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 811-02739 and 811-10179

Name of Fund: BlackRock Basic Value Fund, Inc. and Master Basic Value LLC

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Basic Value Fund, Inc. and Master Basic Value LLC, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 06/30/2013

Date of reporting period: 03/31/2013

Item 1 – Schedule of Investments

  Schedule of Investments March 31, 2013 (Unaudited)   BlackRock Basic Value Fund, Inc (Percentages shown are based on Net Assets)

Mutual Fund	Value
Master Basic Value LLC	$	3,899,865,189
Total Investments (Cost – $ 2,789,694,597) – 100.0%		3,899,865,189
Liabilities in Excess of Other Assets – (0.0)%		(1,908,136	)
Net Assets – 100.0%	$	3,897,957,053

  Notes to Schedule of Investments

BlackRock Basic Value Fund, Inc (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Basic Value LLC (the “Master LLC”), which has the same investment objective and strategies as the Fund. As of March 31, 2013, the value of the investment and the percentage owned by the Fund of the Master LLC was $3,899,865,189 and 99%, respectively.

The Fund records its investment in the Master LLC at fair value. The Fund’s investment in the Master LLC is valued pursuant to the pricing policies approved by the Board of Directors of the Master LLC.

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

— Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Fund has the ability to access

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

— 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master LLC’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Master LLC’s most recent financial statements as contained in its semi-annual report.

As of March 31, 2013, the Fund’s investment in the Master LLC was classified as Level 2.

There were no transfers between levels during the period ended March 31, 2013.

BLACKROCK BASIC VALUE FUND, INC     MARCH 31, 2013 1

  Schedule of Investments March 31, 2013 (Unaudited)   Master Basic Value LLC (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense – 3.1%
Honeywell International, Inc.		744,555	$	56,102,219
Northrop Grumman Corp.		614,523		43,108,788
Raytheon Co.		393,604		23,139,979
				122,350,986
Airlines – 0.2%
Delta Air Lines, Inc. (a)		470,385		7,766,056
Auto Components – 1.3%
Lear Corp.		763,125		41,872,669
TRW Automotive Holdings Corp. (a)		156,274		8,595,070
				50,467,739
Automobiles – 1.5%
Ford Motor Co.		3,610,873		47,482,980
General Motors Co. (a)		393,979		10,960,496
				58,443,476
Capital Markets – 0.5%
State Street Corp.		310,982		18,375,926
Chemicals – 0.1%
Ashland, Inc.		79,600		5,914,280
Commercial Banks – 5.1%
KeyCorp		406,500		4,048,740
Regions Financial Corp.		3,862,214		31,631,533
U.S. Bancorp		1,565,775		53,126,746
Wells Fargo & Co.		3,046,024		112,672,428
				201,479,447
Commercial Services & Supplies – 1.3%
The ADT Corp.		340,339		16,656,191
Tyco International Ltd.		1,055,047		33,761,504
				50,417,695
Communications Equipment – 2.3%
Cisco Systems, Inc.		4,334,160		90,627,286
Construction & Engineering – 0.4%
Jacobs Engineering Group, Inc. (a)(b)		283,458		15,941,678
Consumer Finance – 3.2%
Capital One Financial Corp.		1,077,588		59,213,461
Discover Financial Services		1,487,055		66,679,546
				125,893,007
Diversified Financial Services – 8.7%
Citigroup, Inc.		3,431,041		151,789,254
JPMorgan Chase & Co.		3,267,424		155,071,943
The NASDAQ OMX Group, Inc.		1,105,507		35,707,876
				342,569,073
Electric Utilities – 0.5%
NV Energy, Inc.		498,413		9,983,212
PPL Corp.		331,240		10,371,124
				20,354,336

