ThZeal - The Zeal

N-CSRS 1 d703885dncsrs.htm BLACKROCK LARGE CAP FOCUS VALUE FUND, INC. BLACKROCK LARGE CAP FOCUS VALUE 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: 811-02739

Name of Fund:

BlackRock Large Cap Focus Value 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
Value Fund, Inc., 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 06/30/2024

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		DECEMBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Large Cap Focus Value 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 December 31, 2023. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the year before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust 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 robust 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. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies and small-capitalization U.S. stocks also advanced. Meanwhile, international developed market equities and emerging market stocks posted solid gains.

The 10-year U.S. Treasury yield ended 2023 where it began despite an eventful year that saw significant moves in bond markets. Overall, U.S. Treasuries gained as investors began to anticipate looser financial conditions. 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 four times during the 12-month period, but paused its tightening in the second half of 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 stopped tightening for now, 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. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

We believe developed market equities have priced in an optimistic scenario for rate cuts, which we view as premature, so we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks 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 tighter 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 December 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	8.04%	26.29%

U.S. small cap equities (Russell 2000^® Index)	8.18	16.93

International equities (MSCI Europe, Australasia, Far East Index)	5.88	18.24

Emerging market equities (MSCI Emerging Markets Index)	4.71	9.83

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.70	5.02

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.11	2.83

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.37	5.53

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	3.63	6.40

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.65	13.44

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		19

Statement Regarding Liquidity Risk Management Program		26

Additional Information		27

Glossary of Terms Used in this Report		29

LOGO


		3


Fund Summary as of December 31, 2023		BlackRock Large Cap Focus Value Fund, Inc.

Investment Objective

BlackRock Large Cap Focus Value Fund, Inc.’s (the “Fund”) investment objective is to seek capital appreciation and, secondarily, income by investing in securities, primarily equity securities, that management of the Fund believes are undervalued and therefore represent basic investment value.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended December 31, 2023, all of the Fund’s share classes outperformed its benchmark, the Russell 1000^® Value Index with the exception of its Investor C shares, which performed in line.

What factors influenced performance?

The largest contributor to the Fund’s performance relative to the benchmark for the period was stock selection within the information technology sector, most notably holdings within technology hardware, storage and peripherals. Stock selection in financials also aided relative performance driven by insurance holdings. Other notable contributors included selection within industrials and communication services.

The largest detractor for the period was security selection within healthcare, most notably holdings within healthcare equipment and supplies. Investment decisions in consumer discretionary also hindered relative return, driven by holdings in household durables. Other notable detractors included stock selection in materials and an underweight allocation to real estate.

Describe recent portfolio activity.

During the reporting period, a combination of portfolio trading activity and market price changes resulted in the Fund having increased exposure to the materials and utilities sectors. Conversely, the Fund saw decreased allocations to the healthcare and communication services sectors.

Describe portfolio positioning at period end.

The Fund’s largest absolute exposures were to the financials, healthcare and industrials sectors. Relative to the Russell 1000^® Value Index, the largest overweights were to the consumer discretionary, healthcare and industrials sectors. The largest sector underweights were to real estate, information technology and financials.

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		6.59	%		16.22	%		N/A			11.77	%		N/A			7.94	%		N/A
Investor A		6.53			15.92			9.84	%		11.45			10.26	%		7.64			7.06	%
Investor C		6.02			14.94			13.94			10.54			10.54			6.94			6.94
Class K		6.70			16.34			N/A			11.86			N/A			8.03			N/A
Class R		6.30			15.50			N/A			11.06			N/A			7.27			N/A
Russell 1000^® Value Index^(c)		6.03			11.46			N/A			10.91			N/A			8.40			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)

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. The Fund’s returns prior to September 1, 2021 are the returns of the Fund when it followed a different investment strategy under the name “BlackRock Basic Value Fund, Inc.”

^(c)	An index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price-to-book ratios and lower expected 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 December 31, 2023(continued)		BlackRock Large Cap Focus Value Fund, Inc.

