Blackrock Large Cap Series Funds NCSRS 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 Core Plus Fund

BlackRock Large Cap Core Retirement Portfolio

BlackRock Large Cap Growth Fund

BlackRock Large Cap Growth Retirement Portfolio

BlackRock Large Cap Value Fund

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: 09/30/2014

Date of reporting period: 03/31/2014

Item 1 – Report to Stockholders

MARCH 31, 2014

SEMI-ANNUAL REPORT (UNAUDITED)

BLACKROCK^®

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


Not FDIC Insured ¡ May Lose Value ¡ No Bank Guarantee


Table of Contents


			Page
Shareholder Letter			3
Semi-Annual Report:
Fund Summaries			4
About Fund Performance			16
Disclosure of Expenses			16
Derivative Financial Instruments			16
Fund Financial Statements:
Statements of Assets and Liabilities			17
Statements of Operations			19
Statements of Changes in Net Assets			20
Fund Financial Highlights			23
Fund Notes to Financial Statements			44
Portfolio Information: Master Large Cap Series LLC			50
Portfolio Financial Statements:
Schedules of Investments			51
Statements of Assets and Liabilities			60
Statements of Operations			61
Statements of Changes in Net Assets			62
Portfolio Financial Highlights			63
Portfolio Notes to Financial Statements			64
Officers and Directors			69
Additional Information			70
A World-Class Mutual Fund Family			72


2		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Shareholder Letter

Dear Shareholder,

One year ago, U.S. financial markets were improving despite a sluggish global economy, as easy monetary policy provided investors with enough conviction to take on more risk in their portfolios. Slow but positive growth in the U.S. was sufficient to support corporate earnings, while uncomfortably high unemployment reinforced expectations that the Federal Reserve would continue to maintain its aggressive monetary stimulus programs.

Sentiment swiftly reversed in May when then-Fed Chairman Bernanke first mentioned the possibility of reducing (or “tapering”) the central bank’s asset purchase programs — comments that were widely misinterpreted as signaling an end to the Fed’s zero-interest-rate policy. U.S. Treasury yields rose sharply, triggering a steep sell-off across fixed income markets. (Bond prices move in the opposite direction of yields.) Global equities also suffered as investors feared the implications of a potential end to a program that had greatly supported the markets. Emerging markets, which are more sensitive to changes in global liquidity, were particularly hurt by the prospect of ebbing cash flows from the U.S. Markets rebounded in late June, however, when the Fed’s tone turned more dovish, and improving economic indicators and better corporate earnings helped extend gains through most of the summer.

Although the tone of economic and financial news was mixed during the autumn, it was a surprisingly positive period for most asset classes. Early on, the Fed defied market expectations with its decision to delay tapering, but higher volatility returned in late September when the U.S. Treasury Department warned that the national debt would soon breach its statutory maximum. The ensuing political brinksmanship led to a partial government shutdown, roiling global financial markets through the first half of October. Equities and other so-called “risk assets” managed to resume their rally when politicians engineered a compromise to reopen the government and extend the debt ceiling.

The remainder of 2013 was generally positive for stock markets in the developed world, although investors continued to grapple with uncertainty about when and how much the Fed would scale back on stimulus. When the Fed ultimately announced its tapering plans in mid-December, markets reacted positively, as this action signaled the Fed’s perception of real improvement in the economy, and investors were finally relieved from the anxiety that had gripped them for quite some time.

The start of the new year brought another turn in sentiment, as heightened risks in emerging markets and mixed U.S. economic data caused global equities to weaken in January while bond markets found renewed strength. Although these headwinds persisted, equities were back on the rise in February as investors were encouraged by a one-year extension of the U.S. debt ceiling and market-friendly comments from the Fed’s new Chairwoman, Janet Yellen. While U.S. economic data pointed to softer growth, investors viewed this trend as temporarily driven by poor winter weather and continued adding risk to their portfolios on the belief that growth would pick up in the coming months. In March, markets focused on decelerating growth in China and tensions between Russia and Ukraine over the disputed region of Crimea. Additionally, investors were caught off guard by a statement from Chairwoman Yellen indicating that the Fed may raise short-term interest rates earlier than the markets had previously forecasted. Bond markets came under pressure as the middle of the yield curve vaulted higher in response to the unexpected shift in forward guidance.

Against a backdrop of modest economic growth, investors over the past year remained highly attuned to potential changes in monetary policy. Despite the fact that markets were gearing up for a modest shift toward tighter conditions from the Fed, equity markets in the developed world generated strong returns for the six- and 12-month periods ended March 31, with stocks in the United States performing particularly well. In contrast, emerging markets were weighed down by concerns about reduced global liquidity, severe currency weakness, high levels of debt and uneven growth.

Interest rate uncertainty posed a headwind for fixed income assets, and higher-quality sectors of the market experienced heightened volatility and poor performance over the reporting period. High yield bonds, however, benefited from income-oriented investors’ search for yield in the overall low-rate environment. Short-term interest rates remained near zero, keeping yields on money market securities close to historic lows.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit www.blackrock.com for further insight about investing in today’s world.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

In a modest global growth environment, expectations around monetary policy changes continued to be a key theme in financial market performance.

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of March 31, 2014
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		12.51	%		21.86	%
U.S. small cap equities (Russell 2000^® Index)		9.94			24.90
International equities (MSCI Europe, Australasia, Far East Index)		6.41			17.56
Emerging market equities (MSCI Emerging Markets Index)		1.39			(1.43	)
3-month Treasury bill (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.03			0.07
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		0.85			(4.38	)
U.S. investment grade bonds (Barclays U.S. Aggregate Bond Index)		1.70			(0.10	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.91			0.31
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		6.66			7.53

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


		THIS PAGE NOT PART OF YOUR FUND REPORT					3


Fund Summary as of March 31, 2014			BlackRock Large Cap Core Fund

Investment Objective

BlackRock Large Cap Core Fund’s (the “Fund”) 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?

For the six-month period ended March 31, 2014, the Fund, through its investment in Master Large Cap Core Portfolio (the “Portfolio”), outperformed its benchmark, the Russell 1000^® Index.

What factors influenced performance?

Relative performance was supported by stock selection, most notably in the consumer staples, health care, industrials, materials and energy sectors.

An overweight position in drug-store retailer CVS Caremark Corp. provided the largest contribution to the Portfolio’s outperformance in consumer staples. The company’s shares surged due to a strong earnings report and the outlook for continued solid execution. The stock also got a boost following the company’s analyst day, as updated long-term financial targets proved better than expected.

U.S. drug distributor McKesson Corp. drove the Portfolio’s outperformance in the health care sector. McKesson Corp. shares advanced following a solid earnings report and positive resolution to its contested bid for German peer Celesio. The company also benefited from broadly favorable economics (i.e., high profit margins) for generic drug distribution.

Pulp & paper company Domtar Corp. and containerboard manufacturer Packaging Corp. of America were the Portfolio’s leading positions in the materials sector. Domtar Corp. moved higher as capacity reductions have led to a more favorable pricing environment for uncoated free-sheet

producers. Packaging Corp. of America was lifted by a strong earnings report that was well above consensus, along with the expectation that the company would achieve better synergies from its acquisition of paper & packaging products maker Boise.

In energy, the Portfolio’s refiner holdings, particularly Marathon Petroleum Corp., enjoyed strength on a broad improvement in oil price differentials (i.e., between U.S. crude oils and global benchmarks) as North American oil production remained vibrant and infrastructure capacity remained tight. Refining holdings also benefited from continued cash returns to shareholders in the form of opportunistic share repurchases and dividend increases.

Detracting from performance relative to the benchmark index at the individual stock level was Suncor Energy, Inc. Other individual detractors included Citigroup, Inc. and Teradata Corp. At the sector level, information technology (“IT”) was the prime detractor from performance.

Describe recent portfolio activity.

During the six-month period, the Portfolio increased exposure to the IT sector, specifically within the internet software & services industry. The Portfolio also added to health care, especially within health care providers & services, and the materials sector, within chemicals and metals & mining.

The Portfolio reduced exposure to energy, particularly within the oil, gas & consumable fuels space. The Portfolio’s weighting in consumer discretionary was decreased, notably in the specialty retail industry. The Portfolio also trimmed exposure within industrials, largely in construction & engineering names, as well as industrial conglomerates.

Describe portfolio positioning at period end.

Relative to the Russell 1000^® Index, the Portfolio ended the period with its largest sector overweights in financials, health care and IT, while consumer staples and utilities were the most significant underweights.

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, 2014


			BlackRock Large Cap Core Fund

Total Return Based on a $10,000 Investment

Assuming maximum sales charges, if any, transaction costs and other operating expenses, including administration fees, if any. Institutional Shares do not have a sales charge.

The Fund invests all of its assets in the Portfolio, a series of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities, primarily common stock, 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.

This unmanaged index measures the performance of the large cap segment of the U.S. equity universe, representing approximately 92% of the Russell 3000^® Index.


Performance Summary for the Period Ended March 31, 2014
				Average Annual Total Returns⁴
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/ sales charge			w/o sales charge			w/ sales charge			w/o sales charge			w/ sales charge
Institutional		14.41	%		24.29	%		N/A			18.59	%		N/A			6.90	%		N/A
Service		14.28			23.83			N/A			18.25			N/A			6.62			N/A
Investor A		14.26			23.90			17.39	%		18.29			17.02	%		6.63			6.06	%
Investor B		13.83			22.92			18.42			17.35			17.13			5.96			5.96
Investor C		13.81			22.85			21.85			17.25			17.25			5.73			5.73
Class R		14.09			23.50			N/A			17.84			N/A			6.26			N/A
Russell 1000^® Index		12.48			22.41			N/A			21.73			N/A			7.80			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 16 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, 2013	Ending Account Value March 31, 2014	Expenses Paid During the Period⁵	Beginning Account Value October 1, 2013	Ending Account Value March 31, 2014	Expenses Paid During the Period⁵	Annualized Expense Ratio
Institutional	$1,000.00	$1,144.10	$4.70	$1,000.00	$1,020.54	$4.43	0.88%
Service	$1,000.00	$1,142.80	$5.93	$1,000.00	$1,019.40	$5.59	1.11%
Investor A	$1,000.00	$1,142.60	$6.09	$1,000.00	$1,019.25	$5.74	1.14%
Investor B	$1,000.00	$1,138.30	$10.50	$1,000.00	$1,015.11	$9.90	1.97%
Investor C	$1,000.00	$1,138.10	$10.55	$1,000.00	$1,015.06	$9.95	1.98%
Class R	$1,000.00	$1,140.90	$7.69	$1,000.00	$1,017.75	$7.24	1.44%

⁵

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown). Because the Fund invests all of its assets in the Portfolio, the expense table reflects the net expenses of both the Fund and the 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 16 for further information on how expenses were calculated.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		5


Fund Summary as of March 31, 2014			BlackRock Large Cap Growth Fund

Investment Objective

BlackRock Large Cap Growth Fund’s (the “Fund”) 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?

For the six-month period ended March 31, 2014, the Fund, through its investment in Master Large Cap Growth Portfolio (the “Portfolio”), outperformed its benchmark, the Russell 1000^® Growth Index.

What factors influenced performance?

Relative performance was supported by stock selection, most notably in the health care, consumer staples, industrials and information technology (“IT”) sectors.

Selection of stocks and an overweight to health care had a positive impact on results, particularly within health care providers & services. A position in U.S. drug distributor McKesson Corp. drove the Portfolio’s outperformance in the sector as shares advanced following a solid earnings report and positive resolution to its contested bid for German peer Celesio. The company also benefited from broadly favorable economics (i.e., high profit margins) for generic drug distribution. Stock selection within biotechnology also helped performance.

Industrial name United Continental Holdings, Inc. was the Portfolio’s overall top-performing holding for the period. The stock performed well

as industry pricing data points remained positive and the Department of Justice approved the merger of American and US Airways, which will lead to further consolidation of the US airline industry. Company management also held an investor day where it outlined aggressive cost-saving initiatives and a strong outlook for earnings growth.

Finally, in the IT sector, stock selection within the internet software & services and IT services industries added to returns.

Few areas detracted from performance, although the Portfolio’s overweight to energy was one such area. Oceaneering International, Inc. and Suncor Energy, Inc. were among the Portfolio’s individual holdings that underperformed.

Describe recent portfolio activity.

During the six-month period, the Portfolio added to holdings in IT and materials and reduced exposures in health care, consumer staples and industrials.

Describe portfolio positioning at period end.

Relative to the Russell 1000^® Growth Index, the Portfolio ended the period with its largest sector overweights in energy and IT, while consumer staples and consumer discretionary continued to be the most significant underweights.


6		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


			BlackRock Large Cap Growth Fund

Total Return Based on a $10,000 Investment

Assuming maximum sales charges, if any, transaction costs and other operating expenses, including administration fees, if any. Institutional Shares do not have a sales charge.

This unmanaged index measures the performance of the large cap growth segment of the U.S. equity universe and includes those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.


Performance Summary for the Period Ended March 31, 2014
				Average Annual Total Returns⁴
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/ sales charge			w/o sales charge			w/ sales charge			w/o sales charge			w/ sales charge
Institutional		14.63	%		26.19	%		N/A			19.57	%		N/A			7.24	%		N/A
Service		14.31			25.66			N/A			19.20			N/A			6.96			N/A
Investor A		14.45			25.73			19.13	%		19.16			17.88	%		6.91			6.34	%
Investor B		13.94			24.73			20.23			18.18			17.98			6.25			6.25
Investor C		13.99			24.71			23.71			18.23			18.23			6.08			6.08
Class R		14.19			25.34			N/A			18.78			N/A			6.59			N/A
Russell 1000^® Growth Index		11.67			23.22			N/A			21.67			N/A			7.86			N/A

⁴

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, 2013	Ending Account Value March 31, 2014	Expenses Paid During the Period⁵	Beginning Account Value October 1, 2013	Ending Account Value March 31, 2014	Expenses Paid During the Period⁵	Annualized Expense Ratio
Institutional	$1,000.00	$1,146.30	$4.92	$1,000.00	$1,020.34	$4.63	0.92%
Service	$1,000.00	$1,143.10	$7.21	$1,000.00	$1,018.20	$6.79	1.35%
Investor A	$1,000.00	$1,144.50	$6.52	$1,000.00	$1,018.85	$6.14	1.22%
Investor B	$1,000.00	$1,139.40	$11.25	$1,000.00	$1,014.41	$10.60	2.11%
Investor C	$1,000.00	$1,139.90	$10.62	$1,000.00	$1,015.01	$10.00	1.99%
Class R	$1,000.00	$1,141.90	$8.01	$1,000.00	$1,017.45	$7.54	1.50%

⁵

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 16 for further information on how expenses were calculated.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		7


Fund Summary as of March 31, 2014			BlackRock Large Cap Value Fund

Investment Objective

BlackRock Large Cap Value Fund’s (the “Fund”) 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?

For the six-month period ended March 31, 2014, through the Fund’s investment in Master Large Cap Value Portfolio (the “Portfolio”), all of the Fund’s share classes outperformed the benchmark, the Russell 1000^® Value Index, with the exception of the Investor B Share class, which performed in line with the benchmark index.

What factors influenced performance?

Relative performance was supported by stock selection, most notably in the industrials, consumer staples, energy and materials sectors.

Industrial name United Continental Holdings, Inc. was the Portfolio’s overall top-performing holding for the period. The stock performed well as industry pricing data points remained positive and the Department of Justice approved the merger of American and US Airways, which will lead to further consolidation of the US airline industry. Company management also held an investor day where it outlined aggressive cost-saving initiatives and a strong outlook for earnings growth. The Portfolio also benefited from its positioning within consumer staples, where an overweight to CVS Caremark Corp. was particularly helpful. The company’s shares surged due to a strong earnings report and the outlook for continued solid execution. The stock also got a boost following the company’s analyst day, as updated long-term financial targets proved better than expected.

In energy, stock selection in the oil, gas & consumable fuels space had a positive impact on results. Refiner holding Marathon Petroleum Corp. was the Portfolio’s strongest contributor within the sector. Refining companies benefited from a broad improvement in oil price differentials (i.e.,

between U.S. crude oils and global benchmarks) as North American oil production remained vibrant and infrastructure capacity remained tight. Pulp & paper company Domtar Corp. was the Portfolio’s leading position in the materials sector. Domtar Corp. moved higher as capacity reductions have led to a more favorable pricing environment for uncoated free-sheet producers.

The prime detractor from relative performance for the period was stock selection in financials, primarily within insurance and capital markets. The Portfolio’s holdings in banks also detracted, with select large U.S. money center banks coming under pressure as regulators announced the results of their bank stress tests. Most banks passed the quantified stress tests; however, Citigroup and four other banks failed their qualitative capital reviews. The Portfolio’s position in Citigroup, Inc. was among the most significant individual detractors for the period.

Stock selection in information technology (“IT”) also hindered relative results, especially within semiconductors & semiconductor equipment. At the individual stock level, the Portfolio’s overall worst performer for the period was Suncor Energy, Inc.

Describe recent portfolio activity.

During the six-month period, the Portfolio increased exposure to health care and IT and decreased exposure to energy stocks.

Describe portfolio positioning at period end.

Relative to the Russell 1000^® Value Index, the Portfolio ended the period with its largest sector overweights in IT and consumer discretionary, while utilities and energy were the most significant underweights.


8		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


			BlackRock Large Cap Value Fund

Total Return Based on a $10,000 Investment

Assuming maximum sales charges, if any, transaction costs and other operating expenses, including administration fees, if any. Institutional Shares do not have a sales charge.

This unmanaged index measures the performance of the large cap value segment of the U.S. equity universe and includes those Russell 1000^® Index companies with lower price-to-book ratios and lower forecasted growth values.


Performance Summary for the Period Ended March 31, 2014
				Average Annual Total Returns⁴
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/ sales charge			w/o sales charge			w/ sales charge			w/o sales charge			w/ sales charge
Institutional		14.00	%		21.55	%		N/A			16.97	%		N/A			6.67	%		N/A
Service		13.87			21.10			N/A			16.70			N/A			6.42			N/A
Investor A		13.82			21.15			14.79	%		16.66			15.41	%		6.38			5.81	%
Investor B		13.30			20.12			15.62			15.63			15.40			5.69			5.69
Investor C		13.42			20.23			19.23			15.69			15.69			5.52			5.52
Class R		13.66			20.83			N/A			16.28			N/A			6.06			N/A
Russell 1000^® Value Index		13.33			21.57			N/A			21.75			N/A			7.58			N/A

⁴

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, 2013	Ending Account Value March 31, 2014	Expenses Paid During the Period⁵	Beginning Account Value October 1, 2013	Ending Account Value March 31, 2014	Expenses Paid During the Period⁵	Annualized Expense Ratio
Institutional	$1,000.00	$1,140.00	$4.70	$1,000.00	$1,020.54	$4.43	0.88%
Service	$1,000.00	$1,138.70	$6.24	$1,000.00	$1,019.10	$5.89	1.17%
Investor A	$1,000.00	$1,138.20	$6.34	$1,000.00	$1,019.00	$5.99	1.19%
Investor B	$1,000.00	$1,133.00	$11.01	$1,000.00	$1,014.61	$10.40	2.07%
Investor C	$1,000.00	$1,134.20	$10.54	$1,000.00	$1,015.06	$9.95	1.98%
Class R	$1,000.00	$1,136.60	$7.78	$1,000.00	$1,017.65	$7.34	1.46%

⁵

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 16 for further information on how expenses were calculated.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		9


Fund Summary as of March 31, 2014			BlackRock Large Cap Core Retirement Portfolio

Investment Objective

BlackRock Large Cap Core Retirement Portfolio’s (the “Fund”) 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?

For the six-month period ended March 31, 2014, the Fund, through its investment in Master Large Cap Core Portfolio (the “Portfolio”), outperformed its benchmark, the Russell 1000^® Index.

What factors influenced performance?

Relative performance was supported by stock selection, most notably in the consumer staples, health care, industrials, materials and energy sectors.

Describe recent portfolio activity.

Describe portfolio positioning at period end.


10		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


			BlackRock Large Cap Core Retirement Portfolio

Total Return Based on a $10,000 Investment

Assuming transaction costs and other operating expenses, including administration fees, if any.

The Fund invests all of its assets in the Portfolio, a Series of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities, primarily common stock, 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.

This unmanaged index measures the performance of the large cap segment of the U.S. equity universe, representing approximately 92% of the Russell 3000^® Index.

⁴

Commencement of operations.


Performance Summary for the Period Ended March 31, 2014
				Average Annual Total Returns⁵
	6-Month Total Returns			1 Year			5 Years			Since Inception⁶
Class K		14.42	%		24.41	%		18.84	%		5.09	%
Russell 1000^® Index		12.48			22.41			21.73			6.89

⁵

See “About Fund Performance” on page 16 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, 2013

Ending
Account Value
March 31, 2014

Expenses Paid
During the Period⁷

Beginning
Account Value
October 1, 2013

Ending
Account Value
March 31, 2014

Expenses Paid
During the Period⁷

Annualized
Expense Ratio

Class K

$1,000.00

$1,144.20

$2.67

$1,000.00

$1,022.44

$2.52

0.50%

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 invests all of its assets in the Portfolio, the expense example reflects the net expenses of both the Fund and the 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 16 for further information on how expenses were calculated.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		11


Fund Summary as of March 31, 2014			BlackRock Large Cap Growth Retirement Portfolio

Investment Objective

BlackRock Large Cap Growth Retirement Portfolio’s (the “Fund”) 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?

What factors influenced performance?

Relative performance was supported by stock selection, most notably in the health care, consumer staples, industrials and information technology (“IT”) sectors.

Industrial name United Continental Holdings, Inc. was the Portfolio’s overall top-performing holding for the period. The stock performed well

Finally, in the IT sector, stock selection within the internet software & services and IT services industries added to returns.

Describe recent portfolio activity.

During the six-month period, the Portfolio added to holdings in IT and materials and reduced exposures in health care, consumer staples and industrials.

Describe portfolio positioning at period end.


12		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


			BlackRock Large Cap Growth Retirement Portfolio

Total Return Based on a $10,000 Investment

Assuming transaction costs and other operating expenses, including administration fees, if any.

The Fund invests all of its assets in the Portfolio, a series of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that the investment advisor selects from among these that are, at the time of purchase, included in the Russell 1000^® Growth Index.

⁴

Commencement of operations.


Performance Summary for the Period Ended March 31, 2014
				Average Annual Total Returns⁵
	6-Month Total Returns			1 Year			5 Years			Since Inception⁶
Class K		14.09	%		25.78	%		20.62	%		7.42	%
Russell 1000^® Growth Index		11.67			23.22			21.67			7.79

⁵

See “About Fund Performance” on page 16 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, 2013

Ending
Account Value
March 31, 2014

Expenses Paid
During the Period⁷

Beginning
Account Value
October 1, 2013

Ending
Account Value
March 31, 2014

Expenses Paid
During the Period⁷

Annualized
Expense Ratio

Class K

$1,000.00

$1,140.90

$4.27

$1,000.00

$1,020.94

$4.03

0.80%

⁷

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 16 for further information on how expenses were calculated.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		13


Fund Summary as of March 31, 2014			BlackRock Large Cap Value Retirement Portfolio

Investment Objective

BlackRock Large Cap Value Retirement Portfolio’s (the “Fund”) 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?

For the six-month period ended March 31, 2014, through its investment in Master Large Cap Value Portfolio (the “Portfolio”), the Fund outperformed its benchmark, the Russell 1000^® Value Index.

What factors influenced performance?

Relative performance was supported by stock selection, most notably in the industrials, consumer staples, energy and materials sectors.

Industrial name United Continental Holdings, Inc. was the Portfolio’s overall top-peforming holding for the period. The stock performed well as industry pricing data points remained positive and the Department of Justice approved the merger of American and US Airways, which will lead to further consolidation of the US airline industry. Company management also held an investor day where it outlined aggressive cost-saving initiatives and a strong outlook for earnings growth. The Portfolio also benefited from its positioning within consumer staples, where an overweight to CVS Caremark Corp. was particularly helpful. The company’s shares surged due to a strong earnings report and the outlook for continued solid execution. The stock also got a boost following the company’s analyst day, as updated long-term financial targets proved better than expected.

In energy, stock selection in the oil, gas & consumable fuels space had a positive impact on results. Refiner Marathon Petroleum Corp. was the Portfolio’s strongest contributor within the sector. Refining companies benefited from a broad improvement in oil price differentials (i.e., between U.S. crude oils and global benchmarks) as North American oil

production remained vibrant and infrastructure capacity remained tight. Pulp & paper company Domtar Corp. was the Portfolio’s leading position in the materials sector. Domtar Corp. moved higher as capacity reductions have led to a more favorable pricing environment for uncoated free-sheet producers.

Describe recent portfolio activity.

During the six-month period, the Portfolio increased exposure to health care and IT and decreased exposure to energy stocks.

Describe portfolio positioning at period end.


14		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


			BlackRock Large Cap Value Retirement Portfolio

Total Return Based on a $10,000 Investment

Assuming transaction costs and other operating expenses, including administration fees, if any.

