MASTER LARGE CAP SERIES LLC

N-Q 1 d653549dnq.htm MASTER LARGE CAP SERIES LLC MASTER LARGE CAP SERIES LLC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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

Name of Fund: BlackRock Large Cap Series Funds, Inc.

BlackRock Large Cap Core Fund

BlackRock Large Cap Core Plus Fund

BlackRock Large Cap Core Retirement Portfolio

BlackRock Large Cap Growth Fund

BlackRock Large Cap Growth Retirement Portfolio

BlackRock Large Cap Value Fund

BlackRock Large Cap Value Retirement Portfolio

Master Large Cap Series LLC

Master Large Cap Core Portfolio

Master Large Cap Growth Portfolio

Master Large Cap Value Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 09/30/2014

Date of reporting period: 12/31/2013

Item 1 – Schedule of Investments


Schedule of Investments December 31, 2013 (Unaudited)			BlackRock Large Cap Core Fund
			(Percentages shown are based on Net Assets)


Mutual Fund	Value
Master Large Cap Core Portfolio	$	1,782,757,539
Total Investments (Cost — $1,265,647,187) — 100.1%		1,782,757,539
Liabilities in Excess of Other Assets — (0.1)%		(1,400,655	)

Net Assets — 100.0%	$	1,781,356,884

Notes to Schedule of Investments

BlackRock Large Cap Core Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Large Cap Core Portfolio (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of December 31, 2013, the value of the investment and the percentage owned by the Fund of the Master LLC was $1,782,757,539 and 75.0%, respectively.

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

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

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

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master LLC’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, please refer to the Master LLC’s most recent financial statements as contained in its annual report.

As of December 31, 2013, the Fund’s investment in the Master LLC was classified as Level 2.

There were no transfers between levels during the period ended December 31, 2013.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013		1


Schedule of Investments December 31, 2013 (Unaudited)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 1.4%
The Boeing Co.		3,630	$	495,459
Rockwell Collins, Inc.		2,200		162,624

				658,083
Airlines — 2.3%
United Continental Holdings, Inc. (a)		27,840		1,053,187
Auto Components — 3.1%
BorgWarner, Inc.		9,640		538,972
TRW Automotive Holdings Corp. (a)		11,880		883,753

				1,422,725
Biotechnology — 2.9%
Amgen, Inc.		4,360		497,738
Biogen Idec, Inc. (a)		1,170		327,308
Celgene Corp. (a)		2,200		371,712
Gilead Sciences, Inc. (a)		2,150		161,572

				1,358,330
Capital Markets — 1.5%
The Goldman Sachs Group, Inc. (b)		3,970		703,722
Chemicals — 2.3%
Cabot Corp.		7,664		393,930
The Dow Chemical Co.		7,000		310,800
PPG Industries, Inc.		1,810		343,285

				1,048,015
Commercial Banks — 4.6%
SunTrust Banks, Inc.		24,560		904,054
U.S. Bancorp (b)		30,870		1,247,148

				2,151,202
Commercial Services & Supplies — 0.9%
Tyco International Ltd.		9,820		403,013
Communications Equipment — 3.1%
Brocade Communications Systems, Inc. (a)		57,220		507,541
Cisco Systems, Inc.		42,600		956,370

				1,463,911
Computers & Peripherals — 6.3%
Apple Inc. (b)		1,879		1,054,326
EMC Corp.		37,500		943,125
NetApp, Inc.		9,721		399,922
Western Digital Corp.		6,200		520,180

				2,917,553
Construction & Engineering — 0.6%
KBR, Inc.		9,510		303,274
Consumer Finance — 2.7%
Discover Financial Services (b)		22,310		1,248,244
Containers & Packaging — 1.6%
Packaging Corp. of America		11,656		737,592


Common Stocks	Shares		Value
Diversified Financial Services — 9.9%
Bank of America Corp.		88,577	$	1,379,144
Citigroup, Inc. (b)		25,750		1,341,832
JPMorgan Chase & Co. (b)		32,023		1,872,705

				4,593,681
Electronic Equipment, Instruments & Components — 2.4%
Avnet, Inc.		11,040		486,974
TE Connectivity Ltd.		11,340		624,947

				1,111,921
Energy Equipment & Services — 4.3%
Halliburton Co.		11,470		582,102
Oceaneering International, Inc.		4,970		392,034
Schlumberger Ltd.		11,310		1,019,144

				1,993,280
Food & Staples Retailing — 3.3%
CVS Caremark Corp. (b)		19,870		1,422,096
Wal-Mart Stores, Inc.		1,385		108,986

				1,531,082
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories (b)		12,270		470,309
Medtronic, Inc.		12,900		740,331

				1,210,640
Health Care Providers & Services — 6.8%
Aetna, Inc.		10,300		706,477
Envision Healthcare Holdings, Inc. (a)		1,100		39,072
McKesson Corp. (b)		7,460		1,204,044
UnitedHealth Group, Inc.		7,370		554,961
Universal Health Services, Inc., Class B		8,178		664,544

				3,169,098
Industrial Conglomerates — 3.3%
3M Co.		10,930		1,532,934
Insurance — 6.9%
Allied World Assurance Co. Holdings AG		5,540		624,967
American Financial Group, Inc. (b)		10,290		593,939
American International Group, Inc.		19,630		1,002,112
Genworth Financial, Inc., Class A (a)		17,300		268,669
The Travelers Cos., Inc.		8,065		730,205

				3,219,892
Internet Software & Services — 5.9%
AOL, Inc. (a)		7,500		349,650
Google, Inc., Class A (a)(b)		1,899		2,128,228
Yahoo!, Inc. (a)		6,700		270,948

				2,748,826
IT Services — 6.2%
DST Systems, Inc. (b)		10,545		956,853

Portfolio Abbreviations


To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:		ETF Exchange-Traded Funds
		S&P Standard & Poor’s


2		BLACKROCK LARGE CAP CORE PLUS FUND		DECEMBER 31, 2013


Schedule of Investments (continued)
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
IT Services (concluded)
MasterCard, Inc., Class A		1,816	$	1,517,195
Teradata Corp. (a)		8,820		401,222

