BLACKROCK LARGE CAP SERIES FUNDS INC

/s/ BENJAMIN ARCHIBALD

February 15, 2013

(Benjamin Archibald, Attorney-In-Fact)

0001193125-13-062085.txt : 20130215 0001193125-13-062085.hdr.sgml : 20130215 20130215122546 ACCESSION NUMBER: 0001193125-13-062085 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130215 EFFECTIVENESS DATE: 20130215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK LARGE CAP SERIES FUNDS, INC. CENTRAL INDEX KEY: 0001097077 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-89389 FILM NUMBER: 13618337 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH LARGE CAP SERIES FUNDS INC DATE OF NAME CHANGE: 19991018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK LARGE CAP SERIES FUNDS, INC. CENTRAL INDEX KEY: 0001097077 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09637 FILM NUMBER: 13618338 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH LARGE CAP SERIES FUNDS INC DATE OF NAME CHANGE: 19991018

0001097077 S000001973 BlackRock Large Cap Core Fund

C000005171 Investor A

C000005172 Investor B

C000005173 Investor C

C000005174 Institutional

C000005175 Class R

C000052209 Service

0001097077 S000001974 BlackRock Large Cap Growth Fund

C000005176 Investor A

C000005177 Investor B

C000005178 Investor C

C000005179 Institutional

C000005180 Class R

C000037858 Service

0001097077 S000001975 BlackRock Large Cap Value Fund

C000005181 Investor A

C000005182 Investor B

C000005183 Investor C

C000005184 Institutional

C000005185 Class R

C000037859 Service

0001097077 S000018499 BlackRock Large Cap Core Plus Fund

C000051319 Investor A

C000051320 Investor C

C000051321 Institutional

0001097077 S000018858 BlackRock Large Cap Growth Retirement Portfolio

C000052206 Class K

0001097077 S000018859 BlackRock Large Cap Value Retirement Portfolio

C000052207 Class K

0001097077 S000018860 BlackRock Large Cap Core Retirement Portfolio

C000052208 Class K

485BPOS 1 d439629d485bpos.htm BLACKROCK LARGE CAP SERIES FUNDS INC BLACKROCK LARGE CAP SERIES FUNDS INC

As filed with the Securities and Exchange Commission on February 15, 2013

Securities Act File No. 333-89389

Investment Company Act File No. 811-09637

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER


		*THE SECURITIES ACT OF 1933*		x
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 28		x
		and/or
		REGISTRATION STATEMENT
		*UNDER*
		*THE INVESTMENT COMPANY ACT OF 1940*		x
		Amendment No. 29		x
		(Check appropriate box or boxes)

BLACKROCK LARGE CAP SERIES FUNDS, INC.

(Exact Name of Registrant as Specified in Charter)

100 Bellevue Parkway, Wilmington, Delaware 19809

(Address of Principal Executive Office)

Registrant’s Telephone Number, including Area Code (800) 441-7762

John M. Perlowski

BlackRock Funds

55 East 52^ndStreet

New York, New York 10055

United States of America

(Name and Address of Agent for Service)

Copies to:


Counsel for the Fund:
Frank P. Bruno, Esq.		Benjamin Archibald, Esq.
Sidley Austin LLP		BlackRock Advisors, LLC
787 Seventh Avenue		55 East 52^ndStreet
New York, New York 10019-6018		New York, New York 10055

It is proposed that this filing will become effective (check appropriate box)

x	immediately upon filing pursuant to paragraph (b)

¨	on (date)pursuant to paragraph (b)

¨	60 days after filing pursuant to paragraph (a)(1)

¨	on (date) pursuant to paragraph (a)(1)

¨	75 days after filing pursuant to paragraph (a)(2)

¨	on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

¨	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of Common Stock.

Master Large Cap Series LLC has also executed this Registration Statement.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all requirements for effectiveness of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and the State of New York on the 15^th day of February, 2013.


BLACKROCK LARGE CAP SERIES FUNDS, INC.
(REGISTRANT)

By:		/s/ JOHN M. PERLOWSKI
		John M. Perlowski
		President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:


Signature	Title	Date

/s/ JOHN M. PERLOWSKI	President and Chief Executive Officer (Principal Executive Officer)	February 15, 2013
(John M. Perlowski)

/s/ NEAL J. ANDREWS	Chief Financial Officer (Principal Financial and Accounting Officer)	February 15, 2013
(Neal J. Andrews)

DAVID O. BEIM*	Director
(David O. Beim)

RONALD W. FORBES*	Director
(Ronald W. Forbes)

DR. MATINA S. HORNER*	Director
(Dr. Matina S. Horner)

RODNEY D. JOHNSON*	Director
(Rodney D. Johnson)

HERBERT I. LONDON*	Director
(Herbert I. London)

IAN A. MACKINNON*	Director
(Ian A. MacKinnon)

CYNTHIA A. MONTGOMERY*	Director
(Cynthia A. Montgomery)

JOSEPH P. PLATT*	Director
(Joseph P. Platt)

ROBERT C. ROBB, JR.*	Director
(Robert C. Robb, Jr.)