The Fund invests all of its assets in the Portfolio, a series of Master Large Cap Series LLC. The Portfolio invests at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that the investment advisor selects from among these that are, at the time of purchase, included in the Russell 1000^® Value Index.

⁴

Commencement of operations.


Performance Summary for the Period Ended March 31, 2014
				Average Annual Total Returns⁵
	6-Month Total Returns			1 Year			5 Years			Since Inception⁶
Class K		14.08	%		21.72	%		17.33	%		3.84	%
Russell 1000^® Value Index		13.33			21.57			21.75			5.87

⁵

See “About Fund Performance” on page 16 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, 2013

Ending
Account Value
March 31, 2014

Expenses Paid
During the Period⁷

Beginning
Account Value
October 1, 2013

Ending
Account Value
March 31, 2014

Expenses Paid
During the Period⁷

Annualized
Expense Ratio

Class K

$1,000.00

$1,140.80

$3.52

$1,000.00

$1,021.64

$3.33

0.66%

⁷

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 16 for further information on how expenses were calculated.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		15


About Fund Performance			BlackRock Large Cap Series Funds, Inc.

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

Service Shares are not subject to any sales charge. These shares are subject to a service fee of 0.25% per year (but no distribution fee) and are available only to eligible investors. Service Share performance results for BlackRock Large Cap Growth Fund and BlackRock Large Cap Value Fund, prior to October 2, 2006 and for BlackRock Large Cap Core Fund, prior to September 24, 2007, are those of the applicable Fund’s Institutional Shares (which have no distribution or service fees) restated to reflect the Service Share fees.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase.

Investor B Shares are subject to a maximum CDSC of 4.50% declining to 0% after six years. In addition, these 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. These Shares are only available through exchanges and dividend reinvestments by existing shareholders and for purchase by certain employer-sponsored retirement plans.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year.

Class R Shares are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

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 the performance tables on the previous pages assume reinvestment of all dividends and distributions, if any, at net asset value (“NAV”) on the ex-dividend/payable dates. 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.

The administrator of BlackRock Large Cap Core Fund, BlackRock Large Cap Core Retirement Portfolio, BlackRock Large Cap Growth Retirement Portfolio and BlackRock Large Cap Value Retirement Portfolio waived and/or reimbursed a portion of the Fund’s expenses. Without such waiver and/or reimbursement, each 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 after the applicable termination date. See Note 3 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges and (b) operating expenses, including administration, service and distribution fees, including 12b-1 fees, and other Fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on October 1, 2013 and held through March 31, 2014) 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 expense examples 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 expense examples 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 expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges or exchange fees, if any. Therefore, the hypothetical example is 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.

Derivative Financial Instruments

Master Large Cap Core Portfolio, Master Large Cap Core Growth Portfolio and Master Large Cap Value Portfolio (the “Portfolios”) may invest in various derivative financial instruments, including financial futures contracts, as specified in Note 4 of the Portfolios’ Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and foreign currency exchange rate risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument.

The Portfolios’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial instruments may result in losses greater than if they had not been used, may require a Portfolio to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Portfolio can realize on an investment, may result in lower dividends paid to shareholders and/or may cause a Portfolio to hold an investment that it might otherwise sell. The Portfolios’ investments in these instruments are discussed in detail in the Portfolios’ Notes to Financial Statements.


16		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


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


March 31, 2014 (Unaudited)	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

Assets
Investments at value — from the applicable Portfolio¹	$	1,778,874,709		$	1,149,399,396	$	881,937,073		$	1,563,843		$	950,183		$157,706,743
Withdrawals receivable from the Portfolio		665,605			—		824,877			—			—		—
Capital shares sold receivable		1,099,547			18,192,038		503,704			—			—		73,503
Receivable from administrator		46,527			—		—			4,062			1,210		—
Prepaid expenses		141,222			55,775		52,265			7,124			5,934		7,325

Total assets		1,780,827,610			1,167,647,209		883,317,919			1,575,029			957,327		157,787,571


Liabilities
Capital shares redeemed payable		1,764,869			1,335,928		1,328,581			—			—		44,161
Contributions payable to the Portfolio		—			16,856,110		—			—			—		29,342
Transfer agent fees payable		746,311			254,914		536,173			96			297		23,903
Service and distribution fees payable		544,379			279,736		291,628			—			—		—
Administration fees payable		376,146			240,695		149,096			—			—		—
Printing fees payable		44,434			28,210		32,692			3,816			2,627		3,644
Professional fees payable		28,920			20,990		25,212			11,480			11,700		13,733
Other affiliates payable		18,900			84,687		43,017			375			—		350
Officer’s fees payable		189			94		102			14			—		12
Other accrued expenses payable		1,388			1,267		1,404			2,258			1,228		1,024

Total liabilities		3,525,536			19,102,631		2,407,905			18,039			15,852		116,169

Net Assets	$	1,777,302,074		$	1,148,544,578	$	880,910,014		$	1,556,990		$	941,475		$157,671,402


Net Assets Consist of
Paid-in capital	$	1,504,690,652		$	831,759,309	$	1,317,748,579			—		$	249,462		$118,645,890
Undistributed net investment income		2,641,593			724,550		2,608,926		$	6,904			997		495,485
Accumulated net realized gain (loss) allocated from the Portfolio		(220,731,154	)		37,001,646		(712,412,845	)		803,823	²		(126,618	)	15,385,239
Net unrealized appreciation/depreciation allocated from the Portfolio		490,700,983			279,059,073		272,965,354			746,263			817,634		23,144,788

Net Assets	$	1,777,302,074		$	1,148,544,578	$	880,910,014		$	1,556,990		$	941,475		$157,671,402

¹Investments at cost	$	1,288,173,726		$	870,340,323	$	608,971,719		$	817,580		$	132,549		$134,561,955

² Includes the excess of capital shares redeemed over proceeds from capital shares sold and shares issued for reinvestment of dividends in the amount of $3,355,685.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		17


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


March 31, 2014 (Unaudited)	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

Net Asset Value
Institutional
Net assets	$	502,603,238	$	427,896,777	$	220,848,319		—		—		—

Shares outstanding, $0.10 par value³		29,585,256		30,118,628		10,278,540		—		—		—

Net asset value	$	16.99	$	14.21	$	21.49		—		—		—

Service
Net assets	$	1,059,986	$	1,714,082	$	14,432,458		—		—		—

Shares outstanding, $0.10 par value⁴		62,748		121,033		676,101		—		—		—

Net asset value	$	16.89	$	14.16	$	21.35		—		—		—

Investor A
Net assets	$	808,497,866	$	501,335,999	$	374,450,072		—		—		—

Shares outstanding, $0.10 par value⁵		48,738,190		36,703,830		17,761,914		—		—		—

Net asset value	$	16.59	$	13.66	$	21.08		—		—		—

Investor B
Net assets	$	17,705,636	$	3,560,048	$	8,341,023		—		—		—

Shares outstanding, $0.10 par value⁶		1,150,751		289,473		422,124		—		—		—

Net asset value	$	15.39	$	12.30	$	19.76		—		—		—

Investor C
Net assets	$	400,749,822	$	189,143,291	$	214,929,969		—		—		—

Shares outstanding, $0.10 par value⁷		26,430,571		15,486,766		10,962,553		—		—		—

Net asset value	$	15.16	$	12.21	$	19.61		—		—		—

Class R
Net assets	$	46,685,526	$	24,894,381	$	47,908,173		—		—		—

Shares outstanding, $0.10 par value⁸		2,941,410		1,911,398		2,359,604		—		—		—

Net asset value	$	15.87	$	13.02	$	20.30		—		—		—

Class K
Net assets		—		—		—	$	1,556,990	$	941,475	$	157,671,402

Shares outstanding, $0.10 par value⁹		—		—		—		95,489		233,663		7,638,000

Net asset value		—		—		—	$	16.31	$	4.03	$	20.64

³Shares Authorized — Institutional		400 million		100 million		400 million		—		—		—
⁴Shares Authorized — Service		50 million		50 million		50 million		—		—		—
⁵Shares Authorized — Investor A		300 million		100 million		400 million		—		—		—
⁶Shares Authorized — Investor B		200 million		200 million		200 million		—		—		—
⁷Shares Authorized — Investor C		400 million		100 million		400 million		—		—		—
⁸Shares Authorized — Class R		200 million		200 million		200 million		—		—		—
⁹Shares Authorized — Class K		—		—		—		200 million		200 million		200 million

See Notes to Financial Statements.


18		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Statements of Operations			BlackRock Large Cap Series Funds, Inc.


Six Months Ended March 31, 2014 (Unaudited)	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

Investment Income
Net investment income allocated from the applicable Portfolio:
Dividends — unaffiliated	$	13,676,702		$	7,938,731		$	8,359,171		$	75,667		$	7,860		$	1,431,616
Foreign taxes withheld		(71,881	)		(43,690	)		(39,868	)		(60	)		(42	)		(6,822	)
Other Income — affiliated		116,599			83,411			75,262			9,640			67			13,241
Dividends — affiliated		4,773			7,934			5,180			—			8			861
Securities lending — affiliated — net		3,622			10,976			847			39			12			143
Expenses		(4,367,595	)		(2,875,582	)		(2,347,550	)		(36,177	)		(2,845	)		(401,633	)
Fees waived		9,082			14,286			8,015			69			13			1,365

Total income		9,371,302			5,136,066			6,061,057			49,178			5,073			1,038,771


Fund Expenses
Administration		2,179,732			1,345,418			1,089,897			—			—			—
Service — Service		1,285			2,132			17,598			—			—			—
Service — Investor A		974,972			593,017			461,561			—			—			—
Service and distribution — Investor B		101,323			21,538			44,727			—			—			—
Service and distribution — Investor C		1,956,117			920,544			1,058,539			—			—			—
Service and distribution — Class R		116,173			62,619			125,259			—			—			—
Transfer agent — Institutional		306,487			242,540			128,735			—			—			—
Transfer agent — Service		526			2,524			11,408			—			—			—
Transfer agent — Investor A		887,394			416,915			343,991			—			—			—
Transfer agent — Investor B		58,879			6,540			13,685			—			—			—
Transfer agent — Investor C		422,996			179,947			234,871			—			—			—
Transfer agent — Class R		42,169			25,005			49,497			—			—			—
Transfer agent — Class K		—			—			—			329			147			64,410
Printing		43,786			25,778			25,758			379			2,472			5,122
Registration		38,264			41,388			40,278			6,420			7,232			8,032
Professional		18,994			17,310			15,780			8,660			9,774			13,752
Officer		359			201			177			15			—			28
Miscellaneous		8,277			8,067			8,349			3,912			3,001			3,030

Total expenses		7,157,733			3,911,483			3,670,110			19,715			22,626			94,374
Less fees waived and/or reimbursed by administrator		—			—			(217,979	)		(19,167	)		(20,962	)		—
Less transfer agent fees reimbursed — Investor A		(390,040	)		—			—			—			—			—
Less transfer agent fees reimbursed — Investor B		(37,984	)		—			—			—			—			—
Less transfer agent fees reimbursed — Class K		—			—			—			(274	)		(147	)		(107	)

Total expenses after fees waived and/or reimbursed		6,729,709			3,911,483			3,452,131			274			1,517			94,267

Net investment income		2,641,593			1,224,583			2,608,926			48,904			3,556			944,504


Realized and Unrealized Gain (Loss) Allocated from the Applicable Portfolio
Net realized gain from investments and financial futures contracts		130,129,190			44,559,303			40,023,695			25,070,841			427,780			6,869,250
Net change in unrealized appreciation/depreciation on investments and financial futures contracts		98,977,657			94,591,229			68,563,402			(21,834,401	)		(281,586	)		11,566,425

Total realized and unrealized gain		229,106,847			139,150,532			108,587,097			3,236,440			146,194			18,435,675

Net Increase in Net Assets Resulting from Operations	$	231,748,440		$	140,375,115		$	111,196,023		$	3,285,344		$	149,750		$	19,380,179

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		19


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, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013

Operations
Net investment income	$	2,641,593		$	8,612,065		$	1,224,583		$	4,401,790
Net realized gain		130,129,190			201,010,591			44,559,303			84,817,503
Net change in unrealized appreciation/depreciation		98,977,657			85,395,925			94,591,229			42,469,961

Net increase in net assets resulting from operations		231,748,440			295,018,581			140,375,115			131,689,254


Dividends and Distributions to Shareholders From
Net investment income:
Institutional		—			(10,378,743	)¹		(500,033	)		(5,073,393	)¹
Service		—			(185	)¹		—			(187,426	)¹
Investor A		—			(11,473,397	)¹		—			(7,269,585	)¹
Investor B		—			(95,166	)¹		—			(65,126	)¹
Investor C		—			(2,487,652	)¹		—			(1,983,615	)¹
Class R		—			(564,840	)¹		—			(420,926	)¹
Net realized gain:
Institutional		—						(27,649,167	)		(14,860,180	)¹
Service		—			—			(102,614	)		(637,431	)¹
Investor A		—						(32,072,876	)		(23,081,522	)¹
Investor B		—			—			(303,232	)		(454,536	)¹
Investor C		—			—			(12,861,838	)		(10,278,287	)¹
Class R		—			—			(1,731,807	)		(1,639,203	)¹

Decrease in net assets resulting from dividends and distributions to shareholders		—			(24,999,983	)		(75,221,567	)		(65,951,230	)


Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(151,296,371	)		(230,598,517	)		120,417,567			7,688,645


Net Assets
Total increase in net assets		80,452,069			39,420,081			185,571,115			73,426,669
Beginning of period		1,696,850,005			1,657,429,924			962,973,463			889,546,794

End of period	$	1,777,302,074		$	1,696,850,005		$	1,148,544,578		$	962,973,463

Undistributed net investment income, end of period	$	2,641,593			—		$	724,550			—

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


20		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


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


	BlackRock Large Cap Value Fund						BlackRock Large Cap Core Retirement Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013

Operations
Net investment income	$	2,608,926		$	6,789,644		$	48,904		$	868,629
Net realized gain		40,023,695			107,517,914			25,070,841			13,884,841
Net change in unrealized appreciation/depreciation		68,563,402			63,563,859			(21,834,401	)		(1,838,744	)

Net increase in net assets resulting from operations		111,196,023			177,871,417			3,285,344			12,914,726


Dividends to Shareholders From
Net investment income:
Institutional		—			(5,127,680	)¹		—			—
Service		—			(544,205	)¹		—			—
Investor A		—			(7,511,800	)¹		—			—
Investor B		—			(99,626	)¹		—			—
Investor C		—			(2,331,994	)¹		—			—
Class R		—			(884,702	)¹		—			—
Class K		—			—			(42,000	)		(1,900,001	)¹

Decrease in net assets resulting from dividends to shareholders		—			(16,500,007	)		(42,000	)		(1,900,001	)


Capital Share Transactions
Net decrease in net assets derived from capital share transactions		(50,784,777	)		(299,975,034	)		(71,907,356	)		(22,015,118	)


Net Assets
Total increase (decrease) in net assets		60,411,246			(138,603,624	)		(68,664,012	)		(11,000,393	)
Beginning of period		820,498,768			959,102,392			70,221,002			81,221,395

End of period	$	880,910,014		$	820,498,768		$	1,556,990		$	70,221,002

Undistributed net investment income, end of period	$	2,608,926			—		$	6,904			—

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		21


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


	BlackRock Large Cap Growth Retirement Portfolio						BlackRock Large Cap Value Retirement Portfolio
Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013

Operations
Net investment income	$	3,556		$	17,768		$	944,504		$	1,691,480
Net realized gain		427,780			674,823			6,869,250			13,735,681
Net change in unrealized appreciation/depreciation		(281,586	)		(524,337	)		11,566,425			8,276,350

Net increase in net assets resulting from operations		149,750			168,254			19,380,179			23,703,511


Dividends and Distributions to Shareholders From
Net investment income:
Class K		(2,559	)		(260,000	)¹		(1,008,006	)		(2,300,006	)¹
Net realized gains:
Class K		(736,831	)		(758,868	)¹		(6,968,371	)		—

Decrease in net assets resulting from dividends and distributions to shareholders		(739,390	)		(1,018,868	)		(7,976,377	)		(2,300,006	)


Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		249,462			(110,476	)		12,346,280			8,881,427


Net Assets
Total increase (decrease) in net assets		(340,178	)		(961,090	)		23,750,082			30,284,932
Beginning of period		1,281,653			2,242,743			133,921,320			103,636,388

End of period	$	941,475		$	1,281,653		$	157,671,402		$	133,921,320

Undistributed net investment income, end of period	$	997			—		$	495,485		$	558,987

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


22		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights			BlackRock Large Cap Core Fund


	Institutional
	Six Months Ended March 31,			Year Ended September 30,												Period November 1, 2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	14.85		$	12.64		$	9.84		$	10.11		$	9.68		$	8.62		$	14.60

Net investment income¹		0.06			0.12			0.16			0.07			0.06			0.09			0.07
Net realized and unrealized gain (loss)		2.08			2.36			2.73			(0.28	)		0.49			0.97			(5.66	)

Net increase (decrease) from investment operations		2.14			2.48			2.89			(0.21	)		0.55			1.06			(5.59	)

Dividends and distributions from:
Net investment income		—			(0.27	)²		(0.09	)²		(0.06	)²		(0.12	)²		—			—
Net realized gain		—			—			—			—			—			—			(0.39	)²

Total dividends and distributions		—			(0.27	)		(0.09	)		(0.06	)		(0.12	)		—			(0.39	)

Net asset value, end of period	$	16.99		$	14.85		$	12.64		$	9.84		$	10.11		$	9.68		$	8.62


Total Investment Return³
Based on net asset value		14.41	%⁴		20.00	%		29.55	%		(2.16	)%		5.69	%		12.30	%^4,5		(39.25	)%


Ratios to Average Net Assets⁶
Total expenses		0.88	%^7,8		0.88	%⁷		0.77	%^7,9		1.05	%⁷		0.98	%		0.89	%⁸		0.86	%

Total expenses after fees waived and/or reimbursed		0.88	%^7,8		0.88	%⁷		0.77	%^7,9		1.05	%⁷		0.98	%		0.89	%⁸		0.86	%

Net investment income		0.69	%^7,8		0.90	%⁷		1.41	%^7,9		0.58	%⁷		0.63	%		1.15	%⁸		0.58	%


Supplemental Data
Net assets, end of period (000)	$	502,603		$	527,236		$	513,245		$	489,847		$	646,562		$	1,073,342		$	700,113

Portfolio turnover of the Portfolio		15	%		50	%		128	%		129	%		173	%		168	%		109	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, assumes 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 12.06%.

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

⁹

Includes a non-recurring expense adjustment, which impacted the ratios for total expenses, total expenses after fees waived and/or reimbursed and net investment income. Excluding this adjustment, the ratios would have been 0.90%, 0.90% and 1.28%, respectively.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		23


Financial Highlights (continued)			BlackRock Large Cap Core Fund


	Service
	Six Months Ended March 31,			Year Ended September 30,													Period November 1, 2008 to			Year Ended
	2014																September 30,			October 31,
	(Unaudited)			2013			2012				2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	14.78		$	12.39		$	9.60			$	9.89		$	9.47		$	8.44		$	14.33

Net investment income¹		0.04			0.07			0.11				0.04			0.05			0.07			0.04
Net realized and unrealized gain (loss)		2.07			2.33			2.68				(0.27	)		0.47			0.96			(5.55	)

Net increase (decrease) from investment operations		2.11			2.40			2.79				(0.23	)		0.52			1.03			(5.51	)

Dividends and distributions from:										��
Net investment income (loss)		—			(0.01	)²		—				(0.06	)²		(0.10	)²		—			—
Net realized gain		—			—			—				—			—			—			(0.38	)²

Total dividends and distributions		—			(0.01	)		—				(0.06	)		(0.10	)		—			(0.38	)

Net asset value, end of period	$	16.89		$	14.78		$	12.39			$	9.60		$	9.89		$	9.47		$	8.44


Total Investment Return³
Based on net asset value		14.28	%⁴		19.42	%		29.06	%			(2.41	)%		5.53	%		12.20	%^4,5		(39.39	)%


Ratios to Average Net Assets⁶
Total expenses		1.11	%^7,8		1.20	%⁷		1.05	%⁷			1.25	%⁷		1.12	%		1.09	%⁸		1.06	%

Total expenses after fees waived and/or reimbursed		1.11	%^7,8		1.20	%⁷		1.05	%⁷			1.25	%⁷		1.12	%		1.09	%⁸		1.06	%

Net investment income		0.47	%^7,8		0.55	%⁷		0.96	%⁷			0.39	%⁷		0.49	%		0.95	%⁸		0.37	%


Supplemental Data
Net assets, end of period (000)	$	1,060		$	968		$	1,578			$	270		$	369		$	395		$	372

Portfolio turnover of the Portfolio		15	%		50	%		128	%			129	%		173	%		168	%		109	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


24		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights (continued)			BlackRock Large Cap Core Fund


	Investor A
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	14.52		$	12.34		$	9.61		$	9.88		$	9.46		$	8.44		$	14.33

Net investment income¹		0.03			0.09			0.12			0.06			0.05			0.07			0.04
Net realized and unrealized gain (loss)		2.04			2.30			2.65			(0.28	)		0.47			0.95			(5.54	)

Net increase (decrease) from investment operations		2.07			2.39			2.77			(0.22	)		0.52			1.02			(5.50	)

Dividends and distributions from:
Net investment income		—			(0.21	)²		(0.04	)²		(0.05	)²		(0.10	)²		—			—
Net realized gain		—			—			—			—			—			—			(0.39	)²

Total dividends and distributions		—			(0.21	)		(0.04	)		(0.05	)		(0.10	)		—			(0.39	)

Net asset value, end of period	$	16.59		$	14.52		$	12.34		$	9.61		$	9.88		$	9.46		$	8.44


Total Investment Return³
Based on net asset value		14.26	%⁴		19.71	%		28.96	%		(2.24	)%		5.50	%		12.09	%^4,5		(39.38	)%


Ratios to Average Net Assets⁶
Total expenses		1.24	%^7,8		1.26	%⁷		1.28	%⁷		1.23	%⁷		1.25	%		1.32	%⁸		1.23	%

Total expenses after fees waived and/or reimbursed		1.14	%^7,8		1.14	%⁷		1.14	%⁷		1.14	%⁷		1.14	%		1.12	%⁸		1.11	%

Net investment income		0.44	%^7,8		0.65	%⁷		1.04	%⁷		0.48	%⁷		0.47	%		0.93	%⁸		0.32	%


Supplemental Data
Net assets, end of period (000)	$	808,498		$	732,669		$	696,484		$	634,822		$	973,066		$	1,060,517		$	1,023,005

Portfolio turnover of the Portfolio		15	%		50	%		128	%		129	%		173	%		168	%		109	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		25


Financial Highlights (continued)			BlackRock Large Cap Core Fund


	Investor B
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	13.52		$	11.43		$	8.93		$	9.22		$	8.82		$	7.92		$	13.57

Net investment income (loss)¹		(0.03	)		(0.02	)		0.03			(0.04	)		(0.03	)		0.01			(0.05	)
Net realized and unrealized gain (loss)		1.90			2.15			2.47			(0.25	)		0.45			0.89			(5.23	)

Net increase (decrease) from investment operations		1.87			2.13			2.50			(0.29	)		0.42			0.90			(5.28	)

Dividends and distributions from:
Net investment income		—			(0.04	)²		—			—			(0.02	)²		—			—
Net realized gain		—			—			—			—			—			—			(0.37	)²

Total dividends and distributions		—			(0.04	)		—			—			(0.02	)		—			(0.37	)

Net asset value, end of period	$	15.39		$	13.52		$	11.43		$	8.93		$	9.22		$	8.82		$	7.92


Total Investment Return³
Based on net asset value		13.83	%⁴		18.65	%		28.00	%		(3.15	)%		4.71	%		11.36	%^4,5		(39.90	)%


Ratios to Average Net Assets⁶
Total expenses		2.35	%^7,8		2.30	%⁷		2.18	%⁷		2.14	%⁷		2.16	%		2.25	%⁸		2.04	%

Total expenses after fees waived and/or reimbursed		1.97	%^7,8		1.97	%⁷		1.96	%⁷		1.97	%⁷		1.97	%		1.91	%⁸		1.88	%

Net investment income (loss)		(0.40	)%^7,8		(0.15	)%⁷		0.24	%⁷		(0.34	)%⁷		(0.35	)%		0.18	%⁸		(0.45	)%


Supplemental Data
Net assets, end of period (000)	$	17,706		$	21,835		$	33,719		$	47,836		$	78,876		$	119,910		$	180,730

Portfolio turnover of the Portfolio		15	%		50	%		128	%		129	%		173	%		168	%		109	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


26		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights (continued)			BlackRock Large Cap Core Fund


	Investor C
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	13.32		$	11.31		$	8.85		$	9.13		$	8.76		$	7.88		$	13.51

Net investment income (loss)¹		(0.03	)		(0.03	)		0.02			(0.04	)		(0.04	)		(0.00	)²		(0.06	)
Net realized and unrealized gain (loss)		1.87			2.12			2.44			(0.24	)		0.44			0.88			(5.20	)

Net increase (decrease) from investment operations		1.84			2.09			2.46			(0.28	)		0.40			0.88			(5.26	)

Dividends and distributions from:
Net investment income		—			(0.08	)³		—			—			(0.03	)³		—			—
Net realized gain		—			—			—			—			—			—			(0.37	)³

Total dividends and distributions		—			(0.08	)		—			—			(0.03	)		—			(0.37	)

Net asset value, end of period	$	15.16		$	13.32		$	11.31		$	8.85		$	9.13		$	8.76		$	7.88


Total Investment Return⁴
Based on net asset value		13.81	%⁵		18.62	%		27.80	%		(3.07	)%		4.51	%		11.17	%^5,6		(39.93	)%


Ratios to Average Net Assets⁷
Total expenses		1.98	%^8,9		2.01	%⁸		1.97	%^8,10		2.00	%⁸		2.02	%		2.09	%⁹		1.97	%

Total expenses after fees waived and/or reimbursed		1.98	%^8,9		2.01	%⁸		1.97	%^8,10		2.00	%⁸		2.02	%		2.09	%⁹		1.97	%

Net investment income (loss)		(0.41	)%^8,9		(0.22	)%⁸		0.22	%^8,10		(0.38	)%⁸		(0.41	)%		(0.03	)%⁹		(0.54	)%


Supplemental Data
Net assets, end of period (000)	$	400,750		$	369,812		$	363,613		$	393,172		$	594,396		$	662,591		$	714,368

Portfolio turnover of the Portfolio		15	%		50	%		128	%		129	%		173	%		168	%		109	%

Based on average shares outstanding.

