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:
06/30/2025
Date of reporting period:
12/31/2024
Item 1 — Reports to Stockholders
(a) The Reports to Shareholders are attached herewith
TSR - Blackrock Fund Logo
BlackRock Large Cap Focus Value Fund, Inc.
Institutional Shares | MABAX
Semi-Annual Shareholder Report — December 31, 2024

This semi-annual shareholder report contains important information about BlackRock Large Cap Focus Value Fund, Inc. (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Institutional Shares $29 0.57%(a)
(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Institutional Shares 3.67 % 10.34 % 9.15 % 7.96 %
Russell 1000® Index 9.00 24.51 14.28 12.87
Russell 1000® Value Index 7.26 14.37 8.68 8.49
Key Fund statistics
Net Assets $1,773,983,228
Number of Portfolio Holdings 48
Portfolio Turnover Rate 29%
The Fund’s returns shown 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.”
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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Financials 20.3 %
Health Care 17.5 %
Industrials 13.0 %
Consumer Discretionary 11.2 %
Information Technology 8.4 %
Communication Services 7.8 %
Energy 6.8 %
Consumer Staples 5.8 %
Utilities 5.1 %
Materials 3.8 %
Short-Term Securities 1.0 %
Liabilities in Excess of Other Assets (0.7 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 4.3 %
Citigroup, Inc. 3.9 %
SS&C Technologies Holdings, Inc. 3.6 %
First Citizens BancShares, Inc., Class A 3.6 %
Cardinal Health, Inc. 3.1 %
Comcast Corp., Class A 2.9 %
WPP PLC 2.7 %
CVS Health Corp. 2.7 %
Dun & Bradstreet Holdings, Inc. 2.6 %
L3Harris Technologies, Inc. 2.6 %
(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock Large Cap Focus Value Fund, Inc.
Institutional Shares | MABAX
Semi-Annual Shareholder Report — December 31, 2024
MABAX-12/24-SAR
TSR - Blackrock Fund Logo
BlackRock Large Cap Focus Value Fund, Inc.
Investor A Shares | MDBAX
Semi-Annual Shareholder Report — December 31, 2024

This semi-annual shareholder report contains important information about BlackRock Large Cap Focus Value Fund, Inc. (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor A Shares $42 0.81%(a)
(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Investor A Shares 3.58 % 10.08 % 8.85 % 7.67 %
Investor A Shares (with sales charge) (1.86 ) 4.30 7.69 7.09
Russell 1000® Index 9.00 24.51 14.28 12.87
Russell 1000® Value Index 7.26 14.37 8.68 8.49
Key Fund statistics
Net Assets $1,773,983,228
Number of Portfolio Holdings 48
Portfolio Turnover Rate 29%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund’s returns shown 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.”
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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Financials 20.3 %
Health Care 17.5 %
Industrials 13.0 %
Consumer Discretionary 11.2 %
Information Technology 8.4 %
Communication Services 7.8 %
Energy 6.8 %
Consumer Staples 5.8 %
Utilities 5.1 %
Materials 3.8 %
Short-Term Securities 1.0 %
Liabilities in Excess of Other Assets (0.7 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 4.3 %
Citigroup, Inc. 3.9 %
SS&C Technologies Holdings, Inc. 3.6 %
First Citizens BancShares, Inc., Class A 3.6 %
Cardinal Health, Inc. 3.1 %
Comcast Corp., Class A 2.9 %
WPP PLC 2.7 %
CVS Health Corp. 2.7 %
Dun & Bradstreet Holdings, Inc. 2.6 %
L3Harris Technologies, Inc. 2.6 %
(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock Large Cap Focus Value Fund, Inc.
Investor A Shares | MDBAX
Semi-Annual Shareholder Report — December 31, 2024
MDBAX-12/24-SAR
TSR - Blackrock Fund Logo
BlackRock Large Cap Focus Value Fund, Inc.
Investor C Shares | MCBAX
Semi-Annual Shareholder Report — December 31, 2024

This semi-annual shareholder report contains important information about BlackRock Large Cap Focus Value Fund, Inc. (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Investor C Shares $84 1.64%(a)
(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Investor C Shares 3.15 % 9.21 % 7.97 % 6.97 %
Investor C Shares (with sales charge) 2.22 8.23 7.97 6.97
Russell 1000® Index 9.00 24.51 14.28 12.87
Russell 1000® Value Index 7.26 14.37 8.68 8.49
Key Fund statistics
Net Assets $1,773,983,228
Number of Portfolio Holdings 48
Portfolio Turnover Rate 29%
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund’s returns shown 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.”
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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Financials 20.3 %
Health Care 17.5 %
Industrials 13.0 %
Consumer Discretionary 11.2 %
Information Technology 8.4 %
Communication Services 7.8 %
Energy 6.8 %
Consumer Staples 5.8 %
Utilities 5.1 %
Materials 3.8 %
Short-Term Securities 1.0 %
Liabilities in Excess of Other Assets (0.7 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 4.3 %
Citigroup, Inc. 3.9 %
SS&C Technologies Holdings, Inc. 3.6 %
First Citizens BancShares, Inc., Class A 3.6 %
Cardinal Health, Inc. 3.1 %
Comcast Corp., Class A 2.9 %
WPP PLC 2.7 %
CVS Health Corp. 2.7 %
Dun & Bradstreet Holdings, Inc. 2.6 %
L3Harris Technologies, Inc. 2.6 %
(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock Large Cap Focus Value Fund, Inc.
Investor C Shares | MCBAX
Semi-Annual Shareholder Report — December 31, 2024
MCBAX-12/24-SAR
TSR - Blackrock Fund Logo
BlackRock Large Cap Focus Value Fund, Inc.
Class K Shares | MBVKX
Semi-Annual Shareholder Report — December 31, 2024

