N-CSR 1 globalgrowthfund.htm GLOBAL GROWTH FUND globalgrowthfund.htm - Produced by Pellegrini and Associates, Inc. | 134 Spring Street New York NY 10012 | (212) 925-5151

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-08327

Name of Fund: BlackRock Global Growth Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 08/31/2009

Date of reporting period: 08/31/2009

Item 1 – Report to Stockholders


EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Annual Report

AUGUST 31, 2009

BlackRock Fundamental Growth Principal Protected Fund

OF BLACKROCK PRINCIPAL PROTECTED TRUST

BlackRock Global Growth Fund, Inc.

BlackRock Focus Growth Fund, Inc.

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

Table of Contents

Dear Shareholder  3 
Annual Report:   
Fund Summaries  4 
About Fund Performance  10 
Disclosure of Expenses  10 
Derivative Financial Instruments  10 
Financial Statements:   
   Schedules of Investments  11 
   Statements of Assets and Liabilities  17 
   Statements of Operations  19 
   Statements of Changes in Net Assets  20 
Financial Highlights  21 
Notes to Financial Statements  28 
Report of Independent Registered Public Accounting Firm  39 
Important Tax Information (Unaudited)  39 
Master LLC Portfolio Information  40 
Master LLC Financial Statements:   
   Schedule of Investments  41 
   Statement of Assets and Liabilities  43 
   Statement of Operations  44 
   Statements of Changes in Net Assets  45 
Master LLC Financial Highlights  45 
Master LLC Notes to Financial Statements  46 
Master LLC Report of Independent Registered Public Accounting Firm  50 
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  51 
Officers and Directors  55 
Additional Information  58 
Mutual Fund Family  59 

2 ANNUAL REPORT AUGUST 31, 2009

Dear Shareholder

The past 12 months reveal two distinct economic and market backdrops — one of extreme investor pessimism and decided weakness, and another of

increased optimism amid growing signs of recovery. The start of the period was characterized by the former. September through December 2008 saw the

surge of the economic storm that sparked the worst recession in decades. The months featured, among others, the infamous collapse of Lehman Brothers,

uniformly poor economic data and plummeting investor confidence that resulted in massive government intervention (on a global scale) in the financial sys-

tem and the economy. The tide turned dramatically in March 2009, however, on the back of new US government initiatives, as well as better-than-expected

economic data and upside surprises in corporate earnings.

In this environment, US equities contended with extraordinary volatility, posting steep declines through mid-March before embarking on a rally that resulted

in strong year-to-date returns for all major indexes. June saw a brief correction, though it appeared to be induced more by profit-taking and portfolio rebal-

ancing than by a change in the economic outlook. The experience in international markets was similar to that in the United States. Notably, emerging mar-

kets staged a strong comeback in 2009 as these areas of the globe have generally seen a stronger acceleration in economic activity.

In fixed income markets, the flight-to-safety premium in Treasury securities prevailed during the equity market downturn, but more recently, ongoing concerns

about deficit spending, debt issuance, inflation and dollar weakness have kept Treasury yields higher. At the same time, relatively attractive yields and dis-

tressed valuations among non-Treasury assets, coupled with a more favorable macro environment, drew in sidelined investors and triggered a sharp recovery

in these sectors. This was particularly evident in the high yield sector, which has firmly outpaced all other taxable asset classes since the start of 2009. The

municipal bond market enjoyed strong returns in 2009 as well, buoyed by a combination of attractive valuations, robust retail investor demand and a slow-

down in forced selling. Moreover, the Build America Bond program has alleviated supply pressures, creating a more favorable technical environment. In par-

ticular, August marked the municipal market’s best monthly performance in more than 20 years, as the asset class has regained year-to-date all that was

lost during 2008.

Overall, results for the major benchmark indexes were mixed. Higher-risk assets (i.e., equities and high yield bonds) and Treasuries reflected a bifurcated

market, while less-risky fixed income investments posted stable, modest returns.

Total Returns as of August 31, 2009  6-month  12-month 
US equities (S&P 500 Index)  40.52%  (18.25)% 
Small cap US equities (Russell 2000 Index)  48.25  (21.29) 
International equities (MSCI Europe, Australasia, Far East Index)  53.47  (14.95) 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index*)  (1.61)  6.77 
Taxable fixed income (Barclays Capital US Aggregate Bond Index)  5.95  7.94 
Tax-exempt fixed income (Barclays Capital Municipal Bond Index)  5.61  5.67 
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  36.31  7.00 
* Formerly a Merrill Lynch Index.     
       Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.   
The market environment has visibly improved since the beginning of the year, but a great deal of uncertainty and risk remain. Through periods of market tur- 
bulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. We invite you to visit www.blackrock.com/funds for our 
most current views on the economy and financial markets. As always, we thank you for entrusting BlackRock with your investments, and we look forward to 
continuing to serve you in the months and years ahead.     


