Formulaire N-CSR BLACKROCK LARGE CAP SERI: 30 juin ☎ assurance santé entreprise

La mutuelle fédératif a les mêmes buts que la complémentaire santé individuelle : elle vise à compléter, en partie et pourquoi pas en totalité, dépenses de santé qui ne sont pas remboursées en la Sécurité sociale. Les salariés du clientèle privée et employeurs sont concernés en la mutuelle collective, autrement appelée mutuelle d’entreprise et pourquoi pas mutuelle de groupe.

Rendues obligatoires à partir du premier janvier 2016, les mutuelles collectives offrent beaucoup de avantages pour les salariés. Elles sont avant tout moins onéreuses que complémentaires de santé individuelle. De plus, une part des cotisations est prise en charge chez l’entreprise.

Les employeurs ont pour mission veiller à offrir à employés une mutuelle correspondant à répondant à compatibles avec un cahier des charges précis, prévu en le législateur.

Qui est concerné par la mutuelle d’entreprise ?
Tous employeurs du secteur privé devront avoir souscrit au 1er janvier 2016, une mutuelle collectif pour salariés. Sont ainsi concernées :
TPE et les PME
grandes entreprises ou bien multinationales
les alliance
les fédérations
Les ayants droit du salarié, famille ou enfants, peuvent également bénéficier de la mutuelle collective. Si le contrat le prévoit, elles y être affiliés.

A l’inverse, la mutuelle collective ne concerne pas le secteur public. Les fonctionnaires ne ainsi pas y prétendre. Les main-d’oeuvre non salariés ne sont pas plus concernés. Pour couvrir débours de santé, elles s’orienter vers un contrat de prévoyance.

En principe, la mutuelle fédératif est obligatoire pour terminés les salariés. Sous certaines conditions, le salarié peut refuser de s’y soumettre.

Quelles dépense de santé la mutuelle européen doit rembourser ?
L’Accord national interprofessionnel (ANI) du 14 juin 2013, qui fourni la mutuelle européen obligatoire, émane de la loi sur la sécurisation de l’emploi. L’objectif principal est de permettre aux employés du secteur privé d’accéder à une mutuelle de qualité. Ainsi, la mutuelle communautaire d’une société d’une société d’une structure d’un établissement assure un socle de garanties minimales, imaginés en le législateur. Il s’agit :

de la prise en charge de l’intégralité du missive modérateur pour les consultations, les offres et les actes de qui sont remboursés en la Sécurité sociale
du remboursement de la intégralité du forfait journalier hospitalier
de l’usage en charge des frais dentaires à hauteur de 125% du tarif conventionnel
de l’utilisation en charge des frais d’optique en gros parmi période de 2 ans. Pour une correction simple, le minimum de prise en charge est fixé à 100 €
Ces garanties doivent obligatoirement figurer dans le contrat de mutuelle collective. Il s’agit du panier de minimum. Légalement, l’employeur n’a pas le droit de offrir une mutuelle desquelles garanties seraient inférieures à ce seuil de couverture. Il peut, en revanche, souscrire des garanties supplémentaires : une garantie d’assistance, une meilleure prise en charge pour l’optique ou bien le dentaire, le troisième payant… Le contrat de la mutuelle européen est aussi l’obligation d’être responsable.

Qui finance cotisations de la mutuelle européen ?
Une partie des cotisations de la mutuelle collectif est prise en charge par l’employeur (la patronale). En cela, employés sont avantagés. L’employeur prend en charge or moins 50% des cotisations de la mutuelle collective, pour la partie qui correspond or panier de minimum. Le reste des cotisations est à la charge de l’employé (la salariale).

Comment mettre à sa place la mutuelle collective obligatoire au sein de l’entreprise ?
Avant de souscrire une mutuelle d’entreprise, les employeurs ont la possibilité de soumettre leur choix aux représentants du personnel. Ils aussi organiser un référendum près salariés. En d’échec des négociations, l’employeur souscrit une mutuelle collective sur décision unilatérale.

Employeurs, renseignez-vous auprès de votre branche prostituée ! Ces dernières peuvent vous recommander des mutuelles collectif intéressantes, parfaitement adaptées à votre secteur d’activité (construction, hôtellerie, restauration, agriculture…) Négociés en la branche professionnelle, contrats de mutuelle sont couramment pas mal avantageux.

Depuis le premier janvier 2016, les offres de mutuelle fédératif sont nombreuses sur le marché. Petites, moyennes ou grandes entreprises : les courtiers en conviction vous aider à trouver le contrat qui s’adapte le mieux à vos besoins. Contactez-nous !


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LES ETATS-UNIS

COMMISSION DE LA SECURITE ET DU CHANGEMENT

Washington, D.C. 20549

Formulaire N-CSR

RAPPORT DES ACTIONNAIRES CERTIFIÉS DES SOCIÉTÉS D'INVESTISSEMENT EN GESTION ENREGISTRÉ

Numéro de loi sur la société d'investissement: 811-09637 et 811-09739

Nom du fonds: Fonds BlackRock grande capitalisation, Inc.

Fonds de croissance ciblé à grande capitalisation BlackRock

Master grande capitalisation série LLC

Portefeuille principal de croissance à grande capitalisation

La fondation
Adresse: 100 Bellevue Parkway, Wilmington, DE 19809

Nom et adresse de l'agent de service: John
M. Perlowski, directeur général des fonds BlackRock à grande capitalisation, Inc. et de la série à grande capitalisation LLC, 55 East 52nd Rue, New York, NY 10055

Numéro de téléphone des inscrits, y compris l'indicatif régional: (800) 441-7762

Date de fin d'exercice financier: 2016-06-30

Date de rapport:
30/06/2016


Point 1 Rapport aux actionnaires


2019 30 juin

RAPPORT ANNUEL

Fonds série à grande capitalisation BlackRock, Inc

Fonds de croissance ciblé à grande capitalisation BlackRock

À partir de 2021. Le 1 er janvier, conformément à la réglementation adoptée par la Securities and Exchange Commission, le Paper Fund
Les rapports d'actionnaires ne seront plus envoyés par la poste, à moins que vous ne demandiez spécifiquement des copies papier des rapports à BlackRock ou à votre intermédiaire financier, tel qu'un courtier ou une banque. Au lieu de cela, les rapports seront disponibles
site Web, et vous serez averti par courrier chaque fois qu'un rapport est publié, et vous recevrez un lien vers le site Web pour accéder au rapport.

Vous pouvez choisir de recevoir gratuitement tous les futurs rapports papier. Si vous avez des comptes directement avec BlackRock, vous pouvez appeler le (800) 441-7762
Informez BlackRock que vous souhaitez continuer à recevoir des copies papier de vos rapports d'actionnaire. Si vous avez des comptes chez un intermédiaire financier, vous pouvez suivre les instructions fournies avec cette information, le cas échéant, ou contacter votre
obliger l’intermédiaire financier à continuer à recevoir des copies papier des rapports des actionnaires. Notez que tous les intermédiaires financiers ne peuvent pas offrir ce service. Votre choix de recevoir des rapports papier s'appliquera à tous les fonds
conseillé par BlackRock Advisors, LLC, BlackRock Fund Advisors ou leurs sociétés affiliées, ou par tout fonds détenu auprès de votre intermédiaire financier, selon le cas.

Si vous avez déjà choisi de recevoir les rapports des actionnaires par voie électronique, vous ne serez pas concerné par ce changement et aucune action n'est requise. Vous
peut choisir de recevoir la transmission électronique des rapports d'actionnaires et autres communications: (i) en visitant le site Web de BlackRock à l'adresse www.blackrock.com/edelivery et en vous connectant à vos comptes si vous avez des comptes directement auprès de BlackRock, ou (ii)
contactez votre intermédiaire financier si vous avez des comptes via un intermédiaire financier. Notez que tous les intermédiaires financiers ne peuvent pas offrir ce service.

FDIC non assuré • Peut perdre de la valeur
• Aucune garantie bancaire


Sur le marché

Cher actionnaire,

Résultats d'investissement pour la période de 12 mois terminée le 30 juin.
2019 Il y avait une histoire de deux marchés. La première moitié de la période considérée a été caractérisée par une politique monétaire stricte, un ralentissement de la croissance économique, la volatilité des marchés boursiers et une crainte grandissante d'un ralentissement. Dans la seconde moitié
Au cours de la période considérée, les actions et les obligations ont fortement rebondi, l'inflation maîtrisée et la faible croissance économique ayant poussé la Réserve fédérale américaine (Fed) à mettre fin à la hausse des taux d'intérêt, alimentant ainsi un optimisme monétaire généralisé.
les politiques pourraient aider à prévenir une récession.

Après la dépréciation de la poussière, les marchés des actions et des obligations aux États-Unis ont enregistré des rendements mitigés, mais avec une volatilité élevée.
Les majors et les obligations américaines moins volatiles se sont appréciées, tandis que les actions présentant les niveaux de risque les plus élevés – marchés émergents, marchés avancés internationaux et actions américaines à faible capitalisation – ont généré des rendements relativement similaires.

Les titres à revenu fixe ont généré un faible rendement positif avec une volatilité relativement faible. Les rendements du Trésor américain à court terme ont augmenté et les rendements à long terme ont diminué. C'est ça
rendement positif du Trésor américain et un aplatissement substantiel de la courbe des rendements. Les obligations de sociétés de première qualité et à rendement élevé ont également généré des rendements positifs, les fondamentaux du crédit sur les marchés des sociétés restant relativement robustes.

La volatilité des marchés boursiers américains a augmenté en 2018. Au final, les marchés comportent divers risques, allant de la hausse des taux d’intérêt au ralentissement.
la croissance mondiale due aux tensions commerciales accrues et à la tourmente politique. Ces risques sont généralisés à vendre Décembre, qui a conduit à la pire performance de décembre depuis 1931.

La volatilité s'est également accélérée dans les marchés émergents, la hausse du dollar américain et des taux d'intérêt américains ayant perturbé la croissance économique à l'étranger. Relations commerciales américano-chinoises
Les inquiétudes liées à l'endettement ont eu un impact négatif sur le marché boursier chinois, en particulier en Chine continentale, tandis que la Turquie et l'Argentine sont entrées dans une crise monétaire, principalement en raison de l'hyperinflation dans les deux pays. Le ralentissement économique s'est ralenti en Europe
valeur modeste des actions européennes.

Avec la baisse des performances boursières et le ralentissement de la croissance économique mondiale, la Fed s'est tournée vers une perspective plus patiente
Janvier Au cours des quatre dernières réunions, la Fed a laissé ses taux d’intérêt inchangés et, face au ralentissement de l’économie mondiale, elle a enregistré une hausse plus lente de ses taux. De même, la Banque centrale européenne signifiait la poursuite
et l'engagement de la Chine d'assouplir les conditions de crédit et d'accroître les dépenses budgétaires.

La dérivation de la relance économique mondiale a alimenté
une forte augmentation des actifs risqués dans le monde entier. L’espoir a continué de rester élevé, le développement économique actuel devenant le plus long de l’histoire des États-Unis. À l’avenir, les marchés prévoient trois taux d’intérêt réduits par la Fed
l’année prochaine, alors que les investisseurs s’attendent à une politique monétaire plus stimulante.

Nous nous attendons à ralentir le développement et à disposer de salles supplémentaires, bien au contraire.
ralentissement économique. Cependant, les tensions commerciales croissantes et les perturbations des chaînes d'approvisionnement mondiales qui en résultent sont devenues les plus grands risques pour le développement mondial.

Nous pensons que les actions américaines et des marchés émergents restent relativement attractifs. Le titre américain est offert par des bénéfices de haute qualité et des sociétés au bilan solide
risque / récompense le plus attrayant compromis. Les titres du Trésor américain devraient aider à protéger les obligations contre la volatilité des actifs risqués, tandis que les revenus provenant d’autres types d’obligations pourraient continuer à générer des rendements stables.

Dans cet environnement, les investisseurs doivent penser globalement, étendre leur couverture à toutes les classes d'actifs et faire preuve de ruse dans des conditions de marché en évolution. Nous sommes
vous encourage à parler à votre conseiller financier et à visiter blackrock.com Pour plus d'informations sur l'investissement dans les marchés d'aujourd'hui.

Sincèrement

LOGO

Rob Kapito

Président de BlackRock Advisors, LLC

LOGO

Rob Kapito

Président de BlackRock Advisors, LLC

Remboursement intégral en 2019 30 juin
6 mois 12 mois

Actions américaines à grande capitalisation
(S & P
500® Index)

18,54% 10,42%

Actions américaines à petite capitalisation
(Russell
2000® Index)

16,98 (3.31)

Promotions internationales
(Indice MSCI Europe, Australie, Extrême-Orient)

14h03 1,08

Actions des marchés émergents
(Indice MSCI marchés émergents)

10.58 1,21

3 mois Bons du trésor
(ICE BofAML 3 mois Indice des bons du Trésor américain)

1,24 2,31

Titres du Trésor américain
(ICE BofAML 10 ans
Indice du Trésor américain)

7,45 10.38

Obligations américaines de qualité
(Indice Bloomberg Barclays aux États-Unis)

6.11 7,87

Non exempté d'impôt obligations municipales
(S & P
Indice des obligations municipales)

4,94 6,39

Obligations américaines à haut rendement
(Bloomberg Barclays US High Yield Limites de 2%
Index)

9.94 7,48
Les performances passées ne préjugent pas des performances futures. La performance de l'indice est présentée à titre d'illustration uniquement. Vous ne pouvez pas investir directement dans l'indice.

