UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-09637
811-09739
Name of Fund: BlackRock Large Cap Series Funds, Inc.
BlackRock Large Cap Core Fund
BlackRock Large Cap Growth Fund
BlackRock Large Cap Value Fund
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: Donald C. Burke, Chief Executive
Officer, BlackRock Large Cap Series Funds, Inc. and Master Large Cap
Series LLC, 800 Scudders Mill Road, Plainsboro, NJ 08536. Mailing
address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (800) 441-7762
Date of fiscal year end: 10/31/2008
Date of reporting period: 11/01/2007 - 04/30/2008
Item 1 - Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE
LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
BlackRock BLACKROCK
Large Cap Series Funds, Inc.
SEMI-ANNUAL REPORT
APRIL 30, 2008 | (UNAUDITED)
BlackRock Large Cap Core Fund
BlackRock Large Cap Growth Fund
BlackRock Large Cap Value Fund
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Table of Contents
================================================================================
Page
- --------------------------------------------------------------------------------
A Letter to Shareholders ................................................. 3
Semi-Annual Report:
Fund Summaries ........................................................... 4
About Fund Performance ................................................... 10
Disclosure of Expenses ................................................... 10
Fund Financial Statements:
Statements of Assets and Liabilities ................................. 12
Statements of Operations ............................................. 14
Statements of Changes in Net Assets .................................. 15
Fund Financial Highlights ................................................ 18
Fund Notes to Financial Statements ....................................... 34
Master Portfolio Information ............................................. 40
Master Financial Statements:
Schedules of Investments ............................................. 42
Statements of Assets and Liabilities ................................. 51
Statements of Operations ............................................. 52
Statements of Changes in Net Assets .................................. 53
Master Financial Highlights .............................................. 55
Master Notes to Financial Statements ..................................... 57
Officers and Directors ................................................... 60
Additional Information ................................................... 61
Mutual Fund Family ....................................................... 63
2 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
A Letter to Shareholders
Dear Shareholder
Over the past several months, financial markets have been buffeted by the
housing recession, the credit market unraveling and related liquidity freeze and
steadily rising commodity prices. Counterbalancing these difficulties were
booming export activity, a robust non-financial corporate sector and, notably,
aggressive and timely monetary and fiscal policy actions.
Amid the market tumult, the Federal Reserve Board (the "Fed") intervened with a
series of moves to bolster liquidity and ensure financial market stability.
Since September 2007, the central bank slashed the target federal funds rate 325
basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater
magnitude, however, were the Fed's other policy decisions, which included
opening the discount window directly to broker dealers and investment banks and
backstopping the unprecedented rescue of Bear Stearns.
The Fed's response to the financial crisis helped to improve credit conditions
and investor mood. After hitting a low point on March 17 (coinciding with the
collapse of Bear Stearns), equity markets found a welcome respite in April, when
the S&P 500 Index of U.S. stocks posted positive monthly performance for the
first time since October 2007. International markets, which outpaced those of
the U.S. for much of 2007, saw a reversal in that trend, as effects of the
credit crisis and downward pressures on growth were far-reaching.
In contrast to equity markets, Treasury securities rallied (yields fell as
prices correspondingly rose), as a broad "flight-to-quality" theme persisted.
The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its
highest level in five years), fell to 4.04% by year-end and to 3.77% by April
30. Treasury issues relinquished some of their gains in April, however, as
investor appetite for risk returned and other high-quality fixed income sectors
outperformed.
Problems within the monoline insurance industry and the failure of auctions for
auction rate securities plagued the municipal bond market, driving yields higher
and prices lower across the curve. However, in conjunction with the more recent
shift in sentiment, the sector delivered strong performance in the final month
of the reporting period.
Overall, the major benchmark indexes generated results that generally reflected
heightened investor risk aversion:
Total Returns as of April 30, 2008 6-month 12-month
===========================================================================================================
U.S. equities (S&P 500 Index) - 9.64% - 4.68%
- -----------------------------------------------------------------------------------------------------------
Small cap U.S. equities (Russell 2000 Index) -12.92 -10.96
- -----------------------------------------------------------------------------------------------------------
International equities (MSCI Europe, Australasia, Far East Index) - 9.21 - 1.78
- -----------------------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers U.S. Aggregate Index) + 4.08 + 6.87
- -----------------------------------------------------------------------------------------------------------
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 1.47 + 2.79
- -----------------------------------------------------------------------------------------------------------
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index) - 0.73 - 0.80
- -----------------------------------------------------------------------------------------------------------
Past performance is no guarantee of future results. Index performance shown for
illustrative purposes only. You cannot invest directly in an index.
As you navigate today's volatile markets, we encourage you to review your
investment goals with your financial professional and to make portfolio changes,
as needed. For more up-to-date commentary on the economy and financial markets,
we invite you to visit www.blackrock.com/funds. As always, we thank you for
entrusting BlackRock with your investment assets, and we look forward to
continuing to serve you in the months and years ahead.
Sincerely,
/s/ Rob Kapito
Rob Kapito
President, BlackRock Advisors, LLC
3
THIS PAGE NOT PART OF YOUR FUND REPORT
Fund Summary BlackRock Large Cap Core Fund
Portfolio Management Commentary
How did the Fund perform?
o The Fund underperformed the benchmark Russell 1000 Index for the six-month
period.
What factors influenced performance?
o Broadly speaking, the Fund's underperformance for the period resulted from
both asset allocation and stock selection factors.
o Unfavorable asset allocation decisions included overweight positions
versus the benchmark in health care and information technology (IT), and
an underweight in consumer staples. Our stock picks in health care (mainly
health care providers) and IT (especially in semiconductor and software
names) had the greatest negative impact on relative returns. Security
selection in consumer staples and consumer discretionary (notably hotels
and restaurants, specialty retailers and luxury goods providers) also
detracted from performance.
o An overweight in the energy sector proved advantageous, but was
overshadowed by disappointing stock selection among oil and gas names. The
underperformance was concentrated among oil refiners, whose profit margins
were compressed by higher oil prices.
o On the positive side, a significant underweight in financials
(particularly capital markets, commercial banks and consumer finance) and
an underweight in telecommunication services (primarily in wireless
telecommunication services) benefited the Fund's comparative performance
for the period.
Describe recent portfolio activity.
o During the period, we increased the Fund's exposure to the energy and
health care sectors. We reduced exposure in the financials and consumer
discretionary sectors.
o Among our largest purchases were Occidental Petroleum Corp., Texas
Instruments, Inc., Best Buy Co., Inc., Biogen Idec, Inc. and Nasdaq OMX
Group, Inc. Our largest sales included Cisco Systems, Inc., American
International Group, Inc., Mosaic Co., Southern Copper Corp. and Apollo
Group, Inc.
Describe Fund positioning at period-end.
o On April 30, 2008, the Fund was overweight versus the benchmark in IT,
health care, energy and consumer discretionary, and underweight in
financials, consumer staples, utilities and telecommunication services.
o We continue to expect lackluster U.S. economic growth over the next
several quarters as counteracting forces prevent both an outright
recession and a return to its historical trend or above-trend growth.
While inflationary problems do exist in some emerging markets, we expect
inflationary pressures in the U.S. to diminish in the months ahead,
particularly since the credit squeeze and housing bust are both
deflationary forces and the economy continues to operate below its
potential. We recognize that economic risks remain and the rally in global
equity prices late in the semi-annual period may have advanced to the
point at which some additional corrective action could take place. In our
view, however, the broad economic, corporate earnings and inflationary
backdrop should benefit most market sectors and act as a foundation for
improved market conditions, which we believe has already begun to fall
into place.
4 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
BlackRock Large Cap Core Fund
Total Return Based on a $10,000 Investment
A line graph depicting the growth of an investment in the Fund's Institutional
and Investor A Shares compared to growth of an investment in the Russell 1000(R)
Index. Values are from December 22, 1999 to April 2008:
Russell
Institutional Investor A 1000(R)
Shares*+ Shares*+ Index++
12/22/99** $10,000 $9,475 $10,000
4/00 $11,910 $11,275 $10,312
4/01 $10,165 $9,592 $8,903
4/02 $10,024 $9,440 $7,837
4/03 $8,374 $7,876 $6,782
4/04 $10,765 $10,085 $8,403
4/05 $12,039 $11,254 $9,008
4/06 $15,193 $14,177 $10,513
4/07 $17,031 $15,844 $12,106
4/08 $14,868 $13,803 $11,547
* Assuming maximum sales charge, if any, transaction costs and other
operating expenses, including advisory fees.
** Commencement of operations.
+ The Fund invests all of its assets in Master Large Cap Core Portfolio of
Master Large Cap Series LLC. The Portfolio invests primarily in a
diversified portfolio of equity securities of large cap companies located
in the United States that the Manager believes blends growth and value.
++ This unmanaged broad-based Index measures the performance of the 1,000
largest companies in the Russell 3000(R) Index, which represents
approximately 92% of the total market capitalization of the Russell 3000
Index. Russell 1000 is a registered trademark of the Frank Russell
Company.
Performance Summary for the Period Ended April 30, 2008
Average Annual Total Returns*
-------------------------------------------------------------
1 Year 5 Years Since Inception**
------------------ ------------------ ------------------
6-Month w/o sales w/sales w/o sales w/sales w/o sales w/sales
Total Returns charge charge charge charge charge charge
- -----------------------------------------------------------------------------------------------------------------------
Institutional ........................... -15.85% -12.70% -- +12.17% -- +4.86% --
Service ................................. -15.91 -12.88 -- +11.90 -- +4.61 --
Investor A .............................. -15.90 -12.89 -17.46% +11.87 +10.67% +4.60 +3.93%
Investor B .............................. -16.22 -13.58 -17.08 +11.02 +10.76 +3.83 +3.83
Investor C .............................. -16.30 -13.67 -14.45 +11.00 +11.00 +3.78 +3.78
Class R ................................. -16.07 -13.24 -- +11.62 -- +4.38 --
Russell 1000 Index ...................... - 9.54 - 4.62 -- +11.23 -- +1.74 --
- -----------------------------------------------------------------------------------------------------------------------
* Assuming maximum sales charges. See "About Fund Performance" on page 10
for a detailed description of share classes, including any related sales
charges and fees.
** The Fund commenced operations on December 22, 1999.
Past performance is not indicative of future results.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 5
Fund Summary BlackRock Large Cap Growth Fund
Portfolio Management Commentary
How did the Fund perform?
o The Fund underperformed the benchmark Russell 1000 Growth Index for the
six-month period.
What factors influenced performance?
o Broadly speaking, the Fund's underperformance for the period resulted from
both asset allocation and stock selection factors.
o Unfavorable asset allocation decisions included overweight positions
versus the benchmark in health care and information technology (IT), and
underweights in energy and consumer staples. Our stock picks in health
care (mainly health care providers) and IT (especially in semiconductor
and software names) had the greatest negative impact on relative returns.
Security selection in energy (notably in energy equipment services) and
consumer staples (primarily food retailers) also detracted from
performance.
o Within consumer discretionary, stock-specific disappointments among the
Fund's holdings in retailers, diversified consumer services and hotels and
restaurants hurt results for the period. Meanwhile, an overweight in
industrials proved advantageous, but the resultant gains were offset by
adverse stock selection within the sector.
o On the positive side, an underweight in financials, in addition to both
stock selection and an overweight in materials, benefited the Fund's
comparative performance.
Describe recent portfolio activity.
o During the period, we increased the Fund's exposure to the health care and
industrials sectors. We reduced exposure to the consumer discretionary,
energy, financials and consumer staples sectors.
o Among our largest purchases were Pfizer, Inc., Allstate Corp., Capital One
Financial Corp., Gap, Inc. and Merck & Co. Our largest sales included
Southern Copper Corp., Mosaic Co., UnitedHealth Group, Inc. and Cisco
Systems, Inc.
Describe Fund positioning at period-end.
o On April 30, 2008, the Fund was overweight versus the benchmark in the IT,
health care, materials and consumer discretionary sectors, and underweight
in consumer staples, financials, energy and utilities.
o We continue to expect lackluster U.S. economic growth over the next
several quarters as counteracting forces prevent both an outright
recession and a return to its historical trend or above-trend growth.
While inflationary problems do exist in some emerging markets, we expect
inflationary pressures in the U.S. to diminish in the months ahead,
particularly since the credit squeeze and housing bust are both
deflationary forces and the economy continues to operate below its
potential. We recognize that economic risks remain and the rally in global
equity prices late in the semi-annual period may have advanced to the
point at which some additional corrective action could take place. In our
view, however, the broad economic, corporate earnings and inflationary
backdrop should benefit most market sectors and act as a foundation for
improved market conditions, which we believe has already begun to fall
into place.
6 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
BlackRock Large Cap Growth Fund
Total Return Based on a $10,000 Investment
A line graph depicting the growth of an investment in the Fund's Institutional
and Investor A Shares compared to growth of an investment in the Russell 1000(R)
Growth Index. Values are from December 22, 1999 to April 2008:
Institutional Investor A Russell 1000(R)
Shares*+ Shares*+ Growth Index++
12/22/99** $10,000 $9,475 $10,000
4/00 $12,090 $11,436 $10,435
4/01 $8,595 $8,114 $7,070
4/02 $7,874 $7,413 $5,648
4/03 $6,373 $5,981 $4,838
4/04 $8,094 $7,583 $5,885
4/05 $8,555 $7,991 $5,909
4/06 $10,686 $9,963 $6,806
4/07 $11,758 $10,931 $7,639
4/08 $10,462 $9,694 $7,622
* Assuming maximum sales charge, if any, transaction costs and other
operating expenses, including advisory fees.
** Commencement of operations.
+ The Fund invests all of its assets in Master Large Cap Growth Portfolio of
Master Large Cap Series LLC. The Portfolio invests primarily in a
diversified portfolio of equity securities of large cap companies located
in the United States that the Manager believes have good prospects for
earnings growth.
++ This unmanaged broad-based Index is a subset of the Russell 1000 Index
consisting of those Russell 1000 securities with a greater-than-average
growth orientation. Russell 1000 is a registered trademark of the Frank
Russell Company.
Performance Summary for the Period Ended April 30, 2008
Average Annual Total Returns*
-------------------------------------------------------------
1 Year 5 Years Since Inception**
------------------ ------------------ ------------------
6-Month w/o sales w/sales w/o sales w/sales w/o sales w/sales
Total Returns charge charge charge charge charge charge
- -----------------------------------------------------------------------------------------------------------------------
Institutional ........................... -15.97% -11.02% -- +10.42% -- +0.54% --
Service ................................. -16.09 -11.21 -- +10.15 -- +0.29 --
Investor A .............................. -16.14 -11.32 -15.97% +10.14 +8.96% +0.27 -0.37%
Investor B .............................. -16.46 -12.00 -15.84 + 9.28 +9.00 -0.46 -0.46
Investor C .............................. -16.39 -11.91 -12.77 + 9.28 +9.28 -0.50 -0.50
Class R ................................. -16.21 -11.55 -- + 9.92 -- +0.09 --
Russell 1000 Growth Index ............... - 9.28 - 0.23 -- + 9.52 -- -3.20 --
- -----------------------------------------------------------------------------------------------------------------------
* Assuming maximum sales charges. See "About Fund Performance" on page 10
for a detailed description of share classes, including any related sales
charges and fees.
** The Fund commenced operations on December 22, 1999.
Past performance is not indicative of future results.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 7
Fund Summary BlackRock Large Cap Value Fund
Portfolio Management Commentary
How did the Fund perform?
o The Fund underperformed the benchmark Russell 1000 Value Index for the
six-month period.
What factors influenced performance?
o Broadly speaking, the Fund's underperformance for the period resulted from
both asset allocation and stock selection factors.
o Unfavorable asset allocation decisions included overweight positions
versus the benchmark in health care and information technology (IT), and
an underweight in consumer staples. Disappointing stock selection in
health care (mainly health care providers) and IT (especially in
semiconductor and software names) had the greatest negative impact on
relative returns. Security selection in consumer staples, particularly
within the food products sub-sector, also detracted from results.
Additionally, within consumer discretionary, stock-specific weakness,
notably among specialty retailers, hurt the Fund's comparative
performance.
o An overweight in the energy sector proved advantageous, but was
overshadowed by disappointing stock selection among oil and gas names. The
underperformance was concentrated among oil refiners, whose profit margins
were compressed by higher oil prices.
o On the positive side, stock selection and a significant underweight in the
financials sector (particularly capital markets and commercial banks) and
security selection and an underweight in telecommunication services
(mainly wireless telecommunication services) benefited the Fund's relative
performance. Stock selection in industrials (namely in the machinery
sub-sector) also aided results.
Describe recent portfolio activity.
o During the period, we increased the Fund's exposure to industrials, energy
and health care. We reduced exposure to the financials, consumer staples,
utilities and materials sectors.
o Among our largest purchases were Pfizer, Inc., Merck & Co. and Allstate
Corp. Our largest sales included American International Group, Inc.,
Goldman Sachs Group, JPMorgan Chase & Co., Janus Capital Group and Mosaic
Co.
Describe Fund positioning at period-end.
o On April 30, 2008, the Fund was overweight relative to the benchmark in
IT, health care, industrials and energy, and underweight in the
financials, consumer staples, utilities and telecommunication services
sectors.
o We continue to expect lackluster U.S. economic growth over the next
several quarters as counteracting forces prevent both an outright
recession and a return to its historical trend or above-trend growth.
While inflationary problems do exist in some emerging markets, we expect
inflationary pressures in the U.S. to diminish in the months ahead,
particularly since the credit squeeze and housing bust are both
deflationary forces and the economy continues to operate below its
potential. We recognize that economic risks remain and the rally in global
equity prices late in the semi-annual period may have advanced to the
point at which some additional corrective action could take place. In our
view, however, the broad economic, corporate earnings and inflationary
backdrop should benefit most market sectors and act as a foundation for
improved market conditions, which we believe has already begun to fall
into place.
8 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
BlackRock Large Cap Value Fund
Total Return Based on a $10,000 Investment
A line graph depicting the growth of an investment in the Fund's Institutional
and Investor A Shares compared to growth of an investment in the Russell 1000(R)
Value Index. Values are from December 22, 1999 to April 2008:
Institutional Investor A Russell 1000(R)
Shares*+ Shares*+ Value Index++
12/22/99** $10,000 $9,475 $10,000
4/00 $10,850 $10,271 $10,142
4/01 $11,746 $11,088 $10,794
4/02 $12,326 $11,600 $10,372
4/03 $10,374 $9,750 $9,023
4/04 $13,908 $13,032 $11,392
4/05 $15,930 $14,889 $12,979
4/06 $20,349 $18,976 $15,355
4/07 $23,349 $21,727 $18,141
4/08 $20,986 $19,464 $16,513
* Assuming maximum sales charge, if any, transaction costs and other
operating expenses, including advisory fees.
** Commencement of operations.
+ The Fund invests all of its assets in Master Large Cap Value Portfolio of
the Master Large Cap Series LLC. The Portfolio invests primarily in a
diversified portfolio of equity securities of large cap companies located
in the United States that the Manager believes are undervalued.
++ This unmanaged broad-based Index is a subset of the Russell 1000 Index
consisting of those Russell 1000 securities with lower price/book ratios
and lower forecasted growth values. Russell 1000 is a registered trademark
of the Frank Russell Company.
Performance Summary for the Period Ended April 30, 2008
Average Annual Total Returns*
-------------------------------------------------------------
1 Year 5 Years Since Inception**
------------------ ------------------ ------------------
6-Month w/o sales w/sales w/o sales w/sales w/o sales w/sales
Total Returns charge charge charge charge charge charge
- -----------------------------------------------------------------------------------------------------------------------
Institutional ........................... -11.58% -10.12% -- +15.13% -- +9.28% --
Service ................................. -11.70 -10.36 -- +14.83 -- +8.99 --
Investor A .............................. -11.68 -10.41 -15.12% +14.83 +13.60% +9.00 +8.30%
Investor B .............................. -12.04 -11.12 -14.87 +13.93 +13.69 +8.20 +8.20
Investor C .............................. -12.09 -11.12 -11.95 +13.93 +13.93 +8.15 +8.15
Class R ................................. -11.87 -10.74 -- +14.56 -- +8.78 --
Russell 1000(R) Value Index ............. - 9.83 - 8.97 -- +12.85 -- +6.19 --
- -----------------------------------------------------------------------------------------------------------------------
* Assuming maximum sales charges. See "About Fund Performance" on page 10
for a detailed description of share classes, including any related sales
charges and fees.
** The Fund commenced operations on December 22, 1999.
Past performance is not indicative of future results.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 9
About Fund Performance BlackRock Large Cap Series Funds, Inc.
o Institutional Shares are not subject to any sales charge. Institutional
Shares bear no ongoing distribution or service fees and are available only
to eligible investors.
o Service Shares are not subject to any sales charge. Service Shares are
subject to a service fee of 0.25% per year (but no distribution fee) and
are available only to eligible investors. For BlackRock Large Cap Growth
Fund and BlackRock Large Cap Value Fund, prior to October 2, 2006, Service
Share performance results are those of Institutional Shares (which have no
distribution or service fees) restated to reflect the Service Share fees.
