N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09375 and 811-09633

Name of Fund: BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC, 40 East 52^nd Street, New York, NY 10022.

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

Date of fiscal year end: 09/30/2009

Date of reporting period: 06/30/2009

Item 1 – Schedule of Investments

BlackRock Global Financial Services Fund, Inc.
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Mutual Fund	Value
Global Financial Services Portfolio of Global Financial Services Master LLC	$	80,527,932
Total Investments (Cost - $95,967,818) - 100.1%		80,527,932
Liabilities in Excess of Other Assets - (0.1)%		(112,794	)
Net Assets - 100.0%	$	80,415,138

•	Effective October 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
	•	Level 1 - price quotations in active markets/exchanges for identical securities
	•	Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)
	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.
	The following table summarizes the inputs used as of June 30, 2009 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1		—
Level 2	$	80,527,932
Level 3		—
Total	$	80,527,932

Global Financial Services Portfolio of Global Financial Services Master LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Country	Common Stocks	Shares		Value
Australia - 2.5%	QBE Insurance Group Ltd.		126,300	$	2,021,062
Bermuda - 2.7%	PartnerRe Ltd.		12,400		805,380
	RenaissanceRe Holdings Ltd.		30,100		1,400,854
					2,206,234
Canada - 3.7%	Bank of Nova Scotia		63,900		2,396,250
	Royal Bank of Canada		14,100		575,985
					2,972,235
China - 1.4%	China Merchants Bank Co. Ltd.		489,580		1,111,099
Egypt - 0.9%	Commercial International Bank		82,650		722,620
Finland - 0.8%	Sampo Oyj		31,700		599,383
France - 6.2%	AXA SA		92,700		1,754,532
	BNP Paribas SA		37,300		2,432,432
	Societe Generale SA		14,400		790,428
					4,977,392
Germany - 2.9%	Allianz AG Registered Shares		13,300		1,226,828
	Deutsche Euroshop AG		11,000		339,015
	Muenchener Rueckversicherungs AG Registered Shares		5,500		743,081
					2,308,924
Hong Kong - 0.5%	The Link REIT		186,800		397,008
Indonesia - 1.0%	Bank Rakyat Indonesia Tbk PT		1,349,800		827,587
Italy - 1.7%	Banca Popolare di Milano Scrl		57,800		344,897
	Credito Emiliano SpA (a)		77,000		369,807
	Intesa Sanpaolo SpA		200,900		649,214
					1,363,918
Japan - 6.3%	Aioi Insurance Co., Ltd.		41,000		186,872
	Mitsubishi Estate Co., Ltd.		13,050		216,652
	Mitsubishi UFJ Financial Group, Inc.		216,400		1,336,226
	Sumitomo Mitsui Financial Group, Inc.		53,700		2,172,987
	Tokio Marine Holdings, Inc.		41,800		1,147,686
					5,060,423
Malaysia - 1.7%	Public Bank Bhd		515,582		1,326,304
Singapore - 3.1%	DBS Group Holdings Ltd.		159,000		1,289,037
	United Overseas Bank Ltd.		119,800		1,208,876
					2,497,913
Spain - 3.2%	Banco Santander SA		215,100		2,600,171
Switzerland - 7.1%	ACE Ltd.		45,900		2,030,157
	Credit Suisse Group AG		26,900		1,232,450
	Julius Baer Holding AG Class B		33,900		1,318,446
	Swiss Reinsurance Co. Registered Shares		11,900		393,618
	Zurich Financial Services AG		4,400		777,715
					5,752,386
Thailand - 2.4%	Bangkok Bank Pcl Foreign Shares		273,400		894,719
	Siam Commercial Bank Pcl		483,200		1,063,693
					1,958,412

1

Global Financial Services Portfolio of Global Financial Services Master LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Country	Common Stocks	Shares		Value
United Kingdom - 7.3%	Amlin Plc		37,900	$	188,945
	HSBC Holdings Plc		412,074		3,433,057
	Standard Chartered Plc		119,794		2,252,487
					5,874,489
United States - 42.4%	AON Corp.		9,000		340,830
	Affiliated Managers Group, Inc. (a)		20,000		1,163,800
	Arch Capital Group Ltd. (a)		7,200		421,776
	BancorpSouth, Inc.		31,700		650,801
	Bank of America Corp.		183,268		2,419,138
	The Bank of New York Mellon Corp.		78,400		2,297,904
	Boston Properties, Inc.		21,500		1,025,550
	Cullen/Frost Bankers, Inc.		23,100		1,065,372
	FTI Consulting, Inc. (a)		18,200		923,104
	Fidelity National Title Group, Inc. Class A		38,700		523,611
	Fifth Third Bancorp		35,800		254,180
	Franklin Resources, Inc.		12,400		892,924
	The Goldman Sachs Group, Inc.		17,600		2,594,944
	JPMorgan Chase & Co.		111,675		3,809,234
	The Macerich Co.		4,600		81,006
	MetLife, Inc.		51,100		1,533,511
	Morgan Stanley		26,900		766,919
	Northern Trust Corp.		20,700		1,111,176
	People’s United Financial, Inc.		35,400		532,416
	ProAssurance Corp. (a)		4,400		203,324
	Prudential Financial, Inc.		12,824		477,309
	Regency Centers Corp.		6,100		212,951
	Simon Property Group, Inc.		30,259		1,556,249
	The Travelers Cos., Inc.		48,300		1,982,232
	U.S. Bancorp		76,700		1,374,464
	Visa, Inc. Class A		32,000		1,992,320
	Wells Fargo & Co.		163,400		3,964,084
					34,171,129
	Total Long-Term Investments (Cost - $94,182,009) - 97.8%				78,748,689