This semi-annual shareholder report contains important information about BlackRock Large Cap Focus Value Fund, Inc. (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class K Shares $24 0.47%(a)
(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Class K Shares 3.75 % 10.43 % 9.24 % 8.06 %
Russell 1000® Index 9.00 24.51 14.28 12.87
Russell 1000® Value Index 7.26 14.37 8.68 8.49
Key Fund statistics
Net Assets $1,773,983,228
Number of Portfolio Holdings 48
Portfolio Turnover Rate 29%
The Fund’s returns shown 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.”
Performance shown prior to the Class K Shares inception date of February 4, 2015 is that of Institutional Shares. The performance of the 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.
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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Financials 20.3 %
Health Care 17.5 %
Industrials 13.0 %
Consumer Discretionary 11.2 %
Information Technology 8.4 %
Communication Services 7.8 %
Energy 6.8 %
Consumer Staples 5.8 %
Utilities 5.1 %
Materials 3.8 %
Short-Term Securities 1.0 %
Liabilities in Excess of Other Assets (0.7 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 4.3 %
Citigroup, Inc. 3.9 %
SS&C Technologies Holdings, Inc. 3.6 %
First Citizens BancShares, Inc., Class A 3.6 %
Cardinal Health, Inc. 3.1 %
Comcast Corp., Class A 2.9 %
WPP PLC 2.7 %
CVS Health Corp. 2.7 %
Dun & Bradstreet Holdings, Inc. 2.6 %
L3Harris Technologies, Inc. 2.6 %
(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock Large Cap Focus Value Fund, Inc.
Class K Shares | MBVKX
Semi-Annual Shareholder Report — December 31, 2024
MBVKX-12/24-SAR
TSR - Blackrock Fund Logo
BlackRock Large Cap Focus Value Fund, Inc.
Class R Shares | MRBVX
Semi-Annual Shareholder Report — December 31, 2024

This semi-annual shareholder report contains important information about BlackRock Large Cap Focus Value Fund, Inc. (the “Fund”) for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Class name Costs of a $10,000
investment
Costs paid as a percentage of a
$10,000 investment
Class R Shares $60 1.18%(a)
(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns
1 Year 5 Years 10 Years
Class R Shares 3.40 % 9.66 % 8.47 % 7.30 %
Russell 1000® Index 9.00 24.51 14.28 12.87
Russell 1000® Value Index 7.26 14.37 8.68 8.49
Key Fund statistics
Net Assets $1,773,983,228
Number of Portfolio Holdings 48
Portfolio Turnover Rate 29%
Average annual total returns reflect reductions for distribution and service fees.
The Fund’s returns shown 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.”
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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of December 31, 2024)
Sector allocation
Sector(a) Percent of
Net Assets
Financials 20.3 %
Health Care 17.5 %
Industrials 13.0 %
Consumer Discretionary 11.2 %
Information Technology 8.4 %
Communication Services 7.8 %
Energy 6.8 %
Consumer Staples 5.8 %
Utilities 5.1 %
Materials 3.8 %
Short-Term Securities 1.0 %
Liabilities in Excess of Other Assets (0.7 )%
Ten largest holdings
Security(b) Percent of
Net Assets
Wells Fargo & Co. 4.3 %
Citigroup, Inc. 3.9 %
SS&C Technologies Holdings, Inc. 3.6 %
First Citizens BancShares, Inc., Class A 3.6 %
Cardinal Health, Inc. 3.1 %
Comcast Corp., Class A 2.9 %
WPP PLC 2.7 %
CVS Health Corp. 2.7 %
Dun & Bradstreet Holdings, Inc. 2.6 %
L3Harris Technologies, Inc. 2.6 %
(a)
For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
(b)
Excludes short-term securities.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - Blackrock Footer Logo
BlackRock Large Cap Focus Value Fund, Inc.
Class R Shares | MRBVX
Semi-Annual Shareholder Report — December 31, 2024
MRBVX-12/24-SAR


(b) Not Applicable

 

Item 2 –

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

 

Item 3 –

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

 

Item 4 –

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

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

 

 

2


 

LOGO

  DECEMBER 31, 2024

 

  

  

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

 

 

BlackRock Large Cap Focus Value Fund, Inc.

 

 

 

 

 

Not FDIC Insured • May Lose Value • No Bank Guarantee


Table of Contents

 

     Page  

 

 

Schedule of Investments

     3  

Statement of Assets and Liabilities

     6  

Statement of Operations

     8  

Statements of Changes in Net Assets

     9  

Financial Highlights

     10  

Notes to Financial Statements

     15  

Additional Information

     22  

Glossary of Terms Used in these Financial Statements

     24  

 

 

 

 

 

2  


Schedule of Investments (unaudited) 

December 31, 2024

  

BlackRock Large Cap Focus Value Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 3.9%            

Boeing Co. (The)(a)

    122,280     $ 21,643,560  

L3Harris Technologies, Inc.