Common Stocks	Shares		Value
Electronic Equipment, Instruments & Components – 1.2%
Corning, Inc.		3,488,750	$	46,505,038
Energy Equipment & Services – 2.2%
Ensco Plc, Class A		305,715		18,342,900
Halliburton Co.		933,405		37,718,896
Noble Corp.		525,740		20,056,981
Transocean Ltd. (a)		240,170		12,479,233
				88,598,010
Food & Staples Retailing – 2.2%
CVS Caremark Corp.		114,500		6,296,355
The Kroger Co.		2,075,475		68,781,242
Walgreen Co.		213,675		10,188,024
				85,265,621
Food Products – 1.2%
Unilever NV - NY Shares		1,171,495		48,031,295
Gas Utilities – 0.4%
UGI Corp.		410,856		15,772,762
Health Care Equipment & Supplies – 6.0%
Medtronic, Inc.		2,266,006		106,411,642
St. Jude Medical, Inc.		1,441,761		58,304,815
Stryker Corp.		328,867		21,455,283
Zimmer Holdings, Inc.		640,756		48,197,666
				234,369,406
Health Care Providers & Services – 0.1%
Aetna, Inc.		76,137		3,892,123
Household Durables – 0.6%
Garmin Ltd.		153,196		5,061,596
Newell Rubbermaid, Inc.		703,902		18,371,842
				23,433,438
Household Products – 2.8%
Energizer Holdings, Inc.		495,439		49,410,131
Kimberly-Clark Corp.		500,927		49,080,827
The Procter & Gamble Co.		177,739		13,696,567
				112,187,525
Industrial Conglomerates – 3.2%
General Electric Co.		5,366,746		124,079,168
Insurance – 12.5%
ACE Ltd.		837,173		74,483,282
Aflac, Inc.		866,703		45,085,890
Hartford Financial Services Group, Inc.		3,375,123		87,078,173
Lincoln National Corp.		1,583,951		51,652,642
MetLife, Inc.		1,470,516		55,909,018
PartnerRe Ltd. (b)		224,880		20,938,577
Prudential Financial, Inc.		1,041,853		61,458,908
The Travelers Cos., Inc.		694,125		58,438,384
Willis Group Holdings Plc		301,379		11,901,457

  Portfolio Abbreviation

ADR  American Depositary Receipts

2 MASER BASIC VALUE LLC     MARCH 31, 2013

  Schedule of Investments (continued)   Master Basic Value LLC (Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Insurance (concluded)
XL Group Plc		833,913	$	25,267,564
				492,213,895
IT Services – 1.1%
The Western Union Co.		2,925,519		43,999,806
Leisure Equipment & Products – 0.2%
Hasbro, Inc.		152,009		6,679,275
Life Sciences Tools & Services – 0.8%
Agilent Technologies, Inc.		762,086		31,984,749
Machinery – 0.3%
Stanley Black & Decker, Inc.		145,349		11,768,909
Media – 7.8%
CBS Corp., Class B		95,970		4,480,839
Comcast Corp., Special Class A		1,682,887		66,675,983
The Interpublic Group of Cos., Inc.		1,295,569		16,881,264
Omnicom Group, Inc.		165,995		9,777,106
Time Warner Cable, Inc.		485,400		46,627,524
Time Warner, Inc.		884,094		50,941,496
Viacom, Inc., Class B		1,797,551		110,675,215
				306,059,427
Multiline Retail – 0.9%
Kohl’s Corp.		416,968		19,234,734
Target Corp.		238,671		16,337,030
				35,571,764
Multi-Utilities – 0.7%
Dominion Resources, Inc.		237,092		13,794,013
Public Service Enterprise Group, Inc.		367,801		12,630,286
				26,424,299
Oil, Gas & Consumable Fuels – 13.2%
Apache Corp.		104,396		8,055,195
Devon Energy Corp.		137,554		7,760,797
Exxon Mobil Corp.		1,324,644		119,363,671
Hess Corp.		920,720		65,932,759
Marathon Oil Corp.		3,598,383		121,337,475
Marathon Petroleum Corp.		300,066		26,885,914
Occidental Petroleum Corp.		349,352		27,378,716
Peabody Energy Corp.		374,285		7,916,128
Royal Dutch Shell Plc - ADR		570,604		37,180,557
Total SA - ADR		808,840		38,808,143
Valero Energy Corp.		1,330,050		60,503,975
				521,123,330

