ThZeal - The Zeal

N-CSRS 1 d825648dncsrs.htm BLACKROCK LARGE CAP FOCUS GROWTH FUND, INC. BLACKROCK LARGE CAP FOCUS GROWTH FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09651

Name of Fund:

BlackRock Large Cap Focus Growth Fund, Inc.

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Large Cap Focus Growth Fund, Inc., 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 05/31/2024

Date of reporting period: 11/30/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		NOVEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Large Cap Focus Growth Fund, Inc.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended November 30, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in November 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as interest rates stabilized, and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced strongly, while emerging market equities posted modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates five times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of November 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	10.17%	13.84%
U.S. small cap equities (Russell 2000^® Index)	4.24	(2.57)
International equities (MSCI Europe, Australasia, Far East Index)	5.12	12.36
Emerging market equities (MSCI Emerging Markets Index)	4.60	4.21
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	4.91
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.98)	(2.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(0.80)	1.18
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.29	4.28
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	5.52	8.69

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Financial Statements:
Schedule of Investments		7
Statement of Assets and Liabilities		10
Statement of Operations		12
Statements of Changes in Net Assets		13
Financial Highlights		14
Notes to Financial Statements		18
Statement Regarding Liquidity Risk Management Program		26
Additional Information		27
Glossary of Terms Used in this Report		29

LOGO


		3

Fund Summary as of November 30, 2023

BlackRock Large Cap Focus Growth Fund, Inc.

Investment Objective

BlackRock Large Cap Focus Growth Fund, Inc.’s (the “Fund”) investment objective is long-term capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended November 30, 2023, all of the Fund’s share classes outperformed its benchmark, the Russell 1000^® Growth Index.

What factors influenced performance?

The largest contributors to the Fund’s performance relative to the benchmark over the period included security selection in the information technology and healthcare sectors, along with positioning in consumer staples. In information technology, an overweight position in Intuit, Inc. in the software industry benefited performance. In healthcare, an overweight allocation to the pharmaceuticals industry, most notably to Eli Lilly and Company, contributed to performance. Lastly, a lack of exposure to the consumer staples sector, and particularly the beverages industry, proved beneficial.

The largest detractors from relative performance included stock selection in the consumer discretionary sector, most notably within the hotels, restaurants and leisure, and textiles, apparel and luxury goods sub-sectors. Specifically, off-benchmark positions in online casino technology provider Evolution AB and luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton detracted from relative performance. Selection within information technology also weighed on relative performance, most notably an off-benchmark position in ASML Holding NV within semiconductors and semiconductor equipment.

Describe recent portfolio activity.

During the period, the Fund’s allocation to the information technology sector increased driven by greater exposure to semiconductors and semiconductor equipment companies. Exposure to the materials sector increased as well. Conversely, the allocation to consumer discretionary decreased the most as exposure to hotels, restaurants and leisure declined. Exposure to the healthcare sector decreased as well.

Describe portfolio positioning at period end.

As of period end, the Fund’s largest overweight position relative to the Russell 1000^® Growth Index was in the financials sector, followed by healthcare and energy. Conversely, the consumer staples sector was the largest underweight, followed by consumer discretionary and communication services.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Performance


				Average Annual Total Returns^(a)(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		14.55	%		33.74	%		N/A			13.48	%		N/A			13.37	%		N/A
Investor A		14.40			33.28			26.28	%		13.19			11.98	%		13.04			12.43	%
Investor C		14.07			32.68			31.68			12.33			12.33			12.37			12.37
Class K		14.53			33.67			N/A			13.52			N/A			13.39			N/A
Russell 1000^® Growth Index^(c)		13.14			26.17			N/A			16.36			N/A			14.69			N/A

^(a)

Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)

The Fund is an aggressive growth fund that invests primarily in common stock of not less than 25 to not more than 45 companies that Fund management believes have strong earnings and revenue growth and capital appreciation potential (also known as “aggressive growth companies“). Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that have similar economic characteristics to such securities.

^(c)

An index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values.

N/A - Not applicable as share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.


4		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Summary as of November 30, 2023 (continued)

BlackRock Large Cap Focus Growth Fund, Inc.

Expense Example


	Actual							Hypothetical 5% Return

		Beginning Account Value (06/01/23)		Ending Account Value (11/30/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/23)		Ending Account Value (11/30/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,145.50	$	3.59		$	1,000.00	$	1,021.65	$	3.39		0.67	%
Investor A		1,000.00		1,144.00		4.93			1,000.00		1,020.40		4.65		0.92
Investor C		1,000.00		1,140.70		8.94			1,000.00		1,016.65		8.42		1.67
Class K		1,000.00		1,145.30		3.33			1,000.00		1,021.90		3.13		0.62

^(a)

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown).