Amount is greater than $(0.005) per share.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

¹⁰

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		27


Financial Highlights (concluded)			BlackRock Large Cap Core Fund


	Class R
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	13.91		$	11.81		$	9.19		$	9.46		$	9.06		$	8.11		$	13.85

Net investment income (loss)¹		0.01			0.04			0.07			0.01			0.01			0.03			(0.01	)
Net realized and unrealized gain (loss)		1.95			2.21			2.55			(0.26	)		0.45			0.92			(5.35	)

Net increase (decrease) from investment operations		1.96			2.25			2.62			(0.25	)		0.46			0.95			(5.36	)

Dividends and distributions from:
Net investment income		—			(0.15	)²		—			(0.02	)²		(0.06	)²		—			—
Net realized gain		—			—			—			—			—			—			(0.38	)²

Total dividends and distributions		—			(0.15	)		—			(0.02	)		(0.06	)		—			(0.38	)

Net asset value, end of period	$	15.87		$	13.91		$	11.81		$	9.19		$	9.46		$	9.06		$	8.11


Total Investment Return³
Based on net asset value		14.09	%⁴		19.26	%		28.51	%		(2.68	)%		5.09	%		11.71	%^4,5		(39.71	)%


Ratios to Average Net Assets⁶
Total expenses		1.44	%^7,8		1.48	%⁷		1.53	%⁷		1.51	%⁷		1.54	%		1.61	%⁸		1.54	%

Total expenses after fees waived and/or reimbursed		1.44	%^7,8		1.48	%⁷		1.53	%⁷		1.51	%⁷		1.54	%		1.61	%⁸		1.54	%

Net investment income (loss)		0.13	%^7,8		0.32	%⁷		0.66	%⁷		0.12	%⁷		0.07	%		0.44	%⁸		(0.12	)%


Supplemental Data
Net assets, end of period (000)	$	46,686		$	44,330		$	48,790		$	49,665		$	80,950		$	95,098		$	97,139

Portfolio turnover of the Portfolio		15	%		50	%		128	%		129	%		173	%		168	%		109	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


28		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights			BlackRock Large Cap Growth Fund


	Institutional
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	13.32		$	12.50		$	9.57		$	9.54		$	8.92		$	7.43		$	12.40

Net investment income¹		0.04			0.10			0.14			0.06			0.03			0.02			0.02
Net realized and unrealized gain (loss)		1.85			1.65			2.83			(0.03	)		0.62			1.47			(4.67	)

Net increase (decrease) from investment operations		1.89			1.75			2.97			0.03			0.65			1.49			(4.65	)

Dividends and distributions from:
Net investment income		(0.02	)		(0.24	)²		(0.04	)²		—			(0.03	)²		—			—
Net realized gain		(0.98	)		(0.69	)²		—			—			—			—			(0.32	)²

Total dividends and distributions		(1.00	)		(0.93	)		(0.04	)		—			(0.03	)		—			(0.32	)

Net asset value, end of period	$	14.21		$	13.32		$	12.50		$	9.57		$	9.54		$	8.92		$	7.43


Total Investment Return³
Based on net asset value		14.63	%⁴		15.33	%		31.16	%		0.31	%		7.25	%		20.05	%^4,5		(38.41	)%


Ratios to Average Net Assets⁶
Total expenses		0.93	%^7,8		0.96	%⁷		0.97	%⁷		0.96	%⁷		1.01	%		1.07	%⁸		0.96	%

Total expenses after fees waived		0.92	%^7,8		0.96	%⁷		0.97	%⁷		0.96	%⁷		1.01	%		1.07	%⁸		0.96	%

Net investment income		0.57	%^7,8		0.81	%⁷		1.19	%⁷		0.52	%⁷		0.28	%		0.35	%⁸		0.21	%


Supplemental Data
Net assets, end of period (000)	$	427,897		$	311,127		$	267,083		$	300,111		$	66,857		$	87,078		$	118,873

Portfolio turnover of the Portfolio		20	%		54	%		132	%		169	%		232	%		242	%		144	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		29


Financial Highlights (continued)			BlackRock Large Cap Growth Fund


	Service
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	13.18		$	12.38		$	9.48		$	9.47		$	8.87		$	7.39		$	12.37

Net investment income (loss)¹		0.01			0.07			0.09			0.03			0.01			0.01			(0.01	)
Net realized and unrealized gain (loss)		1.82			1.62			2.82			(0.02	)		0.61			1.47			(4.65	)

Net increase (decrease) from investment operations		1.83			1.69			2.91			0.01			0.62			1.48			(4.66	)

Dividends and distributions from:
Net investment income		—			(0.20	)²		(0.01	)²		—			(0.02	)²		—			—
Net realized gain		(0.85	)		(0.69	)²		—			—			—			—			(0.32	)²

Total dividends and distributions		(0.85	)		(0.89	)		(0.01	)		—			(0.02	)		—			(0.32	)

Net asset value, end of period	$	14.16		$	13.18		$	12.38		$	9.48		$	9.47		$	8.87		$	7.39


Total Investment Return³
Based on net asset value		14.31	%⁴		14.98	%		30.67	%		0.11	%		6.97	%		20.03	%^4,5		(38.59	)%


Ratios to Average Net Assets⁶
Total expenses		1.35	%^7,8		1.23	%⁷		1.33	%⁷		1.16	%⁷		1.22	%		1.22	%⁸		1.14	%

Net investment income (loss)		0.13	%^7,8		0.62	%⁷		0.81	%⁷		0.29	%⁷		0.07	%		0.16	%⁸		(0.07	)%


Supplemental Data
Net assets, end of period (000)	$	1,714		$	1,624		$	11,865		$	10,734		$	11,299		$	11,392		$	10,218

Portfolio turnover of the Portfolio		20	%		54	%		132	%		169	%		232	%		242	%		144	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


30		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights (continued)			BlackRock Large Cap Growth Fund


	Investor A
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	12.82		$	12.09		$	9.26		$	9.26		$	8.68		$	7.24		$	12.15

Net investment income (loss)¹		0.02			0.06			0.10			0.02			(0.00	)²		(0.00	)²		(0.02	)
Net realized and unrealized gain (loss)		1.77			1.58			2.75			(0.02	)		0.60			1.44			(4.57	)

Net increase (decrease) from investment operations		1.79			1.64			2.85			—			0.60			1.44			(4.59	)

Dividends and distributions from:
Net investment income		—			(0.22	)³		(0.02	)³		—			(0.02	)³		—			—
Net realized gain		(0.95	)		(0.69	)³		—			—			—			—			(0.32	)³

Total dividends and distributions		(0.95	)		(0.91	)		(0.02	)		—			(0.02	)		—			(0.32	)

Net asset value, end of period	$	13.66		$	12.82		$	12.09		$	9.26		$	9.26		$	8.68		$	7.24


Total Investment Return⁴
Based on net asset value		14.45	%⁵		14.90	%		30.78	%		0.00	%		6.86	%		19.89	%^5,6		(38.72	)%


Ratios to Average Net Assets⁷
Total expenses		1.23	%^8,9		1.25	%⁸		1.26	%⁸		1.27	%⁸		1.31	%		1.39	%⁹		1.31	%

Total expenses after fees waived		1.22	%^8,9		1.25	%⁸		1.26	%⁸		1.27	%⁸		1.31	%		1.39	%⁹		1.31	%

Net investment income (loss)		0.26	%^8,9		0.54	%⁸		0.90	%⁸		0.21	%⁸		(0.01	)%		(0.02	)%⁹		(0.21	)%


Supplemental Data
Net assets, end of period (000)	$	501,336		$	449,729		$	405,154		$	318,230		$	254,354		$	267,606		$	179,528

Portfolio turnover of the Portfolio		20	%		54	%		132	%		169	%		232	%		242	%		144	%

Based on average shares outstanding.

Amount is greater than $(0.005) per share.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		31


Financial Highlights (continued)			BlackRock Large Cap Growth Fund


	Investor B
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	11.56		$	10.96		$	8.45		$	8.52		$	8.03		$	6.75		$	11.43

Net investment loss¹		(0.04	)		(0.03	)		(0.00	)²		(0.06	)		(0.07	)		(0.05	)		(0.09	)
Net realized and unrealized gain (loss)		1.60			1.42			2.51			(0.01	)		0.56			1.33			(4.27	)

Net increase (decrease) from investment operations		1.56			1.39			2.51			(0.07	)		0.49			1.28			(4.36	)

Dividends and distributions from:
Net investment income		—			(0.10	)³		—			—			—			—			—
Net realized gain		(0.82	)		(0.69	)³		—			—			—			—			(0.32	)³

Total dividends and distributions		(0.82	)		(0.79	)		—			—			—			—			(0.32	)

Net asset value, end of period	$	12.30		$	11.56		$	10.96		$	8.45		$	8.52		$	8.03		$	6.75


Total Investment Return⁴
Based on net asset value		13.94	%⁵		13.92	%		29.70	%		(0.82	)%		6.10	%		18.96	%^5,6		(39.15	)%


Ratios to Average Net Assets⁷
Total expenses		2.11	%^8,9		2.14	%⁸		2.13	%⁸		2.08	%⁸		2.11	%		2.17	%⁹		2.05	%

Net investment loss		(0.63	)%^8,9		(0.30	)%⁸		(0.01	)%⁸		(0.61	)%⁸		(0.81	)%		(0.75	)%⁹		(0.93	)%


Supplemental Data
Net assets, end of period (000)	$	3,560		$	4,656		$	7,826		$	10,372		$	14,937		$	26,959		$	39,608

Portfolio turnover of the Portfolio		20	%		54	%		132	%		169	%		232	%		242	%		144	%

Based on average shares outstanding.

Amount is greater than $(0.005) per share.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

See Notes to Financial Statements.


32		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights (continued)			BlackRock Large Cap Growth Fund


	Investor C
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	11.52		$	10.95		$	8.44		$	8.51		$	8.03		$	6.75		$	11.42

Net investment income (loss)¹		(0.03	)		(0.03	)		0.01			(0.06	)		(0.07	)		(0.05	)		(0.09	)
Net realized and unrealized gain (loss)		1.59			1.42			2.50			(0.01	)		0.55			1.33			(4.26	)

Net increase (decrease) from investment operations		1.56			1.39			2.51			(0.07	)		0.48			1.28			(4.35	)

Dividends and distributions from:
Net investment income		—			(0.13	)²		—			—			—			—			—
Net realized gain		(0.87	)		(0.69	)²		—			—			—			—			(0.32	)²

Total dividends and distributions		(0.87	)		(0.82	)		—			—			—			—			(0.32	)

Net asset value, end of period	$	12.21		$	11.52		$	10.95		$	8.44		$	8.51		$	8.03		$	6.75


Total Investment Return³
Based on net asset value		13.99	%⁴		14.02	%		29.74	%		(0.82	)%		5.98	%		18.96	%^4,5		(39.10	)%


Ratios to Average Net Assets⁶
Total expenses		2.00	%^7,8		2.04	%⁷		2.07	%⁷		2.05	%⁷		2.12	%		2.20	%⁸		2.05	%

Total expenses after fees waived		1.99	%^7,8		2.04	%⁷		2.07	%⁷		2.05	%⁷		2.12	%		2.20	%⁸		2.05	%

Net investment income (loss)		(0.51	)%^7,8		(0.24	)%⁷		0.09	%⁷		(0.60	)%⁷		(0.82	)%		(0.81	)%⁸		(0.95	)%


Supplemental Data
Net assets, end of period (000)	$	189,143		$	171,430		$	167,518		$	129,227		$	121,936		$	142,215		$	143,081

Portfolio turnover of the Portfolio		20	%		54	%		132	%		169	%		232	%		242	%		144	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		33


Financial Highlights (concluded)			BlackRock Large Cap Growth Fund


	Class R
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	12.25		$	11.58		$	8.88		$	8.91		$	8.36		$	7.00		$	11.79

Net investment income (loss)¹		(0.00	)²		0.03			0.06			(0.01	)		(0.03	)		(0.02	)		(0.05	)
Net realized and unrealized gain (loss)		1.68			1.51			2.64			(0.02	)		0.58			1.38			(4.42	)

Net increase (decrease) from investment operations		1.68			1.54			2.70			(0.03	)		0.55			1.36			(4.47	)

Dividends and distributions from:
Net investment income		—			(0.18	)³		—			—			—			—			—
Net realized gain		(0.91	)		(0.69	)³		—			—			—			—			(0.32	)³

Total dividends and distributions		(0.91	)		(0.87	)		—			—			—			—			(0.32	)

Net asset value, end of period	$	13.02		$	12.25		$	11.58		$	8.88		$	8.91		$	8.36		$	7.00


Total Investment Return⁴
Based on net asset value		14.19	%⁵		14.61	%		30.41	%		(0.34	)%		6.58	%		19.43	%^5,6		(38.88	)%


Ratios to Average Net Assets⁷
Total expenses		1.50	%^8,9		1.54	%⁸		1.56	%⁸		1.60	%⁸		1.65	%		1.76	%⁹		1.64	%

Net investment income (loss)		(0.02	)%^8,9		0.27	%⁸		0.57	%⁸		(0.12	)%⁸		(0.35	)%		(0.37	)%⁹		(0.53	)%


Supplemental Data
Net assets, end of period (000)	$	24,894		$	24,408		$	30,101		$	30,868		$	50,093		$	62,231		$	55,073

Portfolio turnover of the Portfolio		20	%		54	%		132	%		169	%		232	%		242	%		144	%

Based on average shares outstanding.

Amount is greater than $(0.005) per share.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

See Notes to Financial Statements.


34		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights			BlackRock Large Cap Value Fund


	Institutional
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	18.85		$	15.75		$	12.74		$	13.51		$	13.16		$	12.29		$	20.95

Net investment income¹		0.11			0.21			0.20			0.12			0.11			0.14			0.14
Net realized and unrealized gain (loss)		2.53			3.25			2.94			(0.75	)		0.40			0.90			(7.42	)

Net increase (decrease) from investment operations		2.64			3.46			3.14			(0.63	)		0.51			1.04			(7.28	)

Dividends and distributions from:
Net investment income		—			(0.36	)²		(0.13	)²		(0.14	)²		(0.16	)²		(0.17	)²		(0.05	)²
Net realized gain		—			—			—			—			—			—			(1.33	)²

Total dividends and distributions		—			(0.36	)		(0.13	)		(0.14	)		(0.16	)		(0.17	)		(1.38	)

Net asset value, end of period	$	21.49		$	18.85		$	15.75		$	12.74		$	13.51		$	13.16		$	12.29


Total Investment Return³
Based on net asset value		14.00	%⁴		22.38	%		24.84	%		(4.82	)%		3.88	%		8.60	%^4,5		(37.01	)%


Ratios to Average Net Assets⁶
Total expenses		0.93	%^7,8		1.00	%⁷		0.96	%		1.03	%		1.03	%		1.05	%⁸		0.93	%

Total expenses after fees waived and/or reimbursed		0.88	%^7,8		0.94	%⁷		0.95	%		1.03	%		1.03	%		1.05	%⁸		0.93	%

Net investment income		1.05	%^7,8		1.19	%⁷		1.33	%		0.81	%		0.85	%		1.35	%⁸		0.81	%


Supplemental Data
Net assets, end of period (000)	$	220,848		$	190,423		$	251,764		$	364,624		$	737,610		$	869,863		$	867,750

Portfolio turnover of the Portfolio		13	%		40	%		147	%		156	%		183	%		151	%		108	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		35


Financial Highlights (continued)			BlackRock Large Cap Value Fund


	Service
	Six Months															Period
	Ended															November 1,
	March 31,			Year Ended September 30,												2008 to			Year Ended
	2014															September 30,			October 31,
	(Unaudited)			2013			2012			2011			2010			2009			2008
Per Share Operating Performance
Net asset value, beginning of period	$	18.75		$	15.67		$	12.71		$	13.48		$	13.13		$	12.26		$	20.89

Net investment income¹		0.08			0.16			0.15			0.10			0.09			0.12			0.10
Net realized and unrealized gain (loss)		2.52			3.23			2.94			(0.75	)		0.40			0.89			(7.38	)

Net increase (decrease) from investment operations		2.60			3.39			3.09			(0.65	)		0.49			1.01			(7.28	)

Dividends and distributions from:
Net investment income		—			(0.31	)²		(0.13	)²		(0.12	)²		(0.14	)²		(0.14	)²		(0.02	)²
Net realized gain		—			—			—			—			—			—			(1.33	)²

Total dividends and distributions		—			(0.31	)		(0.13	)		(0.12	)		(0.14	)		(0.14	)		(1.35	)

Net asset value, end of period	$	21.35		$	18.75		$	15.67		$	12.71		$	13.48		$	13.13		$	12.26


Total Investment Return³
Based on net asset value		13.87	%⁴		21.98	%		24.43	%		(4.95	)%		3.75	%		8.37	%^4,5		(37.10	)%


Ratios to Average Net Assets⁶
Total expenses		1.22	%^7,8		1.23	%⁷		1.27	%		1.17	%		1.18	%		1.22	%⁸		1.12	%

Total expenses after fees waived and/or reimbursed		1.17	%^7,8		1.18	%⁷		1.25	%		1.17	%		1.18	%		1.22	%⁸		1.12	%

Net investment income		0.76	%^7,8		0.93	%⁷		0.99	%		0.64	%		0.70	%		1.16	%⁸		0.62	%


Supplemental Data
Net assets, end of period (000)	$	14,432		$	13,296		$	28,746		$	29,586		$	30,564		$	29,033		$	24,717

Portfolio turnover of the Portfolio		13	%		40	%		147	%		156	%		183	%		151	%		108	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


36		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights (continued)			BlackRock Large Cap Value Fund


	Investor A
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	18.52		$	15.48		$	12.53		$	13.29		$	12.92		$	12.03		$	20.54

Net investment income¹		0.07			0.15			0.14			0.08			0.09			0.11			0.09
Net realized and unrealized gain (loss)		2.49			3.21			2.90			(0.74	)		0.40			0.87			(7.26	)

Net increase (decrease) from investment operations		2.56			3.36			3.04			(0.66	)		0.49			0.98			(7.17	)

Dividends and distributions from:
Net investment income		—			(0.32	)²		(0.09	)²		(0.10	)²		(0.12	)²		(0.09	)²		(0.01	)²
Net realized gain		—			—			—			—			—			—			(1.33	)²

Total dividends and distributions		—			(0.32	)		(0.09	)		(0.10	)		(0.12	)		(0.09	)		(1.34	)

Net asset value, end of period	$	21.08		$	18.52		$	15.48		$	12.53		$	13.29		$	12.92		$	12.03


Total Investment Return³
Based on net asset value		13.82	%⁴		22.07	%		24.38	%		(5.04	)%		3.75	%		8.22	%^4,5		(37.17	)%


Ratios to Average Net Assets⁶
Total expenses		1.25	%^7,8		1.26	%⁷		1.27	%		1.24	%		1.23	%		1.40	%⁸		1.22	%

Total expenses after fees waived and/or reimbursed		1.19	%^7,8		1.21	%⁷		1.26	%		1.24	%		1.23	%		1.40	%⁸		1.22	%

Net investment income		0.73	%^7,8		0.91	%⁷		0.99	%		0.57	%		0.67	%		1.04	%⁸		0.52	%


Supplemental Data
Net assets, end of period (000)	$	374,450		$	353,445		$	392,575		$	479,707		$	756,124		$	967,445		$	1,295,100

Portfolio turnover of the Portfolio		13	%		40	%		147	%		156	%		183	%		151	%		108	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		37


Financial Highlights (continued)			BlackRock Large Cap Value Fund


	Investor B
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	17.44		$	14.52		$	11.78		$	12.52		$	12.18		$	11.34		$	19.41

Net investment income (loss)¹		(0.01	)		0.00	²		0.01			(0.04	)		(0.03	)		0.03			(0.04	)
Net realized and unrealized gain (loss)		2.33			3.03			2.73			(0.70	)		0.37			0.81			(6.85	)

Net increase (decrease) from investment operations		2.32			3.03			2.74			(0.74	)		0.34			0.84			(6.89	)

Dividends and distributions from:
Net investment income		—			(0.11	)³		—			—			—			—			—
Net realized gain		—			—			—			—			—			—			(1.18	)³

Total dividends and distributions		—			(0.11	)		—			—			—			—			(1.18	)

Net asset value, end of period	$	19.76		$	17.44		$	14.52		$	11.78		$	12.52		$	12.18		$	11.34


Total Investment Return⁴
Based on net asset value		13.30	%⁵		20.98	%		23.26	%		(5.91	)%		2.79	%		7.41	%^5,6		(37.62	)%


Ratios to Average Net Assets⁷
Total expenses		2.12	%^8,9		2.20	%⁸		2.21	%		2.12	%		2.14	%		2.21	%⁹		1.99	%

Total expenses after fees waived and/or reimbursed		2.07	%^8,9		2.15	%⁸		2.20	%		2.12	%		2.14	%		2.21	%⁹		1.99	%

Net investment income (loss)		(0.14	)%^8,9		0.00	%⁸		0.07	%		(0.31	)%		(0.24	)%		0.28	%⁹		(0.24	)%


Supplemental Data
Net assets, end of period (000)	$	8,341		$	9,377		$	15,404		$	22,168		$	37,720		$	63,930		$	108,660

Portfolio turnover of the Portfolio		13	%		40	%		147	%		156	%		183	%		151	%		108	%

Based on average shares outstanding.

Amount is less than $0.005 per share.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

See Notes to Financial Statements.


38		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights (continued)			BlackRock Large Cap Value Fund


	Investor C
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	17.29		$	14.45		$	11.72		$	12.44		$	12.13		$	11.29		$	19.37

Net investment income (loss)¹		(0.00	)²		0.02			0.02			(0.04	)		(0.03	)		0.02			(0.04	)
Net realized and unrealized gain (loss)		2.32			2.99			2.71			(0.68	)		0.36			0.82			(6.83	)

Net increase (decrease) from investment operations		2.32			3.01			2.73			(0.72	)		0.33			0.84			(6.87	)

Dividends and distributions from:
Net investment income		—			(0.17	)³		—			—			(0.02	)³		—			—
Net realized gain		—			—			—			—			—			—			(1.21	)³

Total dividends and distributions		—			(0.17	)		—			—			(0.02	)		—			(1.21	)

Net asset value, end of period	$	19.61		$	17.29		$	14.45		$	11.72		$	12.44		$	12.13		$	11.29


Total Investment Return⁴
Based on net asset value		13.42	%⁵		21.06	%		23.29	%		(5.79	)%		2.74	%		7.44	%^5,6		(37.66	)%


Ratios to Average Net Assets⁷
Total expenses		2.03	%^8,9		2.07	%⁸		2.12	%		2.10	%		2.11	%		2.19	%⁹		2.00	%

Total expenses after fees waived and/or reimbursed		1.98	%^8,9		2.02	%⁸		2.11	%		2.10	%		2.11	%		2.19	%⁹		2.00	%

Net investment income (loss)		(0.05	)%^8,9		0.09	%⁸		0.14	%		(0.29	)%		(0.22	)%		0.24	%⁹		(0.26	)%


Supplemental Data
Net assets, end of period (000)	$	214,930		$	204,690		$	210,681		$	220,527		$	298,040		$	379,388		$	456,180

Portfolio turnover of the Portfolio		13	%		40	%		147	%		156	%		183	%		151	%		108	%

Based on average shares outstanding.