    222,365       46,758,912  
   

 

 

 
      68,402,472  
Automobile Components — 2.1%            

Aptiv PLC(a)

    626,584       37,895,800  
   

 

 

 
Automobiles — 1.6%            

General Motors Co.

    517,255       27,554,174  
   

 

 

 
Banks — 11.8%            

Citigroup, Inc.

    995,010       70,038,754  

First Citizens BancShares, Inc., Class A

    30,498       64,442,884  

Wells Fargo & Co.

    1,078,071       75,723,707  
   

 

 

 
       210,205,345  
Broadline Retail — 4.1%            
Amazon.com, Inc.(a)   185,786     40,759,591  

PDD Holdings, Inc., ADR(a)

    327,084       31,723,877  
   

 

 

 
      72,483,468  
Building Products — 2.2%            

Johnson Controls International PLC

    501,583       39,589,946  
   

 

 

 
Chemicals — 1.5%            

International Flavors & Fragrances, Inc.

    305,388       25,820,555  
   

 

 

 
Communications Equipment — 2.4%            

Cisco Systems, Inc.

    728,303       43,115,538  
   

 

 

 
Consumer Staples Distribution & Retail — 1.4%        

Dollar Tree, Inc.(a)

    342,742       25,685,086  
   

 

 

 
Containers & Packaging — 1.8%            

Sealed Air Corp.

    929,740       31,453,104  
   

 

 

 
Electric Utilities — 2.5%            

Entergy Corp.

    595,050       45,116,691  
   

 

 

 
Entertainment — 2.2%            

Electronic Arts, Inc.

    264,440       38,687,572  
   

 

 

 
Financial Services — 2.5%            

Fidelity National Information Services, Inc.

    556,612       44,957,551  
   

 

 

 
Food Products — 2.3%            

Kraft Heinz Co. (The)

    1,305,721       40,098,692  
   

 

 

 
Health Care Equipment & Supplies — 4.6%            

Baxter International, Inc.

    1,545,190       45,057,741  

Medtronic PLC

    449,005       35,866,519  
   

 

 

 
      80,924,260  
Health Care Providers & Services — 9.2%            

Cardinal Health, Inc.

    471,515       55,766,079  

Cigna Group (The)

    73,603       20,324,732  

CVS Health Corp.

    1,049,130       47,095,446  

Labcorp Holdings, Inc.

    170,797       39,167,168  
   

 

 

 
      162,353,425  
Household Durables — 2.6%            

Sony Group Corp., ADR

    2,159,418       45,693,285  
   

 

 

 
Insurance — 5.9%            

American International Group, Inc.

    434,291       31,616,385  

Fidelity National Financial, Inc., Class A

    649,864       36,483,365  

Willis Towers Watson PLC

    115,833       36,283,529  
   

 

 

 
      104,383,279  
IT Services — 2.0%            

Cognizant Technology Solutions Corp., Class A

    470,915       36,213,364  
   

 

 

 
Security   Shares     Value  
Life Sciences Tools & Services — 0.4%        

Fortrea Holdings, Inc.(a)

    351,642     $ 6,558,123  
   

 

 

 
Machinery — 0.6%            

Fortive Corp.

    131,274       9,845,550  
   

 

 

 
Media — 5.6%            

Comcast Corp., Class A

    1,369,492       51,397,035  

WPP PLC

    4,668,345       48,120,572  
   

 

 

 
      99,517,607  
Metals & Mining — 0.5%            

Teck Resources Ltd., Class B

    240,314       9,743,295  
   

 

 

 
Multi-Utilities — 2.6%            

Sempra

    519,263       45,549,750  
   

 

 

 
Oil, Gas & Consumable Fuels — 6.8%        

BP PLC, ADR

    1,346,411       39,799,909  

Hess Corp.

    331,528       44,096,539  

Shell PLC

    1,198,930       37,371,851  
   

 

 

 
      121,268,299  
Pharmaceuticals — 2.3%            

Sanofi SA, ADR

    850,096       41,000,130  
   

 

 

 
Professional Services — 6.3%            

Dun & Bradstreet Holdings, Inc.

    3,768,254       46,952,445  

SS&C Technologies Holdings, Inc.

    854,215       64,732,413  
   

 

 

 
      111,684,858  
Technology Hardware, Storage & Peripherals — 3.9%  

Samsung Electronics Co. Ltd.

    1,096,698       39,137,656  

Western Digital Corp.(a)

    514,416       30,674,626  
   

 

 

 
      69,812,282  
Textiles, Apparel & Luxury Goods — 0.9%        

Swatch Group AG (The)

    86,155       15,659,610  
   

 

 

 
Tobacco — 2.1%            

British American Tobacco PLC, ADR

    1,029,207       37,380,798  
   

 

 

 

Total Common Stocks — 98.6%
(Cost: $1,485,445,082)

       1,748,653,909  
   

 

 

 

Investment Companies

   
Equity Funds — 1.1%            

SPDR S&P Biotech ETF(b)

    218,206       19,651,632  
   

 

 

 

Total Investment Companies — 1.1%
(Cost: $17,351,414)

 

    19,651,632  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $1,502,796,496)

 

    1,768,305,541  
   

 

 

 
 

 

 

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

  3


Schedule of Investments (unaudited) (continued)

December 31, 2024

  

BlackRock Large Cap Focus Value Fund, Inc.