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information


TEN LARGEST HOLDINGS

Security^(a)	Percent of Net Assets
Microsoft Corp.		10.0	%

Apple Inc.		8.8

Amazon.com, Inc.		8.3

NVIDIA Corp.		5.9

Visa, Inc., Class A		4.4

Intuit, Inc.		4.3

Alphabet, Inc., Class A		4.3

ASML Holding NV, Registered Shares		3.2

Broadcom, Inc.		3.2

Cadence Design Systems, Inc.		3.0


SECTOR ALLOCATION

Sector^(b)	Percent of Net Assets
Information Technology		44.4	%

Consumer Discretionary		13.3

Health Care		13.0

Financials		10.7

Communication Services		9.6

Industrials		5.6

Energy		1.2

Materials		1.0

Other (each representing less than 1%)		0.6

Short-Term Securities		0.7

Liabilities in Excess of Other Assets		(0.1	)

^(a)	Excludes short-term securities.

^(b)

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


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

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K Shares inception date of November 25, 2019 is that of Institutional Shares. The performance of the Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), the Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver(s) and/or reimbursement(s), the Fund’s performance would have been lower. With respect to the Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to the Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


6		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

November 30, 2023

BlackRock Large Cap Focus Growth Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 2.0%
TransDigm Group, Inc.		31,218	$	30,058,876


Automobiles — 2.8%
Tesla, Inc.^(a)		170,414		40,912,993


Broadline Retail — 8.3%
Amazon.com, Inc.^(a)		840,468		122,783,970


Capital Markets — 5.2%
Blackstone, Inc., Class A, NVS		163,579		18,381,372
MSCI, Inc., Class A		57,592		29,996,793
S&P Global, Inc.		68,049		28,296,816


				76,674,981

Chemicals — 1.0%
Sherwin-Williams Co. (The)		54,608		15,224,710


Commercial Services & Supplies — 3.6%
Copart, Inc.^(a)		845,060		42,438,913
Waste Connections, Inc.		77,263		10,468,364


				52,907,277

Entertainment — 2.4%
Netflix, Inc.^(a)		75,711		35,884,743


Financial Services — 5.6%
Mastercard, Inc., Class A		43,091		17,832,349
Visa, Inc., Class A		251,237		64,487,513


				82,319,862

Health Care Equipment & Supplies — 3.7%
Boston Scientific Corp.^(a)		300,908		16,817,748
IDEXX Laboratories, Inc.^(a)		9,352		4,356,349
Intuitive Surgical, Inc.^(a)		106,267		33,032,034


				54,206,131

Health Care Providers & Services — 2.8%
UnitedHealth Group, Inc.		75,356		41,669,607


Hotels, Restaurants & Leisure — 1.0%
Chipotle Mexican Grill, Inc.^(a)		1,665		3,666,746
Evolution AB^(b)		107,476		11,134,519


				14,801,265

Interactive Media & Services — 5.7%
Alphabet, Inc., Class A^(a)		476,284		63,121,919
Meta Platforms, Inc., Class A^(a)		66,714		21,825,485


				84,947,404

IT Services — 1.2%
Shopify, Inc., Class A^(a)		247,519		18,024,334


Life Sciences Tools & Services — 2.8%
Danaher Corp.		157,186		35,101,206
Thermo Fisher Scientific, Inc.		11,531		5,716,608


				40,817,814

Oil, Gas & Consumable Fuels — 1.2%
Cheniere Energy, Inc.		96,180		17,519,187


Pharmaceuticals — 3.8%
Eli Lilly & Co.		71,700		42,377,568
Zoetis, Inc., Class A		77,229		13,644,048


				56,021,616


Security	Shares		Value


Real Estate Management & Development — 0.6%
CoStar Group, Inc.^(a)		106,706	$	8,860,866


Semiconductors & Semiconductor Equipment — 12.3%
ASML Holding NV, Registered Shares		69,466		47,498,072
Broadcom, Inc.		50,785		47,013,198
NVIDIA Corp.		187,956		87,907,021


				182,418,291

Software — 22.0%
Cadence Design Systems, Inc.^(a)		164,039		44,826,938
Intuit, Inc.		110,863		63,353,770
Microsoft Corp.		392,273		148,636,162
Palo Alto Networks, Inc.^(a)		55,155		16,275,689
Roper Technologies, Inc.		51,376		27,653,132
ServiceNow, Inc.^(a)		37,093		25,436,154