2 T H Moi S P Un G E Moi S N O
T P Un R T O F Y O U R F
U N D R E P O R T

Le contenu

LOGO


Résumé de la fondation depuis 2019 30 juin Fonds de croissance ciblé à grande capitalisation BlackRock

But de l'investissement

BlackRock Large Focus Growth Fund ("
"Fonds")
L'objectif de l'investissement est d'obtenir une croissance du capital à long terme. En d’autres termes, le Fonds tente de sélectionner des placements dont la valeur augmentera.

Commentaire de gestion de portefeuille

Comment a fonctionné la Fondation?

Derrière 12 mois période terminée en 2019 30 juin, le fonds investit dans le portefeuille de croissance principal à grande capitalisation
Home Portfolio) surperforme son indice de référence – Russell 1000® Indice de croissance.

Ce que
facteurs qui influencent la performance?

Le plus détaché de l’efficacité relative a été le choix de la sécurité dans le secteur des services de communication, avec
l’équité dans l’industrie du divertissement, le plus gros fardeau étant le rendement du fonds. Au niveau de l'émetteur, les positions surpondérées d'Electronic Arts, Inc. et d'Activision Blizzard, Inc. ont été les principales causes de mortalité dans le secteur, les développeurs de jeux vidéo ayant ralenti.
ventes et diminution du nombre d'utilisateurs. La performance du fonds a également été limitée par son choix de supports, principalement en raison de la surexposition de Constellation Brands, Inc. à l'industrie des boissons. Enfin, dans le secteur des matériaux, il fait de l'embonpoint
Vulcan Materials Co., et aucun effet sur Linde PLC ne sous-estime les rendements relatifs.

Le choix de la sécurité a eu l'impact le plus positif sur la performance relative
dans le secteur des technologies de l’information ("TI"), principalement tiré par des positions dans des sociétés de logiciels. Au niveau des émetteurs, les positions surpondérées de ServiceNow, Inc. et Visa, Inc. ont déterminé le rendement du secteur. Choix de l'utilisateur
la discrétion s'est également avérée bénéfique, comme le montre la surpondération du portefeuille principal chez Ulta Beauty, Inc. Les stocks de Spartauskas et de détaillants de produits de beauté ont fortement augmenté en 2019. au premier semestre, il a été stimulé par la vigueur des ventes et la
augmentation du trafic client. Enfin, la sélection du secteur, en particulier le manque de compagnies aériennes et de sociétés de logistique telles que FedEx Corp. et United Parcel Service, Inc., a également contribué aux rendements relatifs.

Décrivez l'activité la plus récente du portefeuille.

Au cours de la période, le portefeuille principal
accroissant considérablement son influence dans le secteur des services de communication en distribuant des actifs au secteur des médias et des services interactifs. De plus, l'exposition aux matériaux et aux secteurs industriels s'est accrue au fil des ans. Au contraire
grand portefeuille a réduit son influence sur le secteur informatique en liquidant sa participation dans le secteur des logiciels et des services en ligne. Le portefeuille de base a également réduit l'allocation de fonds pour financer et éliminé les réserves d'énergie.

Décrivez la structure du portefeuille à la fin de la période.

Comparer à Russell 1000® L'indice de croissance, le portefeuille de base, a clôturé la période avec la surpondération la plus forte dans le secteur de la participation des consommateurs, en particulier dans les secteurs de la vente au détail en ligne et du marketing direct.
Le portefeuille principal était également surpondéré dans les matériaux et la finance. Le portefeuille de base était sous-développé en informatique, principalement en raison d’un manque d’industries du matériel, du stockage et des périphériques. Aussi, le maître
À la fin de la période, le poids du portefeuille était faible dans les secteurs des biens de consommation et des biens industriels.

Cet avis reflète les opinions de BlackRock depuis 2006
date du présent rapport et est susceptible de changer en fonction des conditions du marché, économiques ou autres. Ces vues ne sont pas destinées à prédire des événements futurs et ne garantissent pas les résultats futurs.

4 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T T
O S H Un R E H O L D E R S

Résumé de la fondation depuis 2019 30 juin (suite) Fonds de croissance ciblé à grande capitalisation BlackRock

Rendement total basé sur un investissement de 10 000 $

LOGO

a)

En supposant que les taxes de vente maximales, le cas échéant, les coûts de transaction et autres dépenses de fonctionnement, y compris les frais d'administration, si
peu importe. Les actions institutionnelles ne sont pas soumises à la taxe de vente.

(b)

Le fonds investit tous ses actifs dans un portefeuille principal, la série grande capitalisation série LLC. À la normale
Dans ces circonstances, le portefeuille sous-jacent cherche à investir au moins 80% de son actif net, ainsi que des éventuels prêts à l'investissement, dans des actions de grande taille et des produits dérivés présentant des caractéristiques économiques similaires.
titres. Retour total du fonds en 2017 12 juin Le fonds génère un rendement par le biais de différents processus de placement et de différentes stratégies de placement appelés Fonds de croissance à grande capitalisation BlackRock.

c)

Un indice non géré qui mesure la performance du grand segment de croissance des actions de l’univers des actions américaines et se compose de
de ces Russell 1000® titres avec plus prix par livre des ratios et des valeurs de croissance projetées plus élevées.

Pour la période se terminant en 2019 30 juin, tableau de bord

Rendement annuel moyena) (b)
1 an 5 ans 10 ans
6 mois
Total des retours
sans vente
charger
m / ventes
charger
sans vente
charger
m / ventes
charger
sans vente
charger
m / ventes
charger

Institutionnel

14h25 % 11h20 % Non applicable 14,77 % Non applicable 16.22 % Non applicable

Service

18/24 heures 10,87 Non applicable 14h44 Non applicable 15.89 Non applicable

Investisseur A

18/24 heures 10,78 4,97 % 14h41 13h18 % 15,87 15.24 %

Investisseur C

11h48 9,91 9h09 13h48 13h48 14,93 14,93

Grade K

14h25 11.22 Non applicable 14,77 Non applicable 16.22 Non applicable

Classe R

23.83 10h49 Non applicable 14h12 Non applicable 15h54 Non applicable

Russell
1000
® Indice de croissance

21h49 11h56 Non applicable 13,39 Non applicable 16,28 Non applicable

a)

Accepter les taxes de vente maximales, le cas échéant. Le rendement annuel moyen, avec et sans la taxe de vente, reflète la baisse
frais de distribution et de service. Pour obtenir une description détaillée des catégories d’actions, y compris les taxes de vente et frais correspondants, ainsi que le calcul du rendement de certaines catégories d’actions, veuillez consulter la rubrique À propos du rendement du fonds à la page 6.

(b)

Le fonds investit tous ses actifs dans un portefeuille principal, la série grande capitalisation série LLC. À la normale
Dans ces circonstances, le portefeuille sous-jacent cherche à investir au moins 80% de son actif net, ainsi que des éventuels prêts à l'investissement, dans des actions de grande taille et des produits dérivés présentant des caractéristiques économiques similaires.
titres. Retour total du fonds en 2017 12 juin Le fonds génère un rendement par le biais de différents processus de placement et de différentes stratégies de placement appelés Fonds de croissance à grande capitalisation BlackRock.

Sans objet – Sans objet car la classe d'actions et l'indice n'ont pas de taxe de vente.

Les résultats passés n'indiquent pas les résultats futurs.

Les résultats opérationnels peuvent inclure des ajustements apportés aux fins de la présentation de l'information financière conformément aux PCGR des États-Unis.

Exemple de coût

Le vrai

Hypothétique(b)

Accueil
Valeur du compte
(19-01-01)
La fin
Valeur du compte
(30/07/30)
Frais payés
Périodea)

Accueil

Valeur du compte
(19-01-01)

La fin
Valeur du compte
(30/07/30)
Frais payés
Périodea)
Annuelle
Les coûts
Le ratio

Institutionnel

Dollars 1000.00 Dollars 1 242.50 Dollars 4,42 Dollars 1000.00 Dollars 1020.86 Dollars 3,98 0,79 %

Service

1000.00 1240.60 6.01 1000.00 1019,43 5,42 1,08

Investisseur A

1000.00 1240.60 6.02 1000.00 1019,42 5,42 1,08

Investisseur C

1000.00 1 234.80 10.36 1000.00 1015.52 9.34 1,87

Grade K

1000.00 1 242.50 4.16 1000.00 1021.09 3,74 0,75

Classe R

1000.00 1.238.30 7.42 1000.00 1018.16 6,69 1,34

a)

Les frais de chaque catégorie du Fonds seront égaux au ratio annuel des frais de chaque catégorie multiplié par un
valeur du compte sur la période multipliée par 181/365 (pour refléter un côté la période de l'année indiquée). Comme le fonds investit tous ses actifs dans le portefeuille de base, le tableau des coûts reflète les coûts nets.
à la fois le fonds et le portefeuille sous-jacent dans lequel il investit.

(b)

Le rendement annuel hypothétique avant frais de 5% est calculé proportionnellement au nombre de jours de l’exercice le plus récent.
années divisées par 365.

Pour plus d'informations sur les coûts, voir «Informations relatives aux coûts» à la page 6.

F U N D S U M M Un R Y 5

À propos de la performance du fonds

Institutionnel et classique Actions K est
il n'y a pas de taxe de vente. Ces actions ne facturent pas de commission de distribution ni de commission de service à perpétuité et ne sont disponibles que pour certains investisseurs éligibles. Performance des actions de catégorie K indiquées avant la date d'acceptation des actions de catégorie K
2018 25 janvier Il y a un jour de stock institutionnel. Le rendement des actions de catégorie K du Fonds serait sensiblement similaire à celui des actions institutionnelles, car les actions de catégorie K et les actions institutionnelles investissent de la même manière.
les valeurs mobilières et les performances ne diffèrent que dans la mesure où les actions de catégorie K et les actions institutionnelles ont des coûts différents. Le rendement réel des actions de catégorie K aurait été supérieur à celui des actions institutionnelles car
Les actions de classe K ont des coûts inférieurs à ceux des actions institutionnelles.

Promotions de service ne sont soumis à aucune taxe de vente. Ces actions sont soumises à une
les frais de service s'élèvent à 0,25% par an (à l'exception des frais de distribution) et ne sont disponibles que pour certains investisseurs qualifiés.

Actions d'investisseur sont appliqués au maximum
taxe de vente initiale (devant 5,25% et les frais de service sont de 0,25% par an (mais pas les frais de distribution). Certains rachats de ces actions peuvent être soumis à un impôt différé éventuel
(«CDSC») lorsque la taxe de vente initiale n’avait pas été payée au moment de l’achat. Ces actions sont généralement disponibles via des intermédiaires financiers.

Investisseur
Actions C
ils sont sujets à 1,00% de CDSC s'ils sont rachetés dans l'année suivant l'achat. En outre, ces actions sont soumises à des frais de distribution annuels de 0,75% et à des frais de service annuels de 0,25%. Ces actions peuvent généralement être achetées via
intermédiaires financiers. À partir de 2018 8 novembre Le fonds a mis en place une fonctionnalité de conversion automatique qui convertira automatiquement les actions C-investisseur détenues pendant environ dix ans en actions A-investisseur.

Classe Actions R ne sont soumis à aucune taxe de vente. Ces actions sont soumises à des frais de distribution annuels de 0,25% et à des frais de service de 0,25%.
par an Ces promotions ne sont disponibles que pour certains régimes de retraite parrainés par l’employeur.

Les informations sur les performances reflètent les performances passées et ne constituent pas une garantie.
résultats futurs. Votre performance actuelle peut être inférieure ou supérieure aux données de performance spécifiées. Prendre en compte www.blackrock.com pour obtenir les dernières données de performance fin du mois. La performance
les résultats ne reflètent pas la retenue ou le remboursement des frais qu'un actionnaire paierait lors de la distribution des fonds. Les chiffres des tableaux de performance de la page précédente supposent que tous les supports de distribution, le cas échéant, sont réinvestis en espèces
valeur de l'actif ("NAV") ex-dividende date. Le retour sur investissement et la valeur sous-jacente des actions fluctueront de sorte que les actions rachetées puissent avoir une valeur supérieure ou inférieure à leur prix initial.
Les distributions versées pour chaque catégorie d'actions varieront en fonction des différents frais d'agence, de distribution et de transfert applicables à chaque catégorie, qui sont déduits du revenu des actionnaires.

BlackRock Advisors, LLC («l'administrateur»), l'administrateur du fonds, a contractuellement et / ou volontairement accepté de renoncer et / ou d'indemniser
Dépenses du fonds. Sans une telle renonciation et / ou compensation, le rendement du Fonds aurait été pire. L’Administrateur n’est nullement tenu de renoncer et / ou de rembourser ses honoraires et cette renonciation volontaire peut être réduite.
ou résilié à tout moment ou après la date d'effet de cette résiliation. Pour plus d'informations sur l'opt-out et / ou l'indemnisation, voir Voir la note 4 aux états financiers.

