,375,242	)
Net decrease		(1,232,875	)	$	(11,648,132	)		(3,387,380	)	$	(28,458,073	)
Class R
Shares sold		769,798		$	7,771,580			2,092,702		$	18,494,679
Shares issued to shareholders in reinvestment of dividends		—			—			—			—
Total issued		769,798			7,771,580			2,092,702			18,494,679
Shares redeemed		(1,971,461	)		(19,761,596	)		(3,910,116	)		(34,501,312	)
Net decrease		(1,201,663	)	$	(11,990,016	)		(1,817,414	)	$	(16,006,633	)

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 37

Notes to Financial Statements (concluded) BlackRock Large Cap Series Funds, Inc.

	Six Months Ended March 31, 2011						Year Ended September 30, 2010
BlackRock Large Cap Value Fund	Shares			Amount			Shares			Amount
Institutional
Shares sold		10,992,282		$	164,547,430			19,278,100		$	258,452,858
Shares issued to shareholders in reinvestment of dividends		431,235			6,278,751			623,361			8,446,534
Total issued		11,423,517			170,826,181			19,901,461			266,899,392
Shares redeemed		(21,121,017	)		(312,039,960	)		(31,410,550	)		(423,309,905	)
Net decrease		(9,697,500	)	$	(141,213,779	)		(11,509,089	)	$	(156,410,513	)
Service
Shares sold		156,793		$	2,362,436			580,761		$	7,814,152
Shares issued to shareholders in reinvestment of dividends		18,056			262,530			22,284			301,721
Total issued		174,849			2,624,966			603,045			8,115,873
Shares redeemed		(195,636	)		(2,948,239	)		(546,758	)		(7,307,183	)
Net increase (decrease)		(20,787	)	$	(323,273	)		56,287		$	808,690
Investor A
Shares sold and automatic conversion of shares		4,304,118		$	63,373,006			11,944,824		$	158,688,148
Shares issued to shareholders in reinvestment of dividends		357,440			5,125,675			585,808			7,814,678
Total issued		4,661,558			68,498,681			12,530,632			166,502,826
Shares redeemed		(16,173,310	)		(236,302,132	)		(30,481,178	)		(401,417,990	)
Net decrease		(11,511,752	)	$	(167,803,451	)		(17,950,546	)	$	(234,915,164	)
Investor B
Shares sold		78,471		$	1,088,936			265,031		$	3,329,020
Shares issued to shareholders in reinvestment of dividends		—			—			—			—
Total issued		78,471			1,088,936			265,031			3,329,020
Shares redeemed and automatic conversion of shares		(790,822	)		(10,884,239	)		(2,500,232	)		(31,383,426	)
Net decrease		(712,351	)	$	(9,795,303	)		(2,235,201	)	$	(28,054,406	)
Investor C
Shares sold		1,384,320		$	19,205,241			3,543,382		$	44,307,468
Shares issued to shareholders in reinvestment of dividends		—			—			47,979			604,065
Total issued		1,384,320			19,205,241			3,591,361			44,911,533
Shares redeemed		(4,701,513	)		(64,542,640	)		(10,921,436	)		(135,789,995	)
Net decrease		(3,317,193	)	$	(45,337,399	)		(7,330,075	)	$	(90,878,462	)
Class R
Shares sold		1,072,154		$	15,228,901			2,802,283		$	35,887,564
Shares issued to shareholders in reinvestment of dividends		32,466			449,659			75,054			968,198
Total issued		1,104,620			15,678,560			2,877,337			36,855,762
Shares redeemed		(2,809,532	)		(39,551,572	)		(5,039,688	)		(64,616,144	)
Net decrease		(1,704,912	)	$	(23,873,012	)		(2,162,351	)	$	(27,760,382	)

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

38 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Portfolio Information as of March 31, 2011 Master Large Cap Series LLC

Ten Largest Holdings
Master Large Cap Core Portfolio	Percent of Long-Term Investments
Exxon Mobil Corp.	2	%
Philip Morris International, Inc.	2
Intel Corp.	2
Comcast Corp., Class A	2
UnitedHealth Group, Inc.	2
Amgen, Inc.	1
Apple, Inc.	1
Bristol-Myers Squibb Co.	1
Eli Lilly & Co.	1
Marathon Oil Corp.	1
Master Large Cap Growth Portfolio	Percent of Long-Term Investments
Exxon Mobil Corp.	4	%
Apple, Inc.	3
Philip Morris International, Inc.	3
Intel Corp.	2
DIRECTV, Class A	2
Dell, Inc.	1
Applied Materials, Inc.	1
Altera Corp.	1
Lockheed Martin Corp.	1
Autodesk, Inc.	1
Master Large Cap Value Portfolio	Percent of Long-Term Investments
Comcast Corp., Class A	2	%
UnitedHealth Group, Inc.	2
Amgen, Inc.	2
Bristol-Myers Squibb Co.	2
ConocoPhillips	2
Marathon Oil Corp.	2
Intel Corp.	2
Eli Lilly & Co.	1
Corning, Inc.	1
Texas Instruments, Inc.	1
Sector Allocation
Master Large Cap Core Portfolio	Percent of Long-Term Investments
Information Technology	28	%
Health Care	17
Consumer Discretionary	14
Energy	10
Consumer Staples	6
Industrials	6
Financials	6
Utilities	6
Telecommunication Services	4
Materials	3
Master Large Cap Growth Portfolio	Percent of Long-Term Investments
Information Technology	38	%
Health Care	14
Consumer Discretionary	14
Industrials	11
Energy	9
Materials	6
Consumer Staples	6
Financials	1
Telecommunication Services	1
Master Large Cap Value Portfolio	Percent of Long-Term Investments
Financials	17	%
Information Technology	16
Health Care	16
Energy	10
Consumer Discretionary	9
Industrials	8
Materials	7
Utilities	7
Consumer Staples	5
Telecommunication Services	5

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. These definitions may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 39

Schedule of Investments March 31, 2011 (Unaudited)	Master Large Cap Core Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Consumer Discretionary — 14.1%
Auto Components — 0.8%
Autoliv, Inc.	360,000	$	26,722,800
Diversified Consumer Services — 0.7%
Career Education Corp. (a)	820,000		18,630,400
ITT Educational Services, Inc. (a)	80,000		5,772,000
			24,402,400
Internet & Catalog Retail — 1.0%
Liberty Media Holding Corp. — Interactive (a)	2,180,000		34,967,200
Media — 6.4%
CBS Corp., Class B	1,500,000		37,560,000
Comcast Corp., Class A	2,100,000		51,912,000
DIRECTV, Class A (a)	940,000		43,992,000
DISH Network Corp. (a)	1,170,000		28,501,200
Gannett Co., Inc.	640,000		9,747,200
Interpublic Group of Cos., Inc.	2,960,000		37,207,200
Liberty Media Holding Corp. — Capital (a)	170,000		12,523,900
			221,443,500
Multiline Retail — 1.0%
Macy’s, Inc.	1,360,000		32,993,600
Specialty Retail — 4.2%
Foot Locker, Inc.	1,750,000		34,510,000
Limited Brands, Inc.	1,110,000		36,496,800
PetSmart, Inc.	260,000		10,647,000
Ross Stores, Inc.	380,000		27,025,600
Williams-Sonoma, Inc.	900,000		36,450,000
			145,129,400
Total Consumer Discretionary			485,658,900
Consumer Staples — 6.2%
Beverages — 1.8%
Coca-Cola Enterprises Inc.	470,000		12,831,000
Constellation Brands, Inc., Class A (a)	630,000		12,776,400
Dr. Pepper Snapple Group, Inc.	1,000,000		37,160,000
			62,767,400
Food & Staples Retailing — 1.1%
The Kroger Co.	1,610,000		38,591,700
Food Products — 1.0%
Tyson Foods, Inc., Class A	1,800,000		34,542,000
Household Products — 0.4%
The Procter & Gamble Co.	210,000		12,936,000
Tobacco — 1.9%
Philip Morris International, Inc.	1,010,000		66,286,300
Total Consumer Staples			215,123,400
Energy — 10.2%
Energy Equipment & Services — 1.8%
Exterran Holdings, Inc. (a)	460,000		10,915,800
McDermott International, Inc. (a)	1,540,000		39,100,600
Nabors Industries Ltd. (a)	390,000		11,848,200
			61,864,600

Common Stocks	Shares	Value
Energy (concluded)
Oil, Gas & Consumable Fuels — 8.4%
Chevron Corp.	180,000	$	19,337,400
Exxon Mobil Corp.	890,000		74,875,700
Frontier Oil Corp.	1,130,000		33,131,600
Marathon Oil Corp.	840,000		44,780,400
Murphy Oil Corp.	550,000		40,381,000
Sunoco, Inc.	790,000		36,016,100
Valero Energy Corp.	1,350,000		40,257,000
			288,779,200
Total Energy			350,643,800
Financials — 5.8%
Capital Markets — 1.0%
Ameriprise Financial, Inc.	560,000		34,204,800
Commercial Banks — 0.3%
Popular, Inc. (a)	930,000		2,706,300
Wells Fargo & Co.	210,000		6,657,000
			9,363,300
Consumer Finance — 1.2%
Discover Financial Services, Inc.	1,660,000		40,039,200
Diversified Financial Services — 1.4%
JPMorgan Chase & Co.	280,000		12,908,000
The NASDAQ Stock Market, Inc. (a)	1,370,000		35,400,800
			48,308,800
Insurance — 1.9%
Assurant, Inc.	810,000		31,193,100
Berkshire Hathaway, Inc. (a)	60,000		5,017,800
MBIA, Inc. (a)	3,130,000		31,425,200
			67,636,100
Total Financials			199,552,200
Health Care — 16.9%
Biotechnology — 3.8%
Amgen, Inc. (a)	870,000		46,501,500
Biogen Idec, Inc. (a)	550,000		40,364,500
Cephalon, Inc. (a)	410,000		31,069,800
Myriad Genetics, Inc. (a)	610,000		12,291,500
			130,227,300
Health Care Providers & Services — 7.0%
Aetna, Inc.	1,050,000		39,301,500
AmerisourceBergen Corp.	1,020,000		40,351,200
Cardinal Health, Inc.	910,000		37,428,300
Coventry Health Care, Inc. (a)	840,000		26,787,600
Health Management Associates, Inc., Class A (a)	3,400,000		37,060,000
Lincare Holdings, Inc.	340,000		10,084,400
UnitedHealth Group, Inc.	1,110,000		50,172,000
			241,185,000
Life Sciences Tools & Services — 1.5%
Illumina, Inc. (a)	510,000		35,735,700
Pharmaceutical Product Development, Inc.	650,000		18,011,500
			53,747,200
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.	1,710,000		45,195,300
Eli Lilly & Co.	1,280,000		45,017,600
Endo Pharmaceuticals Holdings, Inc. (a)	420,000		16,027,200
Forest Laboratories, Inc. (a)	1,180,000		38,114,000
Johnson & Johnson	130,000		7,702,500
Pfizer, Inc.	370,000		7,514,700
			159,571,300
Total Health Care			584,730,800

See Notes to Financial Statements.
40	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Schedule of Investments (continued)	Master Large Cap Core Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Industrials — 6.2%
Aerospace & Defense — 0.8%
Raytheon Co.	510,000	$	25,943,700
Airlines — 1.0%
Southwest Airlines Co.	2,580,000		32,585,400
Commercial Services & Supplies — 0.5%
Avery Dennison Corp.	180,000		7,552,800
Pitney Bowes, Inc.	390,000		10,019,100
			17,571,900
Construction & Engineering — 0.9%
Chicago Bridge & Iron Co. NV	200,000		8,132,000
KBR, Inc.	640,000		24,172,800
			32,304,800
Industrial Conglomerates — 0.6%
General Electric Co.	1,080,000		21,654,000
Machinery — 2.0%
AGCO Corp. (a)	350,000		19,239,500
Manitowoc Co.	1,740,000		38,071,200
Timken Co.	250,000		13,075,000
			70,385,700
Road & Rail — 0.4%
Ryder System, Inc.	270,000		13,662,000
Total Industrials			214,107,500
Information Technology — 28.0%
Communications Equipment — 1.8%
Motorola Solutions Inc. (a)	900,000		40,221,000
Tellabs, Inc.	3,960,000		20,750,400
			60,971,400
Computers & Peripherals — 5.5%
Apple, Inc. (a)	130,000		45,298,500
Dell, Inc. (a)	2,740,000		39,757,400
Lexmark International, Inc., Class A (a)	850,000		31,484,000
Seagate Technology (a)	2,660,000		38,304,000
Western Digital Corp. (a)	970,000		36,171,300
			191,015,200
Electronic Equipment, Instruments & Components — 2.3%
Corning, Inc.	1,980,000		40,847,400
Vishay Intertechnology, Inc. (a)	2,050,000		36,367,000
			77,214,400
Internet Software & Services — 0.2%
Google, Inc., Class A (a)	10,000		5,862,100
IT Services — 1.6%
International Business Machines Corp.	120,000		19,568,400
The Western Union Co.	1,770,000		36,762,900
			56,331,300
Semiconductors & Semiconductor Equipment — 13.9%
Altera Corp.	940,000		41,378,800
Analog Devices, Inc.	930,000		36,623,400
Applied Materials, Inc.	2,600,000		40,612,000
Atmel Corp. (a)	2,690,000		36,664,700
Cypress Semiconductor Corp. (a)	1,520,000		29,457,600
Fairchild Semiconductor International, Inc. (a)	1,180,000		21,476,000
Intel Corp.	2,980,000		60,106,600
Lam Research Corp. (a)	670,000		37,962,200

Common Stocks	Shares	Value
Information Technology (concluded)
Semiconductors & Semiconductor Equipment (concluded)
MEMC Electronic Materials, Inc. (a)	2,800,000	$	36,288,000
National Semiconductor Corp.	2,300,000		32,982,000
Novellus Systems, Inc. (a)	960,000		35,644,800
ON Semiconductor Corp. (a)	3,460,000		34,150,200
Teradyne, Inc. (a)	2,040,000		36,332,400
			479,678,700
Software — 2.7%
Autodesk, Inc. (a)	80,000		3,528,800
CA, Inc.	1,500,000		36,270,000
Microsoft Corp.	640,000		16,230,400
Symantec Corp. (a)	2,060,000		38,192,400
			94,221,600
Total Information Technology			965,294,700
Materials — 3.3%
Chemicals — 0.6%
Huntsman Corp.	1,280,000		22,246,400
Containers & Packaging — 0.6%
Ball Corp.	170,000		6,094,500
Crown Holdings, Inc. (a)	180,000		6,944,400
Sealed Air Corp.	260,000		6,931,600
			19,970,500
Metals & Mining — 1.2%
Alcoa, Inc.	2,400,000		42,360,000
Paper & Forest Products — 0.9%
Domtar Corp.	60,000		5,506,800
MeadWestvaco Corp.	840,000		25,477,200
			30,984,000
Total Materials			115,560,900
Telecommunication Services — 3.6%
Diversified Telecommunication Services — 1.4%
AT&T Inc.	360,000		11,016,000
Qwest Communications International, Inc.	5,670,000		38,726,100
			49,742,100
Wireless Telecommunication Services — 2.2%
MetroPCS Communications, Inc. (a)	2,280,000		37,027,200
Sprint Nextel Corp. (a)	8,430,000		39,115,200
			76,142,400
Total Telecommunication Services			125,884,500
Utilities — 5.8%
Electric Utilities — 0.5%
Pepco Holdings, Inc.	880,000		16,412,000
Independent Power Producers & Energy Traders — 2.5%
The AES Corp. (a)	2,990,000		38,870,000
GenOn Energy, Inc. (a)	3,175,200		12,097,512
NRG Energy, Inc. (a)	1,680,000		36,187,200
			87,154,712
Multi-Utilities — 2.8%
Ameren Corp.	1,210,000		33,964,700
CMS Energy Corp.	1,380,000		27,103,200
NiSource, Inc. (b)	1,800,000		34,524,000
			95,591,900
Total Utilities			199,158,612
Total Long-Term Investments
(Cost — $2,825,439,355) — 100.1%			3,455,715,312

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	41

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, 0.43% (c)(d)(e)	$	29,696	$	29,696,000
Total Short-Term Securities
(Cost — $29,696,000) — 0.9%				29,696,000
Total Investments (Cost — $2,855,135,355*) — 101.0%				3,485,411,312
Liabilities in Excess of Other Assets — (1.0)%				(32,879,237	)
Net Assets — 100.0%			$	3,452,532,075

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	2,911,040,388
Gross unrealized appreciation	$	620,511,455
Gross unrealized depreciation		(46,140,531	)
Net unrealized appreciation	$	574,370,924

(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 Master LLC during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Beneficial Interest Held at September 30, 2010		Net Activity			Beneficial Interest Held at March 31, 2011		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		—		—			—	$	501
BlackRock Liquidity Series, LLC Money Market Series	$	113,624,600	$	(86,928,600	)	$	29,696,000	$	46,773

(d)	Represents the current yield as of report date.
(e)	Security was purchased with the cash collateral from loaned securities.
•	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 rating group indexes, and/or as defined by Portfolio management. These definitions may not apply for purposes of this report, which may combine such sector and industry sub-classifications for reporting ease.
•	Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial statement purposes as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodologies 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, 2011 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1	$	3,455,715,312		—		—	$	3,455,715,312
Short-Term Securities.		—	$	29,696,000		—		29,696,000
Total	$	3,455,715,312	$	29,696,000		—	$	3,485,411,312