				2,875,270
Machinery — 4.6%
Dover Corp.		3,760		362,990
Ingersoll-Rand PLC		11,140		686,224
Oshkosh Corp.		2,905		146,354
Parker Hannifin Corp.		3,728		479,570
WABCO Holdings, Inc. (a)		5,190		484,798

				2,159,936
Media — 4.4%
Comcast Corp., Class A		24,790		1,288,212
Twenty-First Century Fox, Inc., Class A (b)		21,634		761,084

				2,049,296
Multiline Retail — 1.3%
Dillard’s, Inc., Class A		2,500		243,025
Macy’s, Inc.		7,000		373,800

				616,825
Oil, Gas & Consumable Fuels — 8.5%
Exxon Mobil Corp. (b)		6,005		607,706
Marathon Petroleum Corp.		11,140		1,021,872
PBF Energy, Inc., Class A		14,396		452,898
Suncor Energy, Inc.		27,325		957,741
Tesoro Corp. (b)		15,390		900,315

				3,940,532
Paper & Forest Products — 2.6%
Domtar Corp.		7,435		701,418
International Paper Co.		10,200		500,106

				1,201,524
Pharmaceuticals — 8.0%
AbbVie, Inc. (b)		10,670		563,483
Eli Lilly & Co. (b)		8,055		410,805
Merck & Co., Inc. (b)		25,930		1,297,796
Pfizer, Inc. (b)		47,200		1,445,736

				3,717,820
Semiconductors & Semiconductor Equipment — 1.5%
Applied Materials, Inc.		39,440		697,694
Software — 3.7%
Activision Blizzard, Inc.		8,800		156,904
Microsoft Corp. (b)		8,285		310,108
Oracle Corp.		23,850		912,501
Symantec Corp.		13,740		323,989

				1,703,502
Specialty Retail — 5.1%
Lowe’s Cos., Inc.		25,900		1,283,345
Ross Stores, Inc.		14,670		1,099,223

				2,382,568
Trading Companies & Distributors — 0.5%
MRC Global, Inc. (a)		7,401		238,756


Exchange-Traded Funds — 2.3%	Shares		Value
iShares Core S&P 500 ETF(c)		5,700	$	1,058,205
Total Long-Term Investments
(Cost — $43,210,591) — 127.4%				59,222,133

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (c)(d)		1,603,485		1,603,485
Total Short-Term Securities (Cost — $1,603,485) — 3.5%				1,603,485
Total Investments Before Investments Sold Short
*(Cost — $44,814,076) — 130.9%**				60,825,618

Investments Sold Short
Automobiles — (0.3)%
Tesla Motors, Inc.		1,030		(154,891	)
Beverages — (0.3)%
Beam, Inc.		2,300		(156,538	)
Biotechnology — (2.9)%
Ariad Pharmaceuticals, Inc.		33,640		(229,425	)
BioMarin Pharmaceutical, Inc.		2,250		(158,107	)
Cubist Pharmaceuticals, Inc.		2,380		(163,911	)
Medivation, Inc.		2,450		(156,359	)
Pharmacyclics, Inc.		1,550		(163,959	)
Seattle Genetics, Inc.		3,950		(157,566	)
Theravance, Inc.		4,280		(152,582	)
Vertex Pharmaceuticals, Inc.		2,240		(166,432	)

				(1,348,341	)
Building Products — (0.4)%
Armstrong World Industries, Inc.		2,800		(161,308	)
Capital Markets — (0.3)%
Artisan Partners Asset Management, Inc., Class A		2,440		(159,064	)
Commercial Services & Supplies — (0.7)%
Covanta Holding Corp.		8,770		(155,667	)
Iron Mountain, Inc.		5,210		(158,123	)

				(313,790	)
Communications Equipment — (0.4)%
JDS Uniphase Corp.		12,580		(163,288	)
Computers & Peripherals — (0.4)%
Stratasys Ltd.		1,300		(175,110	)
Construction Materials — (0.7)%
Eagle Materials, Inc.		2,070		(160,280	)
Martin Marietta Materials, Inc.		1,600		(159,904	)

				(320,184	)
Containers & Packaging — (0.3)%
MeadWestvaco Corp.		4,190		(154,737	)
Diversified Telecommunication Services — (0.3)%
TW Telecom, Inc.		5,140		(156,616	)


		BLACKROCK LARGE CAP CORE PLUS FUND		DECEMBER 31, 2013		3


Schedule of Investments (continued)
			(Percentages shown are based on Net Assets)


Investments Sold Short	Shares		Value
Electric Utilities — (1.0)%
Northeast Utilities		3,680	$	(155,995	)
Pepco Holdings, Inc.		8,130		(155,527	)
The Southern Co.		3,740		(153,751	)

				(465,273	)
Electrical Equipment — (0.4)%
SolarCity Corp.		2,940		(167,051	)
Energy Equipment & Services — (0.7)%
Dresser-Rand Group, Inc.		2,650		(158,019	)
McDermott International, Inc.		18,730		(171,567	)

				(329,586	)
Gas Utilities — (0.4)%
ONEOK, Inc.		2,580		(160,424	)
Health Care Technology — (0.3)%
Allscripts Healthcare Solutions, Inc.		10,170		(157,228	)
Hotels, Restaurants & Leisure — (0.4)%
Norwegian Cruise Line Holdings Ltd.		4,770		(169,192	)
Independent Power Producers & Energy Traders — (0.3)%
Calpine Corp.		8,010		(156,275	)
Internet & Catalog Retail — (0.4)%
Groupon, Inc.		13,870		(163,250	)
Internet Software & Services — (1.0)%
Equinix, Inc.		890		(157,930	)
Pandora Media, Inc.		5,770		(153,482	)
Rackspace Hosting, Inc.		4,120		(161,216	)

				(472,628	)
Life Sciences Tools & Services — (0.3)%
Bruker Corp.		8,060		(159,346	)
Machinery — (0.7)%
Harsco Corp.		5,690		(159,491	)
Navistar International Corp.		3,810		(145,504	)