TOBY ROSENBLATT*		Director
(Toby Rosenblatt)

KENNETH L. URISH*		Director
(Kenneth L. Urish)

FREDERICK W. WINTER*		Director
(Frederick W. Winter)

PAUL L. AUDET*		Director
(Paul L. Audet)

HENRY GABBAY*		Director
(Henry Gabbay)

SIGNATURES

Master Large Cap Series LLC has duly caused this Registration Statement of BlackRock Large Cap Series Funds, Inc. to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on February 15, 2013.


MASTER LARGE CAP SERIES LLC

By:		/s/ JOHN M. PERLOWSKI
		(John M. Perlowski
		President and Chief Executive Officer)

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement of BlackRock Large Cap Series Funds, Inc. has been signed below by the following persons in the capacities and on the dates indicated:


Signature	Title	Date

/s/ JOHN M. PERLOWSKI	President and Chief Executive Officer (Principal Executive Officer)	February 15, 2013
(John M. Perlowski)

/s/ NEAL J. ANDREWS	Chief Financial Officer (Principal Financial and Accounting Officer)	February 15, 2013
(Neal J. Andrews)

DAVID O. BEIM*	Director
(David O. Beim)

RONALD W. FORBES*	Director
(Ronald W. Forbes)

DR. MATINA S. HORNER*	Director
(Dr. Matina S. Horner)

RODNEY D. JOHNSON*	Director
(Rodney D. Johnson)

HERBERT I. LONDON*	Director
(Herbert I. London)

IAN A. MACKINNON*	Director
(Ian A. MacKinnon)

CYNTHIA A. MONTGOMERY*	Director
(Cynthia A. Montgomery)

JOSEPH P. PLATT*	Director
(Joseph P. Platt)

ROBERT C. ROBB, JR.*	Director
(Robert C. Robb, Jr.)

TOBY ROSENBLATT*	Director
(Toby Rosenblatt)

KENNETH L. URISH*	Director
(Kenneth L. Urish)


FREDERICK W. WINTER*		Director
(Frederick W. Winter)

PAUL L. AUDET*		Director
(Paul L. Audet)

HENRY GABBAY*		Director
(Henry Gabbay)