Common Stocks	Shares		Value
Pharmaceuticals – 10.9%
AstraZeneca Plc - ADR		174,400	$	8,716,512
Hospira, Inc. (a)(b)		198,191		6,506,611
Johnson & Johnson		1,544,200		125,898,626
Merck & Co., Inc.		2,712,132		119,957,598
Pfizer, Inc.		5,517,125		159,224,227
Warner Chilcott Plc, Class A		550,009		7,452,622
				427,756,196
Professional Services – 0.2%
Towers Watson & Co., Class A		125,223		8,680,458
Semiconductors & Semiconductor Equipment – 0.2%
Broadcom Corp., Class A		183,426		6,359,379
LSI Corp. (a)		277,629		1,882,325
				8,241,704
Software – 2.7%
Microsoft Corp.		2,280,601		65,247,995
Oracle Corp.		1,065,287		34,451,382
Symantec Corp. (a)		241,100		5,950,348
				105,649,725
Total Long-Term Investments (Cost – $2,802,982,376) – 99.6%				3,918,888,908

Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.09% (c)(d)		55,315,734		55,315,734
	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.23% (c)(d)(e)	$	35,583		35,582,555
Total Short-Term Securities (Cost – $90,898,289) – 2.3%				90,898,289
Total Investments (Cost – $2,893,880,665*) – 101.9%				4,009,787,197
Liabilities in Excess of Other Assets – (1.9)%				(75,784,166	)
Net Assets – 100.0%			$	3,934,003,031

  Notes to Schedule of Investments

* As of March 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	2,977,051,384
Gross unrealized appreciation	$	1,049,385,686
Gross unrealized depreciation		(16,649,873	)
Net unrealized appreciation	$	1,032,735,813

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

MASER BASIC VALUE LLC     MARCH 31, 2013 3

  Schedule of Investments (concluded)   Master Basic Value LLC

(c) Investments in issuers considered to be an affiliate of the Master LLC during the period ended March 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at June 30, 2012		Net Activity			Shares/ Beneficial Interest Held at March 31, 2013		Income		Realized Gain
BlackRock Liquidity Funds, TempFund, Institutional Class		1,060,695		54,255,039			55,315,734	$	53,200	$	1,182
BlackRock Liquidity Series LLC, Money Market Series	$	36,138,350	$	(555,795	)	$	35,582,555	$	41,782		–

(d) Represents the current yield as of report date.

(e) Security was purchased with the cash collateral from loaned securities. The Master LLC may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

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

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

— Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Master LLC has the ability to access

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master LLC’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master LLC’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master LLC’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the Master LLC’s investments categorized in the disclosure hierarchy as of March 31, 2013:

	Level 1		Level 2			Level 3	Total
Assets:
Investments:
Long Term Investments1	$	3,918,888,908		–		–	$	3,918,888,908
Short-Term Securities		55,315,734	$	35,582,555		–		90,898,289
Total	$	3,974,204,642	$	35,582,555		–	$	4,009,787,197
1 See above Schedule of Investments for values in each industry.
Certain of the Master LLC’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of March 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:
	Level 1		Level 2			Level 3	Total
Liabilities:
Bank overdraft		–	$	(36,336,251	)	–		$(36,336,251)
Collateral on securities loaned at value		–		(35,582,555	)	–		(35,582,555)
Total		–	$	(71,918,806	)	–		$(71,918,806)

There were no transfers between levels during the period ended March 31, 2013.

4 MASER BASIC VALUE LLC     MARCH 31, 2013

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 15d-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 Basic Value Fund, Inc. and Master Basic Value LLC
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Basic Value Fund, Inc. and Master Basic Value LLC
Date: May 24, 2013

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/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Basic Value Fund, Inc. and Master Basic Value LLC
Date: May 24, 2013
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Basic Value Fund, Inc. and Master Basic Value LLC
Date: May 24, 2013