				(304,995	)
Media — (1.1)%
DISH Network Corp., Class A		2,800		(162,176	)
DreamWorks Animation SKG, Inc., Class A		4,580		(162,590	)
Lions Gate Entertainment Corp.		5,330		(168,748	)

				(493,514	)
Metals & Mining — (1.4)%
Allegheny Technologies, Inc.		4,670		(166,392	)
Compass Minerals International, Inc.		2,010		(160,900	)
Royal Gold, Inc.		3,310		(152,492	)
Tahoe Resources, Inc.		9,180		(152,755	)

				(632,539	)
Multiline Retail — (0.7)%
JC Penney Co., Inc.		18,460		(168,909	)
Sears Holdings Corp.		3,470		(170,169	)

				(339,078	)
Multi-Utilities — (0.3)%
Sempra Energy		1,750		(157,080	)
Oil, Gas & Consumable Fuels — (5.6)%
Cheniere Energy, Inc.		3,740		(161,269	)
Cobalt International Energy, Inc.		9,690		(159,400	)


Investments Sold Short	Shares		Value
Oil, Gas & Consumable Fuels (concluded)
CONSOL Energy, Inc.		4,090	$	(155,584	)
Energen Corp.		2,270		(160,603	)
EQT Corp.		1,830		(164,297	)
Golar LNG Ltd.		4,430		(160,765	)
Gulfport Energy Corp.		2,720		(171,768	)
Kinder Morgan, Inc.		4,490		(161,640	)
Kosmos Energy Ltd.		14,530		(162,445	)
Laredo Petroleum Holdings, Inc.		6,030		(166,971	)
Newfield Exploration Co.		6,570		(161,819	)
Range Resources Corp.		1,900		(160,189	)
Southwestern Energy Co.		3,990		(156,927	)
Teekay Corp.		3,470		(166,595	)
Ultra Petroleum Corp.		7,570		(163,890	)
The Williams Cos., Inc.		4,160		(160,451	)

				(2,594,613	)
Personal Products — (0.3)%
Coty, Inc., Class A		10,090		(153,872	)
Real Estate Investment Trusts (REITs) — (2.6)%
Apartment Investment & Management Co., Class A		2,640		(68,402	)
AvalonBay Communities, Inc.		570		(67,391	)
Boston Properties, Inc.		670		(67,248	)
Corporate Office Properties Trust		2,920		(69,175	)
Duke Realty Corp.		4,630		(69,635	)
Equity Lifestyle Properties, Inc.		1,890		(68,475	)
Essex Property Trust, Inc.		460		(66,015	)
Federal Realty Investment Trust		670		(67,945	)
Healthcare Trust of America, Inc.		6,860		(67,502	)
Kilroy Realty Corp.		1,330		(66,739	)
Liberty Property Trust		1,980		(67,063	)
Plum Creek Timber Co., Inc.		1,490		(69,300	)
Rayonier, Inc.		1,610		(67,781	)
Regency Centers Corp.		1,470		(68,061	)
Senior Housing Properties Trust		3,020		(67,135	)
Tanger Factory Outlet Centers		2,130		(68,203	)
Taubman Centers, Inc.		1,040		(66,477	)
Vornado Realty Trust		760		(67,480	)

				(1,220,027	)
Real Estate Management & Development — (0.3)%
Forest City Enterprises, Inc., Class A		3,620		(69,142	)
The St. Joe Co.		3,710		(71,195	)

				(140,337	)
Road & Rail — (0.7)%
Genesee & Wyoming, Inc., Class A		1,610		(154,640	)
Hertz Global Holdings, Inc.		6,040		(172,865	)

				(327,505	)
Semiconductors & Semiconductor Equipment — (1.8)%
Advanced Micro Devices, Inc.		41,680		(161,302	)
Atmel Corp.		20,840		(163,177	)
Cree, Inc.		2,640		(165,185	)
ON Semiconductor Corp.		19,910		(164,058	)
Silicon Laboratories, Inc.		3,630		(157,215	)

				(810,937	)
Software — (2.1)%
Concur Technologies, Inc.		1,620		(167,152	)


4		BLACKROCK LARGE CAP CORE PLUS FUND		DECEMBER 31, 2013


Schedule of Investments (continued)
			(Percentages shown are based on Net Assets)


Investments Sold Short	Shares		Value
Software (concluded)
NetSuite, Inc.		1,640	$	(168,953	)
Nuance Communications, Inc.		10,280		(156,256	)
Salesforce.com, Inc.		2,920		(161,155	)
ServiceNow, Inc.		3,000		(168,030	)
Zynga, Inc., Class A		37,370		(142,006	)

				(963,552	)
Specialty Retail — (0.3)%
Ulta Salon Cosmetics & Fragrance, Inc.		1,630		(157,328	)
Textiles, Apparel & Luxury Goods — (0.3)%
PVH Corp.		1,170		(159,143	)


Investments Sold Short	Shares		Value
Wireless Telecommunication Services — (0.4)%
Sprint Corp.		17,050	$	(183,288	)
Total Investments Sold Short (Proceeds — $13,221,328) — (30.8)%				(14,301,928	)
Total Investments — 100.1%				46,523,690
Liabilities in Excess of Other Assets — (0.1)%				(35,637	)

Net Assets — 100.0%			$	46,488,053

Notes to Schedule of Investments

*	As of December 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	44,997,819

Gross unrealized appreciation	$	16,194,537
Gross unrealized depreciation		(366,738	)

Net unrealized appreciation	$	15,827,799

(a)	Non-income producing security.

(b)	All or a portion of security has been pledged as collateral in connection with short sales.

(c)	Investments in issuers considered to be an affiliate of the Fund during the period ended December 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at September 30, 2013		Shares Purchased			Shares Sold		Shares Held at December 31, 2013		Value at December 31, 2013		Income		Realized Gain
BlackRock Liquidity Funds, TempFund, Institutional Class		1,090,497		512,988	¹		—		1,603,485	$	1,603,485	$	970		—
iShares Core S&P 500 ETF		1,600		4,900			800		5,700	$	1,058,205	$	767	$	1,870

¹	Represents net shares purchased.