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

See Notes to Financial Statements.
42	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Schedule of Investments March 31, 2011 (Unaudited) Master Large Cap Growth Portfolio
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Consumer Discretionary — 14.0%
Auto Components — 1.3%
Autoliv, Inc.		70,000	$	5,196,100
Federal-Mogul Corp., Class A (a)		170,000		4,233,000
TRW Automotive Holdings Corp. (a)		62,000		3,414,960
				12,844,060
Diversified Consumer Services — 2.7%
Apollo Group, Inc., Class A (a)		247,000		10,302,370
Career Education Corp. (a)		260,000		5,907,200
ITT Educational Services, Inc. (a)		151,000		10,894,650
				27,104,220
Media — 4.5%
CBS Corp., Class B		429,000		10,742,160
DIRECTV, Class A (a)		334,000		15,631,200
Interpublic Group of Cos., Inc.		899,000		11,300,430
John Wiley & Sons, Inc., Class A		159,000		8,083,560
				45,757,350
Multiline Retail — 0.4%
Macy’s, Inc.		161,000		3,905,860
Specialty Retail — 3.9%
Limited Brands, Inc.		354,000		11,639,520
PetSmart, Inc.		150,000		6,142,500
Ross Stores, Inc.		154,000		10,952,480
Williams-Sonoma, Inc.		258,000		10,449,000
				39,183,500
Textiles, Apparel & Luxury Goods — 1.2%
Coach, Inc.		227,000		11,813,080
Total Consumer Discretionary				140,608,070
Consumer Staples — 5.8%
Beverages — 1.2%
Coca-Cola Enterprises Inc.		43,000		1,173,900
Dr. Pepper Snapple Group, Inc.		286,000		10,627,760
				11,801,660
Food & Staples Retailing — 1.0%
The Kroger Co.		426,000		10,211,220
Personal Products — 1.1%
Herbalife Ltd.		133,000		10,820,880
Tobacco — 2.5%
Philip Morris International, Inc.		383,000		25,136,290
Total Consumer Staples				57,970,050
Energy — 8.8%
Energy Equipment & Services — 2.5%
Exterran Holdings, Inc. (a)		430,000		10,203,900
McDermott International, Inc. (a)		437,000		11,095,430
Nabors Industries Ltd. (a)		141,000		4,283,580
				25,582,910
Oil, Gas & Consumable Fuels — 6.3%
Exxon Mobil Corp.		445,000		37,437,850
Marathon Oil Corp.		230,000		12,261,300
Murphy Oil Corp.		90,000		6,607,800
Whiting Petroleum Corp. (a)		94,000		6,904,300
				63,211,250
Total Energy				88,794,160

Common Stocks	Shares		Value
Financials — 1.2%
Diversified Financial Services — 1.0%
The NASDAQ Stock Market, Inc. (a)		396,000	$	10,232,640
Insurance — 0.2%
Endurance Specialty Holdings Ltd.		30,000		1,464,600
Total Financials				11,697,240
Health Care — 14.3%
Biotechnology — 1.1%
Myriad Genetics, Inc. (a)		554,000		11,163,100
Health Care Equipment & Supplies — 2.1%
Hill-Rom Holdings, Inc.		270,000		10,254,600
Varian Medical Systems, Inc. (a)(b)		160,000		10,822,400
				21,077,000
Health Care Providers & Services — 6.5%
Aetna, Inc.		227,000		8,496,610
AmerisourceBergen Corp.		310,000		12,263,600
Cardinal Health, Inc.		256,000		10,529,280
Coventry Health Care, Inc. (a)		317,000		10,109,130
Health Management Associates, Inc., Class A (a)		1,030,000		11,227,000
Lincare Holdings, Inc.		130,000		3,855,800
UnitedHealth Group, Inc.		190,000		8,588,000
				65,069,420
Life Sciences Tools & Services — 2.5%
Agilent Technologies, Inc. (a)		92,000		4,119,760
Illumina, Inc. (a)		165,000		11,561,550
Pharmaceutical Product Development, Inc.		355,000		9,837,050
				25,518,360
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.		234,000		6,184,620
Eli Lilly & Co.		330,000		11,606,100
Warner Chilcott Plc, Class A		150,000		3,492,000
				21,282,720
Total Health Care				144,110,600
Industrials — 11.1%
Aerospace & Defense — 1.9%
Lockheed Martin Corp.		160,000		12,864,000
Raytheon Co.		120,000		6,104,400
				18,968,400
Airlines — 0.9%
Southwest Airlines Co.		737,000		9,308,310
Commercial Services & Supplies — 2.2%
Avery Dennison Corp.		250,000		10,490,000
KAR Auction Services, Inc. (a)		57,000		874,380
Waste Connections, Inc.		366,000		10,537,140
				21,901,520
Construction & Engineering — 2.1%
Chicago Bridge & Iron Co. NV		265,000		10,774,900
KBR, Inc.		274,000		10,348,980
				21,123,880
Industrial Conglomerates — 0.5%
General Electric Co.		251,000		5,032,550
Machinery — 3.2%
Manitowoc Co.		500,000		10,940,000
Oshkosh Corp. (a)		294,000		10,401,720
Timken Co.		218,000		11,401,400
				32,743,120
Road & Rail — 0.3%
Ryder System, Inc.		59,000		2,985,400
Total Industrials				112,063,180

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	43

Schedule of Investments (continued) Master Large Cap Growth Portfolio
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Information Technology — 37.5%
Computers & Peripherals — 6.4%
Apple, Inc. (a)		76,000	$	26,482,200
Dell, Inc. (a)		940,000		13,639,400
QLogic Corp. (a)		152,000		2,819,600
Seagate Technology (a)		786,000		11,318,400
Western Digital Corp. (a)		276,000		10,292,040
				64,551,640
Electronic Equipment, Instruments & Components — 2.3%
AVX Corp.		147,000		2,191,770
Corning, Inc.		510,000		10,521,300
Ingram Micro, Inc., Class A (a)		488,000		10,262,640
				22,975,710
IT Services — 5.0%
Accenture Plc		166,000		9,125,020
Amdocs Ltd. (a)		145,000		4,183,250
DST Systems, Inc.		91,000		4,806,620
Gartner, Inc., Class A (a)		221,000		9,209,070
International Business Machines Corp.		66,000		10,762,620
The Western Union Co.		570,000		11,838,900
				49,925,480
Internet Software & Services — 0.1%
Google, Inc., Class A (a)		2,000		1,172,420
Office Electronics — 0.7%
Zebra Technologies Corp., Class A (a)		187,000		7,337,880
Semiconductors & Semiconductor Equipment — 17.7%
Altera Corp.		293,000		12,897,860
Analog Devices, Inc.		289,000		11,380,820
Applied Materials, Inc.		846,000		13,214,520
Atmel Corp. (a)		817,000		11,135,710
Intel Corp.		999,000		20,149,830
Lam Research Corp. (a)		209,000		11,841,940
MEMC Electronic Materials, Inc. (a)		812,000		10,523,520
Marvell Technology Group Ltd. (a)		688,000		10,698,400
Maxim Integrated Products, Inc.		440,000		11,264,000
National Semiconductor Corp.		727,000		10,425,180
Novellus Systems, Inc. (a)		285,000		10,582,050
Nvidia Corp. (a)		633,000		11,685,180
ON Semiconductor Corp. (a)		1,051,000		10,373,370
Rambus, Inc. (a)		77,000		1,524,600
Teradyne, Inc. (a)		606,000		10,792,860
Texas Instruments, Inc.		250,000		8,640,000
				177,129,840
Software — 5.3%
Activision Blizzard, Inc.		904,000		9,916,880
Autodesk, Inc. (a)		281,000		12,394,910
CA, Inc.		433,000		10,469,940
Cadence Design Systems, Inc. (a)		1,090,000		10,627,500
Symantec Corp. (a)		546,000		10,122,840
				53,532,070
Total Information Technology				376,625,040

Common Stocks	Shares		Value
Materials — 6.0%
Chemicals — 1.6%
Nalco Holding Co.		346,000	$	9,449,260
RPM International, Inc.		250,000		5,932,500
				15,381,760
Containers & Packaging — 1.0%
Ball Corp.		284,000		10,181,400
Metals & Mining — 3.4%
Alcoa, Inc.		636,000		11,225,400
Cliffs Natural Resources, Inc.		123,000		12,088,440
Walter Industries, Inc.		82,000		11,105,260
				34,419,100
Total Materials				59,982,260
Telecommunication Services — 1.1%
Wireless Telecommunication Services — 1.1%
MetroPCS Communications, Inc. (a)		659,000		10,702,160
Total Telecommunication Services				10,702,160
Utilities — 0.4%
Electric Utilities — 0.4%
NV Energy, Inc.		252,000		3,752,280
Total Utilities				3,752,280
Total Long-Term Investments (Cost — $855,025,321) — 100.2%				1,006,305,040

Short-Term Securities	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.43% (c)(d)(e)	$	4,175		4,174,500
Total Short-Term Securities (Cost — $4,174,500) — 0.4%				4,174,500
Total Investments (Cost — $859,199,821*) — 100.6%				1,010,479,540
Liabilities in Excess of Other Assets — (0.6)%				(5,831,134	)
Net Assets — 100.0%			$	1,004,648,406

See Notes to Financial Statements.
44	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Schedule of Investments (concluded) Master Large Cap Growth Portfolio

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	867,801,083
Gross unrealized appreciation	$	151,900,340
Gross unrealized depreciation		(9,221,883	)
Net unrealized appreciation	$	142,678,457

(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 during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at September 30, 2010		Net Activity			Shares/ Beneficial Interest Held at March 31, 2011		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		346,978		(346,978	)		—	$	4,157
BlackRock Liquidity Series, LLC Money Market Series	$	19,523,700	$	(15,349,200	)	$	4,174,500	$	12,908

(d)	Represents the current yield as of report date.
(e)	Security was purchased with the cash collateral from loaned securities.

•	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 rating group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine such sector and industry sub-classifications for reporting ease.
•	Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial statement purposes as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)
The inputs or methodologies 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, 2011 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1	$	1,006,305,040		—		—	$	1,006,305,040
Short-Term Securities		—	$	4,174,500		—		4,174,500
Total	$	1,006,305,040	$	4,174,500		—	$	1,010,479,540

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

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	45

Schedule of Investments March 31, 2011 (Unaudited)	Master Large Cap Value Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Consumer Discretionary — 9.3%
Internet & Catalog Retail — 1.1%
Liberty Media Holding Corp. — Interactive (a)	1,490,000	$	23,899,600
Media — 3.9%
CBS Corp., Class B	1,010,000		25,290,400
Comcast Corp., Class A	1,800,000		44,496,000
DISH Network Corp. (a)	80,000		1,948,800
Liberty Media Holding Corp. — Capital (a)	140,000		10,313,800
			82,049,000
Multiline Retail — 1.1%
Macy’s, Inc.	920,000		22,319,200
Specialty Retail — 3.2%
Foot Locker, Inc.	1,190,000		23,466,800
GameStop Corp., Class A (a)(b)	900,000		20,268,000
Limited Brands, Inc.	620,000		20,385,600
Williams-Sonoma, Inc.	100,000		4,050,000
			68,170,400
Total Consumer Discretionary			196,438,200
Consumer Staples — 5.2%
Beverages — 2.1%
Constellation Brands, Inc., Class A (a)	1,160,000		23,524,800
Dr. Pepper Snapple Group, Inc.	600,000		22,296,000
			45,820,800
Food & Staples Retailing — 1.3%
The Kroger Co.	1,120,000		26,846,400
Household Products — 0.5%
The Procter & Gamble Co.	160,000		9,856,000
Tobacco — 1.3%
Philip Morris International, Inc.	420,000		27,564,600
Total Consumer Staples			110,087,800
Energy — 10.0%
Energy Equipment & Services — 1.9%
Exterran Holdings, Inc. (a)	690,000		16,373,700
McDermott International, Inc. (a)	910,000		23,104,900
			39,478,600
Oil, Gas & Consumable Fuels — 8.1%
Chevron Corp.	200,000		21,486,000
ConocoPhillips	440,000		35,138,400
Frontier Oil Corp.	170,000		4,984,400
Marathon Oil Corp.	610,000		32,519,100
Murphy Oil Corp.	370,000		27,165,400
Sunoco, Inc.	510,000		23,250,900
Valero Energy Corp.	930,000		27,732,600
			172,276,800
Total Energy			211,755,400
Financials — 17.1%
Capital Markets — 2.2%
Ameriprise Financial, Inc.	400,000		24,432,000
Raymond James Financial, Inc.	610,000		23,326,400
			47,758,400
Commercial Banks — 2.1%
CapitalSource, Inc.	3,150,000		22,176,000
East-West Bancorp, Inc.	330,000		7,246,800
KeyCorp	1,060,000		9,412,800
Wells Fargo & Co.	180,000		5,706,000
			44,541,600

Common Stocks	Shares	Value
Financials (concluded)
Consumer Finance — 1.6%
Capital One Financial Corp.	160,000	$	8,313,600
Discover Financial Services, Inc.	1,060,000		25,567,200
			33,880,800
Diversified Financial Services — 3.1%
Interactive Brokers Group, Inc., Class A	240,000		3,813,600
JPMorgan Chase & Co.	340,000		15,674,000
Leucadia National Corp.	640,000		24,025,600
The NASDAQ Stock Market, Inc. (a)	870,000		22,480,800
			65,994,000
Insurance — 8.1%
American Financial Group, Inc.	660,000		23,113,200
American International Group, Inc. (a)	530,000		18,624,200
Aspen Insurance Holdings Ltd.	110,000		3,031,600
Assurant, Inc.	610,000		23,491,100
Axis Capital Holdings Ltd.	580,000		20,253,600
Berkshire Hathaway, Inc. (a)	50,000		4,181,500
Endurance Specialty Holdings Ltd.	150,000		7,323,000
HCC Insurance Holdings, Inc.	150,000		4,696,500
MBIA, Inc. (a)	2,190,000		21,987,600
Principal Financial Group, Inc.	780,000		25,045,800
Protective Life Corp.	610,000		16,195,500
Symetra Financial Corp.	210,000		2,856,000
			170,799,600
Total Financials			362,974,400
Health Care — 16.4%
Biotechnology — 3.5%
Amgen, Inc. (a)	680,000		36,346,000
Biogen Idec, Inc. (a)	370,000		27,154,300
Cephalon, Inc. (a)	130,000		9,851,400
			73,351,700
Health Care Equipment & Supplies — 0.5%
Hill-Rom Holdings, Inc.	280,000		10,634,400
Health Care Providers & Services — 7.6%
Aetna, Inc.	720,000		26,949,600
Cardinal Health, Inc.	580,000		23,855,400
Cigna Corp.	580,000		25,682,400
Coventry Health Care, Inc. (a)	740,000		23,598,600
Health Net, Inc. (a)	720,000		23,544,000
UnitedHealth Group, Inc.	840,000		37,968,000
			161,598,000
Pharmaceuticals — 4.8%
Bristol-Myers Squibb Co.	1,350,000		35,680,500
Eli Lilly & Co.	860,000		30,246,200
Forest Laboratories, Inc. (a)	770,000		24,871,000
Johnson & Johnson	40,000		2,370,000
Pfizer, Inc.	470,000		9,545,700
			102,713,400
Total Health Care			348,297,500
Industrials — 7.7%
Aerospace & Defense — 0.9%
Raytheon Co.	360,000		18,313,200
Airlines — 0.7%
Southwest Airlines Co.	1,230,000		15,534,900
Commercial Services & Supplies — 1.1%
Avery Dennison Corp.	550,000		23,078,000
Waste Connections, Inc.	50,000		1,439,500
			24,517,500

See Notes to Financial Statements.
46	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Schedule of Investments (continued)	Master Large Cap Value Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Industrials (concluded)
Construction & Engineering — 1.8%
Chicago Bridge & Iron Co. NV	340,000	$	13,824,400
KBR, Inc.	640,000		24,172,800
			37,997,200
Industrial Conglomerates — 0.9%
General Electric Co.	970,000		19,448,500
Machinery — 1.9%
Manitowoc Co.	800,000		17,504,000
Timken Co.	420,000		21,966,000
			39,470,000
Road & Rail — 0.4%
Ryder System, Inc.	150,000		7,590,000
Total Industrials			162,871,300
Information Technology — 16.7%
Communications Equipment — 1.4%
EchoStar Holding Corp. (a)	90,000		3,406,500
Motorola Solutions Inc. (a)	580,000		25,920,200
			29,326,700
Computers & Peripherals — 3.2%
Lexmark International, Inc., Class A (a)	620,000		22,964,800
Seagate Technology (a)	1,620,000		23,328,000
Western Digital Corp. (a)	580,000		21,628,200
			67,921,000
Electronic Equipment, Instruments & Components — 2.5%
Corning, Inc.	1,420,000		29,294,600
Vishay Intertechnology, Inc. (a)	1,330,000		23,594,200
			52,888,800
IT Services — 0.3%
Convergys Corp. (a)	410,000		5,887,600
Semiconductors & Semiconductor Equipment — 8.2%
Atmel Corp. (a)	1,700,000		23,171,000
Fairchild Semiconductor International, Inc. (a)	1,290,000		23,478,000
Intel Corp.	1,580,000		31,868,600
MEMC Electronic Materials, Inc. (a)(b)	1,770,000		22,939,200
National Semiconductor Corp.	1,510,000		21,653,400
Novellus Systems, Inc. (a)	580,000		21,535,400
Texas Instruments, Inc.	830,000		28,684,800
			173,330,400
Software — 1.1%
CA, Inc.	910,000		22,003,800
Symantec Corp. (a)	80,000		1,483,200
			23,487,000
Total Information Technology			352,841,500
Materials — 7.1%
Chemicals — 2.0%
Cabot Corp.	410,000		18,978,900
Huntsman Corp.	1,340,000		23,289,200
RPM International, Inc.	30,000		711,900
			42,980,000
Containers & Packaging — 1.6%
Ball Corp.	260,000		9,321,000
Sealed Air Corp.	900,000		23,994,000
			33,315,000