Expense Example


			Actual					Hypothetical 5% Return


		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,065.90	$	2.89		$	1,000.00	$	1,022.34	$	2.85		0.56	%
Investor A		1,000.00		1,065.30		4.12			1,000.00		1,021.15		4.01		0.79
Investor C		1,000.00		1,060.20		8.38			1,000.00		1,017.01		8.21		1.62
Class K		1,000.00		1,067.00		2.40			1,000.00		1,022.81		2.34		0.46
Class R		1,000.00		1,063.00		6.05			1,000.00		1,019.28		5.94		1.17

^(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 184/366 (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
Wells Fargo & Co.		3.5	%
Citigroup, Inc.		3.4
Kraft Heinz Co. (The)		3.0
L3Harris Technologies, Inc.		2.9
Leidos Holdings, Inc.		2.6
Cognizant Technology Solutions Corp., Class A		2.6
SS&C Technologies Holdings, Inc.		2.6
Shell PLC		2.6
Cardinal Health, Inc.		2.5
BP PLC, ADR		2.5

SECTOR ALLOCATION


Sector^(b)	Percent of Net Assets
Financials		20.6	%
Health Care		16.9
Industrials		15.1
Consumer Staples		8.9
Consumer Discretionary		8.5
Information Technology		8.3
Energy		8.1
Communication Services		5.5
Utilities		4.0
Materials		3.6
Short-Term Securities		2.1
Liabilities in Excess of Other Assets		(1.6	)

^(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 February 4, 2015 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.

Class R Shares are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

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, 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)

December 31, 2023

BlackRock Large Cap Focus Value Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 5.2%
L3Harris Technologies, Inc.		257,210	$	54,173,570
RTX Corp.		511,405		43,029,617

				97,203,187

Automobiles — 1.8%
General Motors Co.		953,315		34,243,075


Banks — 9.0%
Citigroup, Inc.		1,231,671		63,357,156
First Citizens BancShares, Inc., Class A		27,004		38,317,866
Wells Fargo & Co.		1,329,800		65,452,756

				167,127,778

Broadline Retail — 1.9%
Alibaba Group Holding Ltd., ADR		456,270		35,365,488


Capital Markets — 3.4%
Carlyle Group, Inc. (The)		1,007,120		40,979,713
UBS Group AG, Registered Shares		694,760		21,580,347

				62,560,060

Chemicals — 1.5%
International Flavors & Fragrances, Inc.		353,504		28,623,219


Consumer Staples Distribution & Retail — 1.9%
Dollar Tree, Inc.^(a)		246,453		35,008,649


Containers & Packaging — 2.1%
Sealed Air Corp.		1,070,595		39,098,129


Diversified Telecommunication Services — 2.2%
Verizon Communications, Inc.		1,104,104		41,624,721


Electric Utilities — 2.1%
American Electric Power Co., Inc.		476,090		38,668,030


Electrical Equipment — 1.4%
Sensata Technologies Holding PLC		677,124		25,439,549


Electronic Equipment, Instruments & Components — 1.7%
Zebra Technologies Corp., Class A^(a)		116,240		31,771,879


Financial Services — 2.1%
Fidelity National Information Services, Inc.		644,310		38,703,702


Food Products — 3.0%
Kraft Heinz Co. (The)		1,511,500		55,895,270


Health Care Equipment & Supplies — 4.1%
Baxter International, Inc.		972,770		37,607,288
Medtronic PLC		457,440		37,683,907

				75,291,195

Health Care Providers & Services — 8.0%
Cardinal Health, Inc.		469,867		47,362,593
Cigna Group (The)		155,624		46,601,607
Elevance Health, Inc.		37,060		17,476,014
Laboratory Corp. of America Holdings		168,143		38,217,222

				149,657,436

Household Durables — 2.0%
Sony Group Corp., ADR^(b)		401,150		37,984,893


Insurance — 6.1%
American International Group, Inc.		571,016		38,686,334
Fidelity National Financial, Inc., Class A		842,280		42,973,126
Willis Towers Watson PLC		134,060		32,335,272

				113,994,732

Interactive Media & Services — 1.2%
Meta Platforms, Inc., Class A^(a)		61,957		21,930,300