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Short-Term Securities

   
Money Market Funds — 1.0%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.63%(c)(d)(e)

    15,274,580     $ 15,282,217  

BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(c)(d)

    3,124,145       3,124,145  
   

 

 

 

Total Short-Term Securities — 1.0%
(Cost: $18,403,307)

      18,406,362  
   

 

 

 

Total Investments — 100.7%
(Cost: $1,521,199,803)

      1,786,711,903  

Liabilities in Excess of Other Assets — (0.7)%

 

    (12,728,675
   

 

 

 
Net Assets — 100.0%         $ 1,773,983,228  
   

 

 

 

 

 

(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, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated
Issuer
  

Value at

06/30/24

    

Purchases

at Cost

    

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

12/31/24

    

Shares

Held at

12/31/24

     Income     

Capital

Gain

Distributions

from Underlying

Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $  27,214,658      $      $  (11,928,534 )(a)     $ (7,005    $ 3,098      $ 15,282,217        15,274,580      $ 107,177 (b)     $  

BlackRock Liquidity Funds, T-Fund, Institutional Shares

     7,714,384               (4,590,239 )(a)                     3,124,145        3,124,145        164,529         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (7,005    $ 3,098      $  18,406,362         $  271,706      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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 collateral investment fees, and other payments to and from borrowers of securities.

 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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

   $ 68,402,472      $      $      $ 68,402,472  

Automobile Components

     37,895,800                      37,895,800  

Automobiles

       27,554,174             —         —             27,554,174  

 

 

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Schedule of Investments (unaudited) (continued)

December 31, 2024

   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)

           

Banks

   $ 210,205,345      $      $      $ 210,205,345  

Broadline Retail

     72,483,468                      72,483,468  

Building Products

     39,589,946                      39,589,946  

Chemicals

     25,820,555                      25,820,555  

Communications Equipment

     43,115,538                      43,115,538  

Consumer Staples Distribution & Retail

     25,685,086                      25,685,086  

Containers & Packaging

     31,453,104                      31,453,104  

Electric Utilities

     45,116,691                      45,116,691  

Entertainment

     38,687,572                      38,687,572  

Financial Services

     44,957,551                      44,957,551  

Food Products

     40,098,692                      40,098,692  

Health Care Equipment & Supplies

     80,924,260                      80,924,260  

Health Care Providers & Services

     162,353,425                      162,353,425  

Household Durables

     45,693,285                      45,693,285  

Insurance

     104,383,279                      104,383,279  

IT Services

     36,213,364                      36,213,364  

Life Sciences Tools & Services

     6,558,123                      6,558,123  

Machinery

     9,845,550                      9,845,550  

Media

     51,397,035        48,120,572               99,517,607  

Metals & Mining

     9,743,295                      9,743,295  

Multi-Utilities

     45,549,750                      45,549,750  

Oil, Gas & Consumable Fuels

     83,896,448        37,371,851               121,268,299  

Pharmaceuticals

     41,000,130                      41,000,130  

Professional Services

     111,684,858                      111,684,858  

Technology Hardware, Storage & Peripherals

     30,674,626        39,137,656               69,812,282  

Textiles, Apparel & Luxury Goods

            15,659,610               15,659,610  

Tobacco

     37,380,798                      37,380,798  

Investment Companies

     19,651,632                      19,651,632  

Short-Term Securities

           

Money Market Funds

     18,406,362                      18,406,362  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $  1,646,422,214      $  140,289,689      $      $  1,786,711,903  
  

 

 

    

 

 

    

 

 

    

 

 

 

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

  5


Statement of Assets and Liabilities (unaudited) 

December 31, 2024

 

    

BlackRock Large Cap

Focus Value Fund, Inc.

        

ASSETS

   

Investments, at value — unaffiliated(a)(b)

  $ 1,768,305,541    

Investments, at value — affiliated(c)

    18,406,362    

Cash

    19,656    

Foreign currency, at value(d)

    17,776    

Receivables:

   

Securities lending income — affiliated

    17,669    

Capital shares sold

    2,110,726    

Dividends — unaffiliated

    3,055,948    

Dividends — affiliated

    26,817    

Foreign withholding tax claims

    91,727    

Prepaid expenses

    71,932    
 

 

 

   

Total assets

    1,792,124,154    
 

 

 

   

LIABILITIES

   

Collateral on securities loaned

    15,286,977    

Payables:

   

Capital shares redeemed

    1,767,262    

Investment advisory fees

    647,023    

Directors’ and Officer’s fees

    4,755    

Other accrued expenses

    180,604    

Other affiliate fees

    35,269    

Professional fees

    30,861    

Service and distribution fees

    188,175    
 

 

 

   

Total liabilities

    18,140,926    
 

 

 

   

Commitments and contingent liabilities

   

NET ASSETS

  $ 1,773,983,228    
 

 

 

   

NET ASSETS CONSIST OF:

   

Paid-in capital

  $ 1,495,905,898    

Accumulated earnings

    278,077,330    
 

 

 

   

NET ASSETS

  $  1,773,983,228    
 

 

 

   

(a) Investments, at cost — unaffiliated

  $ 1,502,796,496    

(b) Securities loaned, at value

  $ 15,002,285    

(c)  Investments, at cost — affiliated

  $ 18,403,307    

(d) Foreign currency, at cost

  $ 17,804    

 

 

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Statement of Assets and Liabilities (unaudited) (continued)

December 31, 2024

 

    

BlackRock Large Cap

Focus Value Fund, Inc.