Common Stocks		Shares	Value
Materials (concluded)
Metals & Mining — 1.3%
Alcoa, Inc.		1,520,000	$	26,828,000
Paper & Forest Products — 2.2%
International Paper Co.		750,000		22,635,000
MeadWestvaco Corp.		820,000		24,870,600
				47,505,600
Total Materials				150,628,600
Telecommunication Services — 4.7%
Diversified Telecommunication Services — 1.9%
AT&T Inc.		460,000		14,076,000
Qwest Communications International, Inc.		3,690,000		25,202,700
				39,278,700
Wireless Telecommunication Services — 2.8%
MetroPCS Communications, Inc. (a)		1,440,000		23,385,600
Sprint Nextel Corp. (a)		5,730,000		26,587,200
Telephone & Data Systems, Inc.		290,000		9,773,000
				59,745,800
Total Telecommunication Services				99,024,500
Utilities — 7.0%
Electric Utilities — 2.1%
FirstEnergy Corp.		120,060		4,453,025
NV Energy, Inc.		1,490,000		22,186,100
Pepco Holdings, Inc.		1,020,000		19,023,000
				45,662,125
Gas Utilities — 0.4%
Atmos Energy Corp.		240,000		8,184,000
Independent Power Producers & Energy Traders — 2.3%
The AES Corp. (a)		1,890,000		24,570,000
NRG Energy, Inc. (a)		1,090,000		23,478,600
				48,048,600
Multi-Utilities — 2.2%
Ameren Corp.		870,000		24,420,900
NiSource, Inc. (b)		1,200,000		23,016,000
				47,436,900
Total Utilities				149,331,625
Total Long-Term Investments (Cost — $1,783,160,012) — 101.2%				2,144,250,825
Short-Term Securities		Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.43% (c)(d)(e)	$	27,933		27,933,200
Total Short-Term Securities (Cost — $27,933,200) — 1.3%				27,933,200
Total Investments (Cost — $1,811,093,212*) — 102.5%				2,172,184,025
Liabilities in Excess of Other Assets — (2.5)%				(53,402,782	)
Net Assets — 100.0%			$	2,118,781,243

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	47

Schedule of Investments (concluded) Master Large Cap Value Portfolio

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	1,891,022,053
Gross unrealized appreciation	$	345,994,146
Gross unrealized depreciation		(64,832,174	)
Net unrealized appreciation	$	281,161,972

(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 during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at September 30, 2010		Net Activity			Shares/ Beneficial Interest Held at March 31, 2011		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		40		(40	)		—	$	163
BlackRock Liquidity Series, LLC Money Market Series	$	36,457,500	$	(8,524,300	)	$	27,933,200	$	22,934

(d)	Represents the current yield as of report date.
(e)	Security was purchased with the cash collateral from loaned securities.
•	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 rating group indexes, and/or as defined by Portfolio management. These definitions may not apply for purposes of this report, which may combine such sector and industry sub-classifications for reporting ease.
•	Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial statement purposes as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)
	The inputs or methodologies 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, 2011 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1	$	2,144,250,825		—		—	$	2,144,250,825
Short-Term Securities		—	$	27,933,200		—		27,933,200
Total	$	2,144,250,825	$	27,933,200		—	$	2,172,184,025

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

See Notes to Financial Statements.
48	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Statements of Assets and Liabilities Master Large Cap Series LLC

March 31, 2011 (Unaudited)	Master Large Cap Core Portfolio		Master Large Cap Growth Portfolio		Master Large Cap Value Portfolio
Assets
Investments at value — unaffiliated1,2	$	3,455,715,312	$	1,006,305,040	$	2,144,250,825
Investments at value — affiliated3		29,696,000		4,174,500		27,933,200
Investments sold receivable		19,256,915		11,011,986		31,304,163
Dividends receivable		2,213,850		824,650		1,842,300
Contributions receivable from investors		337,577		180,792		—
Securities lending income receivable — affiliated		5,903		2,085		2,233
Prepaid expenses		66,803		15,077		62,850
Other assets		14,069		—		—
Total assets		3,507,306,429		1,022,514,130		2,205,395,571
Liabilities
Collateral on securities loaned, at value		29,696,000		4,174,500		27,933,200
Bank overdraft		1,770,417		67,254		9,583,224
Investments purchased payable		11,996,122		10,919,833		21,927,022
Withdrawals payable to investors		9,534,021		2,151,369		25,962,043
Investment advisory fees payable		1,341,118		417,593		908,376
Other affiliates payable		15,411		4,665		10,080
Directors’ fees payable		1,078		355		711
Other accrued expenses payable		419,178		129,642		286,303
Other liabilities		1,009		513		3,369
Total liabilities		54,774,354		17,865,724		86,614,328
Net Assets	$	3,452,532,075	$	1,004,648,406	$	2,118,781,243
Net Assets Consist of
Investors’ capital	$	2,831,699,862	$	853,368,687	$	1,757,690,430
Net unrealized appreciation/depreciation		620,832,213		151,279,719		361,090,813
Net Assets	$	3,452,532,075	$	1,004,648,406	$	2,118,781,243
1 Investments at cost — unaffiliated	$	2,834,883,099	$	855,025,321	$	1,783,160,012
2 Securities loaned at value	$	28,478,464	$	4,092,220	$	26,787,688
3 Investments at cost — affiliated	$	29,696,000	$	4,174,500	$	27,933,200

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	49

Statements of Operations Master Large Cap Series LLC

Six Months Ended March 31, 2011 (Unaudited)	Master Large Cap Core Portfolio			Master Large Cap Growth Portfolio			Master Large Cap Value Portfolio
Investment Income
Dividends — unaffiliated	$	30,090,939		$	8,165,242		$	21,581,132
Foreign taxes withheld		—			(2,258	)		(2,550	)
Interest		47,829			9,169			—
Securities lending — affiliated		46,773			12,908			22,934
Dividends — affiliated		501			4,157			163
Total income		30,186,042			8,189,218			21,601,679
Expenses
Investment advisory		7,755,727			2,423,072			5,412,699
Accounting services		282,042			95,737			205,695
Custodian		78,717			34,735			64,785
Professional		41,440			26,572			30,267
Directors		41,153			11,536			27,744
Printing		1,675			377			1,433
Miscellaneous		33,497			10,460			23,996
Total expenses		8,234,251			2,602,489			5,766,619
Less fees waived by advisor		(376	)		(1,265	)		(68	)
Total expenses after fees waived		8,233,875			2,601,224			5,766,551
Net investment income		21,952,167			5,587,994			15,835,128
Realized and Unrealized Gain
Net realized gain from investments		315,502,729			84,111,771			133,123,268
Net change in unrealized appreciation/depreciation on investments		307,214,906			98,914,899			254,340,589
Total realized and unrealized gain		622,717,635			183,026,670			387,463,857
Net Increase in Net Assets Resulting from Operations	$	644,669,802		$	188,614,664		$	403,298,985

See Notes to Financial Statements.
50	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Statements of Changes in Net Assets Master Large Cap Series LLC

	Master Large Cap Core Portfolio						Master Large Cap Growth Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010
Operations
Net investment income	$	21,952,167		$	41,996,963		$	5,587,994		$	5,170,409
Net realized gain		315,502,729			409,794,894			84,111,771			102,446,365
Net change in unrealized appreciation/depreciation		307,214,906			(226,914,201	)		98,914,899			(55,277,639	)
Net increase in net assets resulting from operations		644,669,802			224,877,656			188,614,664			52,339,135
Capital Transactions
Proceeds from contributions		181,801,495			390,820,213			406,429,834			145,816,428
Value of withdrawals		(583,425,043	)		(1,352,534,366	)		(262,230,057	)		(260,209,274	)
Net increase (decrease) in net assets derived from capital transactions		(401,623,548	)		(961,714,153	)		144,199,777			(114,392,846	)
Net Assets
Total increase (decrease) in net assets		243,046,254			(736,836,497	)		332,814,441			(62,053,711	)
Beginning of period		3,209,485,821			3,946,322,318			671,833,965			733,887,676
End of period	$	3,452,532,075		$	3,209,485,821		$	1,004,648,406		$	671,833,965

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	51

Statements of Changes in Net Assets (concluded) Master Large Cap Series LLC

	Master Large Cap Value Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010
Operations
Net investment income	$	15,835,128		$	33,004,394
Net realized gain		133,123,268			367,217,114
Net change in unrealized appreciation/depreciation		254,340,589			(289,936,488	)
Net increase in net assets resulting from operations		403,298,985			110,285,020
Capital Transactions
Proceeds from contributions		289,067,882			567,720,441
Value of withdrawals		(746,727,785	)		(1,150,721,411	)
Net decrease in net assets derived from capital transactions		(457,659,903	)		(583,000,970	)
Net Assets
Total decrease in net assets		(54,360,918	)		(472,715,950	)
Beginning of period		2,173,142,161			2,645,858,111
End of period	$	2,118,781,243		$	2,173,142,161

See Notes to Financial Statements.
52	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights Master Large Cap Series LLC

	Master Large Cap Core Portfolio
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Total Investment Return
Total investment return		21.41	%1		6.16	%		12.63	%1,2		(38.84	)%		13.94	%		17.32	%		18.35	%
Ratios to Average Net Assets
Total expenses		0.49	%3		0.49	%		0.50	%3		0.50	%		0.49	%		0.49	%		0.51	%
Total expenses after fees waived		0.49	%3		0.49	%		0.50	%3		0.50	%		0.49	%		0.49	%		0.51	%
Net investment income		1.32	%3		1.11	%		1.56	%3		0.93	%		0.63	%		0.58	%		0.72	%
Supplemental Data																	��
Net assets, end of period (000)	$	3,452,532		$	3,209,486		$	3,946,322		$	2,843,515		$	5,649,731		$	3,876,639		$	2,666,699
Portfolio turnover		67	%		173	%		168	%		109	%		96	%		88	%		94	%

1	Aggregate total investment return.
2	Includes proceeds received from a settlement of litigation, which impacted the Portfolio’s total investment return. Not including these proceeds, the Portfolio’s total investment return would have been 12.39%.
3	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	53

Financial Highlights (continued) Master Large Cap Series LLC

	Master Large Cap Growth Portfolio
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Total Investment Return
Total investment return		22.00	%1		7.68	%		20.49	%1,2		(37.96	)%		17.47	%		14.05	%		12.47	%
Ratios to Average Net Assets
Total expenses		0.54	%3		0.56	%		0.57	%3		0.56	%		0.56	%		0.56	%		0.57	%
Total expenses after fees waived		0.54	%3		0.56	%		0.57	%3		0.56	%		0.56	%		0.56	%		0.57	%
Net investment income		1.15	%3		0.73	%		0.81	%3		0.54	%		0.25	%		0.26	%		0.33	%
Supplemental Data
Net assets, end of period (000)	$	1,004,648		$	671,834		$	733,888		$	665,963		$	1,233,995		$	785,377		$	489,398
Portfolio turnover		91	%		232	%		242	%		144	%		87	%		117	%		132	%

1	Aggregate total investment return.
2	Includes proceeds received from a settlement of litigation, which impacted the Portfolio’s total investment return. Not including these proceeds, the Portfolio’s total investment return would have been 20.23%.
3	Annualized.

See Notes to Financial Statements.
54	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (concluded) Master Large Cap Series LLC

	Master Large Cap Value Portfolio
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Total Investment Return
Total investment return		20.68	%1		4.36	%		9.03	%1,2		(36.54	)%		12.72	%		18.48	%		21.93	%
Ratios to Average Net Assets
Total expenses		0.53	%3		0.53	%		0.54	%3		0.51	%		0.51	%		0.53	%		0.55	%
Total expenses after fees waived		0.53	%3		0.53	%		0.54	%3		0.51	%		0.51	%		0.53	%		0.55	%
Net investment income		1.46	%3		1.35	%		1.88	%3		1.22	%		0.95	%		0.73	%		0.80	%
Supplemental Data
Net assets, end of period (000)	$	2,118,781		$	2,173,142		$	2,645,858		$	3,063,116		$	5,392,155		$	3,927,926		$	1,535,988
Portfolio turnover		82	%		183	%		151	%		108	%		72	%		71	%		95	%

1	Aggregate total investment return.
2	Includes proceeds received from a settlement of litigation, which impacted the Portfolio’s total investment return. Not including these proceeds, the Portfolio’s total investment return would have been 8.61%.
3	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	55

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 (collectively the “Portfolios” or individually a “Portfolio”) constitute the Master Large Cap Series LLC (collectively, 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 Master LLC’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Master LLC:

Valuation: US GAAP defines fair value as the price the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Portfolios fair value their financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid (long positions) or ask (short positions) price. If no bid or ask 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. Investments in open-end investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Portfolios value their investments in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the net assets of the underlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 promulgated by the Securities and Exchange Commission (“SEC”) under the 1940 Act. The Portfolios may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

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 or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each 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: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Portfolios are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, is recognized on the accrual basis.

Securities Lending: The Portfolios may lend securities to approved borrowers, such as banks, brokers and other financial institutions. The borrower pledges cash, securities issued or guaranteed by the US government or irrevocable letters of credit issued by a bank as collateral, 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 the Portfolios and any additional required collateral is delivered to the Portfolios on the next business day. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. During the term of the loan, the Portfolios earn dividend and interest on the securities loaned but do not receive dividend or interest on the securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. 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 or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Income Taxes: Each Portfolio is classified as a partnership for federal income tax purposes. As such, each investor in the Portfolio is treated as the owner of its proportionate share of 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 the Portfolios’ assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Portfolios file US federal and various state and local tax returns. The statute of limitations on the Portfolios’ US federal tax returns remains open for the year ended September 30, 2010, the period ended September 30, 2009 and the two years ended October 31, 2008 and each is subject to

56 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Notes to Financial Statements (continued) Master Large Cap Series LLC

examination by the Internal Revenue Service (“IRS”). On April 11, 2011, the IRS notified the Master Large Cap Growth of its intent to examine the Master Large Cap Growth’s 2009 US federal tax return. The statutes of limitations on the Portfolios’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. No state or local income taxes are currently under examination. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

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. Each Portfolio has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Portfolios for 1940 Act purposes, but BAC and Barclays are not.

The Master LLC, on behalf of each Portfolio, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Portfolios’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services.

The Manager is responsible for the management of each Portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Portfolio. For such services, each Portfolio pays the Manager a monthly fee at the following annual rates of each Portfolio’s average daily net assets as follows:

Master Large Cap Core Portfolio

Portion of Average Daily Value of Net Assets	Rate
Not exceeding $1 billion		0.50	%
In excess of $1 billion, but not exceeding $5 billion		0.45	%
In excess of $5 billion		0.40	%
Master Large Cap Growth Portfolio
Portion of Average Daily Value of Net Assets	Rate
Not exceeding $5 billion		0.50	%
In excess of $5 billion		0.45	%
Master Large Cap Value Portfolio
Portion of Average Daily Value of Net Assets	Rate
Not exceeding $3 billion		0.50	%
In excess of $3 billion		0.45	%

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Portfolio pays to the Manager indirectly through its investment in affiliated money market funds, however the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid through each Portfolio’s investment in other affiliated investment companies, if any. This amount is shown as fees waived by advisor in the Statements of Operations.

The Manager entered into a separate sub-advisory agreement with BlackRock Investment Management, LLC (“BIM”), an affiliate of the Manager. The Manager pays BIM for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Portfolio to the Manager.

For the six months ended March 31, 2011, the Portfolios reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:

Master Large Cap Core Portfolio	$	29,573
Master Large Cap Growth Portfolio	$	8,630
Master Large Cap Value Portfolio	$	19,717

The Portfolios received an exemptive order from the SEC permitting them, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Portfolios, invest cash collateral received by the Portfolios for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral are shown in the Statements of Assets and Liabilities as securities loaned at value and collateral on securities loaned at value, respectively. The cash collateral invested by BIM is disclosed in the Schedules of Investments. The share of income earned by the Portfolios on such investments is shown as securities lending — affiliated in the Statements of Operations. For the six months ended March 31, 2011, BIM received the following in securities lending agent fees related to securities lending activities for the Portfolios:

Master Large Cap Core Portfolio	$	12,893
Master Large Cap Growth Portfolio	$	3,734
Master Large Cap Value Portfolio	$	6,216

Certain officers and/or directors of the Master LLC are officers and/or directors of BlackRock or its affiliates.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 57

Notes to Financial Statements (concluded) Master Large Cap Series LLC

3. Investments:

Purchases and sales of investments, excluding short-term securities for the six months ended March 31, 2011, were as follows:

	Purchases		Sales
Master Large Cap Core Portfolio	$	2,214,743,976	$	2,592,536,939
Master Large Cap Growth Portfolio	$	1,017,494,405	$	858,348,854
Master Large Cap Value Portfolio	$	1,779,926,400	$	2,210,276,569

4. Borrowings:

The Master LLC, on behalf of the Portfolios, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. Each Portfolio may borrow under the credit agreement to fund shareholder redemptions. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to each Portfolio based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on each Portfolio’s pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, each Portfolio paid administration and arrangement fees which were allocated to each Portfolio based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on each Portfolio’s pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, each Portfolio paid administration and arrangement fees which were allocated to each Portfolio based on its net assets as of October 31, 2010. The Portfolios did not borrow under the credit agreement during the six months ended March 31, 2011.

5. Concentration, 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 (issuer 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 issuer credit risk, the Portfolios may be exposed to counterparty credit risk, or the risk that an entity with which the Portfolios have unsettled or open transactions may fail to or be unable to perform on its commitments. The Portfolios manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Portfolios to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Portfolios’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Portfolios’ Statements of Assets and Liabilities, less any collateral held by the Portfolios.

As of March 31, 2011, Master Large Cap Core Portfolio and Master Large Cap Growth Portfolio invested a significant portion of their assets in securities in the information technology sector. Changes in economic conditions affecting the information technology sector would have a greater impact on the Portfolios and could affect the value, income and/or liquidity of positions in such securities.

6. Subsequent Events:

Management has evaluated the impact of all subsequent events on each Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

58 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Officers and Directors

Ronald W. Forbes, Co-Chair of the Board and Director

Rodney D. Johnson, Co-Chair of the Board and Director

David O. Beim, Director

Richard S. Davis, Director

Henry Gabbay, Director

Dr. Matina S. Horner, Director

Herbert I. London, Director and Member of the Audit Committee

Cynthia A. Montgomery, Director

Joseph P. Platt, Director

Robert C. Robb, Jr., Director

Toby Rosenblatt, Director

Kenneth L. Urish, Director and Chair of the Audit Committee

Frederick W. Winter, Director and Member of the Audit Committee

John M. Perlowski, President and Chief Executive Officer

Brendan Kyne, Vice President

Brian Schmidt, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer

Ira P. Shapiro, Secretary

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC
Plainsboro, NJ 08536

Custodian

Brown Brothers Harriman & Co.
Boston, MA 02109

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809

Accounting Agent

State Street Bank and Trust Company
Princeton, NJ 08540

Distributor

BlackRock Investments, LLC
New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP
Princeton, NJ 08540

Legal Counsel

Sidley Austin LLP
New York, NY 10019

Address of the Fund

100 Bellevue Parkway
Wilmington, DE 19809

Effective November 10, 2010, Ira P. Shapiro became Secretary of the Corporation/Master LLC.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 59

Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available on the Funds’ website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Funds’ electronic delivery program.