EXHIBIT INDEX


Index No.		Description of Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

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http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBlackRockLargeCapCoreFund column period compact * ~</div> 2013-01-28 485BPOS BLACKROCK LARGE CAP SERIES FUNDS, INC. 0001097077 2013-01-28 2013-01-28 false 2012-09-30 Fund Overview Key Facts About BlackRock Large Cap Growth Fund Investment Objective The investment objective of BlackRock Large Cap Growth Fund (“Growth Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc., is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of Growth Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”). More information about these and other discounts is available from your financial professional and in the “Details About the Share Classes” section on page 29 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-58 of the Fund’s statement of additional information. Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 132% of the average value of its portfolio. Growth Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000® Growth Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund is a “feeder” fund that invests all of its assets in Master Growth Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Growth Fund” or “Fund” (as applicable) to include the Portfolio. Principal Risks of Investing in the Fund 0.0823 0.0759 0.0535 0.0884 0.1222 0.1474 0.1382 0.1642 0.0627 0.0574 0.0537 0.0617 0.0594 0.071 0.0653 0.0752 0.0525 0 0 0 0 0 0.045 0.01 0 0 Investor A Shares ANNUAL TOTAL RETURNS Growth Fund As of 12/31 As of 12/31/12 Average Annual Total Returns After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. You would pay the following expenses if you did not redeem your shares: During the ten-year period shown in the bar chart, the highest return for a quarter was 16.33% (quarter ended March 31, 2012) and the lowest return for a quarter was –19.34% (quarter ended September 30, 2011). 0.0047 0.0047 0.0047 0.0047 0.0047 0.0025 0.01 0.01 0 0.005 Fund Overview Key Facts About BlackRock Large Cap Value Fund Investment Objective 0.0056 The information shows you how Growth Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000® Growth Index. The returns for Class R Shares prior to January 3, 2003, the commencement of operations of Class R Shares, are based upon the performance of the Fund’s Institutional Shares. The returns for Class R Shares, however, are adjusted to reflect the distribution and service (12b-1) fees applicable to Class R Shares. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. 0.0071 0.005 Performance Information 0.003 The investment objective of BlackRock Large Cap Value Fund (“Value Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc., is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. 0.0056 Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of Value Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”). More information about these and other discounts is available from your financial professional and in the “Details About the Share Classes” section on page 29 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-58 of the Fund’s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 147% of the average value of its portfolio. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies of the Fund 0.0025 0.0025 0.0025 0.0025 Value Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000 Value® Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund is a “feeder” fund that invests all of its assets in Master Value Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Value Fund” or “Fund” (as applicable) to include the Portfolio. Principal Risks of Investing in the Fund Risk is inherent in all investing. The value of your investment in Value Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"> Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, value investments have performed better during periods of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left:-20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> 0.0031 0.0046 Performance Information 0.0025 0.0005 0.0031 The information shows you how Value Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000® Value Index. The returns for Class R Shares prior to January 3, 2003, the commencement of operations of Class R Shares, are based upon the performance of the Fund’s Institutional Shares. The returns for Class R Shares, however, are adjusted to reflect the distribution and service (12b-1) fees applicable to Class R Shares. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. Investor A Shares ANNUAL TOTAL RETURNS Value Fund As of 12/31 During the ten-year period shown in the bar chart, the highest return for a quarter was 15.18% (quarter ended June 30, 2003) and the lowest return for a quarter was –22.22% (quarter ended September 30, 2011). As of 12/31/12 Average Annual Total Returns After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. 1.32 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”) 25000 0.0114 0.0197 0.0197 0.0077 0.0153 The information shows you how Growth Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. -0.0014 -0.0021 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. (800) 882-0052 http://www.blackrock.com/funds 0.0525 As with all such investments, past performance (before and after taxes) is not an indication of future results. 0 0 0 0 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. 0.0128 0.0218 0.0197 0.0077 0.0153 0 0.045 0.01 0 0 However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. 635 650 300 79 156 highest return 896 1012 618 246 2012-03-31 483 0.1633 lowest return 1178 1350 2011-09-30 1062 428 834 -0.1934 1977 2268 2296 954 1824 200 200 662 618 0.005 0.005 0.005 0.005 1150 1062 0.005 2268 2296 0.0025 0.01 0.01 0 0.005 0.0052 0.0071 0.0062 0.0046 0.0057 0.3164 0.1537 0.1305 0.1279 0.0486 -0.3747 0.0025 0.0025 0.0025 0.0025 0.2046 0.0025 0.1102 -0.0003 0.0027 0.0046 0.0037 0.0021 0.0032 0.1423 0.0127 0.0221 0.0212 0.0096 0.0157 0.005 Investment Objective The investment objective of BlackRock Large Cap Core Fund (“Core Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. 0.0025 Fees and Expenses of the Fund 0.0058 This table describes the fees and expenses that you may pay if you buy and hold shares of Core Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”). More information about these and other discounts is available from your financial professional and in the “Details About the Share Classes” section on page 29 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-58 of the Fund’s statement of additional information. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 128% of the average value of its portfolio. 0.0133 Principal Investment Strategies of the Fund 648 674 Core Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000® Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund will use an investment approach that blends growth and value. Growth companies are those whose earnings growth potential appears to the Fund management team to be greater than the market in general and whose revenue growth is expected to continue for an extended period. Stocks of growth companies typically pay relatively low dividends and sell at relatively high valuations. Value companies are those that appear to be undervalued by the market as measured by certain financial formulas. The Fund is a “feeder” fund that invests all of its assets in Master Core Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Core Fund” or “Fund” (as applicable) to include the Portfolio. 