For BlackRock Large Cap Core Fund, prior to September 24, 2007, Service
Share performance results are those of Institutional Shares (which have no
distribution or service fees) restated to reflect the Service Share fees.
o Investor A Shares incur a maximum initial sales charge (front-end load) of
5.25% and a service fee of 0.25% per year (but no distribution fee).
o Investor B Shares are subject to a maximum contingent deferred sales
charge of 4.50% declining to 0% after six years. In addition, Investor B
Shares are subject to a distribution fee of 0.75% per year and a service
fee of 0.25% per year. These shares automatically convert to Investor A
Shares after approximately eight years. (There is no initial sales charge
for automatic share conversions.) All returns for periods greater than
eight years reflect this conversion.
o Investor C Shares are subject to a distribution fee of 0.75% per year and
a service fee of 0.25% per year. In addition, Investor C Shares are
subject to a 1% contingent deferred sales charge if redeemed within one
year of purchase.
o Class R Shares do not incur a maximum initial sales charge (front-end
load) or deferred sales charge. These shares are subject to a distribution
fee of 0.25% per year and a service fee of 0.25% per year. Class R Shares
are available only to certain retirement plans. Prior to inception, Class
R Share performance results are those of Institutional Shares (which have
no distribution or service fees) restated to reflect Class R Share fees.
Performance information reflects past performance and does not guarantee
future results. Current performance may be lower or higher than the
performance data quoted. Refer to www.blackrock.com/funds to obtain
performance data current to the most recent month-end. Performance results
do not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares. Performance data does not
reflect this potential fee. Figures shown in each of the performance
tables on pages 5 - 9 assume reinvestment of all dividends and capital
gain distributions, if any, at net asset value on the ex-dividend date.
Investment return and principal value of shares will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Dividends paid to each class of shares will vary because of the different
levels of service, distribution and transfer agency fees applicable to
each class, which are deducted from the income available to be paid to
shareholders.
Disclosure of Expenses BlackRock Large Cap Series Funds, Inc.
Shareholders of these Funds may incur the following charges: (a) expenses
related to transactions, including sales charges, redemption fees and exchange
fees; and (b) operating expenses including advisory fees, distribution fees
including 12b-1 fees, and other Fund expenses. The expense examples on page 11
(which are based on a hypothetical investment of $1,000 invested on November 1,
2007 and held through April 30, 2008) are intended to assist shareholders both
in calculating expenses based on an investment in each Fund and in comparing
these expenses with similar costs of investing in other mutual funds.
The tables provide information about actual account values and actual expenses.
In order to estimate the expenses a shareholder paid during the period covered
by this report, shareholders can divide their account value by $1,000 and then
multiply the result by the number corresponding to their Fund and share class
under the heading entitled "Expenses Paid During the Period."
The tables also provide information about hypothetical account values and
hypothetical expenses based on the Funds' actual expense ratio and an assumed
rate of return of 5% per year before expenses. In order to assist shareholders
in comparing the ongoing expenses of investing in these Funds and other funds,
compare the 5% hypothetical example with the 5% hypothetical examples that
appear in other funds' shareholder reports.
The expenses shown in the tables are intended to highlight shareholders' ongoing
costs only and do not reflect any transactional expenses, such as sales charges,
redemption fees or exchange fees. Therefore, the hypothetical tables are useful
in comparing ongoing expenses only, and will not help shareholders determine the
relative total expenses of owning different funds. If these transactional
expenses were included, shareholder expenses would have been higher.
10 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Disclosure of Expenses (concluded) BlackRock Large Cap Series Funds, Inc.
BlackRock Large Cap Core Fund Expense Example
Actual Hypothetical**
----------------------------------------------------- ----------------------------------------------------
Beginning Ending Beginning Ending
Account Value Account Value Expenses Paid Account Value Account Value Expenses Paid
November 1, 2007 April 30, 2008 During the Period* November 1, 2007 April 30, 2008 During the Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional ...... $1,000 $841.50 $3.89 $1,000 $1,020.67 $4.27
Service ............ $1,000 $840.90 $5.08 $1,000 $1,019.38 $5.57
Investor A ......... $1,000 $841.00 $5.08 $1,000 $1,019.38 $5.57
Investor B ......... $1,000 $837.80 $8.68 $1,000 $1,015.45 $9.52
Investor C ......... $1,000 $837.00 $8.91 $1,000 $1,015.20 $9.77
Class R ............ $1,000 $839.30 $6.91 $1,000 $1,017.39 $7.57
- ------------------------------------------------------------------------------------------------------------------------------------
* For each class of the Fund, expenses are equal to the annualized expense
ratio for the class (0.85% for Institutional, 1.11% for Service, 1.11% for
Investor A, 1.90% for Investor B, 1.95% for Investor C and 1.51% for Class
R), multiplied by the average account value over the period, multiplied by
182/366 (to reflect the one-half year period shown). Because the Fund is a
feeder fund, the expense table example reflects the expenses of both the
feeder fund and the master portfolio in which it invests.
** Hypothetical 5% annual return before expenses is calculated by pro-rating
the number of days in the most recent fiscal half year divided by 366.
See "Disclosure of Expenses" on page 10 for further information on how
expenses were calculated.
BlackRock Large Cap Growth Fund Expense Example
Actual Hypothetical**
----------------------------------------------------- ----------------------------------------------------
Beginning Ending Beginning Ending
Account Value Account Value Expenses Paid Account Value Account Value Expenses Paid
November 1, 2007 April 30, 2008 During the Period* November 1, 2007 April 30, 2008 During the Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional ...... $1,000 $840.30 $4.39 $1,000 $1,020.09 $ 4.82
Service ............ $1,000 $839.10 $5.12 $1,000 $1,019.29 $ 5.62
Investor A ......... $1,000 $838.60 $5.71 $1,000 $1,018.64 $ 6.27
Investor B ......... $1,000 $835.40 $9.31 $1,000 $1,014.72 $10.22
Investor C ......... $1,000 $836.10 $9.18 $1,000 $1,014.86 $10.07
Class R ............ $1,000 $837.90 $7.27 $1,000 $1,016.95 $ 7.97
- ------------------------------------------------------------------------------------------------------------------------------------
* For each class of the Fund, expenses are equal to the annualized expense
ratio for the class (0.96% for Institutional, 1.12% for Service, 1.25% for
Investor A, 2.04% for Investor B, 2.01% for Investor C and 1.59% for Class
R), multiplied by the average account value over the period, multiplied by
182/366 (to reflect the one-half year period shown). Because the Fund is a
feeder fund, the expense table example reflects the expenses of both the
feeder fund and the master portfolio in which it invests.
** Hypothetical 5% annual return before expenses is calculated by pro-rating
the number of days in the most recent fiscal half year divided by 366.
See "Disclosure of Expenses" on page 10 for further information on how
expenses were calculated.
BlackRock Large Cap Value Fund Expense Example
Actual Hypothetical**
----------------------------------------------------- ----------------------------------------------------
Beginning Ending Beginning Ending
Account Value Account Value Expenses Paid Account Value Account Value Expenses Paid
November 1, 2007 April 30, 2008 During the Period* November 1, 2007 April 30, 2008 During the Period*
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional ...... $1,000 $884.20 $4.17 $1,000 $1,020.47 $4.47
Service ............ $1,000 $883.00 $5.15 $1,000 $1,019.43 $5.52
Investor A ......... $1,000 $883.20 $5.53 $1,000 $1,019.03 $5.92
Investor B ......... $1,000 $879.60 $9.21 $1,000 $1,015.10 $9.87
Investor C ......... $1,000 $879.10 $9.20 $1,000 $1,015.10 $9.87
Class R ............ $1,000 $881.30 $7.06 $1,000 $1,017.39 $7.57
- ------------------------------------------------------------------------------------------------------------------------------------
* For each class of the Fund, expenses are equal to the annualized expense
ratio for the class (0.89% for Institutional, 1.10% for Service, 1.18% for
Investor A, 1.97% for Investor B, 1.97% for Investor C and 1.51% for Class
R), multiplied by the average account value over the period, multiplied by
182/366 (to reflect the one-half year period shown). Because the Fund is a
feeder fund, the expense table example reflects the expenses of both the
feeder fund and the master portfolio in which it invests.
** Hypothetical 5% annual return before expenses is calculated by pro-rating
the number of days in the most recent fiscal half year divided by 366.
See "Disclosure of Expenses" on page 10 for further information on how
expenses were calculated.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 11
Statements of Assets and Liabilities BlackRock Large Cap Series Funds, Inc.
BlackRock BlackRock BlackRock
Large Cap Large Cap Large Cap
April 30, 2008 (Unaudited) Core Fund Growth Fund Value Fund
===================================================================================================================================
Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Investment at value -- Master Large Cap Core Portfolio,
Master Large Cap Growth Portfolio, Master Large Cap Value
Portfolio (the "Portfolios"), respectively 1 ......................... $ 4,230,797,623 $ 857,496,298 $ 4,721,699,223
Prepaid expenses ....................................................... 17,531 25,971 65,124
Other assets ........................................................... -- 86,020 --
-------------------------------------------------------
Total assets ........................................................... 4,230,815,154 857,608,289 4,721,764,347
-------------------------------------------------------
===================================================================================================================================
Liabilities
- -----------------------------------------------------------------------------------------------------------------------------------
Distribution fees payable .............................................. 1,587,101 341,641 1,346,276
Other affiliates payable ............................................... 813,129 381,814 1,090,578
Administration fees payable ............................................ 644,225 177,985 954,655
Officer payable ........................................................ 628 -- 620
Other accrued expenses payable ......................................... 1,018,779 -- 171,387
-------------------------------------------------------
Total liabilities ...................................................... 4,063,862 901,440 3,563,516
=======================================================
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets ............................................................. $ 4,226,751,292 $ 856,706,849 $ 4,718,200,831
=======================================================
===================================================================================================================================
Net Assets Consist of
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional Shares of Common Stock, $0.10 par value 2 ................ $ 9,286,365 $ 1,796,392 $ 6,980,549
Service Shares of Common Stock, $0.10 par value 3 ...................... 4,437 137,481 192,715
Investor A Shares of Common Stock, $0.10 par value 4 ................... 12,758,992 2,812,969 13,775,291
Investor B Shares of Common Stock, $0.10 par value 5 ................... 3,079,624 782,439 1,245,698
Investor C Shares of Common Stock, $0.10 par value 6 ................... 10,392,071 2,460,424 4,726,084
Class R Shares of Common Stock, $0.10 par value 7 ...................... 1,256,758 845,466 1,224,000
Paid-in capital in excess of par ....................................... 4,190,084,205 858,069,714 4,609,509,156
Undistributed (accumulated) net investment income (loss) ............... (796,534) (1,441,929) 7,790,828
Accumulated net realized losses allocated from the Portfolios .......... (248,730,346) (35,577,058) (164,203,826)
Net unrealized appreciation/depreciation allocated from the Portfolios . 249,415,720 26,820,951 236,960,336
-------------------------------------------------------
Net Assets ............................................................. $ 4,226,751,292 $ 856,706,849 $ 4,718,200,831
=======================================================
See Notes to Financial Statements.
12 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Statements of Assets and Liabilities (concluded)
BlackRock Large Cap Series Funds, Inc.
BlackRock BlackRock BlackRock
Large Cap Large Cap Large Cap
April 30, 2008 (Unaudited) Core Fund Growth Fund Value Fund
===================================================================================================================================
Net Asset Value
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional:
Net assets ......................................................... $1,109,078,515 $ 182,162,148 $1,204,101,032
=======================================================
Shares outstanding ................................................. 92,863,651 17,963,918 69,805,488
=======================================================
Net asset value .................................................... $ 11.94 $ 10.14 $ 17.25
=======================================================
Service:
Net assets ......................................................... $ 519,714 $ 13,889,895 $ 33,174,601
=======================================================
Shares outstanding ................................................. 44,372 1,374,808 1,927,153
=======================================================
Net asset value .................................................... $ 11.71 $ 10.10 $ 17.21
=======================================================
Investor A:
Net assets ......................................................... $1,493,816,229 $ 278,844,218 $2,328,992,472
=======================================================
Shares outstanding ................................................. 127,589,919 28,129,689 137,752,905
=======================================================
Net asset value .................................................... $ 11.71 $ 9.91 $ 16.91
=======================================================
Investor B:
Net assets ......................................................... $ 339,924,510 $ 72,566,106 $ 199,192,462
=======================================================
Shares outstanding ................................................. 30,796,235 7,824,385 12,456,975
=======================================================
Net asset value .................................................... $ 11.04 $ 9.27 $ 15.99
=======================================================
Investor C:
Net assets ......................................................... $1,141,526,778 $ 228,089,141 $ 752,485,137
=======================================================
Shares outstanding ................................................. 103,920,713 24,604,241 47,260,837
=======================================================
Net asset value .................................................... $ 10.98 $ 9.27 $ 15.92
=======================================================
Class R:
Net assets ......................................................... $ 141,885,546 $ 81,155,341 $ 200,255,127
=======================================================
Shares outstanding ................................................. 12,567,578 8,454,656 12,240,004
=======================================================
Net asset value .................................................... $ 11.29 $ 9.60 $ 16.36
=======================================================
1 Cost of the Portfolios ....................................... $3,981,381,903 $ 830,675,347 $4,484,738,887
=======================================================
2 Authorized shares -- Institutional ........................... 400,000,000 100,000,000 400,000,000
=======================================================
3 Authorized shares -- Service ................................. 50,000,000 50,000,000 50,000,000
=======================================================
4 Authorized shares -- Investor A .............................. 300,000,000 100,000,000 400,000,000
=======================================================
5 Authorized shares -- Investor B .............................. 200,000,000 200,000,000 200,000,000
=======================================================
6 Authorized shares -- Investor C .............................. 400,000,000 100,000,000 400,000,000
=======================================================
7 Authorized shares -- Class R ................................. 200,000,000 200,000,000 200,000,000
=======================================================
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 13
Statements of Operations BlackRock Large Cap Series Funds, Inc.
BlackRock BlackRock BlackRock
Large Cap Large Cap Large Cap
Six Months Ended April 30, 2008 (Unaudited) Core Fund Growth Fund Value Fund
===================================================================================================================================
Investment Income
- -----------------------------------------------------------------------------------------------------------------------------------
Investment income allocated from the Portfolios:
Dividends ......................................................... $ 28,811,752 $ 5,318,058 $ 37,462,182
Securities lending ................................................ 1,506,012 278,633 1,101,298
Interest from affiliates .......................................... 6,557 21,611 104,060
Expenses .......................................................... (11,256,132) (2,639,821) (12,061,903)
-------------------------------------------------------
Total income .......................................................... 19,068,189 2,978,481 26,605,637
-------------------------------------------------------
===================================================================================================================================
Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
Administration ........................................................ 5,767,513 1,198,793 5,936,912
Service -- Service .................................................... 684 14,271 39,336
Service -- Investor A ................................................. 1,975,843 357,150 2,832,042
Service and distribution -- Investor B ................................ 1,976,769 422,313 1,122,533
Service and distribution -- Investor C ................................ 6,165,506 1,197,136 4,024,965
Service and distribution -- Class R ................................... 364,124 211,499 486,218
Transfer agent -- Institutional ....................................... 638,236 175,726 691,916
Transfer agent -- Service ............................................. 292 2,998 13,248
Transfer agent -- Investor A .......................................... 1,648,119 265,280 1,963,344
Transfer agent -- Investor B .......................................... 601,497 101,464 250,476
Transfer agent -- Investor C .......................................... 1,259,910 253,035 887,043
Transfer agent -- Class R ............................................. 189,007 118,224 247,368
Printing .............................................................. 178,993 24,584 192,151
Registration .......................................................... 77,397 55,824 95,614
Professional .......................................................... 46,288 13,694 29,648
Custodian ............................................................. 38,700 -- --
Officer and Directors ................................................. -- -- 1,978
Miscellaneous ......................................................... 15,258 8,419 --
-------------------------------------------------------
Total expenses ........................................................ 20,944,136 4,420,410 18,814,792
Less fees waived by administrator ..................................... (1,079,413) -- --
-------------------------------------------------------
Total expenses after waiver ........................................... 19,864,723 4,420,410 18,814,792
-------------------------------------------------------
Net investment income (loss) .......................................... (796,534) (1,441,929) 7,790,845
-------------------------------------------------------
===================================================================================================================================
Realized and Unrealized Loss Allocated from the Portfolio
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized loss from investments .................................... (174,401,305) (19,541,267) (154,883,727)
Net change in unrealized appreciation/depreciation on investments...... (678,229,966) (159,688,103) (470,646,179)
-------------------------------------------------------
Total realized and unrealized loss .................................... (852,631,271) (179,229,370) (625,529,906)
-------------------------------------------------------
Net Decrease in Net Assets Resulting from Operations .................. $(853,427,805) $(180,671,299) $(617,739,061)
=======================================================
See Notes to Financial Statements.
14 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Statements of Changes in Net Assets BlackRock Large Cap Core Fund
Six Months
Ended
April 30, Year Ended
2008 October 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment loss ........................................................................ $ (796,534) $ (12,041,138)
Net realized gain (loss) ................................................................... (174,401,305) 511,455,783
Net change in unrealized appreciation/depreciation ......................................... (678,229,966) 18,511,672
-----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (853,427,805) 517,926,317
-----------------------------------
===================================================================================================================================
Distributions to Shareholders from
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized gain:
Institutional .......................................................................... (40,584,994) (99,449,229)
Service ................................................................................ (16,889) --
Investor A ............................................................................. (49,275,359) (122,443,778)
Investor B ............................................................................. (13,092,429) (34,481,267)
Investor C ............................................................................. (39,331,368) (130,020,216)
Class R ................................................................................ (4,479,952) (13,745,990)
-----------------------------------
Decrease in net assets resulting from distributions to shareholders ........................ (146,780,991) (400,140,480)
-----------------------------------
===================================================================================================================================
Capital Share Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets derived from capital share transactions .............. (254,597,899) 1,660,734,627
-----------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................................................... (1,254,806,695) 1,778,520,464
Beginning of period ........................................................................ 5,481,557,987 3,703,037,523
-----------------------------------
End of period .............................................................................. $ 4,226,751,292 $ 5,481,557,987
===================================
End of period accumulated net investment loss .............................................. $ (796,534) --
===================================
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 15
Statements of Changes In Net Assets BlackRock Large Cap Growth Fund
Six Months
Ended
April 30, Year Ended
2008 October 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment loss ........................................................................ $ (1,441,929) $ (6,483,394)
Net realized gain (loss) ................................................................... (19,541,267) 69,191,141
Net change in unrealized appreciation/depreciation ......................................... (159,688,103) 83,548,531
-----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (180,671,299) 146,256,278
-----------------------------------
===================================================================================================================================
Distributions to Shareholders from
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized gain:
Institutional .......................................................................... (9,251,571) (785,321)
Service ................................................................................ (301,647) (17,414)
Investor A ............................................................................. (8,669,428) (858,312)
Investor B ............................................................................. (2,851,513) (412,496)
Investor C ............................................................................. (7,709,298) (747,786)
Class R ................................................................................ (2,605,435) (211,333)
-----------------------------------
Decrease in net assets resulting from distributions to shareholders ........................ (31,388,892) (3,032,662)
-----------------------------------
===================================================================================================================================
Capital Share Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets derived from capital share transactions .............. (119,160,523) 260,169,210
-----------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................................................... (331,220,714) 403,392,826
Beginning of period ........................................................................ 1,187,927,563 784,534,737
-----------------------------------
End of period .............................................................................. $ 856,706,849 $ 1,187,927,563
===================================
End of period accumulated net investment loss .............................................. $ (1,441,929) --
===================================
See Notes to Financial Statements.