        

NET ASSET VALUE

   
Institutional            

Net assets

  $  949,891,620    
 

 

 

   

Shares outstanding

    50,693,125    
 

 

 

   

Net asset value

  $ 18.74    
 

 

 

   

Shares authorized

    400 million    
 

 

 

   

Par value

  $ 0.10    
 

 

 

   
Investor A            

Net assets

  $ 802,168,990    
 

 

 

   

Shares outstanding

    44,062,233    
 

 

 

   

Net asset value

  $ 18.21    
 

 

 

   

Shares authorized

    200 million        
 

 

 

   

Par value

  $ 0.10    
 

 

 

   
Investor C            

Net assets

  $ 10,862,801    
 

 

 

   

Shares outstanding

    812,656    
 

 

 

   

Net asset value

  $ 13.37    
 

 

 

   

Shares authorized

    200 million    
 

 

 

   

Par value

  $ 0.10    
 

 

 

   
Class K            

Net assets

  $ 7,094,004    
 

 

 

   

Shares outstanding

    378,397    
 

 

 

   

Net asset value

  $ 18.75    
 

 

 

   

Shares authorized

    200 million    
 

 

 

   

Par value

  $ 0.10    
 

 

 

   
Class R            

Net assets

  $ 3,965,813    
 

 

 

   

Shares outstanding

    253,926    
 

 

 

   

Net asset value

  $ 15.62    
 

 

 

   

Shares authorized

    400 million    
 

 

 

   

Par value

  $ 0.10    
 

 

 

   

See notes to financial statements.

 

 

S T A T E M E N T  O F  A S S E T S  A N D  L I A B I L I T I E S

  7


Statement of Operations (unaudited) 

Six Months Ended December 31, 2024

 

    

BlackRock Large Cap

Focus Value Fund, Inc.

 

INVESTMENT INCOME

 

Dividends — unaffiliated

  $ 21,434,723  

Dividends — affiliated

    164,529  

Securities lending income — affiliated — net

    107,177  

Other income

    33,159  

Foreign taxes withheld

    (154,882

Foreign withholding tax claims

    346,926  
 

 

 

 

Total investment income

    21,931,632  
 

 

 

 

EXPENSES

 

Investment advisory

    4,009,312  

Service and distribution — class specific

    1,140,137  

Transfer agent — class specific

    1,092,543  

Professional

    99,643  

Custodian

    75,675  

Accounting services

    70,939  

Registration

    55,207  

Printing and postage

    30,766  

Directors and Officer

    11,306  

Miscellaneous

    18,756  
 

 

 

 

Total expenses excluding interest expense

    6,604,284  

Interest expense

    2,274  
 

 

 

 

Total expenses

    6,606,558  
 

 

 

 

Less:

 

Fees waived and/or reimbursed by the Manager

    (2,509
 

 

 

 

Total expenses after fees waived and/or reimbursed

    6,604,049  
 

 

 

 

Net investment income

    15,327,583  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) from:

 

Investments — unaffiliated

    89,656,835  

Investments — affiliated

    (7,005

Foreign currency transactions

    16,541  
 

 

 

 
  $ 89,666,371  
 

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

Investments — unaffiliated

    (32,871,108

Investments — affiliated

    3,098  

Foreign currency translations

    13,567  
 

 

 

 
    (32,854,443
 

 

 

 

Net realized and unrealized gain

    56,811,928  
 

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 72,139,511  
 

 

 

 

See notes to financial statements.

 

 

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Statements of Changes in Net Assets

 

   

BlackRock Large Cap Focus Value Fund,

Inc.

 
    

Six Months

Ended

12/31/24

(unaudited)

   

Year Ended

06/30/24

 

INCREASE (DECREASE) IN NET ASSETS

   

OPERATIONS

   

Net investment income

  $ 15,327,583     $ 42,198,665  

Net realized gain

    89,666,371       75,012,698  

Net change in unrealized appreciation (depreciation)

    (32,854,443     106,249,105  
 

 

 

   

 

 

 

Net increase in net assets resulting from operations

    72,139,511       223,460,468  
 

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

   

Institutional

    (81,388,614     (46,367,434

Investor A

    (68,840,974     (39,268,053

Investor C

    (1,201,145     (737,181

Class K

    (607,847     (341,548

Class R

    (372,408     (205,057
 

 

 

   

 

 

 

Decrease in net assets resulting from distributions to shareholders

    (152,410,988     (86,919,273
 

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

   

Net decrease in net assets derived from capital share transactions

    (39,791,432     (224,017,858
 

 

 

   

 

 

 

NET ASSETS

   

Total decrease in net assets

    (120,062,909     (87,476,663

Beginning of period

    1,894,046,137       1,981,522,800  
 

 

 

   

 

 

 

End of period

  $  1,773,983,228     $  1,894,046,137  
 

 

 

   

 

 

 

 

(a) 

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

See notes to financial statements.