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

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

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

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


		BLACKROCK LARGE CAP CORE PLUS FUND		DECEMBER 31, 2013		5


Schedule of Investments (concluded)

the Fund’s policy regarding valuation of investments, please refer to Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of December 31, 2013:


	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹	$	59,222,133			—		—	$	59,222,133
Short-Term Securities		1,603,485			—		—		1,603,485
Liabilities:
Investments:
Investments Sold Short¹		(14,301,928	)		—		—		(14,301,928	)
Total	$	46,523,690			—		—	$	46,523,690

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

There were no transfers between levels during the period ended December 31, 2013.


6		BLACKROCK LARGE CAP CORE PLUS FUND		DECEMBER 31, 2013


Schedule of Investments December 31, 2013 (Unaudited)			BlackRock Large Cap Growth Fund
			(Percentages shown are based on Net Assets)


Mutual Fund	Value
Master Large Cap Growth Portfolio	$	1,128,090,039
Total Investments (Cost — $830,421,077) — 100.1%		1,128,090,039
Liabilities in Excess of Other Assets — (0.1)%		(748,424	)

Net Assets — 100.0%	$	1,127,341,615

Notes to Schedule of Investments

BlackRock Large Cap Growth Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Large Cap Growth Portfolio (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of December 31, 2013, the value of the investment and the percentage owned by the Fund of the Master LLC was $1,128,090,039 and 96.1%, respectively.

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

As of December 31, 2013, the Fund’s investment in the Master LLC was classified as Level 2.

There were no transfers between levels during the period ended December 31, 2013.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013		7


Schedule of Investments December 31, 2013 (Unaudited)			BlackRock Large Cap Value Fund
			(Percentages shown are based on Net Assets)


Mutual Fund	Value
Master Large Cap Value Portfolio	$	918,523,184
Total Investments (Cost — $639,988,285) — 100.1%		918,523,184
Liabilities in Excess of Other Assets — (0.1)%		(961,627	)

Net Assets — 100.0%	$	917,561,557

Notes to Schedule of Investments

BlackRock Large Cap Value Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Large Cap Value Portfolio (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of December 31, 2013, the value of the investment and the percentage owned by the Fund of the Master LLC was $918,523,184 and 85.4%, respectively.

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

As of December 31, 2013, the Fund’s investment in the Master LLC was classified as Level 2.

There were no transfers between levels during the period ended December 31, 2013.


8		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013


Schedule of Investments December 31, 2013 (Unaudited)			BlackRock Large Cap Core Retirement Portfolio
			(Percentages shown are based on Net Assets)


Mutual Fund	Value
Master Large Cap Core Portfolio	$	1,455,847
Total Investments (Cost — $900,192) — 99.7%		1,455,847
Other Assets in Excess of Liabilities — 0.3%		4,752

Net Assets — 100.0%	$	1,460,599

Notes to Schedule of Investments

BlackRock Large Cap Core Retirement Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Large Cap Core Portfolio (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of December 31, 2013, the value of the investment and the percentage owned by the Fund of the Master LLC was $1,455,847 and 0.1%, respectively.

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

As of December 31, 2013, the Fund’s investment in the Master LLC was classified as Level 2.

There were no transfers between levels during the period ended December 31, 2013.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013		9


Schedule of Investments December 31, 2013 (Unaudited)			BlackRock Large Cap Growth Retirement Portfolio
			(Percentages shown are based on Net Assets)


Mutual Fund	Value
Master Large Cap Growth Portfolio	$	909,898
Total Investments (Cost — $131,723) — 97.2%		909,898
Other Assets in Excess of Liabilities — 2.8%		25,958

Net Assets — 100.0%	$	935,856

Notes to Schedule of Investments

BlackRock Large Cap Growth Retirement Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Large Cap Growth Portfolio (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of December 31, 2013, the value of the investment and the percentage owned by the Fund of the Master LLC was $909,898 and 0.1%, respectively.

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

As of December 31, 2013, the Fund’s investment in the Master LLC was classified as Level 2.

There were no transfers between levels during the period ended December 31, 2013.


10		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013


Schedule of Investments December 31, 2013 (Unaudited)			BlackRock Large Cap Value Retirement Portfolio
			(Percentages shown are based on Net Assets)


Mutual Fund	Value
Master Large Cap Value Portfolio	$	156,848,699
Total Investments (Cost — $133,495,047) — 100.0%		156,848,699
Liabilities in Excess of Other Assets — 0.0%		(29,290	)

Net Assets — 100.0%	$	156,819,409

Notes to Schedule of Investments

BlackRock Large Cap Value Retirement Portfolio (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Large Cap Value Portfolio (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of December 31, 2013, the value of the investment and the percentage owned by the Fund of the Master LLC was $156,848,699 and 14.6%, respectively.

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

As of December 31, 2013, the Fund’s investment in the Master LLC was classified as Level 2.

There were no transfers between levels during the period ended December 31, 2013.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013		11


Schedule of Investments December 31, 2013 (Unaudited)			Master Large Cap Core Portfolio
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 1.5%
The Boeing Co.		215,100	$	29,358,999
Rockwell Collins, Inc.		91,900		6,793,248

				36,152,247
Airlines — 1.9%
United Continental Holdings, Inc. (a)		1,199,968		45,394,789
Auto Components — 2.1%
BorgWarner, Inc.		263,300		14,721,103
TRW Automotive Holdings Corp. (a)		479,539		35,672,906

				50,394,009
Biotechnology — 2.7%
Amgen, Inc.		203,600		23,242,976
Biogen Idec, Inc. (a)		54,700		15,302,325
Celgene Corp. (a)		102,800		17,369,088
Gilead Sciences, Inc. (a)		100,600		7,560,090

				63,474,479
Capital Markets — 1.4%
The Goldman Sachs Group, Inc.		194,151		34,415,206
Chemicals — 0.9%
Cabot Corp.		167,774		8,623,584
The Dow Chemical Co.		285,500		12,676,200

				21,299,784
Commercial Banks — 3.9%
SunTrust Banks, Inc.		799,600		29,433,276
U.S. Bancorp		1,547,975		62,538,190