16 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Statements of Changes in Net Assets BlackRock Large Cap Value Fund
Six Months
Ended
April 30, Year Ended
2008 October 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income ...................................................................... $ 7,790,845 $ 7,160,464
Net realized gain (loss) ................................................................... (154,883,727) 335,108,036
Net change in unrealized appreciation/depreciation ......................................... (470,646,179) 141,991,944
-----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (617,739,061) 484,260,444
-----------------------------------
===================================================================================================================================
Dividends and Distributions to Shareholders from
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income:
Institutional .......................................................................... (3,377,731) (1,176,425)
Service ................................................................................ (25,415) (12,439)
Investor A ............................................................................. (1,057,129) (1,464,394)
Class R ................................................................................ -- (46,948)
Net realized gain:
Institutional .......................................................................... (83,333,125) (16,065,705)
Service ................................................................................ (2,208,784) (386,770)
Investor A ............................................................................. (158,770,597) (27,046,018)
Investor B ............................................................................. (16,369,131) (5,082,815)
Investor C ............................................................................. (58,542,094) (12,945,329)
Class R ................................................................................ (14,032,339) (2,059,378)
-----------------------------------
Decrease in net assets resulting from dividends and distributions to shareholders .......... (337,716,345) (66,286,221)
-----------------------------------
===================================================================================================================================
Capital Share Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets derived from capital share transactions ......................... 365,950,100 1,039,235,808
-----------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................................................... (589,505,306) 1,457,210,031
Beginning of period ........................................................................ 5,307,706,137 3,850,496,106
-----------------------------------
End of period .............................................................................. $ 4,718,200,831 $ 5,307,706,137
===================================
End of period undistributed net investment income .......................................... $ 7,790,828 $ 4,460,258
===================================
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 17
Financial Highlights Institutional
BlackRock Large Cap Core Fund
----------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 --------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 14.60 $ 14.20 $ 13.20 $ 11.28 $ 10.33 $ 8.31
----------------------------------------------------------------------------
Net investment income 1 ............................. 0.03 0.04 0.03 0.04 0.02 0.01
Net realized and unrealized gain (loss) ............. (2.30) 1.83 2.10 1.97 0.93 2.01
----------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (2.27) 1.87 2.13 2.01 0.95 2.02
----------------------------------------------------------------------------
Distributions from net realized gain ................ (0.39) (1.47) (1.13) (0.09) -- --
----------------------------------------------------------------------------
Net asset value, end of period ...................... $ 11.94 $ 14.60 $ 14.20 $ 13.20 $ 11.28 $ 10.33
============================================================================
===================================================================================================================================
Total Investment Return 2
- -----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (15.85%) 3 13.55% 16.91% 17.94% 9.20% 24.31%
============================================================================
===================================================================================================================================
Ratios to Average Net Assets 4
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 0.85% 5 0.87% 0.89% 0.91% 0.93% 0.98%
============================================================================
Total expenses ...................................... 0.85% 5 0.87% 0.89% 0.91% 0.93% 0.98%
============================================================================
Net investment income ............................... 0.46% 5 0.24% 0.19% 0.31% 0.17% 0.06%
============================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $1,109,079 $1,532,235 $ 922,301 $ 601,378 $ 415,647 $ 307,277
============================================================================
Portfolio turnover of the BlackRock Large Cap Core
Fund (the "Fund") ................................. -- 0% 0% -- -- --
============================================================================
Portfolio turnover of the Portfolios ................ 52% 96% 88% 94% 135% 139%
============================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of any sales charges.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
18 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights (continued) Institutional
BlackRock Large Cap Growth Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 12.40 $ 10.63 $ 9.36 $ 8.36 $ 7.97 $ 6.44
---------------------------------------------------------------------------
Net investment income (loss) 1 ...................... 0.01 (0.02) (0.02) (0.02) (0.04) (0.04)
Net realized and unrealized gain (loss) ............. (1.96) 1.83 1.29 1.02 0.43 1.57
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (1.95) 1.81 1.27 1.00 0.39 1.53
---------------------------------------------------------------------------
Distributions from net realized gain ................ (0.31) (0.04) -- -- -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 10.14 $ 12.40 $ 10.63 $ 9.36 $ 8.36 $ 7.97
===========================================================================
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (15.97%) 3 17.07% 13.57% 11.96% 4.89% 23.76%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 0.96% 5 0.95% 1.04% 1.08% 1.13% 1.22%
===========================================================================
Total expenses ...................................... 0.96% 5 0.95% 1.04% 1.08% 1.13% 1.22%
===========================================================================
Net investment income (loss) ........................ 0.29% 5 (0.16%) (0.22%) (0.20%) (0.45%) (0.57%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 182,162 $ 368,001 $ 215,697 $ 128,667 $ 79,869 $ 53,163
===========================================================================
Portfolio turnover of the Portfolios ................ 73% 87% 117% 132% 165% 178%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of any sales charges.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 19
Financial Highlights (continued) Institutional
BlackRock Large Cap Value Fund
----------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 --------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
===================================================================================================================================
Per Share Operating Performance
- -----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 20.95 $ 18.96 $ 17.12 $ 14.71 $ 12.89 $ 10.21
----------------------------------------------------------------------------
Net investment income 1 ............................. 0.07 0.12 0.06 0.06 0.07 0.06
Net realized and unrealized gain (loss) ............. (2.39) 2.19 2.93 3.01 1.75 2.62
----------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (2.32) 2.31 2.99 3.07 1.82 2.68
----------------------------------------------------------------------------
Dividends and distributions from:
Net investment income ........................... (0.05) (0.02) -- -- -- --
Net realized gain ............................... (1.33) (0.30) (1.15) (0.66) -- --
----------------------------------------------------------------------------
Total dividends and distributions ................... (1.38) (0.32) (1.15) (0.66) -- --
----------------------------------------------------------------------------
Net asset value, end of period ...................... $ 17.25 $ 20.95 $ 18.96 $ 17.12 $ 14.71 $ 12.89
============================================================================
===================================================================================================================================
Total Investment Return 2
- -----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (11.58%) 3 12.35% 18.06% 21.49% 14.12% 26.25%
============================================================================
===================================================================================================================================
Ratios to Average Net Assets 4
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 0.89% 5 0.88% 0.94% 0.98% 1.01% 1.03%
============================================================================
Total expenses ...................................... 0.89% 5 0.88% 0.94% 0.98% 1.01% 1.03%
============================================================================
Net investment income ............................... 0.74% 5 0.59% 0.32% 0.35% 0.49% 0.51%
============================================================================
===================================================================================================================================
Supplemental Data
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $1,204,101 $1,327,046 $ 990,081 $ 446,172 $ 194,625 $ 92,736
============================================================================
Portfolio turnover of the Portfolios ................ 45% 72% 71% 95% 128% 157%
============================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of any sales charges.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
20 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights (continued) Service
BlackRock BlackRock
Large Cap Large Cap
Core Fund Growth Fund
---------------------------- ------------------------------------------
Six Six
Months Period Months Period
Ended Sept. 24, Ended Year Oct. 2,
Apr. 30, 2007 1 Apr. 30, Ended 2006 1
2008 to Oct. 31, 2008 Oct. 31, to Oct. 31,
(Unaudited) 2007 (Unaudited) 2007 2006
===============================================================================================================================
Per Share Operating Performance
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ............. $ 14.33 $ 14.02 $ 12.37 $ 10.62 $ 10.18
---------------------------------------------------------------------------
Net investment income (loss) 2 ................... 0.01 (0.01) -- 3 (0.05) (0.01)
Net realized and unrealized gain (loss) .......... (2.25) 0.32 (1.96) 1.84 0.45
---------------------------------------------------------------------------
Net increase (decrease) from investment operations (2.24) 0.31 (1.96) 1.79 0.44
---------------------------------------------------------------------------
Dividends and distributions from:
Net investment income ........................ -- -- -- -- --
Net realized gain ............................ (0.38) -- (0.31) (0.04) --
---------------------------------------------------------------------------
Total dividends and distributions ................ (0.38) -- (0.31) (0.04) --
---------------------------------------------------------------------------
Net asset value, end of period ................... $ 11.71 $ 14.33 $ 10.10 $ 12.37 $ 10.62
===========================================================================
===============================================================================================================================
Total Investment Return
- -------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ......................... (15.91%) 4 2.21% 4 (16.09%) 4 16.89% 4.32% 4
===========================================================================
===============================================================================================================================
Ratios to Average Net Assets 5
- -------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ..................... 1.11% 6 1.14% 6 1.12% 6 1.20% 1.36% 6
===========================================================================
Total expenses ................................... 1.11% 6 1.14% 6 1.12% 6 1.20% 1.36% 6
===========================================================================
Net investment income (loss) ..................... 0.20% 6 (0.52%) 6 (0.03%) 6 (0.42%) (1.14%) 6
===========================================================================
===============================================================================================================================
Supplemental Data
- -------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) .................. $ 520 $ 640 $ 13,890 $ 11,134 $ 5,014
===========================================================================
Portfolio turnover of the Fund ................... -- 0% -- -- --
===========================================================================
Portfolio turnover of the Portfolios ............. 52% 96% 73% 87% 117%
===========================================================================
BlackRock
Large Cap
Value Fund
------------------------------------------
Six
Months Period
Ended Year Oct. 2,
Apr. 30, Ended 2006 1
2008 Oct. 31, to Oct. 31,
(Unaudited) 2007 2006
==============================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------
Net asset value, beginning of period ............. $ 20.89 $ 18.95 $ 18.62
------------------------------------------
Net investment income (loss) 2 ................... 0.05 0.06 (0.01)
Net realized and unrealized gain (loss) .......... (2.38) 2.19 0.65
------------------------------------------
Net increase (decrease) from investment operations (2.33) 2.25 0.64
------------------------------------------
Dividends and distributions from:
Net investment income ........................ (0.02) (0.01) --
Net realized gain ............................ (1.33) (0.30) (0.31)
------------------------------------------
Total dividends and distributions ................ (1.35) (0.31) (0.31)
------------------------------------------
Net asset value, end of period ................... $ 17.21 $ 20.89 $ 18.95
==========================================
==============================================================================================
Total Investment Return
- ----------------------------------------------------------------------------------------------
Based on net asset value ......................... (11.70%) 4 12.01% 3.49% 4
==========================================
==============================================================================================
Ratios to Average Net Assets 5
- ----------------------------------------------------------------------------------------------
Total expenses, after waiver ..................... 1.10% 6 1.18% 1.35% 6
==========================================
Total expenses ................................... 1.10% 6 1.18% 1.35% 6
==========================================
Net investment income (loss) ..................... 0.51% 6 0.29% (1.14%) 6
==========================================
==============================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------
Net assets, end of period (000) .................. $ 33,175 $ 33,790 $ 24,828
==========================================
Portfolio turnover of the Fund ................... -- -- --
==========================================
Portfolio turnover of the Portfolios ............. 45% 72% 71%
==========================================
1 Commencement of operations.
2 Based on average shares outstanding.
3 Amount is less than ($0.01) per share.
4 Aggregate total investment return.
5 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
6 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 21
Financial Highlights (continued) Investor A
BlackRock Large Cap Core Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 14.33 $ 13.97 $ 13.01 $ 11.15 $ 10.23 $ 8.25
---------------------------------------------------------------------------
Net investment income (loss) 1 ...................... 0.01 -- 2 (0.01) 0.01 (0.01) (0.02)
Net realized and unrealized gain (loss) ............. (2.24) 1.79 2.08 1.94 0.93 2.00
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (2.23) 1.79 2.07 1.95 0.92 1.98
---------------------------------------------------------------------------
Distributions from net realized gain ................ (0.39) (1.43) (1.11) (0.09) -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 11.71 $ 14.33 $ 13.97 $ 13.01 $ 11.15 $ 10.23
===========================================================================
==================================================================================================================================
Total Investment Return 3
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (15.90%) 4 13.23% 16.61% 17.61% 8.99% 24.00%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 5
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 1.11% 6 1.14% 1.14% 1.16% 1.18% 1.23%
===========================================================================
Total expenses ...................................... 1.21% 6 1.16% 1.14% 1.16% 1.18% 1.23%
===========================================================================
Net investment income (loss) ........................ 0.20% 6 (0.03%) (0.06%) 0.05% (0.09%) (0.21%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $1,493,816 $1,846,007 $1,028,585 $ 629,682 $ 392,896 $ 293,144
===========================================================================
Portfolio turnover of the Fund ...................... -- 0% 0% -- -- --
===========================================================================
Portfolio turnover of the Portfolios ................ 52% 96% 88% 94% 135% 139%
===========================================================================
1 Based on average shares outstanding.
2 Amount is less than ($0.01) per share.
3 Total investment returns exclude the effects of sales charge.
4 Aggregate total investment return.
5 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
6 Annualized.
See Notes to Financial Statements.
22 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights (continued) Investor A
BlackRock Large Cap Growth Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 12.15 $ 10.44 $ 9.22 $ 8.26 $ 7.89 $ 6.39
---------------------------------------------------------------------------
Net investment loss 1 ............................... (0.01) (0.05) (0.06) (0.04) (0.06) (0.05)
Net realized and unrealized gain (loss) ............. (1.92) 1.80 1.28 1.00 0.43 1.55
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (1.93) 1.75 1.22 0.96 0.37 1.50
---------------------------------------------------------------------------
Distributions from net realized gain ................ (0.31) (0.04) -- -- -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 9.91 $ 12.15 $ 10.44 $ 9.22 $ 8.26 $ 7.89
===========================================================================
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (16.14%) 3 16.80% 13.23% 11.62% 4.69% 23.47%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 1.25% 5 1.27% 1.29% 1.33% 1.38% 1.46%
===========================================================================
Total expenses ...................................... 1.25% 5 1.27% 1.29% 1.33% 1.38% 1.46%
===========================================================================
Net investment loss ................................. (0.11%) 5 (0.46%) (0.48%) (0.46%) (0.69%) (0.81%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 278,844 $ 327,501 $ 218,017 $ 112,887 $ 64,539 $ 27,410
===========================================================================
Portfolio turnover of the Portfolios ................ 73% 87% 117% 132% 165% 178%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of sales charge.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 23
Financial Highlights (continued) Investor A
BlackRock Large Cap Value Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 20.54 $ 18.64 $ 16.86 $ 14.53 $ 12.77 $ 10.14
---------------------------------------------------------------------------
Net investment income 1 ............................. 0.04 0.06 0.01 0.02 0.03 0.03
Net realized and unrealized gain (loss) ............. (2.33) 2.16 2.89 2.97 1.73 2.60
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (2.29) 2.22 2.90 2.99 1.76 2.63
---------------------------------------------------------------------------
Dividends and distributions from:
Net investment income ........................... (0.01) (0.02) -- -- -- --
Net realized gain ............................... (1.33) (0.30) (1.12) (0.66) -- --
---------------------------------------------------------------------------
Total dividends and distributions ................... (1.34) (0.32) (1.12) (0.66) -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 16.91 $ 20.54 $ 18.64 $ 16.86 $ 14.53 $ 12.77
===========================================================================
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (11.68%) 3 12.04% 17.78% 21.20% 13.78% 25.94%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 1.18% 5 1.17% 1.19% 1.23% 1.26% 1.28%
===========================================================================
Total expenses ...................................... 1.18% 5 1.17% 1.19% 1.23% 1.26% 1.28%
===========================================================================
Net investment income ............................... 0.44% 5 0.28% 0.05% 0.10% 0.21% 0.24%
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $2,328,992 $2,499,604 $1,652,442 $ 371,216 $ 161,867 $ 90,358
===========================================================================
Portfolio turnover of the Portfolios ................ 45% 72% 71% 95% 128% 157%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of sales charge.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
24 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights (continued) Investor B
BlackRock Large Cap Core Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 13.57 $ 13.30 $ 12.43 $ 10.74 $ 9.93 $ 8.07
---------------------------------------------------------------------------
Net investment loss 1 ............................... (0.03) (0.10) (0.11) (0.08) (0.09) (0.08)
Net realized and unrealized gain (loss) ............. (2.13) 1.69 1.99 1.86 0.90 1.94
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (2.16) 1.59 1.88 1.78 0.81 1.86
---------------------------------------------------------------------------
Distributions from net realized gain ................ (0.37) (1.32) (1.01) (0.09) -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 11.04 $ 13.57 $ 13.30 $ 12.43 $ 10.74 $ 9.93
===========================================================================
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (16.22%) 3 12.30% 15.72% 16.69% 8.16% 23.05%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 1.91% 5 1.93% 1.91% 1.93% 1.95% 2.00%
===========================================================================
Total expenses ...................................... 2.05% 5 1.94% 1.91% 1.93% 1.95% 2.00%
===========================================================================
Net investment loss ................................. (0.58%) 5 (0.78%) (0.83%) (0.66%) (0.86%) (0.96%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 339,925 $ 494,478 $ 467,145 $ 446,242 $ 412,162 $ 389,598
===========================================================================
Portfolio turnover of the Fund ...................... -- 0% 0% -- -- --
===========================================================================
Portfolio turnover of the Portfolios ................ 52% 96% 88% 94% 135% 139%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of sales charge.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 25
Financial Highlights (continued) Investor B
BlackRock Large Cap Growth Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 11.43 $ 9.91 $ 8.82 $ 7.96 $ 7.66 $ 6.25
---------------------------------------------------------------------------
Net investment loss 1 ............................... (0.04) (0.13) (0.12) (0.10) (0.12) (0.10)
Net realized and unrealized gain (loss) ............. (1.81) 1.69 1.21 0.96 0.42 1.51
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (1.85) 1.56 1.09 0.86 0.30 1.41
---------------------------------------------------------------------------
Distributions from net realized gain ................ (0.31) (0.04) -- -- -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 9.27 $ 11.43 $ 9.91 $ 8.82 $ 7.96 $ 7.66
===========================================================================
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (16.46%) 3 15.78% 12.36% 10.80% 3.92% 22.56%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 2.04% 5 2.08% 2.07% 2.11% 2.16% 2.27%
===========================================================================
Total expenses ...................................... 2.04% 5 2.08% 2.07% 2.11% 2.16% 2.27%
===========================================================================
Net investment loss ................................. (0.88%) 5 (1.26%) (1.25%) (1.15%) (1.48%) (1.61%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 72,566 $ 105,513 $ 107,113 $ 95,593 $ 93,382 $ 100,683
===========================================================================
Portfolio turnover of the Portfolios ................ 73% 87% 117% 132% 165% 178%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of sales charge.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
26 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights (continued) Investor B
BlackRock Large Cap Value Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 19.41 $ 17.76 $ 16.12 $ 14.02 $ 12.41 $ 9.93
---------------------------------------------------------------------------
Net investment loss 1 ............................... (0.03) (0.09) (0.11) (0.09) (0.07) (0.05)
Net realized and unrealized gain (loss) ............. (2.21) 2.04 2.74 2.85 1.68 2.53
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (2.24) 1.95 2.63 2.76 1.61 2.48
---------------------------------------------------------------------------
Distributions from net realized gain ................ (1.18) (0.30) (0.99) (0.66) -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 15.99 $ 19.41 $ 17.76 $ 16.12 $ 14.02 $ 12.41
===========================================================================
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (12.04%) 3 11.11% 16.81% 20.29% 12.97% 24.97%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 1.97% 5 1.98% 1.96% 2.00% 2.02% 2.05%
===========================================================================
Total expenses ...................................... 1.97% 5 1.98% 1.96% 2.00% 2.02% 2.05%
===========================================================================
Net investment loss ................................. (0.32%) 5 (0.47%) (0.67%) (0.60%) (0.53%) (0.50%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 199,192 $ 277,113 $ 309,795 $ 261,345 $ 222,055 $ 202,190
===========================================================================
Portfolio turnover of the Portfolios ................ 45% 72% 71% 95% 128% 157%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of sales charge.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 27
Financial Highlights (continued) Investor C
BlackRock Large Cap Core Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 13.51 $ 13.26 $ 12.43 $ 10.73 $ 9.93 $ 8.07
---------------------------------------------------------------------------
Net investment loss 1 ............................... (0.04) (0.11) (0.11) (0.09) (0.09) (0.08)
Net realized and unrealized gain (loss) ............. (2.12) 1.71 1.97 1.88 0.89 1.94
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (2.16) 1.60 1.86 1.79 0.80 1.86
---------------------------------------------------------------------------
Distributions from net realized gain ................ (0.37) (1.35) (1.03) (0.09) -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 10.98 $ 13.51 $ 13.26 $ 12.43 $ 10.73 $ 9.93
---------------------------------------------------------------------------
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (16.30%) 3 12.40% 15.64% 16.80% 8.06% 23.05%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 1.95% 5 1.93% 1.91% 1.94% 1.96% 2.01%
===========================================================================
Total expenses ...................................... 1.95% 5 1.93% 1.91% 1.94% 1.96% 2.01%
===========================================================================
Net investment loss ................................. (0.64%) 5 (0.79%) (0.84%) (0.73%) (0.86%) (0.97%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $1,141,527 $1,447,336 $1,176,244 $ 737,063 $ 430,689 $ 250,491
===========================================================================
Portfolio turnover of the Fund ...................... -- 0% 0% -- -- --
===========================================================================
Portfolio turnover of the Portfolios ................ 52% 96% 88% 94% 135% 139%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of sales charge.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
28 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights (continued) Investor C
BlackRock Large Cap Growth Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 11.42 $ 9.90 $ 8.81 $ 7.95 $ 7.65 $ 6.25
---------------------------------------------------------------------------
Net investment loss 1 ............................... (0.04) (0.13) (0.12) (0.10) (0.12) (0.10)
Net realized and unrealized gain (loss) ............. (1.80) 1.69 1.21 0.96 0.42 1.50
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (1.84) 1.56 1.09 0.86 0.30 1.40
---------------------------------------------------------------------------
Distributions from net realized gain ................ (0.31) (0.04) -- -- -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 9.27 $ 11.42 $ 9.90 $ 8.81 $ 7.95 $ 7.65
===========================================================================
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (16.39%) 3 15.79% 12.37% 10.82% 3.92% 22.40%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 2.01% 5 2.04% 2.06% 2.11% 2.16% 2.27%
===========================================================================
Total expenses ...................................... 2.01% 5 2.04% 2.06% 2.11% 2.16% 2.27%
===========================================================================
Net investment loss ................................. (0.87%) 5 (1.24%) (1.25%) (1.19%) (1.48%) (1.62%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 228,089 $ 280,142 $ 185,337 $ 125,150 $ 94,969 $ 68,337
===========================================================================
Portfolio turnover of the Portfolios ................ 73% 87% 117% 132% 165% 178%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of sales charge.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 29
Financial Highlights (continued) Investor C
BlackRock Large Cap Value Fund
---------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 -------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ................ $ 19.37 $ 17.72 $ 16.11 $ 14.01 $ 12.41 $ 9.93
---------------------------------------------------------------------------
Net investment loss 1 ............................... (0.03) (0.09) (0.12) (0.10) (0.07) (0.05)
Net realized and unrealized gain (loss) ............. (2.21) 2.04 2.76 2.86 1.67 2.53
---------------------------------------------------------------------------
Net increase (decrease) from investment operations .. (2.24) 1.95 2.64 2.76 1.60 2.48
---------------------------------------------------------------------------
Distributions from net realized gain ................ (1.21) (0.30) (1.03) (0.66) -- --
---------------------------------------------------------------------------
Net asset value, end of period ...................... $ 15.92 $ 19.37 $ 17.72 $ 16.11 $ 14.01 $ 12.41
===========================================================================
==================================================================================================================================
Total Investment Return 2
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value ............................ (12.09%) 3 11.14% 16.89% 20.31% 12.89% 24.97%
===========================================================================
==================================================================================================================================
Ratios to Average Net Assets 4
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ........................ 1.97% 5 1.97% 1.96% 2.00% 2.03% 2.06%
===========================================================================
Total expenses ...................................... 1.97% 5 1.97% 1.96% 2.00% 2.03% 2.06%
===========================================================================
Net investment loss ................................. (0.33%) 5 (0.50%) (0.69%) (0.65%) (0.54%) (0.51%)
===========================================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ..................... $ 752,485 $ 959,039 $ 754,266 $ 409,937 $ 219,806 $ 129,456