Amount is greater than $(0.005) per share.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		39


Financial Highlights (concluded)			BlackRock Large Cap Value Fund


	Class R
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	17.86		$	14.92		$	12.08		$	12.81		$	12.48		$	11.63		$	19.92

Net investment income¹		0.05			0.10			0.09			0.04			0.04			0.07			0.03
Net realized and unrealized gain (loss)		2.39			3.09			2.80			(0.72	)		0.38			0.84			(7.02	)

Net increase (decrease) from investment operations		2.44			3.19			2.89			(0.68	)		0.42			0.91			(6.99	)

Dividends and distributions from:
Net investment income		—			(0.25	)²		(0.05	)²		(0.05	)²		(0.09	)²		(0.06	)²		—
Net realized gain		—			—			—			—			—			—			(1.30	)²

Total dividends and distributions		—			(0.25	)		(0.05	)		(0.05	)		(0.09	)		(0.06	)		(1.30	)

Net asset value, end of period	$	20.30		$	17.86		$	14.92		$	12.08		$	12.81		$	12.48		$	11.63


Total Investment Return³
Based on net asset value		13.66	%⁴		21.70	%		23.98	%		(5.32	)%		3.35	%		7.88	%^4,5		(37.35	)%


Ratios to Average Net Assets⁶
Total expenses		1.51	%^7,8		1.54	%⁷		1.57	%		1.56	%		1.60	%		1.68	%⁸		1.55	%

Total expenses after fees waived and/or reimbursed		1.46	%^7,8		1.49	%⁷		1.56	%		1.56	%		1.60	%		1.68	%⁸		1.55	%

Net investment income		0.47	%^7,8		0.63	%⁷		0.70	%		0.25	%		0.29	%		0.72	%⁸		0.19	%


Supplemental Data
Net assets, end of period (000)	$	47,908		$	49,267		$	59,934		$	67,672		$	115,763		$	139,827		$	141,571

Portfolio turnover of the Portfolio		13	%		40	%		147	%		156	%		183	%		151	%		108	%

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

Where applicable, assumes the reinvestment of dividends and distributions.

⁴

Aggregate total investment return.

⁵

⁶

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁷

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁸

Annualized.

See Notes to Financial Statements.


40		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights			BlackRock Large Cap Core Retirement Portfolio


	Class K
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Period January 3, 2008¹to October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Period January 3, 2008¹to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	14.69		$	12.51		$	9.78		$	10.06		$	9.61		$	8.64		$	13.25

Net investment income²		0.05			0.16			0.18			0.11			0.09			0.11			0.07
Net realized and unrealized gain (loss)		2.04			2.32			2.69			(0.28	)		0.49			0.96			(4.68	)

Net increase (decrease) from investment operations		2.09			2.48			2.87			(0.17	)		0.58			1.07			(4.61	)

Dividends from net investment income		(0.47	)		(0.30	)³		(0.14	)³		(0.11	)³		(0.13	)³		(0.10	)³		—

Net asset value, end of period	$	16.31		$	14.69		$	12.51		$	9.78		$	10.06		$	9.61		$	8.64


Total Investment Return⁴
Based on net asset value		14.42	%⁵		20.27	%		29.67	%		(1.81	)%		6.01	%		12.55	%^5,6		(34.79	)%⁵


Ratios to Average Net Assets⁷
Total expenses		0.77	%^8,9		0.59	%⁸		0.60	%⁸		0.67	%⁸		0.68	%		0.73	%⁹		0.71	%⁹

Total expenses after reimbursement		0.50	%^8,9		0.59	%⁸		0.59	%⁸		0.67	%⁸		0.67	%		0.66	%⁹		0.62	%⁹

Net investment income		0.68	%^8,9		1.21	%⁸		1.59	%⁸		0.96	%⁸		0.93	%		1.39	%⁹		0.76	%⁹


Supplemental Data
Net assets, end of period (000)	$	1,557		$	70,221		$	81,221		$	129,491		$	113,241		$	109,188		$	105,224

Portfolio turnover of the Portfolio		15	%		50	%		128	%		129	%		173	%		168	%		109	%

Commencement of operations.

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		41


Financial Highlights			BlackRock Large Cap Growth Retirement Portfolio


	Class K
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Period January 3, 2008¹to October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Period January 3, 2008¹to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	7.86		$	12.78		$	9.53		$	9.54		$	8.93		$	7.45		$	11.20

Net investment income²		0.02			0.10			0.15			0.08			0.06			0.05			0.02
Net realized and unrealized gain (loss)		0.81			0.86			3.19			(0.01	)		0.61			1.48			(3.77	)

Net increase (decrease) from investment operations		0.83			0.96			3.34			0.07			0.67			1.53			(3.75	)

Dividends and distributions from:
Net investment income		(0.02	)		(1.50	)³		(0.09	)³		(0.08	)³		(0.06	)³		(0.05	)³		—
Net realized gains		(4.64	)		(4.38	)³		—			—			—			—			—

Total dividends and distributions		(4.66	)		(5.88	)		(0.09	)		(0.08	)		(0.06	)		(0.05	)		—

Net asset value, end of period	$	4.03		$	7.86		$	12.78		$	9.53		$	9.54		$	8.93		$	7.45


Total Investment Return⁴
Based on net asset value		14.09	%⁵		16.60	%		35.29	%		0.68	%		7.46	%		20.66	%^5,6		(33.48	)%⁵


Ratios to Average Net Assets⁷
Total expenses		4.70	%^8,9		2.83	%⁸		0.70	%⁸		0.71	%⁸		0.79	%		0.88	%⁹		0.81	%⁹

Total expenses after fees waived and/or reimbursed		0.80	%^8,9		0.67	%⁸		0.64	%⁸		0.67	%⁸		0.67	%		0.66	%⁹		0.65	%⁹

Net investment income		0.66	%^8,9		1.23	%⁸		1.35	%⁸		0.77	%⁸		0.62	%		0.73	%⁹		0.30	%⁹


Supplemental Data
Net assets, end of period (000)	$	941		$	1,282		$	2,243		$	100,169		$	86,662		$	83,098		$	80,882

Portfolio turnover of the Portfolio		20	%		54	%		132	%		169	%		232	%		242	%		144	%

Commencement of operations.

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

See Notes to Financial Statements.


42		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights			BlackRock Large Cap Value Retirement Portfolio


	Class K
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Period January 3, 2008¹to October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Period January 3, 2008¹to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	19.12		$	15.93		$	12.91		$	13.67		$	13.28		$	12.33		$	18.54

Net investment income²		0.13			0.25			0.24			0.17			0.17			0.18			0.13
Net realized and unrealized gain (loss)		2.49			3.30			2.99			(0.76	)		0.39			0.91			(6.34	)

Net increase (decrease) from investment operations		2.62			3.55			3.23			(0.59	)		0.56			1.09			(6.21	)

Dividends and distributions from:
Net investment income		(0.14	)		(0.36	)³		(0.21	)³		(0.17	)³		(0.17	)³		(0.14	)³		—
Net realized gain		(0.96	)		—			—			—			—			—			—

Total distributions		(1.10	)		(0.36	)		(0.21	)		(0.17	)		(0.17	)		(0.14	)		—

Net asset value, end of period	$	20.64		$	19.12		$	15.93		$	12.91		$	13.67		$	13.28		$	12.33


Total Investment Return⁴
Based on net asset value		14.08	%⁵		22.71	%		25.23	%		(4.44	)%		4.23	%		8.93	%^5,6		(33.50	)%⁵


Ratios to Average Net Assets⁷
Total expenses		0.66	%^8,9		0.68	%⁸		0.67	%		0.70	%		0.72	%		0.77	%⁹		0.78	%⁹

Total expenses after reimbursement		0.66	%^8,9		0.67	%⁸		0.62	%		0.67	%		0.67	%		0.66	%⁹		0.63	%⁹

Net investment income		1.26	%^8,9		1.42	%⁸		1.63	%		1.13	%		1.21	%		1.74	%⁹		1.03	%⁹


Supplemental Data
Net assets, end of period (000)	$	157,671		$	133,921		$	103,636		$	144,964		$	166,883		$	132,560		$	128,159

Portfolio turnover of the Portfolio		13	%		40	%		147	%		156	%		183	%		151	%		108	%

Commencement of operations.

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

⁷

Includes the Fund’s share of the Portfolio’s allocated expenses and/or net investment income.

⁸

Includes the Fund’s share of the Portfolio’s allocated fees waived of less than 0.01%.

⁹

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		43


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

1. Organization:

BlackRock Large Cap Core Fund (“Large Cap Core”), BlackRock Large Cap Growth Fund (“Large Cap Growth”), BlackRock Large Cap Value Fund (“Large Cap Value”), BlackRock Large Cap Core Retirement Portfolio (“Large Cap Core Retirement”), BlackRock Large Cap Growth Retirement Portfolio (“Large Cap Growth Retirement”) and BlackRock Large Cap Value Retirement Portfolio (“Large Cap Value Retirement”) (collectively, the “Feeder Funds” or individually a “Feeder Fund”) are each a 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 an open-end management investment company. The Corporation is organized as a Maryland corporation. Each Feeder Fund is classified as diversified. The Feeder Funds seek to achieve their investment objectives by investing all of their assets in the corresponding master portfolios (individually, a “Portfolio” or collectively, the “Portfolios”) of Master Large Cap Series LLC (the “Master LLC”), an affiliate of the Feeder Funds. Large Cap Core and Large Cap Core Retirement invest all of their assets in Master Large Cap Core Portfolio. Large Cap Growth and Large Cap Growth Retirement invest all of their assets in Master Large Cap Growth Portfolio. Large Cap Value and Large Cap Value Retirement invest all of their assets in Master Large Cap Value Portfolio. Each Portfolio has the same investment objective and strategies as the corresponding Feeder Fund. The value of a Feeder Fund’s investment in the applicable Portfolio reflects the Feeder Fund’s proportionate interest in the net assets of such Portfolio. The performance of a Feeder Fund is directly affected by the performance of the applicable Portfolio. At March 31, 2014, the percentages of Master Large Cap Core Portfolio owned by Large Cap Core and Large Cap Core Retirement were 76.6% and 0.1%, respectively, the percentages of Master Large Cap Growth Portfolio owned by Large Cap Growth and Large Cap Growth Retirement were 95.9% and 0.1%, respectively, and the percentages of Master Large Cap Value Portfolio owned by Large Cap Value and Large Cap Value Retirement were 84.8% and 15.2%, respectively. As such, 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 Feeder Funds’ financial statements. Large Cap Core, Large Cap Growth and Large Cap Value each offer multiple classes of shares. Institutional and Service Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are generally sold with an initial sales charge, but may be subject to a CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. Investor B and Investor C Shares may be subject to a CDSC. Class R Shares are sold without a sales charge and only to certain employer-sponsored retirement plans. Large Cap Core Retirement, Large Cap Growth Retirement and Large Cap Value Retirement each offer Class K Shares. Class K Shares are not subject to any sales charge and are only available to eligible investors. 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 and dividend reinvestments by existing shareholders and for purchase by certain

employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor B shareholders may vote on material changes to the Investor A distribution plan).

2. Significant Accounting Policies:

The Feeder Funds’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reported period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Feeder Funds:

Valuation: U.S. GAAP defines fair value as the price the Feeder Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Feeder Fund’s policy is to fair value its financial instruments at market value. Each Feeder Fund records its investments in the corresponding Portfolio at fair value based on the Feeder Fund’s proportionate interest in the net assets of the Portfolio. Valuation of securities held by a Portfolio is discussed in Note 2 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, contributions to and withdrawals from the corresponding Portfolio are accounted for on a trade date basis. The Feeder Funds record daily their proportionate share of the corresponding Portfolio’s income, expenses and realized and unrealized gains and losses. In addition, each Feeder Fund accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Dividends and Distributions: Dividends and distributions paid by the Feeder Funds are recorded on the ex-dividend date. Portions of return of capital distributions under U.S. GAAP may be taxed at ordinary income rates. The character of dividends and distributions is determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Feeder Fund’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital. Realized net capital gains can be offset by capital losses carried forward from prior years. However, certain Feeder Funds have capital loss carryforwards from pre-2012 tax years that offset realized net capital gains but do not offset current and accumulated earnings and profits. Consequently, if distributions in any tax year are less than the Feeder Fund’s current earnings and profits but greater than net investment income and net realized capital gains (taxable income), distributions in excess of taxable income are not treated as non-taxable return of capital, but rather may be taxable to shareholders at ordinary income rates. Under certain circumstances, taxable excess distributions could be significant.

Income Taxes: It is each Feeder 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


44		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


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

its taxable income to its shareholders. Therefore, no federal income tax provision is required.

Each Feeder Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations for each Feeder Fund’s U.S. federal income tax returns remains open for each of the four years ended September 30, 2013. The statutes of limitations on each Feeder Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application for the Fund’s facts and circumstances and does not believe there are any uncertain tax positions that require recognition of a tax liability.

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

3. Administration Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes, of BlackRock, Inc. (“BlackRock”).

The Corporation, on behalf of the Feeder Funds, 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, Large Cap Core, Large Cap Growth and Large Cap Value each pay the Administrator a monthly fee at an annual rate of 0.25% of the average daily value of such Feeder Fund’s net assets. The Feeder Funds do not pay an investment advisory fee or investment management fee. With respect to Large Cap Core Retirement, Large Cap Growth Retirement and Large Cap Value Retirement, the Administrator does not receive an administration fee.

With respect to Large Cap Core, Large Cap Core Retirement, Large Cap Growth Retirement and Large Cap Value Retirement, the Administrator contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, income tax expense, acquired fund fees and expenses and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Feeder Fund’s business. The expense limitations as a percentage of average daily net assets are as follows:


	Investor A			Investor B			Class K
Large Cap Core		1.14	%		1.97	%		—
Large Cap Core Retirement		—			—			0.67	%
Large Cap Growth Retirement		—			—			0.67	%
Large Cap Value Retirement		—			—			0.67	%

The Administrator has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to February 1, 2015, unless approved by the Board of Directors of the Corporation (the “Board”), including a

majority of the independent directors. These amounts waived and/or reimbursed, if any, are shown as fees waived and/or reimbursed by administrator and transfer agent fees reimbursed — class specific, respectively, in the Statements of Operations.

With respect to Large Cap Value, the Administrator voluntarily agreed to waive 0.05%, as a percentage of average daily net assets, of the administration fee payable. This voluntary waiver may be reduced or discontinued at any time without notice. This amount waived, if any, is shown as fees waived and/or reimbursed by administrator, in the Statements of Operations.

The Corporation, on behalf of Large Cap Core, Large Cap Growth and Large Cap Value, entered into a Distribution Agreement and seperate Distribution Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Administrator. Pursuant to the Distribution Plans and in accordance with Rule 12b-1 under the 1940 Act, each Feeder 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 Feeder 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 of Large Cap Core, Large Cap Growth and Large Cap Value. 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, 2014, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Feeder Funds’ Investor A Shares as follows:


	Investor A
Large Cap Core	$	33,202
Large Cap Growth	$	45,288
Large Cap Value	$	6,957

For the six months ended March 31, 2014, affiliates received the following CDSCs as follows:


	Investor A		Investor B		Investor C
Large Cap Core	$	2,310	$	1,620	$	10,003
Large Cap Growth	$	3,877	$	591	$	5,006
Large Cap Value	$	1,604	$	728	$	2,279

Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Feeder Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an asset based fee or annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended March 31, 2014, the Feeder Funds paid the following to


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		45


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

affiliates in return for these services, which are included in transfer agent — class specific in the Statements of Operations:


	Large Cap Core		Large Cap Growth		Large Cap Value
Institutional	$	43,603	$	202,308	$	17,642
Service	$	548	$	120	$	375
Investor A	$	33	$	666	$	6,171
Investor C		—		—	$	30

The Administrator maintains a call center, which is responsible for providing certain shareholder services to the Feeder Funds, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Feeder Fund shares. For the six months ended March 31, 2014, the Feeder 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:


	Large Cap Core		Large Cap Growth		Large Cap Value
Institutional	$	14,955	$	616	$	693
Service	$	7	$	304	$	2,065
Investor A	$	100,042	$	3,545	$	14,056
Investor B	$	7,616	$	249	$	900


	Large Cap Core		Large Cap Growth		Large Cap Value
Investor C	$	2,885	$	1,051	$	1,005
Class R	$	258	$	198	$	445

	Large Cap Core Retirement		Large Cap Growth Retirement		Large Cap Value Retirement
Class K	$	184	$	8	$	219

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

4. Income Tax Information:

As of September 30, 2013, the Feeder Funds listed below had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:


Expires September 30,	Large Cap Core		Large Cap Value		Large Cap Core Retirement
2017	$	337,276,620	$	720,206,511	$	20,134,017

5. Capital Share Transactions:

Transactions in capital shares for each class were as follows:


	Six Months Ended March 31, 2014						Year Ended September 30, 2013
Large Cap Core	Shares			Amount			Shares			Amount
Institutional
Shares sold		1,493,112		$	24,226,197			3,825,174		$	51,665,555
Shares issued in reinvestment of dividends		—			—			578,770			7,176,729
Shares redeemed		(7,420,543	)		(118,492,271	)		(9,485,231	)		(129,930,526	)

Net decrease		(5,927,431	)	$	(94,266,074	)		(5,081,287	)	$	(71,088,242	)


Service
Shares sold		3,750		$	59,212			54,987		$	824,189
Shares issued in reinvestment of dividends		—			—			9			110
Shares redeemed		(6,503	)		(104,506	)		(116,836	)		(1,459,084	)

Net decrease		(2,753	)	$	(45,294	)		(61,840	)	$	(634,785	)


Investor A
Shares sold and automatic conversion of shares		2,253,968		$	35,555,244			5,426,743		$	72,779,606
Shares issued in reinvestment of dividends		—			—			849,124			10,308,296
Shares redeemed		(3,991,356	)		(62,888,040	)		(12,223,124	)		(160,624,974	)

Net decrease		(1,737,388	)	$	(27,332,796	)		(5,947,257	)	$	(77,537,072	)


Investor B
Shares sold		22,354		$	325,890			76,881		$	933,266
Shares issued in reinvestment of dividends		—			—			7,023			79,922
Shares redeemed and automatic conversion of shares		(486,786	)		(7,118,116	)		(1,418,870	)		(17,506,158	)

Net decrease		(464,432	)	$	(6,792,226	)		(1,334,966	)	$	(16,492,970	)


46		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


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


	Six Months Ended March 31, 2014						Year Ended September 30, 2013
Large Cap Core (concluded)	Shares			Amount			Shares			Amount
Investor C
Shares sold		1,697,969		$	24,573,513			3,498,183		$	42,916,687
Shares issued in reinvestment of dividends		—			—			182,100			2,043,105
Shares redeemed		(3,024,270	)		(43,702,026	)		(8,061,093	)		(97,934,634	)

Net decrease		(1,326,301	)	$	(19,128,513	)		(4,380,810	)	$	(52,974,842	)


Class R
Shares sold		499,199		$	7,565,426			870,728		$	11,067,187
Shares issued in reinvestment of dividends		—			—			48,400			564,832
Shares redeemed		(744,748	)		(11,296,894	)		(1,862,672	)		(23,502,625	)

Net decrease		(245,549	)	$	(3,731,468	)		(943,544	)	$	(11,870,606	)

Total Net Decrease		(9,703,854	)	$	(151,296,371	)		(17,749,704	)	$	(230,598,517	)


Large Cap Growth
Institutional
Shares sold		11,665,718		$	166,647,484			10,805,639		$	131,346,952
Shares issued in reinvestment of dividends and distributions		1,743,155			23,271,108			1,664,321			18,706,967
Shares redeemed		(6,656,569	)		(94,693,777	)		(10,471,771	)		(131,967,796	)

Net increase		6,752,304		$	95,224,815			1,998,189		$	18,086,123


Service
Shares sold		533		$	7,500			42,572		$	503,892
Shares issued in reinvestment of dividends and distributions		7,697			102,610			73,804			822,914
Shares redeemed		(10,446	)		(144,889	)		(951,630	)		(11,540,966	)

Net decrease		(2,216	)	$	(34,779	)		(835,254	)	$	(10,214,160	)


Investor A
Shares sold and automatic conversion of shares		3,810,893		$	51,169,296			7,585,195		$	89,733,980
Shares issued in reinvestment of dividends and distributions		2,420,903			31,108,416			2,718,000			29,490,188
Shares redeemed		(4,602,421	)		(61,380,525	)		(8,746,475	)		(103,518,400	)

Net increase		1,629,375		$	20,897,187			1,556,720		$	15,705,768


Investor B
Shares sold		23,205		$	279,894			23,228		$	243,451
Shares issued in reinvestment of dividends and distributions		25,280			293,253			50,617			498,575
Shares redeemed and automatic conversion of shares		(161,770	)		(1,957,188	)		(385,246	)		(4,090,113	)

Net decrease		(113,285	)	$	(1,384,041	)		(311,401	)	$	(3,348,087	)


Investor C
Shares sold		1,383,171		$	16,673,864			2,634,380		$	28,035,824
Shares issued in reinvestment of dividends and distributions		1,052,182			12,120,921			1,171,676			11,505,760
Shares redeemed		(1,824,253	)		(21,935,933	)		(4,225,520	)		(44,983,524	)

Net increase (decrease)		611,100		$	6,858,852			(419,464	)	$	(5,441,940	)


Class R
Shares sold		263,095		$	3,364,315			577,687		$	6,517,657
Shares issued in reinvestment of dividends and distributions		140,833			1,726,614			197,805			2,055,192
Shares redeemed		(485,581	)		(6,235,396	)		(1,382,752	)		(15,671,908	)

Net decrease		(81,653	)	$	(1,144,467	)		(607,260	)	$	(7,099,059	)

Total Net Increase		8,795,625		$	120,417,567			1,381,530		$	7,688,645


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		47


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


	Six Months Ended March 31, 2014						Year Ended September 30, 2013
Large Cap Value	Shares			Amount			Shares			Amount
Institutional
Shares sold		2,730,961		$	54,948,821			1,508,305		$	26,214,058
Shares issued in reinvestment of dividends		—			—			267,554			4,221,978
Shares redeemed		(2,555,631	)		(52,272,000	)		(7,658,472	)		(130,617,353	)

Net increase (decrease)		175,330		$	2,676,821			(5,882,613	)	$	(100,181,317	)


Service
Shares sold		3,511		$	69,785			27,520		$	454,505
Shares issued in reinvestment of dividends		—			—			33,961			534,550
Shares redeemed		(36,481	)		(750,288	)		(1,187,150	)		(20,760,395	)

Net decrease		(32,970	)	$	(680,503	)		(1,125,669	)	$	(19,771,340	)


Investor A
Shares sold and automatic conversion of shares		1,159,865		$	23,066,246			3,629,365		$	62,380,714
Shares issued in reinvestment of dividends		—			—			457,873			7,115,331
Shares redeemed		(2,480,547	)		(49,640,689	)		(10,357,153	)		(177,458,344	)

Net decrease		(1,320,682	)	$	(26,574,443	)		(6,269,915	)	$	(107,962,299	)


Investor B
Shares sold		4,061		$	76,478			48,028		$	764,369
Shares issued in reinvestment of dividends		—			—			6,247			92,081
Shares redeemed and automatic conversion of shares		(119,782	)		(2,244,509	)		(577,039	)		(9,248,584	)

Net decrease		(115,721	)	$	(2,168,031	)		(522,764	)	$	(8,392,134	)


Investor C
Shares sold		563,740		$	10,500,337			1,528,818		$	24,527,105
Shares issued in reinvestment of dividends		—			—			148,147			2,162,914
Shares redeemed		(1,437,792	)		(26,770,557	)		(4,417,505	)		(69,751,702	)

Net decrease		(874,052	)	$	(16,270,220	)		(2,740,540	)	$	(43,061,683	)


Class R
Shares sold		311,422		$	5,971,885			858,935		$	14,230,102
Shares issued in reinvestment of dividends		—			—			58,894			884,592
Shares redeemed		(710,135	)		(13,740,286	)		(2,176,588	)		(35,720,955	)

Net decrease		(398,713	)	$	(7,768,401	)		(1,258,759	)	$	(20,606,261	)

Total Net Decrease		(2,566,808	)	$	(50,784,777	)		(17,800,260	)	$	(299,975,034	)


Large Cap Core Retirement
Class K
Shares sold		68,479		$	1,037,606			1,084,329		$	14,503,776
Shares issued in reinvestment of dividends		1,215			18,530			153,337			1,876,840
Shares redeemed		(4,754,854	)		(72,963,492	)		(2,949,623	)		(38,395,734	)

Net decrease		(4,685,160	)	$	(71,907,356	)		(1,711,957	)	$	(22,015,118	)


Large Cap Growth Retirement
Class K
Shares sold		600		$	2,332			1,726		$	12,358
Shares issued in reinvestment of dividends and distributions		77,582			294,812			19,105			125,517
Shares redeemed		(7,533	)		(47,682	)		(33,329	)		(248,351	)

Net increase (decrease)		70,649		$	249,462			(12,498	)	$	(110,476	)


48		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


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


	Six Months Ended March 31, 2014						Year Ended September 30, 2013
Large Cap Value Retirement	Shares			Amount			Shares			Amount
Class K
Shares sold		906,074		$	18,130,970			1,483,186		$	26,362,614
Shares issued in reinvestment of dividends		411,613			7,931,773			142,437			2,276,143
Shares redeemed		(684,916	)		(13,716,463	)		(1,125,067	)		(19,757,330	)

Net increase		632,771		$	12,346,280			500,556		$	8,881,427

6. Subsequent Events:

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


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		49


Portfolio Information as of March 31, 2014 (Unaudited)			Master Large Cap Series LLC

Ten Largest Holdings


Master Large Cap Core Portfolio		Percent of Long-Term Investments


Google, Inc., Class A	3	%
JPMorgan Chase & Co.	3
Bank of America Corp.	3
CVS Caremark Corp.	3
U.S. Bancorp	3
3M Co.	3
Comcast Corp., Class A	3
Merck & Co., Inc.	3
Pfizer, Inc.	3
Lowe’s Cos., Inc.	3


Master Large Cap Growth Portfolio		Percent of Long-Term Investments


Google, Inc., Class A	5	%
Microsoft Corp.	4
Comcast Corp., Class A	3
Apple, Inc.	3
3M Co.	3
Schlumberger Ltd.	3
MasterCard, Inc., Class A	3
Oracle Corp.	3
Lowe’s Cos., Inc.	3
CVS Caremark Corp.	3


Master Large Cap Value Portfolio		Percent of Long-Term Investments


JPMorgan Chase & Co.	5	%
Bank of America Corp.	4
Pfizer, Inc.	4
Merck & Co., Inc.	4
Citigroup, Inc.	3
CVS Caremark Corp.	3
U.S. Bancorp	3
Exxon Mobil Corp.	3
American International Group, Inc.	3
Cisco Systems, Inc.	2

Sector Allocations


Master Large Cap Core Portfolio		Percent of Long-Term Investments


Financials	22	%
Information Technology	22
Health Care	17
Consumer Discretionary	11
Industrials	11
Energy	10
Materials	4
Consumer Staples	3


Master Large Cap Growth Portfolio		Percent of Long-Term Investments


Information Technology	31	%
Consumer Discretionary	16
Health Care	15
Industrials	13
Energy	8
Materials	6
Financials	6
Consumer Staples	5


Master Large Cap Value Portfolio		Percent of Long-Term Investments


Financials	31	%
Health Care	15
Information Technology	12
Industrials	12
Energy	12
Consumer Discretionary	9
Materials	5
Consumer Staples	4

For Portfolio compliance purposes, the Portfolios’ classifications refer to any one or more of the sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine sector sub-classifications for reporting ease.