315 98 Principal Risks of Investing in the Fund 160 Risk is inherent in all investing. The value of your investment in Core Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"> Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles. </li></ul><ul type="square"><li style="margin-left:-20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> Performance Information 907 1041 664 306 The information shows you how Core Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000® Index. The returns for Class R Shares prior to January 3, 2003, the commencement of operations of Class R Shares, are based upon the performance of the Fund’s Institutional Shares. The returns for Class R Shares, however, are adjusted to reflect the distribution and service (12b-1) fees applicable to Class R Shares. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. 496 0.0025 0.0033 1185 1385 1139 531 855 1978 2306 2452 1178 1867 224 215 691 664 1185 1139 2306 2452 0.3287 0.1978 0.1487 0.1579 0.0478 -0.357 0.1414 0.1039 -0.0297 0.1247 0.0427 0.0657 0.0582 0.0682 0.1041 0.1269 0.1205 0.1751 -0.0348 -0.0382 -0.0312 -0.0367 -0.0325 -0.0218 -0.0275 0.0059 0.0639 0.0583 0.0544 0.0628 0.061 0.0725 0.0671 0.0738 1.47 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”). 25000 You would pay the following expenses if you did not redeem your shares: You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how Value Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. February 1, 2014 1.28 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC ("BlackRock"). 25000 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. However, the table includes all applicable fees and sales charges. 135 421 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. As with all such investments, past performance (before and after taxes) is not an indication of future results. http://www.blackrock.com/funds 729 (800) 882-0052 1601 The information shows you how Core Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: You would pay the following expenses if you did not redeem your shares: Investor A Shares ANNUAL TOTAL RETURNS Core Fund As of 12/31 During the ten-year period shown in the bar chart, the highest return for a quarter was 14.87% (quarter ended June 30, 2003) and the lowest return for a quarter was –21.23% (quarter ended September 30, 2011). 0.1435 0.1228 0.1022 As of 12/31/12 Average Annual Total Returns 0.1526 0.0127 0.0088 0.0092 0.0312 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor B, Investor C, Institutional and Class R Shares will vary. 0.072 0.0694 0.0627 0.0752 Fund Overview Key Facts About BlackRock Large Cap Core Fund 0.329 0.1019 0.1162 0.0648 0.081 -0.3687 0.3121 0.1203 0.0035 0 0.045 0.01 0 0 0.1435 Investment Objective The investment objective of BlackRock Large Cap Growth Fund (“Growth Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc., is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold Service Shares of Growth Fund. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 132% of the average value of its portfolio. Principal Investment Strategies of the Fund 0.0025 Performance Information 0.005 0.005 During the ten-year period shown in the bar chart, the highest return for a quarter was 16.21% (quarter ended March 31, 2012) and the lowest return for a quarter was –19.32% (quarter ended September 30, 2011). 0.005 0.005 0.005 0.0025 0.01 0.01 0 0.005 0.0051 0.0063 0.0057 0.0047 0.0056 0.0025 0.0025 0.0025 0.0025 0.0025 0.0026 0.0038 0.0032 0.0022 0.0031 0.0126 0.0213 0.0097 0.0207 0.0156 Fund Overview Key Facts About BlackRock Large Cap Growth Fund highest return 2003-06-30 0.1518 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) lowest return Growth Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock Advisors, LLC (“BlackRock”) selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000® Growth Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund is a “feeder” fund that invests all of its assets in Master Growth Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Growth Fund” or “Fund” (as applicable) to include the Portfolio. Principal Risks of Investing in the Fund 2011-09-30 Risk is inherent in all investing. The value of your investment in Growth Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left:-20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> -0.2222 The Service Shares commenced operations on October 2, 2006. Prior to inception of the Service Share class, the performance shown is based on Growth Fund’s Institutional Shares, which are offered by a separate prospectus. The returns for the Service Shares, however, are adjusted to reflect the service fees applicable to the Service Shares. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Service Share performance to that of the Russell 1000® Growth Index. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. Service Shares ANNUAL TOTAL RETURNS Growth Fund As of 12/31 As of 12/31/12 Average Annual Total Returns After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 1.32 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. highest return 2012-03-31 0.1621 lowest return 2011-09-30 -0.1932 647 666 310 99 159 493 309 649 1017 904 1180 1344 1114 536 850 1856 1190 2400 2240 1968 216 210 667 649 1144 1114 2240 2400 highest return 2003-06-30 0.1487 lowest return 2011-09-30 0.3284 -0.2123 0.1021 0.1161 0.0648 -0.3694 <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBlackRockLargeCapValueFund column period compact * ~</div> Investment Objective The investment objective of BlackRock Large Cap Value Fund (“Value Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc., is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. 0.1197 0.0017 Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold Service Shares of Value Fund. 0.1447 0.0525 0 0 0.005 Investment Objective 0 0.0025 0.01 The investment objective of BlackRock Large Cap Core Fund (“Core Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc., is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. 0 Fund Overview Key Facts About BlackRock Large Cap Core Fund Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold Service Shares of Core Fund. 0.3095 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0805 Fund Overview Key Facts About BlackRock Large Cap Growth Retirement Portfolio Investment Objective The investment objective of BlackRock Large Cap Growth Retirement Portfolio (“Retirement Growth Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. Fees and Expenses of the Fund Example: This table describes the fees and expenses that you may pay if you buy and hold Class K Shares of Retirement Growth Fund. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 128% of the average value of its portfolio. 