Security	Shares		Value

IT Services — 2.6%
Cognizant Technology Solutions Corp., Class A		645,750	$	48,773,497


Life Sciences Tools & Services — 0.7%
Fortrea Holdings, Inc.^(a)		374,755		13,078,949


Machinery — 1.1%
CNH Industrial NV		1,636,253		19,929,562


Media — 2.1%
Comcast Corp., Class A		879,597		38,570,328


Multi-Utilities — 1.9%
Sempra		482,520		36,058,720


Oil, Gas & Consumable Fuels — 8.1%
BP PLC, ADR^(b)		1,333,763		47,215,210
Enterprise Products Partners LP		1,349,490		35,559,061
Shell PLC		1,459,161		47,764,306
Suncor Energy, Inc.		624,990		20,024,680

				150,563,257

Personal Care Products — 1.9%
Unilever PLC, ADR		730,667		35,422,736


Pharmaceuticals — 3.0%
Bayer AG, Registered Shares		516,300		19,156,755
Sanofi SA, ADR		745,035		37,050,591

				56,207,346

Professional Services — 7.5%
Dun & Bradstreet Holdings, Inc.		3,503,270		40,988,259
Leidos Holdings, Inc.		454,230		49,165,855
SS&C Technologies Holdings, Inc.		796,921		48,699,843

				138,853,957

Technology Hardware, Storage & Peripherals — 4.0%
Samsung Electronics Co. Ltd.		631,598		38,336,003
Western Digital Corp.^(a)		669,810		35,077,950

				73,413,953

Textiles, Apparel & Luxury Goods — 2.7%
Gildan Activewear, Inc.^(b)		694,920		22,974,055
Ralph Lauren Corp., Class A		185,219		26,708,580

				49,682,635

Tobacco — 2.1%
British American Tobacco PLC, ADR		1,343,850		39,361,366

Total Common Stocks — 98.4% (Cost: $1,558,093,629)				1,830,107,598


Investment Companies

Equity Funds — 1.1%
SPDR S&P Biotech ETF^(b)		231,550		20,675,100


Total Investment Companies — 1.1% (Cost: $17,654,353)				20,675,100


Total Long-Term Investments — 99.5% (Cost: $1,575,747,982)				1,850,782,698


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)

December 31, 2023

BlackRock Large Cap Focus Value Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 2.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%^(c)(d)		7,479,332	$	7,479,332
SL Liquidity Series, LLC, Money Market Series, 5.58%^(c)(d)(e)		32,332,089		32,341,789


Total Short-Term Securities — 2.1% (Cost: $39,813,868)				39,821,121


Total Investments — 101.6% (Cost: $1,615,561,850)				1,890,603,819

Liabilities in Excess of Other Assets — (1.6)%				(30,598,890	)


Net Assets — 100.0%			$	1,860,004,929

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

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

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 06/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	14,417,229	$	—		$	(6,937,897	)^(a)	$	—	$	—	$	7,479,332		7,479,332	$	246,670		$	—
SL Liquidity Series, LLC, Money Market Series		29,166,311		3,161,585	^(a)		—			6,481		7,412		32,341,789		32,332,089		167,769	^(b)		—

									$	6,481	$	7,412	$	39,821,121			$	414,439		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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	$	97,203,187	$	—	$	—	$	97,203,187
Automobiles		34,243,075		—		—		34,243,075
Banks		167,127,778		—		—		167,127,778


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)

December 31, 2023

BlackRock Large Cap Focus Value Fund, Inc.