50		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Schedule of Investments March 31, 2014 (Unaudited)			Master Large Cap Core Portfolio
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 1.2%
The Boeing Co.		149,100	$	18,710,559
Rockwell Collins, Inc.		120,800		9,624,136

				28,334,695
Airlines — 2.3%
Delta Air Lines, Inc.		516,700		17,903,655
United Continental Holdings, Inc. (a)		777,668		34,707,323

				52,610,978
Auto Components — 2.4%
BorgWarner, Inc.		261,500		16,074,405
TRW Automotive Holdings Corp. (a)		476,239		38,870,627

				54,945,032
Banks — 12.8%
Bank of America Corp.		3,980,206		68,459,543
Citigroup, Inc.		1,163,818		55,397,737
JPMorgan Chase & Co.		1,269,924		77,097,086
SunTrust Banks, Inc.		794,100		31,597,239
U.S. Bancorp		1,537,275		65,887,607

				298,439,212
Biotechnology — 2.6%
Amgen, Inc.		202,200		24,939,348
Biogen Idec, Inc. (a)		119,610		36,585,111

				61,524,459
Capital Markets — 1.4%
The Goldman Sachs Group, Inc.		192,851		31,598,636
Chemicals — 1.0%
Cabot Corp.		166,574		9,837,860
The Dow Chemical Co.		283,500		13,775,265

				23,613,125
Commercial Services & Supplies — 0.7%
Tyco International Ltd.		376,000		15,942,400
Communications Equipment — 2.3%
Brocade Communications Systems, Inc. (a)		1,045,600		11,093,816
Cisco Systems, Inc.		1,858,600		41,651,226

				52,745,042
Consumer Finance — 2.2%
Discover Financial Services		899,400		52,336,086
Containers & Packaging — 1.2%
Packaging Corp. of America		396,213		27,881,509
Electronic Equipment, Instruments & Components — 1.4%
Avnet, Inc.		339,800		15,810,894
TE Connectivity Ltd.		283,200		17,051,472

				32,862,366
Energy Equipment & Services — 4.1%
Halliburton Co.		463,100		27,271,959


Common Stocks	Shares		Value
Energy Equipment & Services (concluded)
Oceaneering International, Inc.		208,500	$	14,982,810
Schlumberger Ltd.		537,200		52,377,000

				94,631,769
Food & Staples Retailing — 2.9%
CVS Caremark Corp.		885,825		66,312,859
Safeway, Inc.		63,377		2,341,146

				68,654,005
Health Care Equipment & Supplies — 1.4%
Medtronic, Inc.		529,700		32,597,738
Health Care Providers & Services — 5.5%
Aetna, Inc.		466,000		34,936,020
McKesson Corp.		223,225		39,414,838
UnitedHealth Group, Inc.		351,800		28,844,082
Universal Health Services, Inc., Class B		288,150		23,648,471

				126,843,411
Household Durables — 1.0%
Whirlpool Corp.		155,280		23,208,149
Industrial Conglomerates — 3.1%
3M Co.		470,475		63,824,639
General Electric Co.		347,650		9,000,659

				72,825,298
Insurance — 5.3%
Allied World Assurance Co. Holdings AG (a)		58,800		6,067,572
American Financial Group, Inc.		99,300		5,730,603
American International Group, Inc.		1,133,200		56,671,332
Genworth Financial, Inc., Class A (a)		1,309,400		23,215,662
The Travelers Cos., Inc.		371,200		31,589,120

				123,274,289
Internet Software & Services — 5.2%
AOL, Inc. (a)		263,600		11,537,772
Google, Inc., Class A (a)		72,315		80,595,791
VeriSign, Inc. (a)		365,100		19,682,541
Yahoo!, Inc. (a)		273,100		9,804,290

				121,620,394
IT Services — 3.7%
Cognizant Technology Solutions Corp., Class A (a)		404,600		20,476,806
MasterCard, Inc., Class A		720,500		53,821,350
Total System Services, Inc.		383,254		11,654,754

				85,952,910
Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		574,800		32,142,816
Machinery — 2.8%
Ingersoll-Rand PLC		270,400		15,477,696


Portfolio Abbreviations
ADR American Depositary Receipts
S&P Standard & Poor’s

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		51


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


Common Stocks	Shares		Value
Machinery (concluded)
Kennametal, Inc.		155,400	$	6,884,220
Oshkosh Corp.		117,200		6,899,564
Parker Hannifin Corp.		166,686		19,953,981
WABCO Holdings, Inc. (a)		141,200		14,905,072

				64,120,533
Media — 3.5%
Comcast Corp., Class A		1,258,100		62,930,162
Twenty-First Century Fox, Inc., Class A		574,076		18,353,210

				81,283,372
Metals & Mining — 0.4%
Vale SA — ADR		619,700		8,570,451
Multiline Retail — 0.7%
Macy’s, Inc.		263,800		15,640,702
Oil, Gas & Consumable Fuels — 5.9%
BP PLC — ADR		485,100		23,333,310
Chevron Corp.		53,355		6,344,443
Exxon Mobil Corp.		90,600		8,849,808
Marathon Petroleum Corp.		361,588		31,472,619
PBF Energy, Inc., Class A		464,807		11,992,020
Suncor Energy, Inc.		1,219,940		42,649,102
Tesoro Corp.		225,393		11,402,632

				136,043,934
Paper & Forest Products — 1.1%
Domtar Corp.		226,500		25,417,830
Pharmaceuticals — 6.4%
Eli Lilly & Co.		336,275		19,793,147
Johnson & Johnson		115,725		11,367,667
Merck & Co., Inc.		1,053,400		59,801,518
Pfizer, Inc.		1,810,375		58,149,245

				149,111,577
Road & Rail — 0.5%
Norfolk Southern Corp.		60,500		5,878,785
Union Pacific Corp.		31,000		5,817,460

				11,696,245


Common Stocks		Shares		Value
Semiconductors & Semiconductor Equipment — 1.0%
Applied Materials, Inc.			1,134,580	$	23,168,123
Software — 2.7%
Activision Blizzard, Inc.			386,500		7,900,060
Microsoft Corp.			359,950		14,754,351
Oracle Corp.			736,000		30,109,760
Symantec Corp.			454,300		9,072,371

					61,836,542
Specialty Retail — 3.7%
Lowe’s Cos., Inc.			1,182,700		57,834,030
Ross Stores, Inc.			404,700		28,956,285

					86,790,315
Technology Hardware, Storage & Peripherals — 5.4%
Apple, Inc.			79,450		42,643,993
EMC Corp.			1,576,800		43,220,088
NetApp, Inc.			376,872		13,906,577
Western Digital Corp.			274,290		25,185,308
	��
					124,955,966
Trading Companies & Distributors — 0.2%
MRC Global, Inc. (a)			185,000		4,987,600
Total Long-Term Investments (Cost — $1,646,784,237) — 99.4%					2,308,207,509

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (b)(c)			14,558,287		14,558,287
Total Short-Term Securities (Cost — $14,558,287) — 0.6%					14,558,287
*Total Investments (Cost — $1,661,342,524) — 100.0%**					2,322,765,796
Other Assets Less Liabilities — 0.0%					646,192

Net Assets — 100.0%				$	2,323,411,988

Notes to Schedule of Investments

*	As of March 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,664,181,654

Gross unrealized appreciation	$	675,619,850
Gross unrealized depreciation		(17,035,708	)

Net unrealized appreciation	$	658,584,142

(a)	Non-income producing security.

(b)	Investments in issuers considered to be an affiliate of the Portfolio during the six months ended March 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at September 30, 2013		Net Activity			Shares/Beneficial Interest Held at March 31, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		47,573,194		(33,014,907	)		14,558,287	$	6,318
BlackRock Liquidity Series, LLC, Money Market Series	$	18,691,623	$	(18,691,623	)		—	$	4,828

(c)	Represents the current yield as of report date.

For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

See Notes to Financial Statements.


52		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Schedule of Investments (concluded)			Master Large Cap Core Portfolio

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Portfolio has the ability to access

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.

The following table summarizes the Portfolio’s investments categorized in the disclosure hierarchy as of March 31, 2014:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹	$	2,308,207,509		—		—	$	2,308,207,509
Short-Term Securities		14,558,287		—		—		14,558,287
Total	$	2,322,765,796		—		—	$	2,322,765,796

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

There were no transfers between levels during the six months ended March 31, 2014.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		53


Schedule of Investments March 31, 2014 (Unaudited)			Master Large Cap Growth Portfolio
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 2.1%
The Boeing Co.		137,675	$	17,276,836
Rockwell Collins, Inc.		103,500		8,245,845

				25,522,681
Airlines — 2.3%
Delta Air Lines, Inc.		263,600		9,133,740
United Continental Holdings, Inc. (a)		406,502		18,142,184

				27,275,924
Auto Components — 1.1%
BorgWarner, Inc.		222,500		13,677,075
Banks — 2.1%
U.S. Bancorp		588,500		25,223,110
Beverages — 1.3%
The Coca-Cola Co.		390,600		15,100,596
Biotechnology — 3.8%
Amgen, Inc.		187,900		23,175,586
Biogen Idec, Inc. (a)		74,770		22,869,900

				46,045,486
Chemicals — 2.8%
CF Industries Holdings, Inc.		18,250		4,756,680
The Dow Chemical Co. (b)		133,900		6,506,201
PPG Industries, Inc.		113,975		22,049,603

				33,312,484
Communications Equipment — 0.5%
QUALCOMM, Inc.		81,200		6,403,432
Consumer Finance — 2.1%
Discover Financial Services		432,125		25,145,354
Containers & Packaging — 2.0%
Packaging Corp. of America		342,910		24,130,577
Electronic Equipment, Instruments & Components — 0.7%
TE Connectivity Ltd.		146,900		8,844,849
Energy Equipment & Services — 5.2%
Halliburton Co.		252,500		14,869,725
Oceaneering International, Inc.		179,950		12,931,207
Schlumberger Ltd.		354,100		34,524,750

				62,325,682
Food & Staples Retailing — 2.6%
CVS Caremark Corp.		383,300		28,693,838
Safeway, Inc.		62,308		2,301,657

				30,995,495
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories		291,050		11,208,335
Health Care Providers & Services — 4.9%
Aetna, Inc.		263,700		19,769,589
McKesson Corp.		127,450		22,503,847
Universal Health Services, Inc., Class B		197,966		16,247,070

				58,520,506
Hotels, Restaurants & Leisure — 0.5%
Hyatt Hotels Corp., Class A (a)		106,500		5,730,765
Household Durables — 0.9%
Whirlpool Corp.		74,800		11,179,608
Industrial Conglomerates — 2.9%
3M Co.		256,375		34,779,833
Insurance — 1.2%
The Travelers Cos., Inc.		166,250		14,147,875


Common Stocks	Shares		Value
Internet Software & Services — 6.1%
Google, Inc., Class A (a)		53,695	$	59,843,614
VeriSign, Inc. (a)		194,400		10,480,104
Yahoo!, Inc. (a)		82,500		2,961,750

				73,285,468
IT Services — 8.3%
Alliance Data Systems Corp. (a)		96,625		26,325,481
Cognizant Technology Solutions Corp., Class A (a)		277,200		14,029,092
DST Systems, Inc.		137,550		13,038,365
MasterCard, Inc., Class A		428,200		31,986,540
Total System Services, Inc.		193,548		5,885,795
Visa, Inc., Class A		35,800		7,727,788

				98,993,061
Life Sciences Tools & Services — 1.6%
Agilent Technologies, Inc.		342,050		19,127,436
Machinery — 3.9%
Cummins, Inc.		87,100		12,977,029
Ingersoll-Rand PLC		183,200		10,486,368
Parker Hannifin Corp.		110,377		13,213,231
WABCO Holdings, Inc. (a)		99,300		10,482,108

				47,158,736
Media — 5.4%
Comcast Corp., Class A		757,600		37,895,152
Twenty-First Century Fox, Inc., Class A		336,722		10,765,002
The Walt Disney Co.		202,700		16,230,189

				64,890,343
Oil, Gas & Consumable Fuels — 2.8%
Marathon Petroleum Corp.		76,500		6,658,560
PBF Energy, Inc., Class A		148,104		3,821,083
Suncor Energy, Inc.		647,865		22,649,360

				33,129,003
Paper & Forest Products — 0.6%
International Paper Co.		168,825		7,745,691
Pharmaceuticals — 2.8%
Actavis PLC (a)		51,764		10,655,619
Eli Lilly & Co.		162,650		9,573,579
Merck & Co., Inc.		229,600		13,034,392

				33,263,590
Road & Rail — 0.5%
Norfolk Southern Corp.		30,900		3,002,553
Union Pacific Corp.		15,800		2,965,028

				5,967,581
Semiconductors & Semiconductor Equipment — 0.7%
Applied Materials, Inc.		385,800		7,878,036
Software — 6.9%
Microsoft Corp.		1,104,350		45,267,307
Oracle Corp.		737,700		30,179,307
Symantec Corp.		354,700		7,083,359

				82,529,973
Specialty Retail — 6.2%
The Home Depot, Inc.		67,300		5,325,449
Lowe’s Cos., Inc.		595,000		29,095,500
Ross Stores, Inc.		212,300		15,190,065
TJX Cos., Inc.		405,105		24,569,618

				74,180,632

See Notes to Financial Statements.


54		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


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


Common Stocks	Shares		Value
Technology Hardware, Storage & Peripherals — 6.0%
Apple, Inc.		70,075	$	37,612,055
EMC Corp.		909,200		24,921,172
NetApp, Inc.		250,304		9,236,218

				71,769,445
Textiles, Apparel & Luxury Goods — 0.6%
VF Corp.		110,000		6,806,800
Tobacco — 1.0%
Philip Morris International, Inc.		151,400		12,395,118
Trading Companies & Distributors — 0.3%
MRC Global, Inc. (a)		135,196		3,644,884
Total Long-Term Investments (Cost — $808,808,944) — 93.6%				1,122,335,464


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (c)(d)		57,958,436	$	57,958,436
Total Short-Term Securities (Cost — $57,958,436) — 4.8%				57,958,436
*Total Investments (Cost — $866,767,380) — 98.4%**				1,180,293,900
Other Assets Less Liabilities — 1.6%				18,702,698

Net Assets — 100.0%			$	1,198,996,598

Notes to Schedule of Investments

*	As of March 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	867,690,265

Gross unrealized appreciation	$	318,251,464
Gross unrealized depreciation		(5,647,829	)

Net unrealized appreciation	$	312,603,635

(a)	Non-income producing security.

(b)	All or a portion of security has been pledged in connection with outstanding financial futures contracts.

(c)	Investments in issuers considered to be an affiliate of the Portfolio during the six months ended March 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at September 30, 2013		Net Activity			Shares/Beneficial Interest Held at March 31, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		12,806,801		45,151,635			57,958,436	$	8,241
BlackRock Liquidity Series, LLC, Money Market Series	$	13,291,349	$	(13,291,349	)		—	$	11,405

(d)	Represents the current yield as of report date.

Financial futures contracts outstanding as of March 31, 2014 were as follows:

Contracts
Purchased

Issue

Exchange

Expiration

Notional
Value

Unrealized
Appreciation

344

S&P 500 E-Mini Futures

Chicago Mercantile

June 2014

32,069,400

540,874

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Portfolio has the ability to access

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		55


Schedule of Investments (concluded)			Master Large Cap Growth Portfolio

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements.

The following tables summarize the Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of March 31, 2014:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		$	1,122,335,464		—		—		$	1,122,335,464
Short-Term Securities			57,958,436		—		—			57,958,436
Total		$	1,180,293,900		—		—		$	1,180,293,900

¹ See above Schedule of Investments for values in each industry.
	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments²
Assets:
Equity contracts		$	540,874		—		—		$	540,874
² Derivative financial instruments are financial futures contracts which are valued at the unrealized appreciation/depreciation on the instrument.

There were no transfers between levels during the six months ended March 31, 2014.

See Notes to Financial Statements.


56		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Schedule of Investments March 31, 2014 (Unaudited)			Master Large Cap Value Portfolio
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 2.1%
The Boeing Co.		42,400	$	5,320,776
Raytheon Co.		126,550		12,501,875
Rockwell Collins, Inc.		48,400		3,856,028

				21,678,679
Airlines — 2.2%
Delta Air Lines, Inc.		230,500		7,986,825
United Continental Holdings, Inc. (a)		339,092		15,133,676

				23,120,501
Auto Components — 1.8%
TRW Automotive Holdings Corp. (a)		229,222		18,709,100
Banks — 16.9%
Bank of America Corp.		2,443,358		42,025,757
Citigroup, Inc.		701,826		33,406,917
JPMorgan Chase & Co.		799,465		48,535,520
SunTrust Banks, Inc.		413,400		16,449,186
U.S. Bancorp		727,175		31,166,721
Wells Fargo & Co.		84,625		4,209,247

				175,793,348
Capital Markets — 1.9%
The Goldman Sachs Group, Inc.		120,808		19,794,391
Chemicals — 1.3%
Cabot Corp.		79,244		4,680,151
The Dow Chemical Co.		176,100		8,556,699

				13,236,850
Commercial Services & Supplies — 1.0%
Tyco International Ltd.		256,025		10,855,460
Communications Equipment — 3.0%
Brocade Communications Systems, Inc. (a)		503,600		5,343,196
Cisco Systems, Inc.		1,148,500		25,737,885

				31,081,081
Consumer Finance — 2.4%
Discover Financial Services		431,680		25,119,459
Containers & Packaging — 0.4%
Packaging Corp. of America		63,100		4,440,347
Diversified Financial Services — 0.6%
Berkshire Hathaway, Inc., Class B (a)		46,700		5,836,099
Diversified Telecommunication Services — 0.4%
AT&T Inc.		118,550		4,157,549
Electronic Equipment, Instruments & Components — 1.5%
Avnet, Inc.		185,400		8,626,662
TE Connectivity Ltd.		117,900		7,098,759

				15,725,421
Energy Equipment & Services — 0.9%
Halliburton Co.		153,800		9,057,282
Food & Staples Retailing — 3.3%
CVS Caremark Corp.		443,300		33,185,438
Safeway, Inc.		31,987		1,181,600

				34,367,038
Health Care Equipment & Supplies — 1.8%
Medtronic, Inc.		298,300		18,357,382
Health Care Providers & Services — 4.3%
Aetna, Inc.		219,400		16,448,418
UnitedHealth Group, Inc.		218,300		17,898,417
Universal Health Services, Inc., Class B		131,448		10,787,937

				45,134,772


Common Stocks	Shares		Value
Household Durables — 1.0%
Whirlpool Corp.		73,100	$	10,925,526
Household Products — 0.6%
The Procter & Gamble Co.		78,400		6,319,040
Industrial Conglomerates — 3.6%
3M Co.		168,075		22,801,055
General Electric Co.		565,675		14,645,326

				37,446,381
Insurance — 9.0%
Allied World Assurance Co. Holdings AG		58,600		6,046,934
American Financial Group, Inc.		137,325		7,925,026
American International Group, Inc.		577,100		28,860,771
The Chubb Corp.		208,915		18,656,109
Genworth Financial, Inc., Class A (a)		552,700		9,799,371
HCC Insurance Holdings, Inc.		71,900		3,270,731
The Travelers Cos., Inc.		229,640		19,542,364

				94,101,306
Internet Software & Services — 1.1%
AOL, Inc. (a)		127,600		5,585,052
Yahoo!, Inc. (a)		171,500		6,156,850

				11,741,902
IT Services — 1.2%
DST Systems, Inc.		80,300		7,611,637
Total System Services, Inc.		170,376		5,181,134

				12,792,771
Machinery — 2.9%
Ingersoll-Rand PLC		221,790		12,695,260
Kennametal, Inc.		69,900		3,096,570
Oshkosh Corp.		63,525		3,739,717
Parker Hannifin Corp.		85,012		10,176,786

				29,708,333
Media — 3.0%
Comcast Corp., Class A		480,200		24,019,604
Twenty-First Century Fox, Inc., Class A		209,505		6,697,875

				30,717,479
Metals & Mining — 0.4%
Vale SA — ADR		282,700		3,909,741
Multiline Retail — 0.8%
Macy’s, Inc.		136,800		8,110,872
Oil, Gas & Consumable Fuels — 10.7%
BP PLC — ADR		289,100		13,905,710
Chevron Corp.		138,285		16,443,469
Exxon Mobil Corp.		302,625		29,560,410
Marathon Petroleum Corp.		212,040		18,455,962
PBF Energy, Inc., Class A		225,319		5,813,230
Suncor Energy, Inc.		599,390		20,954,674
Tesoro Corp.		114,627		5,798,980

				110,932,435
Paper & Forest Products — 2.6%
Domtar Corp.		142,300		15,968,906
International Paper Co.		233,230		10,700,592

				26,669,498
Pharmaceuticals — 9.0%
Eli Lilly & Co.		194,275		11,435,027
Johnson & Johnson		72,700		7,141,321
Merck & Co., Inc.		643,790		36,547,958

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		57


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


Common Stocks	Shares		Value
Pharmaceuticals (concluded)
Pfizer, Inc.		1,202,325	$	38,618,679

				93,742,985
Road & Rail — 0.2%
Norfolk Southern Corp.		27,000		2,623,590
Semiconductors & Semiconductor Equipment — 1.0%
Applied Materials, Inc.		487,840		9,961,693
Software — 1.3%
Activision Blizzard, Inc.		194,900		3,983,756
Oracle Corp.		134,940		5,520,395
Symantec Corp.		188,100		3,756,357

				13,260,508
Specialty Retail — 2.1%
Lowe’s Cos., Inc.		443,000		21,662,700
Technology Hardware, Storage & Peripherals — 3.1%
Apple, Inc.		10,100		5,421,074
EMC Corp.		537,900		14,743,839
Western Digital Corp.		135,990		12,486,602

				32,651,515
Total Long-Term Investments (Cost — $736,393,499) — 99.4%				1,033,743,034


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (b)(c)		5,854,898	$	5,854,898
Total Short-Term Securities (Cost — $5,854,898) — 0.6%				5,854,898
*Total Investments (Cost — $742,248,397) — 100.0%**				1,039,597,932
Other Assets Less Liabilities — 0.0%				81,996

Net Assets — 100.0%			$	1,039,679,928

Notes to Schedule of Investments

*	As of March 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	764,879,515

Gross unrealized appreciation	$	282,245,908
Gross unrealized depreciation		(7,527,491	)

Net unrealized appreciation	$	274,718,417

(a)	Non-income producing security.

(b)	Investments in issuers considered to be an affiliate of the Portfolio during the six months ended March 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at September 30, 2013		Net Activity			Shares/Beneficial Interest Held at March 31, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		7,755,119		(1,900,221	)		5,854,898	$	6,042
BlackRock Liquidity Series, LLC, Money Market Series	$	5,175,835	$	(5,175,835	)		—	$	990

(c)	Represents the current yield as of report date.