				326,181,845

Technology Hardware, Storage & Peripherals — 8.8%
Apple Inc.		682,026		129,550,839


Textiles, Apparel & Luxury Goods — 1.2%
LVMH Moet Hennessy Louis Vuitton SE		23,080		17,662,640


Total Common Stocks — 98.0% (Cost: $772,552,299)				1,449,449,251


Preferred Securities

Preferred Stocks — 1.4%

Interactive Media & Services — 1.4%
Bytedance Ltd., Series E-1 (Acquired 11/11/20, cost $13,153,942)^(a)(c)(d)		120,046		21,166,847


Total Long-Term Investments — 99.4% (Cost: $785,706,241)				1,470,616,098


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(e)(f)		9,626,513		9,626,513


Total Short-Term Securities — 0.7% (Cost: $9,626,513)				9,626,513


Total Investments — 100.1% (Cost: $795,332,754)				1,480,242,611
Liabilities in Excess of Other Assets — (0.1)%				(1,184,220	)


Net Assets — 100.0%			$	1,479,058,391

^(a)	Non-income producing security.

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

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

^(d)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $21,166,847, representing 1.4% of its net assets as of period end, and an original cost of $13,153,942.

^(e)	Affiliate of the Fund.

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


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Large Cap Focus Growth Fund, Inc.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 05/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/23		Shares Held at 11/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	9,919,349	$	—	$	(292,836	)^(a)	$	—	$	—	$	9,626,513		9,626,513	$	113,280		$	—
SL Liquidity Series, LLC, Money Market Series^(b)		—		—		(875	)^(a)		875		—		—		—		1,789	^(c)		—

								$	875	$	—	$	9,626,513			$	115,069		$	—

^(a)

Represents net amount purchased (sold).

^(b)

As of period end, the entity is no longer held.

^(c)

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

For Fund compliance purposes, the Fund’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.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	30,058,876	$	—	$	—	$	30,058,876
Automobiles		40,912,993		—		—		40,912,993
Broadline Retail		122,783,970		—		—		122,783,970
Capital Markets		76,674,981		—		—		76,674,981
Chemicals		15,224,710		—		—		15,224,710
Commercial Services & Supplies		52,907,277		—		—		52,907,277
Entertainment		35,884,743		—		—		35,884,743
Financial Services		82,319,862		—		—		82,319,862
Health Care Equipment & Supplies		54,206,131		—		—		54,206,131
Health Care Providers & Services		41,669,607		—		—		41,669,607
Hotels, Restaurants & Leisure		3,666,746		11,134,519		—		14,801,265
Interactive Media & Services		84,947,404		—		—		84,947,404
IT Services		18,024,334		—		—		18,024,334
Life Sciences Tools & Services		40,817,814		—		—		40,817,814
Oil, Gas & Consumable Fuels		17,519,187		—		—		17,519,187
Pharmaceuticals		56,021,616		—		—		56,021,616
Real Estate Management & Development		8,860,866		—		—		8,860,866
Semiconductors & Semiconductor Equipment		182,418,291		—		—		182,418,291
Software		326,181,845		—		—		326,181,845
Technology Hardware, Storage & Peripherals		129,550,839		—		—		129,550,839
Textiles, Apparel & Luxury Goods		—		17,662,640		—		17,662,640
Preferred Securities		—		—		21,166,847		21,166,847
Short-Term Securities
Money Market Funds		9,626,513		—		—		9,626,513

	$	1,430,278,605	$	28,797,159	$	21,166,847	$	1,480,242,611


8		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

November 30, 2023

BlackRock Large Cap Focus Growth Fund, Inc.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year 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 Securities

Assets
Opening Balance, as of May 31, 2023	$	20,830,298
Transfers into Level 3		—
Transfers out of Level 3		—
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)^(a)(b)		336,549
Purchases		—
Sales		—

Closing Balance, as of November 30, 2023	$	21,166,847

Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2023^(b)	$	336,549

^(a)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2023, 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.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund’s Level 3 investments as of period end.

Value

Valuation Approach

Unobservable
Inputs

Range of
Unobservable Inputs
Utilized^(a)

Weighted Average of
Unobservable Inputs
Based on Fair Value

Assets

Preferred Securities^(b)

21,166,847

Market

Revenue Multiple

2.35x - 3.10x

2.73x

^(a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

^(b)

The fund valued certain of its Level 3 investments using recent prior transaction prices as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transactions, for which inputs are unobservable, is $21,166,847 as of November 30, 2023.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		9

Statement of Assets and Liabilities (unaudited)

November 30, 2023


	BlackRock Large Cap Focus Growth Fund, Inc.