 

 

S T A T E M E N T S  O F  C H A N G E S  I N  N E T  A S S E T S

  9


Financial Highlights

(For a share outstanding throughout each period)

 

    BlackRock Large Cap Focus Value Fund, Inc.  
    Institutional  
   

Six Months

Ended

12/31/24

(unaudited)

   

Year Ended

06/30/24

   

Year Ended

06/30/23

    Year Ended
06/30/22
   

Year Ended

06/30/21

   

Year Ended

06/30/20

 
               

Net asset value, beginning of period

    $ 19.68     $ 18.23     $ 17.59     $ 22.31     $ 17.58     $ 21.86  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.18       0.44       0.34       0.29       0.33       0.47  

Net realized and unrealized gain (loss)

      0.60       1.91       2.21       (1.31     6.75       (2.07
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      0.78       2.35       2.55       (1.02     7.08       (1.60
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(b)

           

From net investment income

      (0.47     (0.41     (0.29     (0.30     (0.40     (0.58

From net realized gain

      (1.25     (0.49     (1.62     (3.40     (1.95     (2.10
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

      (1.72     (0.90     (1.91     (3.70     (2.35     (2.68
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 18.74     $ 19.68     $ 18.23     $ 17.59     $ 22.31     $ 17.58  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(c)

           

Based on net asset value

      3.67 %(d)       13.45     15.01     (5.86 )%      45.04     (8.97 )% 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

           

Total expenses

      0.57 %(f)       0.54     0.56     0.54     0.55     0.53
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      0.57 %(f)       0.54     0.56     0.54     0.54     0.53
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      1.70 %(f)       2.36     1.95     1.45     1.70     2.37
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

           

Net assets, end of period (000)

    $  949,892     $  1,032,073     $  1,114,238     $  994,320     $  1,037,838     $  642,221  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      29     63     80     70     80     73
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Large Cap Focus Value Fund, Inc. (continued)  
    Investor A  
         

Six Months

Ended

12/31/24

(unaudited)

   

Year Ended

06/30/24

   

Year Ended

06/30/23

   

Year Ended

06/30/22

   

Year Ended

06/30/21

   

Year Ended

06/30/20

 
               

Net asset value, beginning of period

    $ 19.14     $ 17.77     $ 17.20     $ 21.89     $ 17.28     $ 21.53  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.15       0.39       0.28       0.23       0.27       0.40  

Net realized and unrealized gain (loss)

      0.59       1.86       2.15       (1.28     6.64       (2.04
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      0.74       2.25       2.43       (1.05     6.91       (1.64
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(b)

             

From net investment income

      (0.42     (0.39     (0.24     (0.24     (0.35     (0.51

From net realized gain

      (1.25     (0.49     (1.62     (3.40     (1.95     (2.10
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

      (1.67     (0.88     (1.86     (3.64     (2.30     (2.61
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 18.21     $ 19.14     $ 17.77     $ 17.20     $ 21.89     $ 17.28  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(c)

             

Based on net asset value

      3.58 %(d)       13.21     14.61     (6.12 )%      44.68     (9.26 )% 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

             

Total expenses

      0.81 %(f)       0.78     0.83     0.81     0.83     0.83
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      0.81 %(f)       0.78     0.83     0.81     0.83     0.83
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      1.47 %(f)       2.13     1.67     1.16     1.42     2.06
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

             

Net assets, end of period (000)

    $  802,169     $  839,159     $  841,572     $  819,103     $  1,063,209     $  844,138  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      29     63     80     70     80     73
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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

  11


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    BlackRock Large Cap Focus Value Fund, Inc. (continued)  
    Investor C  
   

Six Months

Ended

12/31/24

(unaudited)

    Year Ended
06/30/24
    Year Ended
06/30/23
    Year Ended
06/30/22
    Year Ended
06/30/21
    Year Ended
06/30/20
 
             

Net asset value, beginning of period

  $ 14.42     $ 13.66     $ 13.62     $ 18.07     $ 14.53     $ 18.49  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    0.05       0.18       0.12       0.06       0.08       0.20  

Net realized and unrealized gain (loss)

    0.46       1.40       1.68       (0.99     5.51       (1.71
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    0.51       1.58       1.80       (0.93     5.59       (1.51
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(b)

           

From net investment income

    (0.31     (0.33     (0.14     (0.12     (0.10     (0.35

From net realized gain

    (1.25     (0.49     (1.62     (3.40     (1.95     (2.10
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.56     (0.82     (1.76     (3.52     (2.05     (2.45
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 13.37     $ 14.42     $ 13.66     $ 13.62     $ 18.07     $ 14.53  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(c)

           

Based on net asset value

    3.15 %(d)      12.25     13.74     (6.85 )%      43.39     (10.01 )% 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

           

Total expenses

    1.64 %(f)      1.60     1.61     1.60     1.72     1.65
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

    1.64 %(f)      1.60     1.61     1.60     1.71     1.65
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed excluding professional fees for foreign withholding tax claims

    1.63 %(f)      1.60     1.61     1.60     1.71     1.65
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    0.64 %(f)      1.28     0.88     0.38     0.53     1.23
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

           

Net assets, end of period (000)

  $  10,863     $  11,929     $  14,795     $  14,791     $  18,149     $  41,370  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

    29     63     80     70     80     73
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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.