Divulgation des coûts

Les actionnaires du Fonds peuvent subir des pertes
les frais suivants: (a) les coûts de transaction, tels que les taxes de vente; et (b) les frais d’exploitation, y compris les frais d’administration, les frais de service et de distribution, notamment: 12b-1 frais, fonds acheté
les frais et dépenses et autres dépenses du fonds. L'exemple de la page précédente est un exemple de dépense (basé sur un investissement hypothétique de 1 000 $ investi le 1er janvier 2019 jusqu'au 30 juin 2019); est destiné à aider
les actionnaires calculent les coûts en fonction des investissements dans le fonds et les comparent aux coûts similaires liés aux investissements dans d’autres fonds communs de placement.

L'exemple de dépenses fournit des informations sur les valeurs de compte réelles et les coûts réels. Estimer les coûts payés par l'actionnaire au cours de la période considérée
Selon ce rapport, les actionnaires peuvent diviser la valeur de leur compte par 1 000 USD, puis multiplier le résultat par le nombre correspondant à leur classe d'actions sous la rubrique "Frais payés au cours de la période".

L'exemple des coûts fournit également des informations sur les valeurs de compte hypothétiques et les coûts hypothétiques basés sur le ratio réel des coûts du Fonds pour
5% par an retour sans frais. Pour aider les actionnaires à comparer le coût actuel d'un placement dans le Fonds et dans d'autres fonds, comparez les exemples hypothétiques de 5% avec les exemples hypothétiques de 5%.
rapports des actionnaires d'autres fonds.

Les coûts indiqués dans les exemples de coûts sont uniquement destinés à mettre en évidence les coûts actuels des actionnaires et ne reflètent pas
les coûts de transaction tels que les taxes de vente, le cas échéant. Par conséquent, un exemple hypothétique est utile pour comparer uniquement les coûts actuels et n’aidera pas les actionnaires à déterminer le coût total relatif de la détention de différents fonds. Si ces
les coûts de transaction ont été inclus, les coûts pour les actionnaires auraient été plus élevés.

6ème 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T T
O S H Un R E H O L D E R S

Etat de l'actif et du passif

2019 30 juin

Pierre noire

Grande capitalisation

Attention croissance

La fondation

Propriété

La valeur de l'investissement provient du portefeuille sous-jacent

Dollars 973 587 235

Créances

Parts de capital vendues

2 518 610

De l'administrateur

55 323

Retraits du portefeuille sous-jacent

1 631 600

Frais payés d'avance

103 086

Total des actifs

977 895 854

PASSIF

Dettes

Frais d'administration

71 854

Actions rachetées

4.150.210

Frais d'officier

41

Autres charges à payer

145.134

Autres affiliés

5517

Frais de service et de distribution

198 092

Frais d'agent de transfert

286,510

Total du passif

4 857 358

Actif net

Dollars 973 038 496

Les actifs nets sont

Payé capitale

Dollars 689 339 070

Gains courus

283,699,426

Actif net

Dollars 973 038 496

Valeur nette d'inventaire

Institutionnel – Sur la base d'actifs nets d'une valeur de 314 011 668 dollars et de 23 045 471 actions en circulation,
Autorisé 100 000 000 d’actions, valeur nominale 0,10 $

Dollars 13,63

Service – Sur la base d'actifs nets de 3 137 535 $ et de 232 252 actions en circulation, 50 000 000 d'actions
autorisé, valeur nominale de 0,10 $

Dollars 13h51

Investisseur A – Sur la base d’un actif net de 504 685 710 dollars et d’un stock en circulation de 40 425 653 actions, 100 000 000 $
d'actions autorisées, 0,10 $ par

Dollars 12h48

Investisseur C – Sur des actifs nets de 107 290 191 dollars et 11 720 319 actions en circulation, 100 000 000
d'actions autorisées, 0,10 $ par

Dollars 9.15

Classe K – Sur la base d’un actif net de 21 064 640 $ et de 1 545 542 actions en circulation,
2 000 000 000 d’actions autorisées, valeur nominale de 0,10 $

Dollars 13,63

Classe R – Sur la base d’un actif net de 22 848 752 dollars et de 2 063 749 actions en circulation,
200 000 000 d’actions autorisées, valeur nominale de 0,10 $

Dollars 11.07

Voir les notes aux états financiers.

F Moi N Un N C Moi Un L S T
Un T E M E N T S
7ème

État des opérations

Année terminée le 30 juin 2019

BlackRock

Grande casquette

Focus Croissance

Fonds

REVENU D'INVESTISSEMENT

Revenu de placement net attribué à partir du portefeuille principal:

Dividendes – Non affiliés

Dollars 4.245.722

Dividendes – affiliés

321,268

Revenu de prêt de titres – affilié – net

40.108

Impôts étrangers retenus

(83 589 )

Les dépenses

(4 370 522 )

Frais annulés

10 842

Total revenu de placement

163 829

Frais du fonds

Service et distribution – spécifique à la classe

2 287 160

Administration

1 951 440

Agent de transfert – spécifique à la classe

898 730

Inscription

132 585

Impression

67,155

Professionnel

50.753

Réalignement et consolidation du conseil

39 951

Offrant

26 944

Officier

318

Divers

20 938

Total des dépenses

5 475 974

Moins:

Frais annulés et / ou compensés par l'administrateur

(240.375 )

Frais d'agent de transfert annulés et / ou remboursés – par classe

(254.157 )

Total des dépenses après déduction et / ou remboursement des frais

4 981 442

Perte nette d'investissement

(4 817 613) )

GAIN (PERTE) RÉALISÉ ET NON RÉALISÉ ATTRIBUÉ DU PORTEFEUILLE PRINCIPAL

Gains nets réalisés sur investissements et transactions en devises

39 468 848

Variation nette de la plus-value (moins-value) non réalisée sur les investissements et les devises
traductions

56 780 867

Gain net réalisé et non réalisé

96 249 715

AUGMENTATION NETTE DE L'ACTIF NET RESULTANT DE L'EXPLOITATION

Dollars 91 432 102

Voir les notes aux états financiers.

8ème 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T T
O S H Un R E H O L D E R S

États de l'évolution de l'actif net

Fonds de croissance à grande capitalisation BlackRock
Année terminée le 30 juin
2019 2018

AUGMENTATION (DIMINUTION) DE L’ACTIF NET

Opérations

Perte nette d'investissement

Dollars (4 817 613) ) Dollars (4 684 087 )

Gain net réalisé

39 468 848 257.178.563

Variation nette de la plus-value non réalisée (dépréciation)

56 780 867 (18 782 648 )

Augmentation nette de l'actif net résultant de l'exploitation

91 432 102 233 711 828

Distributions aux actionnaires(a) (b)

Institutionnel

(38 670 454 ) (107 550 854) )

Service

(534.910 ) (582 000 )

Investisseur A

(88 720 592 ) (166 757 710) )

Investisseur B

(3 149 )

Investisseur C

(30 238 744 ) (44 280 697) )

Classe K

(1 306 779 )

Classe R

(6 026 582 ) (8.625.414 )

Diminution de l'actif net résultant des distributions aux actionnaires

(165 498 061 ) (327 799 824) )

TRANSACTIONS SUR ACTIONS EN CAPITAL

Augmentation (diminution) nette de l'actif net provenant des transactions avec capital-actions

305 616 949 (356 899 612) )

ACTIF NET

Augmentation (diminution) totale de l'actif net

231 550 990 (450 987 608 )

Début d'année

741 487 506 1 192 475 114

Fin d'année

Dollars 973 038 496 Dollars 741 487 506

a)

Distributions pour des périodes annuelles déterminées conformément aux normes des États-Unis impôt fédéral sur le revenu
règlements.

(b)

Les informations relatives au caractère de distribution de l'année précédente ont été modifiées ou supprimées pour se conformer au règlement de l'année en cours. S-X changements de présentation. Veuillez vous reporter à la note 7 pour plus d’information sur l’année précédente.

Voir les notes
aux états financiers.

F Moi N Un N C Moi Un L S T
Un T E M E N T S
9ème

Financial Highlights

(For a share outstanding throughout each period)

BlackRock Large Cap Focus Growth Fund
Institutional
Year Ended June 30,

Period

de

10/01/16

Year Ended September 30,

2019 2018 to 06/30/17 2016 2015 2014

Net asset value, beginning of period

Dollars 15.16 Dollars 16.02 Dollars 14.40 Dollars 13.46 Dollars 15.02 Dollars 13.32

Net investment income (loss)a)

(0.03 ) (0.03 ) 0.06 0.09 0.07 0.07

Net realized and unrealized gain

1.50 3.93 2.52 1.54 0.17 2.63

Net increase from investment operations

1.47 3.90 2.58 1.63 0.24 2.70

Distributions(b):

From net investment income

(0.05 ) (0.09 ) (0.04 ) (0.04 ) (0.02 )

From net realized gain

(3.00 ) (4.71 ) (0.87 ) (0.65 ) (1.76 ) (0.98 )

Total distributions

(3.00 ) (4.76 ) (0.96 ) (0.69 ) (1.80 ) (1.00 )

Net asset value, end of period

Dollars 13.63 Dollars 15.16 Dollars 16.02 Dollars 14.40 Dollars 13.46 Dollars 15.02

Total Return(c)

Based on net asset value

11.20 % 30.52 % 18.79 %(d) 12.44 %(e) 1.35 % 21.16 %

Ratios to Average Net Assets(f)

Total expenses(g)

0.89 % 0.95 % 0.96 %(h) 0.95 %(i) 0.93 % 0.94 %

Total expenses after fees waived and/or reimbursed(g)

0.81 % 0.84 % 0.84 %(h) 0.84 %(i) 0.89 % 0.94 %

Net investment income (loss)(g)

(0.26 )% (0.18 )% 0.56 %(h) 0.62 %(i) 0.49 % 0.50 %

Supplemental Data

Net assets, end of period (000)

Dollars 314,012 Dollars 178,207 Dollars 427,082 Dollars 375,318 Dollars 341,606 Dollars 369,854

Portfolio turnover rate of the Master Portfolio

48 % 49 % 79 % 32 % 41 % 49 %

a)

Based on average shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

Where applicable, assumes the reinvestment of distributions.

(d)

Aggregate total return.

(e)

Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

(f)

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

(g)

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

(i)

Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Excludes
expenses incurred indirectly as a result of the Master Portfolio’s investments in underlying funds of 0.01%.

See notes to financial
statements.

10ème 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T    T
O S H Un R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

BlackRock Large Cap Focus Growth Fund (continued)
Service
Year Ended June 30,

Period

de

10/01/16

Year Ended September 30,
2019 2018 to 06/30/17 2016 2015 2014

Net asset value, beginning of period

Dollars 15.07 Dollars 15.95 Dollars 14.32 Dollars 13.39 Dollars 14.96 Dollars 13.18

Net investment income (loss)a)

(0.07 ) (0.07 ) 0.03 0.05 0.03 0.03

Net realized and unrealized gain

1.49 3.90 2.51 1.53 0.17 2.60

Net increase from investment operations

1.42 3.83 2.54 1.58 0.20 2.63

Distributions(b):

From net investment income

(0.00 )(c) (0.04 ) (0.01 )

From net realized gain

(2.98 ) (4.71 ) (0.87 ) (0.65 ) (1.76 ) (0.85 )

Total distributions

(2.98 ) (4.71 ) (0.91 ) (0.65 ) (1.77 ) (0.85 )

Net asset value, end of period

Dollars 13.51 Dollars 15.07 Dollars 15.95 Dollars 14.32 Dollars 13.39 Dollars 14.96

Total Return(d)

Based on net asset value

10.87 % 30.11 % 18.54 %(e) 12.08 %(f) 1.10 % 20.77 %

Ratios to Average Net Assets(g)

Total expenses(h)

1.18 % 1.24 % 1.26 %(i) 1.22 %(j) 1.19 % 1.24 %

Total expenses after fees waived and/or
atlyginta(h)

1.11 % 1.13 % 1.13 %(i) 1.13 %(j) 1,17 % 1.24 %

Net investment income (loss)(h)

(0.56 )% (0.49 )% 0.27 %(i) 0.33 %(j) 0.20 % 0.19 %

Supplemental Data

Net assets, end of period (000)

Dollars 3,138 Dollars 2,549 Dollars 1,936 Dollars 1,713 Dollars 1,577 Dollars 1,912

Portfolio turnover rate of the Master Portfolio

48 % 49 % 79 % 32 % 41 % 49 %

a)

Based on average shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

Amount is greater than $(0.005) per share.

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Aggregate total return.

(f)

Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

(g)

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

(h)

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

(j)

Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Excludes
expenses incurred indirectly as a result of the Master Portfolio’s investments in underlying funds of 0.01%.

See notes to financial
statements.