To enroll:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1)	Access the BlackRock website at http://www.blackrock.com/edelivery
2)	Select “eDelivery” under the “More Information” section
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 is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds/Master LLC 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’/Master LLC’s 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 how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’/Master LLC’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that each Fund/Master LLC uses to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds/Master LLC voted proxies relating to securities held in each Fund’s/Master LLC’s portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

60 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Additional Information (concluded)

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at http://www.blackrock.com/funds.

Automatic Investment Plans

Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 61

A World-Class Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing.

Equity Funds

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Asset Allocation Portfolio†

BlackRock Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Fund

BlackRock China Fund

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value Fund

BlackRock Global Allocation Fund†

BlackRock Global Dividend Income Portfolio

BlackRock Global Dynamic Equity Fund

BlackRock Global Emerging Markets 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 India Fund

BlackRock International 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 Russell 1000 Index Fund

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock Small/Mid-Cap Growth Portfolio

BlackRock S&P 500 Index Fund

BlackRock S&P 500 Stock Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Index Fund

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income 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 Multi-Sector Bond Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Opportunities Portfolio

BlackRock Total Return Fund

BlackRock Total Return Portfolio II

BlackRock World Income Fund

Municipal Bond Funds

BlackRock AMT-Free Municipal Bond Portfolio

BlackRock California Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock Intermediate Municipal Fund

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

Target Risk & Target Date Funds†

BlackRock Prepared Portfolios

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Lifecycle Prepared Portfolios

2015

2020

2025

2030

2035

2040

2045

2050

BlackRock LifePath Portfolios

Retirement

2020

2025

2030

2035

2040

2045

2050

2055

† 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) 441-7762 or from your financial advisor. The prospectus should be read carefully before investing.

62 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

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.

#CAPSERIES-3/11

March 31, 2011

Semi-Annual Report (Unaudited)
BlackRock Large Cap Series Funds, Inc.
►	BlackRock Large Cap Core Retirement Portfolio
►	BlackRock Large Cap Growth Retirement Portfolio
►	BlackRock Large Cap Value Retirement Portfolio

Not FDIC Insured § No Bank Guarantee § May Lose Value

Table of Contents

	Page
Dear Shareholder	3
Semi-Annual Report:
Fund Summaries	4
About Fund Performance	10
Disclosure of Expenses	10
Fund Financial Statements:
Statements of Assets and Liabilities	11
Statements of Operations	12
Statements of Changes in Net Assets	13
Fund Financial Highlights	14
Fund Notes to Financial Statements	16
Portfolio Information	18
Portfolio Financial Statements:
Schedules of Investments	19
Statements of Assets and Liabilities	28
Statements of Operations	29
Statements of Changes in Net Assets	30
Portfolio Financial Highlights	31
Portfolio Notes to Financial Statements	33
Officers and Directors	36
Additional Information	37
Mutual Fund Family	39

2 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Dear Shareholder

Over the past 12 months, we have seen a sluggish, stimulus-driven economic recovery at long last gain real traction, accelerate, and transition into a consumption-driven expansion. For the most part, 2010 was plagued with widely fluctuating economic data, but as the year drew to a close, it became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs of continuing improvement. Although the sovereign debt crises and emerging market inflation that troubled the global economy in 2010 remain a challenge today, overall investor sentiment had improved considerably. In the first quarter of 2011, significant global events gave rise to new concerns about the future of the global economy. Political turmoil spread across the Middle East/North Africa (“MENA”) region, oil and other commodity prices soared, and markets recoiled as the nuclear crisis unfolded in the wake of a 9.0-magnitude earthquake and tsunami that struck Japan in March. These events shook investor confidence, but the global economic recovery would not be derailed.

In the United States, strength from the corporate sector and increasing consumer spending have been key drivers of economic growth, while the housing and labor markets have been the heaviest burdens. While housing has yet to show any meaningful sign of improvement, labor statistics have become increasingly positive in recent months.

Global equity markets experienced uneven growth and high volatility over the course of 2010, but ended the year strong. Following a strong start to 2011, the aforementioned headwinds brought high volatility back to equity markets. A pick up in inflationary pressures caused emerging market equities to underperform developed markets, where threats of inflation remained relatively subdued. Overall, equities posted strong returns for the 12-month period. US stocks outpaced most international markets and small cap stocks outperformed large caps as investors moved into higher-risk assets.

Fixed income markets saw yields trend lower over most of 2010, until the fourth quarter brought an abrupt reversal in sentiment and risk tolerance that drove yields sharply upward (pushing bond prices down) through year end. Improving economic data continued to pressure fixed income yields in 2011; however, escalating geopolitical risks have acted as a counterweight, restoring relative stability to yield movements. Global credit markets were surprisingly resilient in the face of major headwinds during the first quarter. Yield curves globally remained steep by historical standards and higher-risk sectors continued to outperform higher-quality assets.

The tax-exempt municipal market enjoyed a powerful rally during the period of low interest rates in 2010; however, when the yield trend reversed, the market was dealt an additional blow as it became evident that the Build America Bond program would expire at year end. In addition, negative headlines regarding fiscal challenges faced by state and local governments damaged investor confidence and further heightened volatility in the municipal market. Tax-exempt mutual funds experienced heavy outflows, resulting in wider quality spreads and further downward pressure on municipal bond prices. These headwinds began to abate in 2011 and the tax-exempt municipal market staged a mild rebound in the first quarter.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

Total Returns as of March 31, 2011	6-month			12-month
US large cap equities (S&P 500 Index)		17.31	%		15.65	%
US small cap equities (Russell 2000 Index)		25.48			25.79
International equities (MSCI Europe, Australasia, Far East Index)		10.20			10.42
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)		0.09			0.16
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		(5.90	)		6.52
US investment grade bonds (Barclays Capital US Aggregate Bond Index)		(0.88	)		5.12
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)		(3.68	)		1.63
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)		7.24			14.26

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder^® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of March 31, 2011 BlackRock Large Cap Core Retirement Portfolio

Investment Objective

BlackRock Large Cap Core Retirement Portfolio’s (the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), investment objective is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value.

Portfolio Management Commentary

	How did the Fund perform?
•	The Fund, through its investment in Master Large Cap Core Portfolio (the “Portfolio”), outperformed its benchmark, the Russell 1000 Index, for the six-month period ended March 31, 2011.
	What factors influenced performance?
•	Overall, positive results in the consumer discretionary, health care and consumer staples sectors more than offset negative performance in energy and utilities.
•	Stock selection in the consumer discretionary sector was the largest contrib-utor to the Portfolio’s outperformance. Specialty retail topped the list of industry leaders as a better-than-expected 2010 holiday shopping season resulted in strong gains for the Portfolio’s holdings, particularly among apparel and apparel-related names. The media industry was another stand-out performer due to strong advertising trends. Consumer-related businesses continued to increase spending on advertising as their focus turned from cost reduction to revenue growth amid a slow-growth consumer environment. Additionally, a surge in competing media distribution platforms drove stronger demand for premium content, resulting in greater pricing power among select content providers.
•	In health care, performance was strongest in the providers & services industry, where a combination of disciplined pricing and muted medical cost trends resulted in higher earnings expectations for managed care organizations — a segment in which the Portfolio was overweight. More broadly, receding concerns about health care reform legislation and increased merger & acquisition activity provided an additional boost to the sector.
•	In consumer staples, both allocation decisions and stock selection were favorable. The Portfolio maintained its underweight in the sector overall, and especially in the household products industry, given the ongoing concern that commodity cost pressures could diminish profit margins as pricing power in the group is weak. This stance, together with a lack of exposure to select underperformers, proved advantageous. Positive selection in the food & staples retailing industry also aided relative results, as did an underweight in the tobacco industry.
•	Conversely, an overall underweight in energy detracted from performance and overshadowed the positive effects of stock selection in the sector. In particular, the Portfolio was underexposed to the large, diversified services & equipment companies, whose shares appreciated in tandem with the rapid run-up in the price of oil and quicker-than-anticipated absorption of excess capacity. An underweight in exploration & production names also hindered results.
•	An overweight in utilities had a negative impact as rising interest rates near the end of 2010 prompted a broad rotation out of the sector. Additionally, the sector’s defensive nature hurt in a generally rising market.
	Describe recent portfolio activity.
•	During the six-month period, we significantly increased exposure to the information technology sector, and also added to consumer staples. We considerably reduced the Portfolio’s weightings in consumer discretionary and industrials.
	Describe portfolio positioning at period end.
•	As of period end, we continue to advocate a mix of both high-quality and cyclical companies with strong balance sheets, good free cash flow and the ability to expand market share. In particular, we maintain a favorable outlook toward US stocks compared to other developed markets, with a special emphasis on multinational companies that can access revenue streams from around the world. Relative to the Russell 1000 Index, the Portfolio’s largest sector overweights at period end included information technology and health care, while the most significant underweights were in financials and industrials. As always, we rely on a disciplined investment process and a belief in the importance of portfolio construction and risk management as we strive to deliver consistent outperformance over the long term.
	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

4 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

BlackRock Large Cap Core Retirement Portfolio

Total Return Based on a $10,000 Investment

1	Assuming transaction costs and other operating expenses, including administration fees, if any.
2	The Fund invests all of its assets in Master Large Cap Core Portfolio of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities of large cap companies located in the United States that the investment advisor selects from among those that are, at the time of purchase, included in the Russell 1000 Index.
3	This unmanaged broad-based index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 90% of the total market capitalization of the Russell 3000 Index.
4	Commencement of operations.

Performance Summary for the Period Ended March 31, 2011

	6-Month Total Returns			Average Annual Total Returns5
				1 Year			Since Inception6
Class K		21.28	%		15.10	%		(1.78	)%
Russell 1000 Index		18.13			16.69			0.10

5	See “About Fund Performance” on page 10 for a detailed description of the share class, including any related sales charges and fees.
6	The Fund commenced operations on January 3, 2008. Past performance is not indicative of future results.

Expense Example

			Actual						Hypothetical8
	Beginning Account Value October 1, 2010		Ending Account Value March 31, 2011		Expenses Paid During the Period7		Beginning Account Value October 1, 2010		Ending Account Value March 31, 2011		Expenses Paid During the Period7		Annualized Expense Ratio
Class K	$	1,000.00	$	1,212.80	$	3.64	$	1,000.00	$	1,021.61	$	3.33		0.66	%

7	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table reflects the expenses of both the feeder fund and the master portfolio in which it invests.
8	Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 5

Fund Summary as of March 31, 2011 BlackRock Large Cap Growth Retirement Portfolio

Investment Objective

BlackRock Large Cap Growth Retirement Portfolio’s (the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), investment objective is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value.

Portfolio Management Commentary

	How did the Fund perform?
•	The Fund, through its investment in Master Large Cap Growth Portfolio (the “Portfolio”), outperformed its benchmark, the Russell 1000 Growth Index, for the six-month period ended March 31, 2011.
	What factors influenced performance?
•	Overall, positive results in the information technology (“IT”) and industrials sectors more than offset negative performance in energy and health care.
•	Stock selection, primarily in the computers & peripherals and semiconductor industries, drove outperformance within IT. The Portfolio retained its large exposure to the personal computer (“PC”) supply chain following a difficult third quarter in 2010 and, subsequently, benefited as names recovered on stabilization in consumer demand and richer product configurations from healthy enterprise demand. In addition, the Portfolio significantly increased its allocation to semiconductor-related stocks in order to capitalize on secular trends in technology (e.g., smartphones, tablets and wireless communications). The Portfolio accumulated its select semiconductor holdings at reasonable valuations and was rewarded in kind as those names strongly outperformed. An underweight in the struggling communications equipment industry was also beneficial.
•	Stock selection aided performance in the industrials sector as well.Strength was most notable in the construction & engineering and machinery industries. Construction & engineering companies were buoyed by a significant acceleration in large energy infrastructure projects, while machinery names benefited from the initial signs of recovery in later-cycle commercial construction.
•	Conversely, an overall underweight in energy detracted from performance and overshadowed the positive effects of stock selection in the sector. In particular, the Portfolio was underexposed to the large, diversified services & equipment companies, whose shares appreciated in tandem with the rapid run-up in the price of oil and quicker-than-anticipated absorption of excess capacity. An underweight in exploration & production names also hindered results.
•	Within the health care sector, challenges for one of the Portfolio’s biotechnology holdings drove relative underperformance. A general overweight in the sector, and particularly in pharmaceuticals, also hurt returns as the defensive sector posted weak results amid a generally rising market.
	Describe recent portfolio activity.
•	During the six-month period, we significantly increased the Portfolio’s weighting in the IT sector, and also added to consumer staples exposure. We considerably reduced the allocation to consumer discretionary, with more modest decreases in industrials and utilities.
	Describe portfolio positioning at period end.
•	As of period end, we continue to advocate a mix of both high-quality and cyclical companies with strong balance sheets, good free cash flow and the ability to expand market share. In particular, we maintain a favorable outlook toward US stocks compared to other developed markets, with a special emphasis on multinational companies that can access revenue streams from around the world. Relative to the Russell 1000 Growth Index, the Portfolio’s largest sector overweights at period end included IT and health care, while the most significant underweights were in financials, consumer staples and energy. As always, we rely on a disciplined investment process and a belief in the importance of portfolio construction and risk management as we strive to deliver consistent outperformance over the long term.
	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

6 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

BlackRock Large Cap Growth Retirement Portfolio

Total Return Based on a $10,000 Investment

1	Assuming transaction costs and other operating expenses, including administration fees, if any.
2	The Fund invests all of its assets in Master Large Cap Growth Portfolio of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities of large cap companies located in the United States that the investment advisor selects from among those that are, at the time of purchase, included in the Russell 1000 Growth Index.
3	This unmanaged broad-based index is a subset of the Russell 1000 Index consisting of those Russell 1000 securities with a greater-than-average growth orientation.
4	Commencement of operations.

Performance Summary for the Period Ended March 31, 2011

				Average Annual Total Returns5
	6-Month Total Returns
				1 Year			Since Inception6
Class K		22.02	%		16.17	%		1.59	%
Russell 1000 Growth Index		18.57			18.26			1.82

5	See “About Fund Performance” on page 10 for a detailed description of the share class, including any related sales charges and fees.
6	The Fund commenced operations on January 3, 2008. Past performance is not indicative of future results.

Expense Example

	Actual						Hypothetical8
	Beginning Account Value October 1, 2010		Ending Account Value March 31, 2011		Expenses Paid During the Period7		Beginning Account Value October 1, 2010		Ending Account Value March 31, 2011		Expenses Paid During the Period7		Annualized Expense Ratio
Class K	$	1,000.00	$	1,220.20	$	3.71	$	1,000.00	$	1,021.56	$	3.38		0.67	%

7	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table reflects the expenses of both the feeder fund and the master portfolio in which it invests.
8	Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 7

Fund Summary as of March 31, 2011 BlackRock Large Cap Value Retirement Portfolio

Investment Objective

BlackRock Large Cap Value Retirement Portfolio’s (the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), investment objective is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value.

Portfolio Management Commentary

	How did the Fund perform?
•	The Fund, through its investment in Master Large Cap Value Portfolio (the“Portfolio”), outperformed its benchmark, the Russell 1000 Value Index, for the six-month period ended March 31, 2011.
	What factors influenced performance?
•	Overall, positive results in the consumer staples and health care sectors more than offset negative performance in energy and financials.
•	Both stock selection and allocation decisions were favorable within the consumer staples sector. Positive selection in the food products industry was the largest source of outperformance. The Portfolio maintained its underweight in the sector overall, and especially in the household products industry, given the ongoing concern that commodity cost pressures could diminish profit margins as pricing power in the group is weak. This stance proved advantageous to Portfolio performance. An underweight and favorable stock selection in the food & staples retailing industry also aided relative results.
•	In health care, an underweight in the defensive pharmaceutical industry proved beneficial as the group posted weak results amid a generally rising market. Stock selection among pharmaceutical stocks also contributed positively to performance. Strength was also notable in the providers & services industry, where a combination of disciplined pricing and muted medical cost trends resulted in higher earnings expectations for managed care organizations — a segment in which the Portfolio was overweight. More broadly, receding concerns about health care reform legislation and increased merger & acquisition activity provided an additional boost to the sector.
•	Conversely, an overall underweight in energy detracted from performance and overshadowed the positive effects of stock selection in the sector. In particular, the Portfolio was underexposed to the large, diversified services & equipment companies, whose shares appreciated in tandem with the rapid run-up in the price of oil and quicker-than-anticipated absorption of excess capacity. An underweight in exploration & production names also hindered results.
•	Within financials, unfavorable stock selection among commercial banks accounted for most of the Portfolio’s underperformance in the sector. Selection was also negative in the insurance industry, where a competitive underwriting environment pressured profitability for names in the group. Nevertheless, we maintain exposure to insurers as we continue to find the overall risk-reward balance favorable.
	Describe recent portfolio activity.
•	During the six-month period, we increased the Portfolio’s weighting in the information technology and health care sectors, while we significantly reduced the weightings in industrials, financials, consumer discretionary and utilities.
	Describe portfolio positioning at period end.
•	As of period end, we continue to advocate a mix of both high-quality and cyclical companies with strong balance sheets, good free cash flow and the ability to expand market share. In particular, we maintain a favorable outlook toward US stocks compared to other developed markets, with a special emphasis on multinational companies that can access revenue streams from around the world. Relative to the Russell 1000 Value Index, the Portfolio’s largest sector overweights at period end included information technology, health care and materials, while the most significant underweights were in financials, consumer staples and energy. As always, we rely on a disciplined investment process and a belief in the importance of portfolio construction and risk management as we strive to deliver consistent outperformance over the long term.
	The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

8 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

BlackRock Large Cap Value Retirement Portfolio

Total Return Based on a $10,000 Investment

1	Assuming transaction costs and other operating expenses, including administration fees, if any.
2	The Fund invests all of its assets in Master Large Cap Value Portfolio of the Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities of large cap companies located in the United States that the investment advisor selects from among those that are, at the time of purchase, included in the Russell 1000 Value Index.
3	This unmanaged broad-based index is a subset of the Russell 1000 Index consisting of those Russell 1000 securities with lower price/book ratios and lower forecasted growth values.
4	Commencement of operations.