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total

Common Stocks (continued)
Broadline Retail	$	35,365,488	$	—	$	—	$	35,365,488
Capital Markets		40,979,713		21,580,347		—		62,560,060
Chemicals		28,623,219		—		—		28,623,219
Consumer Staples Distribution & Retail		35,008,649		—		—		35,008,649
Containers & Packaging		39,098,129		—		—		39,098,129
Diversified Telecommunication Services		41,624,721		—		—		41,624,721
Electric Utilities		38,668,030		—		—		38,668,030
Electrical Equipment		25,439,549		—		—		25,439,549
Electronic Equipment, Instruments & Components		31,771,879		—		—		31,771,879
Financial Services		38,703,702		—		—		38,703,702
Food Products		55,895,270		—		—		55,895,270
Health Care Equipment & Supplies		75,291,195		—		—		75,291,195
Health Care Providers & Services		149,657,436		—		—		149,657,436
Household Durables		37,984,893		—		—		37,984,893
Insurance		113,994,732		—		—		113,994,732
Interactive Media & Services		21,930,300		—		—		21,930,300
IT Services		48,773,497		—		—		48,773,497
Life Sciences Tools & Services		13,078,949		—		—		13,078,949
Machinery		19,929,562		—		—		19,929,562
Media		38,570,328		—		—		38,570,328
Multi-Utilities		36,058,720		—		—		36,058,720
Oil, Gas & Consumable Fuels		102,798,951		47,764,306		—		150,563,257
Personal Care Products		35,422,736		—		—		35,422,736
Pharmaceuticals		37,050,591		19,156,755		—		56,207,346
Professional Services		138,853,957		—		—		138,853,957
Technology Hardware, Storage & Peripherals		35,077,950		38,336,003		—		73,413,953
Textiles, Apparel & Luxury Goods		49,682,635		—		—		49,682,635
Tobacco		39,361,366		—		—		39,361,366
Investment Companies		20,675,100		—		—		20,675,100
Short-Term Securities
Money Market Funds		7,479,332		—		—		7,479,332

	$	1,731,424,619	$	126,837,411	$	—		1,858,262,030

Investments valued at NAV^(a)								32,341,789

							$	1,890,603,819

^(a)	Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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)

December 31, 2023


	BlackRock Large Cap Focus Value Fund, Inc.

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,850,782,698
Investments, at value — affiliated^(c)		39,821,121
Receivables:
Securities lending income — affiliated		16,607
Capital shares sold		1,442,978
Dividends — unaffiliated		3,627,515
Dividends — affiliated		44,349
Prepaid expenses		99,282

Total assets		1,895,834,550


LIABILITIES
Collateral on securities loaned		32,351,350
Payables:
Capital shares redeemed		2,062,315
Investment advisory fees		641,764
Directors’ and Officer’s fees		6,887
Other accrued expenses		416,980
Other affiliate fees		92,575
Professional fees		70,603
Service and distribution fees		187,147

Total liabilities		35,829,621


Commitments and contingent liabilities

NET ASSETS	$	1,860,004,929


NET ASSETS CONSIST OF:
Paid-in capital	$	1,617,957,933
Accumulated earnings		242,046,996

NET ASSETS	$	1,860,004,929


^(a)Investments, at cost — unaffiliated	$	1,575,747,982
^(b)Securities loaned, at value	$	31,282,649
^(c)Investments, at cost — affiliated	$	39,813,868


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)

December 31, 2023


	BlackRock Large Cap Focus Value Fund, Inc.
NET ASSET VALUE
Institutional
Net assets	$	997,963,170

Shares outstanding		53,977,395

Net asset value	$	18.49

Shares authorized		400 million

Par value	$	0.10

Investor A
Net assets	$	838,343,733

Shares outstanding		46,558,151

Net asset value	$	18.01

Shares authorized		200 million

Par value	$	0.10

Investor C
Net assets	$	12,635,394

Shares outstanding		927,540

Net asset value	$	13.62

Shares authorized		200 million

Par value	$	0.10

Class K
Net assets	$	7,149,851

Shares outstanding		386,507

Net asset value	$	18.50

Shares authorized		200 million

Par value	$	0.10

Class R
Net assets	$	3,912,781

Shares outstanding		249,712

Net asset value	$	15.67

Shares authorized		400 million

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 December 31, 2023


	BlackRock Large Cap Focus Value Fund, Inc.