ASSETS
Investments, at value — unaffiliated^(a)	$	1,470,616,098
Investments, at value — affiliated^(b)		9,626,513
Cash		54,380
Receivables:
Securities lending income — affiliated		920
Capital shares sold		1,141,120
Dividends — unaffiliated		822,538
Dividends — affiliated		46,472
From the Manager		53,077
Prepaid expenses		91,724

Total assets		1,482,452,842


LIABILITIES
Payables:
Administration fees		140,179
Capital shares redeemed		1,876,585
Investment advisory fees		545,696
Directors’ and Officer’s fees		4,432
Other accrued expenses		107,116
Other affiliate fees		1,999
Professional fees		93,456
Registration fees		48,035
Service and distribution fees		229,890
Transfer agent fees		347,063

Total liabilities		3,394,451

Commitments and contingent liabilities

NET ASSETS	$	1,479,058,391


NET ASSETS CONSIST OF:
Paid-in capital	$	763,055,099
Accumulated earnings		716,003,292

NET ASSETS	$	1,479,058,391

^(a)Investments, at cost — unaffiliated	$	785,706,241
^(b)Investments, at cost — affiliated	$	9,626,513


10		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement of Assets and Liabilities (unaudited) (continued)

November 30, 2023


	BlackRock Large Cap Focus Growth Fund, Inc.
NET ASSET VALUE

Institutional
Net assets	$	474,499,326

Shares outstanding		69,503,848

Net asset value	$	6.83

Shares authorized		2 billion

Par value	$	0.10


Investor A
Net assets	$	861,373,607

Shares outstanding		141,178,560

Net asset value	$	6.10

Shares authorized		2 billion

Par value	$	0.10


Investor C
Net assets	$	72,851,708

Shares outstanding		16,132,048

Net asset value	$	4.52

Shares authorized		50 million

Par value	$	0.10


Class K
Net assets	$	70,333,750

Shares outstanding		10,276,639

Net asset value	$	6.84

Shares authorized		2 billion

Par value	$	0.10

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		11

Statement of Operations (unaudited)

Six Months Ended November 30, 2023


	BlackRock Large Cap Focus Growth Fund, Inc.

INVESTMENT INCOME
Dividends — unaffiliated	$	4,546,079
Dividends — affiliated		113,280
Securities lending income — affiliated — net		1,789
Foreign taxes withheld		(36,081	)

Total investment income		4,625,067


EXPENSES
Investment advisory		3,408,902
Service and distribution — class specific		1,383,644
Administration		818,137
Transfer agent — class specific		737,149
Accounting services		55,650
Registration		51,679
Professional		46,039
Printing and postage		21,943
Custodian		11,178
Directors and Officer		8,601
Miscellaneous		39,568

Total expenses		6,582,490
Less:
Fees waived and/or reimbursed by the Manager		(234,315	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(416,446	)

Total expenses after fees waived and/or reimbursed		5,931,729

Net investment loss		(1,306,662	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from:
Investments — unaffiliated		35,619,711
Investments — affiliated		875
Foreign currency transactions		6,125

		35,626,711

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		152,797,520
Foreign currency translations		6,363

		152,803,883

Net realized and unrealized gain		188,430,594

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	187,123,932

See notes to financial statements.


12		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	BlackRock Large Cap Focus Growth Fund, Inc.
	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment loss	$	(1,306,662	)	$	(2,552,897	)
Net realized gain		35,626,711			28,933,359
Net change in unrealized appreciation (depreciation)		152,803,883			63,946,054

Net increase in net assets resulting from operations		187,123,932			90,326,516


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(4,612,158	)		(7,561,472	)
Investor A		(10,576,973	)		(15,306,911	)
Investor C		(1,224,719	)		(1,831,622	)
Class K		(722,602	)		(954,124	)

Decrease in net assets resulting from distributions to shareholders		(17,136,452	)		(25,654,129	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		357,812			(248,268,058	)


NET ASSETS
Total increase (decrease) in net assets		170,345,292			(183,595,671	)
Beginning of period		1,308,713,099			1,492,308,770

End of period	$	1,479,058,391		$	1,308,713,099

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		13

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Large Cap Focus Growth Fund, Inc.