Financial futures contracts outstanding as of March 31, 2014 were as follows:

Contracts
Purchased

Issue

Exchange

Expiration

Notional
Value

Unrealized
Appreciation

S&P 500 E-Mini Futures

Chicago Mercantile

June 2014

1,491,600

25,157

See Notes to Financial Statements.


58		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Schedule of Investments (concluded)			Master Large Cap Value Portfolio

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Portfolio has the ability to access

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Notes to Financial Statements.

The following tables summarize the Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of March 31, 2014:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹		$	1,033,743,034		—		—		$	1,033,743,034
Short-Term Securities			5,854,898		—		—			5,854,898
Total		$	1,039,597,932		—		—		$	1,039,597,932

¹ See above Schedule of Investments for values in each industry.
	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments²
Assets:
Equity contracts		$	25,157		—		—		$	25,157
² Derivative financial instruments are financial futures contracts which are valued at the unrealized appreciation/depreciation on the instrument.

The carrying amount for certain of the Portfolio’s assets approximates fair value for financial statement purposes. As of March 31, 2014, such assets are categorized within the disclosure hierarchy as follows:
	Level 1			Level 2		Level 3		Total
Assets:
Cash		$	13,520		—		—		$	13,520
Cash pledged for financial futures contracts			78,000		—		—			78,000
Total		$	91,520		—		—		$	91,520

There were no transfers between levels during the six months ended March 31, 2014.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		59


Statements of Assets and Liabilities			Master Large Cap Series LLC


March 31, 2014 (Unaudited)	Master Large Cap Core Portfolio		Master Large Cap Growth Portfolio		Master Large Cap Value Portfolio

Assets
Investments at value — unaffiliated¹	$	2,308,207,509	$	1,122,335,464	$	1,033,743,034
Investments at value — affiliated²		14,558,287		57,958,436		5,854,898
Cash		—		—		13,520
Cash pledged for financial futures contracts		—		—		78,000
Variation margin receivable on financial futures contracts		—		240,800		11,200
Contributions receivable from investors		1,412,584		19,183,331		1,284,079
Dividends receivable — unaffiliated		2,343,491		1,173,889		1,295,561
Dividends receivable — affiliated		1,426		1,640		509
Prepaid expenses		18,173		5,924		12,511

Total assets		2,326,541,470		1,200,899,484		1,042,293,312


Liabilities
Investments purchased payable		—		—		13,420
Withdrawals payable to investors		2,077,875		1,331,579		2,080,413
Investment advisory fees payable		926,116		498,072		438,275
Directors’ fees payable		16,852		6,857		8,895
Other affiliates payable		5,734		2,236		2,549
Other accrued expenses payable		102,905		64,142		69,832

Total liabilities		3,129,482		1,902,886		2,613,384

Net Assets	$	2,323,411,988	$	1,198,996,598	$	1,039,679,928


Net Assets Consist of
Investors’ capital	$	1,661,988,716	$	884,929,204	$	742,305,236
Net unrealized appreciation/depreciation		661,423,272		314,067,394		297,374,692

Net Assets	$	2,323,411,988	$	1,198,996,598	$	1,039,679,928

¹Investments at cost — unaffiliated	$	1,646,784,237	$	808,808,944	$	736,393,499
²Investments at cost — affiliated	$	14,558,287	$	57,958,436	$	5,854,898

See Notes to Financial Statements.


60		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Statements of Operations			Master Large Cap Series LLC


Six Months Ended March 31, 2014 (Unaudited)	Master Large Cap Core Portfolio			Master Large Cap Growth Portfolio			Master Large Cap Value Portfolio

Investment Income
Dividends — unaffiliated	$	18,147,918		$	8,256,193		$	9,791,137
Other income — affiliated		159,387			86,748			88,482
Foreign taxes withheld		(95,431	)		(45,399	)		(46,691	)
Dividends — affiliated		6,318			8,241			6,042
Securities lending — affiliated — net		4,828			11,405			990

Total income		18,223,020			8,317,188			9,839,960


Expenses
Investment advisory		5,469,662			2,800,950			2,555,790
Accounting services		211,440			114,229			113,183
Professional		36,427			30,632			30,281
Directors		35,111			16,384			15,787
Custodian		30,505			17,410			16,727
Printing		2,530			1,366			1,579
Miscellaneous		20,296			10,120			15,925

Total expenses		5,805,971			2,991,091			2,749,272
Less fees waived by Manager		(12,069	)		(14,859	)		(9,380	)
Less fees paid indirectly		—			(114	)		—

Total expenses after fees waived and paid indirectly		5,793,902			2,976,118			2,739,892

Net investment income		12,429,118			5,341,070			7,100,068


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		172,417,389			45,539,570			46,997,391
Financial futures contracts		—			846,043			(102,878	)

		172,417,389			46,385,613			46,894,513

Net change in unrealized appreciation/depreciation on:
Investments		134,670,655			97,936,843			80,107,348
Financial futures contracts		—			540,874			25,157

		134,670,655			98,477,717			80,132,505

Total realized and unrealized gain		307,088,044			144,863,330			127,027,018

Net Increase in Net Assets Resulting from Operations	$	319,517,162		$	150,204,400		$	134,127,086

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		61


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, 2014 (Unaudited)			Year Ended September 30, 2013			Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013

Operations
Net investment income	$	12,429,118		$	29,505,366		$	5,341,070		$	11,876,965
Net realized gain		172,417,389			284,648,685			46,385,613			88,757,775
Net change in unrealized appreciation/depreciation		134,670,655			106,688,133			98,477,717			43,418,789

Net increase in net assets resulting from operations		319,517,162			420,842,184			150,204,400			144,053,529


Capital Transactions
Proceeds from contributions		63,665,441			195,011,707			249,127,386			279,421,776
Value of withdrawals		(368,667,010	)		(625,808,249	)		(205,343,511	)		(332,098,730	)

Net increase (decrease) in net assets derived from capital transactions		(305,001,569	)		(430,796,542	)		43,783,875			(52,676,954	)


Net Assets
Total increase (decrease) in net assets		14,515,593			(9,954,358	)		193,988,275			91,376,575
Beginning of period		2,308,896,395			2,318,850,753			1,005,008,323			913,631,748

End of period	$	2,323,411,988		$	2,308,896,395		$	1,198,996,598		$	1,005,008,323


							Master Large Cap Value Portfolio
Increase (Decrease) in Net Assets:							Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013

Operations
Net investment income							$	7,100,068		$	15,996,574
Net realized gain								46,894,513			121,256,722
Net change in unrealized appreciation/depreciation								80,132,505			71,842,498

Net increase in net assets resulting from operations								134,127,086			209,095,794


Capital Transactions
Proceeds from contributions								112,770,912			154,966,835
Value of withdrawals								(162,764,899	)		(472,339,324	)

Net decrease in net assets derived from capital transactions								(49,993,987	)		(317,372,489	)


Net Assets
Total increase (decrease) in net assets								84,133,099			(108,276,695	)
Beginning of period								955,546,829			1,063,823,524

End of period							$	1,039,679,928		$	955,546,829

See Notes to Financial Statements.


62		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Financial Highlights			Master Large Cap Series LLC


	Master Large Cap Core Portfolio
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
Total Investment Return
Total investment return		14.61	%¹		20.39	%		29.97	%		(1.61	)%		6.16	%		12.63	%^1,2		(38.84	)%


Ratios to Average Net Assets
Total expenses		0.50	%³		0.50	%		0.50	%		0.49	%		0.49	%		0.50	%³		0.50	%

Net investment income		1.07	%³		1.29	%		1.67	%		1.13	%		1.11	%		1.56	%³		0.93	%


Supplemental Data
Net assets, end of period (000)	$	2,323,412		$	2,308,896		$	2,318,851		$	2,306,714		$	3,209,486		$	3,946,322		$	2,843,515

Portfolio turnover		15	%		50	%		128	%		129	%		173	%		168	%		109	%


	Master Large Cap Growth Portfolio
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
Total Investment Return
Total investment return		14.83	%¹		15.76	%		31.61	%		0.72	%		7.68	%		20.49	%^1,4		(37.96	)%


Ratios to Average Net Assets
Total expenses		0.53	%³		0.54	%		0.55	%		0.54	%		0.56	%		0.57	%³		0.56	%

Net investment income		0.95	%³		1.25	%		1.61	%		0.93	%		0.73	%		0.81	%³		0.54	%


Supplemental Data
Net assets, end of period (000)	$	1,198,997		$	1,005,008		$	913,632		$	995,279		$	671,834		$	733,888		$	665,963

Portfolio turnover		20	%		54	%		132	%		169	%		232	%		242	%		144	%


	Master Large Cap Value Portfolio
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Year Ended October 31, 2008
Total Investment Return
Total investment return		14.18	%¹		22.80	%		25.26	%		(4.34	)%		4.36	%		9.03	%^1,5		(36.54	)%


Ratios to Average Net Assets
Total expenses		0.54	%³		0.54	%		0.54	%		0.54	%		0.53	%		0.54	%³		0.51	%

Net investment income		1.39	%³		1.58	%		1.71	%		1.28	%		1.35	%		1.88	%³		1.22	%


Supplemental Data
Net assets, end of period (000)	$	1,039,680		$	955,547		$	1,063,824		$	1,331,102		$	2,173,142		$	2,645,858		$	3,063,116

Portfolio turnover		13	%		40	%		147	%		156	%		183	%		151	%		108	%

Aggregate total investment return.

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%.

Annualized.

⁴

⁵

See Notes to Financial Statements.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		63


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

1. Organization:

Master Large Cap Core Portfolio, Master Large Cap Growth Portfolio and Master Large Cap Value Portfolio (collectively, the “Portfolios” or individually, a “Portfolio”) are each a series of Master Large Cap Series LLC (the “Master LLC”). The Master LLC is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and is organized as a Delaware limited liability company. Each Portfolio is classified as diversified. The Limited Liability Company Agreement of the Master LLC permits the Board of Directors of the Master LLC (the “Board”) to issue non-transferable interests in the Master LLC, subject to certain limitations.

The Portfolios, together with certain other registered investment companies advised by the Manager or its affiliates, are included in a complex of open-end funds referred to as the Equity-Liquidity Complex.

2. Significant Accounting Policies:

The Portfolios’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amount of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Portfolios:

Valuation: U.S. 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 determine the fair value of their financial instruments at market value using independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Portfolios for all financial instruments.

Equity investments traded on a recognized securities exchange or the NASDAQ Stock Market (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid (long positions) or ask (short positions) price. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at NAV each business day.

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 underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act. The Portfolios may withdraw up

to 25% of their investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that the 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 if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the Global Valuation Committee, or its delegate, seeks to determine the price that the Portfolios 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 Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof on a quarterly basis.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Portfolios’ net assets. If events (e.g., a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such instruments, those instruments may be Fair Value Assets and valued at their fair value, as determined in good faith by the Global Valuation Committee, or its delegate, using a pricing service and/or policies approved by the Board. Each business day, the Portfolios use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency: The Portfolios’ books and records are maintained in U.S. dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the respective date of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the Portfolios’ investments denominated in that currency will lose value because that currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

The Portfolios do not isolate the portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments but are included as a component of net realized and unrealized gain (loss) from investments. The Portfolios report realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes,


64		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


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

whereas such components are generally treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases where a Portfolio enters into certain investments (e.g., financial futures contracts), that would be “senior securities” for 1940 Act purposes, the Portfolios may segregate or designate on its books and records cash or liquid securities having a market value at least equal to the amount of the Portfolio’s future obligations under such investments or borrowings. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Portfolios may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the 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.

Income Taxes: Each Portfolio is classified as a partnership for federal income tax purposes. As such, each investor in the Portfolios is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Portfolios. Therefore, no federal income tax provision is required. It is intended that the Portfolios’ assets will be managed so an investor in the Portfolios can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

Each Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Portfolio’s U.S. federal tax returns remains open for each of the four years ended September 30, 2013. The statutes of limitations on each Portfolio’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Portfolios’ facts and circumstances and does not believe there are any uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to a Portfolio 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.

3. Securities and Other Investments:

Securities Lending: Each Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter, at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Portfolio and any additional required collateral is delivered to the Portfolio on the next business day. During the term of the loan, each Portfolio earns dividend or interest income on the securities loaned but does not receive interest income on the securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of securities on loan and the value of the related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value, and collateral on securities loaned at value, respectively. As of March 31, 2014, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Portfolios under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, each Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typically greater than that of the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Portfolios can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Portfolios benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities lent. The Portfolios could suffer a loss if the value of an investment purchased with cash collateral falls below the


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		65


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

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.

4. Derivative Financial Instruments:

The Portfolios engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Portfolios and/or to economically hedge, or protect, their exposure to certain risks such as equity risk, interest rate risk and foreign currency exchange rate risk. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Financial Futures Contracts: The Portfolios purchase and/or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk). Financial futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.

Upon entering into a financial futures contract, the Portfolios are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Securities deposited as initial margin are designated on the Schedules of Investments and cash deposited, if any, is recorded on the Statements of Assets and Liabilities as cash pledged for financial futures contracts. Pursuant to the contract, the Portfolios agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin. Variation margin is recorded by the Portfolios as unrealized appreciation or depreciation and, if applicable, as a receivable or payable for variation margin in the Statements of Assets and Liabilities.

When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest or foreign currency exchange rates and the underlying assets.

The following is a summary of the Portfolios’ derivative financial instruments categorized by risk exposure:


Fair Values of Derivative Financial Instruments as of March 31, 2014
	Derivative Assets
		Master Large Cap Growth Portfolio		Master Large Cap Value Portfolio
	Statements of Assets and Liabilities Location	Value
Equity contracts	Net unrealized appreciation/depreciation¹	$	540,874	$	25,157

Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.


The Effect of Derivative Financial Instruments in the Statements of Operations Six Months Ended March 31, 2014
	Net Realized Gain (Loss) From
	Master Large Cap Growth Portfolio		Master Large Cap Value Portfolio
Equity contracts:
Financial futures contracts	$	846,043	$	(102,878	)


	Net Change in Unrealized Appreciation/ Depreciation on
	Master Large Cap Growth Portfolio		Master Large Cap Value Portfolio
Equity contracts:
Financial futures contracts	$	540,874	$	25,157

For the six months ended March 31, 2014, the average quarterly balances of outstanding derivative financial instruments were as follows:


	Master Large Cap Growth Portfolio		Master Large Cap Value Portfolio
Financial futures contracts:
Average number of contracts purchased		343		127
Average notional value of contracts purchased	$	31,775,250	$	11,699,750


66		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


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

Counterparty Credit Risk: A derivative contract may suffer a mark to market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Portfolios since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, the credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Portfolios.

5. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes, of BlackRock.

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 based on a percentage of each Portfolio’s average daily net assets at the following annual rates:

Master Large Cap Core Portfolio


Average Daily 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


Average Daily Net Assets	Rate
Not exceeding $5 Billion		0.50	%
In excess of $5 Billion		0.45	%

Master Large Cap Value Portfolio


Average Daily 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 in connection with each Portfolio’s investment in other affiliated investment companies, if any. These amounts are shown as fees waived by Manager in the Statements of Operations. For the six months ended March 31, 2014, the amounts waived were as follows:


Master Large Cap Core Portfolio	$	12,069
Master Large Cap Growth Portfolio	$	14,859
Master Large Cap Value Portfolio	$	9,380

The Manager entered into a sub-advisory agreement with BIM, an affiliate of the Manager, with respect to each Portfolio. 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, 2014, the Portfolios reimbursed the Manager for certain accounting services, which is included in accounting services in the Statements of Operations. The reimbursements were as follows:


Master Large Cap Core Portfolio	$	12,036
Master Large Cap Growth Portfolio	$	5,213
Master Large Cap Value Portfolio	$	5,217

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Portfolios, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Portfolios are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment advisor to the private investment company will not charge any advisory fees with respect to shares purchased by the Portfolios.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Portfolio retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent. Pursuant to the securities lending agreement effective February 1, 2014, BIM may lend securities only when the difference between the borrower rebate rate and the risk free rate exceeds a certain level (such securities, the “specials only securities”).


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		67


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

Pursuant to a securities lending agreement effective February 1, 2014, each Portfolio retains 80% of securities lending income. In addition, commencing the business day following the date that the aggregate securities lending income earned across the Equity-Liquidity Complex in a calendar year exceeds the aggregate securities lending income earned across the Equity-Liquidity Complex through the lending of specials only securities in the calendar year 2013, each Portfolio, pursuant to the securities lending agreement, will retain for the remainder of the calendar year securities lending income in an amount equal to 85% of securities lending income. Prior to February 1, 2014, each Portfolio retained 65% of securities lending income and paid a fee to BIM equal to 35% of such income. The share of securities lending income earned by each Portfolio is shown as securities lending – affiliated – net in the Statements of Operations. For the six months ended March 31, 2014, each Portfolio paid BIM the following amounts for securities lending agent services:


Master Large Cap Core Portfolio	$	2,570
Master Large Cap Growth Portfolio	$	6,133
Master Large Cap Value Portfolio	$	529

The Portfolios recorded a payment from an affiliate to compensate for foregone securities lending revenue which is shown as other income –affiliated in the Statements of Operations. The amounts recorded were as follows:


Master Large Cap Core Portfolio	$	159,387
Master Large Cap Growth Portfolio	$	86,748
Master Large Cap Value Portfolio	$	88,482

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

6. Purchases and Sales:

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2014, were as follows:


	Purchases		Sales
Master Large Cap Core Portfolio	$	343,715,364	$	600,582,627
Master Large Cap Growth Portfolio	$	215,605,761	$	226,484,288
Master Large Cap Value Portfolio	$	129,814,189	$	171,441,173

7. Bank Borrowings:

The Master LLC, on behalf of the Portfolios, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $800 million credit agreement with a group of lenders, under which the Portfolios may borrow to fund shareholder redemptions. The agreement expires in April 2014. Excluding commitments designated for a certain individual fund, other Participating Funds, including the Portfolios, can borrow up to an aggregate commitment amount of $500 million, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.065% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) the one-month LIBOR plus 0.80% per annum or (b) the Fed Funds rate plus 0.80% per annum on amounts borrowed. Participating Funds paid administration and arrangement fees, which, along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment

available to them and relative net assets of Participating Funds. The Portfolios did not borrow under the credit agreement during the six months ended March 31, 2014.

8. 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 Statements of Assets and Liabilities, less any collateral held by the Portfolios.

As of March 31, 2014, 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 and Master Large Cap Core Portfolio and Master Large Cap Value Portfolio invested a significant portion of their assets in securities in the Financials sector. Changes in economic conditions affecting the Information Technology and Financials sectors would have a greater impact on the Portfolios and could affect the value, income and/or liquidity of positions in such securities.

9. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Portfolios’ financial statements was completed through the date the financial statements were issued and the following item was noted:

Effective April 24, 2014, the credit agreement was terminated and a new agreement was entered into. The Portfolios became a party to a 364-day, $1.1 billion credit agreement, which expires in April 2015. Excluding commitments designated for a certain individual fund, the Participating Funds can borrow up to an aggregate commitment amount of $650 million, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) the one-month LIBOR plus 0.80% per annum or (b) the Fed Funds rate plus 0.80% per annum on amounts borrowed.


68		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Officers and Directors

Robert W. Forbes, Co-Chairman of the Board and Director

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

Paul L. Audet, Director

David O. Beim, Director

Henry Gabbay, Director

Dr. Martina S. Horner, Director

Herbert I. London, Director

Ian A. MacKinnon, Director

Cynthia A. Montgomery, Director

Joseph P. Platt, Director

Robert C. Robb, Jr., Director

Toby Rosenblatt, Director

Kenneth L. Urish, Director

Frederick W. Winter, Director

John M. Perlowski, President and Chief Executive Officer

Brendan Kyne, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer and Anti-Money Laundering Officer

Benjamin Archibald, Secretary

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC

Princeton, NJ 08540

Accounting Agent and Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodian

Brown Brothers Harriman & Co.

Boston, MA 02109

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Philadelphia, PA 19103

Address of the Corporation/Master LLC

100 Bellevue Parkway

Wilmington, DE 19809


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014		69


Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available on the Fund’s website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Fund’s 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 Feeder 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 contact the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Feeder Funds/Portfolios 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 Feeder Funds’/Portfolios’ 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 Feeder Funds’/ Portfolios’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

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

Availability of Proxy Voting Record

Information about how the Feeder Funds/Portfolios voted proxies relating to securities held in the Feeder Funds’/Portfolios’ 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.

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 Plan

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock portfolios, 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.


70		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014


Additional Information (concluded)

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, 2014		71


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 ACWI ex-US Index Fund

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Basic Value Fund

BlackRock Capital Appreciation Fund

BlackRock Commodity Strategies Fund

BlackRock Disciplined Small Cap Core Fund

BlackRock Emerging Markets Dividend Fund

BlackRock Emerging Markets Fund

BlackRock Emerging Markets Long/Short Equity Fund

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Flexible Equity Fund

BlackRock Focus Growth Fund

BlackRock Global Dividend Portfolio

BlackRock Global Long/Short Equity Fund

BlackRock Global Opportunities Portfolio

BlackRock Global SmallCap Fund

BlackRock Health Sciences Opportunities Portfolio

BlackRock International Fund

BlackRock International Index Fund

BlackRock International Opportunities Portfolio

BlackRock Large Cap Core Fund

BlackRock Large Cap Core Plus Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

BlackRock Latin America Fund

BlackRock Long-Horizon Equity Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Mid-Cap Value Opportunities Fund

BlackRock Natural Resources Trust

BlackRock Pacific Fund

BlackRock Real Estate Securities Fund

BlackRock Russell 1000^® Index Fund

BlackRock Science & Technology Opportunities Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock S&P 500 Stock Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Value Opportunities Fund

Taxable Fixed Income Funds

BlackRock Bond Index Fund

BlackRock Core Bond Portfolio

BlackRock CoreAlpha Bond Fund

BlackRock CoRI Funds

2015

2017

2019

2021

2023

BlackRock Emerging Markets Flexible Dynamic Bond Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock Global Long/Short Credit Fund

BlackRock GNMA Portfolio

BlackRock High Yield Bond Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Investment Grade Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Secured Credit Portfolio

BlackRock Short Obligations Fund

BlackRock Short-Term Treasury Fund

BlackRock Strategic Income Opportunities Portfolio

BlackRock Total Return Fund

BlackRock U.S. Government Bond Portfolio

BlackRock U.S. Mortgage Portfolio

BlackRock Ultra-Short Obligations Fund

BlackRock World Income Fund

Municipal Fixed Income Funds

BlackRock California Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

BlackRock Strategic Municipal Opportunities Fund

Mixed Asset Funds


BlackRock Balanced Capital Fund	LifePath Active Portfolios		LifePath Index Portfolios
BlackRock Emerging Market Allocation Portfolio	2015	2040	Retirement	2040
BlackRock Global Allocation Fund	2020	2045	2020	2045
BlackRock Managed Volatility Portfolio	2025	2050	2025	2050
BlackRock Multi-Asset Income Portfolio	2030	2055	2030	2055
BlackRock Multi-Asset Real Return Fund	2035		2035
BlackRock Strategic Risk Allocation Fund
	LifePath Portfolios
BlackRock Prepared Portfolios	Retirement	2040
Conservative Prepared Portfolio	2020	2045
Moderate Prepared Portfolio	2025	2050
Growth Prepared Portfolio	2030	2055
Aggressive Growth Prepared Portfolio	2035

BlackRock mutual funds are currently distributed by BlackRock Investments, LLC. You should consider the investment objectives, risks, charges and expenses of the funds under consideration carefully before investing. Each 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.


72		BLACKROCK LARGE CAP SERIES FUNDS, INC.		MARCH 31, 2014

This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a Fund unless accompanied or preceded by that Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

LOGO



CAPSERIES-3/14-SAR

MARCH 31, 2014

SEMI-ANNUAL REPORT (UNAUDITED)

BLACKROCK^®

BlackRock Large Cap Core Plus Fund of BlackRock Large Cap Series Funds, Inc.


Not FDIC Insured ¡ May Lose Value ¡ No Bank Guarantee


Table of Contents


			Page
Shareholder Letter			3
Semi-Annual Report:
Fund Summary			4
About Fund Performance			6
Disclosure of Expenses			6
Fund Information			7
Financial Statements:
Schedule of Investments			8
Statement of Assets and Liabilities			13
Statement of Operations			14
Statements of Changes in Net Assets			15
Statement of Cash Flows			16
Financial Highlights			17
Notes to Financial Statements			20
Officers and Directors			24
Additional Information			25
A World-Class Mutual Fund Family			27


2		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014

Shareholder Letter

Dear Shareholder,

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

In a modest global growth environment, expectations around monetary policy changes continued to be a key theme in financial market performance.

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of March 31, 2014
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		12.51	%		21.86	%
U.S. small cap equities (Russell 2000^® Index)		9.94			24.90
International equities (MSCI Europe, Australasia, Far East Index)		6.41			17.56
Emerging market equities (MSCI Emerging Markets Index)		1.39			(1.43	)
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.03			0.07
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		0.85			(4.38	)
U.S. investment-grade bonds (Barclays U.S. Aggregate Bond Index)		1.70			(0.10	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.91			0.31
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		6.66			7.53

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


		THIS PAGE NOT PART OF YOUR FUND REPORT				3


Fund Summary as of March 31, 2014

Investment Objective

BlackRock Large Cap Core Plus Fund’s (the “Fund”) 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?