INVESTMENT INCOME
Dividends — unaffiliated	$	25,741,771
Dividends — affiliated		246,670
Securities lending income — affiliated — net		167,769
Foreign taxes withheld		(129,601	)

Total investment income		26,026,609


EXPENSES
Investment advisory		3,876,525
Service and distribution — class specific		1,096,418
Transfer agent — class specific		950,110
Accounting services		69,471
Custodian		67,471
Registration		60,081
Professional		48,550
Printing and postage		30,032
Directors and Officer		10,243
Miscellaneous		17,612

Total expenses excluding interest expense		6,226,513
Interest expense		48

Total expenses		6,226,561
Less:
Fees waived and/or reimbursed by the Manager		(3,568	)

Total expenses after fees waived and/or reimbursed		6,222,993

Net investment income		19,803,616


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from:
Investments — unaffiliated		4,395,205
Investments — affiliated		6,481
Foreign currency transactions		32,802

		4,434,488

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		82,924,138
Investments — affiliated		7,412
Foreign currency translations		(4,176	)

		82,927,374

Net realized and unrealized gain		87,361,862


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	107,165,478

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 Value Fund, Inc.

		Six Months Ended 12/31/23 (unaudited	)		Year Ended 06/30/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	19,803,616		$	34,661,280
Net realized gain		4,434,488			100,056,863
Net change in unrealized appreciation (depreciation)		82,927,374			131,203,970

Net increase in net assets resulting from operations		107,165,478			265,922,113


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(46,367,434	)		(110,635,058	)
Investor A		(39,268,053	)		(89,013,084	)
Investor C		(737,181	)		(1,946,075	)
Class K		(341,548	)		(658,615	)
Class R		(205,057	)		(508,193	)

Decrease in net assets resulting from distributions to shareholders		(86,919,273	)		(202,761,025	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(141,764,076	)		79,996,566


NET ASSETS
Total increase (decrease) in net assets		(121,517,871	)		143,157,654
Beginning of period		1,981,522,800			1,838,365,146

End of period	$	1,860,004,929		$	1,981,522,800

^(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 Value Fund, Inc.
	Institutional

	Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period	$	18.23		$	17.59		$	22.31		$	17.58		$	21.86		$	26.33

Net investment income^(a)		0.20			0.34			0.29			0.33			0.47			0.53
Net realized and unrealized gain (loss)		0.96			2.21			(1.31	)		6.75			(2.07	)		0.57

Net increase (decrease) from investment operations		1.16			2.55			(1.02	)		7.08			(1.60	)		1.10


Distributions^(b)
From net investment income		(0.41	)		(0.29	)		(0.30	)		(0.40	)		(0.58	)		(0.53	)
From net realized gain		(0.49	)		(1.62	)		(3.40	)		(1.95	)		(2.10	)		(5.04	)

Total distributions		(0.90	)		(1.91	)		(3.70	)		(2.35	)		(2.68	)		(5.57	)

Net asset value, end of period	$	18.49		$	18.23		$	17.59		$	22.31		$	17.58		$	21.86


Total Return^(c)
Based on net asset value		6.59	%^(d)		15.01	%		(5.86	)%		45.04	%		(8.97	)%		5.33	%


Ratios to Average Net Assets^(e)
Total expenses		0.56	%^(f)		0.56	%		0.54	%		0.55	%		0.53	%		0.53	%

Total expenses after fees waived and/or reimbursed		0.56	%^(f)		0.56	%		0.54	%		0.54	%		0.53	%		0.53	%

Net investment income		2.23	%^(f)		1.95	%		1.45	%		1.70	%		2.37	%		2.27	%


Supplemental Data
Net assets, end of period (000)	$	997,963		$	1,114,238		$	994,320		$	1,037,838		$	642,221		$	897,982

Portfolio turnover rate		28	%		80	%		70	%		80	%		73	%		34	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

^(f)	Annualized.