===========================================================================
Portfolio turnover of the Portfolios ................ 45% 72% 71% 95% 128% 157%
===========================================================================
1 Based on average shares outstanding.
2 Total investment returns exclude the effects of sales charge.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
30 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights (continued) Class R
BlackRock Large Cap Core Fund
---------------------------------------------------------------------------
Six Months Period
Ended January 3,
April 30, Year Ended October 31, 2003 1 to
2008 ------------------------------------------------- October 31,
(Unaudited) 2007 2006 2005 2004 2003
================================================================================================================================
Per Share Operating Performance
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period .............. $ 13.85 $ 13.56 $ 12.68 $ 10.89 $ 10.02 $ 8.12
---------------------------------------------------------------------------
Net investment loss 2 ............................. (0.01) (0.05) (0.04) (0.03) (0.03) (0.05)
Net realized and unrealized gain (loss) ........... (2.17) 1.75 2.02 1.91 0.90 1.95
---------------------------------------------------------------------------
Net increase (decrease) from investment operations (2.18) 1.70 1.98 1.88 0.87 1.90
---------------------------------------------------------------------------
Distributions from net realized gain .............. (0.38) (1.41) (1.10) (0.09) -- --
---------------------------------------------------------------------------
Net asset value, end of period .................... $ 11.29 $ 13.85 $ 13.56 $ 12.68 $ 10.89 $ 10.02
===========================================================================
================================================================================================================================
Total Investment Return
- --------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share ................ (16.07%) 3 12.90% 16.29% 17.39% 8.68% 23.40% 3
===========================================================================
================================================================================================================================
Ratios to Average Net Assets 4
- --------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ...................... 1.51% 5 1.45% 1.39% 1.42% 1.43% 1.48% 5
===========================================================================
Total expenses .................................... 1.51% 5 1.45% 1.39% 1.42% 1.43% 1.48% 5
===========================================================================
Net investment loss ............................... (0.21%) 5 (0.33%) (0.32%) (0.28%) (0.32%) (0.44%) 5
===========================================================================
================================================================================================================================
Supplemental Data
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ................... $ 141,886 $ 160,861 $ 108,762 $ 46,379 $ 15,160 $ 119
===========================================================================
Portfolio turnover of the Fund .................... -- 0% 0% -- -- --
===========================================================================
Portfolio turnover of the Portfolios .............. 52% 96% 88% 94% 135% 139%
===========================================================================
1 Commencement of operations.
2 Based on average shares outstanding.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 31
Financial Highlights (continued) Class R
BlackRock Large Cap Growth Fund
---------------------------------------------------------------------------
Six Months Period
Ended January 3,
April 30, Year Ended October 31, 2003 1 to
2008 ------------------------------------------------- October 31,
(Unaudited) 2007 2006 2005 2004 2003
================================================================================================================================
Per Share Operating Performance
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period .............. $ 11.79 $ 10.17 $ 9.00 $ 8.08 $ 7.74 $ 6.16
---------------------------------------------------------------------------
Net investment loss 2 ............................. (0.02) (0.09) (0.07) (0.07) (0.06) (0.05)
Net realized and unrealized gain (loss) ........... (1.86) 1.75 1.24 0.99 0.40 1.63
---------------------------------------------------------------------------
Net increase (decrease) from investment operations (1.88) 1.66 1.17 0.92 0.34 1.58
---------------------------------------------------------------------------
Distributions from net realized gain .............. (0.31) (0.04) -- -- -- --
---------------------------------------------------------------------------
Net asset value, end of period .................... $ 9.60 $ 11.79 $ 10.17 $ 9.00 $ 8.08 $ 7.74
===========================================================================
================================================================================================================================
Total Investment Return
- --------------------------------------------------------------------------------------------------------------------------------
Based on net asset value .......................... (16.21%) 3 16.36% 13.00% 11.39% 4.39% 25.65% 3
===========================================================================
================================================================================================================================
Ratios to Average Net Assets 4
- --------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ...................... 1.59% 5 1.58% 1.54% 1.58% 1.61% 1.72% 5
===========================================================================
Total expenses .................................... 1.59% 5 1.58% 1.54% 1.58% 1.61% 1.72% 5
===========================================================================
Net investment loss ............................... (0.45%) 5 (0.79%) (0.73%) (0.75%) (0.95%) (0.94%) 5
===========================================================================
================================================================================================================================
Supplemental Data
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ................... $ 81,155 $ 95,637 $ 53,356 $ 26,566 $ 11,304 $ 290
===========================================================================
Portfolio turnover of the Portfolios .............. 73% 87% 117% 132% 165% 178%
===========================================================================
1 Commencement of operations.
2 Based on average shares outstanding.
3 Aggregate total investment return.
4 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
5 Annualized.
See Notes to Financial Statements.
32 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights (concluded) Class R
BlackRock Large Cap Value Fund
---------------------------------------------------------------------------
Six Months Period
Ended January 3,
April 30, Year Ended October 31, 2003 1 to
2008 ------------------------------------------------- October 31,
(Unaudited) 2007 2006 2005 2004 2003
================================================================================================================================
Per Share Operating Performance
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period .............. $ 19.92 $ 18.13 $ 16.46 $ 14.23 $ 12.54 $ 10.12
---------------------------------------------------------------------------
Net investment income (loss) 2 .................... 0.01 (0.01) (0.03) (0.03) -- 3 0.01
Net realized and unrealized gain (loss) ........... (2.27) 2.11 2.80 2.92 1.69 2.41
---------------------------------------------------------------------------
Net increase (decrease) from investment operations (2.26) 2.10 2.77 2.89 1.69 2.42
---------------------------------------------------------------------------
Dividends and distributions from:
Net investment income ......................... -- (0.01) -- -- -- --
Net realized gain ............................. (1.30) (0.30) (1.10) (0.66) -- --
---------------------------------------------------------------------------
Total dividends and distributions ................. (1.30) (0.31) (1.10) (0.66) -- --
---------------------------------------------------------------------------
Net asset value, end of period .................... $ 16.36 $ 19.92 $ 18.13 $ 16.46 $ 14.23 $ 12.54
===========================================================================
================================================================================================================================
Total Investment Return
- --------------------------------------------------------------------------------------------------------------------------------
Based on net asset value .......................... (11.87%) 4 11.71% 17.41% 20.93% 13.48% 23.91% 4
===========================================================================
================================================================================================================================
Ratios to Average Net Assets 5
- --------------------------------------------------------------------------------------------------------------------------------
Total expenses, after waiver ...................... 1.51% 6 1.50% 1.45% 1.48% 1.53% 1.53% 6
===========================================================================
Total expenses .................................... 1.51% 6 1.50% 1.45% 1.48% 1.53% 1.53% 6
===========================================================================
Net investment income (loss) ...................... 0.10% 6 (0.06%) (0.19%) (0.19%) (0.03%) 0.01% 6
===========================================================================
================================================================================================================================
Supplemental Data
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) ................... $ 200,255 $ 211,115 $ 119,085 $ 45,894 $ 11,362 $ 12
===========================================================================
Portfolio turnover of the Portfolios .............. 45% 72% 71% 95% 128% 157%
===========================================================================
1 Commencement of operations.
2 Based on average shares outstanding.
3 Amount is less than $(0.01) per share.
4 Aggregate total investment return.
5 Includes the Fund's share of the Portfolio's allocated expenses and/or net
investment income.
6 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 33
Notes to Financial Statements (Unaudited)
BlackRock Large Cap Series Funds, Inc.
1. Significant Accounting Policies:
BlackRock Large Cap Core Fund, BlackRock Large Cap Growth Fund and BlackRock
Large Cap Value Fund (the "Funds" or, individually, as the "Fund"), constituting
BlackRock Large Cap Series Funds, Inc., are registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as diversified, open-end
management investment companies. Each Fund seeks to achieve its investment
objective by investing all, or a portion of, their assets in Master Large Cap
Core Portfolio, Master Large Cap Growth Portfolio and Master Large Cap Value
Portfolio (the "Portfolios" or individually as the "Portfolio"), respectively,
constituting Master Large Cap Series LLC (the "Master LLC"), which has the same
investment objective and strategies as the corresponding Funds. The value of the
Funds' investment in the Portfolios reflects the Funds' proportionate interest
in the net assets of the Portfolios. The performance of the Funds is directly
affected by the performance of the Portfolios. The financial statements of the
Portfolios, including the Schedules of Investments, are included elsewhere in
this report and should be read in conjunction with the Funds' financial
statements. The Funds' financial statements are prepared in conformity with
accounting principles generally accepted in the United States of America, which
may require the use of management accruals and estimates. Actual results may
differ from these estimates. The percentages of Master Large Cap Core Portfolio,
Master Large Cap Growth Portfolio and Master Large Cap Value Portfolio owned by
BlackRock Large Cap Core Fund, BlackRock Large Cap Growth Fund and BlackRock
Large Cap Value Fund, were 94.1%, 84.2% and 96.3%, respectively. The Funds offer
multiple classes of shares. Institutional and Service Shares are sold without a
sales charge and only to certain eligible investors. Investor A Shares are
generally sold with a front-end sales charge. Investor B and Investor C Shares
may be subject to a contingent deferred sales charge. Class R Shares are sold
only to certain retirement plans. All classes of shares have identical voting,
dividend, liquidation and other rights and the same terms and conditions, except
that Investor A, Investor B, Investor C and Class R Shares bear certain expenses
related to the shareholder servicing of such shares, and Investor B, Investor C
and Class R Shares also bear certain expenses related to the distribution of
such shares. Each class has exclusive voting rights with respect to matters
relating to its shareholder servicing and distribution expenditures (except that
Investor B shareholders may vote on material changes to the Investor A
distribution plan).
The following is a summary of significant accounting policies followed by the
Funds:
Valuation of Investments: Each Fund records its investment in the Portfolios at
fair value. Valuation of securities held by the Portfolios is discussed in Note
1 of the Portfolio's Notes to Financial Statements, which are included elsewhere
in this report.
Investment Transactions and Net Investment Income: Investment transactions in
the Portfolios are accounted for on a trade date basis. Each Fund records daily
its proportionate share of the Portfolio's income, expenses and realized and
unrealized gains and losses. In addition, each Fund accrues its own expenses.
Income, realized and unrealized gains and losses are allocated daily to each
class based on its relative net assets.
Dividends and Distributions to Shareholders: Dividends and distributions paid by
each Fund are recorded on the ex-dividend dates.
Income Taxes: It is each Fund's policy to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
Effective April 30, 2008, each Fund implemented Financial Accounting Standards
Board ("FASB") Interpretation No. 48, "Accounting for Uncertainty in Income
Taxes -- an interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48
prescribes the minimum recognition threshold a tax position must meet in
connection with accounting for uncertainties in income tax positions taken or
expected to be taken by an entity, including investment companies, before being
measured and recognized in the financial statements. The administrator has
evaluated the application of FIN 48 to the Portfolios and has determined that
the adoption of FIN 48 does not have a material impact on the Portfolios'
financial statements. Each Fund files U.S. federal and various state and local
tax returns. No income tax returns are currently under examination. The statute
of limitations on the Portfolios' U.S. federal tax returns remains open for the
years ended October 31, 2004 through October 31, 2006. The statutes of
limitations on each Fund's state and local tax returns may remain open for an
additional year depending upon the jurisdiction.
Recent Accounting Pronouncements: In September 2006, Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), was issued
and is effective for fiscal years beginning after November 15, 2007. FAS 157
defines fair value, establishes a framework for measuring fair value and expands
disclosures about fair value measurements. The impact on each Fund's financial
statement disclosures, if any, is currently being assessed.
In addition, in February 2007, Statement of Financial Accounting Standards No.
159,"The Fair Value Option for Financial Assets and Financial Liabilities" ("FAS
159"), was issued and is effective for fiscal years beginning after November 15,
2007. Early adoption is permitted as of the beginning of a fiscal year that
begins on or before November 15, 2007, provided the entity also elects to apply
the provisions of FAS 157. FAS 159 permits entities to choose to measure many
financial instruments and certain other items at fair value that are not
currently required to be measured at fair value. FAS 159 also establishes
presentation and disclosure requirements designed to facilitate comparisons
between entities that choose different measurement attributes for similar types
of assets and liabilities. The impact on each Fund's financial statement
disclosures, if any, is currently being assessed.
34 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Notes to Financial Statements (continued)
BlackRock Large Cap Series Funds, Inc.
In March 2008, Statement of Financial Accounting Standards No. 161, "Disclosures
about Derivative Instruments and Hedging Activities -- an amendment of FASB
Statement No. 133" ("FAS 161"), was issued and is effective for fiscal years
beginning after November 15, 2008. FAS 161 is intended to improve financial
reporting for derivative instruments by requiring enhanced disclosure that
enables investors to understand how and why an entity uses derivatives, how
derivatives are accounted for, and how derivative instruments affect an entity's
results of operations and financial position. The administrator is currently
evaluating the implications of FAS 161 and the impact on each Fund's financial
statement disclosures, if any, is currently being assessed.
Other: Expenses directly related to each Fund or its classes are charged to that
Fund or class. Other operating expenses shared by several funds are pro-rated
among those funds on the basis of relative net assets or other appropriate
methods. Other expenses of each Fund are allocated daily to each class based on
its relative net assets.
2. Transactions with Affiliates:
Each Fund has entered into an Administration Agreement with BlackRock Advisors,
LLC (the "Administrator"), an indirect, wholly owned subsidiary of BlackRock,
Inc., to provide administrative services (other than investment advice and
related portfolio activities). For such services, each Fund pays a monthly fee
at an annual rate of 0.25% of each Fund's average daily net assets. Merrill
Lynch & Co., Inc. ("Merrill Lynch") and The PNC Financial Services Group, Inc.
("PNC") are principal owners of BlackRock, Inc.
With respect to the BlackRock Large Cap Core Fund, the Administrator
contractually agreed to waive and/or reimburse fees and/or expenses in order to
limit expenses (excluding interest expense and certain other fund expenses) as a
percentage of average daily net assets allocated to certain classes of the Fund
as follows: 1.11% (for Investor A Shares), and 1.91% (for Investor B Shares).
For the six months ended April 30, 2008, the Administrator earned fees of
$5,767,513, of which $1,079,413 were waived. The Administrator has agreed not to
reduce or discontinue this contractual waiver or reimbursement until October 31,
2008, unless approved by the Board of Directors, including a majority of the
non-interested Directors.
Each Fund has also entered into separate Distribution Agreements and
Distribution Plans with FAM Distributors, Inc. ("FAMD") and BlackRock
Distributors, Inc. and its affiliates ("BDI") (collectively, the "Distributor").
FAMD is a wholly owned subsidiary of Merrill Lynch Group, Inc., and BDI is an
affiliate of BlackRock, Inc.
Pursuant to the Distribution Plans adopted by the Funds in accordance with Rule
12b-1 under the 1940 Act, the Funds pay the Distributor ongoing service and
distribution fees. The fees are accrued daily and paid monthly at annual rates
based upon the average daily net assets of the shares as follows:
- --------------------------------------------------------------------------------
Service Distribution
Fee 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 each Distributor, broker-dealers, including
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), a wholly owned
subsidiary of Merrill Lynch, and each Distributor provide shareholder servicing
and distribution services to the Funds. The ongoing service fee and/or
distribution fee compensates the Distributor 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 April 30, 2008, the Distributor earned underwriting
discounts and dealer concessions on sales of the Funds' Investor A Shares, which
totaled as follows:
- --------------------------------------------------------------------------------
Investor A
- --------------------------------------------------------------------------------
BlackRock Large Cap Core Fund ...................................... $460,760
BlackRock Large Cap Growth Fund .................................... $101,395
BlackRock Large Cap Value Fund ..................................... $ 94,370
- --------------------------------------------------------------------------------
For the six months ended April 30, 2008, affiliates received contingent deferred
sales charges relating to transactions in Investor B and Investor C Shares as
follows:
- --------------------------------------------------------------------------------
Investor B Investor C
- --------------------------------------------------------------------------------
BlackRock Large Cap Core Fund ...................... $185,422 $109,586
BlackRock Large Cap Growth Fund .................... $ 31,959 $ 20,012
BlackRock Large Cap Value Fund ..................... $ 88,345 $ 78,729
- --------------------------------------------------------------------------------
In addition, affiliates received contingent deferred sales charges relating to
transactions subject to front-end sales charge waivers for Investor A Shares as
follows:
- --------------------------------------------------------------------------------
Investor A
- --------------------------------------------------------------------------------
BlackRock Large Cap Core Fund ...................................... $12,112
BlackRock Large Cap Growth Fund .................................... $ 1,238
BlackRock Large Cap Value Fund ..................................... $10,452
- --------------------------------------------------------------------------------
The Administrator maintains a call center, which is responsible for providing
certain shareholder services to each Fund, such as responding to shareholder
inquiries and processing transactions based upon instructions from shareholders
with respect to the subscription and redemption of Fund shares. During the six
months ended April 30, 2008, the following amounts have been accrued by each
Fund to reimburse the Administrator
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 35
Notes to Financial Statements (continued)
BlackRock Large Cap Series Funds, Inc.
for costs incurred running the call center, which are a component of the
transfer agent fees in the accompanying Statements of Operations.
- --------------------------------------------------------------------------------
BlackRock Large Cap Core Fund Call Center Fees
- --------------------------------------------------------------------------------
Institutional ................................................. $ 26,963
Service ....................................................... $ 24
Investor A .................................................... $138,918
Investor B .................................................... $ 53,987
Investor C .................................................... $ 20,353
Class R ....................................................... $ 1,566
- --------------------------------------------------------------------------------
BlackRock Large Cap Growth Fund
- --------------------------------------------------------------------------------
Institutional ................................................. $ 1,005
Service ....................................................... $ 225
Investor A .................................................... $ 2,958
Investor B .................................................... $ 1,452
Investor C .................................................... $ 1,896
Class R ....................................................... $ 384
- --------------------------------------------------------------------------------
BlackRock Large Cap Value Fund
- --------------------------------------------------------------------------------
Institutional ................................................. $ 16,217
Service ....................................................... $ 2,687
Investor A .................................................... $114,443
Investor B .................................................... $ 11,778
Investor C .................................................... $ 16,549
Class R ....................................................... $ 2,166
- --------------------------------------------------------------------------------
PFPC Inc., an indirect, wholly owned subsidiary of PNC and an affiliate of the
Administrator, serves as transfer agent. Each class of the Funds bears the costs
of transfer agent fees associated with such respective classes. Transfer agency
fees borne by each class of the Funds are comprised of those fees charged for
all shareholder communications including shareholder reports, dividend and
distribution notices, and proxy materials for shareholders meetings, as well as
per account and per transaction fees related to servicing and maintenance of
shareholder accounts, including the issuing, redeeming and transferring of
shares of each class of the Funds, 12b-1 fee calculation, check writing,
anti-money laundering services, and customer identification services.
Certain officers and/or directors of the Funds are officers and/or directors of
BlackRock, Inc. or its affiliates.