0.0846 0.064 0.0636 0.0903 0.1258 0.1475 0.1427 0.1526 0.005 0 0.0009 -0.0032 -0.0009 0.0001 0.0037 0.002 0.0149 0.0086 0.0312 0.007 -0.0003 0.0067 Principal Investment Strategies of the Fund Core Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock Advisors, LLC (“BlackRock”) selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000® Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund will use an investment approach that blends growth and value. Growth companies are those whose earnings growth potential appears to the Fund management team to be greater than the market in general and whose revenue growth is expected to continue for an extended period. Stocks of growth companies typically pay relatively low dividends and sell at relatively high valuations. Value companies are those that appear to be undervalued by the market as measured by certain financial formulas. The Fund is a “feeder” fund that invests all of its assets in Master Core Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Core Fund” or “Fund” (as applicable) to include the Portfolio. Principal Risks of Investing in the Fund 0.0657 0.063 0.0052 0.0569 0.063 0.0648 0.0752 0.0689 0.0745 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockLargeCapGrowthFundService column period compact * ~</div> 0.0025 0.0027 0.0127 Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockLargeCapValueFund column period compact * ~</div> 68 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBlackRockLargeCapGrowthFundService column period compact * ~</div> 221 387 868 Portfolio Turnover: Risk is inherent in all investing. The value of your investment in Core Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left:-20px"> Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> 0.012 0.012 0.012 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapGrowthFundServiceBarChart column period compact * ~</div> The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 132% of the average value of its portfolio. <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBlackRockLargeCapValueFund column period compact * ~</div> 0.01 0.0025 0 0.0134 0.0137 Principal Investment Strategies of the Fund 0.0131 Retirement Growth Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000® Growth Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund is a “feeder” fund that invests all of its assets in Master Growth Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Retirement Growth Fund” or “Fund” (as applicable) to include the Portfolio. Performance Information Principal Risks of Investing in the Fund 129 403 The Service Shares commenced operations on September 24, 2007. Prior to inception of the Service Share class, the performance shown is based on Core Fund’s Institutional Shares, which are offered by a separate prospectus. The returns for the Service Shares, however, are adjusted to reflect the service fees applicable to the Service Shares. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Service Share performance to that of the Russell 1000® Index. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockLargeCapGrowthFundService column period compact * ~</div> 697 1534 0.0279 0.0357 0.0251 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBlackRockLargeCapValueFund column period compact * ~</div> Performance Information Service Shares ANNUAL TOTAL RETURNS Core Fund As of 12/31 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: During the ten-year period shown in the bar chart, the highest return for a quarter was 14.81% (quarter ended June 30, 2003) and the lowest return for a quarter was –21.25% (quarter ended September 30, 2011). The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 147% of the average value of its portfolio. Value Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock Advisors, LLC (“BlackRock”) selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000® Value Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund is a “feeder” fund that invests all of its assets in Master Value Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Value Fund” or “Fund” (as applicable) to include the Portfolio. Principal Investment Strategies of the Fund As of 12/31/12 Average Annual Total Returns After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapValueFundBarChart column period compact * ~</div> Principal Risks of Investing in the Fund <div style="display:none">~ http://www.blackrock.com/role/ScheduleShareholderFeesBlackRockLargeCapGrowthFund column period compact * ~</div> The Service Shares commenced operations on October 2, 2006. Prior to inception of the Service Share class, the performance shown is based on Value Fund’s Institutional Shares, which are offered by a separate prospectus. The returns for the Service Shares, however, are adjusted to reflect the service fees applicable to the Service Shares. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Service Share performance to that of the Russell 1000® Value Index. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockLargeCapValueFund column period compact * ~</div> Service Shares ANNUAL TOTAL RETURNS Value Fund As of 12/31 Class K Shares ANNUAL TOTAL RETURNS Retirement Growth Fund As of 12/31 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockLargeCapGrowthFund column period compact * ~</div> During the ten-year period shown in the bar chart, the highest return for a quarter was 18.79% (quarter ended March 31, 2012) and the lowest return for a quarter was –19.24% (quarter ended September 30, 2011). -0.0198 -0.0223 -0.0182 As of 12/31/12 Average Annual Total Returns -0.0211 -0.0181 -0.007 -0.0135 0.0192 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. As of 12/31/12 Average Annual Total Returns <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBlackRockLargeCapGrowthFund column period compact * ~</div> 0.33 792 460 0.1972 254 0.149 0.1571 0.0485 -0.3562 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.1424 1345 1094 782 0.105 -0.0282 1922 1850 1335 0.123 3480 3836 2846 1.32 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBlackRockLargeCapGrowthFund column period compact * ~</div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance is not an indication of future results. The returns for Class K Shares of Retirement Growth Fund prior to their inception date of January 3, 2008 are based upon the performance of Institutional Shares of BlackRock Large Cap Growth Fund, a series of the Corporation which is also a feeder fund into Master Growth Portfolio. The returns shown are adjusted to reflect the annual fund operating expenses of Class K Shares of the Fund. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Class K Share performance to that of the Russell 1000® Growth Index. As with all such investments, past performance is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s return would have been lower. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. 0.123 0.1155 0.08 0.1751 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. -0.0237 -0.0277 -0.0224 0.0059 0.0701 However, the table includes all applicable fees and sales charges. 0.0641 0.0597 0.0738 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapGrowthFundBarChart column period compact * ~</div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 360 1094 1850 3836 1.28 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockLargeCapGrowthFund column period compact * ~</div> (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. highest return -0.312 2003-06-30 0.1385 0.1332 0.1481 lowest return 0.0373 0.1427 2011-09-30 -0.2125 0.0827 0.0827 0.0538 0.1249 0.1463 0.1642 -0.0006 -0.0019 -0.0014 0.0031 0.0132 0.0192 highest return During the ten-year period shown in the bar chart, the highest return for a quarter was 15.19% (quarter ended June 30, 2003) and the lowest return for a quarter was –22.22% (quarter ended September 30, 2011). 2012-03-31 0.1879 lowest return 2011-09-30 -0.1924 0.0047 0.0025 0.0033 0.0025 0.0008 0.0105 0.3356 0.1073 0.1218 0.0707 0.0867 -0.365 0.3193 0.1265 0.0088 0.1926 0.1926 Investment Objective 0.1526 0.0258 0.0312 0.0817 0.0752 Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of Core Plus Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”). More information about these and other discounts is available from your financial professional and in the “Details about the Share Classes” section on page 29 of the Fund’s prospectus and in the “Purchase of Shares” section on page II-58 of the Fund’s statement of additional information. 107 The investment objective of BlackRock Large Cap Core Plus Fund (“Core Plus Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc., is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. 