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 Value Fund, Inc. (continued)
	Investor A

	Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period	$	17.77		$	17.20		$	21.89		$	17.28		$	21.53		$	26.01

Net investment income^(a)		0.18			0.28			0.23			0.27			0.40			0.46
Net realized and unrealized gain (loss)		0.94			2.15			(1.28	)		6.64			(2.04	)		0.56

Net increase (decrease) from investment operations		1.12			2.43			(1.05	)		6.91			(1.64	)		1.02


Distributions^(b)
From net investment income		(0.39	)		(0.24	)		(0.24	)		(0.35	)		(0.51	)		(0.46	)
From net realized gain		(0.49	)		(1.62	)		(3.40	)		(1.95	)		(2.10	)		(5.04	)

Total distributions		(0.88	)		(1.86	)		(3.64	)		(2.30	)		(2.61	)		(5.50	)

Net asset value, end of period	$	18.01		$	17.77		$	17.20		$	21.89		$	17.28		$	21.53


Total Return^(c)
Based on net asset value		6.53	%^(d)		14.61	%		(6.12	)%		44.68	%		(9.26	)%		5.02	%


Ratios to Average Net Assets^(e)
Total expenses		0.79	%^(f)		0.83	%		0.81	%		0.83	%		0.83	%		0.82	%

Total expenses after fees waived and/or reimbursed		0.79	%^(f)		0.83	%		0.81	%		0.83	%		0.83	%		0.81	%

Net investment income		2.01	%^(f)		1.67	%		1.16	%		1.42	%		2.06	%		1.98	%


Supplemental Data
Net assets, end of period (000)	$	838,344		$	841,572		$	819,103		$	1,063,209		$	844,138		$	1,145,675

Portfolio turnover rate		28	%		80	%		70	%		80	%		73	%		34	%

^(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.

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 Value Fund, Inc. (continued)
	Investor C

	Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period	$	13.66		$	13.62		$	18.07		$	14.53		$	18.49		$	22.97

Net investment income^(a)		0.08			0.12			0.06			0.08			0.20			0.24
Net realized and unrealized gain (loss)		0.70			1.68			(0.99	)		5.51			(1.71	)		0.48

Net increase (decrease) from investment operations		0.78			1.80			(0.93	)		5.59			(1.51	)		0.72


Distributions^(b)
From net investment income		(0.33	)		(0.14	)		(0.12	)		(0.10	)		(0.35	)		(0.16	)
From net realized gain		(0.49	)		(1.62	)		(3.40	)		(1.95	)		(2.10	)		(5.04	)

Total distributions		(0.82	)		(1.76	)		(3.52	)		(2.05	)		(2.45	)		(5.20	)

Net asset value, end of period	$	13.62		$	13.66		$	13.62		$	18.07		$	14.53		$	18.49


Total Return^(c)
Based on net asset value		6.02	%^(d)		13.74	%		(6.85	)%		43.39	%		(10.01	)%		4.21	%


Ratios to Average Net Assets^(e)
Total expenses		1.62	%^(f)		1.61	%		1.60	%		1.72	%		1.65	%		1.61	%

Total expenses after fees waived and/or reimbursed		1.62	%^(f)		1.61	%		1.60	%		1.71	%		1.65	%		1.61	%

Net investment income		1.17	%^(f)		0.88	%		0.38	%		0.53	%		1.23	%		1.15	%


Supplemental Data
Net assets, end of period (000)	$	12,635		$	14,795		$	14,791		$	18,149		$	41,370		$	68,752

Portfolio turnover rate		28	%		80	%		70	%		80	%		73	%		34	%

^(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.

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 Value Fund, Inc. (continued)
	Class K

	Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period	$	18.23		$	17.60		$	22.32		$	17.58		$	21.87		$	26.35

Net investment income^(a)		0.21			0.35			0.30			0.35			0.48			0.55
Net realized and unrealized gain (loss)		0.97			2.20			(1.30	)		6.76			(2.07	)		0.57

Net increase (decrease) from investment operations		1.18			2.55			(1.00	)		7.11			(1.59	)		1.12


Distributions^(b)
From net investment income		(0.42	)		(0.30	)		(0.32	)		(0.42	)		(0.60	)		(0.56	)
From net realized gain		(0.49	)		(1.62	)		(3.40	)		(1.95	)		(2.10	)		(5.04	)

Total distributions		(0.91	)		(1.92	)		(3.72	)		(2.37	)		(2.70	)		(5.60	)

Net asset value, end of period	$	18.50		$	18.23		$	17.60		$	22.32		$	17.58		$	21.87