3. Capital Share Transactions:
Transactions in common stock for each class were as follows:
Six Months Ended Year Ended
April 30, 2008 October 31, 2007
------------------------------ ------------------------------
BlackRock Large Cap Core Fund Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 11,239,644 $ 142,169,030 16,602,584 $ 246,470,220
Shares issued resulting from reorganization .................. -- -- 32,717,868 467,180,857
Shares issued to shareholders in reinvestment of distributions 2,274,133 30,541,847 5,760,400 82,316,928
------------------------------ ------------------------------
Total issued ................................................. 13,513,777 172,710,877 55,080,852 795,968,005
Shares redeemed .............................................. (25,615,766) (329,911,625) (15,085,098) (222,976,522)
------------------------------ ------------------------------
Net increase (decrease) ...................................... (12,101,989) $(157,200,748) 39,995,754 $ 572,991,483
============================== ==============================
Period September 24, 2007+
to October 31, 2007
-----------------------------
Shares Amount
- -----------------------------------------------------------------------------------------------------------------------------------
Service
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 1,095 $ 13,984 72 $ 999
Shares issued to shareholders in reinvestment of distributions 206 2,724 45,010 631,258
------------------------------ ------------------------------
Total issued ................................................. 1,301 16,708 45,082 632,257
Shares redeemed .............................................. (1,605) (19,602) (406) (5,829)
------------------------------ ------------------------------
Net increase (decrease) ...................................... (304) $ (2,894) 44,676 $ 626,428
============================== ==============================
+ Commencement of operations.
36 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Notes to Financial Statements (continued)
BlackRock Large Cap Series Funds, Inc.
Six Months Ended Year Ended
April 30, 2008 October 31, 2007
------------------------------ ------------------------------
BlackRock Large Cap Core Fund (concluded) Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------------------------------
Investor A
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold and automatic conversion of shares ............... 12,285,825 $ 151,381,316 28,436,081 $ 411,923,052
Shares issued resulting from reorganization .................. -- -- 35,734,228 501,049,717
Shares issued to shareholders in reinvestment of distributions 3,501,667 46,152,074 7,931,899 111,313,482
------------------------------ ------------------------------
Total issued ................................................. 15,787,492 197,533,390 72,102,208 1,024,286,251
Shares redeemed .............................................. (17,008,113) (209,817,233) (16,932,248) (246,911,315)
------------------------------ ------------------------------
Net increase (decrease) ...................................... (1,220,621) $ (12,283,843) 55,169,960 $ 777,374,936
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Investor B
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 1,122,946 $ 13,124,338 3,250,818 $ 44,949,747
Shares issued resulting from reorganization .................. -- -- 11,051,520 146,904,698
Shares issued to shareholders in reinvestment of distributions 965,784 12,033,720 2,318,297 30,856,830
------------------------------ ------------------------------
Total issued ................................................. 2,088,730 25,158,058 16,620,635 222,711,275
Shares redeemed and automatic conversion of shares ........... (7,724,984) (89,192,211) (15,319,048) (210,781,327)
------------------------------ ------------------------------
Net increase (decrease) ...................................... (5,636,254) $ (64,034,153) 1,301,587 $ 11,929,948
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Investor C
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 10,669,466 $ 123,599,732 25,010,048 $ 343,608,226
Shares issued resulting from reorganization .................. -- -- 1,351,067 17,877,463
Shares issued to shareholders in reinvestment of distributions 2,978,085 36,928,497 9,176,419 121,646,342
------------------------------ ------------------------------
Total issued ................................................. 13,647,551 160,528,229 35,537,534 483,132,031
Shares redeemed .............................................. (16,850,751) (193,703,971) (17,089,724) (235,184,620)
------------------------------ ------------------------------
Net increase (decrease) ...................................... (3,203,200) $ (33,175,742) 18,447,810 $ 247,947,411
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Class R
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 2,889,634 $ 34,760,239 5,791,814 $ 81,305,003
Shares issued to shareholders in reinvestment of distributions 351,545 4,475,160 1,010,724 13,725,638
------------------------------ ------------------------------
Total issued ................................................. 3,241,179 39,235,399 6,802,538 95,030,641
Shares redeemed .............................................. (2,285,820) (27,135,918) (3,210,183) (45,166,220)
------------------------------ ------------------------------
Net increase ................................................. 955,359 $ 12,099,481 3,592,355 $ 49,864,421
============================== ==============================
Six Months Ended Year Ended
April 30, 2008 October 31, 2007
------------------------------ ------------------------------
BlackRock Large Cap Growth Fund Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 3,823,001 $ 41,370,064 17,006,393 $ 196,644,985
Shares issued to shareholders in reinvestment of distributions 709,225 8,092,273 62,922 683,337
------------------------------ ------------------------------
Total issued ................................................. 4,532,226 49,462,337 17,069,315 197,328,322
Shares redeemed .............................................. (16,236,275) (179,568,634) (7,700,131) (87,838,517)
------------------------------ ------------------------------
Net increase (decrease) ...................................... (11,704,049) $ (130,106,297) 9,369,184 $ 109,489,805
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Service
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 577,617 $ 6,036,137 614,628 $ 7,183,206
Shares issued to shareholders in reinvestment of distributions 25,432 289,165 1,438 15,600
------------------------------ ------------------------------
Total issued ................................................. 603,049 6,325,302 616,066 7,198,806
Shares redeemed .............................................. (128,494) (1,352,703) (187,853) (2,111,501)
------------------------------ ------------------------------
Net increase ................................................. 474,555 $ 4,972,599 428,213 $ 5,087,305
============================== ==============================
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 37
Notes to Financial Statements (continued)
BlackRock Large Cap Series Funds, Inc.
Six Months Ended Year Ended
April 30, 2008 October 31, 2007
------------------------------ ------------------------------
BlackRock Large Cap Growth Fund (concluded) Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------------------------------
Investor A
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold and automatic conversion of shares ............... 6,895,775 $ 72,263,680 13,520,166 $ 152,824,259
Shares issued to shareholders in reinvestment of distributions 731,821 8,167,137 74,874 798,915
------------------------------ ------------------------------
Total issued ................................................. 7,627,596 80,430,817 13,595,040 153,623,174
Shares redeemed .............................................. (6,457,143) (67,274,750) (7,519,049) (84,391,960)
------------------------------ ------------------------------
Net increase ................................................. 1,170,453 $ 13,156,067 6,075,991 $ 69,231,214
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Investor B
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 720,974 $ 7,177,752 2,624,001 $ 27,808,640
Shares issued to shareholders in reinvestment of distributions 247,597 2,594,857 37,261 376,698
------------------------------ ------------------------------
Total issued ................................................. 968,571 9,772,609 2,661,262 28,185,338
Shares redeemed and automatic conversion of shares ........... (2,374,906) (22,765,563) (4,244,218) (45,329,772)
------------------------------ ------------------------------
Net decrease ................................................. (1,406,335) $ (12,992,954) (1,582,956) $ (17,144,434)
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Investor C
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 3,550,017 $ 35,028,368 11,083,851 $ 118,787,413
Shares issued to shareholders in reinvestment of distributions 693,177 7,257,613 69,949 706,480
------------------------------ ------------------------------
Total issued ................................................. 4,243,194 42,285,981 11,153,800 119,493,893
Shares redeemed .............................................. (4,160,001) (40,547,993) (5,360,747) (57,345,607)
------------------------------ ------------------------------
Net increase ................................................. 83,193 $ 1,737,988 5,793,053 $ 62,148,286
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Class R
- -----------------------------------------------------------------------------------------------------------------------------------
Share sold ................................................... 2,304,809 $ 23,453,144 5,000,714 $ 54,802,359
Shares issued to shareholders in reinvestment of distributions 240,207 2,599,039 20,340 211,332
------------------------------ ------------------------------
Total issued ................................................. 2,545,016 26,052,183 5,021,054 55,013,691
Shares redeemed .............................................. (2,199,698) (21,980,109) (2,159,077) (23,656,657)
------------------------------ ------------------------------
Net increase ................................................. 345,318 $ 4,072,074 2,861,977 $ 31,357,034
============================== ==============================
Six Months Ended Year Ended
April 30, 2008 October 31, 2007
------------------------------ ------------------------------
BlackRock Large Cap Value Fund Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 20,129,284 $ 357,272,325 30,936,573 $ 616,244,281
Shares issued to shareholders in reinvestment of dividends
and distributions .......................................... 4,133,919 77,302,827 788,152 15,077,111
------------------------------ ------------------------------
Total issued ................................................. 24,263,203 434,575,152 31,724,725 631,321,392
Shares redeemed .............................................. (17,801,932) (323,459,416) (20,606,763) (412,032,591)
------------------------------ ------------------------------
Net increase ................................................. 6,461,271 $ 111,115,736 11,117,962 $ 219,288,801
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Service
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 395,511 $ 7,008,811 595,347 $ 12,076,181
Shares issued to shareholders in reinvestment of dividends
and distributions .......................................... 112,372 2,099,110 19,088 364,951
------------------------------ ------------------------------
Total issued ................................................. 507,883 9,107,921 614,435 12,441,132
Shares redeemed .............................................. (198,189) (3,473,950) (307,139) (6,097,755)
------------------------------ ------------------------------
Net increase ................................................. 309,694 $ 5,633,971 307,296 $ 6,343,377
============================== ==============================
38 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Notes to Financial Statements (concluded)
BlackRock Large Cap Series Funds, Inc.
Six Months Ended Year Ended
April 30, 2008 October 31, 2007
------------------------------ ------------------------------
BlackRock Large Cap Value Fund (concluded) Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------------------------------
Investor A
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold and automatic conversion of shares ............... 32,643,470 $ 566,838,114 53,168,066 $ 1,066,141,467
Shares issued to shareholders in reinvestment of dividends
and distributions .......................................... 8,148,668 149,528,060 1,405,085 26,430,387
------------------------------ ------------------------------
Total issued ................................................. 40,792,138 716,366,174 54,573,151 1,092,571,854
Shares redeemed .............................................. (24,710,653) (432,459,687) (21,540,848) (424,585,851)
------------------------------ ------------------------------
Net increase ................................................. 16,081,485 $ 283,906,487 33,032,303 $ 667,986,003
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Investor B
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 687,383 $ 11,608,599 2,551,487 $ 47,649,721
Shares issued to shareholders in reinvestment of distributions 854,376 14,866,308 260,480 4,661,325
------------------------------ ------------------------------
Total issued ................................................. 1,541,759 26,474,907 2,811,967 52,311,046
Shares redeemed and automatic conversion of shares ........... (3,358,058) (55,420,876) (5,980,285) (112,293,764)
------------------------------ ------------------------------
Net decrease ................................................. (1,816,299) $ (28,945,969) (3,168,318) $ (59,982,718)
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Investor C
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 4,777,178 $ 79,345,577 17,217,899 $ 322,045,398
Shares issued to shareholders in reinvestment of distributions 3,171,062 54,954,834 683,298 12,203,021
------------------------------ ------------------------------
Total issued ................................................. 7,948,240 134,300,411 17,901,197 334,248,419
Shares redeemed .............................................. (10,208,396) (168,631,572) (10,956,566) (205,519,795)
------------------------------ ------------------------------
Net increase (decrease) ...................................... (2,260,156) $ (34,331,161) 6,944,631 $ 128,728,624
============================== ==============================
- -----------------------------------------------------------------------------------------------------------------------------------
Class R
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold .................................................. 3,160,958 $ 54,032,934 6,549,560 $ 125,647,577
Shares issued to shareholders in reinvestment of dividends
and distributions .......................................... 788,256 14,015,179 115,104 2,105,311
------------------------------ ------------------------------
Total issued ................................................. 3,949,214 68,048,113 6,664,664 127,752,888
Shares redeemed .............................................. (2,308,013) (39,477,077) (2,632,867) (50,881,167)
------------------------------ ------------------------------
Net increase ................................................. 1,641,201 $ 28,571,036 4,031,797 $ 76,871,721
============================== ==============================
4. Capital Loss Carryforward:
BlackRock Large Cap Core Fund
As of October 31, 2007, the Fund had a capital loss carryforward of $60,119,285,
of which $13,526,871 expires in 2008, $17,134,577 expires in 2009, $26,458,063
expires in 2010 and $2,999,774 expires in 2011. This amount will be available to
offset future realized capital gains.
BlackRock Large Cap Growth Fund
As of October 31, 2007, the Fund had a capital loss carryforward of $13,580,346,
of which $7,869,008 expires in 2008, $5,667,758 expires in 2009 and $43,580
expires in 2010. This amount will be available to offset future realized capital
gains.
5. Acquisition of BlackRock Investment Trust of BlackRock FundsSM:
On September 24, 2007, BlackRock Large Cap Core Fund ("Large Cap Core") acquired
substantially all of the assets and assumed substantially all of the liabilities
of BlackRock Investment Trust of BlackRock Funds ("Investment Trust"), pursuant
to a plan of reorganization. The acquisition was accomplished by a tax-free
exchange of 72,936,885 shares of beneficial interest of Investment Trust for
80,889,693 shares of common stock of Large Cap Core. Investment Trust's net
assets on that date of $1,133,643,993, including $18,270,415 of net realized
capital losses and $286,539,853 of net unrealized appreciation were combined
with those of Large Cap Core. The aggregate net assets immediately after the
acquisition amounted to $5,393,201,700.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 39
Portfolio Information as of April 30, 2008 Master Large Cap Series LLC
Sector Representation
Percent of
Master Large Cap Core Portfolio Long-Term Investments
- --------------------------------------------------------------------------------
Information Technology .................................................. 25%
Health Care ............................................................. 19
Energy .................................................................. 18
Industrials ............................................................. 13
Consumer Discretionary .................................................. 11
Financials .............................................................. 7
Materials ............................................................... 4
Consumer Staples ........................................................ 2
Telecommunication Services .............................................. 1
- --------------------------------------------------------------------------------
Percent of
Master Large Cap Growth Portfolio Long-Term Investments
- --------------------------------------------------------------------------------
Information Technology .................................................. 37%
Health Care ............................................................. 21
Industrials ............................................................. 15
Consumer Discretionary .................................................. 11
Materials ............................................................... 6
Energy .................................................................. 6
Consumer Staples ........................................................ 2
Financials .............................................................. 2
- --------------------------------------------------------------------------------
Percent of
Master Large Cap Value Portfolio Long-Term Investments
- --------------------------------------------------------------------------------
Energy .................................................................. 23%
Financials .............................................................. 18
Industrials ............................................................. 17
Health Care ............................................................. 15
Information Technology .................................................. 13
Consumer Discretionary .................................................. 5
Materials ............................................................... 5
Consumer Staples ........................................................ 2
Telecommunication Services .............................................. 2
- --------------------------------------------------------------------------------
For Portfolio compliance purposes, sector and industry classifications
refer to any one or more of the sector and industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Portfolio management. This definition may
not apply for purposes of this report, which may combine sector and
industry sub-classifications for reporting ease.
Five Largest Industries
Percent of
Master Large Cap Core Portfolio Net Assets
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels ............................................. 17%
Health Care Providers & Services ........................................ 8
Computers & Peripherals ................................................. 8
Software ................................................................ 7
Specialty Retail ........................................................ 6
- --------------------------------------------------------------------------------
Percent of
Master Large Cap Growth Portfolio Net Assets
- --------------------------------------------------------------------------------
Software ................................................................ 12%
Computers & Peripherals ................................................. 10
Health Care Providers & Services ........................................ 7
Specialty Retail ........................................................ 6
Semiconductors & Semiconductor Equipment ................................ 6
- --------------------------------------------------------------------------------
Percent of
Master Large Cap Value Portfolio Net Assets
- --------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels ............................................. 21%
Insurance ............................................................... 13
Machinery ............................................................... 7
Health Care Providers & Services ........................................ 6
Pharmaceuticals ......................................................... 5
- --------------------------------------------------------------------------------
40 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Portfolio Information (concluded) Master Large Cap Series LLC
Ten Largest Equity Holdings
Percent of
Master Large Cap Core Portfolio Net Assets
- --------------------------------------------------------------------------------
Exxon Mobil Corp. ....................................................... 5%
Chevron Corp. ........................................................... 3
Microsoft Corp. ......................................................... 2
International Business Machines Corp. ................................... 2
ConocoPhillips .......................................................... 2
Pfizer, Inc. ............................................................ 2
Hewlett-Packard Co. ..................................................... 2
Oracle Corp. ............................................................ 2
Occidental Petroleum Corp. .............................................. 2
Johnson & Johnson ....................................................... 2
- --------------------------------------------------------------------------------
Percent of
Master Large Cap Growth Portfolio Net Assets
- --------------------------------------------------------------------------------
Microsoft Corp. ......................................................... 4%
International Business Machines Corp. ................................... 3
Hewlett-Packard Co. ..................................................... 3
Exxon Mobil Corp. ....................................................... 3
Oracle Corp. ............................................................ 2
Johnson & Johnson ....................................................... 2
Monsanto Co. ............................................................ 2
Baxter International, Inc. .............................................. 2
Texas Instruments, Inc. ................................................. 2
Lockheed Martin Corp. ................................................... 2
- --------------------------------------------------------------------------------
Percent of
Master Large Cap Value Portfolio Net Assets
- --------------------------------------------------------------------------------
Exxon Mobil Corp. ....................................................... 7%
Chevron Corp. ........................................................... 4
ConocoPhillips .......................................................... 3
Pfizer, Inc. ............................................................ 3
General Electric Co. .................................................... 3
Occidental Petroleum Corp. .............................................. 2
AT&T Inc. ............................................................... 2
Walt Disney Co. ......................................................... 2
The Allstate Corp. ...................................................... 2
International Business Machines Corp. ................................... 2
- --------------------------------------------------------------------------------
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 41
Schedule of Investments April 30, 2008 (Unaudited)
Master Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
===============================================================================
Consumer Discretionary -- 11.2%
Household Durables -- 0.1%
NVR, Inc. (a) 10,000 $ 6,135,000
- -------------------------------------------------------------------------------
Internet & Catalog Retail -- 1.0%
Expedia, Inc. (a)(b) 1,830,000 46,225,800
- -------------------------------------------------------------------------------
Media -- 2.7%
Omnicom Group Inc. 1,050,000 50,127,000
Walt Disney Co. (b) 2,140,000 69,400,200
--------------
119,527,200
- -------------------------------------------------------------------------------
Specialty Retail -- 6.2%
AutoZone, Inc. (a) 360,000 43,470,000
Best Buy Co., Inc. (b) 1,120,000 48,182,400
GameStop Corp. Class A (a)(b) 840,000 46,233,600
The Gap, Inc. 2,680,000 49,901,600
RadioShack Corp. (b) 2,060,800 28,645,120
Ross Stores, Inc. 370,000 12,391,300
TJX Cos., Inc. 1,500,000 48,330,000
--------------
277,154,020
- -------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 1.2%
Nike, Inc. Class B (b) 780,000 52,104,000
- -------------------------------------------------------------------------------
Total Consumer Discretionary 501,146,020
===============================================================================
Consumer Staples -- 1.9%
Beverages -- 0.3%
Coca-Cola Enterprises, Inc. 260,000 5,850,000
Pepsi Bottling Group, Inc. 240,000 8,090,400
--------------
13,940,400
- -------------------------------------------------------------------------------
Food & Staples Retailing -- 0.1%
BJ's Wholesale Club, Inc. (a)(b) 180,000 6,861,600
- -------------------------------------------------------------------------------
Household Products -- 0.7%
The Procter & Gamble Co. 440,000 29,502,000
- -------------------------------------------------------------------------------
Personal Products -- 0.8%
Herbalife Ltd. 840,000 36,775,200
- -------------------------------------------------------------------------------
Total Consumer Staples 87,079,200
===============================================================================
Energy -- 18.1%
Energy Equipment & Services -- 1.1%
ENSCO International, Inc. 760,000 48,434,800
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 17.0%
Anadarko Petroleum Corp. 470,000 31,283,200
Apache Corp. 450,000 60,606,000
Chevron Corp. (b) 1,210,000 116,341,500
ConocoPhillips 1,100,000 94,765,000
Devon Energy Corp. 310,000 35,154,000
Exxon Mobil Corp. 2,260,000 210,338,200
Frontier Oil Corp. 1,210,000 30,068,500
Marathon Oil Corp. 480,000 21,873,600
Noble Energy, Inc. (b) 550,000 47,850,000
Occidental Petroleum Corp. (b) 850,000 70,728,500
Valero Energy Corp. 940,000 45,919,000
--------------
764,927,500
- -------------------------------------------------------------------------------
Total Energy 813,362,300
===============================================================================
Financials -- 7.2%
Consumer Finance -- 1.1%
Capital One Financial Corp. 890,000 47,170,000
- -------------------------------------------------------------------------------
Diversified Financial Services -- 0.4%
Bank of America Corp. 290,000 10,886,600
JPMorgan Chase & Co. 160,000 7,624,000
--------------
18,510,600
- -------------------------------------------------------------------------------
Insurance -- 5.7%
ACE Ltd. 330,000 19,895,700
The Allstate Corp. (b) 1,080,000 54,388,800
Chubb Corp. 980,000 51,910,600
MetLife, Inc. 950,000 57,807,500
The Travelers Cos., Inc. 1,110,000 55,944,000
UnumProvident Corp. (b) 750,000 17,407,500
--------------
257,354,100
- -------------------------------------------------------------------------------
Total Financials 323,034,700
===============================================================================
Health Care -- 19.1%
Biotechnology -- 1.1%
Biogen Idec, Inc. (a)(b) 840,000 50,979,600
- -------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 3.1%
Baxter International, Inc. 930,000 57,957,600
C.R. Bard, Inc. 530,000 49,910,100
Kinetic Concepts, Inc. (a) 842,200 33,401,652
--------------
141,269,352
- -------------------------------------------------------------------------------
Health Care Providers & Services -- 8.4%
Aetna, Inc. 1,150,000 50,140,000
AmerisourceBergen Corp. 700,000 28,385,000
Cigna Corp. 490,000 20,927,900
Coventry Health Care, Inc. (a)(b) 810,000 36,231,300
Express Scripts, Inc. (a)(b) 710,000 49,714,200
Humana, Inc. (a) 1,000,000 47,790,000
Lincare Holdings, Inc. (a) 1,010,000 24,583,400
McKesson Corp. 150,000 7,818,000
Medco Health Solutions, Inc. (a) 1,070,000 53,007,800
UnitedHealth Group, Inc. 170,000 5,547,100
WellPoint, Inc. (a) 1,070,000 53,232,500
--------------
377,377,200
- -------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.4%
Applera Corp. -- Applied Biosystems Group 160,000 5,105,600
Invitrogen Corp. (a) 210,000 19,649,700
Waters Corp. (a) 590,000 36,261,400
--------------
61,016,700
- -------------------------------------------------------------------------------
Pharmaceuticals -- 5.1%
Eli Lilly & Co. 1,180,000 56,805,200
Forest Laboratories, Inc. (a) 320,000 11,107,200
Johnson & Johnson 1,040,000 69,773,600
Pfizer, Inc. 4,570,000 91,902,700
--------------
229,588,700
- -------------------------------------------------------------------------------
Total Health Care 860,231,552
===============================================================================
See Notes to Financial Statements.