334 579 1283 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example: Risk is inherent in all investing. The value of your investment in Growth Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left:-20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0525 0 0 0 0 Fund Overview Key Facts About BlackRock Large Cap Value Retirement Portfolio Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 172% of the average value of its portfolio. Investment Objective Principal Investment Strategies of the Fund The investment objective of BlackRock Large Cap Value Retirement Portfolio (“Retirement Value Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold Class K Shares of Retirement Value Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover: 0.3158 The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 147% of the average value of its portfolio. 0.1541 0.1306 0.128 1.47 Principal Risks of Investing in the Fund 0.0488 -0.374 0.2047 Example: 0.1104 -0.0028 Principal Investment Strategies of the Fund 0.143 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies of the Fund Retirement Value Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell® 1000 Value Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund will invest primarily in equity securities that BlackRock believes are undervalued. The Fund is a “feeder” fund that invests all of its assets in Master Value Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Retirement Value Fund” or “Fund” (as applicable) to include the Portfolio. Principal Risks of Investing in the Fund 1.47 0.143 0.1426 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 0.093 0.1642 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. -0.0092 -0.0104 (800) 882-0052 -0.0086 0.0192 http://www.blackrock.com/funds 0.0684 0.0638 0.0593 0.0752 Risk is inherent in all investing. The value of your investment in Retirement Value Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, value investments have performed better during periods of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left:-20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Performance Information The returns for Class K Shares of Retirement Value Fund prior to their inception date of January 3, 2008 are based upon the performance of Institutional Shares of BlackRock Large Cap Value Fund, a series of the Corporation which is also a feeder fund into Master Value Portfolio. The returns shown are adjusted to reflect the annual fund operating expenses of Class K Shares of the Fund. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Class K Share performance to that of the Russell 1000® Value Index. As with all such investments, past performance is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s return would have been lower. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. Risk is inherent in all investing. The value of your investment in Core Plus Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left:-20px"> Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul><ul type="square"><li style="margin-left:-20px">Short Sales Risk — Because making short sales in securities that it does not own exposes the Fund to the risks associated with those securities, such short sales involve speculative exposure risk. The Fund may incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security.</li></ul> Core Plus Fund pursues its investment objective by establishing long and short positions in a diversified portfolio of equity securities issued primarily by large cap companies located in the United States. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund will use an investment approach that emphasizes a blend of both growth and value. Growth companies are those whose earnings growth potential appears to the Fund management team to be greater than the market in general and whose revenue growth is expected to continue for an extended period. Stocks of growth companies typically pay relatively low dividends and sell at relatively high valuations. Value companies are those that appear to be undervalued by the market as measured by certain financial formulas. Under normal circumstances, the Fund seeks to achieve its objective by investing at least 80% of its net assets in equity securities, primarily common stock, of large cap companies that BlackRock selects from those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000® Index. For this purpose, net assets include assets acquired through the investment of the proceeds of the short sales or any borrowings or other forms of leverage for investment purposes. The Fund takes long positions primarily in large cap companies that BlackRock has identified as attractive and short positions in such securities that BlackRock has identified as overvalued or poised for underperformance. A long position refers to a security that the Fund holds in its portfolio, while a short position refers to a security the Fund does not hold but has sold short by delivery of a borrowed security. The Fund will normally hold long positions in equity securities representing up to 130% of its assets. The Fund will generally hold approximately 30% of its assets in short positions. When the Fund takes a long position, it purchases the security outright. When the Fund takes a short position, it sells a security that it has borrowed. 0.0025 0.0012 0.0013 0.0061 0.0163 0.0214 The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance is not an indication of future results. 0.0047 0 0.0013 0.006 Class K Shares ANNUAL TOTAL RETURNS Retirement Value Fund As of 12/31 During the period shown in the bar chart, the highest return for a quarter was 14.18% (quarter ended December 31, 2011) and the lowest return for a quarter was –20.63% (quarter ended September 30, 2011). After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. During the ten-year period shown in the bar chart, the highest return for a quarter was 15.33% (quarter ended June 30, 2003) and the lowest return for a quarter was –22.09% (quarter ended September 30, 2011). As of 12/31/12 Average Annual Total Returns <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockLargeCapCoreFundService column period compact * ~</div> 61 192 However, the table includes all applicable fees and sales charges. The information shows you how Core Plus Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000® Index. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. 335 Risk is inherent in all investing. The value of your investment in Value Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left: -20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left: -20px">Investment Style Risk — Under certain market conditions, value investments have performed better during periods of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left: -20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> 750 Fund Overview Key Facts About BlackRock Large Cap Value Fund After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Performance Information Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: highest return 0.1478 2003-06-30 0.1642 highest return 0.1519 -0.0044 0.0192 2003-06-30 lowest return 0.0737 0.0752 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBlackRockLargeCapCoreFundService column period compact * ~</div> 0.1533 lowest return 2011-09-30 2011-09-30 -0.2222 -0.2209 However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. You would pay the following expenses if you did not redeem your shares: Investor A Shares ANNUAL TOTAL RETURNS Core Plus Fund As of 12/31 As of 12/31/12 Average Annual Total Returns <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapCoreFundServiceBarChart column period compact * ~</div> 1.72 0.005 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock Advisors, LLC (“BlackRock”). 