Performance Summary for the Period Ended March 31, 2011

				Average Annual Total Returns5
	6-Month Total Returns
				1 Year			Since Inception6
Class K		20.58	%		14.95	%		(2.85	)%
Russell 1000 Value Index		17.68			15.15			(1.78	)

5	See “About Fund Performance” on page 10 for a detailed description of the share class, including any related sales charges and fees.
6	The Fund commenced operations on January 3, 2008. Past performance is not indicative of future results.

Expense Example

	Actual						Hypothetical8
	Beginning Account Value October 1, 2010		Ending Account Value March 31, 2011		Expenses Paid During the Period7		Beginning Account Value October 1, 2010		Ending Account Value March 31, 2011		Expenses Paid During the Period7		Annualized Expense Ratio
Class K	$	1,000.00	$	1,205.80	$	3.68	$	1,000.00	$	1,021.56	$	3.38		0.67	%

7	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund is a feeder fund, the expense table reflects the expenses of both the feeder fund and the master portfolio in which it invests.
8	Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 9

About Fund Performance BlackRock Large Cap Series Funds, Inc.

•

Class K Shares are not subject to any sales charge. Class K Shares bear no ongoing distribution or service fees and are available only to eligible investors.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in each of the performance tables on the previous pages assume reinvestment of all dividends and capital gain distributions, if any, at net asset value on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The Funds’ administrator waived and/or reimbursed a portion of each of the Fund’s expenses. Without such waiver and/or reimbursement, the Funds’ performance would have been lower. The administrator is under no obligation to waive and/or reimburse or continue waiving and/or reimbursing its fees.

Disclosure of Expenses

Shareholders of the Funds may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses including administration fees, service and distribution fees including 12b-1 fees and other Fund expenses. The expense examples on the previous pages (which are based on a hypothetical investment of $1,000 invested on October 1, 2010 and held through March 31, 2011) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The tables provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund under the heading entitled “Expenses Paid During the Period.”

The tables also provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds’ shareholder reports.

The expenses shown in the tables are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

10 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Statements of Assets and Liabilities BlackRock Large Cap Series Funds, Inc.

March 31, 2011 (Unaudited)	BlackRock Large Cap Core Retirement Portfolio			BlackRock Large Cap Growth Retirement Portfolio			BlackRock Large Cap Value Retirement Portfolio
Assets
Investments at value — Master Large Cap Core Portfolio, Master Large Cap Growth Portfolio, Master Large Cap Value Portfolio (the “Portfolios”), respectively1	$	144,122,636		$	115,669,084		$	183,187,215
Capital shares sold receivable		420,769			280,660			446,003
Receivable from administrator		—			3,247			28
Withdrawals receivable from the Portfolios		—			—			21,120,463
Prepaid expenses		185			185			335
Total assets		144,543,590			115,953,176			204,754,044
Liabilities
Contributions payable to the Portfolios		337,577			114,555			—
Capital shares redeemed payable		83,192			166,105			21,566,466
Officer’s fees payable		28			22			42
Other affiliates payable		—			—			260
Other accrued expenses payable		48,875			61,114			90,617
Total liabilities		469,672			341,796			21,657,385
Net Assets	$	144,073,918		$	115,611,380		$	183,096,659
Net Assets Consist of
Paid-in capital2	$	161,692,250		$	118,833,048		$	173,737,658
Undistributed net investment income		156,842			62,007			478,866
Accumulated net realized loss allocated from the Portfolios		(39,590,316	)		(19,443,409	)		(11,366,383	)
Net unrealized appreciation/depreciation allocated from the Portfolios		21,815,142			16,159,734			20,246,518
Net Assets	$	144,073,918		$	115,611,380		$	183,096,659
Class K — Net asset value per common share, 200 million shares authorized, $0.10 par value	$	12.08		$	11.55		$	16.29
1 Investments at cost	$	122,307,494		$	99,509,350		$	162,940,697
2 Shares outstanding		11,928,744			10,010,876			11,239,118

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	11

Statements of Operations BlackRock Large Cap Series Funds, Inc.

Six Months Ended March 31, 2011 (Unaudited)	BlackRock Large Cap Core Retirement Portfolio			BlackRock Large Cap Growth Retirement Portfolio			BlackRock Large Cap Value Retirement Portfolio
Investment Income
Net investment income allocated from the Portfolios:
Dividends — unaffiliated	$	1,120,632		$	816,025		$	1,823,182
Interest		1,873			1,009			—
Securities lending — affiliated		1,739			1,326			1,947
Foreign taxes withheld		—			(255	)		(233	)
Dividends — affiliated		19			409			14
Expenses		(308,057	)		(267,038	)		(489,907	)
Total income		816,206			551,476			1,335,003
Expenses
Transfer agent		69,100			61,673			98,646
Printing		12,108			9,304			17,410
Professional		10,750			9,404			10,167
Registration		8,238			7,478			7,858
Officer		28			22			44
Miscellaneous		2,931			2,755			3,028
Total expenses		103,155			90,636			137,153
Less fees reimbursed by administrator		(750	)		(24,484	)		(11,308	)
Total expenses after reimbursement		102,405			66,152			125,845
Net investment income		713,801			485,324			1,209,158
Realized Gain Allocated From the Portfolios
Net realized gain from investments		12,078,201			9,113,411			11,753,768
Net change in unrealized appreciation/depreciation on investments		11,185,610			9,887,229			21,250,589
Total realized and unrealized gain		23,263,811			19,000,640			33,004,357
Net Increase in Net Assets Resulting from Operations	$	23,977,612		$	19,485,964		$	34,213,515

See Notes to Financial Statements.
12	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Statements of Changes in Net Assets BlackRock Large Cap Series Funds, Inc.

	BlackRock Large Cap Core Retirement Portfolio						BlackRock Large Cap Growth Retirement Portfolio
Increase (Decrease) in Net Assets	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010
Operations
Net investment income	$	713,801		$	1,060,244		$	485,324		$	537,231
Net realized gain		12,078,201			10,737,225			9,113,411			11,335,101
Net change in unrealized appreciation/depreciation		11,185,610			(5,417,728	)		9,887,229			(5,869,761	)
Net increase in net assets resulting from operations		23,977,612			6,379,741			19,485,964			6,002,571
Dividends to Shareholders From
Net investment income		(1,200,010	)		(1,400,002	)		(750,002	)		(500,007	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		8,054,975			(926,352	)		10,213,821			(1,939,099	)
Net Assets
Total increase in net assets		30,832,577			4,053,387			28,949,783			3,563,465
Beginning of period		113,241,341			109,187,954			86,661,597			83,098,132
End of period	$	144,073,918		$	113,241,341		$	115,611,380		$	86,661,597
Undistributed net investment income	$	156,842		$	643,051		$	62,007		$	326,685

	BlackRock Large Cap Value Retirement Portfolio
Increase (Decrease) in Net Assets	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010
Operations
Net investment income	$	1,209,158		$	1,956,638
Net realized gain		11,753,768			18,963,147
Net change in unrealized appreciation/depreciation		21,250,589			(14,550,524	)
Net increase in net assets resulting from operations		34,213,515			6,369,261
Dividends to Shareholders From
Net investment income		(2,100,008	)		(2,000,004	)
Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(15,899,596	)		29,953,412
Net Assets
Total increase in net assets		16,213,911			34,322,669
Beginning of period		166,882,748			132,560,079
End of period	$	183,096,659		$	166,882,748
Undistributed net investment income	$	478,866		$	1,369,716

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	13

Financial Highlights BlackRock Large Cap Series Funds, Inc.

	Class K
	BlackRock Large Cap Core Retirement Portfolio												BlackRock Large Cap Growth Retirement Portfolio
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009			Period January 3, 20081 to October 31, 2008			Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009			Period January 3, 20081 to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	10.06		$	9.61		$	8.64		$	13.25		$	9.54		$	8.93		$	7.45		$	11.20
Net investment income2		0.06			0.09			0.11			0.07			0.05			0.06			0.05			0.02
Net realized and unrealized gain (loss)		2.07			0.49			0.96			(4.68	)		2.04			0.61			1.48			(3.77	)
Net increase (decrease) from investment operations		2.13			0.58			1.07			(4.61	)		2.09			0.67			1.53			(3.75	)
Dividends from net investment income		(0.11	)		(0.13	)		(0.10	)		—			(0.08	)		(0.06	)		(0.05	)		—
Net asset value, end of period	$	12.08		$	10.06		$	9.61		$	8.64		$	11.55		$	9.54		$	8.93		$	7.45
Total Investment Return3
Based on net asset value		21.28	%4		6.01	%		12.55	%4,5		(34.79	)%4		22.02	%4		7.46	%		20.66	%4,6		(33.48	)%4
Ratios to Average Net Assets7
Total expenses		0.66	%8		0.68	%		0.73	%8		0.71	%8		0.72	%8		0.79	%		0.88	%8		0.81	%8
Total expenses after reimbursement		0.66	%8		0.67	%		0.66	%8		0.62	%8		0.67	%8		0.67	%		0.66	%8		0.65	%8
Net investment income		1.14	%8		0.93	%		1.39	%8		0.76	%8		0.98	%8		0.62	%		0.73	%8		0.30	%8
Supplemental Data
Net assets, end of period (000)	$	144,074		$	113,241		$	109,188		$	105,224		$	115,611		$	86,662		$	83,098		$	80,882
Portfolio turnover of the Portfolio		67	%		173	%		168	%		109	%		91	%		232	%		242	%		144	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 12.08%.
6	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 20.25%.
7	Includes the Fund’s share of the applicable Portfolio’s allocated expenses and/or net investment income (loss).
8	Annualized.

See Notes to Financial Statements.
14	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights (concluded) BlackRock Large Cap Series Funds, Inc.

	Class K
	BlackRock Large Cap Value Retirement Portfolio
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009			Period January 3, 20081 to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	13.67		$	13.28		$	12.33		$	18.54
Net investment income2		0.10			0.17			0.18			0.13
Net realized and unrealized gain (loss)		2.69			0.39			0.91			(6.34	)
Net increase (decrease) from investment operations		2.79			0.56			1.09			(6.21	)
Dividends from net investment income		(0.17	)		(0.17	)		(0.14	)		—
Net asset value, end of period	$	16.29		$	13.67		$	13.28		$	12.33
Total Investment Return3
Based on net asset value		20.58	%4		4.23	%		8.93	%4,5		(33.50	)%4
Ratios to Average Net Assets6
Total expenses		0.68	%7		0.72	%		0.77	%7		0.78	%7
Total expenses after reimbursement		0.67	%7		0.67	%		0.66	%7		0.63	%7
Net investment income		1.32	%7		1.21	%		1.74	%7		1.03	%7
Supplemental Data
Net assets, end of period (000)	$	183,097		$	166,883		$	132,560		$	128,159
Portfolio turnover of the Portfolio		82	%		183	%		151	%		108	%

1	Commencement of operations.
2	Based on average shares outstanding.
3	Where applicable, total investment returns include the reinvestment of dividends and distributions.
4	Aggregate total investment return.
5	Includes proceeds received from a settlement of litigation, through its investment in the Portfolio, which impacted the Fund’s total investment return. Not including these proceeds, the total investment return would have been 8.52%.
6	Includes the Fund’s share of the applicable Portfolio’s allocated expenses and/or net investment income (loss).
7	Annualized.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	15

Notes to Financial Statements (Unaudited) BlackRock Large Cap Series Funds, Inc.

1. Organization and Significant Accounting Policies:

BlackRock Large Cap Core Retirement Portfolio, BlackRock Large Cap Growth Retirement Portfolio and BlackRock Large Cap Value Retirement Portfolio (collectively the “Funds” or individually a “Fund”), constitute three of the series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. The Corporation 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 (collectively the “Portfolios” or individually a “Portfolio”), respectively, constituting Master Large Cap Series LLC (the “Master LLC”), each of which has the same investment objective and strategies as the corresponding Fund. The value of a Fund’s investment in the applicable Portfolio reflects the Fund’s proportionate interest in the net assets of such Portfolio. As of March 31, 2011, 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 Retirement Portfolio, BlackRock Large Cap Growth Retirement Portfolio and BlackRock Large Cap Value Retirement Portfolio were 4%, 12% and 9%, respectively. The performance of a Fund is directly affected by the performance of the applicable 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 (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Funds:

Valuation: US GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds’ policy is to fair value their financial instruments at market value. Each Fund records its investment in the corresponding Portfolio at fair value based on each Fund’s proportionate interest in the net assets of the corresponding Portfolio. Valuation of securities held by a Portfolio, including categorization of fair value measurements, is discussed in Note 1 of the Master LLC’s Notes to Financial Statements, which are included elsewhere in this report.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). For financial reporting purposes, contributions to and withdrawals from the Portfolios are accounted for on a trade date basis. Each Fund records daily its proportionate share of the corresponding Portfolio’s income, expenses and realized and unrealized gains and losses. In addition, each Fund accrues its own expenses.

Dividends and Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP.

Income Taxes: It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of 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 each Fund’s US federal, state and local tax returns remains open for the year ended September 30, 2010 and the periods ended September 30, 2009 and October 31, 2008. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to a Fund are charged to that Fund. 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. Administration Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Funds for 1940 Act purposes, but BAC and Barclays are not.

The Corporation, on behalf of each Fund, entered into an Administration Agreement with BlackRock Advisors, LLC (the “Administrator”), an indirect, wholly owned subsidiary of BlackRock, to provide administrative services (other than investment advice and related portfolio activities).

The Administrator does not receive an administration fee. The Administrator has contractually agreed to waive and/or reimburse fees and/or expenses of each Fund in order to limit expenses (excluding interest expense, acquired fund fees and expenses and certain other fund expenses) of each Fund to 0.67% of the average daily net assets of such Fund. This arrangement has a one-year term and is renewable. The Administrator has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to February 1, 2012 unless approved by the Board of Directors, including a majority of the non-interested Directors. These amounts are shown as fees reimbursed by administrator in the Statements of Operations.

The Administrator maintains a call center, which is responsible for providing shareholder services to the Funds, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the six months ended March 31, 2011, each Fund reimbursed the Administrator the following amounts for costs incurred in running the call center, which are included in transfer agent in the Statements of Operations:

BlackRock Large Cap Core Retirement Portfolio	$	185
BlackRock Large Cap Growth Retirement Portfolio	$	139
BlackRock Large Cap Value Retirement Portfolio	$	259

Certain officers and/or directors of the Corporation are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Administrator for compensation paid to the Funds’ Chief Compliance Officer.

16 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Notes to Financial Statements (concluded) BlackRock Large Cap Series Funds, Inc.

3. Capital Loss Carryforwards:

As of September 30, 2010, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

Expires September 30,	BlackRock Large Cap Core Retirement Portfolio		BlackRock Large Cap Growth Retirement Portfolio		BlackRock Large Cap Value Retirement Portfolio
2016	$	25,584,450	$	9,547,659	$	10,074,617
2017		24,488,876		18,251,218		15,908,520
Total	$	50,073,326	$	27,798,877	$	25,983,137

Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after September 30, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years.

4. Capital Share Transactions:

Transactions in capital shares for Class K were as follows:

	Six Months Ended March 31, 2011						Year Ended September 30, 2010
BlackRock Large Cap Core
Retirement Portfolio	Shares			Amount			Shares			Amount
Class K
Shares sold		2,180,746		$	24,860,307			2,791,444		$	28,019,345
Shares issued to shareholders in reinvestment of dividends		105,992			1,157,136			132,185			1,324,321
Total issued		2,286,738			26,017,443			2,923,629			29,343,666
Shares redeemed		(1,615,635	)		(17,962,468	)		(3,031,135	)		(30,270,018	)
Net increase (decrease)		671,103		$	8,054,975			(107,506	)	$	(926,352	)
BlackRock Large Cap Growth
Retirement Portfolio
Class K
Shares sold		2,080,987		$	22,517,461			2,203,293		$	20,810,169
Shares issued to shareholders in reinvestment of dividends		67,861			711,630			49,515			465,345
Total issued		2,148,848			23,229,091			2,252,808			21,275,514
Shares redeemed		(1,217,547	)		(13,015,270	)		(2,481,885	)		(23,214,613	)
Net increase (decrease)		931,301		$	10,213,821			(229,077	)	$	(1,939,099	)
BlackRock Large Cap Value
Retirement Portfolio
Class K
Shares sold		1,521,975		$	23,261,887			4,367,548		$	59,137,520
Shares issued to shareholders in reinvestment of dividends		140,335			2,062,642			142,671			1,950,228
Total issued		1,662,310			25,324,529			4,510,219			61,087,748
Shares redeemed		(2,627,485	)		(41,224,125	)		(2,288,667	)		(31,134,336	)
Net increase (decrease)		(965,175	)	$	(15,899,596	)		2,221,552		$	29,953,412

5. Subsequent Events:

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 17

Portfolio Information as of March 31, 2011 Master Large Cap Series LLC

Ten Largest Holdings
Master Large Cap Core Portfolio	Percent of Long-Term Investments
Exxon Mobil Corp.	2	%
Philip Morris International, Inc.	2
Intel Corp.	2
Comcast Corp., Class A	2
UnitedHealth Group, Inc.	2
Amgen, Inc.	1
Apple, Inc.	1
Bristol-Myers Squibb Co.	1
Eli Lilly & Co.	1
Marathon Oil Corp.	1
Master Large Cap Growth Portfolio	Percent of Long-Term Investments
Exxon Mobil Corp.	4	%
Apple, Inc.	3
Philip Morris International, Inc.	3
Intel Corp.	2
DIRECTV, Class A	2
Dell, Inc.	1
Applied Materials, Inc.	1
Altera Corp.	1
Lockheed Martin Corp.	1
Autodesk, Inc.	1
Master Large Cap Value Portfolio	Percent of Long-Term Investments
Comcast Corp., Class A	2	%
UnitedHealth Group, Inc.	2
Amgen, Inc.	2
Bristol-Myers Squibb Co.	2
ConocoPhillips	2
Marathon Oil Corp.	2
Intel Corp.	2
Eli Lilly & Co.	1
Corning, Inc.	1
Texas Instruments, Inc.	1
Sector Allocation
Master Large Cap Core Portfolio	Percent of Long-Term Investments
Information Technology	28	%
Health Care	17
Consumer Discretionary	14
Energy	10
Consumer Staples	6
Industrials	6
Financials	6
Utilities	6
Telecommunication Services	4
Materials	3
Master Large Cap Growth Portfolio	Percent of Long-Term Investments
Information Technology	38	%
Health Care	14
Consumer Discretionary	14
Industrials	11
Energy	9
Materials	6
Consumer Staples	6
Financials	1
Telecommunication Services	1
Master Large Cap Value Portfolio	Percent of Long-Term Investments
Financials	17	%
Information Technology	16
Health Care	16
Energy	10
Consumer Discretionary	9
Industrials	8
Materials	7
Utilities	7
Consumer Staples	5
Telecommunication Services	5

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. These definitions may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.

