Master Focus Growth NPORT-P Master Focus Growth LLC (Aug 2020 report)

Schedule of Investments  (unaudited) August 31, 2020 BlackRock Large Cap Focus Growth Fund, Inc. (Percentages shown are based on Net Assets)

Security	Investment Value		Value
Investment Companies
Equity Funds — 100.0%
Master Focus Growth LLC(a)	$	1,792,365,251	$	1,792,365,251
Total Investments — 100.0% (Cost: $954,533,922)				1,792,365,251
Liabilities in Excess of Other Assets — (0.0)%				(615,037	)
Net Assets — 100.0%			$	1,791,750,214

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 05/31/20		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/20		Investment Value Held at 08/31/20		Income (Expense)			Capital Gain Distributions from Underlying Funds
Master Focus Growth LLC	$	1,439,736,052	$	39,080,400	(a)(b)	$	—	$	10,445,412	$	303,103,387	$	1,792,365,251	$	1,792,365,251	$	(350,868	)	$	—

^(a)  Represents net amount purchased (sold).

^(b)  Inclusive of income and expense allocated from the Master LLC.

BlackRock Large Cap Focus Growth Fund, Inc. (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Focus Growth LLC (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of period end, the value of the investment and the percentage owned by the Fund of the Master LLC was $1,792,365,251 and 100%, respectively.

The Fund records its investment in the Master LLC at fair value. The Fund’s investment in the Master LLC is valued pursuant to the pricing policies approved by the Board of Directors of the Master LLC.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments)

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. Financial instruments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, refer to the Fund’s most recent financial statements.

Certain investments of the Fund were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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Schedule of Investments  (unaudited) August 31, 2020 Master Focus Growth LLC (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 1.0%
Ferrari NV		94,935	$	18,488,591
Capital Markets — 3.3%
S&P Global, Inc.		161,105		59,032,094
Chemicals — 1.1%
Sherwin-Williams Co.		28,788		19,318,187
Commercial Services & Supplies — 2.2%
Copart, Inc.(a)		386,274		39,909,830
Entertainment — 2.9%
Netflix, Inc.(a)		98,544		52,184,961
Equity Real Estate Investment Trusts (REITs) — 1.7%
SBA Communications Corp.		97,960		29,982,617
Health Care Equipment & Supplies — 2.9%
Boston Scientific Corp.(a)		642,864		26,370,282
Intuitive Surgical, Inc.(a)		35,930		26,259,081
				52,629,363
Health Care Providers & Services — 1.8%
Humana, Inc.		78,423		32,558,877
Interactive Media & Services — 8.0%
Alphabet, Inc., Class A(a)		29,861		48,659,395
Facebook, Inc., Class A(a)		158,953		46,605,020
Match Group, Inc.(a)		143,178		15,990,119
Snap, Inc., Class A(a)		1,406,304		31,768,407
				143,022,941
Internet & Direct Marketing Retail — 17.0%
Alibaba Group Holding Ltd., ADR(a)		168,103		48,250,604
Amazon.com, Inc.(a)		64,006		220,882,146
MercadoLibre, Inc.(a)		30,980		36,202,918
				305,335,668
IT Services — 10.7%
Adyen NV(a)(b)		20,915		35,255,294
Mastercard, Inc., Class A		207,704		74,397,496
Visa, Inc., Class A		384,721		81,557,005
				191,209,795
Life Sciences Tools & Services — 2.8%
Adaptive Biotechnologies Corp.(a)		349,867		14,557,966
Lonza Group AG, Registered Shares		55,533		34,508,946
				49,066,912
Pharmaceuticals — 2.8%
AstraZeneca PLC, ADR		440,721		24,680,376
Zoetis, Inc.		162,247		25,975,745
				50,656,121
Professional Services — 3.6%
CoStar Group, Inc.(a)		54,032		45,851,555
TransUnion		204,271		17,714,381
				63,565,936
Semiconductors & Semiconductor Equipment — 4.0%
Analog Devices, Inc.		191,739		22,410,454
ASML Holding NV, Registered Shares		108,213		40,491,140
NVIDIA Corp.		17,013		9,101,615
				72,003,209
Software — 24.4%
Adobe, Inc.(a)		95,808		49,186,869
Autodesk, Inc.(a)		106,233		26,101,448
Coupa Software, Inc.(a)		40,558		13,292,479