 

 

12  

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


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

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

Six Months

Ended

12/31/24

(unaudited)

    Year Ended
06/30/24
    Year Ended
06/30/23
    Year Ended
06/30/22
    Year Ended
06/30/21
    Year Ended
06/30/20
 
               

Net asset value, beginning of period

    $ 19.69     $ 18.23     $ 17.60     $ 22.32     $ 17.58     $ 21.87  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.19       0.45       0.35       0.30       0.35       0.48  

Net realized and unrealized gain (loss)

      0.61       1.92       2.20       (1.30     6.76       (2.07
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      0.80       2.37       2.55       (1.00     7.11       (1.59
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(b)

             

From net investment income

      (0.49     (0.42     (0.30     (0.32     (0.42     (0.60

From net realized gain

      (1.25     (0.49     (1.62     (3.40     (1.95     (2.10
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

      (1.74     (0.91     (1.92     (3.72     (2.37     (2.70
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 18.75     $ 19.69     $ 18.23     $ 17.60     $ 22.32     $ 17.58  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(c)

             

Based on net asset value

      3.75 %(d)      13.56     15.02     (5.77 )%      45.22     (8.94 )% 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

             

Total expenses

      0.47 %(f)      0.47     0.48     0.45     0.45     0.45
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      0.47 %(f)      0.47     0.48     0.45     0.45     0.45
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed excluding professional fees for foreign withholding tax claims

      0.46 %(f)      0.47     0.48     0.45     0.45     0.45
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      1.81 %(f)      2.44     2.03     1.48     1.80     2.44
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

             

Net assets, end of period (000)

    $  7,094     $  7,173     $  6,777     $  5,959     $  6,385     $  4,427  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      29     63     80     70     80     73
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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

  13


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

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

Six Months

Ended

12/31/24

(unaudited)

    Year Ended
06/30/24
    Year Ended
06/30/23
    Year Ended
06/30/22
    Year Ended
06/30/21
    Year Ended
06/30/20
 
               

Net asset value, beginning of period

    $ 16.62     $ 15.58     $ 15.29     $ 19.86     $ 15.87     $ 19.96  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      0.10       0.28       0.19       0.14       0.19       0.31  

Net realized and unrealized gain (loss)

      0.52       1.61       1.91       (1.13     6.04       (1.88
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      0.62       1.89       2.10       (0.99     6.23       (1.57
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(b)

             

From net investment income

      (0.37     (0.36     (0.19     (0.18     (0.29     (0.42

From net realized gain

      (1.25     (0.49     (1.62     (3.40     (1.95     (2.10
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

      (1.62     (0.85     (1.81     (3.58     (2.24     (2.52
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 15.62     $ 16.62     $ 15.58     $ 15.29     $ 19.86     $ 15.87  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(c)

             

Based on net asset value

      3.40 %(d)      12.75     14.23     (6.48 )%      44.25     (9.60 )% 
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

             

Total expenses

      1.18 %(f)      1.16     1.19     1.17     1.16     1.17
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed

      1.18 %(f)      1.16     1.19     1.17     1.16     1.17
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived and/or reimbursed excluding professional fees for foreign withholding tax claims

      1.17 %(f)      1.16     1.19     1.17     1.16     1.17
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      1.11 %(f)      1.75     1.30     0.81     1.12     1.72
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

             

Net assets, end of period (000)

    $  3,966     $  3,712     $  4,140     $  4,191     $  6,032     $  6,736  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

      29     63     80     70     80     73
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(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 4  B L A C K R O C K  S E M I - A N N U A L  F I N A N C I A L  S T A T E M E N T S  A N D  A D D I T I O N A L  I N F O R M A T I O N


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

  No    No       None

Investor A Shares

  Yes    No(a)    None

Investor C Shares

  No    Yes(b)    To Investor A Shares after approximately 8 years
  (a) 

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

 
  (b) 

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

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

 

2.

SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2024, 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

  15


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. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.

Segment Reporting: The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Fund’s adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or results of operations.

The Chief Financial Officer acts as the Fund’s Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund’s financial statements.

 

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 trade or 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 net asset value (“NAV”).

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 occurs after 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 as of the measurement date.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;

 

   

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

 

   

Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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 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.

 

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:

 

 

 
      Securities       Cash        

Non-Cash

Collateral Received,

 

 

      Net  
Counterparty     Loaned at Value         Collateral Received (a)        at Fair Value (a)       Amount  

 

 

BMO Capital Markets Corp.

    $ 1,846,680       $ (1,846,680     $       $  

Citigroup Global Markets, Inc.

      3,522,877         (3,522,877                

Morgan Stanley

      9,632,728         (9,632,728                
   

 

 

     

 

 

     

 

 

     

 

 

 
    $   15,002,285       $   (15,002,285     $   —       $   —  
   

 

 

     

 

 

     

 

 

     

 

 

 

 

  (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 the 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

  17


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 Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

 

     
Share Class   Service Fees    Distribution Fees 

Investor A

  0.25%   N/A 

Investor C

  0.25    0.75%

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, 2024, 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

  $  1,070,218        $ 60,021        $ 9,898        $  1,140,137   

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, 2024, the Fund paid $29,896 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, 2024, 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

  $ 12,617        $ 16,477        $ 845        $ 44        $ 53        $  30,036   

For the six months ended December 31, 2024, 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

  $ 618,597      $  457,858      $ 11,128      $ 534      $ 4,426      $  1,092,543   

Other Fees: For the six months ended December 31, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $4,400.

For the six months ended December 31, 2024, affiliates received CDSCs of $5 for Investor C Shares.