	Institutional
	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 09/01/19 to 05/31/20			Year Ended 08/31/19			Year Ended 08/31/18

Net asset value, beginning of period	$	6.03		$	5.62		$	7.64		$	5.57		$	5.00		$	4.97		$	4.01

Net investment income (loss)^(a)		0.00	^(b)		(0.00	)^(c)		(0.02	)		(0.02	)		(0.00	)^(c)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		0.87			0.50			(1.13	)		2.13			0.84			0.22			1.15

Net increase (decrease) from investment operations		0.87			0.50			(1.15	)		2.11			0.84			0.21			1.13

Distributions from net realized gain^(d)		(0.07	)		(0.09	)		(0.87	)		(0.04	)		(0.27	)		(0.18	)		(0.17	)


Net asset value, end of period	$	6.83		$	6.03		$	5.62		$	7.64		$	5.57		$	5.00		$	4.97


Total Return^(e)
Based on net asset value		14.55	%^(f)		9.31	%		(18.00	)%		37.92	%		17.68	%^(f)		4.75	%		29.10	%


Ratios to Average Net Assets^(g)
Total expenses		0.76	%^(h)		0.77	%		0.74	%		0.75	%⁽ⁱ⁾		0.84	%^(h)(j)		0.90	%^(j)		0.93	%^(j)

Total expenses after fees waived and/or reimbursed		0.67	%^(h)		0.67	%		0.67	%		0.67	%⁽ⁱ⁾		0.67	%^(h)(j)		0.83	%^(j)		0.93	%^(j)

Net investment income (loss)		0.02	%^(h)		(0.00	)%^(k)		(0.23	)%		(0.26	)%⁽ⁱ⁾		(0.11	)%^(h)(j)		(0.29	)%^(j)		(0.34	)%^(j)


Supplemental Data
Net assets, end of period (000)	$	474,499		$	387,346		$	516,205		$	726,623		$	492,250		$	78,749		$	67,688

Portfolio turnover rate		14	%		33	%		53	%		47	%^(l)		47	%		54	%		51	%

^(a)	Based on average shares outstanding.

^(b)	Amount is less than $0.005 per share.

^(c)	Amount is greater than $(0.005) per share.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾

From June 1, 2020 through February 28, 2021, the Fund invested in the Master Focus Growth LLC (the “Master LLC”) as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master LLC. Includes the Fund’s share of the Master LLC’s allocated fees waived of less than 0.01%.

^(j)	Includes the Fund’s share of the Master LLC’s allocated fees waived as follows:

Six Months

Ended

11/30/23

(unaudited)

Year Ended

05/31/23

Year Ended

05/31/22

Year Ended

05/31/21

Period from

09/01/19

to 05/31/20

Year Ended

08/31/19

Year Ended

08/31/18

Fees waived

N/A

0.00

0.07

0.11

^(k)	Amount is greater than (0.005)%.

^(l)	Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021.

See notes to financial statements.


14		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A 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, Inc. (continued)

	Investor A
	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 09/01/19 to 05/31/20			Year Ended 08/31/19			Year Ended 08/31/18

Net asset value, beginning of period	$	5.40		$	5.06		$	6.95		$	5.09		$	4.60		$	4.59		$	3.73

Net investment loss^(a)		(0.01	)		(0.01	)		(0.03	)		(0.03	)		(0.01	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss)		0.78			0.44			(1.01	)		1.93			0.77			0.21			1.06

Net increase (decrease) from investment operations		0.77			0.43			(1.04	)		1.90			0.76			0.19			1.03

Distributions from net realized gain^(b)		(0.07	)		(0.09	)		(0.85	)		(0.04	)		(0.27	)		(0.18	)		(0.17	)


Net asset value, end of period	$	6.10		$	5.40		$	5.06		$	6.95		$	5.09		$	4.60		$	4.59


Total Return^(c)
Based on net asset value		14.40	%^(d)		8.95	%		(18.10	)%		37.37	%		17.48	%^(d)		4.69	%		28.59	%


Ratios to Average Net Assets^(e)
Total expenses		1.02	%^(f)		1.02	%		0.98	%		1.01	%^(g)		1.11	%^(f)(h)		1.18	%^(h)		1.27	%^(h)

Total expenses after fees waived and/or reimbursed		0.92	%^(f)		0.92	%		0.92	%		0.92	%^(g)		0.92	%^(f)(h)		1.11	%^(h)		1.26	%^(h)

Net investment loss		(0.25	)%^(f)		(0.25	)%		(0.48	)%		(0.51	)%^(g)		(0.36	)%^(f)(h)		(0.57	)%^(h)		(0.67	)%^(h)


Supplemental Data
Net assets, end of period (000)	$	861,374		$	793,560		$	839,188		$	1,104,764		$	760,726		$	115,307		$	90,524