0 25000 0.3223 0.1599 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. 0.1364 The information shows you how Core Plus Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. 0.0017 0.1338 (800) 882-0052 0.0539 http://www.blackrock.com/funds -0.372 0.0067 0.2101 As with all such investments, past performance (before and after taxes) is not an indication of future results. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockLargeCapCoreFundService column period compact * ~</div> 0.1162 0.0045 0.1478 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualFundOperatingExpensesBlackRockLargeCapValueFundService column period compact * ~</div> Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. 2011-12-31 highest return 0.1418 lowest return 2011-09-30 -0.2063 <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleTransposedBlackRockLargeCapValueFundService column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapCoreRetirementPortfolioBarChart column period compact * ~</div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary. Fund Overview Key Facts About BlackRock Large Cap Core Retirement Portfolio Investment Objective The investment objective of BlackRock Large Cap Core Retirement Portfolio (“Retirement Core Fund” or the “Fund”), a series of BlackRock Large Cap Series Funds, Inc. (the “Corporation”), is to seek long-term capital growth. In other words, the Fund tries to choose investments that will increase in value. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold Class K Shares of Retirement Core Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate was 128% of the average value of its portfolio. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapValueFundServiceBarChart column period compact * ~</div> Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Risks of Investing in the Fund Performance Information The returns for Class K Shares of Retirement Core Fund prior to their inception date of January 3, 2008 are based upon the performance of Institutional Shares of BlackRock Large Cap Core Fund, a series of the Corporation which is also a feeder fund into Master Core Portfolio. The returns for the Class K Shares, however, are adjusted to reflect the annual fund operating expenses of Class K Shares of the Fund. The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The table compares the Class K Share performance to that of the Russell 1000® Index. As with all such investments, past performance is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s return would have been lower. Updated information on the Fund’s results can be obtained by visiting http://www.blackrock.com/funds or can be obtained by phone at (800) 882-0052. Principal Investment Strategies of the Fund <div style="display:none">~ http://www.blackrock.com/role/ScheduleAverageAnnualTotalReturnsTransposedBlackRockLargeCapValueFundService column period compact * ~</div> 0.004 0.0039 0.004 0.0055 0.0059 0.0056 Retirement Core Fund seeks to achieve its objective by investing at least 80% of its assets in equity securities, primarily common stock, of large cap companies located in the United States that BlackRock selects from among those that are, at the time of purchase, included in the Fund’s benchmark, the Russell 1000® Index. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. Large cap companies are companies that at the time of purchase have a market capitalization equal to or greater than the top 80% of the companies that comprise the Russell 1000® Index. As of June 22, 2012, the most recent rebalance date, the lowest market capitalization in this group was $1.4 billion. The market capitalizations of companies in the index change with market conditions and the composition of the index. The Fund will use an investment approach that blends growth and value. Growth companies are those whose earnings growth potential appears to the Fund management team to be greater than the market in general and whose revenue growth is expected to continue for an extended period. Stocks of growth companies typically pay relatively low dividends and sell at relatively high valuations. Value companies are those that appear to be undervalued by the market as measured by certain financial formulas. The Fund is a “feeder” fund that invests all of its assets in Master Core Portfolio, which has the same investment objective and strategies as the Fund. All investments are made at the Portfolio level. This structure is sometimes called a “master/feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Portfolio. For simplicity, the prospectus uses the terms “Retirement Core Fund” or “Fund” (as applicable) to include the Portfolio. <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapGrowthRetirementPortfolioBarChart column period compact * ~</div> Risk is inherent in all investing. The value of your investment in Retirement Core Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund. <ul type="square"><li style="margin-left:-20px"> Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left:-20px">Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> 1.28 February 1, 2014 0.0039 You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The information shows you how the Fund's performance has varied year by year and provides some indication of the risks of investing in the Fund. (800) 882-0052 http://www.blackrock.com/funds As with all such investments, past performance is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. 0.0038 0.0036 Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. However, the table includes all applicable fees and sales charges. Class K Shares ANNUAL TOTAL RETURNS Retirement Core Fund As of 12/31 During the ten-year period shown in the bar chart, the highest return for a quarter was 14.95% (quarter ended June 30, 2003) and the lowest return for a quarter was –21.13% (quarter ended September 30, 2011). As of 12/31/12 Average Annual Total Returns After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. highest return 2003-06-30 0.1495 lowest return 2011-09-30 -0.2113 Portfolio Turnover: Example: Performance Information <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapCorePlusFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.blackrock.com/role/ScheduleExpenseExampleNoRedemptionTransposedBlackRockLargeCapCorePlusFund column period compact * ~</div> Risk is inherent in all investing. The value of your investment in Retirement Growth Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks of investing in the Fund.<ul type="square"><li style="margin-left:-20px">Equity Securities Risk — Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.</li></ul><ul type="square"><li style="margin-left:-20px">Investment Style Risk — Under certain market conditions, growth investments have performed better during the later stages of economic expansion. Therefore, this investment style may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles.</li></ul><ul type="square"><li style="margin-left:-20px"> Market Risk and Selection Risk — Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. Selection risk is the risk that the securities selected by Fund management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.