F N Un N C Un L H
G H L G H T S
11ème

Financial Highlights (continued)

(For a share outstanding throughout each period)

BlackRock Large Cap Focus Growth Fund (continued)
Investor A
Year Ended June 30,

Period

de

10/01/16

Year Ended September 30,
2019 2018 to 06/30/17 2016 2015 2014

Net asset value, beginning of period

Dollars 14.15 Dollars 15.23 Dollars 13.70 Dollars 12.85 Dollars 14.42 Dollars 12.82

Net investment income (loss)a)

(0.07 ) (0.07 ) 0.03 0.04 0.03 0.03

Net realized and unrealized gain

1.38 3.68 2.41 1.46 0.17 2.52

Net increase from investment operations

1.31 3.61 2.44 1.50 0.20 2.55

Distributions(b):

From net investment income

(0.04 ) (0.00 )(c) (0.01 )

From net realized gain

(2.98 ) (4.69 ) (0.87 ) (0.65 ) (1.76 ) (0.95 )

Total distributions

(2.98 ) (4.69 ) (0.91 ) (0.65 ) (1.77 ) (0.95 )

Net asset value, end of period

Dollars 12.48 Dollars 14.15 Dollars 15.23 Dollars 13.70 Dollars 12.85 Dollars 14.42

Total Return(d)

Based on net asset value

10.78 % 30.10 % 18.66 %(e) 12.00 %(f) 1.11 % 20.82 %

Ratios to Average Net Assets(g)

Total expenses(h)

1.16 % 1.23 % 1.25 %(i) 1.24 %(j) 1.23 % 1.23 %

Total expenses after fees waived and/or reimbursed(h)

1.11 % 1.13 % 1.13 %(i) 1.13 %(j) 1.19 % 1.23 %

Net investment income (loss)(h)

(0.56 )% (0.52 )% 0.27 %(i) 0.33 %(j) 0.19 % 0.20 %

Supplemental Data

Net assets, end of period (000)

Dollars 504,686 Dollars 414,460 Dollars 617,360 Dollars 549,050 Dollars 524,114 Dollars 518,858

Portfolio turnover rate of the Master Portfolio

48 % 49 % 79 % 32 % 41 % 49 %

a)

Based on average shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

Amount is greater than $(0.005) per share.

(d)

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

(e)

Aggregate total return.

(f)

Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

(g)

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

(h)

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

(j)

Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Excludes
expenses incurred indirectly as a result of the Master Portfolio’s investments in underlying funds of 0.01%.

See notes to financial
statements.

12ème 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T    T
O S H Un R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

BlackRock Large Cap Focus Growth Fund (continued)
Investor C
Year Ended June 30,

Period

de

10/01/16

Year Ended September 30,
2019 2018 to 06/30/17 2016 2015 2014

Net asset value, beginning of period

Dollars 11.17 Dollars 12.93 Dollars 11.80 Dollars 11.23 Dollars 12.85 Dollars 11.52

Net investment lossa)

(0.12 ) (0.14 ) (0.05 ) (0.06 ) (0.07 ) (0.07 )

Net realized and unrealized gain

1.04 2.98 2.05 1.28 0.15 2.27

Net increase from investment operations

0.92 2.84 2.00 1.22 0.08 2.20

Distributions from net realized gain(b)

(2.94 ) (4.60 ) (0.87 ) (0.65 ) (1.70 ) (0.87 )

Net asset value, end of period

Dollars 9.15 Dollars 11.17 Dollars 12.93 Dollars 11.80 Dollars 11.23 Dollars 12.85

Total Return(c)

Based on net asset value

9.91 % 29.06 % 17.84 %(d) 11.16 %(e) 0.27 % 19.96 %

Ratios to Average Net Assets(f)

Total expenses(g)

1.95 % 2.00 % 2.01 %(h) 2.02 %(i) 1.99 % 2.00 %

Total expenses after fees waived and/or reimbursed(g)

1.90 % 1.95 % 1.95 %(h) 1.95 %(i) 1.97 % 2.00 %

Net investment loss(g)

(1.36 )% (1.32 )% (0.55 )%(h) (0.49 )%(i) (0.59 )% (0.57 )%

Supplemental Data

Net assets, end of period (000)

Dollars 107,290 Dollars 114,812 Dollars 121,641 Dollars 177,792 Dollars 192,804 Dollars 193,491

Portfolio turnover rate of the Master Portfolio

48 % 49 % 79 % 32 % 41 % 49 %

a)

Based on average shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

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

(d)

Aggregate total return.

(e)

Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

(f)

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

(g)

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

(i)

Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Excludes
expenses incurred indirectly as a result of the Master Portfolio’s investments in underlying funds of 0.01%.

See notes to financial
statements.

F N Un N C Un L H
G H L G H T S
13ème

Financial Highlights (continued)

(For a share outstanding throughout each period)

BlackRock Large Cap Focus Growth Fund (continued)
Class K

Year Ended

06/30/19

Period

de

01/25/18a) à

06/30/18

Net asset value, beginning of period

Dollars 15.16 Dollars 14.49

Net investment loss(b)

(0.03 ) (0.01 )

Net realized and unrealized gain

1.50 0.68

Net increase from investment operations

1.47 0.67

Distributions from net realized gain(c)

(3.00 )

Net asset value, end of period

Dollars 13.63 Dollars 15.16

Total Return(d)

Based on net asset value

11.22 % 4.62 %(e)

Ratios to Average Net Assets(f)

Total expenses(g)

0.80 % 0.84 %(h)(i)

Total expenses after fees waived and/or reimbursed(g)

0.76 % 0.79 %(i)

Net investment loss(g)

(0.20 )% (0.21 )%(i)

Supplemental Data

Net assets, end of period (000)

Dollars 21,065 Dollars 5,611

Portfolio turnover rate of the Master Portfolio

48 % 49 %

a)

Commencement of operations.

(b)

Based on average shares outstanding.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Aggregate total return.

(f)

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

(g)

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

(h)

Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total
expenses ratio would have been 0.85%.

Pamatyti
notes to financial statements.

14ème 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T    T
O S H Un R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

BlackRock Large Cap Focus Growth Fund (continued)
Class R
Year Ended June 30,

Period

de

10/01/16

Year Ended September 30,
2019 2018 to 06/30/17 2016 2015 2014

Net asset value, beginning of period

Dollars 12.89 Dollars 14.28 Dollars 12.89 Dollars 12.15 Dollars 13.74 Dollars 12.25

Net investment income (loss)a)

(0.08 ) (0.09 ) 0.00 (b) 0.01 (0.01 ) (0.01 )

Net realized and unrealized gain

1.22 3.39 2.27 1.38 0.16 2.41

Net increase from investment operations

1.14 3.30 2.27 1.39 0.15 2.40

Distributions(c):

From net investment income

(0.01 )

From net realized gain

(2.96 ) (4.69 ) (0.87 ) (0.65 ) (1.74 ) (0.91 )

Total distributions

(2.96 ) (4.69 ) (0.88 ) (0.65 ) (1.74 ) (0.91 )

Net asset value, end of period

Dollars 11.07 Dollars 12.89 Dollars 14.28 Dollars 12.89 Dollars 12.15 Dollars 13.74

Total Return(d)

Based on net asset value

10.49 % 29.83 % 18.43 %(e) 11.73 %(f) 0.81 % 20.50 %

Ratios to Average Net Assets(g)

Total expenses(h)

1.45 % 1.48 % 1.49 %(i) 1.48 %(j) 1.46 % 1.48 %

Total expenses after fees waived and/or reimbursed(h)

1.36 % 1.38 % 1.38 %(i) 1.38 %(j) 1.44 % 1.48 %

Net investment income (loss)(h)

(0.82 )% (0.74 )% 0.02 %(i) 0.08 %(j) (0.06 )% (0.05 )%

Supplemental Data

Net assets, end of period (000)

Dollars 22,849 Dollars 25,848 Dollars 24,443 Dollars 23,615 Dollars 21,279 Dollars 23,308

Portfolio turnover rate of the Master Portfolio

48 % 49 % 79 % 32 % 41 % 49 %

a)

Based on average shares outstanding.

(b)

Amount is less than $0.005 per share.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Aggregate total return.

(f)

Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

(g)

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

(h)

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

(j)

Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Excludes
expenses incurred indirectly as a result of the Master Portfolio’s investments in underlying funds of 0.01%.

See notes to financial
statements.

F N Un N C Un L H
G H L G H T S
15ème

Notes to Financial Statements BlackRock Large Cap Focus Growth Fund

BlackRock Large Cap Series Funds, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Corporation is organized as a Maryland corporation. BlackRock Large Cap Focus Growth Fund (the “Fund”) is a series of the Corporation. The Fund is classified as
diversified. The Fund seeks to achieve its investment objective by investing all of its assets in Master Large Cap Focus Growth Portfolio (the “Master Portfolio”), a series of Master Large Cap Series LLC (the “Master LLC”), an
affiliate of the Fund, which has the same investment objective and strategies as the Fund. The value of the Fund’s investment in the Master Portfolio reflects the Fund’s proportionate interest in the net assets of the Master Portfolio.
performance of the Fund is directly affected by the performance of the Master Portfolio. At June 30, 2019, the percentage of the Master Portfolio owned by the Fund was 99.9%. The financial statements of the Master Portfolio, including the
Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The Fund offers multiple
classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution
of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Class R Shares are available only to certain employer-sponsored retirement plans. Investor A and Investor C Shares are generally
available through financial intermediaries. Effective November 8, 2018, the Fund adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares. Each
class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).
The Board of Directors of the Corporation and Board of Directors of the Master LLC are referred to throughout this report as the “Board of Directors” or the “Board” and the members are referred to as “Directors”.

Share Class Initial Sales Charge CDSC Conversion Privilege

Institutional, Service, Class K and Class R Shares

Ne Ne None

Investor A Shares

Taip Ne a) None

Investor C Shares

Ne Taip To Investor A Shares after approximately 10 years

a)

Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no
initial sales charge was paid at the time of purchase.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the
“Administrator”) or its affiliates, is included in a complex of equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may
require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting
guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition:
For financial reporting purposes, contributions to and withdrawals from the Master Portfolio are accounted for on a trade date basis. The Fund records its proportionate share of the Master Portfolio’s income, expenses and realized and
unrealized gains and losses on a daily basis. Realized and unrealized gains and losses are adjusted utilizing partnership tax allocation rules. In addition, the Fund accrues its own expenses. Income, expenses and realized and unrealized gains and
losses are allocated daily to each class based on its relative net assets.

Distributions: Distributions paid by the Fund are recorded on the ex-dividend date. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Offering Costs: Offering costs are amortized over a 12-month period beginning with the commencement of operations of a
class of shares.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide
general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Other operating expenses shared by several funds,
including other funds managed by the Administrator, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated
daily to each class based on its relative net assets or other appropriate methods.

3

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

The Fund’s policy is to value its financial instruments at fair value. The Fund records its investment in the Master Portfolio at fair value based on the Fund’s
proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

16ème 2 0 1 9 B L Un C K R O C K Un
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Notes to Financial Statements (continued) BlackRock Large Cap Focus Growth Fund

4

ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Administration: The Corporation, on behalf of the Fund, entered into an Administration Agreement with the Administrator, an indirect, wholly-owned subsidiary of
BlackRock, Inc. (“BlackRock”), to provide administrative services (other than investment advice and related portfolio activities). For such services, the Fund pays the Administrator a monthly fee at an annual rate of 0.12% of the average
daily net assets of the Fund. The Fund does not pay an investment advisory fee or investment management fee. Prior to May 24, 2019, the Fund paid the Administrator a monthly fee at an annual rate of 0.25% of the average daily net assets of the
La fondation.

Service and Distribution Fees: The Corporation, on behalf of the Fund, entered into a Distribution Agreement and a Distribution Plan with BlackRock
Investments, LLC (“BRIL”), an affiliate of the Administrator. Pursuant to the Distribution Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and
distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

Service Investor A Investor C Class R

Service Fee

0.25 % 0.25 % 0.25 % 0.25 %

Distribution Fee

0.75 0.25

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and
distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the year ended June 30, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

Service Investor A Investor C Class R Total

$7,037

Dollars 1,114,713 Dollars 1,042,779 Dollars 122,631 Dollars 2,287,160

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund
with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder
account, which will vary depending on share class and/or net assets. For the year ended June 30, 2019, the Fund paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class
specific in the Statement of Operations:

Institutional Investor A Total

$2,151

$ 51 $ 2,202

The Administrator maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services
include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended June 30, 2019, the Fund reimbursed the Administrator the following amounts for costs incurred in running the call
center, which are included in transfer agent — class specific in the Statement of Operations:

Institutional Service Investor A Investor C Class R Total

$342

$299 $5,780 $3,910 $220 $10,551

For the year ended June 30, 2019, the following table shows the class specific transfer agent fees borne directly by each share class
of the Fund:

Institutional Service Investor A Investor C Class K Class R Total

$230,021

$3,578 $475,885 $151,021 $1,590 $36,635 $898,730

Other Fees: For the year ended June 30, 2019, affiliates earned underwriting discounts, direct commissions and dealer
concessions on sales of the Fund’s Investor A Shares, which totaled $78,879.