Portfolio turnover rate		14	%		33	%		53	%		47	%⁽ⁱ⁾		47	%		54	%		51	%

^(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)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	Includes the Fund’s share of the Master LLC’s allocated fees waived as follows:

Six Months

Ended
11/30/23
(unaudited)

Year Ended
05/31/23

Year Ended
05/31/22

Year Ended
05/31/21

Period from
09/01/19

to 05/31/20

Year Ended
08/31/19

Year Ended
08/31/18

Fees waived

N/A

0.00

0.07

0.11

⁽ⁱ⁾	Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		15

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Large Cap Focus Growth Fund, Inc. (continued)

	Investor C
	Six Months Ended 11/30/23 (unaudited)			Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 09/01/19 to 05/31/20			Year Ended 08/31/19			Year Ended 08/31/18

Net asset value, beginning of period	$	4.03		$	3.83		$	5.45		$	4.03		$	3.71		$	3.77		$	3.11

Net investment loss^(a)		(0.02	)		(0.04	)		(0.06	)		(0.06	)		(0.03	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		0.58			0.33			(0.75	)		1.52			0.62			0.17			0.88

Net increase (decrease) from investment operations		0.56			0.29			(0.81	)		1.46			0.59			0.12			0.83

Distributions from net realized gain^(b)		(0.07	)		(0.09	)		(0.81	)		(0.04	)		(0.27	)		(0.18	)		(0.17	)


Net asset value, end of period	$	4.52		$	4.03		$	3.83		$	5.45		$	4.03		$	3.71		$	3.77


Total Return^(c)
Based on net asset value		14.07	%^(d)		8.15	%		(18.77	)%		36.28	%		17.08	%^(d)		3.83	%		27.81	%


Ratios to Average Net Assets^(e)
Total expenses		1.81	%^(f)		1.80	%		1.76	%		1.79	%^(g)		1.89	%^(f)(h)		1.93	%^(h)		1.97	%^(h)

Total expenses after fees waived and/or reimbursed		1.67	%^(f)		1.67	%		1.67	%		1.67	%^(g)		1.67	%^(f)(h)		1.86	%^(h)		1.96	%^(h)

Net investment loss		(1.00	)%^(f)		(1.00	)%		(1.24	)%		(1.27	)%^(g)		(1.12	)%^(f)(h)		(1.33	)%^(h)		(1.38	)%^(h)


Supplemental Data
Net assets, end of period (000)	$	72,852		$	68,564		$	77,295		$	121,731		$	135,414		$	26,285		$	29,828

Portfolio turnover rate		14	%		33	%		53	%		47	%⁽ⁱ⁾		47	%		54	%		51	%

^(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)	Not annualized.

^(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)	Annualized.

^(g)

^(h)	Includes the Fund’s share of the Master LLC’s allocated fees waived as follows:

Six Months

Ended
11/30/23
(unaudited)

Year Ended
05/31/23

Year Ended
05/31/22

Year Ended
05/31/21

Period from
09/01/19

to 05/31/20

Year Ended
08/31/19

Year Ended
08/31/18

Fees waived

N/A

0.00

0.07

0.11

⁽ⁱ⁾	Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021.

See notes to financial statements.


16		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A 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, Inc. (continued)

	Class K
		Six Months Ended 11/30/23 (unaudited	)		Year Ended 05/31/23			Year Ended 05/31/22			Year Ended 05/31/21			Period from 11/25/19 to 05/31/20	^(a)

Net asset value, beginning of period	$	6.04		$	5.63		$	7.65		$	5.58		$	5.17

Net investment income (loss)^(b)		0.00	^(c)		0.00	^(c)		(0.01	)		(0.01	)		(0.00	)^(d)
Net realized and unrealized gain (loss)		0.87			0.50			(1.14	)		2.12			0.68

Net increase (decrease) from investment operations		0.87			0.50			(1.15	)		2.11			0.68

Distributions from net realized gain^(e)		(0.07	)		(0.09	)		(0.87	)		(0.04	)		(0.27	)


Net asset value, end of period	$	6.84		$	6.04		$	5.63		$	7.65		$	5.58


Total Return^(f)
Based on net asset value		14.53	%^(g)		9.29	%		(17.94	)%		37.86	%		14.02	%^(g)


Ratios to Average Net Assets^(h)
Total expenses		0.67	%⁽ⁱ⁾		0.67	%		0.66	%		0.68	%^(j)		0.74	%^(i)(k)

Total expenses after fees waived and/or reimbursed		0.62	%⁽ⁱ⁾		0.62	%		0.62	%		0.62	%^(j)		0.62	%^(i)(k)

Net investment income (loss)		0.06	%⁽ⁱ⁾		0.05	%		(0.17	)%		(0.21	)%^(j)		(0.05	)%^(i)(k)


Supplemental Data
Net assets, end of period (000)	$	70,334		$	59,244		$	59,620		$	74,374		$	51,187

Portfolio turnover rate		14	%		33	%		53	%		47	%^(l)		47	%^(m)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	Amount is less than $0.005 per share.