				91,971,466
Commercial Services & Supplies — 0.7%
Tyco International Ltd.		378,600		15,537,744
Communications Equipment — 2.1%
Brocade Communications Systems, Inc. (a)		1,052,900		9,339,223
Cisco Systems, Inc.		1,767,900		39,689,355

				49,028,578
Computers & Peripherals — 5.0%
Apple, Inc.		80,050		44,916,855
EMC Corp.		1,497,200		37,654,580
NetApp, Inc.		379,472		15,611,478
Western Digital Corp.		247,590		20,772,801

				118,955,714
Construction & Engineering — 0.5%
KBR, Inc.		378,100		12,057,609
Consumer Finance — 2.4%
Discover Financial Services		1,001,500		56,033,925
Containers & Packaging — 1.1%
Packaging Corp. of America		398,913		25,243,215
Diversified Financial Services — 8.3%
Bank of America Corp.		4,007,806		62,401,539
Citigroup, Inc.		1,171,918		61,068,647
JPMorgan Chase & Co.		1,278,724		74,779,780

				198,249,966
Electronic Equipment, Instruments & Components — 1.2%
Avnet, Inc.		342,200		15,094,442
TE Connectivity Ltd.		244,000		13,446,840

				28,541,282
Energy Equipment & Services — 3.5%
Halliburton Co.		466,300		23,664,725


Common Stocks	Shares		Value
Energy Equipment & Services (concluded)
Oceaneering International, Inc.		209,900	$	16,556,912
Schlumberger Ltd.		478,200		43,090,602

				83,312,239
Food & Staples Retailing — 3.1%
CVS Caremark Corp.		962,325		68,873,600
Wal-Mart Stores, Inc.		57,450		4,520,741

				73,394,341
Health Care Equipment & Supplies — 2.1%
Abbott Laboratories		520,300		19,943,099
Medtronic, Inc.		533,400		30,611,826

				50,554,925
Health Care Providers & Services — 5.1%
Aetna, Inc.		432,800		29,685,752
Envision Healthcare Holdings, Inc. (a)		52,000		1,847,040
McKesson Corp.		276,125		44,566,575
UnitedHealth Group, Inc.		291,000		21,912,300
Universal Health Services, Inc., Class B		290,150		23,577,589

				121,589,256
Industrial Conglomerates — 3.6%
3M Co.		533,875		74,875,969
General Electric Co.		394,750		11,064,843

				85,940,812
Insurance — 4.9%
Allied World Assurance Co. Holdings AG		70,800		7,986,948
American Financial Group, Inc.		100,000		5,772,000
American International Group, Inc.		1,141,100		58,253,155
Genworth Financial, Inc., Class A (a)		670,200		10,408,206
The Travelers Cos., Inc.		373,800		33,843,852

				116,264,161
Internet Software & Services — 4.6%
AOL, Inc. (a)		265,400		12,372,948
Google, Inc., Class A (a)		77,515		86,871,836
Yahoo!, Inc. (a)		275,000		11,121,000

				110,365,784
IT Services — 3.1%
MasterCard, Inc., Class A		72,550		60,612,623
Teradata Corp. (a)(b)		285,400		12,982,846

				73,595,469
Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		578,800		33,101,572
Machinery — 2.6%
Ingersoll-Rand PLC		393,500		24,239,600
Oshkosh Corp.		118,000		5,944,840
Parker Hannifin Corp.		149,086		19,178,423
WABCO Holdings, Inc. (a)		142,200		13,282,902

				62,645,765
Media — 4.1%
Comcast Corp., Class A		1,266,800		65,829,262
Twenty-First Century Fox, Inc., Class A		884,976		31,133,456

				96,962,718
Multiline Retail — 1.1%
Dillard’s, Inc., Class A		119,165		11,584,030
Macy’s, Inc.		265,600		14,183,040

				25,767,070


12		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013


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


Common Stocks	Shares		Value
Oil, Gas & Consumable Fuels — 6.4%
Chevron Corp.		128,555	$	16,057,805
Exxon Mobil Corp.		228,500		23,124,200
Marathon Petroleum Corp.		449,088		41,194,842
PBF Energy, Inc., Class A		471,238		14,825,147
Suncor Energy, Inc.		1,228,440		43,056,822
Tesoro Corp.		226,993		13,279,091

				151,537,907
Paper & Forest Products — 1.6%
Domtar Corp.		228,100		21,518,954
International Paper Co.		326,800		16,023,004

				37,541,958
Pharmaceuticals — 7.1%
AbbVie, Inc.		499,700		26,389,157
Eli Lilly & Co.		338,575		17,267,325
Johnson & Johnson		116,525		10,672,525
Merck & Co., Inc.		1,060,700		53,088,035
Pfizer, Inc.		1,969,075		60,312,767

				167,729,809
Semiconductors & Semiconductor Equipment — 1.1%
Applied Materials, Inc.		1,512,180		26,750,464
Software — 3.2%
Activision Blizzard, Inc.		389,200		6,939,436
Microsoft Corp.		362,450		13,566,503
Oracle Corp.		1,173,200		44,886,632
Symantec Corp.		457,500		10,787,850

				76,180,421


Common Stocks	Shares		Value
Specialty Retail — 4.3%
Lowe’s Cos., Inc.		1,190,900	$	59,009,095
Ross Stores, Inc.		586,400		43,938,952

				102,948,047
Trading Companies & Distributors — 0.2%
MRC Global, Inc. (a)		186,300		6,010,038
Total Long-Term Investments (Cost — $1,639,759,583) — 98.8%				2,348,942,769

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (c)(d)		28,361,169		28,361,169

	Beneficial Interest (000)
BlackRock Liquidity Series, LLC, Money Market Series, 0.19% (c)(d)(e)	$	6,606		6,606,300
Total Short-Term Securities (Cost — $34,967,469) — 1.5%				34,967,469
*Total Investments (Cost — $1,674,727,052) — 100.3%**				2,383,910,238
Liabilities in Excess of Other Assets — (0.3)%				(6,837,948	)

Net Assets — 100.0%			$	2,377,072,290

Notes to Schedule of Investments

*	As of December 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,677,566,182

Gross unrealized appreciation	$	721,555,475
Gross unrealized depreciation		(15,211,419	)

Net unrealized appreciation	$	706,344,056

(a)	Non-income producing security.