Security	Shares		Value
Software (continued)
Fair Isaac Corp.(a)		92,570	$	38,952,530
Intuit, Inc.		150,318		51,918,334
Microsoft Corp.		614,242		138,529,998
RingCentral, Inc., Class A(a)		80,393		23,375,873
salesforce.com, Inc.(a)		133,011		36,265,449
ServiceNow, Inc.(a)(c)		124,815		60,163,327
				437,786,307
Specialty Retail — 3.1%
Lowe’s Cos., Inc.		207,942		34,245,968
TJX Cos., Inc.		388,094		21,263,670
				55,509,638
Technology Hardware, Storage & Peripherals — 3.7%
Apple Inc.		517,936		66,834,462
Textiles, Apparel & Luxury Goods — 1.9%
NIKE, Inc., Class B		308,706		34,541,114
Total Common Stocks — 98.9% (Cost: $938,784,208)				1,773,636,623
Preferred Securities
Preferred Stocks — 0.9%
Internet & Direct Marketing Retail — 0.5%
Postmates, Inc., Series F (Acquired 01/08/19, cost $5,910,000)(a)(d)(e)		740,685		8,466,030
Software — 0.4%
C3 AI, Inc., Series H (Acquired 08/14/19, cost $6,000,002)(a)(d)(e)		1,190,831		6,501,937
Palantir Technologies, Inc., Series I (Acquired 02/07/14, cost $598,061)(a)(d)(e)		97,563		521,962
				7,023,899
Total Preferred Securities — 0.9% (Cost: $12,508,063)				15,489,929
Total Long-Term Investments — 99.8% (Cost: $951,292,271)				1,789,126,552
Short-Term Securities(f)(g)
Money Market Funds — 2.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.04%		1,327,883		1,327,883
SL Liquidity Series, LLC, Money Market Series, 0.31%(h)		44,730,777		44,753,142
Total Short-Term Securities — 2.6% (Cost: $46,085,216)				46,081,025
Total Investments — 102.4% (Cost: $997,377,487)				1,835,207,577
Liabilities in Excess of Other Assets — (2.4)%				(42,842,326	)
Net Assets — 100.0%			$	1,792,365,251

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  All or a portion of this security is on loan.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Restricted security as to resale, excluding 144A securities. The Master LLC held restricted securities with a current value of $15,489,929, representing 0.9% of its net assets as of period end, and an original cost of $12,508,063.

^(f)  Affiliate of the Master LLC.

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Schedule of Investments  (unaudited) (continued) August 31, 2020 Master Focus Growth LLC

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Master LLC during the period ended August 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 05/31/20		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/20		Shares Held at 08/31/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	9,959,678	$	—		$	(8,631,795	)(a)	$	—		$	—		$	1,327,883		1,327,883	$	1,681		$	—
SL Liquidity Series, LLC, Money Market Series		12,312,053		32,449,663	(a)		—			(4,383	)		(4,191	)		44,753,142		44,730,777		136,975	(b)		—
									$	(4,383	)	$	(4,191	)	$	46,081,025			$	138,656		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master LLC 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments)

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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master LLC’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Master LLC were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following table summarizes the Master LLC’s investments categorized in the disclosure hierarchy. The breakdown of the Master LLC’s investments into major categories is disclosed in the Schedule of Investments above:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Automobiles	$	18,488,591	$	—	$	—	$	18,488,591
Capital Markets		59,032,094		—		—		59,032,094

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Schedule of Investments  (unaudited) (continued) August 31, 2020 Master Focus Growth LLC

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Chemicals	$	19,318,187	$	—	$	—	$	19,318,187
Commercial Services & Supplies		39,909,830		—		—		39,909,830
Entertainment		52,184,961		—		—		52,184,961
Equity Real Estate Investment Trusts (REITs)		29,982,617		—		—		29,982,617
Health Care Equipment & Supplies		52,629,363		—		—		52,629,363
Health Care Providers & Services		32,558,877		—		—		32,558,877
Interactive Media & Services		143,022,941		—		—		143,022,941
Internet & Direct Marketing Retail		305,335,668		—		—		305,335,668
IT Services		155,954,501		35,255,294		—		191,209,795
Life Sciences Tools & Services		14,557,966		34,508,946		—		49,066,912
Pharmaceuticals		50,656,121		—		—		50,656,121
Professional Services		63,565,936		—		—		63,565,936
Semiconductors & Semiconductor Equipment		72,003,209		—		—		72,003,209
Software		437,786,307		—		—		437,786,307
Specialty Retail		55,509,638		—		—		55,509,638
Technology Hardware, Storage & Peripherals		66,834,462		—		—		66,834,462
Textiles, Apparel & Luxury Goods		34,541,114		—		—		34,541,114
Preferred Securities		—		—		15,489,929		15,489,929
Short-Term Securities
Money Market Funds		1,327,883		—		—		1,327,883
	$	1,705,200,266	$	69,764,240	$	15,489,929		1,790,454,435
Investments Valued at NAV(a)								44,753,142
							$	1,835,207,577

^(a)  Certain investments of the Master LLC were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

Portfolio Abbreviation
ADR	American Depositary Receipt

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