For the year ended June 30, 2019, affiliates received CDSCs as follows:

Investor A

Dollars 8,518

Investor C

9,438

Expense Limitations, Waivers and Reimbursements: The Administrator contractually agreed to waive and/or reimburse fees or expenses
in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s
business (“expense limitations”). The current expense limitations as a percentage of average daily net assets are as follows:

Institutional

0.67 %

Service

0.92

Investor A

0.92

Investor C

1.67

Class K

0.62

Class R

1,17

Prior to May 24, 2019, the expense limitations as a percentage of average daily net assets were as follows:

Institutional

0.84 %

Service

1.13

Investor A

1.13

Investor C

1.95

Class K

0.79

Class R

1.38

The Administrator has agreed not to reduce or discontinue these contractual expense limitations through October 31, 2020, unless
approved by the Board, including a majority

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17ème

Notes to Financial Statements (continued) BlackRock Large Cap Focus Growth Fund

à propos de
the directors who are not “interested persons” of the Corporation, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended
June 30, 2019, the Administrator waived and/or reimbursed $206,665 which is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations.

These amounts waived and/or reimbursed are included in transfer agent fees waived and/or reimbursed — class specific in the Statement of Operations. For the year
ended June 30, 2019, class specific expense waivers and/or reimbursements are as follows:

Institutional Service Investor A Investor C Class K Class R Total

$124,736

$1,171 $94,481 $16,531 $1,590 $15,648 $254,157

The Fund has incurred expenses in connection with the realignment and consolidation of the boards of directors of certain
BlackRock-advised funds. The Administrator has voluntarily agreed to reimburse the Fund for all or a portion of such expenses, which amounts are included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the
year ended June 30, 2019, the amount reimbursed to the Fund was $33,710.

Interfund Lending: In accordance with an exemptive order (the “Order”)
from the U.S. Securities and Exchange Commission (“SEC”), the Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and
conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the
Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment
restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the
loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated
according to a formula established by the Board.

During the year ended June 30, 2019, the Fund did not participate in the Interfund Lending Program.

Directors and Officers: Certain directors and/or officers of the Corporation are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the
Administrator for a portion of the compensation paid to the Corporation’s Chief Compliance Officer, which is included in Officer in the Statement of Operations.

5

INCOME TAX INFORMATION

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to
distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and
various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for each of the two years ended June 30, 2019, the period
ended June 30, 2017, and each of the two years ended September 30, 2016. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of June 30, 2019, inclusive of the open tax return years, and does not believe
that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

U.S. GAAP requires that certain
components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of period end, the following permanent differences
attributable to net operating losses and non-deductible expenses were reclassified to the following accounts:

Paid-in sostine

Dollars (2,536,309 )

Accumulated earnings

2,536,309

The tax character of distributions paid was as follows:

Ordinary income

6/30/2019

Dollars 19,168,514

6/30/2018

51,955,328

Long-term capital gains

6/30/2019

146,329,547

6/30/2018

275,844,496

Total Distributions

6/30/2019

Dollars 165,498,061

6/30/2018

Dollars 327,799,824

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Notes to Financial Statements (continued) BlackRock Large Cap Focus Growth Fund

As of
period end, the tax components of accumulated net earnings (losses) were as follows:

Undistributed long-term capital gains

Dollars 30,625,202

Net unrealized gainsa)

255,468,395

Qualified late-year losses(b)

(2,394,171 )

Dollars 283,699,426

a)

The difference between book-basis and tax-basis net unrealized gains was
attributable primarily to the timing and recognition on partnership interests.

(b)

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

6ème

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

Year Ended 06/30/19

Year Ended 06/30/18
Shares Amount Shares Amount

Institutional

Shares sold

18,480,928 Dollars 232,138,261 5,804,953 Dollars 83,091,629

Shares issued in reinvestment of distributions

2,333,113 29,681,154 6,971,150 96,435,564

Shares redeemed

(9,521,053 ) (116,255,779 ) (27,679,165 ) (392,541,031 )

Net increase (decrease)

11,292,988 Dollars 145,563,636 (14,903,062 ) Dollars (213,013,838 )

Service

Shares sold

107,222 Dollars 1,363,011 32,144 Dollars 464,782

Shares issued in reinvestment of distributions

42,246 534,890 42,579 581,966

Shares redeemed

(86,336 ) (1,046,361 ) (26,942 ) (374,642 )

Net increase

63,132 Dollars 851,540 47,781 Dollars 672,106

Investor A

Shares issued from conversiona)

Dollars 934 Dollars 12,570

Shares sold and automatic conversion of shares

15,293,035 175,371,785 8,304,297 110,297,765

Shares issued in reinvestment of distributions

7,213,168 84,386,478 12,339,242 159,550,013

Shares redeemed.

(11,370,675 ) (128,167,610 ) (31,901,561 ) (431,085,854 )

Net increase (decrease)

11,135,528 Dollars 131,590,653 (11,257,088 ) Dollars (161,225,506 )

Investor B

Shares issued in reinvestment of distributions

Dollars 291 Dollars 3,149

Shares converteda)

(1,128 ) (12,570 )

Shares redeemed and automatic conversion of shares

(175 ) (2,214 )

Net decrease

Dollars (1,012 ) Dollars (11,635 )

Investor C

Shares sold

4,338,511 Dollars 35,658,390 1,542,312 Dollars 16,752,650

Shares issued in reinvestment of distributions

3,367,039 29,189,656 4,047,763 42,131,950

Shares redeemed and automatic conversion of shares

(6,262,531 ) (52,629,840 ) (4,720,566 ) (50,844,536 )

Net increase

1,443,019 Dollars 12,218,206 869,509 Dollars 8,040,064

Period from 01/25/18(b) à
06/30/18

Class K

Shares sold

1,406,710 Dollars 17,550,341 395,830 Dollars 5,685,092

Shares issued in reinvestment of dividends

99,514 1,265,350

Shares redeemed

(330,701 ) (4,162,756 ) (25,811 ) (377,062 )

Net increase

1,175,523 Dollars 14,652,935 370,019 Dollars 5,308,030

Year Ended 06/30/18

Class R

Shares sold

599,396 Dollars 6,134,674 284,106 Dollars 3,519,557

Shares issued in reinvestment of distributions

578,679 6,026,582 728,417 8,625,410

Shares redeemed

(1,120,355 ) (11,421,277 ) (718,510 ) (8,813,800 )

Net increase

57,720 Dollars 739,979 294,013 Dollars 3,331,167

Total Net Increase (Decrease)

25,167,910 Dollars 305,616,949 (24,579,840 ) Dollars (356,899,612 )

a)

On December 27, 2017, the Fund’s Investor B Shares converted into Investor A Shares.

(b)

Commencement of operations.

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19ème

Notes to Financial Statements (continued) BlackRock Large Cap Focus Growth Fund

As of
June 30, 2019, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 13,803 Class K Shares of the Fund.

7ème

REGULATION S-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release
No. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments pertinent to Regulation S-X in this shareholder report. The amendments
impacted certain disclosure presentation on the Statement of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

Prior
year distribution information in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the Regulation S-X changes.

Distributions for the year ended June 30, 2018 were classified as follows:

Share Class Net Investment
Income
Net Realized
Gain

Institutional

$1,314,365 Dollars 106,236,489

Service

442 581,558

Investor A

166,757,710

Investor B

3,149

Investor C

44,280,697

Class R

8,625,414

Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were
issued and the following item was noted:

On July 31, 2019, the Board of Directors of the Corporation and the Board of Directors of BlackRock Focus Growth Fund,
Inc. (the “Acquiring Fund”) each approved the reorganization of the Fund with and into the Acquiring Fund. The Acquiring Fund invests all of its assets in Master Focus Growth LLC. The reorganization is expected to occur during the fourth
quarter of 2019. Effective upon the closing of the reorganization, the Acquiring Fund will change its name from BlackRock Focus Growth Fund, Inc. to BlackRock Large Cap Focus Growth Fund, Inc. Shareholders of the Fund are not required to approve the
reorganization.

20ème 2 0 1 9 B L Un C K R O C K Un
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Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Large Cap Focus Growth Fund and the Board of Directors of
BlackRock Large Cap Series Funds, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of BlackRock Large Cap Focus Growth Fund of BlackRock Large Cap Series Funds, Inc. (the
“Fund”) as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years
in the period then ended, for the period from October 1, 2016 through June 30, 2017, and for each of the three years in the period ended September 30, 2016, and the related notes. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then
ended, and the financial highlights for each of the two years in the period then ended, for the period from October 1, 2016 through June 30, 2017, and for each of the three years in the period ended September 30, 2016, in conformity
with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s
financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our
audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement,
whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over
financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for
our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

August 21, 2019

We have served as the auditor of one or more BlackRock investment
companies since 1992.

Important Tax Information (unaudited)

During the fiscal year ended June 30, 2019, the following information is provided with respect to the
ordinary income distributions paid by the Fund.

Payable Date 07/20/18

Qualified Dividend Income for Individualsa)

10.73%

Dividends Qualifying for the Dividends Received Deduction for Corporationsa)

10.35

Qualified Short-Term Gains for Non-U.S. Residents (b)

100.00

a)

The Fund hereby designates the percentage indicated above or the maximum amount allowable by law.

(b)

Represents the portion of the taxable ordinary income dividends eligible for exemption from U.S. withholding tax for
nonresident aliens and foreign corporations.

Additionally, the Fund distributed 20% long-term capital gains of $2.556383 and $0.071637 per share to shareholders of record on
July 18, 2018 and December 4, 2018, respectively.

R E P O R T    O F N D
E P E N D E N T R E G S T
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G F R M    A N D M P O R
T Un N T T Un X N F O R M
Un T O N
21ème

Master Portfolio Information as of June 30, 2019 Master Large Cap Focus Growth Portfolio

TEN LARGEST HOLDINGS

Security

Percent of

Net Assets

Amazon.com, Inc.

11%

Microsoft Corp.

6ème

Visa, Inc., Class A

5

Mastercard, Inc., Class A

4

salesforce.com, Inc.

3

UnitedHealth Group, Inc.

3

CoStar Group, Inc.

3

Boeing Co.

3

Netflix, Inc.

3

Constellation Brands, Inc., Class A

3

SECTOR ALLOCATION

Sector

Percent of

Net Assets

Information Technology

33%

Consumer Discretionary

20ème

Health Care

13ème

Communication Services

12ème

Industrials

8ème

Financials

5

Medžiagos

3

Consumer Staples

3

Real Estate

2

Short-Term Securities

3

Liabilities in Excess of Other Assets

(2)

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

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Schedule of Investments

2019 30 juin

Master Large Cap Focus Growth Portfolio

(Percentages shown are based on Net Assets)

Security Shares Value

Common Stocks — 97.9%

Aerospace & Defense — 2.9%

Boeing Co.

78,867 Dollars 28,708,377

Automobiles — 2.2%

Ferrari NV

135,238 21,830,118

Beverages — 2.9%

Constellation Brands, Inc., Class A

142,956 28,153,755

Capital Markets — 4.5%

CME Group, Inc.

115,221 22,365,548

S&P Global, Inc.

95,467 21,746,428

44,111,976
Chemicals — 1.3%

Sherwin-Williams Co.

27,269 12,497,110

Construction Materials — 1.8%

Vulcan Materials Co.

128,581 17,655,457

Entertainment — 2.9%

Netflix, Inc.a)

77,338 28,407,794

Equity Real Estate Investment Trusts (REITs) — 2.1%

SBA Communications Corp.a)

90,753 20,404,904

Health Care Equipment & Supplies — 6.8%

Align Technology, Inc.a)

92,324 25,269,079

Boston Scientific Corp.(a)(b)

494,983 21,274,369

Intuitive Surgical, Inc.a)

37,454 19,646,496

66,189,944
Health Care Providers & Services — 3.4%

UnitedHealth Group, Inc.

133,832 32,656,346

Hotels, Restaurants & Leisure — 1.9%

Domino’s Pizza, Inc.

67,173 18,692,902

Interactive Media & Services — 9.1%

Alphabet, Inc., Class Aa)

23,663 25,622,296

Facebook, Inc., Class Aa)

91,410 17,642,130

IAC/InterActiveCorp(a)(b)

103,951 22,612,461

Tencent Holdings Ltd.

492,028 22,259,061

88,135,948
Internet & Direct Marketing Retail — 15.1%

Alibaba Group Holding Ltd. — ADRa)

114,891 19,468,280

Amazon.com, Inc.a)

54,214 102,661,257

MercadoLibre, Inc.a)

40,739 24,922,898

147,052,435
IT Services — 10.6%

Mastercard, Inc., Class A

156,008 41,268,796

PayPal Holdings, Inc.a)

150,082 17,178,386

Visa, Inc., Class A

256,234 44,469,411

102,916,593
Life Sciences Tools & Services — 1.9%

Illumina, Inc.a)

49,450 18,205,017

Security Shares Value
Pharmaceuticals — 1.2%

Zoetis, Inc.(b)

104,428 Dollars 11,851,534

Professional Services — 3.3%

CoStar Group, Inc.a)

58,685 32,515,011

Road & Rail — 1.8%

Union Pacific Corp.