18 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Schedule of Investments March 31, 2011 (Unaudited) Master Large Cap Core Portfolio
(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Consumer Discretionary — 14.1%
Auto Components — 0.8%
Autoliv, Inc.		360,000	$	26,722,800
Diversified Consumer Services — 0.7%
Career Education Corp. (a)		820,000		18,630,400
ITT Educational Services, Inc. (a)		80,000		5,772,000
				24,402,400
Internet & Catalog Retail — 1.0%
Liberty Media Holding Corp. — Interactive (a)		2,180,000		34,967,200
Media — 6.4%
CBS Corp., Class B		1,500,000		37,560,000
Comcast Corp., Class A		2,100,000		51,912,000
DIRECTV, Class A (a)		940,000		43,992,000
DISH Network Corp. (a)		1,170,000		28,501,200
Gannett Co., Inc.		640,000		9,747,200
Interpublic Group of Cos., Inc.		2,960,000		37,207,200
Liberty Media Holding Corp. — Capital (a)		170,000		12,523,900
				221,443,500
Multiline Retail — 1.0%
Macy’s, Inc.		1,360,000		32,993,600
Specialty Retail — 4.2%
Foot Locker, Inc.		1,750,000		34,510,000
Limited Brands, Inc.		1,110,000		36,496,800
PetSmart, Inc.		260,000		10,647,000
Ross Stores, Inc.		380,000		27,025,600
Williams-Sonoma, Inc.		900,000		36,450,000
				145,129,400
Total Consumer Discretionary				485,658,900
Consumer Staples — 6.2%
Beverages — 1.8%
Coca-Cola Enterprises Inc.		470,000		12,831,000
Constellation Brands, Inc., Class A (a)		630,000		12,776,400
Dr. Pepper Snapple Group, Inc.		1,000,000		37,160,000
				62,767,400
Food & Staples Retailing — 1.1%
The Kroger Co.		1,610,000		38,591,700
Food Products — 1.0%
Tyson Foods, Inc., Class A		1,800,000		34,542,000
Household Products — 0.4%
The Procter & Gamble Co.		210,000		12,936,000
Tobacco — 1.9%
Philip Morris International, Inc.		1,010,000		66,286,300
Total Consumer Staples				215,123,400
Energy — 10.2%
Energy Equipment & Services — 1.8%
Exterran Holdings, Inc. (a)		460,000		10,915,800
McDermott International, Inc. (a)		1,540,000		39,100,600
Nabors Industries Ltd. (a)		390,000		11,848,200
				61,864,600

Common Stocks	Shares		Value
Energy (concluded)
Oil, Gas & Consumable Fuels — 8.4%
Chevron Corp.		180,000	$	19,337,400
Exxon Mobil Corp.		890,000		74,875,700
Frontier Oil Corp.		1,130,000		33,131,600
Marathon Oil Corp.		840,000		44,780,400
Murphy Oil Corp.		550,000		40,381,000
Sunoco, Inc.		790,000		36,016,100
Valero Energy Corp.		1,350,000		40,257,000
				288,779,200
Total Energy				350,643,800
Financials — 5.8%
Capital Markets — 1.0%
Ameriprise Financial, Inc.		560,000		34,204,800
Commercial Banks — 0.3%
Popular, Inc. (a)		930,000		2,706,300
Wells Fargo & Co.		210,000		6,657,000
				9,363,300
Consumer Finance — 1.2%
Discover Financial Services, Inc.		1,660,000		40,039,200
Diversified Financial Services — 1.4%
JPMorgan Chase & Co.		280,000		12,908,000
The NASDAQ Stock Market, Inc. (a)		1,370,000		35,400,800
				48,308,800
Insurance — 1.9%
Assurant, Inc.		810,000		31,193,100
Berkshire Hathaway, Inc. (a)		60,000		5,017,800
MBIA, Inc. (a)		3,130,000		31,425,200
				67,636,100
Total Financials				199,552,200
Health Care — 16.9%
Biotechnology — 3.8%
Amgen, Inc. (a)		870,000		46,501,500
Biogen Idec, Inc. (a)		550,000		40,364,500
Cephalon, Inc. (a)		410,000		31,069,800
Myriad Genetics, Inc. (a)		610,000		12,291,500
				130,227,300
Health Care Providers & Services — 7.0%
Aetna, Inc.		1,050,000		39,301,500
AmerisourceBergen Corp.		1,020,000		40,351,200
Cardinal Health, Inc.		910,000		37,428,300
Coventry Health Care, Inc. (a)		840,000		26,787,600
Health Management Associates, Inc., Class A (a)		3,400,000		37,060,000
Lincare Holdings, Inc.		340,000		10,084,400
UnitedHealth Group, Inc.		1,110,000		50,172,000
				241,185,000
Life Sciences Tools & Services — 1.5%
Illumina, Inc. (a)		510,000		35,735,700
Pharmaceutical Product Development, Inc.		650,000		18,011,500
				53,747,200
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		1,710,000		45,195,300
Eli Lilly & Co.		1,280,000		45,017,600
Endo Pharmaceuticals Holdings, Inc. (a)		420,000		16,027,200
Forest Laboratories, Inc. (a)		1,180,000		38,114,000
Johnson & Johnson		130,000		7,702,500
Pfizer, Inc.		370,000		7,514,700
				159,571,300
Total Health Care				584,730,800

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	19

Schedule of Investments (continued) Master Large Cap Core Portfolio
(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Industrials — 6.2%
Aerospace & Defense — 0.8%
Raytheon Co.	510,000	$	25,943,700
Airlines — 1.0%
Southwest Airlines Co.	2,580,000		32,585,400
Commercial Services & Supplies — 0.5%
Avery Dennison Corp.	180,000		7,552,800
Pitney Bowes, Inc.	390,000		10,019,100
			17,571,900
Construction & Engineering — 0.9%
Chicago Bridge & Iron Co. NV	200,000		8,132,000
KBR, Inc.	640,000		24,172,800
			32,304,800
Industrial Conglomerates — 0.6%
General Electric Co.	1,080,000		21,654,000
Machinery — 2.0%
AGCO Corp. (a)	350,000		19,239,500
Manitowoc Co.	1,740,000		38,071,200
Timken Co.	250,000		13,075,000
			70,385,700
Road & Rail — 0.4%
Ryder System, Inc.	270,000		13,662,000
Total Industrials			214,107,500
Information Technology — 28.0%
Communications Equipment — 1.8%
Motorola Solutions Inc. (a)	900,000		40,221,000
Tellabs, Inc.	3,960,000		20,750,400
			60,971,400
Computers & Peripherals — 5.5%
Apple, Inc. (a)	130,000		45,298,500
Dell, Inc. (a)	2,740,000		39,757,400
Lexmark International, Inc., Class A (a)	850,000		31,484,000
Seagate Technology (a)	2,660,000		38,304,000
Western Digital Corp. (a)	970,000		36,171,300
			191,015,200
Electronic Equipment, Instruments & Components — 2.3%
Corning, Inc.	1,980,000		40,847,400
Vishay Intertechnology, Inc. (a)	2,050,000		36,367,000
			77,214,400
Internet Software & Services — 0.2%
Google, Inc., Class A (a)	10,000		5,862,100
IT Services — 1.6%
International Business Machines Corp.	120,000		19,568,400
The Western Union Co.	1,770,000		36,762,900
			56,331,300
Semiconductors & Semiconductor Equipment — 13.9%
Altera Corp.	940,000		41,378,800
Analog Devices, Inc.	930,000		36,623,400
Applied Materials, Inc.	2,600,000		40,612,000
Atmel Corp. (a)	2,690,000		36,664,700
Cypress Semiconductor Corp. (a)	1,520,000		29,457,600
Fairchild Semiconductor International, Inc. (a)	1,180,000		21,476,000
Intel Corp.	2,980,000		60,106,600
Lam Research Corp. (a)	670,000		37,962,200
Common Stocks	Shares	Value
Information Technology (concluded)
Semiconductors & Semiconductor Equipment (concluded)
MEMC Electronic Materials, Inc. (a)	2,800,000	$	36,288,000
National Semiconductor Corp.	2,300,000		32,982,000
Novellus Systems, Inc. (a)	960,000		35,644,800
ON Semiconductor Corp. (a)	3,460,000		34,150,200
Teradyne, Inc. (a)	2,040,000		36,332,400
			479,678,700
Software — 2.7%
Autodesk, Inc. (a)	80,000		3,528,800
CA, Inc.	1,500,000		36,270,000
Microsoft Corp.	640,000		16,230,400
Symantec Corp. (a)	2,060,000		38,192,400
			94,221,600
Total Information Technology			965,294,700
Materials — 3.3%
Chemicals — 0.6%
Huntsman Corp.	1,280,000		22,246,400
Containers & Packaging — 0.6%
Ball Corp.	170,000		6,094,500
Crown Holdings, Inc. (a)	180,000		6,944,400
Sealed Air Corp.	260,000		6,931,600
			19,970,500
Metals & Mining — 1.2%
Alcoa, Inc.	2,400,000		42,360,000
Paper & Forest Products — 0.9%
Domtar Corp.	60,000		5,506,800
MeadWestvaco Corp.	840,000		25,477,200
			30,984,000
Total Materials			115,560,900
Telecommunication Services — 3.6%
Diversified Telecommunication Services — 1.4%
AT&T Inc.	360,000		11,016,000
Qwest Communications International, Inc.	5,670,000		38,726,100
			49,742,100
Wireless Telecommunication Services — 2.2%
MetroPCS Communications, Inc. (a)	2,280,000		37,027,200
Sprint Nextel Corp. (a)	8,430,000		39,115,200
			76,142,400
Total Telecommunication Services			125,884,500
Utilities — 5.8%
Electric Utilities — 0.5%
Pepco Holdings, Inc.	880,000		16,412,000
Independent Power Producers & Energy Traders — 2.5%
The AES Corp. (a)	2,990,000		38,870,000
GenOn Energy, Inc. (a)	3,175,200		12,097,512
NRG Energy, Inc. (a)	1,680,000		36,187,200
			87,154,712
Multi-Utilities — 2.8%
Ameren Corp.	1,210,000		33,964,700
CMS Energy Corp.	1,380,000		27,103,200
NiSource, Inc. (b)	1,800,000		34,524,000
			95,591,900
Total Utilities			199,158,612
Total Long-Term Investments (Cost — $2,825,439,355) — 100.1%			3,455,715,312

See Notes to Financial Statements.
20	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

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, 0.43% (c)(d)(e)	$	29,696	$	29,696,000
Total Short-Term Securities (Cost — $29,696,000) — 0.9%				29,696,000
Total Investments (Cost — $2,855,135,355*) — 101.0%				3,485,411,312
Liabilities in Excess of Other Assets — (1.0)%				(32,879,237	)
Net Assets — 100.0%			$	3,452,532,075

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	2,911,040,388
Gross unrealized appreciation	$	620,511,455
Gross unrealized depreciation		(46,140,531	)
Net unrealized appreciation	$	574,370,924

(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 Master LLC during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Beneficial Interest Held at September 30, 2010		Net Activity			Beneficial Interest Held at March 31, 2011		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		—		—			—	$	501
BlackRock Liquidity Series, LLC Money Market Series	$	113,624,600	$	(86,928,600	)	$	29,696,000	$	46,773

(d)	Represents the current yield as of report date.
(e)	Security was purchased with the cash collateral from loaned securities.
•	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 rating group indexes, and/or as defined by Portfolio management. These definitions may not apply for purposes of this report, which may combine such sector and industry sub-classifications for reporting ease.
•	Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial statement purposes as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including,but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodologies 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, 2011 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1	$	3,455,715,312		—		—	$	3,455,715,312
Short-Term Securities		—	$	29,696,000		—		29,696,000
Total	$	3,455,715,312	$	29,696,000		—	$	3,485,411,312

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

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	21

Schedule of Investments March 31, 2011 (Unaudited) Master Large Cap Growth Portfolio
(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Consumer Discretionary — 14.0%
Auto Components — 1.3%
Autoliv, Inc.	70,000	$	5,196,100
Federal-Mogul Corp., Class A (a)	170,000		4,233,000
TRW Automotive Holdings Corp. (a)	62,000		3,414,960
			12,844,060
Diversified Consumer Services — 2.7%
Apollo Group, Inc., Class A (a)	247,000		10,302,370
Career Education Corp. (a)	260,000		5,907,200
ITT Educational Services, Inc. (a)	151,000		10,894,650
			27,104,220
Media — 4.5%
CBS Corp., Class B	429,000		10,742,160
DIRECTV, Class A (a)	334,000		15,631,200
Interpublic Group of Cos., Inc.	899,000		11,300,430
John Wiley & Sons, Inc., Class A	159,000		8,083,560
			45,757,350
Multiline Retail — 0.4%
Macy’s, Inc.	161,000		3,905,860
Specialty Retail — 3.9%
Limited Brands, Inc.	354,000		11,639,520
PetSmart, Inc.	150,000		6,142,500
Ross Stores, Inc.	154,000		10,952,480
Williams-Sonoma, Inc.	258,000		10,449,000
			39,183,500
Textiles, Apparel & Luxury Goods — 1.2%
Coach, Inc.	227,000		11,813,080
Total Consumer Discretionary			140,608,070
Consumer Staples — 5.8%
Beverages — 1.2%
Coca-Cola Enterprises Inc.	43,000		1,173,900
Dr. Pepper Snapple Group, Inc.	286,000		10,627,760
			11,801,660
Food & Staples Retailing — 1.0%
The Kroger Co.	426,000		10,211,220
Personal Products — 1.1%
Herbalife Ltd.	133,000		10,820,880
Tobacco — 2.5%
Philip Morris International, Inc.	383,000		25,136,290
Total Consumer Staples			57,970,050
Energy — 8.8%
Energy Equipment & Services — 2.5%
Exterran Holdings, Inc. (a)	430,000		10,203,900
McDermott International, Inc. (a)	437,000		11,095,430
Nabors Industries Ltd. (a)	141,000		4,283,580
			25,582,910
Oil, Gas & Consumable Fuels — 6.3%
Exxon Mobil Corp.	445,000		37,437,850
Marathon Oil Corp.	230,000		12,261,300
Murphy Oil Corp.	90,000		6,607,800
Whiting Petroleum Corp. (a)	94,000		6,904,300
			63,211,250
Total Energy			88,794,160
Common Stocks	Shares	Value
Financials — 1.2%
Diversified Financial Services — 1.0%
The NASDAQ Stock Market, Inc. (a)	396,000	$	10,232,640
Insurance — 0.2%
Endurance Specialty Holdings Ltd.	30,000		1,464,600
Total Financials			11,697,240
Health Care — 14.3%
Biotechnology — 1.1%
Myriad Genetics, Inc. (a)	554,000		11,163,100
Health Care Equipment & Supplies — 2.1%
Hill-Rom Holdings, Inc.	270,000		10,254,600
Varian Medical Systems, Inc. (a)(b)	160,000		10,822,400
			21,077,000
Health Care Providers & Services — 6.5%
Aetna, Inc.	227,000		8,496,610
AmerisourceBergen Corp.	310,000		12,263,600
Cardinal Health, Inc.	256,000		10,529,280
Coventry Health Care, Inc. (a)	317,000		10,109,130
Health Management Associates, Inc., Class A (a)	1,030,000		11,227,000
Lincare Holdings, Inc.	130,000		3,855,800
UnitedHealth Group, Inc.	190,000		8,588,000
			65,069,420
Life Sciences Tools & Services — 2.5%
Agilent Technologies, Inc. (a)	92,000		4,119,760
Illumina, Inc. (a)	165,000		11,561,550
Pharmaceutical Product Development, Inc.	355,000		9,837,050
			25,518,360
Pharmaceuticals — 2.1%
Bristol-Myers Squibb Co.	234,000		6,184,620
Eli Lilly & Co.	330,000		11,606,100
Warner Chilcott Plc, Class A	150,000		3,492,000
			21,282,720
Total Health Care			144,110,600
Industrials — 11.1%
Aerospace & Defense — 1.9%
Lockheed Martin Corp.	160,000		12,864,000
Raytheon Co.	120,000		6,104,400
			18,968,400
Airlines — 0.9%
Southwest Airlines Co.	737,000		9,308,310
Commercial Services & Supplies — 2.2%
Avery Dennison Corp.	250,000		10,490,000
KAR Auction Services, Inc. (a)	57,000		874,380
Waste Connections, Inc.	366,000		10,537,140
			21,901,520
Construction & Engineering — 2.1%
Chicago Bridge & Iron Co. NV	265,000		10,774,900
KBR, Inc.	274,000		10,348,980
			21,123,880
Industrial Conglomerates — 0.5%
General Electric Co.	251,000		5,032,550
Machinery — 3.2%
Manitowoc Co.	500,000		10,940,000
Oshkosh Corp. (a)	294,000		10,401,720
Timken Co.	218,000		11,401,400
			32,743,120
Road & Rail — 0.3%
Ryder System, Inc.	59,000		2,985,400
Total Industrials			112,063,180

See Notes to Financial Statements.
22	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Schedule of Investments (continued) Master Large Cap Growth Portfolio
(Percentages shown are based on Net Assets)