42 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Schedule of Investments (continued) Master Large Cap Core Portfolio
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
===============================================================================
Industrials -- 12.6%
Aerospace & Defense -- 3.9%
Honeywell International, Inc. 240,000 $ 14,256,000
L-3 Communications Holdings, Inc. 440,000 49,038,000
Lockheed Martin Corp. (b) 560,000 59,382,400
Raytheon Co. 850,000 54,374,500
--------------
177,050,900
- -------------------------------------------------------------------------------
Commercial Services & Supplies -- 1.1%
Allied Waste Industries, Inc. (a) 620,700 7,671,852
The Brink's Co. 30,000 2,182,500
Waste Management, Inc. 1,120,000 40,432,000
--------------
50,286,352
- -------------------------------------------------------------------------------
Electrical Equipment -- 1.0%
Rockwell Automation, Inc. (b) 790,000 42,841,700
- -------------------------------------------------------------------------------
Industrial Conglomerates -- 1.5%
General Electric Co. 2,040,000 66,708,000
- -------------------------------------------------------------------------------
Machinery -- 4.9%
AGCO Corp. (a) 700,000 42,091,000
Cummins, Inc. 590,000 36,963,500
Deere & Co. 650,000 54,645,500
Dover Corp. 410,000 20,282,700
Flowserve Corp. 90,000 11,168,100
Parker Hannifin Corp. 630,000 50,305,500
Toro Co. (b) 140,000 5,934,600
--------------
221,390,900
- -------------------------------------------------------------------------------
Road & Rail -- 0.2%
Ryder System, Inc. 130,000 8,901,100
- -------------------------------------------------------------------------------
Total Industrials 567,178,952
===============================================================================
Information Technology -- 24.8%
Communications Equipment -- 1.3%
Cisco Systems, Inc. (a) 290,000 7,435,600
Juniper Networks, Inc. (a)(b) 1,880,000 51,925,600
--------------
59,361,200
- -------------------------------------------------------------------------------
Computers & Peripherals -- 7.6%
Hewlett-Packard Co. 1,770,000 82,039,500
International Business Machines Corp. 820,000 98,974,000
Lexmark International, Inc. Class A (a)(b) 380,000 11,928,200
Seagate Technology 2,550,000 48,118,500
Sun Microsystems, Inc. (a) 3,250,000 50,895,000
Western Digital Corp. (a) 1,680,000 48,703,200
--------------
340,658,400
- -------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.7%
Avnet, Inc. (a) 760,000 19,904,400
Mettler Toledo International, Inc. (a) 130,000 12,383,800
--------------
32,288,200
- -------------------------------------------------------------------------------
IT Services -- 2.7%
Accenture Ltd. Class A 1,360,000 51,068,000
Computer Sciences Corp. (a) 792,900 34,562,511
Electronic Data Systems Corp. 1,770,000 32,851,200
--------------
118,481,711
- -------------------------------------------------------------------------------
Office Electronics -- 0.8%
Xerox Corp. 2,580,000 36,042,600
- -------------------------------------------------------------------------------
Semiconductors & Semiconductor
Equipment -- 4.5%
Integrated Device Technology, Inc. (a) 1,340,000 14,324,600
Intersil Corp. Class A 330,000 8,817,600
KLA-Tencor Corp. (b) 780,000 34,070,400
Novellus Systems, Inc. (a) 1,780,000 38,910,800
Texas Instruments, Inc. (b) 1,950,000 56,862,000
Xilinx, Inc. 2,030,000 50,283,100
--------------
203,268,500
- -------------------------------------------------------------------------------
Software -- 7.2%
BMC Software, Inc. (a) 1,390,000 48,316,400
CA, Inc. 890,000 19,704,600
Compuware Corp. (a) 1,620,000 12,214,800
McAfee, Inc. (a) 1,280,000 42,560,000
Microsoft Corp. 3,530,000 100,675,600
Oracle Corp. (a) 3,510,000 73,183,500
Symantec Corp. (a)(b) 400,000 6,888,000
Synopsys, Inc. (a) 930,000 21,492,300
--------------
325,035,200
- -------------------------------------------------------------------------------
Total Information Technology 1,115,135,811
===============================================================================
Materials -- 3.7%
Chemicals -- 0.5%
Eastman Chemical Co. 141,900 10,429,650
Monsanto Co. 90,000 10,261,800
--------------
20,691,450
- -------------------------------------------------------------------------------
Containers & Packaging -- 1.4%
Owens-Illinois, Inc. (a) 740,000 40,811,000
Packaging Corp. of America (b) 910,000 20,001,800
--------------
60,812,800
- -------------------------------------------------------------------------------
Metals & Mining -- 0.8%
Nucor Corp. 490,000 36,995,000
- -------------------------------------------------------------------------------
Paper & Forest Products -- 1.0%
International Paper Co. (b) 1,750,000 45,797,500
- -------------------------------------------------------------------------------
Total Materials 164,296,750
===============================================================================
Telecommunication Services -- 1.5%
Diversified Telecommunication Services -- 1.5%
AT&T Inc. 910,000 35,226,100
Qwest Communications International Inc. (b) 5,880,000 30,340,800
- -------------------------------------------------------------------------------
Total Telecommunication Services 65,566,900
===============================================================================
Total Common Stocks
(Cost -- $4,242,502,765) -- 100.1% 4,497,032,185
===============================================================================
Beneficial
Interest
Short-Term Securities (000)
===============================================================================
BlackRock Liquidity Series, LLC
Money Market Series, 2.85% (c)(d)(e) $496,650 496,650,100
- -------------------------------------------------------------------------------
Total Short-Term Securities
(Cost -- $496,650,100) -- 11.0% 496,650,100
===============================================================================
Total Investments (Cost -- $4,739,152,865*) -- 111.1% 4,993,682,285
Liabilities in Excess of Other Assets -- (11.1%) (500,240,353)
--------------
Net Assets -- 100.0% $4,493,441,932
==============
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 43
Schedule of Investments (concluded) Master Large Cap Core Portfolio
* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost ....................................... $ 4,752,647,094
===============
Gross unrealized appreciation ........................ $ 540,791,718
Gross unrealized depreciation ........................ (299,756,527)
---------------
Net unrealized appreciation .......................... $ 241,035,191
===============
(a) Non-income producing security.
(b) Security, or a portion of security, is on loan.
(c) Security was purchased with the cash proceeds from securities loans.
(d) Investments in companies considered to be an affiliate of the Portfolio,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
--------------------------------------------------------------------------
Net
Activity Interest
Affiliate (000) Income
--------------------------------------------------------------------------
BlackRock Liquidity Series, LLC
Cash Sweep Series -- $ 6,973
BlackRock Liquidity Series, LLC
Money Market Series $(385,790) 1,585,920
--------------------------------------------------------------------------
(e) Represents the current yield as of report date.
o For Portfolio compliance purposes, the Portfolio's sector and industry
classifications refer to any one or more of the sector and industry
sub-classifications used by one or more widely recognized market indexes
or ratings group indexes, and/or as defined by Portfolio management. This
definition may not apply for purposes of this report, which may combine
industry sub-classifications for reporting ease.
See Notes to Financial Statements.
44 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Schedule of Investments April 30, 2008 (Unaudited)
Master Large Cap Growth Portfolio
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
===============================================================================
Consumer Discretionary -- 11.2%
Leisure Equipment & Products -- 1.0%
Hasbro, Inc. 290,000 $ 10,312,400
- -------------------------------------------------------------------------------
Media -- 2.6%
Omnicom Group Inc. 234,000 11,171,160
Walt Disney Co. 460,000 14,917,800
--------------
26,088,960
- -------------------------------------------------------------------------------
Specialty Retail -- 6.3%
AutoZone, Inc. (a) 90,000 10,867,500
Best Buy Co., Inc. (b) 289,000 12,432,780
GameStop Corp. Class A (a)(b) 200,000 11,008,000
RadioShack Corp. (b) 540,000 7,506,000
Ross Stores, Inc. 320,000 10,716,800
TJX Cos., Inc. (b) 370,000 11,921,400
--------------
64,452,480
- -------------------------------------------------------------------------------
Textiles, Apparel & Luxury Goods -- 1.3%
Nike, Inc. Class B (b) 200,000 13,360,000
- -------------------------------------------------------------------------------
Total Consumer Discretionary 114,213,840
===============================================================================
Consumer Staples -- 2.1%
Beverages -- 1.0%
Pepsi Bottling Group, Inc. 293,000 9,877,030
- -------------------------------------------------------------------------------
Personal Products -- 1.1%
Herbalife Ltd. 260,000 11,382,800
- -------------------------------------------------------------------------------
Total Consumer Staples 21,259,830
===============================================================================
Energy -- 5.7%
Energy Equipment & Services -- 1.1%
ENSCO International, Inc. 180,000 11,471,400
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 4.6%
Exxon Mobil Corp. 275,000 25,594,250
Noble Energy, Inc. 124,000 10,788,000
Valero Energy Corp. 220,000 10,747,000
--------------
47,129,250
- -------------------------------------------------------------------------------
Total Energy 58,600,650
===============================================================================
Financials -- 1.5%
Insurance -- 1.5%
PartnerRe Ltd. 140,000 10,357,200
Transatlantic Holdings, Inc. 70,000 4,539,500
- -------------------------------------------------------------------------------
Total Financials 14,896,700
===============================================================================
Health Care -- 21.3%
Biotechnology -- 1.1%
Biogen Idec, Inc. (a) 180,000 10,924,200
- -------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 4.1%
Baxter International, Inc. 259,000 16,140,880
Becton Dickinson & Co. 10,000 894,000
C.R. Bard, Inc. 130,000 12,242,100
Kinetic Concepts, Inc. (a) 270,000 10,708,200
St. Jude Medical, Inc. (a) 40,000 1,751,200
--------------
41,736,380
- -------------------------------------------------------------------------------
Health Care Providers & Services -- 7.4%
Aetna, Inc. 290,000 12,644,000
AmerisourceBergen Corp. 265,000 10,745,750
Express Scripts, Inc. (a)(b) 170,000 11,903,400
Humana, Inc. (a) 60,000 2,867,400
Laboratory Corp. of America Holdings (a) 10,000 756,200
Lincare Holdings, Inc. (a) 430,000 10,466,200
Medco Health Solutions, Inc. (a) 290,000 14,366,600
WellPoint, Inc. (a) 240,000 11,940,000
--------------
75,689,550
- -------------------------------------------------------------------------------
Life Sciences Tools & Services -- 3.0%
Applera Corp. -- Applied Biosystems Group 350,000 11,168,500
Invitrogen Corp. (a) 110,000 10,292,700
Waters Corp. (a) 150,000 9,219,000
--------------
30,680,200
- -------------------------------------------------------------------------------
Pharmaceuticals -- 5.7%
Eli Lilly & Co. 220,000 10,590,800
Forest Laboratories, Inc. (a) 330,000 11,454,300
Johnson & Johnson 310,000 20,797,900
Pfizer, Inc. 177,600 3,571,536
Watson Pharmaceuticals, Inc. (a) 360,000 11,174,400
--------------
57,588,936
- -------------------------------------------------------------------------------
Total Health Care 216,619,266
===============================================================================
Industrials -- 15.4%
Aerospace & Defense -- 6.1%
DRS Technologies, Inc. 181,000 11,301,640
General Dynamics Corp. 130,000 11,754,600
L-3 Communications Holdings, Inc. 100,000 11,145,000
Lockheed Martin Corp. 151,000 16,012,040
Raytheon Co. 190,000 12,154,300
--------------
62,367,580
- -------------------------------------------------------------------------------
Commercial Services & Supplies -- 3.3%
Allied Waste Industries, Inc. (a) 670,000 8,281,200
The Brink's Co. 90,000 6,547,500
Steelcase, Inc. Class A (b) 550,000 6,094,000
Waste Management, Inc. 349,000 12,598,900
--------------
33,521,600
- -------------------------------------------------------------------------------
Electrical Equipment -- 1.2%
Hubbell, Inc. Class B 240,000 10,735,200
Rockwell Automation, Inc. 30,000 1,626,900
--------------
12,362,100
- -------------------------------------------------------------------------------
Machinery -- 4.8%
AGCO Corp. (a) 180,000 10,823,400
Deere & Co. 130,000 10,929,100
Dover Corp. 230,000 11,378,100
Flowserve Corp. 90,000 11,168,100
Toro Co. (b) 100,000 4,239,000
--------------
48,537,700
- -------------------------------------------------------------------------------
Total Industrials 156,788,980
===============================================================================
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 45
Schedule of Investments (continued) Master Large Cap Growth Portfolio
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
===============================================================================
Information Technology -- 36.7%
Communications Equipment -- 1.4%
Cisco Systems, Inc. (a) 70,000 $ 1,794,800
Juniper Networks, Inc. (a)(b) 440,000 12,152,800
--------------
13,947,600
- -------------------------------------------------------------------------------
Computers & Peripherals -- 10.4%
Hewlett-Packard Co. 580,000 26,883,000
International Business Machines Corp. 241,000 29,088,700
Lexmark International, Inc. Class A (a) 201,000 6,309,390
QLogic Corp. (a) 690,000 11,012,400
Seagate Technology 570,000 10,755,900
Sun Microsystems, Inc. (a) 700,000 10,962,000
Western Digital Corp. (a) 370,000 10,726,300
--------------
105,737,690
- -------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 1.7%
Agilent Technologies, Inc. (a) 225,000 6,797,250
Mettler Toledo International, Inc. (a) 108,000 10,288,080
--------------
17,085,330
- -------------------------------------------------------------------------------
IT Services -- 4.4%
Accenture Ltd. Class A 370,000 13,893,500
Affiliated Computer Services, Inc. Class A (a) 210,000 11,123,700
Electronic Data Systems Corp. 420,000 7,795,200
Hewitt Associates, Inc. Class A (a) 280,000 11,480,000
--------------
44,292,400
- -------------------------------------------------------------------------------
Internet Software & Services -- 0.7%
eBay, Inc. (a) 240,000 7,509,600
- -------------------------------------------------------------------------------
Semiconductors & Semiconductor
Equipment -- 6.2%
Integrated Device Technology, Inc. (a) 690,000 7,376,100
Intersil Corp. Class A 380,000 10,153,600
KLA-Tencor Corp. 230,000 10,046,400
Novellus Systems, Inc. (a) 370,000 8,088,200
Texas Instruments, Inc. (b) 551,000 16,067,160
Xilinx, Inc. (b) 480,000 11,889,600
--------------
63,621,060
- -------------------------------------------------------------------------------
Software -- 11.9%
BMC Software, Inc. (a) 320,000 11,123,200
CA, Inc. 500,000 11,070,000
Compuware Corp. (a) 1,410,000 10,631,400
McAfee, Inc. (a) 310,000 10,307,500
Microsoft Corp. 1,500,000 42,780,000
Oracle Corp. (a) 1,020,000 21,267,000
Symantec Corp. (a) 189,000 3,254,580
Synopsys, Inc. (a) 480,000 11,092,800
--------------
121,526,480
- -------------------------------------------------------------------------------
Total Information Technology 373,720,160
===============================================================================
Materials -- 6.2%
Chemicals -- 2.6%
Monsanto Co. 161,000 18,357,220
The Mosaic Co. (a)(b) 70,000 8,575,700
--------------
26,932,920
- -------------------------------------------------------------------------------
Containers & Packaging -- 2.2%
Crown Holdings, Inc. (a) 130,000 3,489,200
Owens-Illinois, Inc. (a) 201,000 11,085,150
Packaging Corp. of America 360,000 7,912,800
--------------
22,487,150
- -------------------------------------------------------------------------------
Metals & Mining -- 1.4%
Carpenter Technology Corp. 50,000 2,564,000
Nucor Corp. 150,000 11,325,000
--------------
13,889,000
- -------------------------------------------------------------------------------
Total Materials 63,309,070
===============================================================================
Total Common Stocks
(Cost -- $1,001,752,394) -- 100.1% 1,019,408,496
===============================================================================
Beneficial
Interest
Short-Term Securities (000)
===============================================================================
BlackRock Liquidity Series, LLC
Cash Sweep Series, 3.03% (c)(d)(f) -- 194
BlackRock Liquidity Series, LLC
Money Market Series, 2.85% (c)(d)(e) $83,392 83,392,350
- -------------------------------------------------------------------------------
Total Short-Term Securities
(Cost -- $83,392,544) -- 8.2% 83,392,544
===============================================================================
Total Investments (Cost -- $1,085,144,938*) -- 108.3% 1,102,801,040
Liabilities in Excess of Other Assets -- (8.3%) (84,896,315)
--------------
Net Assets -- 100.0% $1,017,904,725
==============
See Notes to Financial Statements.
46 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Schedule of Investments (concluded) Master Large Cap Growth Portfolio
* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost ....................................... $ 1,087,641,326
===============
Gross unrealized appreciation ........................ $ 83,313,771
Gross unrealized depreciation ........................ (68,154,057)
---------------
Net unrealized appreciation .......................... $ 15,159,714
===============
(a) Non-income producing security.
(b) Security, or a portion of security, is on loan.
(c) Investments in companies considered to be an affiliate of the Portfolio,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
--------------------------------------------------------------------------
Net
Activity Interest
Affiliate (000) Income
--------------------------------------------------------------------------
BlackRock Liquidity Series, LLC
Cash Sweep Series $ (1,956) $ 23,740
BlackRock Liquidity Series, LLC
Money Market Series $(112,515) $ 315,848
--------------------------------------------------------------------------
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash proceeds from securities loans.