105,407 17,825,378

Semiconductors & Semiconductor Equipment — 2.0%

ASML Holding NV, Registered Shares(b)

93,174 19,373,670

Software — 20.2%

Adobe, Inc.a)

77,391 22,803,258

Autodesk, Inc.a)

84,715 13,800,073

Coupa Software, Inc.a)

83,724 10,600,296

Fair Isaac Corp.a)

37,549 11,791,137

Intuit, Inc.

91,975 24,035,827

Microsoft Corp.

425,131 56,950,549

salesforce.com, Inc.a)

221,001 33,532,482

ServiceNow, Inc.a)

84,030 23,072,117

196,585,739

Total Common Stocks — 97.9%
(Cost: $662,931,671)

953,770,008

Preferred Stocks — 1.1%

Hotels, Restaurants & Leisure — 0.5%

Peloton Interactive, Inc., Series F
(Acquired 08/29/18, cost $3,834,263)(a)(c)(d)

265,527 4,498,027

Internet & Direct Marketing Retail — 0.6%

Postmates, Inc., Series F
(Acquired 01/08/19, cost $5,910,000)(a)(c)(d)

740,685 6,066,210

Total Preferred Stocks — 1.1%
(Cost: $9,744,263)

10,564,237

Total Long-Term Investments — 99.0%
(Cost: $672,675,934)

964,334,245

Short-Term Securities — 2.7%

BlackRock Liquidity Funds, T-Fund, Institutional
Class,
2.26%(e)(g)

12,342,107 12,342,107

SL Liquidity Series, LLC,
Money Market Series,
2.55%(e)(f)(g)

13,570,447 13,574,519

Total Short-Term Securities — 2.7%
(Cost: $25,916,625)

25,916,626

Total Investments — 101.7%
(Cost: $698,592,559)

990,250,871

Liabilities in Excess of Other Assets — (1.7)%

(16,645,533 )

Net Assets — 100.0%

Dollars 973,605,338

a)

Non-income producing security.

(b)

Security, or a portion of the security, is on loan.

(c)

Restricted security as to resale, excluding 144A securities. The Master Portfolio held restricted securities with a
current value of $10,564,237, representing 1.1% of its net assets as of period end, and an original cost of $9,744,263.

(d)

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

(e)

Annualized 7-day yield as of period end.

S C H E D U L E    O F
N V E S T M E N T S
23ème

Schedule of Investments (continued)

2019 30 juin

Master Large Cap Focus Growth Portfolio

(f)

Security was purchased with the cash collateral from loaned securities.

(g)

During the year ended June 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Master
Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate

Shares

Held at

06/30/2018

Net

Activity

Shares

Held at

06/30/2019

Value at
06/30/2019
Income

Net

Realized

Gain

(Loss)a)

Change in

Unrealized

Appreciation

(Depreciation)

BlackRock Liquidity Funds, T-Fund,
Institutional Class

27,114,629 (14,772,522 ) 12,342,107 Dollars 12,342,107 Dollars 321,274 Dollars $    —

SL Liquidity Series, LLC,
Money Market Series

9,456,054 4,114,393 13,570,447 13,574,519 40,109 (b) (4,598 ) 1

Dollars 25,916,626 Dollars 361,383 Dollars (4,598 ) $     1

a)

Includes net capital gain distributions, if applicable.

(b)

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees
and collateral investment expenses, and other payments to and from borrowers of securities.

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

Portfolio Abbreviation
ADR American Depositary Receipts

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Master Portfolio’s policy regarding valuation of
investments, refer to the Notes to Financial Statements.

The following table summarizes the Master Portfolio’s investments categorized in the
disclosure hierarchy:

Level 1 Level 2 Level 3 Total

Assets:

Investments:

Long-Term Investments:

Common Stocksa)

Dollars 931,510,947 Dollars 22,259,061 Dollars Dollars 953,770,008

Preferred Stocksa)

10,564,237 10,564,237

Short-Term Securities

12,342,107 12,342,107

Subtotal

Dollars 943,853,054 Dollars 22,259,061 Dollars 10,564,237 Dollars 976,676,352

Investments Valued at NAV(b)

13,574,519

Total Investments

Dollars 990,250,871

a)

See above Schedule of Investments for values in each industry. Investments categorized as Level 2 are included in
Interactive Media & Services.

(b)

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

A reconciliation of Level 3 investments is presented when the Master Portfolio had a significant amount of
Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

Preferred

Stocks

Assets:

Opening Balance, as of June 30, 2018

Dollars

Transfers into Level 3

Transfers out of Level 3

Accrued discounts/premiums

Net realized gain (loss)

Net change in unrealized appreciation (depreciation)(a)(b)

819,974

Purchases

9,744,263

Sales

Closing Balance, as of June 30, 2019

Dollars 10,564,237

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2019a)

Dollars 819,974

a)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation
(depreciation) on investments still held at June 30, 2019, is generally due to investments no longer held or categorized as Level 3 at period end.

(b)

Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

24ème 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T    T
O S H Un R E H O L D E R S

Schedule of Investments (continued)

2019 30 juin

Master Large Cap Focus Growth Portfolio

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee
(the “Global Valuation Committee”) to determine the value of certain of the Master Portfolio’s Level 3 investments as of period end.

Value Valuation Approach

Unobservable

Inputs

Range of

Unobservable Inputs

Utilized

Weighted Average of

Unobservable Inputs

Based on Fair Value

Assets:

Preferred Stocks

Dollars 10,564,237 Market Revenue Multiple a) 5.00x – 5.25x 5.11x

a)

Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may
result in a significant decrease to value.

See notes to financial statements.

S C H E D U L E    O F
N V E S T M E N T S
25ème

Statement of Assets and
Liabilities

June 30, 2019

Master

Large Cap

Focus Growth

Portfolio

ASSETS

Investments at value — unaffiliated (including securities loaned at value of $13,308,188) (cost —
$672,675,934)

Dollars 964,334,245

Investments at value — affiliated (cost — $25,916,625)

25,916,626

Receivables:

Securities lending income — affiliated

1,406

Contributions from investors

2,670,962

Dividends — affiliated

26,801

Prepaid expenses

4,166

Total assets

992,954,206

LIABILITIES

Cash collateral on securities loaned at value

13,574,264

Payables:

Investments purchased

1,024,740

Directors’ fees

4,009

Investment advisory fees

389,648

Other accrued expenses

103,660

Other affiliates

2,086

Withdrawals to investors

4,250,461

Total liabilities

19,348,868

NET ASSETS

Dollars 973,605,338

NET ASSETS CONSIST OF

Investors’ capital

Dollars 681,947,081

Net unrealized appreciation (depreciation)

291,658,257

NET ASSETS

Dollars 973,605,338

See notes to financial statements.

26ème 2 0 1 9 B L Un C K R O C K Un
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O S H Un R E H O L D E R S

Statement of Operations

Year Ended June 30, 2019

Master

Large Cap

Focus Growth

Portfolio

INVESTMENT INCOME

Dividends — affiliated

Dollars 321,274

Dividends — unaffiliated

4,245,806

Securities lending income — affiliated — net

40,109

Foreign taxes withheld

(83,591 )

Total investment income

4,523,598

EXPENSES

Investment advisory

4,161,962

Accounting services

90,690

Professional

47,117

Custodian

26,964

Directors

21,107

Printing

9,489

Miscellaneous

13,277

Total expenses

4,370,606

Less fees waived by the Manager

(10,842 )

Total expenses after fees waived

4,359,764

Net investment income

163,834

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments — affiliated

(4,598 )

Investments — unaffiliated

39,475,445

Foreign currency transactions

(1,234 )

39,469,613

Net change in unrealized appreciation (depreciation) on:

Investments — unaffiliated

56,781,994

Investments — affiliated

1

Foreign currency translations

(37 )

56,781,958

Net realized and unrealized gain

96,251,571

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

Dollars 96,415,405

See notes to financial statements.

F N Un N C Un L S T
Un T E M E N T S
27ème

Statements of Changes in Net Assets

Master Large Cap Focus Growth Portfolio
Year Ended June 30,
2019 2018

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS

Net investment income

Dollars 163,834 Dollars 836,511

Net realized gain

39,469,613 257,183,092

Net change in unrealized appreciation (depreciation)

56,781,958 (18,783,360 )

Net increase in net assets resulting from operations

96,415,405 239,236,243

CAPITAL TRANSACTIONS

Proceeds from contributions

467,458,314 219,824,045

Value of withdrawals

(332,405,987 ) (910,140,054 )

Net increase (decrease) in net assets derived from capital transactions

135,052,327 (690,316,009 )

NET ASSETS

Total increase (decrease) in net assets

231,467,732 (451,079,766 )

Beginning of year

742,137,606 1,193,217,372

End of year

Dollars 973,605,338 Dollars 742,137,606

See notes to financial statements.

28ème 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T    T
O S H Un R E H O L D E R S

Financial Highlights

Master Large Cap Focus Growth Portfolio
Period from

Year Ended June 30,

10/01/2016 to Year Ended September 30,
2019 2018 06/30/2017 2016 2015 2014

Total Return

Total return

11.47 % 30.87 % 19.04 %a) 12.75 %(b) 1.70 % 21.59 %

Ratios to Average Net Assets

Total expenses

0.53 % 0.53 % 0.53 %(c) 0.53 %(d) 0.53 % 0.53 %

Total expenses after fees waived

0.52 % 0.53 % 0.53 %(c) 0.53 %(d) 0.53 % 0.53 %

Net investment income

0.02 % 0.09 % 0.87 %(c) 0.93 %(d) 0.85 % 0.90 %

Supplemental Data

Net assets, end of period (000)

Dollars 973,605 Dollars 742,138 Dollars 1,193,217 Dollars 1,142,708 Dollars 1,099,224 Dollars 1,156,695

Portfolio turnover rate

48 % 49 % 79 % 32 % 41 % 49 %

a)

Aggregate total return.

(b)

Includes proceeds received from a settlement of litigation, which had no impact on the Master Portfolio’s total
return.

(d)

Excludes expenses incurred indirectly as a result of investments in underlying funds of 0.01%.

See notes to financial statements.

F N Un N C Un L H
G H L G H T S
29ème

Notes to Financial Statements Master Large Cap Focus Growth Portfolio

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

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Advisors, LLC
(the “Manager”) or its affiliates, is included in a complex of equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may
require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and
reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition:
For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis.
Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the
Master Portfolio is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from
issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Indemnifications: In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general
indemnification. The Master Portfolio’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.

Other: Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other
funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Master Portfolio has an
arrangement with its custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Master Portfolio may incur charges on certain uninvested cash balances and overdrafts,
subject to certain conditions.

3

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Master Portfolio’s investments are valued at fair value (also referred to as “market value” within the financial
statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time) (or if the reporting date falls on a day the NYSE is closed, investments are valued at fair value as of the period end).
U.S. GAAP defines fair value as the price the Master Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Master Portfolio determines the fair
values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee
formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and
Methodologies:
The following methods and inputs are used to establish the fair value of the Master Portfolio’s assets and liabilities:

Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if
available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day
may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments
is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may
not be reflected in the computation of the Master Portfolio’s net assets. Each business day, the Master Portfolio uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign
exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value
Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

Investments in open-end U.S. mutual funds are valued at net asset value
(“NAV”) each business day.

The Master Portfolio values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market
Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the
Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the
event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global
Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include
market approach, income approach and

30ème 2 0 1 9 B L Un C K R O C K Un
N N U Un L R E P O R T    T
O S H Un R E H O L D E R S

Notes to Financial Statements (continued) Master Large Cap Focus Growth Portfolio

cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value.
When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset
or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with
the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other
Fair Valued Investments, the fair valuation approaches that are used by third party pricing services utilize one or a combination of, but not limited to, the following inputs.

Standard Inputs Generally Considered By Third Party Pricing Services

Market approach

(i)  recent market transactions, including subsequent
rounds of financing, in the underlying investment or comparable issuers;

(ii) recapitalizations and other transactions
across the capital structure; et

(iii)   market multiples of comparable issuers.

Income approach

(i)  future cash flows discounted to present and
adjusted as appropriate for liquidity, credit, and/or market risks;

(ii) quoted prices for similar investments or
assets in active markets; et

(iii)   other risk factors, such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach

(i)  audited or unaudited financial statements, investor
communications and financial or operational metrics issued by the Private Company;

(ii) changes in the valuation of
relevant indices or publicly traded companies comparable to the Private Company;

(iii)   relevant news and
other public sources; et

(iv)   known secondary market transactions in the Private Company’s
interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the
enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a
probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a
determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by the Master Portfolio. Typically, the
most recently available information by a Private Company is as of a date that is earlier than the date the Master Portfolio is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Master
Portfolio could receive upon the sale of the investment.

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

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

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

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

hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment
exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value
hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation
Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a
value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities.

As of June 30, 2019, certain investments of the Master Portfolio were valued using NAV per share as no quoted market value is available and therefore have been
excluded from the fair value hierarchy.

4

SECURITIES AND OTHER INVESTMENTS

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the
liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of
convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater
changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board
of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

N O T E S    T O F N Un
N C Un L S T Un T E M E N T
S
31ème

Notes to Financial Statements (continued) Master Large Cap Focus Growth Portfolio

Securities Lending: The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower
pledges and maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Master Portfolio is
required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at
least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additional required collateral is delivered to the Master
Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive
interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks in the Master Portfolio’s Schedule of Investments, and the value of
any related collateral are shown separately in the Statement of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan
were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedule of Investments.