^(d)	Amount is greater than $(0.005) per share.

^(e)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)

^(k)	Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master LLC’s allocated fees waived of less than 0.01%.

^(l)	Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021.

^(m)	Portfolio turnover is representative of the Fund for the entire year.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		17

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

BlackRock Large Cap Focus Growth Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is organized as a Maryland corporation. The Fund is classified as diversified.

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 and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. 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).


Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional and Class K Shares	No		No		None
Investor A Shares	Yes		No	^(a)	None
Investor C Shares	No		Yes	^(b)	To Investor A Shares after approximately 8 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.

^(b)

A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”), or its affiliates, is included in a complex of 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, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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


18		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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. 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. 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 Fund 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 Fund may incur charges on overdrafts, subject to certain conditions.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Fund (the “Board”) has approved the designation of the Fund’s Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. 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.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

The Fund 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that 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 Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and 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 Valuation Committee seeks to determine the price that the Fund 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.


*Standard Inputs Generally Considered By The Valuation Committee And 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; and (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; and (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; and (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. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate


N O T E S T O F I N A N C I A L S T A T E M E N T S		19

Notes to Financial Statements (unaudited) (continued)

under the circumstances. The use of these valuation 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 applicable to other investments held by the Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

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

•

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

•

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

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

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.

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund 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 Fund 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 Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund 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.

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. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Fund 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. In the event that a borrower defaults, the Fund, 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 Fund 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. The defaulting party remains liable for any deficiency.

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 Fund 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 Fund could incur a loss if the value of an investment purchased with cash


20		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 Fund.

5.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: The Fund entered into an Investment Advisory Agreement with the Manager, the Fund’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 Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

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


Average Daily Net Assets	Investment Advisory Fees
Not exceeding $5 billion		0.50	%
In excess of $5 billion		0.45

Service and Distribution Fees: The Fund entered into a Distribution Agreement and Distribution Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. 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:


Share Class	Service Fees			Distribution Fees
Investor A		0.25	%		N/A
Investor C		0.25			0.75	%

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 six months ended November 30, 2023, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:


	Investor A		Investor C		Total
Service and distribution — class specific		$ 1,031,730		$ 351,914		$ 1,383,644

Administration: The Fund entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rate of 0.12%.

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 six months ended November 30, 2023, the Fund did not pay any amounts to affiliates in return for these services.

The Manager 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 six months ended November 30, 2023, the Fund reimbursed the Manager 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		Investor A		Investor C		Class K		Total
Reimbursed amounts		$ 1,996		$ 28,335		$ 5,453		$ 149		$ 35,933

For the six months ended November 30, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:


	Institutional		Investor A		Investor C		Class K		Total
Transfer agent — class specific		$ 220,507		$ 457,543		$ 55,251		$ 3,848		$ 737,149

Other Fees: For the six months ended November 30, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $18,312.

For the six months ended November 30, 2023, affiliates received CDSCs as follows:


Share Class	Amounts
Investor A	$	4,819
Investor C		1,411

Expense Limitations, Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made


N O T E S T O F I N A N C I A L S T A T E M E N T S		21

Notes to Financial Statements (unaudited) (continued)

pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2023, the amount waived was $1,632.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2023, there were no fees waived by the Manager pursuant to this arrangement.

The Manager 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 limitation”). The expense limitations as a percentage of average daily net assets are as follows:


Institutional	Investor A			Investor C			Class K
0.67%		0.92	%		1.67	%		0.62	%

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2025, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2023, the Manager waived and/or reimbursed $232,683, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Manager — class specific, in the Statement of Operations. For the six months ended November 30, 2023, class specific expense waivers and/or reimbursements were as follows:


	Institutional		Investor A		Investor C		Class K		Total
Transfer agent fees waived and/or reimbursed by the Manager — class specific	$	118,915	$	255,076	$	38,607	$	3,848	$	416,446

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 Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund 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, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Fund. The Money Market Series may impose a discretionary liquidity fee of up to 2% of the value withdrawn, if such fee is determined to be in the best interests of the Money Market Series.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.