For the six-month period ended March 31, 2014, the Fund outperformed its benchmark, the Russell 1000^® Index.

The Fund pursues long-term capital growth by taking long positions (i.e., purchases the security outright) primarily in large cap companies identified as attractive, and short positions (i.e., sells a security that it has borrowed) in securities identified as overvalued or poised for underperformance.

What factors influenced performance?

Positive performance in the long segment of the Fund outweighed negative results in the short segment for the period. In the long segment of the Fund, relative performance was supported by stock selection in several areas, most notably in the health care, consumer staples, materials, industrials and energy sectors.

An overweight to health care and the selection of stocks within the sector had a positive impact on results, particularly within health care providers & services, where U.S. drug distributor McKesson Corp. was a standout. The company’s shares advanced following a solid earnings report and positive resolution to its contested bid for German peer Celesio. The company also benefited from broadly favorable economics (i.e., high profit margins) for generic drug distribution.

An overweight position in drug-store retailer CVS Caremark Corp. provided the largest contribution to the Fund’s outperformance in consumer staples. The company’s shares surged due to a strong earnings report and the outlook for continued solid execution. The stock also got a boost following the company’s analyst day, as updated long-term financial targets proved better than expected.

Pulp & paper company Domtar Corp. was the Fund’s leading position in the materials sector. The stock moved higher as capacity reductions have led to a more favorable pricing environment for uncoated free-sheet producers.

Stock selection in the industrials sector had a positive impact as well, most notably within airlines. United Continental Holdings, Inc. was the Fund’s overall top-performing holding for the period. The stock performed well as industry pricing data points remained positive and the Department of Justice approved the merger of American and US Airways, which will lead to further consolidation of the US airline industry. Company management also held an investor day where it outlined aggressive cost-saving initiatives and a strong outlook for earnings growth.

In energy, the Fund’s refiner holdings, particularly Marathon Petroleum Corp., enjoyed strength on a broad improvement in oil price differentials (i.e., between U.S. crude oils and global benchmarks) as North American oil production remained vibrant and infrastructure capacity remained tight. Refining holdings also benefited from continued cash returns to shareholders in the form of opportunistic share repurchases and dividend increases.

The Fund’s short positions detracted from performance as the underlying stocks outperformed the benchmark index on average. Most detrimental were short positions on names in the biotechnology (health care) and metals & mining (materials) industries.

Describe recent portfolio activity.

During the six-month period, the Fund increased long exposure to the IT sector, specifically within the internet software & services industry. The Fund also added to banks within financials and health care providers & services within the health care sector. The Fund reduced long exposure to energy, particularly within the oil, gas & consumable fuels space. The Fund’s weighting in consumer discretionary was decreased, notably in the specialty retail industry. The Fund also trimmed exposure within industrials, largely in construction & engineering names.

With respect to short positions, the Fund increased short exposures in health care and financials and reduced short exposures within industrials and materials.

Describe portfolio positioning at period end.

Relative to the Russell 1000^® Index, the long segment of the Fund ended the period with its largest sector overweights in IT and financials, while consumer staples and utilities were the most significant underweights.


4		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014

Total Return Based on a $10,000 Investment

LOGO

Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

The Fund invests by establishing long and short positions in a diversified portfolio of equity securities issued primarily by large cap companies located in the United States.

This unmanaged index measures the performance of the large cap segment of the U.S. equity universe, representing approximately 92% of the Russell 3000^® Index.

⁴

Commencement of operations.

Performance Summary for the Period Ended March 31, 2014


				Average Annual Total Returns⁵
				1 Year						5 Years						Since Inception⁶
	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		13.70	%		20.46	%		N/A			18.51	%		N/A			6.09	%		N/A
Investor A		13.58			20.12			13.81	%		18.16			16.89	%		5.78			4.88	%
Investor C		13.14			19.17			18.17			17.31			17.31			5.02			5.02
Russell 1000^® Index		12.48			22.41			N/A			21.73			N/A			6.80			N/A

⁵

Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 6 for a detailed description of share classes, including any related sales charges and fees.

⁶

The Fund commenced operations on December 19, 2007.

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								Hypothetical⁹
					Expenses Paid During the Period						Including Dividend Expense, Stock Loan Fees and Interest Expense				Excluding Dividend Expense, Stock Loan Fees and Interest Expense
	Beginning Account Value October 1, 2013		Ending Account Value March 31, 2014		Including Dividend Expense, Stock Loan Fees and Interest Expense⁷		Excluding Dividend Expense, Stock Loan Fees and Interest Expense⁸		Beginning Account Value October 1, 2013		Ending Account Value March 31, 2014		Expenses Paid During the Period⁷		Ending Account Value March 31, 2014		Expenses Paid During the Period⁸
Institutional		$1,000.00		$1,137.00		$10.87		$7.35		$1,000.00		$1,014.76		$10.25		$1,018.05		$6.94
Investor A		$1,000.00		$1,135.80		$12.30		$8.79		$1,000.00		$1,013.41		$11.60		$1,016.70		$8.30
Investor C		$1,000.00		$1,131.40		$16.21		$12.70		$1,000.00		$1,009.72		$15.28		$1,013.01		$11.99

⁷

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (2.04% for Institutional, 2.31% for Investor A, and 3.05% for Investor C), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown).

⁸

For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.38% for Institutional, 1.65% for Investor A, and 2.39% for Investor C), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period shown).

⁹

Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		5


About Fund Performance

Institutional Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors.

would pay on fund distributions or the redemption of fund shares. Figures shown in the performance table on the previous page assume reinvestment of all dividends and distributions, if any, at net asset value (“NAV”) on the ex-dividend/payable dates. 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 Advisors, LLC (the “Manager”), the Fund’s investment advisor, 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 Manager is under no obligation to waive or reimburse or to continue waiving and/or reimbursing its fees after the applicable termination date. See Note 4 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charge and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, and other Fund expenses. The expense example shown on the previous page (which is based on a hypothetical investment of $1,000 invested on October 1, 2013 and held through March 31, 2014) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense example provides 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 share class under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the 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 the Fund 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 expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is 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.


6		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Fund Information as of March 31, 2014


Ten Largest Holdings		Percent of Long-Term Investments


Google, Inc., Class A	3	%
JPMorgan Chase & Co.	3
Bank of America Corp.	3
U.S. Bancorp	3
CVS Caremark Corp.	2
3M Co.	2
Merck & Co., Inc.	2
Comcast Corp., Class A	2
Pfizer, Inc.	2
Citigroup, Inc.	2



Sector Allocation		Percent of Long-Term Investments


Information Technology	24	%
Financials	21
Health Care	15
Industrials	11
Consumer Discretionary	11
Energy	10
Materials	5
Consumer Staples	3


Ten Largest Investments Sold Short		Percent of Investments Sold Short


Cheniere Energy, Inc.	1	%
Nuance Communications, Inc.	1
Allegheny Technologies, Inc.	1
Harsco Corp.	1
Ulta Salon Cosmetics & Fragrance, Inc.	1
NRG Energy, Inc.	1
Energen Corp.	1
Laredo Petroleum, Inc.	1
Ariad Pharmaceuticals, Inc.	1
Kosmos Energy Ltd.	1



Sector Allocation		Percent of Investments Sold Short


Energy	21	%
Information Technology	20
Financials	15
Health Care	12
Consumer Discretionary	9
Industrials	8
Utilities	8
Materials	6
Telecommunication Services	1

For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		7


Schedule of Investments March 31, 2014 (Unaudited)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 1.4%
The Boeing Co.		3,040	$	381,490
Rockwell Collins, Inc.		2,970		236,620

				618,110
Airlines — 2.9%
Delta Air Lines, Inc.		12,830		444,559
United Continental Holdings, Inc. (a)(b)		19,290		860,913

				1,305,472
Auto Components — 3.4%
BorgWarner, Inc.		9,230		567,368
TRW Automotive Holdings Corp. (a)		11,380		928,836

				1,496,204
Banks — 15.9%
Bank of America Corp.		84,837		1,459,196
Citigroup, Inc. (b)		27,850		1,325,660
JPMorgan Chase & Co. (b)		31,493		1,911,940
SunTrust Banks, Inc.		23,520		935,861
U.S. Bancorp (b)		33,840		1,450,382

				7,083,039
Biotechnology — 3.2%
Amgen, Inc.		4,180		515,561
Biogen Idec, Inc. (a)		2,970		908,434

				1,423,995
Capital Markets — 1.4%
The Goldman Sachs Group, Inc. (b)		3,800		622,630
Chemicals — 2.4%
Cabot Corp.		7,344		433,737
The Dow Chemical Co.		6,700		325,553
PPG Industries, Inc.		1,730		334,686

				1,093,976
Commercial Services & Supplies — 0.9%
Tyco International Ltd.		9,410		398,984
Communications Equipment — 3.5%
Brocade Communications Systems, Inc. (a)		54,800		581,428
Cisco Systems, Inc.		43,390		972,370

				1,553,798
Consumer Finance — 2.8%
Discover Financial Services (b)		21,370		1,243,520
Containers & Packaging — 1.8%
Packaging Corp. of America		11,166		785,751
Electronic Equipment, Instruments & Components — 2.8%
Avnet, Inc.		10,570		491,822
Knowles Corp. (a)		1,800		56,826
TE Connectivity Ltd.		11,820		711,682

				1,260,330


Common Stocks	Shares		Value
Energy Equipment & Services — 5.1%
Halliburton Co.		10,990	$	647,201
Oceaneering International, Inc.		4,760		342,054
Schlumberger Ltd.		13,230		1,289,925

				2,279,180
Food & Staples Retailing — 3.3%
CVS Caremark Corp. (b)		19,030		1,424,586
Safeway, Inc.		1,566		57,848

				1,482,434
Health Care Equipment & Supplies — 1.7%
Medtronic, Inc.		12,360		760,634
Health Care Providers & Services — 7.1%
Aetna, Inc.		11,590		868,902
McKesson Corp.		5,490		969,369
UnitedHealth Group, Inc.		8,590		704,294
Universal Health Services, Inc., Class B		7,828		642,444

				3,185,009
Household Durables — 1.3%
Whirlpool Corp.		3,870		578,410
Industrial Conglomerates — 3.2%
3M Co.		10,470		1,420,360
Insurance — 7.6%
Allied World Assurance Co. Holdings AG		5,020		518,014
American Financial Group, Inc. (b)		9,860		569,021
American International Group, Inc.		21,470		1,073,715
Genworth Financial, Inc., Class A (a)		32,560		577,289
The Travelers Cos., Inc.		7,725		657,398

				3,395,437
Internet Software & Services — 6.8%
AOL, Inc. (a)		7,180		314,269
Google, Inc., Class A (a)(b)		1,799		2,005,004
VeriSign, Inc. (a)		9,100		490,581
Yahoo!, Inc. (a)		6,420		230,478

				3,040,332
IT Services — 6.8%
Cognizant Technology Solutions Corp., Class A (a)		10,150		513,691
DST Systems, Inc. (b)		10,095		956,905
MasterCard, Inc., Class A		17,390		1,299,033
Total System Services, Inc.		9,417		286,371

				3,056,000
Machinery — 4.5%
Dover Corp.		3,600		294,300
Ingersoll-Rand PLC		6,740		385,798
Kennametal, Inc.		3,930		174,099
Oshkosh Corp.		2,785		163,953


Portfolio Abbreviations
ADR		American Depositary Receipts
ETF		Exchange-Traded Fund
S&P		Standard & Poor’s

See Notes to Financial Statements.


8		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Schedule of Investments (continued)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Machinery (concluded)
Parker Hannifin Corp.		4,028	$	482,192
WABCO Holdings, Inc. (a)		4,970		524,633

				2,024,975
Media — 4.0%
Comcast Corp., Class A		26,810		1,341,036
Twenty-First Century Fox, Inc., Class A		14,204		454,102

				1,795,138
Metals & Mining — 0.5%
Vale SA — ADR		15,420		213,259
Multiline Retail — 0.9%
Macy’s, Inc.		6,700		397,243
Oil, Gas & Consumable Fuels — 8.3%
BP PLC — ADR		11,970		575,757
Exxon Mobil Corp. (b)		2,235		218,315
Marathon Petroleum Corp.		8,850		770,304
PBF Energy, Inc., Class A		13,714		353,821
Suncor Energy, Inc.		29,575		1,033,942
Tesoro Corp. (b)		14,740		745,697

				3,697,836
Paper & Forest Products — 1.8%
Domtar Corp.		7,125		799,567
Pharmaceuticals — 7.2%
Eli Lilly & Co. (b)		7,715		454,105
Merck & Co., Inc. (b)		24,840		1,410,167
Pfizer, Inc. (b)		41,660		1,338,119

				3,202,391
Road & Rail — 0.7%
Norfolk Southern Corp.		1,530		148,670
Union Pacific Corp.		770		144,498

				293,168
Semiconductors & Semiconductor Equipment — 1.3%
Applied Materials, Inc.		27,810		567,880
Software — 3.4%
Activision Blizzard, Inc.		8,430		172,309
Microsoft Corp. (b)		7,935		325,256
Oracle Corp.		18,150		742,516
Symantec Corp.		13,160		262,805

				1,502,886
Specialty Retail — 4.3%
Lowe’s Cos., Inc.		24,810		1,213,209
Ross Stores, Inc.		9,930		710,492

				1,923,701
Technology Hardware, Storage & Peripherals — 6.7%
Apple, Inc. (b)		1,799		965,595
EMC Corp.		38,220		1,047,610
NetApp, Inc.		9,311		343,576
Western Digital Corp.		6,800		624,376

				2,981,157


Common Stocks	Shares		Value
Trading Companies & Distributors — 0.4%
MRC Global, Inc. (a)		7,091	$	191,173
Total Long-Term Investments (Cost — $42,118,430) — 129.3%				57,673,979

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (c)(d)		325,960		325,960
Total Short-Term Securities (Cost — $325,960) — 0.7%				325,960
Total Investments Before Investments Sold Short (Cost — $42,444,390) — 130.0%				57,999,939

Investments Sold Short
Automobiles — (0.3)%
Tesla Motors, Inc.		680		(141,746	)
Biotechnology — (3.0)%
Alkermes PLC		3,440		(151,670	)
Ariad Pharmaceuticals, Inc.		20,970		(169,018	)
BioMarin Pharmaceutical, Inc.		2,070		(141,195	)
Cubist Pharmaceuticals, Inc.		2,070		(151,420	)
Incyte Corp. Ltd.		2,480		(132,730	)
Medivation, Inc.		2,330		(149,982	)
Seattle Genetics, Inc.		3,130		(142,603	)
Theravance, Inc.		4,680		(144,799	)
Vertex Pharmaceuticals, Inc.		2,020		(142,854	)

				(1,326,271	)
Building Products — (0.3)%
Armstrong World Industries, Inc.		2,910		(154,957	)
Capital Markets — (0.4)%
Artisan Partners Asset Management, Inc., Class A		2,490		(159,982	)
Commercial Services & Supplies — (0.4)%
Iron Mountain, Inc.		5,870		(161,836	)
Communications Equipment — (0.4)%
JDS Uniphase Corp.		11,740		(164,360	)
Construction Materials — (0.4)%
Eagle Materials, Inc.		1,850		(164,021	)
Diversified Financial Services — (0.4)%
Interactive Brokers Group, Inc., Class A		7,230		(156,674	)
Diversified Telecommunication Services — (0.4)%
TW Telecom, Inc.		5,330		(166,616	)
Electric Utilities — (0.8)%
Northeast Utilities		3,700		(168,350	)
Pepco Holdings, Inc.		8,180		(167,526	)

				(335,876	)

See Notes to Financial Statements.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		9


Schedule of Investments (continued)
			(Percentages shown are based on Net Assets)


Investments Sold Short	Shares		Value
Electronic Equipment, Instruments & Components — (0.4)%
National Instruments Corp.		5,540	$	(158,943	)
Energy Equipment & Services — (1.1)%
Dresser-Rand Group, Inc.		2,870		(167,637	)
McDermott International, Inc.		21,000		(164,220	)
Seadrill Ltd.		4,670		(164,197	)

				(496,054	)
Health Care Providers & Services — (0.4)%
Tenet Healthcare Corp.		3,920		(167,815	)
Independent Power and Renewable Electricity Producers — (0.4)%
NRG Energy, Inc.		5,460		(173,628	)
Internet & Catalog Retail — (0.3)%
Groupon, Inc.		18,990		(148,882	)
Internet Software & Services — (1.0)%
Equinix, Inc.		850		(157,114	)
LinkedIn Corp., Class A		790		(146,103	)
Rackspace Hosting, Inc.		4,440		(145,721	)

				(448,938	)
Life Sciences Tools & Services — (0.3)%
Bruker Corp.		6,800		(154,972	)
Machinery — (0.7)%
Harsco Corp.		7,500		(175,725	)
Navistar International Corp.		4,560		(154,447	)

				(330,172	)
Media — (0.3)%
DreamWorks Animation SKG, Inc., Class A		5,670		(150,538	)
Metals & Mining — (1.4)%
Allegheny Technologies, Inc.		4,800		(180,864	)
Newmont Mining Corp.		6,480		(151,891	)
Royal Gold, Inc.		2,310		(144,652	)
Tahoe Resources, Inc.		7,160		(151,434	)

				(628,841	)
Multiline Retail — (0.7)%
JC Penney Co., Inc.		18,250		(157,315	)
Sears Holdings Corp.		3,480		(166,205	)

				(323,520	)
Multi-Utilities — (0.7)%
Dominion Resources, Inc.		2,360		(167,536	)
Sempra Energy		1,720		(166,427	)

				(333,963	)
Oil, Gas & Consumable Fuels — (5.5)%
Cabot Oil & Gas Corp.		4,600		(155,848	)
Cheniere Energy, Inc.		3,320		(183,762	)
Cobalt International Energy, Inc.		9,170		(167,994	)


Investments Sold Short	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
CONSOL Energy, Inc.		4,160	$	(166,192	)
Energen Corp.		2,110		(170,509	)
Kinder Morgan, Inc.		5,150		(167,324	)
Kosmos Energy Ltd.		15,330		(168,630	)
Laredo Petroleum Holdings, Inc.		6,580		(170,159	)
ONEOK, Inc.		2,770		(164,122	)
Pioneer Natural Resources Co.		860		(160,940	)
QEP Resources, Inc.		5,620		(165,453	)
Range Resources Corp.		1,880		(155,984	)
SandRidge Energy, Inc.		25,240		(154,974	)
Spectra Energy Corp.		4,420		(163,275	)
The Williams Cos., Inc.		3,940		(159,885	)

				(2,475,051	)
Real Estate Investment Trusts (REITs) — (3.2)%
Apartment Investment & Management Co., Class A		2,330		(70,413	)
AvalonBay Communities, Inc.		550		(72,226	)
Boston Properties, Inc.		630		(72,154	)
Corporate Office Properties Trust		2,720		(72,461	)
Crown Castle International Corp.		930		(68,615	)
Essex Property Trust, Inc.		430		(73,121	)
Federal Realty Investment Trust		630		(72,274	)
Health Care REIT, Inc.		1,190		(70,924	)
Healthcare Trust of America, Inc.		6,080		(69,251	)
Kilroy Realty Corp.		1,220		(71,468	)
Liberty Property Trust		1,910		(70,594	)
Plum Creek Timber Co., Inc.		1,680		(70,627	)
Rayonier, Inc.		1,540		(70,701	)
Senior Housing Properties Trust		3,150		(70,781	)
Tanger Factory Outlet Centers		2,030		(71,050	)
Taubman Centers, Inc.		1,010		(71,498	)
Ventas, Inc.		1,150		(69,656	)
Vornado Realty Trust		730		(71,949	)
Weyerhaeuser Co.		2,380		(69,853	)
WP Carey, Inc.		1,120		(67,278	)

				(1,416,894	)
Real Estate Management & Development — (0.5)%
Forest City Enterprises, Inc., Class A		3,660		(69,906	)
Realogy Holdings Corp.		1,500		(65,175	)
The St. Joe Co.		3,830		(73,728	)

				(208,809	)
Road & Rail — (1.1)%
Genesee & Wyoming, Inc., Class A		1,630		(158,632	)
Hertz Global Holdings, Inc.		6,170		(164,369	)
Kansas City Southern		1,600		(163,296	)

				(486,297	)
Semiconductors & Semiconductor Equipment — (1.8)%
Advanced Micro Devices, Inc.		41,470		(166,295	)

See Notes to Financial Statements.


10		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Schedule of Investments (continued)
			(Percentages shown are based on Net Assets)


Investments Sold Short	Shares		Value
Semiconductors & Semiconductor Equipment (concluded)
Atmel Corp.		20,070	$	(167,785	)
Cree, Inc.		2,770		(156,671	)
Fairchild Semiconductor International, Inc.		11,900		(164,101	)
Silicon Laboratories, Inc.		3,050		(159,362	)

				(814,214	)
Software — (2.1)%
Compuware Corp.		15,310		(160,755	)
Concur Technologies, Inc.		1,460		(144,642	)
Informatica Corp.		4,060		(153,387	)
NetSuite, Inc.		1,560		(147,935	)
Nuance Communications, Inc.		10,570		(181,487	)
ServiceNow, Inc.		2,380		(142,610	)

				(930,816	)
Specialty Retail — (0.7)%
Cabela’s, Inc.		2,330		(152,638	)


Investments Sold Short	Shares		Value
Specialty Retail (concluded)
Ulta Salon Cosmetics & Fragrance, Inc.		1,790	$	(174,489	)

				(327,127	)
Technology Hardware, Storage & Peripherals — (0.3)%
Stratasys Ltd.		1,410		(149,587	)
Textiles, Apparel & Luxury Goods — (0.4)%
PVH Corp.		1,320		(164,696	)
Total Investments Sold Short (Proceeds — $12,742,044) — (30.1)%				(13,422,096	)
Total Investments — 99.9%				44,577,843
Other Assets in Excess of Liabilities — 0.1%				27,725

Net Assets — 100.0%			$	44,605,568

Notes to Schedule of Investments

(a)	Non-income producing security.

(b)	All or a portion of security has been pledged as collateral in connection with short sales.

(c)	Investments in issuers considered to be an affiliate of the Fund during the six months ended March 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at September 30, 2013		Shares Purchased		Shares Sold			Shares Held at March 31, 2014		Value at March 31, 2014		Income		Realized Loss
BlackRock Liquidity Funds, TempFund, Institutional Class		1,090,497		—		764,537	¹		325,960	$	325,960	$	1,010		—
iShares Core S&P 500 ETF		1,600		4,900		6,500			—		—	$	767	$	(862	)

Represents net shares sold.

(d)	Represents the current yield as of report date.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to Note 2 of the Notes to Financial Statements.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		11


Schedule of Investments (concluded)

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of March 31, 2014:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹	$	57,673,979			—		—	$	57,673,979
Short-Term Securities		325,960			—		—		325,960
Liabilities:
Investments:
Investments Sold Short¹		(13,422,096	)		—		—		(13,422,096	)
Total	$	44,577,843			—		—	$	44,577,843

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

The carrying amount for certain of the Fund’s assets approximates fair value for financial statement purposes. As of March 31, 2014, cash of $257,005 is categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the six months ended March 31, 2014.

See Notes to Financial Statements.


12		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Statement of Assets and Liabilities


March 31, 2014 (Unaudited)

Assets
Investments at value — unaffiliated (cost — $42,118,430)	$	57,673,979
Investments at value — affiliated (cost — $325,960)		325,960
Cash		257,005
Capital shares sold receivable		83,084
Dividends receivable		58,082
Receivable from Manager		1,921
Prepaid expenses		29,089

Total assets		58,429,120


Liabilities
Payable to broker for short sales		8,693
Investments sold short at value (proceeds — $12,742,044)		13,422,096
Investments purchased payable		257,005
Dividends on short sales payable		8,824
Interest expense payable		3,864
Capital shares redeemed payable		410
Investment advisory fees payable		39,663
Service and distribution fees payable		11,086
Officer’s and Directors’ fees payable		716
Other affiliates payable		583
Other accrued expenses payable		70,612

Total liabilities		13,823,552

Net Assets	$	44,605,568


Net Assets Consist of
Paid-in capital	$	34,333,249
Accumulated net investment loss		(139,758	)
Accumulated net realized loss		(4,463,420	)
Net unrealized appreciation/depreciation		14,875,497

Net Assets	$	44,605,568


Net Asset Value
Institutional — Based on net assets of $18,207,976 and 1,282,898 shares outstanding, 400,000,000 shares authorized, $0.10 par value	$	14.19

Investor A — Based on net assets of $18,219,755 and 1,303,983 shares outstanding, 300,000,000 shares authorized, $0.10 par value	$	13.97

Investor C — Based on net assets of $8,177,837 and 608,890 shares outstanding, 400,000,000 shares authorized, $0.10 par value	$	13.43

See Notes to Financial Statements.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		13


Statement of Operations


Six Months Ended March 31, 2014 (Unaudited)

Investment Income
Dividends — unaffiliated	$	448,413
Dividends — affiliated		1,777
Foreign taxes withheld		(1,723	)

Total income		448,467


Expenses
Investment advisory		266,930
Service — Investor A		24,196
Service and distribution — Investor C		39,805
Professional		26,805
Registration		20,621
Transfer agent — Institutional		4,684
Transfer agent — Investor A		6,766
Transfer agent — Investor C		4,807
Printing		11,351
Accounting services		8,590
Custodian		6,463
Officer and Directors		2,042
Miscellaneous		8,433

Total expenses excluding dividend expense, stock loan fees and interest expense		431,493
Dividend expense		90,591
Stock loan fees		32,538
Interest expense		22,352

Total expenses		576,974
Less fees waived and/or reimbursed by Manager		(43,723	)
Less transfer agent fees reimbursed — Institutional		(4,654	)
Less transfer agent fees reimbursed — Investor A		(4,840	)
Less transfer agent fees reimbursed — Investor C		(4,391	)

Total expenses after fees waived and/or reimbursed		519,366

Net investment loss		(70,899	)


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		2,252,629
Short sales		(2,092,585	)

		160,044

Net change in unrealized appreciation/depreciation on:
Investments		5,297,993
Short sales		146,894

		5,444,887

Total realized and unrealized gain		5,604,931

Net Increase in Net Assets Resulting from Operations	$	5,534,032

See Notes to Financial Statements.