(b)	Security, or a portion of security, is on loan.

(c)	Investments in issuers considered to be an affiliate of the Portfolio during the period ended December 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at September 30, 2013		Net Activity			Shares/Beneficial Interest Held at December 31, 2013		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		47,573,194		(19,212,025	)		28,361,169	$	774
BlackRock Liquidity Series, LLC, Money Market Series	$	18,691,623	$	(12,085,323	)	$	6,606,300	$	2,919

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

(e)

Security was purchased with the cash collateral from loaned securities. The Portfolio may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

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


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013		13


Schedule of Investments (concluded)			Master Large Cap Core Portfolio

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

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

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

The following table summarizes the Portfolio’s investments categorized in the disclosure hierarchy as of December 31, 2013:


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments¹	$	2,348,942,769		—			—	$	2,348,942,769
Short-Term Securities		28,361,169	$	6,606,300			—		34,967,469
Total	$	2,377,303,938	$	6,606,300			—	$	2,383,910,238

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

The carrying amount for certain of the Portfolio’s assets and/or liabilities approximates fair value for financial reporting purposes. As of December 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	203,478		—			—	$	203,478
Liabilities:
Collateral on securities loaned at value		—	$	(6,606,300	)		—		(6,606,300	)
Total	$	203,478	$	(6,606,300	)		—	$	(6,402,822	)

There were no transfers between levels during the period ended December 31, 2013.


14		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013


Schedule of Investments December 31, 2013 (Unaudited)			Master Large Cap Growth Portfolio
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 2.5%
The Boeing Co.		170,175	$	23,227,186
Rockwell Collins, Inc.		88,100		6,512,352

				29,739,538
Airlines — 1.9%
United Continental Holdings, Inc. (a)		594,902		22,505,143
Auto Components — 1.0%
BorgWarner, Inc.		200,600		11,215,546
Beverages — 1.4%
The Coca-Cola Co.		390,600		16,135,686
Biotechnology — 4.7%
Amgen, Inc.		158,900		18,140,024
Biogen Idec, Inc. (a)		43,300		12,113,175
Celgene Corp. (a)		80,300		13,567,488
Gilead Sciences, Inc. (a)		154,400		11,603,160

				55,423,847
Chemicals — 2.8%
CF Industries Holdings, Inc.		27,450		6,396,948
The Dow Chemical Co.		110,000		4,884,000
PPG Industries, Inc.		113,975		21,616,499

				32,897,447
Commercial Banks — 2.0%
U.S. Bancorp		588,500		23,775,400
Communications Equipment — 0.5%
QUALCOMM, Inc.		81,200		6,029,100
Computers & Peripherals — 6.1%
Apple Inc.		70,075		39,319,783
EMC Corp.		862,800		21,699,420
NetApp, Inc.		250,304		10,297,507

				71,316,710
Construction & Engineering — 0.5%
KBR, Inc.		173,250		5,524,942
Consumer Finance — 2.1%
Discover Financial Services		432,125		24,177,394
Containers & Packaging — 1.8%
Packaging Corp. of America		342,910		21,699,345
Electronic Equipment, Instruments & Components — 0.6%
TE Connectivity Ltd.		126,300		6,960,393
Energy Equipment & Services — 4.7%
Halliburton Co.		252,500		12,814,375
Oceaneering International, Inc.		179,950		14,194,456
Schlumberger Ltd.		308,700		27,816,957

				54,825,788
Food & Staples Retailing — 2.3%
CVS Caremark Corp.		383,300		27,432,781
Health Care Equipment & Supplies — 1.6%
Abbott Laboratories		478,350		18,335,155
Health Care Providers & Services — 4.8%
Aetna, Inc.		197,500		13,546,525
Envision Healthcare Holdings, Inc. (a)		23,900		848,928
McKesson Corp.		183,050		29,544,270
Universal Health Services, Inc., Class B		146,866		11,934,331

				55,874,054
Industrial Conglomerates — 3.1%
3M Co.		256,375		35,956,594
Insurance — 1.3%
The Travelers Cos., Inc.		166,250		15,052,275


Common Stocks	Shares		Value
Internet Software & Services — 5.4%
Google, Inc., Class A (a)		53,695	$	60,176,523
Yahoo!, Inc. (a)		82,500		3,336,300

				63,512,823
IT Services — 8.6%
Alliance Data Systems Corp. (a)(b)		96,625		25,405,611
Cognizant Technology Solutions Corp., Class A (a)		67,700		6,836,346
DST Systems, Inc.		137,550		12,481,287
International Business Machines Corp.		31,800		5,964,726
MasterCard, Inc., Class A		42,820		35,774,397
Teradata Corp. (a)		151,600		6,896,284
Visa, Inc., Class A		35,800		7,971,944

				101,330,595
Life Sciences Tools & Services — 1.7%
Agilent Technologies, Inc.		342,050		19,561,839
Machinery — 4.2%
Cummins, Inc.		87,100		12,278,487
Ingersoll-Rand PLC		233,600		14,389,760
Parker Hannifin Corp.		100,277		12,899,633
WABCO Holdings, Inc. (a)		99,300		9,275,613

				48,843,493
Media — 5.8%
Comcast Corp., Class A		655,200		34,047,468
Twenty-First Century Fox, Inc., Class A		545,322		19,184,428
The Walt Disney Co.		202,700		15,486,280

				68,718,176
Oil, Gas & Consumable Fuels — 3.4%
Antero Resources Corp. (a)		19,400		1,230,736
Marathon Petroleum Corp.		110,100		10,099,473
PBF Energy, Inc., Class A		247,356		7,781,820
Suncor Energy, Inc.		592,165		20,755,383

				39,867,412
Paper & Forest Products — 0.7%
International Paper Co.		168,825		8,277,490
Pharmaceuticals — 4.1%
AbbVie, Inc.		357,950		18,903,339
Actavis PLC (a)		51,764		8,696,352
Eli Lilly & Co.		162,650		8,295,150
Merck & Co., Inc.		250,000		12,512,500