(f) Amount is less than $1,000.
o For Portfolio compliance purposes, the Portfolio's sector and industry
classifications refer to any one or more of the sector and industry
sub-classifications used by one or more widely recognized market indexes
or ratings group indexes, and/or as defined by Portfolio management. This
definition may not apply for purposes of this report, which may combine
sector and industry sub-classifications for reporting ease.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 47
Schedule of Investments April 30, 2008 (Unaudited)
Master Large Cap Value Portfolio
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
===============================================================================
Consumer Discretionary -- 4.8%
Household Durables -- 0.1%
NVR, Inc. (a) 10,000 $ 6,135,000
- -------------------------------------------------------------------------------
Internet & Catalog Retail -- 1.1%
Expedia, Inc. (a)(b) 2,070,000 52,288,200
- -------------------------------------------------------------------------------
Leisure Equipment & Products -- 0.1%
Hasbro, Inc. 130,000 4,622,800
- -------------------------------------------------------------------------------
Media -- 1.6%
Walt Disney Co. 2,400,000 77,832,000
- -------------------------------------------------------------------------------
Specialty Retail -- 1.9%
The Gap, Inc. (b) 3,080,000 57,349,600
RadioShack Corp. (b) 2,700,000 37,530,000
--------------
94,879,600
- -------------------------------------------------------------------------------
Total Consumer Discretionary 235,757,600
===============================================================================
Consumer Staples -- 1.9%
Beverages -- 1.7%
Coca-Cola Enterprises, Inc. (b) 1,440,000 32,400,000
Pepsi Bottling Group, Inc. 1,440,000 48,542,400
--------------
80,942,400
- -------------------------------------------------------------------------------
Food & Staples Retailing -- 0.1%
BJ's Wholesale Club, Inc. (a)(b) 170,000 6,480,400
- -------------------------------------------------------------------------------
Household Products -- 0.1%
Colgate-Palmolive Co. 100,000 7,070,000
- -------------------------------------------------------------------------------
Total Consumer Staples 94,492,800
===============================================================================
Energy -- 23.3%
Energy Equipment & Services -- 1.8%
ENSCO International, Inc. (b) 790,000 50,346,700
Tidewater, Inc. (b) 600,000 39,132,000
--------------
89,478,700
- -------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 21.5%
Anadarko Petroleum Corp. 1,060,000 70,553,600
Apache Corp. 100,000 13,468,000
Chevron Corp. 2,150,000 206,722,500
ConocoPhillips 1,800,000 155,070,000
Exxon Mobil Corp. 3,710,000 345,289,700
Marathon Oil Corp. (b) 1,390,000 63,342,300
Noble Energy, Inc. 660,000 57,420,000
Occidental Petroleum Corp. 1,220,000 101,516,200
Valero Energy Corp. 810,000 39,568,500
--------------
1,052,950,800
- -------------------------------------------------------------------------------
Total Energy 1,142,429,500
===============================================================================
Financials -- 18.5%
Capital Markets -- 1.1%
Ameriprise Financial, Inc. 1,100,000 52,239,000
- -------------------------------------------------------------------------------
Commercial Banks -- 0.3%
Comerica, Inc. 430,000 14,933,900
- -------------------------------------------------------------------------------
Consumer Finance -- 1.3%
Capital One Financial Corp. (b) 1,210,000 64,130,000
- -------------------------------------------------------------------------------
Diversified Financial Services -- 1.9%
Bank of America Corp. 760,000 28,530,400
JPMorgan Chase & Co. 460,000 21,919,000
The NASDAQ Stock Market, Inc. (a) 1,190,000 43,375,500
--------------
93,824,900
- -------------------------------------------------------------------------------
Insurance -- 12.9%
ACE Ltd. 1,060,000 63,907,400
The Allstate Corp. 1,480,000 74,532,800
American Financial Group, Inc. (b) 860,000 23,581,200
Chubb Corp. 1,260,000 66,742,200
Everest Re Group Ltd. 550,000 49,692,500
HCC Insurance Holdings, Inc. 730,000 18,016,400
The Hanover Insurance Group, Inc. 390,000 17,503,200
Hartford Financial Services Group, Inc. 110,000 7,839,700
MetLife, Inc. (b) 1,160,000 70,586,000
PartnerRe Ltd. 510,000 37,729,800
RenaissanceRe Holdings Ltd. 690,000 35,493,600
The Travelers Cos., Inc. 1,460,000 73,584,000
UnumProvident Corp. (b) 2,460,000 57,096,600
W.R. Berkley Corp. 1,450,000 37,250,500
--------------
633,555,900
- -------------------------------------------------------------------------------
Thrifts & Mortgage Finance -- 1.0%
Hudson City Bancorp, Inc. 2,410,000 46,103,300
- -------------------------------------------------------------------------------
Total Financials 904,787,000
===============================================================================
Health Care -- 15.3%
Biotechnology -- 1.2%
Biogen Idec, Inc. (a)(b) 970,000 58,869,300
- -------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 0.7%
Kinetic Concepts, Inc. (a) 910,000 36,090,600
- -------------------------------------------------------------------------------
Health Care Providers & Services -- 5.9%
Aetna, Inc. 1,130,000 49,268,000
AmerisourceBergen Corp. 1,260,000 51,093,000
Cigna Corp. 860,000 36,730,600
Coventry Health Care, Inc. (a) 630,000 28,179,900
Humana, Inc. (a) 360,000 17,204,400
Medco Health Solutions, Inc. (a) 960,000 47,558,400
WellPoint, Inc. (a) 1,200,000 59,700,000
--------------
289,734,300
- -------------------------------------------------------------------------------
Life Sciences Tools & Services -- 2.2%
Applera Corp. -- Applied Biosystems Group (b) 1,730,000 55,204,300
Invitrogen Corp. (a) 560,000 52,399,200
--------------
107,603,500
- -------------------------------------------------------------------------------
Pharmaceuticals -- 5.3%
Eli Lilly & Co. (b) 1,220,000 58,730,800
Johnson & Johnson 140,000 9,392,600
King Pharmaceuticals, Inc. (a)(b) 1,330,000 12,488,700
Pfizer, Inc. 7,600,000 152,836,000
Watson Pharmaceuticals, Inc. (a) 790,000 24,521,600
--------------
257,969,700
- -------------------------------------------------------------------------------
Total Health Care 750,267,400
===============================================================================
See Notes to Financial Statements.
48 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Schedule of Investments (continued) Master Large Cap Value Portfolio
(Percentages shown are based on Net Assets)
Common Stocks Shares Value
===============================================================================
Industrials -- 16.7%
Aerospace & Defense -- 4.8%
DRS Technologies, Inc. (b) 310,000 $ 19,356,400
General Dynamics Corp. 530,000 47,922,600
L-3 Communications Holdings, Inc. (b) 530,000 59,068,500
Northrop Grumman Corp. 700,000 51,499,000
Raytheon Co. 920,000 58,852,400
--------------
236,698,900
- -------------------------------------------------------------------------------
Commercial Services & Supplies -- 1.9%
R.R. Donnelley & Sons Co. 1,210,000 37,074,400
Waste Management, Inc. 1,560,000 56,316,000
--------------
93,390,400
- -------------------------------------------------------------------------------
Electrical Equipment -- 0.1%
Hubbell, Inc. Class B 110,000 4,920,300
- -------------------------------------------------------------------------------
Industrial Conglomerates -- 2.6%
General Electric Co. 3,860,000 126,222,000
- -------------------------------------------------------------------------------
Machinery -- 7.1%
AGCO Corp. (a)(b) 740,000 44,496,200
Deere & Co. 840,000 70,618,800
Dover Corp. 1,170,000 57,879,900
Flowserve Corp. 270,000 33,504,300
Gardner Denver, Inc. (a) 540,000 25,083,000
Parker Hannifin Corp. (b) 770,000 61,484,500
SPX Corp. 470,000 57,810,000
--------------
350,876,700
- -------------------------------------------------------------------------------
Road & Rail -- 0.2%
Ryder System, Inc. 120,000 8,216,400
- -------------------------------------------------------------------------------
Total Industrials 820,324,700
===============================================================================
Information Technology -- 13.0%
Communications Equipment -- 0.1%
Juniper Networks, Inc. (a) 90,000 2,485,800
- -------------------------------------------------------------------------------
Computers & Peripherals -- 4.5%
Hewlett-Packard Co. 990,000 45,886,500
International Business Machines Corp. 610,000 73,627,000
QLogic Corp. (a) 620,000 9,895,200
Seagate Technology 2,620,000 49,439,400
Western Digital Corp. (a)(b) 1,450,000 42,035,500
--------------
220,883,600
- -------------------------------------------------------------------------------
Electronic Equipment & Instruments -- 0.4%
Tech Data Corp. (a) 560,000 18,821,600
- -------------------------------------------------------------------------------
IT Services -- 2.2%
Computer Sciences Corp. (a) 1,100,000 47,949,000
Electronic Data Systems Corp. 2,070,000 38,419,200
Hewitt Associates, Inc. Class A (a) 510,000 20,910,000
--------------
107,278,200
- -------------------------------------------------------------------------------
Office Electronics -- 1.0%
Xerox Corp. 3,490,000 48,755,300
- -------------------------------------------------------------------------------
Semiconductors & Semiconductor
Equipment -- 1.4%
Integrated Device Technology, Inc. (a) 900,000 9,621,000
KLA-Tencor Corp. (b) 480,000 20,966,400
Novellus Systems, Inc. (a) 1,810,000 39,566,600
--------------
70,154,000
- -------------------------------------------------------------------------------
Software -- 3.4%
BMC Software, Inc. (a) 1,050,000 36,498,000
CA, Inc. 1,670,000 36,973,800
Compuware Corp. (a) 3,490,000 26,314,600
McAfee, Inc. (a) 1,360,000 45,220,000
Synopsys, Inc. (a) 920,000 21,261,200
--------------
166,267,600
- -------------------------------------------------------------------------------
Total Information Technology 634,646,100
===============================================================================
Materials -- 4.6%
Chemicals -- 0.7%
FMC Corp. 580,000 36,412,400
- -------------------------------------------------------------------------------
Containers & Packaging -- 1.0%
Owens-Illinois, Inc. (a) 890,000 49,083,500
- -------------------------------------------------------------------------------
Metals & Mining -- 1.8%
Carpenter Technology Corp. 480,000 24,614,400
Nucor Corp. (b) 820,000 61,910,000
--------------
86,524,400
- -------------------------------------------------------------------------------
Paper & Forest Products -- 1.1%
International Paper Co. (b) 2,060,000 53,910,200
- -------------------------------------------------------------------------------
Total Materials 225,930,500
===============================================================================
Telecommunication Services -- 1.9%
Diversified Telecommunication
Services -- 1.9%
AT&T Inc. 2,130,000 82,452,300
Qwest Communications International Inc. (b) 1,660,000 8,565,600
- -------------------------------------------------------------------------------
Total Telecommunication Services 91,017,900
===============================================================================
Total Common Stocks
(Cost -- $4,667,746,904) -- 100.0% 4,899,653,500
===============================================================================
Beneficial
Interest
Short-Term Securities (000)
===============================================================================
BlackRock Liquidity Series, LLC
Cash Sweep Series, 3.03% (c)(d) $ 8,121 8,121,435
BlackRock Liquidity Series, LLC
Money Market Series, 2.85% (c)(d)(e) 457,634 457,633,600
- -------------------------------------------------------------------------------
Total Short-Term Securities
(Cost -- $465,755,035) -- 9.5% 465,755,035
===============================================================================
Total Investments
(Cost -- $5,133,501,939*) -- 109.5% 5,365,408,535
Liabilities in Excess of Other Assets -- (9.5%) (466,375,162)
--------------
Net Assets -- 100.0% $4,899,033,373
==============
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 49
Schedule of Investments (concluded) Master Large Cap Value Portfolio
* The cost and unrealized appreciation (depreciation) of investments as of
April 30, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost ....................................... $ 5,142,842,955
===============
Gross unrealized appreciation ........................ $ 571,236,911
Gross unrealized depreciation ........................ (348,671,331)
---------------
Net unrealized appreciation .......................... $ 222,565,580
===============
(a) Non-income producing security.
(b) Security, or a portion of security, is on loan.
(c) Investments in companies considered to be an affiliate of the Portfolio,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
--------------------------------------------------------------------------
Net
Activity Interest
Affiliate (000) Income
--------------------------------------------------------------------------
BlackRock Liquidity Series, LLC
Cash Sweep Series $ 8,111 $ 107,561
BlackRock Liquidity Series, LLC
Money Market Series $ (113,459) $1,137,422
--------------------------------------------------------------------------
(d) Represents the current yield as of report date.
(e) Security was purchased with the cash proceeds from securities loans.
o For Portfolio compliance purposes, the Portfolio's sector and industry
classifications refer to any one or more of the sector and industry
sub-classifications used by one or more widely recognized market indexes
or ratings group indexes, and/or as defined by Portfolio management. This
definition may not apply for purposes of this report, which may combine
sector and industry sub-classifications for reporting ease.
See Notes to Financial Statements.
50 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Statements of Assets and Liabilities Master Large Cap Series LLC
Master Large Master Large Master Large
Cap Core Cap Growth Cap Value
April 30, 2008 (Unaudited) Portfolio Portfolio Portfolio
====================================================================================================================================
Assets
- ------------------------------------------------------------------------------------------------------------------------------------
Investments at value -- unaffiliated 1,2 ..................................... $4,497,032,185 $1,019,408,496 $4,899,653,500
Investments at value -- affiliated 3 ......................................... 496,650,100 83,392,544 465,755,035
Cash ......................................................................... -- -- 74,016
Investments sold receivable .................................................. 95,320,232 61,262,685 56,456,602
Contributions receivable ..................................................... 5,788,883 1,489,507 11,712,406
Dividends receivable ......................................................... 1,554,484 213,860 2,276,000
Securities lending income receivable ......................................... 186,700 25,301 219,582
Other receivables ............................................................ 290,456 10,421 181,175
Interest receivable -- affiliated ............................................ 115 -- --
Prepaid expenses ............................................................. 8,550 1,955 6,174
--------------------------------------------------
Total assets ................................................................. 5,096,831,705 1,165,804,769 5,436,334,490
--------------------------------------------------
====================================================================================================================================
Liabilities
- ------------------------------------------------------------------------------------------------------------------------------------
Collateral on securities loaned at value ..................................... 496,650,100 83,392,350 457,633,600
Bank overdraft ............................................................... 11,087,813 1,507,603 --
Investments purchased payable ................................................ 80,619,075 58,305,059 63,032,797
Withdrawals payable .......................................................... 13,234,536 4,173,539 14,553,377
Investment advisory fees payable ............................................. 1,709,571 419,243 1,907,854
Other affiliates payable ..................................................... 49,693 6,085 42,514
Officer payable .............................................................. 647 172 630
Other accrued expenses payable ............................................... 38,338 95,993 130,345
--------------------------------------------------
Total liabilities ............................................................ 603,389,773 147,900,044 537,301,117
--------------------------------------------------
====================================================================================================================================
Net Assets
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets ................................................................... $4,493,441,932 $1,017,904,725 $4,899,033,373
==================================================
====================================================================================================================================
Net Assets Consist of
- ------------------------------------------------------------------------------------------------------------------------------------
Investors' capital ........................................................... $4,238,912,512 $1,000,248,623 $4,667,126,777
Net unrealized appreciation/depreciation ..................................... 254,529,420 17,656,102 231,906,596
--------------------------------------------------
Net Assets ................................................................... $4,493,441,932 $1,017,904,725 $4,899,033,373
==================================================
1 Cost -- unaffiliated ................................................... $4,242,502,765 $1,001,752,394 $4,667,746,904
==================================================
2 Securities loaned at value ............................................. $ 476,946,809 $ 79,959,881 $ 440,198,588
==================================================
3 Cost -- affiliated ..................................................... $ 496,650,100 $ 83,392,544 $ 465,755,035
==================================================
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 51
Statements of Operations Master Large Cap Series LLC
Master Large Master Large Master Large
Cap Core Cap Growth Cap Value
Six Months Ended April 30, 2008 (Unaudited) Portfolio Portfolio Portfolio
===================================================================================================================================
Investment Income
- -----------------------------------------------------------------------------------------------------------------------------------
Dividends .............................................................. $ 30,168,153 $ 5,826,725 $ 38,507,505
Securities lending ..................................................... 1,585,920 315,848 1,137,422
Interest from affiliates ............................................... 6,973 23,740 107,561
-------------------------------------------------------
Total income ........................................................... 31,761,046 6,166,313 39,752,488
-------------------------------------------------------
===================================================================================================================================
Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
Investment advisory .................................................... 11,134,291 2,698,199 11,770,230
Accounting services .................................................... 356,414 168,395 355,243
Custodian .............................................................. 208,514 50,785 178,614
Professional ........................................................... 46,228 25,452 41,944
Officer and Directors .................................................. 34,414 14,280 36,949
Printing ............................................................... 2,875 663 2,792
Miscellaneous .......................................................... 38,269 10,503 40,891
-------------------------------------------------------
Total expenses ......................................................... 11,821,005 2,968,277 12,426,663
-------------------------------------------------------
Net investment income .................................................. 19,940,041 3,198,036 27,325,825
-------------------------------------------------------
===================================================================================================================================
Realized and Unrealized Loss
- -----------------------------------------------------------------------------------------------------------------------------------
Realized loss from investments ......................................... (186,163,412) (24,453,582) (159,505,085)
Net change in unrealized appreciation/depreciation on investments ...... (994,381,427) (174,501,487) (484,286,844)
-------------------------------------------------------
Total realized and unrealized loss ..................................... (1,180,544,839) (198,955,069) (643,791,929)
-------------------------------------------------------
Net Decrease in Net Assets Resulting from Operations ................... $(1,160,604,798) $ (195,757,033) $ (616,466,104)
=======================================================
See Notes to Financial Statements.
52 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Statements of Changes in Net Assets Master Large Cap Series LLC
Master Large Cap Core Portfolio
-----------------------------------
Six Months
Ended
April 30, Year Ended
2008 October 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income ...................................................................... $ 19,940,041 $ 27,760,104
Net realized gain (loss) ................................................................... (186,163,412) 527,140,752
Net change in unrealized appreciation/depreciation ......................................... (994,381,427) 308,789,197
-----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (1,160,604,798) 863,690,053
-----------------------------------
===================================================================================================================================
Capital Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Proceeds from contributions ................................................................ 650,312,857 1,128,729,030
Fair value of withdrawals .................................................................. (645,997,116) (219,326,884)
-----------------------------------
Net increase in net assets derived from capital transactions ............................... 4,315,741 909,402,146
-----------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................................................... (1,156,289,057) 1,773,092,199
Beginning of period ........................................................................ 5,649,730,989 3,876,638,790
-----------------------------------
End of period .............................................................................. $ 4,493,441,932 $ 5,649,730,989
===================================
Statements of Changes in Net Assets Master Large Cap Series LLC
Master Large Cap Growth Portfolio
-----------------------------------
Six Months
Ended
April 30, Year Ended
2008 October 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income ...................................................................... $ 3,198,036 $ 2,458,062
Net realized gain (loss) ................................................................... (24,453,582) 69,759,009
Net change in unrealized appreciation/depreciation ......................................... (174,501,487) 89,197,066
-----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (195,757,033) 161,414,137
-----------------------------------
===================================================================================================================================
Capital Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Proceeds from contributions ................................................................ 361,089,024 596,750,862
Fair value of withdrawals .................................................................. (381,422,494) (309,546,572)
-----------------------------------
Net increase (decrease) in net assets derived from capital transactions .................... (20,333,470) 287,204,290
-----------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................................................... (216,090,503) 448,618,427
Beginning of period ........................................................................ 1,233,995,228 785,376,801
-----------------------------------
End of period .............................................................................. $ 1,017,904,725 $ 1,233,995,228
===================================
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 53
Statements of Changes in Net Assets Master Large Cap Series LLC
Master Large Cap Value Portfolio
-----------------------------------
Six Months
Ended
April 30, Year Ended
2008 October 31,
Increase (Decrease) in Net Assets: (Unaudited) 2007
===================================================================================================================================
Operations
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income ...................................................................... $ 27,325,825 $ 45,367,286
Net realized gain (loss) ................................................................... (159,505,085) 338,339,351
Net change in unrealized appreciation/depreciation ......................................... (484,286,844) 147,211,110
-----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (616,466,104) 530,917,747
-----------------------------------
===================================================================================================================================
Capital Transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Proceeds from contributions ................................................................ 1,382,831,256 2,162,748,781
Fair value of withdrawals .................................................................. (1,259,486,330) (1,229,437,681)
-----------------------------------
Net increase in net assets derived from capital transactions ............................... 123,344,926 933,311,100
-----------------------------------
===================================================================================================================================
Net Assets
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................................................... (493,121,178) 1,464,228,847
Beginning of period ........................................................................ 5,392,154,551 3,927,925,704
-----------------------------------
End of period .............................................................................. $ 4,899,033,373 $ 5,392,154,551
===================================
See Notes to Financial Statements.
54 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Financial Highlights Master Large Cap Series LLC
Master Large Cap Core Portfolio
-------------------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 ----------------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
========================================================================================================================
Total Investment Return
- ------------------------------------------------------------------------------------------------------------------------
Total investment return ....... (15.66%) 1 13.94% 17.32% 18.35% 9.61% 25.11%
=====================================================================================
========================================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------------------------
Total expenses ................ 0.49% 2 0.49% 0.49% 0.51% 0.52% 0.54%
=====================================================================================
Net investment income ......... 0.82% 2 0.63% 0.58% 0.72% 0.57% 0.48%
=====================================================================================
========================================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $4,493,442 $5,649,731 $3,876,639 $2,666,699 $1,831,300 $1,454,109
=====================================================================================
Portfolio turnover ............ 52% 96% 88% 94% 136% 139%
=====================================================================================
1 Aggregate total investment return.
2 Annualized.
Financial Highlights Master Large Cap Series LLC
Master Large Cap Growth Portfolio
-------------------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 ----------------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
========================================================================================================================
Total Investment Return
- ------------------------------------------------------------------------------------------------------------------------
Total investment return ....... (15.76%) 1 17.47% 14.05% 12.47% 5.42% 25.01%
=====================================================================================
========================================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------------------------
Total expenses ................ 0.55% 2 0.56% 0.56% 0.57% 0.59% 0.61%
=====================================================================================
Net investment income ......... 0.59% 2 0.25% 0.26% 0.33% 0.09% 0.04%
=====================================================================================
========================================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $1,017,905 $1,233,995 $ 785,377 $ 489,398 $ 344,400 $ 250,166
=====================================================================================
Portfolio turnover ............ 73% 87% 117% 132% 165% 178%
=====================================================================================
1 Aggregate total investment return.
2 Annualized.
See Notes to Financial Statements.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 55
Financial Highlights (concluded) Master Large Cap Series LLC
Master Large Cap Value Portfolio
-------------------------------------------------------------------------------------
Six Months
Ended
April 30, Year Ended October 31,
2008 ----------------------------------------------------------------------
(Unaudited) 2007 2006 2005 2004 2003
========================================================================================================================
Total Investment Return
- ------------------------------------------------------------------------------------------------------------------------
Total investment return ....... (11.39%) 1 12.72% 18.48% 21.93% 14.57% 27.05%
=====================================================================================
========================================================================================================================
Ratios to Average Net Assets
- ------------------------------------------------------------------------------------------------------------------------
Total expenses ................ 0.51% 2 0.51% 0.53% 0.55% 0.56% 0.57%
=====================================================================================
Net investment income ......... 1.11% 2 0.95% 0.73% 0.80% 0.93% 0.97%
=====================================================================================
========================================================================================================================
Supplemental Data
- ------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (000) $4,899,033 $5,392,155 $3,927,926 $1,535,988 $ 810,489 $ 515,257
=====================================================================================
Portfolio turnover ............ 45% 72% 71% 95% 128% 157%
=====================================================================================
1 Aggregate total investment return.
2 Annualized.
See Notes to Financial Statements.