	Short-Term Securities	Par (000)
Time Deposit - 0.0%	Brown Brothers Harriman & Co., 0.01%, 7/01/09	$	—	(b)	33

		Shares
Money Market Fund - 1.5%	BlackRock Liquidity Funds, TempFund, 0.45% (c)(d)		1,201,192		1,201,192
	Total Short-Term Securities (Cost - $1,201,225) - 1.5%				1,201,225
	Total Investments (Cost - $95,383,234*) - 99.3%				79,949,914
	Other Assets Less Liabilities - 0.7%				578,018
	Net Assets - 100.0%			$	80,527,932

2

Global Financial Services Portfolio of Global Financial Services Master LLC

Schedule of Investments June 30, 2009 (Unaudited)

  * The cost and unrealized appreciation (depreciation) of investments as of June 30, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	98,474,406
Gross unrealized appreciation	$	3,258,035
Gross unrealized depreciation		(21,782,527	)
Net unrealized depreciation	$	(18,524,492	)

(a)	Non-income producing security.
(b)	Amount is less than $1,000.
(c)	Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate		Net Activity			Income
BlackRock Liquidity Funds, TempFund		1,201,192		$	742
BlackRock Liquidity Series, LLC Cash Sweep Series	$	(11,570,781	)	$	38,467
BlackRock Liquidity Series, LLC Money Market Series	$	(1,500,000	)	$	1,194

(d)	Represents the current yield as of report date.
•	Foreign currency exchange contracts as of June 30, 2009 were as follows:

Currency Purchased	Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
EUR 15,352	USD	21,544	State Street Bank & Trust Co.	7/03/09	$	(7	)

•	Currency Abbreviations:
	EUR	Euro
	USD	US Dollar

  • Effective October 1, 2008, the Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 - price quotations in active markets/exchanges for identical securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements as contained in its semi-annual report.

3

Global Financial Services Portfolio of Global Financial Services Master LLC

Schedule of Investments June 30, 2009 (Unaudited)

The following table summarizes the inputs used as of June 30, 2009 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1
Long-Term Investments
Bermuda	$	2,206,234
Canada		2,972,235
Switzerland		2,423,775
Thailand		1,063,693
United States		34,171,129
Short-Term Securities		1,201,192
Level 1 - Total		44,038,258
Level 2
Long-Term Investments
Australia		2,021,062
China		1,111,099
Egypt		722,620
Finland		599,383
France		4,977,392
Germany		2,308,924
Hong Kong		397,008
Indonesia		827,587
Italy		1,363,918
Japan		5,060,423
Malaysia		1,326,304
Singapore		2,497,913
Spain		2,600,171
Switzerland		3,328,611
Thailand		894,719
United Kingdom		5,874,489
Short-Term Securities		33
Level 2 - Total		35,911,656
Level 3		—
Total	$	79,949,914

Valuation Inputs	Other Financial Instruments1
	Liabilities
Level 1		—
Level 2	$	(7	)
Level 3		—
Total	$	(7	)

¹ Other financial instruments are foreign currency exchange contracts which are shown at the unrealized appreciation/depreciation on the instrument.

4

Item 2 –	Controls and Procedures
2(a) –	The registrants’ principal executive and principal financial officers or persons performing similar functions have concluded that the registrants’ disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –	There were no changes in the registrants’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants’ last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants’ internal control over financial reporting.
Item 3 –	Exhibits
	Certifications – Attached hereto
	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
	BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC
	By:	/s/ Anne F. Ackerley
		Anne F. Ackerley
		Chief Executive Officer of
		BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC
	Date: August 21, 2009
	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 each registrant and in the capacities and on the dates indicated.
	By:	/s/ Anne F. Ackerley
		Anne F. Ackerley
		Chief Executive Officer (principal executive officer) of
		BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC
	Date: August 21, 2009
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC
	Date: August 21, 2009

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Anne F. Ackerley, Chief Executive Officer (principal executive officer) of BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC, certify that:

1. I have reviewed this report on Form N-Q of BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrants as of the end of the fiscal quarter for which the report is filed;

4. The registrants’ other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and

5. The registrants’ other certifying officer(s) and I have disclosed to the registrants’ auditors and the audit committee of the registrants’ board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.

Date: August 21, 2009

/s/ Anne F. Ackerley

Anne F. Ackerley

Chief Executive Officer (principal executive officer) of

BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC, certify that:

1. I have reviewed this report on Form N-Q of BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrants as of the end of the fiscal quarter for which the report is filed;

4. The registrants’ other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and

5. The registrants’ other certifying officer(s) and I have disclosed to the registrants’ auditors and the audit committee of the registrants’ board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.

Date: August 21, 2009

/s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Global Financial Services Fund, Inc. and Global Financial Services Master LLC