</li></ul> February 1, 2014 68 214 373 835 0.3366 0.2031 0.1549 0.1635 0.0534 -0.3529 0.1488 0.1104 -0.023 0.1307 0.1307 0.1751 -0.0183 0.0059 0.0757 0.0738 <div style="display:none">~ http://www.blackrock.com/role/ScheduleAnnualTotalReturnsBlackRockLargeCapValueRetirementPortfolioBarChart column period compact * ~</div> Fund Overview Key Facts About BlackRock Large Cap Core Plus Fund 2007-12-19 2007-12-19 2007-12-19 February 1, 2014 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The fees and expenses shown in the table and the example that follows include both the expenses of Retirement Core Fund and Retirement Core Fund’s share of the allocated expenses of Master Large Cap Core Portfolio (“Master Core Portfolio” or the “Portfolio”), a series of Master Large Cap Series LLC. Management Fees are paid by Master Core Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Growth Fund and Growth Fund’s share of the allocated expenses of Master Large Cap Growth Portfolio (“Master Growth Portfolio” or the “Portfolio”), a series of Master Large Cap Series LLC. Management Fees are paid by Master Growth Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Core Fund and Core Fund’s share of the allocated expenses of Master Large Cap Core Portfolio (“Master Core Portfolio” or the “Portfolio”). Management Fees are paid by Master Core Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Value Fund and Value Fund’s share of the allocated expenses of Master Large Cap Value Portfolio (“Master Value Portfolio” or the “Portfolio”), a series of Master Large Cap Series LLC. Management Fees are paid by Master Value Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Retirement Growth Fund and Retirement Growth Fund’s share of the allocated expenses of Master Large Cap Growth Portfolio (“Master Growth Portfolio” or the “Portfolio”), a series of Master Large Cap Series LLC. Management Fees are paid by Master Growth Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Retirement Value Fund and Retirement Value Fund’s share of the allocated expenses of Master Large Cap Value Portfolio (“Master Value Portfolio” or the “Portfolio”), a series of Master Large Cap Series LLC. Management Fees are paid by Master Value Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Value Fund and Value Fund’s share of the allocated expenses of Master Large Cap Value Portfolio (“Master Value Portfolio” or the “Portfolio”), a series of Master Large Cap Series LLC. Management Fees are paid by Master Value Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Core Fund and Core Fund’s share of the allocated expenses of Master Large Cap Core Portfolio (“Master Core Portfolio” or the “Portfolio”), a series of Master Large Cap Series LLC. Management Fees are paid by Master Core Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Growth Fund and Growth Fund’s share of the allocated expenses of Master Large Cap Growth Portfolio (“Master Growth Portfolio” or the “Portfolio”), a series of Master Large Cap Series LLC. Management Fees are paid by Master Growth Portfolio. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. There is no CDSC on Investor C Shares after one year. The fees and expenses shown in the table and the example that follows include both the expenses of Growth Fund and Growth Fund's share of the allocated expenses of Master Large Cap Growth Portfolio ("Master Growth Portfolio" or the "Portfolio"), a series of Master Large Cap Series LLC. Management Fees are paid by Master Growth Portfolio. A contingent deferred sales charge ("CDSC") of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The CDSC is 4.50% if shares are redeemed in less than one year. The CDSC for Investor B Shares decreases for redemptions made in subsequent years. After six years there is no CDSC on Investor B Shares. (See the section "Details About the Share Classes - Investor B Shares" in the Fund's prospectus for the complete schedule of CDSCs.) There is no CDSC on Investor C Shares after one year. The fees and expenses shown in the table and the example that follows include both the expenses of Value Fund and Value Fund's share of the allocated expenses of Master Large Cap Value Portfolio ("Master Value Portfolio" or the "Portfolio"), a series of Master Large Cap Series LLC. Management Fees are paid by Master Value Portfolio. A portion of the Fund's total return was attributable to proceeds received in the fiscal period ended September 30, 2009 in a settlement of litigation. As described in the "Management of the Funds" section of the Fund's prospectus on pages 44-49, BlackRock has contractually agreed to waive and/or reimburse fees and/or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.14% (for Investor A Shares) and 1.97% (for Investor B Shares) of average daily net assets until February 1, 2014. The agreement may be terminated upon 90 days' notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of Core Fund. The fees and expenses shown in the table and the example that follows include both the expenses of Core Fund and Core Fund's share of the allocated expenses of Master Large Cap Core Portfolio ("Master Core Portfolio" or the "Portfolio"). Management Fees are paid by Master Core Portfolio. As described in the "Management of the Funds" section of the Fund's prospectus on pages 23-27, BlackRock Advisors, LLC ("BlackRock") has contractually agreed to waive and/or reimburse fees and/or expenses with respect to Retirement Growth Fund in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.67% of average daily net assets until February 1, 2014. The agreement may be terminated upon 90 days' notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. The fees and expenses shown in the table and the example that follows include both the expenses of Retirement Growth Fund and Retirement Growth Fund's share of the allocated expenses of Master Large Cap Growth Portfolio ("Master Growth Portfolio" or the "Portfolio"), a series of Master Large Cap Series LLC. Management Fees are paid by Master Growth Portfolio. The fees and expenses shown in the table and the example that follows include both the expenses of Core Fund and Core Fund's share of the allocated expenses of Master Large Cap Core Portfolio ("Master Core Portfolio" or the "Portfolio"), a series of Master Large Cap Series LLC. Management Fees are paid by Master Core Portfolio. A portion of the Fund's total return was attributable to proceeds received in the fiscal period ended September 30, 2009 in a settlement of litigation. As described in the "Management of the Funds" section of the Fund's prospectus on pages 23-27, BlackRock Advisors, LLC ("BlackRock") has contractually agreed to waive and/or reimburse fees and/or expenses with respect to Retirement Core Fund in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.67% of average daily net assets until February 1, 2014. The agreement may be terminated upon 90 days' notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. The fees and expenses shown in the table and the example that follows include both the expenses of Retirement Core Fund and Retirement Core Fund's share of the allocated expenses of Master Large Cap Core Portfolio ("Master Core Portfolio" or the "Portfolio"), a series of Master Large Cap Series LLC. Management Fees are paid by Master Core Portfolio. As described in the "Management of the Funds" section of the Fund's prospectus on pages 23-27, BlackRock Advisors, LLC ("BlackRock") has contractually agreed to waive and/or reimburse fees and/or expenses with respect to Retirement Value Fund in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.67% of average daily net assets until February 1, 2014. The agreement may be terminated upon 90 days' notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund. The fees and expenses shown in the table and the example that follows include both the expenses of Retirement Value Fund and Retirement Value Fund's share of the allocated expenses of Master Large Cap Value Portfolio ("Master Value Portfolio" or the "Portfolio"), a series of Master Large Cap Series LLC. Management Fees are paid by Master Value Portfolio. 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