Total Return^(c)
Based on net asset value		6.70	%^(d)		15.02	%		(5.77	)%		45.22	%		(8.94	)%		5.42	%


Ratios to Average Net Assets^(e)
Total expenses		0.46	%^(f)		0.48	%		0.45	%		0.45	%		0.45	%		0.45	%

Total expenses after fees waived and/or reimbursed		0.46	%^(f)		0.48	%		0.45	%		0.45	%		0.45	%		0.45	%

Net investment income		2.34	%^(f)		2.03	%		1.48	%		1.80	%		2.44	%		2.33	%


Supplemental Data
Net assets, end of period (000)	$	7,150		$	6,777		$	5,959		$	6,385		$	4,427		$	5,128

Portfolio turnover rate		28	%		80	%		70	%		80	%		73	%		34	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

^(f)	Annualized.

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

Financial Highlights(continued)

(For a share outstanding throughout each period)


	BlackRock Large Cap Focus Value Fund, Inc. (continued)
	Class R

	Six Months Ended 12/31/23 (unaudited)			Year Ended 06/30/23			Year Ended 06/30/22			Year Ended 06/30/21			Year Ended 06/30/20			Year Ended 06/30/19

Net asset value, beginning of period	$	15.58		$	15.29		$	19.86		$	15.87		$	19.96		$	24.48

Net investment income^(a)		0.13			0.19			0.14			0.19			0.31			0.35
Net realized and unrealized gain (loss)		0.81			1.91			(1.13	)		6.04			(1.88	)		0.52

Net increase (decrease) from investment operations		0.94			2.10			(0.99	)		6.23			(1.57	)		0.87


Distributions^(b)
From net investment income		(0.36	)		(0.19	)		(0.18	)		(0.29	)		(0.42	)		(0.35	)
From net realized gain		(0.49	)		(1.62	)		(3.40	)		(1.95	)		(2.10	)		(5.04	)

Total distributions		(0.85	)		(1.81	)		(3.58	)		(2.24	)		(2.52	)		(5.39	)

Net asset value, end of period	$	15.67		$	15.58		$	15.29		$	19.86		$	15.87		$	19.96


Total Return^(c)
Based on net asset value		6.30	%^(d)		14.23	%		(6.48	)%		44.25	%		(9.60	)%		4.67	%


Ratios to Average Net Assets^(e)
Total expenses		1.17	%^(f)		1.19	%		1.17	%		1.16	%		1.17	%		1.15	%

Total expenses after fees waived and/or reimbursed		1.17	%^(f)		1.19	%		1.17	%		1.16	%		1.17	%		1.15	%

Net investment income		1.64	%^(f)		1.30	%		0.81	%		1.12	%		1.72	%		1.65	%


Supplemental Data
Net assets, end of period (000)	$	3,913		$	4,140		$	4,191		$	6,032		$	6,736		$	10,725

Portfolio turnover rate		28	%		80	%		70	%		80	%		73	%		34	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

^(f)	Annualized.

See notes to financial statements.


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)

1.	*ORGANIZATION*

BlackRock Large Cap Focus Value 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, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. 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, Class K and Class R Shares

None

Investor A Shares

Yes

^(a)

None

Investor C Shares

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 December 31, 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.

Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.


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)

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.

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.

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 privately held companies or


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)

funds 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.

As of December 31, 2023, certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

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.

As of period end, the following table is a summary of the Fund’s securities on loan by counterparty which are subject to offset under an MSLA:


Counterparty	Securities Loaned at Value		Cash Collateral Received^(a)	Non-Cash Collateral Received, at Fair Value^(a)		Net Amount
BofA Securities, Inc	$	19,277,711	$ (19,277,711)	$	—	$	—
Credit Suisse Securities (USA) LLC		148,680	(148,680)		—		—
J.P. Morgan Securities LLC		9,601,566	(9,601,566)		—		—
Morgan Stanley		2,254,692	(2,254,692)		—		—

	$	31,282,649	$ (31,282,649)	$	—	$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.

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 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.