				48,407,341
Semiconductors & Semiconductor Equipment — 0.6%
Applied Materials, Inc.		385,800		6,824,802
Software — 6.9%
Microsoft Corp.		1,104,350		41,335,821
Oracle Corp.		832,000		31,832,320
Symantec Corp.		354,700		8,363,826

				81,531,967
Specialty Retail — 7.0%
The Home Depot, Inc.		50,300		4,141,702
Lowe’s Cos., Inc.		595,000		29,482,250
Ross Stores, Inc.		308,500		23,115,905
TJX Cos., Inc.		405,105		25,817,342

				82,557,199
Textiles, Apparel & Luxury Goods — 0.6%
VF Corp.		110,000		6,857,400
Tobacco — 1.1%
Philip Morris International, Inc.		151,400		13,191,482


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013		15


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


Common Stocks	Shares		Value
Trading Companies & Distributors — 0.4%
MRC Global, Inc. (a)		135,196	$	4,361,423
Total Long-Term Investments
(Cost — $801,229,229) — 96.2%				1,128,720,580

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (c)(d)		44,987,683		44,987,683


Short-Term Securities	Beneficial Interest (000)		Value
BlackRock Liquidity Series, LLC, Money Market Series, 0.19% (c)(d)(e)	$	25,397	$	25,396,609
Total Short-Term Securities
(Cost — $70,384,292) — 6.0%				70,384,292
*Total Investments (Cost — $871,613,521) — 102.2%**				1,199,104,872
Liabilities in Excess of Other Assets — (2.2)%				(25,384,904	)

Net Assets — 100.0%			$	1,173,719,968

Notes to Schedule of Investments

*	As of December 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	872,536,406

Gross unrealized appreciation	$	331,809,278
Gross unrealized depreciation		(5,240,812	)

Net unrealized appreciation	$	326,568,466

(a)	Non-income producing security.

(b)	Security, or a portion of security, is on loan.

(c)	Investments in issuers considered to be an affiliate of the Portfolio during the period ended December 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at September 30, 2013		Net Activity		Shares/Beneficial Interest Held at December 31, 2013		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		12,806,801		32,180,882		44,987,683	$	26,508
BlackRock Liquidity Series, LLC, Money Market Series	$	13,291,349	$	12,105,260	$	25,396,609	$	8,420

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

(e)

Financial futures contracts outstanding as of December 31, 2013 were as follows:

Contracts
Purchased

Issue

Exchange

Expiration

Notional
Value

Unrealized
Appreciation

342

S&P 500 E-Mini Futures

Chicago Mercantile

March 2014

31,481,100

1,196,529

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

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


16		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013


Schedule of Investments (concluded)			Master Large Cap Growth Portfolio

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

The following tables summarize the Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of December 31, 2013:


	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments¹	$	1,128,720,580		—			—	$	1,128,720,580
Short-Term Securities.		44,987,683	$	25,396,609			—		70,384,292
Total	$	1,173,708,263	$	25,396,609			—	$	1,199,104,872

¹ See above Schedule of Investments for values in each industry.
	Level 1		Level 2			Level 3		Total
Derivative Financial Instruments²
Assets:
Equity contracts	$	1,196,529		—			—	$	1,196,529
² Derivative financial instruments are financial futures contracts which are valued at the unrealized appreciation/depreciation on the instrument. The carrying amount for certain of the Portfolio’s assets and/or liabilities approximates fair value for financial reporting purposes. As of December 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	98,741		—			—	$	98,741
Liabilities:
Collateral on securities loaned at value		—	$	(25,396,609	)		—		(25,396,609	)
Total	$	98,741	$	(25,396,609	)		—	$	(25,297,868	)

There were no transfers between levels during the period ended December 31, 2013.


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013		17


Schedule of Investments December 31, 2013 (Unaudited)			Master Large Cap Value Portfolio
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 2.2%
The Boeing Co.		70,500	$	9,622,545
Raytheon Co.		126,550		11,478,085
Rockwell Collins, Inc.		35,500		2,624,160

				23,724,790
Airlines — 1.7%
United Continental Holdings, Inc. (a)		490,492		18,555,312
Auto Components — 1.6%
TRW Automotive Holdings Corp. (a)		229,222		17,051,825
Capital Markets — 2.0%
The Goldman Sachs Group, Inc.		120,808		21,414,426
Chemicals — 1.1%
Cabot Corp.		79,244		4,073,142
The Dow Chemical Co.		176,100		7,818,840

				11,891,982
Commercial Banks — 5.0%
Regions Financial Corp.		575,659		5,693,268
SunTrust Banks, Inc.		413,400		15,217,254
U.S. Bancorp		727,175		29,377,870
Wells Fargo & Co.		84,625		3,841,975

				54,130,367
Commercial Services & Supplies — 1.0%
Tyco International Ltd.		256,025		10,507,266
Communications Equipment — 2.7%
Brocade Communications Systems, Inc. (a)		503,600		4,466,932
Cisco Systems, Inc.		1,101,700		24,733,165

				29,200,097
Computers & Peripherals — 2.7%
Apple Inc.		10,100		5,667,211
EMC Corp.		494,000		12,424,100
Western Digital Corp.		124,290		10,427,931

				28,519,242
Construction & Engineering — 0.5%
KBR, Inc.		179,620		5,728,082
Consumer Finance — 2.3%
Discover Financial Services		431,680		24,152,496
Containers & Packaging — 0.4%
Packaging Corp. of America		63,100		3,992,968
Diversified Financial Services — 11.8%
Bank of America Corp.		2,443,358		38,043,084
Berkshire Hathaway, Inc., Class B (a)		46,700		5,536,752
Citigroup, Inc.		701,826		36,572,153
JPMorgan Chase & Co.		799,465		46,752,713

				126,904,702
Diversified Telecommunication Services — 0.4%
AT&T Inc.		118,550		4,168,218
Electronic Equipment, Instruments & Components — 1.3%
Avnet, Inc.		185,400		8,177,994
TE Connectivity Ltd.		99,800		5,499,978

				13,677,972
Energy Equipment & Services — 0.7%
Halliburton Co.		153,800		7,805,350
Food & Staples Retailing — 3.0%
CVS Caremark Corp.		443,300		31,726,981