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 Fund 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 Fund retains 81% 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 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% 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.

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended November 30, 2023, the Fund paid BIM $338 for securities lending agent services.

Interfund Lending: In accordance with an exemptive order (the “Order”) from the 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 six months ended November 30, 2023, the Fund did not participate in the Interfund Lending Program.

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


22		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

6.	*PURCHASES AND SALES*

For the six months ended November 30, 2023, purchases and sales of investments, excluding short-term securities, were $190,484,332 and $218,627,466, respectively.

7.	*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 a period of three years after they are filed. 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 November 30, 2023, 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.

As of May 31, 2023, the Fund had qualified late-year ordinary losses of $1,237,982.

As of November 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BlackRock Large Cap Focus Growth Fund, Inc.	$	797,676,015	$	695,721,279	$	(13,154,683	)	$	682,566,596

8.	*BANK BORROWINGS*

The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, 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) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (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 or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 unless extended or renewed. 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 six months ended November 30, 2023, the Fund did not borrow under the credit agreement.

9.	*PRINCIPAL RISKS*

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

The Fund 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 discretionary liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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 Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund 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 Fund 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 Fund’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 Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.


N O T E S T O F I N A N C I A L S T A T E M E N T S		23

Notes to Financial Statements (unaudited) (continued)

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’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 Fund’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 Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund’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 Fund 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, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’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 Fund.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:



	Six Months Ended 11/30/23						Year Ended 05/31/23

Share Class	Shares			Amount			Shares			Amount

Institutional

Shares sold		14,388,882		$	91,854,941			14,317,203		$	75,956,494

Shares issued in reinvestment of distributions		648,546			4,183,123			1,374,767			6,947,150

Shares redeemed		(9,798,281	)		(62,241,480	)		(43,275,703	)		(228,194,498	)



		5,239,147		$	33,796,584			(27,583,733	)	$	(145,290,854	)



Investor A

Shares sold and automatic conversion of shares		6,036,297		$	34,490,875			11,435,794		$	53,950,098

Shares issued in reinvestment of distributions		1,746,071			10,074,830			3,222,113			14,611,848

Shares redeemed		(13,542,434	)		(77,357,656	)		(33,605,562	)		(156,839,377	)



		(5,760,066	)	$	(32,791,951	)		(18,947,655	)	$	(88,277,431	)



Investor C

Shares sold		1,222,911		$	5,208,669			2,267,090		$	7,987,938

Shares issued in reinvestment of distributions		281,117			1,203,179			528,684			1,801,406

Shares redeemed and automatic conversion of shares		(2,386,102	)		(10,067,676	)		(5,967,539	)		(20,953,795	)



		(882,074	)	$	(3,655,828	)		(3,171,765	)	$	(11,164,451	)


24		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 11/30/23						Year Ended 05/31/23

Share Class	Shares			Amount			Shares			Amount

Class K

Shares sold		2,045,630		$	13,054,502			3,620,084		$	19,646,871

Shares issued in reinvestment of distributions		111,853			722,569			188,689			954,081

Shares redeemed		(1,688,027	)		(10,768,064	)		(4,591,771	)		(24,136,274	)



		469,456		$	3,009,007			(782,998	)	$	(3,535,322	)



		(933,537	)	$	357,812			(50,486,151	)	$	(248,268,058	)

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


N O T E S T O F I N A N C I A L S T A T E M E N T S		25

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock Large Cap Focus Growth Fund, Inc. (the “Fund”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Fund met on November 16-17, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for the Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also considered in such calculation.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish the Fund’s reasonably anticipated trading size utilized for liquidity classifications. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to the Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


26		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Fund.

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices 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 files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at 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 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 visit blackrock.com for more information.

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.

BlackRock Privacy Principles

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


A D D I T I O N A L I N F O R M A T I O N		27

Additional Information (continued)

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

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

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

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

Fund and Service Providers

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

The Bank of New York Mellon

New York, NY 10286

Distributor

BlackRock Investments, LLC

New York, NY 10001

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809


28		2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviation



NVS		Non-Voting Shares

S&P		Standard & Poor’s


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		29

THIS PAGE INTENTIONALLY LEFT BLANK.

Want to know more?

blackrock.com | 800-441-7762

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.

FG-11/23-SAR

(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

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

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

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

BlackRock Large Cap Focus Growth Fund, Inc.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Large Cap Focus Growth Fund, Inc.

Date: January 19, 2024

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


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Large Cap Focus Growth Fund, Inc.

Date: January 19, 2024


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Large Cap Focus Growth Fund, Inc.

Date: January 19, 2024