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)

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
First $100 million		0.60%
$100 million - $200 million		0.50
Greater than $200 million		0.40

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 Plans 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	%
Class R		0.25			0.25

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

For the six months ended December 31, 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		Class R		Total
Service and distribution — class specific	$	1,020,872	$	65,780	$	9,766	$	1,096,418

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 December 31, 2023, the Fund paid $73,644 for the Fund’s Institutional Shares to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statement of Operations.

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 December 31, 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		Class R		Total
Reimbursed amounts	$	10,241	$	13,366	$	803	$	33	$	35	$	24,478

For the six months ended December 31, 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		Class R		Total
Transfer agent — class specific	$	551,460	$	382,775	$	11,181	$	480	$	4,214	$	950,110

Other Fees: For the six months ended December 31, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $2,561.

For the six months ended December 31, 2023, affiliates received CDSCs as follows:


Share Class	Amounts
Investor A	$	1,437
Investor C		133

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 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 December 31, 2023, the amount waived was $3,568.

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 December 31, 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 of Class R Shares to 1.22% as a percentage of average daily net assets, 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 Manager has agreed not to reduce or discontinue this contractual expense


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)

limitation 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 December 31, 2023, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

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 December 31, 2023, the Fund paid BIM $39,353 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 and lend 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 December 31, 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.

6.	*PURCHASES AND SALES*

For the six months ended December 31, 2023, purchases and sales of investments, excluding short-term securities, were $514,845,753 and $717,757,970, 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 December 31, 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.


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)

As of December 31, 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 Value Fund, Inc.

1,649,415,656

299,077,618

(57,889,455

)

241,188,163

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 December 31, 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.

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.

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 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 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.


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)

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:


	Six Months Ended 12/31/23						Year Ended 06/30/23

Share Class	Shares			Amount			Shares			Amount
Institutional
Shares sold		2,845,691		$	51,171,499			8,860,864		$	153,347,636
Shares issued in reinvestment of distributions		2,437,333			42,848,314			5,792,145			103,116,960
Shares redeemed		(12,442,792	)		(219,237,207	)		(10,036,008	)		(173,802,526	)

		(7,159,768	)	$	(125,217,394	)		4,617,001		$	82,662,070

Investor A
Shares sold and automatic conversion of shares		810,656		$	14,279,837			2,565,911		$	43,037,981
Shares issued in reinvestment of distributions		2,086,421			35,719,494			4,675,750			81,343,473
Shares redeemed		(3,688,643	)		(64,468,920	)		(7,524,696	)		(127,521,551	)

		(791,566	)	$	(14,469,589	)		(283,035	)	$	(3,140,097	)

Investor C
Shares sold		77,197		$	1,028,623			336,861		$	4,369,902
Shares issued in reinvestment of distributions		53,755			696,662			140,170			1,893,397
Shares redeemed and automatic conversion of shares		(286,634	)		(3,825,422	)		(480,114	)		(6,269,084	)

		(155,682	)	$	(2,100,137	)		(3,083	)	$	(5,785	)

Class K
Shares sold		57,786		$	1,041,918			133,501		$	2,305,675
Shares issued in reinvestment of distributions		19,417			341,548			36,996			658,615
Shares redeemed		(62,365	)		(1,115,548	)		(137,413	)		(2,368,289	)

		14,838		$	267,918			33,084		$	596,001

Class R
Shares sold		14,984		$	232,258			35,900		$	538,128
Shares issued in reinvestment of distributions		13,762			205,057			33,163			508,192
Shares redeemed		(44,758	)		(682,189	)		(77,463	)		(1,161,943	)

		(16,012	)	$	(244,874	)		(8,400	)	$	(115,623	)

		(8,108,190	)	$	(141,764,076	)		4,355,567		$	79,996,566

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 Value 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

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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10001

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


ADR		American Depositary Receipt

ETF		Exchange-Traded Fund

LP		Limited Partnership

S&P		Standard & Poor’s

SPDR		Standard & Poor’s Depository Receipt


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.

BV-12/23-SAR

LOGO

(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 Value Fund, Inc.


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

Date: February 23, 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 Value Fund, Inc.

Date: February 23, 2024


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

Date: February 23, 2024