Securities lending transactions are entered into by the Master Portfolio under Master Securities Lending Agreements (each, an “MSLA”), which provide the right,
in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. À
the event that a borrower defaults, the Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market
value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in
the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio can reinvest
cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA.
defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Master Portfolio’s securities lending agreements
by counterparty which are subject to offset under an MSLA:

Counterparty

Titres
Loaned

at Value

Cash

Collateral
Receiveda)

Net
Amount

Citigroup Global Markets, Inc.

Dollars 11,189,998 Dollars (11,189,998 ) $—

Credit Suisse Securities (USA) LLC

2,079,508 (2,079,508 )

JP Morgan Securities LLC

38,682 (38,682 )

Dollars 13,308,188 Dollars (13,308,188 ) $—

a)

Cash collateral with a value of $13,574,264 has been received in connection with securities lending agreements. Collateral
received in excess of the value of securities loaned from the individual counterparty, if any, is not shown for financial reporting purposes in the table above.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not
return the securities when due. To mitigate these risks, the Master Portfolio benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received
does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the
value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

5

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Master LLC, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio’s
investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of the Master Portfolio’s
portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the
Master Portfolio pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Master Portfolio’s net assets:

Average Daily Net Assets

Investment

Advisory Fee

Not exceeding $5 Billion

0.50 %

In excess of $5 Billion

0,45

Expense Limitations, Waivers and Reimbursements: The Manager voluntarily agreed to waive its investment advisory fees by the amount
of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). This amount is included in fees waived by the Manager in
the Statement of Operations. For the year ended June 30, 2019, the amount waived was $10,842.

The Manager has contractually agreed to waive its investment
advisory fee with respect to any portion of the Master Portfolio’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through October 31, 2020. The
contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Master LLC, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority

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Notes to Financial Statements (continued) Master Large Cap Focus Growth Portfolio

à propos de
the outstanding voting securities of the Master Portfolio. For the year ended June 30, 2019, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

For the year ended June 30, 2019, the Master Portfolio reimbursed the Manager $8,033 for certain accounting services, which is included in accounting services in the
Statement of Operations.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an
affiliate of the Manager, to serve as securities lending agent for the Master Portfolio, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Master Portfolio is
responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or
its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect
to shares purchased by the Master Portfolio. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict
withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of
securities, and less the collateral investment expenses. The Master Portfolio retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 73.5% of securities lending income (which excludes collateral investment expenses), and
this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the
business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Master Portfolio, pursuant to the securities lending agreement, will
retain for the remainder of that calendar year securities lending income in an amount equal to 80% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of
securities lending income plus the collateral investment expenses.

Prior to January 1, 2019, the Master Portfolio retained 71.5% of securities lending income
(which excluded collateral investment expenses) and the amount retained could never be less than 65% of the total of securities lending income plus the collateral investment expenses. In addition, commencing the business day following the date that
the aggregate securities lending income earned across a complex of open-end funds referred to as the Equity-Liquidity Complex in a calendar year exceeded a specified threshold, the Fund would retain for the
remainder of that calendar year 75% of securities lending income (which excluded collateral investment expenses), and the amount retained could never be less than 65% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of
Operations. For the year ended June 30, 2019, the Master Portfolio paid BIM $13,981 for securities lending agent services.

Interfund Lending: À
accordance with an exemptive order (the “Order”) from the SEC , the Master Portfolio may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with
the terms and conditions of the Order, and to the extent permitted by the Master Portfolio’s investment policies and restrictions. The Master Portfolio is currently permitted to borrow under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the
Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment
restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the
loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated
according to a formula established by the Board.

During the year ended June 30, 2019, the Master Portfolio did not participate in the Interfund Lending Program.

Directors and Officers: Certain directors and/or officers of the Master LLC are directors and/or officers of BlackRock or its affiliates.

For the year ended June 30, 2019, purchases and sales of investments, excluding short-term securities, were $542,497,861 and $395,036,603, respectively.

7ème

INCOME TAX INFORMATION

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its
proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio’s assets will be
managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio
files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio’s U.S. federal tax returns generally remains open for each of the two years
ended June 30, 2019, the period ended June 30, 2017, and each of the two years ended September 30, 2016. The statutes of limitations on the Master Portfolio’s state and local tax returns may remain open for an additional year
depending upon the jurisdiction.

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Notes to Financial Statements (continued) Master Large Cap Focus Growth Portfolio

Management has analyzed tax laws and regulations and their application to the Master Portfolio as of June 30, 2019, inclusive of the open tax return years, and does
not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio’s financial statements.

As of
June 30, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

Tax cost

$699,256,728

Gross unrealized appreciation

$293,579,386

Gross unrealized depreciation

(2,585,243 )

Net unrealized appreciation

$290,994,143

The Master LLC, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party
į a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain
individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement.
The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than
0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2020 unless
extended or renewed. Prior to April 18, 2019, Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses
in the Statement of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended June 30, 2019, the Master
Portfolio did not borrow under the credit agreement.

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the
Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors,
including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various
countries; or (iv) currency, interest rate and price fluctuations. The Master Portfolio’s prospectus provides details of the risks to which the Master Portfolio is subject.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of
$1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common
stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which
affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio reasonably expects cannot be sold or disposed of in current market conditions in
seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Master Portfolio may experience difficulty in selling illiquid investments in a timely manner at the price that it believes
the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the
Master Portfolio’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Master Portfolio may lose value, regardless of the individual
results of the securities and other instruments in which the Master Portfolio invests.

The price the Master Portfolio could receive upon the sale of any particular
portfolio investment may differ from the Master Portfolio’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an
independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and
therefore the Master Portfolio’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Master Portfolio, and the Master Portfolio could realize a greater than expected
loss or lesser than expected gain upon the sale of the investment. The Master Portfolio’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on
its commitments related to unsettled or open transactions. The Master Portfolio manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their
obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and
receivables due from counterparties. The extent of the Master Portfolio’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and
Liabilities, less any collateral held by the Master Portfolio.

Concentration Risk: As of period end, the Master Portfolio invested a significant portion of
its assets in securities in the information technology sector. Changes in economic conditions affecting such sector would have a greater impact on the Master Portfolio and could affect the value, income and/or liquidity of positions in such
securities.

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Notes to Financial Statements (continued) Master Large Cap Focus Growth Portfolio

Management’s evaluation of the impact of all subsequent events on the Master Portfolio’s financial statements was completed through the date the financial
statements were issued and the following item was noted:

On July 31, 2019, the Board of Directors of the Master LLC and the Board of Directors of Master Focus
Growth LLC each approved the reorganization of the Master Portfolio with and into Master Focus Growth LLC. The reorganization is expected to occur during the fourth quarter of 2019.

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Report of Independent Registered Public Accounting Firm

To the Investors of Master Large Cap Focus Growth Portfolio and
the Board of Directors of Master Large Cap Series LLC:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Master Large Cap Focus Growth Portfolio of Master Large
Cap Series LLC (the “Fund”), as of June 30, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for
each of the two years in the period then ended, for the period from October 1, 2016 through June 30, 2017, and for each of the three years in the period ended September 30, 2016, and the related notes. In our opinion, the financial
statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for each of the two years in the period then ended, for the period from October 1, 2016 through June 30, 2017, and for each of the three years in the period ended
September 30, 2016, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s
financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our
audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement,
whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over
financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as
of June 30, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

August 21, 2019

We have served as the auditor of one or more BlackRock investment
companies since 1992.

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Disclosure of Investment Advisory Agreement

The Board of Directors of Master Large Cap Series LLC (the “Master Fund”) met in person
on April 17, 2019 (the “April Meeting”) and May 14-15, 2019 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Agreement”) between the
Master Fund, on behalf of Master Large Cap Focus Growth Portfolio (the “Master Portfolio”), a series of the Master Fund, and BlackRock Advisors, LLC (the “Manager” or “BlackRock”), the Master Fund’s investment
patarėjas. BlackRock Large Cap Focus Growth Fund (the “Portfolio”), a series of BlackRock Large Cap Series Funds, Inc. (the “Fund”), is a “feeder” fund that invests all of its investable assets in the Master Portfolio.
Accordingly, the Board of Directors of the Fund also considered the approval of the Agreement with respect to the Master Portfolio. For simplicity: (a) the Board of Directors of the Master Fund and the Board of Directors of the Fund are
referred to herein collectively as the “Board,” and the members are referred to as “Board Members;” and (b) the shareholders of the Portfolio and the interest holders of the Master Portfolio are referred to as
“shareholders.”

Activities and Composition of the Board

On the date of the May Meeting, the Board consisted of fifteen individuals, thirteen of whom were not “interested persons” of the Master Fund or the Fund as
defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Master Fund or the Fund, as pertinent, and
perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an
Independent Board Member. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee, each of which is
chaired by an Independent Board Member and composed of Independent Board Members (except for the Ad Hoc Topics Committee, which also has one interested Board Member).

The Agreement

Consistent with the requirements of the 1940 Act, the
Board considers the continuation of the Agreement on an annual basis. The Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings
throughout the year, as needed. While the Board also has a fifth one-day meeting to consider specific information surrounding the renewals of the Agreement, the Board’s consideration entails a year-long
deliberative process whereby the Board and its committees assess BlackRock’s services to the Fund. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Master Portfolio and the
Portfolio by BlackRock, BlackRock’s personnel and affiliates, including (as applicable) investment management; accounting, administrative and shareholder services; oversight of the Master Portfolio and Portfolio service providers; rizikuoti
management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent
legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of management.

During the year, the Board, acting
directly and through its committees, considers information that is relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Portfolio, the Portfolio and their
shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the
Agreement.” Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, ten-year and/or since inception
periods, as applicable, against peer funds, applicable benchmark, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analyses of the reasons for any over-performance or under-performance relative
to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Master Portfolio and/or the Portfolio for
services; (c) the Master Portfolio’s and/or the Portfolio’s operating expenses and how BlackRock allocates expenses to the Master Portfolio and the Portfolio; (d) the resources devoted to, risk oversight of, and compliance
reports relating to, implementation of the Master Portfolio’s and the Portfolio’s investment objective(s), policies and restrictions, and meeting regulatory requirements; (e) BlackRock and the Master Fund’s and the Fund’s
adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of
such services; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use
of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Master Fund’s and/or the Fund’s valuation and liquidity procedures; (k) an analysis of management fees for
products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund,
sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products
and the services provided as compared to the Master Portfolio and/or the Portfolio; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment
professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Board Considerations in Approving the
Agreement

The Approval Process: Prior to the April Meeting, the Board requested and received materials specifically relating to the Agreement.
Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in
connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) based on either a Lipper classification or Morningstar
category, regarding the fees and expenses of the Master Portfolio and the Portfolio, as applicable, as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Portfolio as
compared with a peer group of funds (“Performance Peers”) and other metrics, as applicable; (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology;
(c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general
analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds and separately managed accounts under similar investment mandates, as well as the performance of such other products, as applicable;
(e) review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Master Portfolio and the Portfolio; (g) a summary of aggregate amounts
paid by the Master Portfolio and/or the Portfolio to BlackRock; (h) sales and redemption data regarding the Portfolio’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s,
the Master Portfolio’s and the Portfolio’s operations.

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Disclosure of Investment Advisory Agreement (continued)

At the April Meeting, the Board reviewed
materials relating to its consideration of the Agreement. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions
and requests for additional information. BlackRock responded to these requests with additional written information in advance of the May Meeting.

At the May Meeting,
the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Master Portfolio and the Portfolio as compared with the Performance
Peers and other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Master Portfolio and the Portfolio; (d) the
Portfolio’s fees and expenses compared to Expense Peers; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s
relationship with the Master Portfolio and the Portfolio; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it
deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of portfolio holdings of the
Master Portfolio. The Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Board did not identify any particular information as determinative, and each Board Member may have attributed
different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Board, including the Independent
Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the Portfolio. Throughout the year, the Board compared the Portfolio’s
performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the
senior investment officers. The Board also reviewed the materials provided by the Master Portfolio’s portfolio management team discussing the Master Portfolio’s performance and the Master Portfolio’s investment objective(s),
strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally
and the Master Portfolio’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; kreditas
analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management
program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation
structure with respect to the Master Portfolio’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other
non-investment advisory services provided to the Master Portfolio and the Portfolio. BlackRock and its affiliates provide the Master Portfolio and the Portfolio with certain administrative, shareholder and
other services (in addition to any such services provided to the Master Portfolio and the Portfolio by third parties) and officers and other personnel as are necessary for the operations of the Master Portfolio and the Portfolio. In particular,
BlackRock and its affiliates provide the Master Portfolio and the Portfolio with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the
statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of other
service providers, including, among others, the custodian, fund accountant, transfer agent, and auditor for the Master Portfolio and the Portfolio, as applicable; (v) organizing Board meetings and preparing the materials for such Board
meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Master Portfolio and the Portfolio, such as tax reporting, expense management, fulfilling regulatory
filing requirements, overseeing the Portfolio’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and
legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B.
The Investment Performance of the Master Portfolio, the Portfolio and BlackRock:
The Board, including the Independent Board Members, also reviewed and considered the performance history of the Master Portfolio and the Portfolio, as
applicable. The Board noted that the Portfolio’s investment results correspond directly to the investment results of the Master Portfolio. In preparation for the April Meeting, the Board was provided with reports independently prepared by
Broadridge, which included a comprehensive analysis of the Portfolio’s performance as of December 31, 2018. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth
is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Portfolio as compared to its Performance Peers. The Board and its Performance Oversight Committee
regularly review, and meet with Master Portfolio management to discuss, the performance of the Master Portfolio and the Portfolio, as applicable, throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data
provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and the Performance Peer funds (for example, the investment objective(s) and investment
strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged
that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to affect long-term performance disproportionately.