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, 2026. 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, 2024, the amount waived was $2,509.

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, 2026. 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, 2024, 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 limitation through June 30, 2026, 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, 2024, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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 fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral, (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the 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 fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees .

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 fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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, 2024, the Fund paid BIM $25,140 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, 2024, 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, 2024, purchases and sales of investments, excluding short-term securities, were $556,564,228 and $725,439,844, 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, 2024, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund’s NAV.

 

 

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)

 

As of December 31, 2024, 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.

  $  1,551,215,451      $ 309,811,714      $ (74,315,262   $ 235,496,452  

 

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, $2.40 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 2025 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, 2024, 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 mandatory and 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. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

 

10.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

 

     
     Six Months Ended 12/31/24       Year Ended 06/30/24  
Share Class   Shares             Amount             Shares             Amount  

Institutional

                

Shares sold

    2,287,169        $ 46,859,853          5,872,951        $ 109,559,586  

Shares issued in reinvestment of distributions

    3,866,096          75,002,270          2,437,333          42,848,314  

Shares redeemed

    (7,912,963        (162,967,706        (16,994,624        (306,957,630
 

 

 

      

 

 

      

 

 

      

 

 

 
    (1,759,698      $ (41,105,583        (8,684,340      $ (154,549,730
 

 

 

      

 

 

      

 

 

      

 

 

 

Investor A

                

Shares sold and automatic conversion of shares

    586,970        $ 11,286,734          1,272,085        $ 22,907,859  

Shares issued in reinvestment of distributions

    3,312,772          62,445,769          2,086,422          35,719,494  

Shares redeemed

    (3,680,595        (72,921,851        (6,865,138        (123,748,412
 

 

 

      

 

 

      

 

 

      

 

 

 
    219,147        $ 810,652          (3,506,631      $ (65,121,059
 

 

 

      

 

 

      

 

 

      

 

 

 

Investor C

                

Shares sold

    43,945        $ 644,015          121,074        $ 1,644,257  

Shares issued in reinvestment of distributions

    84,294          1,166,631          53,754          696,662  

Shares redeemed and automatic conversion of shares

    (142,795        (2,074,261        (430,838        (5,860,184
 

 

 

      

 

 

      

 

 

      

 

 

 
    (14,556      $ (263,615        (256,010      $ (3,519,265
 

 

 

      

 

 

      

 

 

      

 

 

 

Class K

                

Shares sold

    35,266        $ 727,170          97,026        $ 1,793,010  

Shares issued in reinvestment of distributions

    31,332          607,846          19,417          341,548  

Shares redeemed

    (52,486        (1,075,738        (123,827        (2,291,391
 

 

 

      

 

 

      

 

 

      

 

 

 
    14,112        $ 259,278          (7,384      $ (156,833
 

 

 

      

 

 

      

 

 

      

 

 

 

Class R

                

Shares sold

    25,449        $ 444,632          34,090        $ 543,840  

Shares issued in reinvestment of distributions

    23,031          372,408          13,762          205,058  

Shares redeemed

    (17,847        (309,204        (90,283        (1,419,869
 

 

 

      

 

 

      

 

 

      

 

 

 
    30,633        $ 507,836          (42,431      $ (670,971
 

 

 

      

 

 

      

 

 

      

 

 

 
    (1,510,362      $ (39,791,432        (12,496,796      $  (224,017,858
 

 

 

      

 

 

      

 

 

      

 

 

 

 

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

  21


Additional Information

 

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Directors, Officers, and Others

Compensation to the independent directors/trustees of the Fund is paid by the Fund.

General Information

Quarterly performance, shareholder reports, semi-annual and annual financial statements, 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.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

2. Select “Access Your Account”

3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.

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.

 

 

22  

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


Additional Information (continued)

 

Fund and Service Providers  

Investment Adviser and Administrator

 

Independent Registered Public Accounting Firm

BlackRock Advisors, LLC

 

Deloitte & Touche LLP

Wilmington,

 

Boston, MA 02110

DE 19809

 
 

Distributor

Accounting Agent and Transfer Agent

 

BlackRock Investments, LLC

BNY Mellon Investment Servicing (US) Inc.

 

New York, NY 10001

Wilmington, DE 19809

 
 

Legal Counsel

Custodian

 

Sidley Austin LLP

The Bank of New York Mellon

 

New York, NY 10019

New York, NY 10286

 
 

Address of the Fund

 

100 Bellevue Parkway

 

Wilmington, DE 19809

 

 

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

  23


Glossary of Terms Used in these Financial Statements

 

Portfolio Abbreviation

 

ADR

 

American Depositary Receipt

ETF

 

Exchange-Traded Fund

SPDR

 

Standard & Poor’s Depository Receipt

 

 

24  

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


 

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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.

 

LOGO

  LOGO


Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies - See Item 7

 

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

 

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

 

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

 

Item 12 –

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

 

Item 13 –

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

 

Item 14 –

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

 

Item 15 –

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

 

3


Item 16 –

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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 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 17 –

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

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

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

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

 

 

4


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 24, 2025  

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 24, 2025

 

 

By:

    

/s/ Trent Walker          

      

Trent Walker

      

Chief Financial Officer (principal financial officer) of

      

BlackRock Large Cap Focus Value Fund, Inc.

Date: February 24, 2025  

 

 

5