Common Stocks	Shares		Value
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		322,200	$	12,349,926
Medtronic, Inc.		298,300		17,119,437

				29,469,363
Health Care Providers & Services — 3.6%
Aetna, Inc.		193,100		13,244,729
UnitedHealth Group, Inc.		190,600		14,352,180
Universal Health Services, Inc., Class B		131,448		10,681,464

				38,278,373
Household Products — 0.6%
The Procter & Gamble Co.		78,400		6,382,544
Industrial Conglomerates — 3.7%
3M Co.		168,075		23,572,519
General Electric Co.		565,675		15,855,870

				39,428,389
Insurance — 8.7%
Allied World Assurance Co. Holdings AG		63,700		7,185,997
American Financial Group, Inc.		137,325		7,926,399
American International Group, Inc.		577,100		29,460,955
The Chubb Corp.		208,915		20,187,456
Genworth Financial, Inc., Class A (a)		331,800		5,152,854
HCC Insurance Holdings, Inc.		71,900		3,317,466
The Travelers Cos., Inc.		229,640		20,791,606

				94,022,733
Internet Software & Services — 1.2%
AOL, Inc. (a)		127,600		5,948,712
Yahoo!, Inc. (a)		171,500		6,935,460

				12,884,172
IT Services — 0.7%
DST Systems, Inc.		80,300		7,286,422
Machinery — 2.8%
Ingersoll-Rand PLC		282,990		17,432,184
Oshkosh Corp.		63,525		3,200,389
Parker Hannifin Corp.		76,912		9,893,960

				30,526,533
Media — 3.6%
Comcast Corp., Class A		517,700		26,902,281
Twenty-First Century Fox, Inc., Class A		342,205		12,038,772

				38,941,053
Multiline Retail — 1.2%
Dillard’s, Inc., Class A		56,400		5,482,644
Macy’s, Inc.		136,800		7,305,120

				12,787,764
Oil, Gas & Consumable Fuels — 10.9%
Antero Resources Corp. (a)		9,570		607,121
Chevron Corp.		173,185		21,632,538
Exxon Mobil Corp.		394,525		39,925,930
Marathon Petroleum Corp.		224,440		20,587,881
PBF Energy, Inc., Class A		226,734		7,133,052
Suncor Energy, Inc.		599,390		21,008,619
Tesoro Corp.		114,627		6,705,679

				117,600,820
Paper & Forest Products — 2.3%
Domtar Corp.		142,300		13,424,582


18		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013


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


Common Stocks	Shares		Value
Paper & Forest Products (concluded)
International Paper Co.		233,230	$	11,435,267

				24,859,849
Pharmaceuticals — 8.9%
AbbVie, Inc.		145,900		7,704,979
Eli Lilly & Co.		194,275		9,908,025
Johnson & Johnson		72,700		6,658,593
Merck & Co., Inc.		643,790		32,221,689
Pfizer, Inc.		1,267,325		38,818,165

				95,311,451
Semiconductors & Semiconductor Equipment — 1.2%
Applied Materials, Inc.		752,540		13,312,433
Software — 1.8%
Activision Blizzard, Inc.		194,900		3,475,067
Oracle Corp.		297,640		11,387,706
Symantec Corp.		188,100		4,435,398

				19,298,171
Specialty Retail — 2.0%
Lowe’s Cos., Inc.		443,000		21,950,650
Total Long-Term Investments (Cost — $734,403,705) — 96.3%				1,035,492,796


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (b)(c)		39,431,050	$	39,431,050
Total Short-Term Securities (Cost — $39,431,050) — 3.7%				39,431,050
*Total Investments (Cost — $773,834,755) — 100.0%**				1,074,923,846
Other Assets Less Liabilities — 0.0%				483,269

Net Assets — 100.0%			$	1,075,407,115

Notes to Schedule of Investments

*	As of December 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	796,465,873

Gross unrealized appreciation	$	283,514,192
Gross unrealized depreciation		(5,056,219	)

Net unrealized appreciation	$	278,457,973

(a)	Non-income producing security.

(b)	Investments in issuers considered to be an affiliate of the Portfolio during the period ended December 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares/Beneficial Interest Held at September 30, 2013		Net Activity			Shares/Beneficial Interest Held at December 31, 2013		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		7,755,119		31,675,931			39,431,050	$	4,416
BlackRock Liquidity Series, LLC, Money Market Series	$	5,175,835	$	(5,175,835	)		—	$	688

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

Financial futures contracts outstanding as of December 31, 2013 were as follows:

Contracts
Purchased

Issue

Exchange

Expiration

Notional
Value

Unrealized
Appreciation

238

S&P 500 E-Mini Futures

Chicago Mercantile

March 2014

21,907,900

832,672


		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013		19


Schedule of Investments (concluded)			Master Large Cap Value Portfolio

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

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

The following tables summarize the Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of December 31, 2013:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹	$	1,035,492,796		—		—	$	1,035,492,796
Short-Term Securities		39,431,050		—		—		39,431,050
Total	$	1,074,923,846		—		—	$	1,074,923,846

¹ See above Schedule of Investments for values in each industry.
	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments²
Assets:
Equity contracts	$	832,672		—		—	$	832,672

²	Derivative financial instruments are financial futures contracts which are valued at the unrealized appreciation/depreciation on the instrument.

The carrying amount for certain of the Portfolio’s assets approximates fair value for financial reporting purposes. As of December 31, 2013, cash of $100,745 is categorized as Level 1 within the disclosure hierarchy.

There were no transfers between levels during the period ended December 31, 2013.


20		BLACKROCK LARGE CAP SERIES FUNDS, INC.		DECEMBER 31, 2013


Item 2 –		Controls and Procedures

2(a) –		The registrants’ principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants’ disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –		There were no changes in the registrants’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants’ last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants’ internal control over financial reporting.

Item 3 –		Exhibits

		Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC

By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC

Date: February 24, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.


By:		/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC

Date: February 24, 2014

By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Large Cap Series Funds, Inc. and Master Large Cap Series LLC

Date: February 24, 2014