Common Stocks		Shares	Value
Information Technology — 37.5%
Computers & Peripherals — 6.4%
Apple, Inc. (a)		76,000	$	26,482,200
Dell, Inc. (a)		940,000		13,639,400
QLogic Corp. (a)		152,000		2,819,600
Seagate Technology (a)		786,000		11,318,400
Western Digital Corp. (a)		276,000		10,292,040
				64,551,640
Electronic Equipment, Instruments & Components — 2.3%
AVX Corp.		147,000		2,191,770
Corning, Inc.		510,000		10,521,300
Ingram Micro, Inc., Class A (a)		488,000		10,262,640
				22,975,710
IT Services — 5.0%
Accenture Plc		166,000		9,125,020
Amdocs Ltd. (a)		145,000		4,183,250
DST Systems, Inc.		91,000		4,806,620
Gartner, Inc., Class A (a)		221,000		9,209,070
International Business Machines Corp.		66,000		10,762,620
The Western Union Co.		570,000		11,838,900
				49,925,480
Internet Software & Services — 0.1%
Google, Inc., Class A (a)		2,000		1,172,420
Office Electronics — 0.7%
Zebra Technologies Corp., Class A (a)		187,000		7,337,880
Semiconductors & Semiconductor Equipment — 17.7%
Altera Corp.		293,000		12,897,860
Analog Devices, Inc.		289,000		11,380,820
Applied Materials, Inc.		846,000		13,214,520
Atmel Corp. (a)		817,000		11,135,710
Intel Corp.		999,000		20,149,830
Lam Research Corp. (a)		209,000		11,841,940
MEMC Electronic Materials, Inc. (a)		812,000		10,523,520
Marvell Technology Group Ltd. (a)		688,000		10,698,400
Maxim Integrated Products, Inc.		440,000		11,264,000
National Semiconductor Corp.		727,000		10,425,180
Novellus Systems, Inc. (a)		285,000		10,582,050
Nvidia Corp. (a)		633,000		11,685,180
ON Semiconductor Corp. (a)		1,051,000		10,373,370
Rambus, Inc. (a)		77,000		1,524,600
Teradyne, Inc. (a)		606,000		10,792,860
Texas Instruments, Inc.		250,000		8,640,000
				177,129,840
Software — 5.3%
Activision Blizzard, Inc.		904,000		9,916,880
Autodesk, Inc. (a)		281,000		12,394,910
CA, Inc.		433,000		10,469,940
Cadence Design Systems, Inc. (a)		1,090,000		10,627,500
Symantec Corp. (a)		546,000		10,122,840
				53,532,070
Total Information Technology				376,625,040
Common Stocks		Shares	Value
Materials — 6.0%
Chemicals — 1.6%
Nalco Holding Co.		346,000	$	9,449,260
RPM International, Inc.		250,000		5,932,500
				15,381,760
Containers & Packaging — 1.0%
Ball Corp.		284,000		10,181,400
Metals & Mining — 3.4%
Alcoa, Inc.		636,000		11,225,400
Cliffs Natural Resources, Inc.		123,000		12,088,440
Walter Industries, Inc.		82,000		11,105,260
				34,419,100
Total Materials				59,982,260
Telecommunication Services — 1.1%
Wireless Telecommunication Services — 1.1%
MetroPCS Communications, Inc. (a)		659,000		10,702,160
Total Telecommunication Services				10,702,160
Utilities — 0.4%
Electric Utilities — 0.4%
NV Energy, Inc.		252,000		3,752,280
Total Utilities				3,752,280
Total Long-Term Investments (Cost — $855,025,321) — 100.2%				1,006,305,040
Short-Term Securities		Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.43% (c)(d)(e)	$	4,175		4,174,500
Total Short-Term Securities (Cost — $4,174,500) — 0.4%				4,174,500
Total Investments (Cost — $859,199,821*) — 100.6%				1,010,479,540
Liabilities in Excess of Other Assets — (0.6)%				(5,831,134	)
Net Assets — 100.0%			$	1,004,648,406

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	23

Schedule of Investments (concluded) Master Large Cap Growth Portfolio

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	867,801,083
Gross unrealized appreciation	$	151,900,340
Gross unrealized depreciation		(9,221,883	)
Net unrealized appreciation	$	142,678,457

(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 during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at September 30, 2010		Net Activity			Shares/ Beneficial Interest Held at March 31, 2011		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		346,978		(346,978	)		—	$	4,157
BlackRock Liquidity Series, LLC Money Market Series	$	19,523,700	$	(15,349,200	)	$	4,174,500	$	12,908

(d)	Represents the current yield as of report date.
(e)	Security was purchased with the cash collateral from loaned securities.
•	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 rating group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine such sector and industry sub-classifications for reporting ease.
•	Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial statement purposes as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including,but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodologies 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, 2011 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1	$	1,006,305,040		—		—	$	1,006,305,040
Short-Term Securities		—	$	4,174,500		—		4,174,500
Total	$	1,006,305,040	$	4,174,500		—	$	1,010,479,540

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

See Notes to Financial Statements.
24	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Schedule of Investments March 31, 2011 (Unaudited)	Master Large Cap Value Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Consumer Discretionary — 9.3%
Internet & Catalog Retail — 1.1%
Liberty Media Holding Corp. — Interactive (a)	1,490,000	$	23,899,600
Media — 3.9%
CBS Corp., Class B	1,010,000		25,290,400
Comcast Corp., Class A	1,800,000		44,496,000
DISH Network Corp. (a)	80,000		1,948,800
Liberty Media Holding Corp. — Capital (a)	140,000		10,313,800
			82,049,000
Multiline Retail — 1.1%
Macy’s, Inc.	920,000		22,319,200
Specialty Retail — 3.2%
Foot Locker, Inc.	1,190,000		23,466,800
GameStop Corp., Class A (a)(b)	900,000		20,268,000
Limited Brands, Inc.	620,000		20,385,600
Williams-Sonoma, Inc.	100,000		4,050,000
			68,170,400
Total Consumer Discretionary			196,438,200
Consumer Staples — 5.2%
Beverages — 2.1%
Constellation Brands, Inc., Class A (a)	1,160,000		23,524,800
Dr. Pepper Snapple Group, Inc.	600,000		22,296,000
			45,820,800
Food & Staples Retailing — 1.3%
The Kroger Co.	1,120,000		26,846,400
Household Products — 0.5%
The Procter & Gamble Co.	160,000		9,856,000
Tobacco — 1.3%
Philip Morris International, Inc.	420,000		27,564,600
Total Consumer Staples			110,087,800
Energy — 10.0%
Energy Equipment & Services — 1.9%
Exterran Holdings, Inc. (a)	690,000		16,373,700
McDermott International, Inc. (a)	910,000		23,104,900
			39,478,600
Oil, Gas & Consumable Fuels — 8.1%
Chevron Corp.	200,000		21,486,000
ConocoPhillips	440,000		35,138,400
Frontier Oil Corp.	170,000		4,984,400
Marathon Oil Corp.	610,000		32,519,100
Murphy Oil Corp.	370,000		27,165,400
Sunoco, Inc.	510,000		23,250,900
Valero Energy Corp.	930,000		27,732,600
			172,276,800
Total Energy			211,755,400
Financials — 17.1%
Capital Markets — 2.2%
Ameriprise Financial, Inc.	400,000		24,432,000
Raymond James Financial, Inc.	610,000		23,326,400
			47,758,400
Commercial Banks — 2.1%
CapitalSource, Inc.	3,150,000		22,176,000
East-West Bancorp, Inc.	330,000		7,246,800
KeyCorp	1,060,000		9,412,800
Wells Fargo & Co.	180,000		5,706,000
			44,541,600

Common Stocks	Shares		Value
Financials (concluded)
Consumer Finance — 1.6%
Capital One Financial Corp.		160,000	$	8,313,600
Discover Financial Services, Inc.		1,060,000		25,567,200
				33,880,800
Diversified Financial Services — 3.1%
Interactive Brokers Group, Inc., Class A		240,000		3,813,600
JPMorgan Chase & Co.		340,000		15,674,000
Leucadia National Corp.		640,000		24,025,600
The NASDAQ Stock Market, Inc. (a)		870,000		22,480,800
				65,994,000
Insurance — 8.1%
American Financial Group, Inc.		660,000		23,113,200
American International Group, Inc. (a)		530,000		18,624,200
Aspen Insurance Holdings Ltd.		110,000		3,031,600
Assurant, Inc.		610,000		23,491,100
Axis Capital Holdings Ltd.		580,000		20,253,600
Berkshire Hathaway, Inc. (a)		50,000		4,181,500
Endurance Specialty Holdings Ltd.		150,000		7,323,000
HCC Insurance Holdings, Inc.		150,000		4,696,500
MBIA, Inc. (a)		2,190,000		21,987,600
Principal Financial Group, Inc.		780,000		25,045,800
Protective Life Corp.		610,000		16,195,500
Symetra Financial Corp.		210,000		2,856,000
				170,799,600
Total Financials				362,974,400
Health Care — 16.4%
Biotechnology — 3.5%
Amgen, Inc. (a)		680,000		36,346,000
Biogen Idec, Inc. (a)		370,000		27,154,300
Cephalon, Inc. (a)		130,000		9,851,400
				73,351,700
Health Care Equipment & Supplies — 0.5%
Hill-Rom Holdings, Inc.		280,000		10,634,400
Health Care Providers & Services — 7.6%
Aetna, Inc.		720,000		26,949,600
Cardinal Health, Inc.		580,000		23,855,400
Cigna Corp.		580,000		25,682,400
Coventry Health Care, Inc. (a)		740,000		23,598,600
Health Net, Inc. (a)		720,000		23,544,000
UnitedHealth Group, Inc.		840,000		37,968,000
				161,598,000
Pharmaceuticals — 4.8%
Bristol-Myers Squibb Co.		1,350,000		35,680,500
Eli Lilly & Co.		860,000		30,246,200
Forest Laboratories, Inc. (a)		770,000		24,871,000
Johnson & Johnson		40,000		2,370,000
Pfizer, Inc.		470,000		9,545,700
				102,713,400
Total Health Care				348,297,500
Industrials — 7.7%
Aerospace & Defense — 0.9%
Raytheon Co.		360,000		18,313,200
Airlines — 0.7%
Southwest Airlines Co.		1,230,000		15,534,900
Commercial Services & Supplies — 1.1%
Avery Dennison Corp.		550,000		23,078,000
Waste Connections, Inc.		50,000		1,439,500
				24,517,500

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	25

Schedule of Investments (continued)	Master Large Cap Value Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares	Value
Industrials (concluded)
Construction & Engineering — 1.8%
Chicago Bridge & Iron Co. NV	340,000	$	13,824,400
KBR, Inc.	640,000		24,172,800
			37,997,200
Industrial Conglomerates — 0.9%
General Electric Co.	970,000		19,448,500
Machinery — 1.9%
Manitowoc Co.	800,000		17,504,000
Timken Co.	420,000		21,966,000
			39,470,000
Road & Rail — 0.4%
Ryder System, Inc.	150,000		7,590,000
Total Industrials			162,871,300
Information Technology — 16.7%
Communications Equipment — 1.4%
EchoStar Holding Corp. (a)	90,000		3,406,500
Motorola Solutions Inc. (a)	580,000		25,920,200
			29,326,700
Computers & Peripherals — 3.2%
Lexmark International, Inc., Class A (a)	620,000		22,964,800
Seagate Technology (a)	1,620,000		23,328,000
Western Digital Corp. (a)	580,000		21,628,200
			67,921,000
Electronic Equipment, Instruments & Components — 2.5%
Corning, Inc.	1,420,000		29,294,600
Vishay Intertechnology, Inc. (a)	1,330,000		23,594,200
			52,888,800
IT Services — 0.3%
Convergys Corp. (a)	410,000		5,887,600
Semiconductors & Semiconductor Equipment — 8.2%
Atmel Corp. (a)	1,700,000		23,171,000
Fairchild Semiconductor International, Inc. (a)	1,290,000		23,478,000
Intel Corp.	1,580,000		31,868,600
MEMC Electronic Materials, Inc. (a)(b)	1,770,000		22,939,200
National Semiconductor Corp.	1,510,000		21,653,400
Novellus Systems, Inc. (a)	580,000		21,535,400
Texas Instruments, Inc.	830,000		28,684,800
			173,330,400
Software — 1.1%
CA, Inc.	910,000		22,003,800
Symantec Corp. (a)	80,000		1,483,200
			23,487,000
Total Information Technology			352,841,500
Materials — 7.1%
Chemicals — 2.0%
Cabot Corp.	410,000		18,978,900
Huntsman Corp.	1,340,000		23,289,200
RPM International, Inc.	30,000		711,900
			42,980,000
Containers & Packaging — 1.6%
Ball Corp.	260,000		9,321,000
Sealed Air Corp.	900,000		23,994,000
			33,315,000

Common Stocks	Shares	Value
Materials (concluded)
Metals & Mining — 1.3%
Alcoa, Inc.	1,520,000	$	26,828,000
Paper & Forest Products — 2.2%
International Paper Co.	750,000		22,635,000
MeadWestvaco Corp.	820,000		24,870,600
			47,505,600
Total Materials			150,628,600
Telecommunication Services — 4.7%
Diversified Telecommunication Services — 1.9%
AT&T Inc.	460,000		14,076,000
Qwest Communications International, Inc.	3,690,000		25,202,700
			39,278,700
Wireless Telecommunication Services — 2.8%
MetroPCS Communications, Inc. (a)	1,440,000		23,385,600
Sprint Nextel Corp. (a)	5,730,000		26,587,200
Telephone & Data Systems, Inc.	290,000		9,773,000
			59,745,800
Total Telecommunication Services			99,024,500
Utilities — 7.0%
Electric Utilities — 2.1%
FirstEnergy Corp.	120,060		4,453,025
NV Energy, Inc.	1,490,000		22,186,100
Pepco Holdings, Inc.	1,020,000		19,023,000
			45,662,125
Gas Utilities — 0.4%
Atmos Energy Corp.	240,000		8,184,000
Independent Power Producers & Energy Traders — 2.3%
The AES Corp. (a)	1,890,000		24,570,000
NRG Energy, Inc. (a)	1,090,000		23,478,600
			48,048,600
Multi-Utilities — 2.2%
Ameren Corp.	870,000		24,420,900
NiSource, Inc. (b)	1,200,000		23,016,000
			47,436,900
Total Utilities			149,331,625
Total Long-Term Investments (Cost — $1,783,160,012) — 101.2%			2,144,250,825

Short-Term Securities	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.43% (c)(d)(e)	$	27,933		27,933,200
Total Short-Term Securities (Cost — $27,933,200) — 1.3%				27,933,200
Total Investments (Cost — $1,811,093,212*) — 102.5%				2,172,184,025
Liabilities in Excess of Other Assets — (2.5)%				(53,402,782	)
Net Assets — 100.0%			$	2,118,781,243

See Notes to Financial Statements.
26	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Schedule of Investments (concluded) Master Large Cap Value Portfolio

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	1,891,022,053
Gross unrealized appreciation	$	345,994,146
Gross unrealized depreciation		(64,832,174	)
Net unrealized appreciation	$	281,161,972

(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 during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at September 30, 2010		Net Activity			Shares/ Beneficial Interest Held at March 31, 2011		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		40		(40	)		—	$	163
BlackRock Liquidity Series, LLC Money Market Series	$	36,457,500	$	(8,524,300	)	$	27,933,200	$	22,934

(d)	Represents the current yield as of report date.
(e)	Security was purchased with the cash collateral from loaned securities.
•	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 rating group indexes, and/or as defined by Portfolio management. These definitions may not apply for purposes of this report, which may combine such sector and industry sub-classifications for reporting ease.
•	Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs are summarized in three broad levels for financial statement purposes as follows:
	•	Level 1 — price quotations in active markets/exchanges for identical assets and liabilities
	•	Level 2 — other observable inputs (including,but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 — unobservable inputs based on the best information available in the circum-stances, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)
	The inputs or methodologies 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, 2011 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1	$	2,144,250,825		—		—	$	2,144,250,825
Short-Term Securities		—	$	27,933,200		—		27,933,200
Total	$	2,144,250,825	$	27,933,200		—	$	2,172,184,025

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

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	27

Statements of Assets and Liabilities Master Large Cap Series LLC

March 31, 2011 (Unaudited)	Master Large Cap Core Portfolio		Master Large Cap Growth Portfolio		Master Large Cap Value Portfolio
Assets
Investments at value — unaffiliated1,2	$	3,455,715,312	$	1,006,305,040	$	2,144,250,825
Investments at value — affiliated3		29,696,000		4,174,500		27,933,200
Investments sold receivable		19,256,915		11,011,986		31,304,163
Dividends receivable		2,213,850		824,650		1,842,300
Contributions receivable from investors		337,577		180,792		—
Securities lending income receivable — affiliated		5,903		2,085		2,233
Prepaid expenses		66,803		15,077		62,850
Other assets		14,069		—		—
Total assets		3,507,306,429		1,022,514,130		2,205,395,571
Liabilities
Collateral on securities loaned, at value		29,696,000		4,174,500		27,933,200
Bank overdraft		1,770,417		67,254		9,583,224
Investments purchased payable		11,996,122		10,919,833		21,927,022
Withdrawals payable to investors		9,534,021		2,151,369		25,962,043
Investment advisory fees payable		1,341,118		417,593		908,376
Other affiliates payable		15,411		4,665		10,080
Directors’ fees payable		1,078		355		711
Other accrued expenses payable		419,178		129,642		286,303
Other liabilities		1,009		513		3,369
Total liabilities		54,774,354		17,865,724		86,614,328
Net Assets	$	3,452,532,075	$	1,004,648,406	$	2,118,781,243
Net Assets Consist of
Investors’ capital	$	2,831,699,862	$	853,368,687	$	1,757,690,430
Net unrealized appreciation/depreciation		620,832,213		151,279,719		361,090,813
Net Assets	$	3,452,532,075	$	1,004,648,406	$	2,118,781,243
1     Investments at cost — unaffiliated	$	2,834,883,099	$	855,025,321	$	1,783,160,012
2     Securities loaned at value	$	28,478,464	$	4,092,220	$	26,787,688
3     Investments at cost — affiliated	$	29,696,000	$	4,174,500	$	27,933,200

See Notes to Financial Statements.
28	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Statements of Operations Master Large Cap Series LLC