14		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Statements of Changes in Net Assets


Increase (Decrease) in Net Assets:	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30, 2013

Operations
Net investment loss	$	(70,899	)	$	(93,626	)
Net realized gain		160,044			2,613,439
Net change in unrealized appreciation/depreciation		5,444,887			3,142,199

Net increase in net assets resulting from operations		5,534,032			5,662,012


Dividends to Shareholders From
Net investment income:
Institutional		—			(7,054	)¹


Capital Share Transactions
Net increase (decrease) in net assets derived from capital share transactions		(1,225,962	)		70,780


Net Assets
Total increase in net assets		4,308,070			5,725,738
Beginning of period		40,297,498			34,571,760

End of period	$	44,605,568		$	40,297,498

Distributions in excess of net investment income, end of period	$	(139,758	)	$	(68,859	)

Determined in accordance with federal income tax regulations.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		15


Statement of Cash Flows


Six Months Ended March 31, 2014 (Unaudited)

Cash Provided by Operating Activities
Net increase in net assets resulting from operations	$	5,534,032
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Increase in dividends receivable		(7,041	)
Increase in receivable from Manager		(1,131	)
Increase in prepaid expenses		(20,915	)
Increase in investment advisory fees payable		1,928
Increase in service and distribution fees payable		1,468
Decrease in officer’s and Directors’ fees payable		(238	)
Decrease in other accrued expenses payable		(14,458	)
Increase in other affiliates payable		276
Increase in dividends on short sales payable		6,171
Increase in interest expense payable		338
Increase in payable to broker for short sales		2,534
Net realized gain on investments and short sales		(160,044	)
Net unrealized gain on investments and short sales		(5,444,887	)
Proceeds from investments sold short		17,990,043
Purchases to cover investments sold short		(19,217,845	)
Purchases of long-term investments		(11,030,360	)
Proceeds from sales of long-term investments		13,174,049
Net proceeds from sales of short-term securities		764,537

Cash provided by operating activities		1,578,457


Cash Used for Financing Activities
Proceeds from issuance of capital shares		4,633,374
Payments on redemption of capital shares		(5,953,348	)
Decrease in bank overdrafts		(1,478	)

Cash used for financing activities		(1,321,452	)


Cash
Net increase in cash		257,005
Cash at beginning of period		—

Cash at end of period	$	257,005


Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense, dividend expense and stock loan fees	$	145,143

See Notes to Financial Statements.


16		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Financial Highlights


	Institutional
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Period December 19, 2007¹to October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Period December 19, 2007¹to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	12.48		$	10.58		$	8.11		$	7.98		$	7.58		$	6.98		$	10.00

Net investment income (loss)²		(0.00	)³		0.01			0.03			(0.03	)		0.05			0.06			(0.16	)
Net realized and unrealized gain (loss)		1.71			1.90			2.44			0.16			0.51			0.54			(2.86	)

Net increase (decrease) from investment operations		1.71			1.91			2.47			0.13			0.56			0.60			(3.02	)

Dividends from net investment income		—			(0.01	)⁴		—			—			(0.16	)⁴		—			—

Net asset value, end of period	$	14.19		$	12.48		$	10.58		$	8.11		$	7.98		$	7.58		$	6.98


Total Investment Return⁵
Based on net asset value		13.70	%⁶		18.03	%		30.46	%		1.63	%		7.46	%		8.60	%⁶		(30.20	)%⁶


Ratios to Average Net Assets
Total expenses		2.29	%⁷		2.41	%		2.51	%		2.56	%		4.11	%		3.81	%⁷		4.14	%⁷

Total expenses after fees waived and/or reimbursed		2.04	%⁷		2.12	%		2.25	%		2.08	%		1.50	%		1.33	%⁷		3.85	%⁷

Total expenses after fees waived and/or reimbursed and excluding dividend expense		1.63	%⁷		1.72	%		1.86	%		1.72	%		0.91	%		0.85	%⁷		3.23	%⁷

Total expenses after fees waived and/or reimbursed and excluding dividend expense, stock loan fees and interest expense		1.38	%⁷		1.41	%		1.50	%		1.50	%		0.66	%		0.44	%⁷		2.90	%⁷

Net investment income (loss)		(0.02	)%⁷		0.07	%		0.29	%		(0.29	)%		0.66	%		1.05	%⁷		(2.04	)%⁷


Supplemental Data
Net assets, end of period (000)	$	18,208		$	15,373		$	12,050		$	16,688		$	2,700		$	3,630		$	14,672

Portfolio turnover		19	%		65	%		172	%		126	%		192	%		193	%		109	%

Commencement of operations.

Based on average shares outstanding.

Amount is greater than $(0.005) per share.

⁴

Determined in accordance with federal income tax regulations.

⁵

Where applicable, assumes the reinvestment of dividends and distributions.

⁶

Aggregate total investment return.

⁷

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		17


Financial Highlights (continued)


	Investor A
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Period December 19, 2007¹to October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Period December 19, 2007¹to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	12.30		$	10.46		$	8.04		$	7.93		$	7.55		$	6.96		$	10.00

Net investment income (loss)²		(0.02	)		(0.03	)		(0.00	)³		(0.05	)		0.02			0.07			(0.17	)
Net realized and unrealized gain (loss)		1.69			1.87			2.42			0.16			0.51			0.52			(2.87	)

Net increase (decrease) from investment operations		1.67			1.84			2.42			0.11			0.53			0.59			(3.04	)

Dividends from net investment income		—			—			—			—			(0.15	)⁴		—			—

Net asset value, end of period	$	13.97		$	12.30		$	10.46		$	8.04		$	7.93		$	7.55		$	6.96


Total Investment Return⁵
Based on net asset value		13.58	%⁶		17.59	%		30.10	%		1.39	%		7.02	%		8.48	%⁶		(30.40	)%⁶


Ratios to Average Net Assets
Total expenses		2.55	%⁷		2.65	%		2.79	%		2.90	%		4.37	%		4.14	%⁷		4.18	%⁷

Total expenses after fees waived and/or reimbursed		2.31	%⁷		2.42	%		2.59	%		2.36	%		1.84	%		1.26	%⁷		4.14	%⁷

Total expenses after fees waived and/or reimbursed and excluding dividend expense		1.90	%⁷		2.02	%		2.19	%		2.00	%		1.25	%		0.76	%⁷		3.51	%⁷

Total expenses after fees waived and/or reimbursed and excluding dividend expense, stock loan fees and interest expense		1.65	%⁷		1.71	%		1.80	%		1.79	%		1.00	%		0.33	%⁷		3.18	%⁷

Net investment income (loss)		(0.30	)%⁷		(0.24	)%		(0.02	)%		(0.54	)%		0.30	%		1.16	%⁷		(2.30	)%⁷


Supplemental Data
Net assets, end of period (000)	$	18,220		$	17,792		$	15,935		$	10,749		$	2,536		$	2,798		$	1,815

Portfolio turnover		19	%		65	%		172	%		126	%		192	%		193	%		109	%

Commencement of operations.

Based on average shares outstanding.

Amount is greater than $(0.005) per share.

⁴

Determined in accordance with federal income tax regulations.

⁵

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁶

Aggregate total investment return.

⁷

Annualized.

See Notes to Financial Statements.


18		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Financial Highlights (concluded)


	Investor C
	Six Months Ended March 31, 2014 (Unaudited)			Year Ended September 30,												Period November 1, 2008 to September 30, 2009			Period December 19, 2007¹to October 31, 2008
	Six Months Ended March 31, 2014 (Unaudited)			2013			2012			2011			2010			Period November 1, 2008 to September 30, 2009			Period December 19, 2007¹to October 31, 2008
Per Share Operating Performance
Net asset value, beginning of period	$	11.87		$	10.16		$	7.87		$	7.82		$	7.45		$	6.91		$	10.00

Net investment income (loss)²		(0.07	)		(0.10	)		(0.07	)		(0.10	)		(0.03	)		0.03			(0.23	)
Net realized and unrealized gain (loss)		1.63			1.81			2.36			0.15			0.50			0.51			(2.86	)

Net increase (decrease) from investment operations		1.56			1.71			2.29			0.05			0.47			0.54			(3.09	)

Dividends from net investment income		—			—			—			—			(0.10	)³		—			—

Net asset value, end of period	$	13.43		$	11.87		$	10.16		$	7.87		$	7.82		$	7.45		$	6.91


Total Investment Return⁴
Based on net asset value		13.14	%⁵		16.83	%		29.10	%		0.64	%		6.29	%		7.81	%⁵		(30.90	)%⁵


Ratios to Average Net Assets
Total expenses		3.35	%⁶		3.46	%		3.57	%		3.83	%		5.14	%		4.88	%⁶		4.46	%⁶

Total expenses after fees waived and/or reimbursed		3.05	%⁶		3.14	%		3.28	%		3.04	%		2.54	%		1.99	%⁶		4.43	%⁶

Total expenses after fees waived and/or reimbursed and excluding dividend expense		2.64	%⁶		2.74	%		2.88	%		2.70	%		1.95	%		1.50	%⁶		4.23	%⁶

Total expenses after fees waived and/or reimbursed and excluding dividend expense, stock loan fees and interest expense		2.39	%⁶		2.43	%		2.50	%		2.50	%		1.70	%		1.07	%⁶		3.90	%⁶

Net investment income (loss)		(1.04	)%⁶		(0.95	)%		(0.70	)%		(1.13	)%		(0.40	)%		0.41	%⁶		(3.03	)%⁶


Supplemental Data
Net assets, end of period (000)	$	8,178		$	7,133		$	6,587		$	6,586		$	4,213		$	5,466		$	3,804

Portfolio turnover		19	%		65	%		172	%		126	%		192	%		193	%		109	%

Commencement of operations.

Based on average shares outstanding.

Determined in accordance with federal income tax regulations.

⁴

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions.

⁵

Aggregate total investment return.

⁶

Annualized.

See Notes to Financial Statements.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		19


Notes to Financial Statements (Unaudited)

1. Organization:

BlackRock Large Cap Series Funds, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Corporation is organized as a Maryland corporation. BlackRock Large Cap Core Plus Fund (the “Fund”) is a series of the Corporation. The Fund is classified as diversified. The Fund offers multiple classes of shares. Institutional Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are generally sold with an initial sales charge, but may be subject to a CDSC for certain redemptions where no initial sales charge was paid at the time of purchase. Investor C Shares may be subject to a CDSC. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that Investor A and Investor C Shares bear certain expenses related to the shareholder servicing of such shares and Investor C Shares also bear certain expenses related to the distribution of such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

2. Significant Accounting Policies:

The Fund’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund:

Valuation: U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments at market value using independent dealers or pricing services under policies approved by the Board of Directors of the Corporation (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to provide oversight of the pricing function for the Fund for all financial instruments.

Equity investments traded on a recognized securities exchange or the NASDAQ Stock Market (“NASDAQ”) are valued at the last reported sale price that day or the NASDAQ official closing price, if applicable. For equity investments traded on more than one exchange, the last reported sale price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last available bid (long positions) or ask (short positions) price. Investments in open-end registered investment companies are valued at NAV each business day.

In the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof on a quarterly basis.

Foreign Currency: The Fund’s books and records are maintained in U.S. dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the respective date of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund’s investments denominated in that currency will lose value because that currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in foreign currency exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for federal income tax purposes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., forward foreign currency exchange contracts), that would be “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and records cash or liquid securities having a market value at least equal to the amount of the Fund’s future obligations under such investments or borrowings. Doing so allows the investment to be excluded from treatment as a “senior security”. Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.


20		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Notes to Financial Statements (continued)

subsequently recorded when the Fund is 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.

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

Income Taxes: It is the 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.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations for the Fund’s U.S. federal income tax returns remains open for each of the four years ended September 30, 2013. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund’s facts and circumstances and does not believe there are any uncertain tax positions that require recognition of a tax liability.

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

The Fund 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 Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Securities and Other Investments:

Short Sales: The Fund may enter into short sale transactions in which the Fund sells a security it does not hold in anticipation of a decline in the market price of that security. When the Fund makes a short sale, it will borrow the security sold short and deliver the security to the counterparty to which it sold the security short. An amount equal to the proceeds received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund is required to repay the counterparty any dividends received on the security sold

short, which is shown as dividend expense in the Statement of Operations. The Fund may pay a fee on the assets borrowed from the counterparty, which is shown as stock loan fees in the Statement of Operations. The Fund maintains a segregated account of securities or deposits cash with the broker-dealer as collateral for the short sales. The Fund may receive interest on the cash collateral deposited with the broker-dealer. The Fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of a theoretically unlimited loss since there is a theoretically unlimited potential for the market price of the security sold short to increase. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited as to the dollar amount, will be recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance the Fund will be able to close out a short position at a particular time or at an acceptable price.

4. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate, for 1940 Act purposes, of BlackRock, Inc. (“BlackRock”).

The Corporation, on behalf of the Fund, entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Fund’s investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of the Fund’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Fund. For such services, the Fund pays the Manager a monthly fee based on a percentage of the Fund’s average daily net assets at the following annual rates:


Average Daily Net Assets	Investment Advisory Fee
First $1 Billion		1.20	%
$1 Billion - $ 3 Billion		1.13	%
$3 Billion - $ 5 Billion		1.08	%
$5 Billion - $ 10 Billion		1.04	%
Greater than $ 10 Billion		1.02	%

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, income tax expense, acquired fund fees and expenses and certain other Fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business. The expense limitations as a percentage of average daily net assets are as follows: 1.38% for Institutional; 1.65% for Investor A; and 2.39% for Investor C. The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement prior to February 1, 2015 unless approved by the Board, including a majority of the independent directors.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		21


Notes to Financial Statements (continued)

For the six months ended March 31, 2014, the Manager waived and/or reimbursed $43,342, which is included in fees waived and/or reimbursed by Manager in the Statement of Operations.

The Manager also reimbursed the Fund for transfer agent fees which are shown as transfer agent fees reimbursed — class specific in the Statement of Operations.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with the Fund’s investment in other affiliated investment companies, if any. This amount is included in fees waived and/or reimbursed by Manager in the Statement of Operations. For the six months ended March 31, 2014, the Manager waived $381.

The Manager entered into a 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 the Fund to the Manager.

For the six months ended March 31, 2014, the Fund reimbursed the Manager $200 for certain accounting services, which are included in accounting services in the Statement of Operations.

The Corporation, on behalf of the Fund, entered into a Distribution Agreement and separate Distribution Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution Plans and in accordance with Rule 12b-1 under the 1940 Act, the 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 the Fund as follows:


	Service Fee			Distribution Fee
Investor A		0.25	%		—
Investor C		0.25	%		0.75	%

Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fees compensate BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Investor A and Investor C shareholders.

For the six months ended March 31, 2014, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares of $1,352.

For the six months ended March 31, 2014, affiliates received CDSCs as follows:


Investor A		Investor C
$—		$613

The Manager maintains a call center, which is responsible for providing certain shareholder services to the Fund, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the six months ended March 31, 2014, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:


Institutional	$	70
Investor A	$	413
Investor C	$	234

Certain officers and/or directors of the Corporation are officers and/or directors of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Corporation’s Chief Compliance Officer, which is included in officer and directors in the Statement of Operations.

5. Purchases and Sales:

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2014, were $11,049,043 and $13,041,797, respectively.

6. Income Tax Information:

As of September 30, 2013, the Fund had a capital loss carryforward available to offset future realized capital gains of $4,432,215, all of which expires in 2017.

As of March 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	42,628,133

Gross unrealized appreciation	$	15,740,193
Gross unrealized depreciation		(368,387	)

Net unrealized appreciation	$	15,371,806

7. Bank Borrowings:

The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $800 million credit agreement with a group of lenders, under which the Fund may borrow to fund shareholder redemptions. The agreement expires in April 2014. Excluding commitments designated for a certain individual fund, other Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $500 million, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.065% per annum on


22		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Notes to Financial Statements (concluded)

unused commitment amounts and interest at a rate equal to the higher of (a) the one-month LIBOR plus 0.80% per annum or (b) the Fed Funds rate plus 0.80% per annum on amounts borrowed. Participating Funds paid administration and arrangement fees, which, along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. The Fund did not borrow under the credit agreement during the six months ended March 31, 2014.

8. Concentration, Market and Credit Risk:

In the normal course of business, the Fund invests in securities and enters 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 Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; 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 Fund may be

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

As of March 31, 2014, the Fund invested a significant portion of its assets in securities in the Information Technology and Financials sectors. Changes in economic conditions affecting the Information Technology and Financials sectors would have a greater impact on the Fund and could affect the value, income and/or liquidity of positions in such securities.

9. Capital Share Transactions:

Transactions in capital shares for each class were as follows:


	Six Months Ended March 31, 2014						Year Ended September 30, 2013
	Shares			Amount			Shares			Amount
Institutional
Shares sold		165,556		$	2,234,027			507,421		$	6,020,226
Shares issued in reinvestment of dividends		—			—			497			5,283
Shares redeemed		(114,894	)		(1,585,108	)		(414,146	)		(4,621,449	)

Net increase		50,662		$	648,919			93,772		$	1,404,060


Investor A
Shares sold		83,226		$	1,110,790			339,115		$	3,984,036
Shares redeemed		(225,943	)		(3,093,705	)		(416,289	)		(4,800,035	)

Net decrease		(142,717	)	$	(1,982,915	)		(77,174	)	$	(815,999	)


Investor C
Shares sold		106,216		$	1,371,510			105,609		$	1,177,524
Shares redeemed		(98,499	)		(1,263,476	)		(152,596	)		(1,694,805	)

Net increase (decrease)		7,717		$	108,034			(46,987	)	$	(517,281	)

Total Net Increase (Decrease)		(84,338	)	$	(1,225,962	)		(30,389	)	$	70,780

10. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were issued and the following item was noted:

Effective April 24, 2014, the credit agreement was terminated and a new agreement was entered into. The Fund became a party to a 364-day, $1.1 billion credit agreement, which expires in April 2015. Excluding commitments designated for a certain individual fund, the Fund can borrow up to an aggregate commitment amount of $650 million, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) the one-month LIBOR plus 0.80% per annum or (b) the Fed Funds rate plus 0.80% per annum on amounts borrowed.


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		23


Officers and Directors

Robert W. Forbes, Co-Chairman of the Board and Director

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

Paul L. Audet, Director

David O. Beim, Director

Henry Gabbay, Director

Dr. Martina S. Horner, Director

Herbert I. London, Director

Ian A. MacKinnon, Director

Cynthia A. Montgomery, Director

Joseph P. Platt, Director

Robert C. Robb, Jr., Director

Toby Rosenblatt, Director

Kenneth L. Urish, Director

Frederick W. Winter, Director

John M. Perlowski, President and Chief Executive Officer

Brendan Kyne, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer and Anti-Money Laundering Officer

Benjamin Archibald, Secretary

Investment Advisor and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Investment Management, LLC

Princeton, NJ 08540

Accounting Agent and Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodian

Brown Brothers Harriman & Co.

Boston, MA 02109

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Philadelphia, PA 19103

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809


24		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


Additional Information

General Information

Electronic Delivery

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 Fund 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 contact the Fund at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’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 Fund’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 the Fund 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 Fund voted proxies relating to securities held in the Fund’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.

Shareholder Privileges

Account Information

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 Plan

Retirement Plans

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


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		25


Additional Information (concluded)

BlackRock Privacy Principles


26		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014


A World-Class Mutual Fund Family

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

Equity Funds

BlackRock ACWI ex-US Index Fund

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Basic Value Fund

BlackRock Capital Appreciation Fund

BlackRock Commodity Strategies Fund

BlackRock Disciplined Small Cap Core Fund

BlackRock Emerging Markets Dividend Fund

BlackRock Emerging Markets Fund

BlackRock Emerging Markets Long/Short

Equity Fund

BlackRock Energy & Resources Portfolio

BlackRock Equity Dividend Fund

BlackRock EuroFund

BlackRock Flexible Equity Fund

BlackRock Focus Growth Fund

BlackRock Global Dividend Portfolio

BlackRock Global Long/Short Equity Fund

BlackRock Global Opportunities Portfolio

BlackRock Global SmallCap Fund

BlackRock Health Sciences Opportunities Portfolio

BlackRock International Fund

BlackRock International Index Fund

BlackRock International Opportunities Portfolio

BlackRock Large Cap Core Fund

BlackRock Large Cap Core Plus Fund

BlackRock Large Cap Growth Fund

BlackRock Large Cap Value Fund

BlackRock Latin America Fund

BlackRock Long-Horizon Equity Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Mid-Cap Value Opportunities Fund

BlackRock Natural Resources Trust

BlackRock Pacific Fund

BlackRock Real Estate Securities Fund

BlackRock Russell 1000^® Index Fund

BlackRock Science & Technology

Opportunities Portfolio

BlackRock Small Cap Growth Equity Portfolio

BlackRock Small Cap Growth Fund II

BlackRock Small Cap Index Fund

BlackRock S&P 500 Stock Fund

BlackRock U.S. Opportunities Portfolio

BlackRock Value Opportunities Fund

Taxable Fixed Income Funds

BlackRock Bond Index Fund

BlackRock Core Bond Portfolio

BlackRock CoreAlpha Bond Fund

BlackRock CoRI Funds

2015

2017

2019

2021

2023

BlackRock Emerging Markets Flexible

Dynamic Bond Portfolio

BlackRock Floating Rate Income Portfolio

BlackRock Global Long/Short Credit Fund

BlackRock GNMA Portfolio

BlackRock High Yield Bond Portfolio

BlackRock Inflation Protected Bond Portfolio

BlackRock Investment Grade Bond Portfolio

BlackRock Low Duration Bond Portfolio

BlackRock Secured Credit Portfolio

BlackRock Short Obligations Fund

BlackRock Short-Term Treasury Fund

BlackRock Strategic Income

Opportunities Portfolio

BlackRock Total Return Fund

BlackRock U.S. Government Bond Portfolio

BlackRock U.S. Mortgage Portfolio

BlackRock Ultra-Short Obligations Fund

BlackRock World Income Fund

Municipal Fixed Income Funds

BlackRock California Municipal Bond Fund

BlackRock High Yield Municipal Fund

BlackRock National Municipal Fund

BlackRock New Jersey Municipal Bond Fund

BlackRock New York Municipal Bond Fund

BlackRock Pennsylvania Municipal Bond Fund

BlackRock Short-Term Municipal Fund

BlackRock Strategic Municipal

Opportunities Fund

Mixed Asset Funds


BlackRock Balanced Capital Fund	LifePath Active Portfolios		LifePath Index Portfolios
BlackRock Emerging Market Allocation Portfolio	2015	2040	Retirement	2040
BlackRock Global Allocation Fund	2020	2045	2020	2045
BlackRock Managed Volatility Portfolio	2025	2050	2025	2050
BlackRock Multi-Asset Income Portfolio	2030	2055	2030	2055
BlackRock Multi-Asset Real Return Fund	2035		2035
BlackRock Strategic Risk Allocation Fund

	LifePath Portfolios
BlackRock Prepared Portfolios	Retirement	2040
Conservative Prepared Portfolio	2020	2045
Moderate Prepared Portfolio	2025	2050
Growth Prepared Portfolio	2030	2055
Aggressive Growth Prepared Portfolio	2035


		BLACKROCK LARGE CAP CORE PLUS FUND		MARCH 31, 2014		27


This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.


LCCP-3/14-SAR



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’ Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
		(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –		Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 –		Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 –		Controls and Procedures

		(a) – The registrants’ principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants’ disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

		(b) – There were no changes in the registrants’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants’ internal control over financial reporting.

Item 12 –		Exhibits attached hereto

		(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

		(a)(2) – Certifications – Attached hereto

		(a)(3) – Not Applicable

		(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 2, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.


By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC

Date: June 2, 2014

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 2, 2014

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