The Board noted that for each of the one-, three- and five-year periods reported, the Portfolio ranked in the first quartile
against its Performance Peers.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock
and its Affiliates from their Relationship with the Master Portfolio and the Portfolio:
The Board, including the Independent Board Members, reviewed the Master Portfolio’s/Portfolio’s contractual management fee rate compared
with those of the Portfolio’s Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the
Portfolio’s total expense ratio, as well as the Master Portfolio’s/Portfolio’s actual management fee rate, to those of the Portfolio’s Expense Peers. The total expense ratio represents a fund’s total net operating expenses,
including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual
management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Board considered the services provided and the fees charged by BlackRock and its affiliates to

38 2 0 1 9 B L Un C K R O C K Un
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Disclosure of Investment Advisory Agreement (continued)

other types of clients with similar
investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also
provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Master Portfolio and the Portfolio. The Board reviewed BlackRock’s estimated profitability
with respect to the Master Portfolio and the Portfolio, as applicable, and other funds the Board currently oversees for the year ended December 31, 2018 compared to available aggregate estimated profitability data provided for the prior two
années The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses
in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and
expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall
operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock,
BlackRock’s expense management, and the relative product mix.

In addition, the Board considered the estimated cost of the services provided to the Master
Portfolio and the Portfolio by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating to the management of the Master Portfolio and the Portfolio and the other funds advised by BlackRock and its affiliates. As part of
its analysis, the Board reviewed BlackRock’s methodology in allocating its costs of managing the Master Portfolio and the Portfolio, to the relevant Master Portfolio or the Portfolio, as pertinent. The Board considered whether BlackRock has the
financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further
considered factors including but not limited to BlackRock’s commitment of time, assumption of risk and liability profile in servicing the Master Portfolio and the Portfolio, including in contrast to what is required of BlackRock with respect to
other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund,
separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Master
Portfolio/Portfolio’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and the Portfolio’s total expense ratio ranked in the third and second quartiles, respectively, relative to the
Portfolio’s Expense Peers. The Board additionally noted that the Master Portfolio has an advisory fee arrangement that includes a breakpoint that adjusts the fee rate downward as the size of the Master Portfolio increases above a certain
contractually specified level. The Board also noted that BlackRock proposed, and the Board agreed to, a lower administration fee rate. This reduction was implemented on May 24, 2019. The Board noted that if the size of the Master Portfolio were
to decrease, the Master Portfolio could lose the benefit of the breakpoint. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Portfolio’s total expenses as a percentage of the Portfolio’s
average daily net assets on a class-by-class basis. In addition, the Board noted that BlackRock proposed, and the Board agreed to, a lower contractual expense cap on a class-by-class basis. This expense cap reduction was implemented on May 24, 2019.

D. Economies of Scale: The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets
de Master Portfolio and the Portfolio increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had been approved by the Board. The Board also considered
the extent to which the Master Portfolio and the Portfolio benefit from such economies in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Master Portfolio and the
Portfolio to more fully participate in these economies of scale. The Board considered the Master Portfolio’s asset levels and whether the current fee schedule was appropriate. In their consideration, the Board Members took into account the
existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

E. Other Factors Deemed Relevant
by the Board Members:
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” nauda that BlackRock or its affiliates may derive from
BlackRock’s respective relationships with the Master Portfolio and the Portfolio, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel,
an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Master Portfolio and the Portfolio, including for administrative, distribution, securities
lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock
may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board
received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the
competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Portfolio shares if they believe that the Portfolio’s and/or the Master Portfolio’s fees and
expenses are too high or if they are dissatisfied with the performance of the Portfolio.

Išvada

The Board of the Master Fund, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Fund, on
behalf of the Master Portfolio, for a one-year term ending June 30, 2020. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the
Master Fund, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Portfolio and its shareholders. The Board of the Fund, including the Independent
Board Members, also considered the continuation of the Agreement with respect to the Master Portfolio and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Fund did not identify any
single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered.
Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

D S C L O S U R E    O
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39

Director and Officer Information

Independent Directors a)

nom

Year of Birth(b)

Position(s)

Held

(Length of

Service)(c)

Principal Occupation(s) During Past Five Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Société

Directorships

Held During Past

Five Years

Mark Stalnecker

1951

Chair of the Board

(Since
2019) and Director

(Since 2015)

Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member
of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from
2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.
38 RICs consisting of 182 Portfolios None

Bruce R. Bond

1946

Director

(Since
2019)

Board Member, Amsphere Limited (software) since 2018; Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit
and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007.
38 RICs consisting of 182 Portfolios None

Susan J. Carter

1956

Director

(Since
2016)

Director, Pacific Pension Institute from 2014 to 2018; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business since 1997; Senior Advisor, Commonfund
Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board
Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Trustee, Financial Accounting Foundation since 2017; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017.
38 RICs consisting of 182 Portfolios None

Collette Chilton

1958

Director

(Since
2015)

Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006. 38 RICs consisting of 182 Portfolios None

Neil A. Cotty

1954

Director

(Since
2016)

Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer, from 2009 to 2015, Chief Financial Officer of Global
Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.
38 RICs consisting of 182 Portfolios None

Lena G. Goldberg

1949

Director

(Since
2019)

Senior Lecturer, Harvard Business School, since 2008; Director, Charles Stark Draper Laboratory, Inc. since 2013; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving
in various senior roles including Executive Vice President — Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to
1985.
38 RICs consisting of 182 Portfolios None

Robert M. Hernandez

1944

Director

(Since 2019)

Director, Vice Chairman and Chief Financial Officer of USX Corporation (energy and steel business) from 1991 to 2001; Director and non-executive Chairman, RTI International Metals, Inc. from
1990 to 2015; Director, TE Connectivity (electronics) from 2006 to 2012.
38 RICs consisting of 182 Portfolios Chubb Limited (insurance company); Eastman Chemical Company

40 2 0 1 9 B L Un C K R O C K Un
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Director and Officer Information (continued)

Independent Directors a)

nom

Year of Birth(b)

Position(s)

Held

(Length of

Service)(c)

Principal Occupation(s) During Past Five Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Société

Directorships

Held During Past

Five Years

Henry R. Keizer

1956

Director

(Since
2019)

Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016;
Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating
Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010.
38 RICs consisting of 182 Portfolios Hertz Global Holdings (car rental); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 until 2015; Sealed Air Corp. (packaging); WABCO (commercial vehicle
safety systems)

Cynthia A. Montgomery

1952

Director

(Since
2007)

Professor, Harvard Business School since 1989. 38 RICs consisting of 182 Portfolios Newell Rubbermaid, Inc. (manufacturing)

Donald C. Opatrny

1952

Director

(Since
2019)

Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University since 2004; President, Trustee and Member of the Investment Committee, The
Aldrich Contemporary Art Museum from 2007 to 2014; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; Trustee, Artstor (a Mellon Foundation
affiliate) from 2010 to 2015; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Director, Athena Capital Advisors LLC (investment management firm) since 2013; Trustee and Chair of the Investment Committee, Community
Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2018; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018.
38 RICs consisting of 182 Portfolios None

Joseph P. Platt

Année 1947

Director

(Since
2007)

General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting
not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.
38 RICs consisting of 182 Portfolios Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.

Kenneth L. Urish

1951

Director

(Since
2007)

Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute
of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since
2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007.
38 RICs consisting of 182 Portfolios None

Claire A. Walton

1957

Director

(Since 2016)

Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018;
Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.
38 RICs consisting of 182 Portfolios None

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41

Director and Officer Information (continued)

Interested Directors a)(d)

nom

Year of Birth(b)

Position(s)

Held

(Length of

Service)(c)

Principal Occupation(s) During Past Five Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Société

Directorships

Held During Past

Five Years

Robert Fairbairn

1965

Director

(Since
2018)

Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s
Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock
Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.
124 RICs consisting of 292 Portfolios None

John M. Perlowski(e)

1964

Director

(Since 2015),
President and Chief Executive Officer

(Since 2010)

Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since
2009.
125 RICs consisting of 293 Portfolios None

a)

The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

(b)

Independent Directors serve until their resignation, retirement, removal or death, or until December 31 of the year
in which they turn 75. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate.

(c)

Following the combination of MLIM and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund
boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart
shows the year that each Independent Director joined the Board, certain Independent Directors first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Bruce R. Bond, 2005; Robert M.
Hernandez, 1996; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015.

(d)

Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the
Corporation/Master LLC based on their positions with BlackRock and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

(e)

Mr. Perlowski is also a board member of the BlackRock Credit Strategies Fund.

42 2 0 1 9 B L Un C K R O C K Un
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Director and Officer Information (continued)

Officers Who Are Not Directors a)

nom

Year of Birth(b)

Position(s) Held

(Length of Service)

Principal Occupation(s) During Past Five Years

Jennifer McGovern

1977

Vice President

(Since
2014)

Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Product Development and Oversight for BlackRock’s Strategic Product Management
Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.

Neal J. Andrews

1966

Chief Financial Officer

(Since 2007)

Chief Financial Officer of the iShares® exchange traded funds since 2019; Managing Director of BlackRock, Inc. since 2006.

Jay M. Fife

1970

Treasurer

(Since
2007)

Managing Director of BlackRock, Inc. since 2007.

Charles Park

1967

Chief Compliance Officer

(Since 2014)

Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the
BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund
Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer
for BlackRock Asset Management International Inc. since 2012.

John MacKessy

1972

Anti-Money Laundering Compliance Officer

(Since 2018)

Director of BlackRock, Inc. since 2017; Global Head of Anti-Money Laundering at BlackRock, Inc. since 2017; Director of AML Monitoring and Investigations Group of Citibank from 2015 to 2017;
Global Anti-Money Laundering and Economic Sanctions Officer for MasterCard from 2011 to 2015.

Benjamin Archibald

1975

Secretary

(Since
2012)

Managing Director of BlackRock, Inc. since 2014; Director of BlackRock, Inc. from 2010 to 2013; Secretary of the iShares® mainai
traded funds since 2015; Secretary of the BlackRock-advised mutual funds since 2012.

a)

The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

(b)

Officers of the Corporation/Master LLC serve at the pleasure of the Board.

Further information about the Corporation’s/Master LLC’s Directors and Officers is available in the
Corporation’s/Master LLC’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent and Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodian

Brown Brother Harriman & Co.

Boston, MA 02109

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Corporation/Master LLC

100 Bellevue Parkway

Wilmington, DE 19809

D R E C T O R    A N
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M Un T O N
43

Additional Information

General Information

Householding

The Fund will mail only one copy of shareholder documents,
including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate
duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of
your household, please call the Fund at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Fund/Master Portfolio file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s/Master Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov. The Fund’s/Master Portfolio’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the
policies and procedures that the Fund/Master Portfolio use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2)
à http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Fund/Master Portfolio voted proxies relating to securities held in the Fund’s/Master Portfolio’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 441-7762 and (2) on the
SEC’s website at http:// www.sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity,
fixed-income and tax-exempt investing. Visit http://www.blackrock.com for more information.

Shareholder
Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at http://www.blackrock.com.

Automatic Investment Plans

Investor Class shareholders who want to
invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor Class shareholders can establish a
systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with
Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

44 2 0 1 9 B L Un C K R O C K Un
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Additional Information (continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding
non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we
share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with
additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock
obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary,
on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public
personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect
the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your
account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its
Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public Asmeninis
information of its Clients, including procedures relating to the proper storage and disposal of such information.

Un D D T O N Un
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45

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy
shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares
will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

LOGO

LCFG-6/19-AR

LOGO


Item 2 –

Code of Ethics – Each registrant (or each, a “Fund” or together, the “Funds”) has
adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrants’ principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar
functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have
been no waivers granted under the code of ethics. The registrants undertake to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 –

Audit Committee Financial Expert – Each registrant’s board of directors (the “board of
directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Robert M.
Hernandez

Henry R. Keizer

Kenneth L. Urish

Claire A.
Walton

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an
“expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or
identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee
and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit
committee or board of directors.

Item 4 –

Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the
services rendered to each Fund:

(a) Audit Fees (b) Audit-Related
Fees1
(c) Tax Fees2 (d) All Other Fees
Entity Name

Current

Fiscal

Year End

Previous

Fiscal