Six Months Ended March 31, 2011 (Unaudited)	Master Large Cap Core Portfolio			Master Large Cap Growth Portfolio			Master Large Cap Value Portfolio
Investment Income
Dividends — unaffiliated	$	30,090,939		$	8,165,242		$	21,581,132
Foreign taxes withheld		—			(2,258	)		(2,550	)
Interest		47,829			9,169			—
Securities lending — affiliated		46,773			12,908			22,934
Dividends — affiliated		501			4,157			163
Total income		30,186,042			8,189,218			21,601,679
Expenses
Investment advisory		7,755,727			2,423,072			5,412,699
Accounting services		282,042			95,737			205,695
Custodian		78,717			34,735			64,785
Professional		41,440			26,572			30,267
Directors		41,153			11,536			27,744
Printing		1,675			377			1,433
Miscellaneous		33,497			10,460			23,996
Total expenses		8,234,251			2,602,489			5,766,619
Less fees waived by advisor		(376	)		(1,265	)		(68	)
Total expenses after fees waived		8,233,875			2,601,224			5,766,551
Net investment income		21,952,167			5,587,994			15,835,128
Realized and Unrealized Gain
Net realized gain from investments		315,502,729			84,111,771			133,123,268
Net change in unrealized appreciation/depreciation on investments		307,214,906			98,914,899			254,340,589
Total realized and unrealized gain		622,717,635			183,026,670			387,463,857
Net Increase in Net Assets Resulting from Operations	$	644,669,802		$	188,614,664		$	403,298,985

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	29

Statements of Changes in Net Assets Master Large Cap Series LLC

	Master Large Cap Core Portfolio						Master Large Cap Growth Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010
Operations
Net investment income	$	21,952,167		$	41,996,963		$	5,587,994		$	5,170,409
Net realized gain		315,502,729			409,794,894			84,111,771			102,446,365
Net change in unrealized appreciation/depreciation		307,214,906			(226,914,201	)		98,914,899			(55,277,639	)
Net increase in net assets resulting from operations		644,669,802			224,877,656			188,614,664			52,339,135
Capital Transactions
Proceeds from contributions		181,801,495			390,820,213			406,429,834			145,816,428
Value of withdrawals		(583,425,043	)		(1,352,534,366	)		(262,230,057	)		(260,209,274	)
Net increase (decrease) in net assets derived from capital transactions		(401,623,548	)		(961,714,153	)		144,199,777			(114,392,846	)
Net Assets
Total increase (decrease) in net assets		243,046,254			(736,836,497	)		332,814,441			(62,053,711	)
Beginning of period		3,209,485,821			3,946,322,318			671,833,965			733,887,676
End of period	$	3,452,532,075		$	3,209,485,821		$	1,004,648,406		$	671,833,965

Master Large Cap Series LLC

	Master Large Cap Value Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010
Operations
Net investment income	$	15,835,128		$	33,004,394
Net realized gain		133,123,268			367,217,114
Net change in unrealized appreciation/depreciation		254,340,589			(289,936,488	)
Net increase in net assets resulting from operations		403,298,985			110,285,020
Capital Transactions
Proceeds from contributions		289,067,882			567,720,441
Value of withdrawals		(746,727,785	)		(1,150,721,411	)
Net decrease in net assets derived from capital transactions		(457,659,903	)		(583,000,970	)
Net Assets
Total decrease in net assets		(54,360,918	)		(472,715,950	)
Beginning of period		2,173,142,161			2,645,858,111
End of period	$	2,118,781,243		$	2,173,142,161

See Notes to Financial Statements.
30	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

Financial Highlights Master Large Cap Series LLC

	Master Large Cap Core Portfolio
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Total Investment Return
Total investment return		21.41	%1		6.16	%		12.63	%1,2		(38.84	)%		13.94	%		17.32	%		18.35	%
Ratios to Average Net Assets
Total expenses		0.49	%3		0.49	%		0.50	%3		0.50	%		0.49	%		0.49	%		0.51	%
Total expenses after fees waived		0.49	%3		0.49	%		0.50	%3		0.50	%		0.49	%		0.49	%		0.51	%
Net investment income		1.32	%3		1.11	%		1.56	%3		0.93	%		0.63	%		0.58	%		0.72	%
Supplemental Data
Net assets, end of period (000)	$	3,452,532		$	3,209,486		$	3,946,322		$	2,843,515		$	5,649,731		$	3,876,639		$	2,666,699
Portfolio turnover		67	%		173	%		168	%		109	%		96	%		88	%		94	%

	Master Large Cap Growth Portfolio
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010			Period November 1, 2008 to September 30, 2009
										Year Ended October 31,
										2008			2007			2006			2005
Total Investment Return
Total investment return		22.00	%1		7.68	%		20.49	%1,4		(37.96	)%		17.47	%		14.05	%		12.47	%
Ratios to Average Net Assets
Total expenses		0.54	%3		0.56	%		0.57	%3		0.56	%		0.56	%		0.56	%		0.57	%
Total expenses after fees waived		0.54	%3		0.56	%		0.57	%3		0.56	%		0.56	%		0.56	%		0.57	%
Net investment income		1.15	%3		0.73	%		0.81	%3		0.54	%		0.25	%		0.26	%		0.33	%
Supplemental Data
Net assets, end of period (000)	$	1,004,648		$	671,834		$	733,888		$	665,963		$	1,233,995		$	785,377		$	489,398
Portfolio turnover		91	%		232	%		242	%		144	%		87	%		117	%		132	%

1	Aggregate total investment return.
2	Includes proceeds received from a settlement of litigation, which impacted the Portfolio’s total investment return. Not including these proceeds, the Portfolio’s total investment return would have been 12.39%.
3	Annualized.
4	Includes proceeds received from a settlement of litigation, which impacted the Portfolio’s total investment return. Not including these proceeds, the Portfolio’s total investment return would have been 20.23%.

See Notes to Financial Statements.
	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011	31

Financial Highlights (concluded) Master Large Cap Series LLC

	Master Large Cap Value Portfolio
							Period November 1, 2008 to September 30, 2009
	Six Months Ended March 31, 2011 (Unaudited)			Year Ended September 30, 2010
										Year Ended October 31,
										2008			2007			2006			2005
Total Investment Return
Total investment return		20.68	%1		4.36	%		9.03	%1,2		(36.54	)%		12.72	%		18.48	%		21.93	%
Ratios to Average Net Assets
Total expenses		0.53	%3		0.53	%		0.54	%3		0.51	%		0.51	%		0.53	%		0.55	%
Total expenses after fees waived		0.53	%3		0.53	%		0.54	%3		0.51	%		0.51	%		0.53	%		0.55	%
Net investment income		1.46	%3		1.35	%		1.88	%3		1.22	%		0.95	%		0.73	%		0.80	%
Supplemental Data
Net assets, end of period (000)	$	2,118,781		$	2,173,142		$	2,645,858		$	3,063,116		$	5,392,155		$	3,927,926		$	1,535,988
Portfolio turnover		82	%		183	%		151	%		108	%		72	%		71	%		95	%

1	Aggregate total investment return.
2	Includes proceeds received from a settlement of litigation, which impacted the Portfolio’s total investment return. Not including these proceeds, the Portfolio’s total investment return would have been 8.61%.
3	Annualized.

See Notes to Financial Statements.
32	BLACKROCK LARGE CAP SERIES FUNDS, INC.	MARCH 31, 2011

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 (collectively the “Portfolios” or individually a “Portfolio”) constitute the Master Large Cap Series LLC (collectively, 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 Master LLC’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Master LLC:

Valuation: US GAAP defines fair value as the price the Portfolios would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Portfolios fair value their financial instruments at market value using independent dealers or pricing services under policies approved by the Board. Equity investments traded on a recognized securities exchange or the NASDAQ Global Market System (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid (long positions) or ask (short positions) price. If no bid or ask 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. Investments in open-end investment companies are valued at net asset value each business day. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.

The Portfolios value their investments in BlackRock Liquidity Series, LLC Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the net assets of the underlying fund. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 promulgated by the Securities and Exchange Commission (“SEC”) under the 1940 Act. The Portfolios may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

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 or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each 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: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Portfolios are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, is recognized on the accrual basis.

Securities Lending: The Portfolios may lend securities to approved borrowers, such as banks, brokers and other financial institutions. The borrower pledges cash, securities issued or guaranteed by the US government or irrevocable letters of credit issued by a bank as collateral, 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 the Portfolios and any additional required collateral is delivered to the Portfolios on the next business day. Securities lending income, as disclosed in the Statements of Operations, represents the income earned from the investment of the cash collateral, net of rebates paid to, or fees paid by, borrowers and less the fees paid to the securities lending agent. During the term of the loan, the Portfolios earn dividend and interest on the securities loaned but do not receive dividend or interest on the securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. 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 or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received.

Income Taxes: Each Portfolio is classified as a partnership for federal income tax purposes. As such, each investor in the Portfolio is treated as the owner of its proportionate share of 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 the Portfolios’ assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Portfolios file US federal and various state and local tax returns. The statute of limitations on the Portfolios’ US federal tax returns remains open for the year ended September 30, 2010, the period ended September 30, 2009 and the two years ended October 31, 2008 and each is subject to

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 33

Notes to Financial Statements (continued) Master Large Cap Series LLC

examination by the Internal Revenue Service (“IRS”). On April 11, 2011, the IRS notified the Master Large Cap Growth of its intent to examine the Master Large Cap Growth’s 2009 US federal tax return. The statutes of limitations on the Portfolios’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. No state or local income taxes are currently under examination. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

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. Each Portfolio has an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Portfolios for 1940 Act purposes, but BAC and Barclays are not.

The Master LLC, on behalf of each Portfolio, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Portfolios’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services.

The Manager is responsible for the management of each Portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Portfolio. For such services, each Portfolio pays the Manager a monthly fee at the following annual rates of each Portfolio’s average daily net assets as follows:

Master Large Cap Core Portfolio

Portion of Average Daily Value of Net Assets	Rate
Not exceeding $1 billion		0.50	%
In excess of $1 billion, but not exceeding $5 billion		0.45	%
In excess of $5 billion		0.40	%
Master Large Cap Growth Portfolio
Portion of Average Daily Value of Net Assets	Rate
Not exceeding $5 billion		0.50	%
In excess of $5 billion		0.45	%
Master Large Cap Value Portfolio
Portion of Average Daily Value of Net Assets	Rate
Not exceeding $3 billion		0.50	%
In excess of $3 billion		0.45	%

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Portfolio pays to the Manager indirectly through its investment in affiliated money market funds, however the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid through each Portfolio’s investment in other affiliated investment companies, if any. This amount is shown as fees waived by advisor in the Statements of Operations.

The Manager entered into a separate sub-advisory agreement with BlackRock Investment Management, LLC (“BIM”), an affiliate of the Manager. The Manager pays BIM for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Portfolio to the Manager.

For the six months ended March 31, 2011, the Portfolios reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:

Master Large Cap Core Portfolio	$	29,573
Master Large Cap Growth Portfolio	$	8,630
Master Large Cap Value Portfolio	$	19,717

The Portfolios received an exemptive order from the SEC permitting them, among other things, to pay an affiliated securities lending agent a fee based on a share of the income derived from the securities lending activities and has retained BIM as the securities lending agent. BIM may, on behalf of the Portfolios, invest cash collateral received by the Portfolios for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. The market value of securities on loan and the value of the related collateral are shown in the Statements of Assets and Liabilities as securities loaned at value and collateral on securities loaned at value, respectively. The cash collateral invested by BIM is disclosed in the Schedules of Investments. The share of income earned by the Portfolios on such investments is shown as securities lending — affiliated in the Statements of Operations. For the six months ended March 31, 2011, BIM received the following in securities lending agent fees related to securities lending activities for the Portfolios:

Master Large Cap Core Portfolio	$	12,893
Master Large Cap Growth Portfolio	$	3,734
Master Large Cap Value Portfolio	$	6,216

Certain officers and/or directors of the Master LLC are officers and/or directors of BlackRock or its affiliates.

34 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Notes to Financial Statements (concluded) Master Large Cap Series LLC

3. Investments:

Purchases and sales of investments, excluding short-term securities for the six months ended March 31, 2011, were as follows:

	Purchases		Sales
Master Large Cap Core Portfolio	$	2,214,743,976	$	2,592,536,939
Master Large Cap Growth Portfolio	$	1,017,494,405	$	858,348,854
Master Large Cap Value Portfolio	$	1,779,926,400	$	2,210,276,569

4. Borrowings:

The Master LLC, on behalf of the Portfolios, along with certain other funds managed by the Manager and its affiliates, is a party to a $500 million credit agreement with a group of lenders, which expired in November 2010. Each Portfolio may borrow under the credit agreement to fund shareholder redemptions. Effective November 2009, the credit agreement had the following terms: 0.02% upfront fee on the aggregate commitment amount which was allocated to each Portfolio based on its net assets as of October 31, 2009, a commitment fee of 0.10% per annum based on each Portfolio’s pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.25% per annum and (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. In addition, each Portfolio paid administration and arrangement fees which were allocated to each Portfolio based on its net assets as of October 31, 2009. Effective November 2010, the credit agreement was renewed until November 2011 with the following terms: a commitment fee of 0.08% per annum based on each Portfolio’s pro rata share of the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR plus 1.00% per annum and (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. In addition, each Portfolio paid administration and arrangement fees which were allocated to each Portfolio based on its net assets as of October 31, 2010. The Portfolios did not borrow under the credit agreement during the six months ended March 31, 2011.

5. Concentration, 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 (issuer 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 issuer credit risk, the Portfolios may be exposed to counterparty credit risk, or the risk that an entity with which the Portfolios have unsettled or open transactions may fail to or be unable to perform on its commitments. The Portfolios manage counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Portfolios to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Portfolios’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Portfolios’ Statements of Assets and Liabilities, less any collateral held by the Portfolios.

As of March 31, 2011, Master Large Cap Core Portfolio and Master Large Cap Growth Portfolio invested a significant portion of their assets in securities in the information technology sector. Changes in economic conditions affecting the information technology sector would have a greater impact on the Portfolios and could affect the value, income and/or liquidity of positions in such securities.

6. Subsequent Events:

Management has evaluated the impact of all subsequent events on each Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 35

Officers and Directors

Ronald W. Forbes, Co-Chair of the Board and Director

Rodney D. Johnson, Co-Chair of the Board and Director

David O. Beim, Director

Richard S. Davis, Director

Henry Gabbay, Director

Dr. Matina S. Horner, Director

Herbert I. London, Director and Member of the Audit Committee

Cynthia A. Montgomery, Director

Joseph P. Platt, Director

Robert C. Robb, Jr., Director

Toby Rosenblatt, Director

Kenneth L. Urish, Director and Chair of the Audit Committee

Frederick W. Winter, Director and Member of the Audit Committee

John M. Perlowski, President and Chief Executive Officer

Brendan Kyne, Vice President

Brian Schmidt, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer

Ira P. Shapiro, Secretary

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC

Plainsboro, NJ 08536

Custodian

Brown Brothers Harriman & Co.

Boston, MA 02109

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Accounting Agent

State Street Bank and Trust Company

Princeton, NJ 08540

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809

Effective November 10, 2010, Ira P. Shapiro became Secretary of the Corporation/Master LLC.

36 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available on the Funds’ website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Funds’ electronic delivery program.

To enroll:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1) Access the BlackRock website at http://www.blackrock.com/edelivery

2) Select “eDelivery” under the “More Information” section

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 is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds/Master LLC 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’/Master LLC’s 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 how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’/Master LLC’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that each Fund/Master LLC uses to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds/Master LLC voted proxies relating to securities held in each Fund/Master LLC’s portfolios, during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http:// www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 37

Additional Information (concluded)

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at http://www.blackrock.com/funds.

Automatic Investment Plans

Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

38 BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011

A World-Class Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing.

Equity Funds

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Asset Allocation Portfolio†

BlackRock Balanced Capital Fund†

BlackRock Basic Value Fund

BlackRock Capital Appreciation Fund

BlackRock China Fund

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Focus Growth Fund

BlackRock Focus Value Fund

BlackRock Global Allocation Fund†

BlackRock Global Dividend Income Portfolio

BlackRock Global Dynamic Equity Fund

BlackRock Global Emerging Markets 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 India Fund

BlackRock International 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 Russell 1000 Index Fund

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock Small/Mid-Cap Growth Portfolio

BlackRock S&P 500 Index Fund

BlackRock S&P 500 Stock Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Utilities and Telecommunications Fund

BlackRock Value Opportunities Fund

BlackRock World Gold Fund

Fixed Income Funds

BlackRock Bond Index Fund

BlackRock Bond Portfolio

BlackRock Emerging Market Debt Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock GNMA Portfolio

BlackRock Government Income Portfolio

BlackRock High Income Fund

BlackRock High Yield Bond Portfolio

BlackRock Income 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 Multi-Sector Bond Portfolio

BlackRock Short-Term Bond Fund

BlackRock Strategic Income Opportunities Portfolio

BlackRock Total Return Fund

BlackRock Total Return Portfolio II

BlackRock World Income Fund

Municipal Bond Funds

BlackRock AMT-Free Municipal Bond Portfolio

BlackRock California Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock Intermediate Municipal Fund

BlackRock Municipal Insured Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

Target Risk & Target Date Funds†

BlackRock Prepared Portfolios

Conservative Prepared Portfolio

Moderate Prepared Portfolio

Growth Prepared Portfolio

Aggressive Growth Prepared Portfolio

BlackRock Lifecycle Prepared Portfolios

2015

2020

2025

2030

2035

2040

2045

2050

BlackRock LifePath Portfolios
Retirement

2020

2025

2030

2035

2040

2045

2050

2055

† 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) 441-7762 or from your financial advisor. The prospectus should be read carefully before investing.

BLACKROCK LARGE CAP SERIES FUNDS, INC. MARCH 31, 2011 39

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.

#LCSRP-3/11

Item 2 –	Code of Ethics – Not Applicable to this semi-annual report
Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrants’ Schedules of Investments are included as part of the Report to Stockholders filed under Item 1 of this form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 –	Controls and Procedures
11(a) –	The registrants’ principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants’ disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
11(b) –	There were no changes in the registrants’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants’ internal control over financial reporting.
Item 12 –	Exhibits attached hereto
12(a)(1) –	Code of Ethics – Not Applicable to this semi-annual report
12(a)(2) –	Certifications – Attached hereto
12(a)(3) –	Not Applicable
12(b) –	Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC
Date: June 3, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC
Date: June 3, 2011
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
Date: June 3, 2011