56 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Notes to Financial Statements (Unaudited) Master Large Cap Series LLC
1. Significant Accounting Policies:
Master Large Cap Core Portfolio, Master Large Cap Growth Portfolio and Master
Large Cap Value Portfolio (the "Portfolios" or individually, a "Portfolio")
constitute 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"), and is organized as a Delaware limited liability company. The Limited
Liability Company Agreement permits the Directors to issue non-transferable
interests in the Master LLC, subject to certain limitations. The Portfolios'
financial statements are prepared in conformity with accounting principles
generally accepted in the United States of America, which may require the use of
management accruals and estimates. Actual results may differ from these
estimates.
The following is a summary of significant accounting policies followed by the
Portfolios:
Valuation of Investments: Equity investments traded on a recognized securities
exchange or the NASDAQ Global Market System are valued at the last reported sale
price that day or the NASDAQ official closing price, if applicable. Equity
investments traded on a recognized exchange for which there were no sales on
that day are valued at the last available bid price. Investments in open-end
investment companies are valued at net asset value each business day.
In the event that application of these methods of valuation results in a price
for an investment which is deemed not to be representative of the market value
of such investment, the investment will be valued by a method approved by the
Board of Directors (the "Board") as reflecting fair value ("Fair Value Assets").
When determining the price for Fair Value Assets, the investment advisor and/or
sub-advisor seeks to determine the price that a Portfolio might reasonably
expect to receive from the current sale of that asset in an arm's-length
transaction. Fair value determinations shall be based upon all available factors
that the investment advisor and/or sub-advisor deems relevant. The pricing of
all Fair Value Assets is subsequently reported to the Board or a committee
thereof.
Investment Transactions and Investment Income: Investment transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Dividends from foreign securities where the ex-dividend date may have passed are
subsequently recorded when a Portfolio has determined the ex-dividend date.
Interest income is recognized on the accrual basis.
Securities Lending: The Portfolios may lend securities to financial institutions
that provide cash or securities issued or guaranteed by the U.S. government as
collateral, which will be maintained at all times in an amount equal to at least
100% of the current market value of the loaned securities. The market value of
the loaned securities is determined at the close of business of the Portfolio
and any additional required collateral is delivered to the Portfolio on the next
business day. A Portfolio typically receives the income on the loaned securities
but does not receive the income on the collateral. Where a Portfolio receives
cash collateral, it may invest such collateral and retain the amount earned on
such investment, net of any amount rebated to the borrower. A Portfolio may
receive a flat fee for its loans. 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. A Portfolio
may pay reasonable lending agent, administrative and custodial fees in
connection with its loans. In the event that the borrower defaults on its
obligation to return borrowed securities because of insolvency or for any other
reason, a Portfolio could experience delays and costs in gaining access to the
collateral. A Portfolio also could suffer a loss where the value of the
collateral falls below the market value of the borrowed securities, in the event
of borrower default or in the event of losses on investments made with cash
collateral.
Income Taxes: It is each Portfolio's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required. Under the applicable
foreign tax laws, a withholding tax may be imposed on interest, dividends and
capital gains at various rates.
Effective April 30, 2008, each Portfolio implemented Financial Accounting
Standards Board ("FASB") Interpretation No. 48, "Accounting for Uncertainty in
Income Taxes -- an interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48
prescribes the minimum recognition threshold a tax position must meet in
connection with accounting for uncertainties in income tax positions taken or
expected to be taken by an entity, including investment companies, before being
measured and recognized in the financial statements. The investment advisor has
evaluated the application of FIN 48 to the Portfolios, and has determined that
the adoption of FIN 48 does not have a material impact on any Portfolios'
financial statements. The Portfolios file U.S. federal and various state and
local tax returns. No income tax returns are currently under examination. The
statutes of limitations on the Portfolios' U.S. federal tax returns remains open
for the years ended October 31, 2004 through October 31, 2006. The statutes of
limitations on the Portfolios' state and local tax returns may remain open for
an additional year depending upon the jurisdiction.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 57
Notes to Financial Statements (continued) Master Large Cap Series LLC
Recent Accounting Pronouncements: In September 2006, Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), was issued
and is effective for fiscal years beginning after November 15, 2007. FAS 157
defines fair value, establishes a framework for measuring fair value and expands
disclosures about fair value measurements. The impact on the Portfolios'
financial statement disclosures, if any, is currently being assessed.
In addition, in February 2007, Statement of Financial Accounting Standards No.
159, "The Fair Value Option for Financial Assets and Financial Liabilities"
("FAS 159"), was issued and is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted at the beginning of a fiscal year
that begins on or before November 15, 2007 provided the entity also elects to
apply the provisions of FAS 157. FAS 159 permits entities to choose to measure
many financial instruments and certain other items at fair value that are not
currently required to be measured at fair value. FAS 159 also establishes
presentation and disclosure requirements designed to facilitate comparisons
between entities that choose different measurement attributes for similar types
of assets and liabilities. The impact on the Portfolios' financial statement
disclosures, if any, is currently being assessed.
In March 2008, Statement of Financial Accounting Standards No. 161, "Disclosures
about Derivative Instruments and Hedging Activities -- an amendment of FASB
Statement No. 133" ("FAS 161"), was issued and is effective for fiscal years
beginning after November 15, 2008. FAS 161 is intended to improve financial
reporting for derivative instruments by requiring enhanced disclosure that
enables investors to understand how and why an entity uses derivatives, how
derivatives are accounted for, and how derivative instruments affect an entity's
results of operations and financial position. The investment advisor is
currently evaluating the implications of FAS 161 and the impact on the
Portfolios' financial statement disclosures, if any, is currently being
assessed.
Bank Overdraft: Master Large Cap Core Portfolio and Master Large Cap Growth
Portfolio recorded a bank overdraft, which resulted from management estimates of
available cash.
Other: Expenses directly related to one of the Portfolios are charged to that
Portfolio. Other operating expenses shared by several Portfolios are pro-rated
among those Portfolios on the basis of relative net assets or other appropriate
methods.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
The Master LLC, on behalf of each Portfolio, has entered into an Investment
Advisory Agreement with BlackRock Advisors, LLC (the "Advisor"), an indirect,
wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and
administration services. Merrill Lynch & Co., Inc. ("Merrill Lynch") and The PNC
Financial Services Group, Inc. are principal owners of BlackRock, Inc.
The Advisor is responsible for the management of each Portfolio's investments
and provides the necessary personnel, facilities, equipment and certain other
services necessary to the operations of the Portfolio. Master Large Cap Core
Portfolio pays a monthly fee at an annual rate of 0.50% of the average daily net
assets not exceeding $1 billion, 0.45% of average daily net assets in excess of
$1 billion but not exceeding $5 billion and 0.40% of average daily net assets in
excess of $5 billion; Master Large Cap Growth Portfolio pays a monthly fee at an
annual rate of 0.50% of the average daily net assets not exceeding $5 billion
and 0.45% of average daily net assets in excess of $5 billion; and Master Large
Cap Value Portfolio pays a monthly fee at an annual rate of 0.50% of the average
daily net assets not exceeding $3 billion and 0.45% of average daily net assets
in excess of $3 billion. For the six months ended April 30, 2008, each Portfolio
reimbursed the Advisor for certain accounting services, which are included in
accounting services expenses in the Statements of Operations. The reimbursements
were as follows:
- --------------------------------------------------------------------------------
Accounting
Services
- --------------------------------------------------------------------------------
Master Large Cap Core Portfolio ................................... $39,010
Master Large Cap Growth Portfolio ................................. $ 9,096
Master Large Cap Value Portfolio .................................. $40,149
- --------------------------------------------------------------------------------
In addition, the Advisor has entered into a separate sub-advisory agreement,
with respect to each Portfolio, with BlackRock Investment Management, LLC
("BIM"), an affiliate of the Advisor, under which the Advisor pays BIM, for
services it provides, a monthly fee that is a percentage of the investment
advisory fee paid by a Portfolio to the Advisor.
The Master LLC has received an exemptive order from the Securities and Exchange
Commission permitting it to lend portfolio securities to Merrill Lynch, Pierce,
Fenner & Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, or its
affiliates. As of April 30, 2008, Master Large Cap Core Portfolio, Master Large
Cap Growth Portfolio and Master Large Cap Value Portfolio lent securities with
values of $237,892,898, $24,365,614 and $98,941,104, respectively. Pursuant to
that order each Portfolio has
58 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Notes to Financial Statements (concluded) Master Large Cap Series LLC
retained BIM as the securities lending agent for a fee based on a share of the
returns on investment of cash collateral. BIM may, on behalf of a Portfolio,
invest cash collateral received by the Portfolio for such loans, among other
things, in a private investment company managed by the Advisor or in registered
money market funds advised by the Advisor or its affiliates. For the six months
ended April 30, 2008, BIM received $392,006, $78,061 and $282,595 in securities
lending agent fees for Master Large Cap Core Portfolio, Master Large Cap Growth
Portfolio and Master Large Cap Value Portfolio, respectively.
Certain officers and/or directors of the Master LLC are officers and/or
directors of BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six
months ended April 30, 2008 were as follows:
- --------------------------------------------------------------------------------
Purchases Sales
- --------------------------------------------------------------------------------
Master Large Cap Core Portfolio ............ $2,560,109,067 $2,824,750,819
Master Large Cap Growth Portfolio .......... $ 752,717,410 $ 770,612,277
Master Large Cap Value Portfolio ........... $2,395,446,162 $2,254,389,962
- --------------------------------------------------------------------------------
4. Short-Term Borrowings:
The Master LLC, along with certain other funds managed by the Advisor and its
affiliates, is a party to a $500,000,000 credit agreement with a group of
lenders. A Portfolio may borrow under the credit agreement to fund shareholder
redemptions and for other lawful purposes other than for leverage. A Portfolio
may borrow up to the maximum amount allowable under the Portfolio's current
prospectus and statement of additional information, subject to various other
legal, regulatory or contractual limits. On November 21, 2007, the credit
agreement was renewed for one year under substantially the same terms. Each
Portfolio pays a commitment fee of 0.06% per annum based on the Portfolio's pro
rata share of the unused portion of the credit agreement, which is included in
miscellaneous expenses in the Statements of Operations. Amounts borrowed under
the credit agreement bear interest at a rate equal to, at each fund's election,
the federal funds rate plus 0.35% or a base rate as defined in the credit
agreement. The Portfolios did not borrow under the credit agreement during the
six months ended April 30, 2008.
5. Acquisitions:
Master Large Cap Core
On September 24, 2007, an investor of Master Large Cap Core Portfolio ("Master
Large Cap Core") acquired all of the net assets of BlackRock Investment Trust
Portfolio of BlackRock Funds ("Investment Trust"), pursuant to a plan of
reorganization. As a result of the reorganization, which included $286,539,853,
of net unrealized appreciation, the Master Large Cap Core Portfolio received an
in-kind contribution of portfolio securities.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 59
Officers and Directors
David O. Beim, Director
Richard S. Davis, Director
Ronald W. Forbes, Director
Henry Gabbay, Director
Dr. Matina Horner, Director
Rodney D. Johnson, Director
Herbert I. London, Director
Cynthia A. Montgomery, Director
Joseph P. Platt, Jr., Director
Robert C. Robb, Jr., Director
Toby Rosenblatt, Director
Kenneth L. Urish, Director
Frederick W. Winter, Director
Donald C. Burke, Fund President and Chief Executive Officer
Anne F. Ackerley, Vice President
Neal J. Andrews, Chief Financial Officer
Jay M. Fife, Treasurer
Brian P. Kindelan, Chief Compliance Officer of the Funds
Howard Surloff, Secretary
Custodian
Brown Brothers Harriman & Co.
Boston, MA 02109
Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Accounting Agent
State Street Bank and Trust Company
Princeton, NJ 08540
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540
Legal Counsel
Sidley Austin LLP
New York, NY 10019
60 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
Additional Information
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.
Availability of Additional Information
Electronic copies of most financial reports and prospectuses are available on
the Funds' website or shareholders can sign up for e-mail notifications of
quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Funds' electronic delivery program.
To enroll:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment
advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1) Access the BlackRock website at http://www.blackrock.com/edelivery
2) Click on the applicable link and follow the steps to sign up
3) Log into your account
The Funds will mail only one copy of shareholder documents, including
prospectuses, annual and semi-annual reports and proxy statements, to
shareholders with multiple accounts at the same address. This practice is
commonly called "householding" and it is intended to reduce expenses and
eliminate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you instruct us
otherwise. If you do not want the mailing of these documents to be combined with
those for other members of your household, please contact the Funds at (800)
441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (1) without
charge, upon request, by calling toll-free (800) 441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission's (the
"SEC") website at http://www.sec.gov.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 61
Additional Information (concluded)
Availability of Additional Information (concluded)
Availability of Proxy Voting Record
Information about how the Funds vote proxies relating to securities held in the
Funds' portfolios during the most recent 12-month period ended June 30 is
available upon request and without charge (1) at www.blackrock.com or by calling
(800) 441-7762 and (2) on the SEC's website at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
The Funds file their complete schedule of portfolio holdings with the SEC for
the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms
N-Q are available on the SEC's website at http://www.sec.gov and may also be
reviewed and copied at the SEC's Public Reference Room in Washington, D.C.
Information on the operation of the Public Reference Room may be obtained by
calling (800) SEC-0330. The Funds' Forms N-Q may also be obtained upon request
and without charge by calling (800) 441-7762.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST to get information about
your account balances, recent transactions and share prices. You can also reach
us on the Web at www.blackrock.com/funds.
Automatic Investment Plans
Investor Class shareholders who want to invest regularly can arrange to have $50
or more automatically deducted from their checking or savings account and
invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor Class shareholders can establish a systematic withdrawal plan and
receive periodic payments of $50 or more from their BlackRock funds, as long as
their account is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover,
Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
62 BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008
A World-Class Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all
investment styles and managed by experts in equity, fixed income and tax-exempt
investing.
Equity Funds
BlackRock All-Cap Global Resources Portfolio
BlackRock Asset Allocation Portfolio+
BlackRock Aurora Portfolio
BlackRock Balanced Capital Fund+
BlackRock Basic Value Fund
BlackRock Capital Appreciation Portfolio
BlackRock Equity Dividend Fund
BlackRock EuroFund
BlackRock Focus Growth Fund
BlackRock Focus Value Fund
BlackRock Fundamental Growth Fund
BlackRock Global Allocation Fund+
BlackRock Global Dynamic Equity Fund
BlackRock Global Emerging Markets Fund
BlackRock Global Financial Services Fund
BlackRock Global Growth Fund
BlackRock Global Opportunities Portfolio
BlackRock Global Resources Portfolio
BlackRock Global Science & Technology Opportunities Portfolio
BlackRock Global SmallCap Fund
BlackRock Health Sciences Opportunities Portfolio*
BlackRock Healthcare Fund
BlackRock Index Equity Portfolio*
BlackRock International Fund
BlackRock International Index Fund
BlackRock International Opportunities Portfolio
BlackRock International Value Fund
BlackRock Large Cap Core Fund
BlackRock Large Cap Growth Fund
BlackRock Large Cap Value Fund
BlackRock Latin America Fund
BlackRock Mid-Cap Growth Equity Portfolio
BlackRock Mid-Cap Value Equity Portfolio
BlackRock Mid Cap Value Opportunities Fund
BlackRock Natural Resources Trust
BlackRock Pacific Fund
BlackRock Small Cap Core Equity Portfolio
BlackRock Small Cap Growth Equity Portfolio
BlackRock Small Cap Growth Fund II
BlackRock Small Cap Index Fund
BlackRock Small Cap Value Equity Portfolio*
BlackRock Small/Mid-Cap Growth Portfolio
BlackRock S&P 500 Index Fund
BlackRock Technology Fund
BlackRock U.S. Opportunities Portfolio
BlackRock Utilities and Telecommunications Fund
BlackRock Value Opportunities Fund
Fixed Income Funds
BlackRock Commodity Strategies Fund
BlackRock Emerging Market Debt Portfolio
BlackRock Enhanced Income Portfolio
BlackRock GNMA Portfolio
BlackRock Government Income Portfolio
BlackRock High Income Fund
BlackRock High Yield Bond Portfolio
BlackRock Income Portfolio
BlackRock Income Builder Portfolio
BlackRock Inflation Protected Bond Portfolio
BlackRock Intermediate Bond Portfolio II
BlackRock Intermediate Government Bond Portfolio
BlackRock International Bond Portfolio
BlackRock Long Duration Bond Portfolio
BlackRock Low Duration Bond Portfolio
BlackRock Managed Income Portfolio
BlackRock Short-Term Bond Fund
BlackRock Strategic Income Portfolio
BlackRock Total Return Fund
BlackRock Total Return Portfolio II
BlackRock World Income Fund
Municipal Bond Funds
BlackRock AMT-Free Municipal Bond Portfolio
BlackRock California Insured Municipal Bond Fund
BlackRock Delaware Municipal Bond Portfolio
BlackRock Florida Municipal Bond Fund
BlackRock High Yield Municipal Fund
BlackRock Intermediate Municipal Fund
BlackRock Kentucky Municipal Bond Portfolio
BlackRock Municipal Insured Fund
BlackRock National Municipal Fund
BlackRock New Jersey Municipal Bond Fund
BlackRock New York Municipal Bond Fund
BlackRock Ohio Municipal Bond Portfolio
BlackRock Pennsylvania Municipal Bond Fund
BlackRock Short-Term Municipal Fund
Target Risk & Target Date Funds
BlackRock Prepared Portfolios
Conservative Prepared Portfolio
Moderate Prepared Portfolio
Growth Prepared Portfolio
Aggressive Growth Prepared Portfolio
BlackRock Lifecycle Prepared Portfolios
Prepared Portfolio 2010
Prepared Portfolio 2015
Prepared Portfolio 2020
Prepared Portfolio 2025
Prepared Portfolio 2030
Prepared Portfolio 2035
Prepared Portfolio 2040
Prepared Portfolio 2045
Prepared Portfolio 2050
* See the prospectus for information on specific limitations on investments
in the fund.
+ Mixed asset fund.
BlackRock mutual funds are distributed by BlackRock Distributors, Inc. and
certain funds are also distributed by FAM Distributors, Inc. You should consider
the investment objectives, risks, charges and expenses of the funds under
consideration carefully before investing. Each fund's prospectus contains this
and other information and is available at www.blackrock.com or by calling (800)
882-0052 or from your financial advisor. The prospectus should be read carefully
before investing.
BLACKROCK LARGE CAP SERIES FUNDS, INC. APRIL 30, 2008 63
These reports are not authorized for use as an offer of sale or a solicitation
of an offer to buy shares of the Funds unless accompanied or preceded by the
Funds' current prospectus. Past performance results shown in these reports
should not be considered a representation of future performance. Investment
returns and principal value of shares will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost. Statements and
other information herein are as dated and are subject to change.
BlackRock Large Cap Series Funds, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
BLACKROCK
#CAPSERIES-4/08
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 registrant's Schedule of Investments is included as part of
the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual
period covered since the previous Form N-CSR filing.
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 - The
registrant's Nominating and Governance Committee will consider
nominees to the Board recommended by shareholders when a vacancy
becomes available. Shareholders who wish to recommend a nominee
should send nominations which include biographical information and
set forth the qualifications of the proposed nominee to the
registrant's Secretary. There have been no material changes to these
procedures.
Item 11 - Controls and Procedures
11(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
15d-15(b) under the Securities Exchange Act of 1934, as amended.
11(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the second fiscal quarter of the period covered
by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the 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/ Donald C. Burke
-----------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC
Date: June 23, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Donald C. Burke
-----------------------------------
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC
Date: June 23, 2008
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 23, 2008