Announcement to Shareholders

On June 16, 2009, BlackRock, Inc. announced that it received written notice from Barclays PLC (“Barclays”) in which Barclays’ Board of Directors had

accepted BlackRock’s offer to acquire Barclays Global Investors (“BGI”). At a special meeting held on August 6, 2009, BlackRock’s proposed purchase of

BGI was approved by an overwhelming majority of Barclays’ voting shareholders, an important step toward closing the transaction. The combination of

BlackRock and BGI will bring together market leaders in active and index strategies to create the preeminent asset management firm. The transaction is

scheduled to be completed in the fourth quarter of 2009, subject to important fund shareholder and regulatory approvals.

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Fund Summary as of August 31, 2009 BlackRock Fundamental Growth Principal Protected Fund

Portfolio Management Commentary

On September 9, 2009, the Board of Directors approved a proposal to
liquidate the Fund on or about November 13, 2009.

How did the Fund perform?

• Effective November 14, 2008, the Fund transitioned to a new portfolio
management team. As part of this transition, the Fund’s benchmark was
changed from the S&P 500 Citigroup Growth Index to the Russell 1000
Growth Index to more accurately reflect the universe of equity securities in
which the Fund invests.

• During the 12-month period, the Fund outperformed both its current and
former all-equity benchmarks, the Russell 1000 Growth Index and the S&P
500 Citigroup Growth Index, respectively, and the broad-market S&P 500
Index.

• The Fund, which was primarily invested in US Treasury obligations during the
year, underperformed the Barclay’s Capital US Aggregate Bond Index.

What factors influenced performance?

• The equity market declined sharply during the reporting period. The Fund’s
allocation to fixed income protected it from experiencing such a fall,
accounting for the majority of its outperformance.

• Within the equity allocation, positions in materials and consumer staples
added value during the period. The highly volatile metals and mining indus-
try within materials provided opportunities to generate absolute and relative
outperformance. Copper producer Freeport-McMoRan Copper & Gold, Inc.
benefited from the rapid rebound in copper prices in 2009, while gold
miner Agnico-Eagle Mines Ltd. showed relative strength during this period

of heightened gold prices. The Fund’s position in consumer staples
accounted for its outperformance relative to its benchmark, the Russell
1000 Growth Index. During the market sell-off at the beginning of the
year, the Fund held an overweight in this defensive sector, but moved to
an underweight in time for the extreme rally that left consumer staples
behind in favor of more aggressive stocks.

• While the Fund’s overweight position in health care contributed to relative
performance, stock selection within the sector was the largest detractor for
the year, as it saw blockbuster acquisitions of both Genentech, Inc. and
Schering-Plough Corp., two constituents within the Russell 1000 Growth
Index that we did not hold. In addition, two stocks we did own, Covance, Inc.
and Intuitive Surgical, Inc., hindered performance.

Describe recent portfolio activity.

• The Fund’s fixed income component was invested in US Treasury zero-coupon
bonds with maturities of November 2009.

• The new portfolio management team transitioned the Fund to reflect their
current highest conviction positions and, in doing so, made numerous
changes. Some of the most notable changes during the last 12 months
included raising the weightings in information technology (“IT”) and industri-
als, and reducing consumer staples and materials.

Describe Fund positioning at period end.

• Within the equity segment, the Fund held overweights relative to the Russell
1000 Growth Index in IT, energy, health care and industrials, while it held
notable underweights in consumer staples and utilities.

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

Portfolio Information   
  Percent of 
  Long-Term 
Portfolio Composition  Investments 
U.S. Treasury Obligations  91% 
Common Stocks  9 

  Percent of 
Sector Allocation  Common 
(Equity Investments)  Stocks 
Information Technology  33% 
Health Care  18 
Industrials  12 
Consumer Staples  11 
Consumer Discretionary  11 
Energy  6 
Financials  5 
Materials  3 
Telecommunication Services  1 
For Fund compliance purposes, the Fund’s sector classifications refer to any one 
or more of the sector sub-classifications used by one or more widely recognized 
     market indexes or ratings group indexes, and/or as defined by Fund management. 
     This definition may not apply for purposes of this report which may combine sector 
     sub-classifications for reporting ease.   

4 ANNUAL REPORT AUGUST 31, 2009

BlackRock Fundamental Growth Principal Protected Fund

Total Return Based on a $10,000 Investment

1 Assuming maximum sales charge, if any, transaction costs and other operating expenses, including advisory fees. Institutional Shares do not
have a sales charge.
2 The Fund consists primarily of common stocks and U.S. Treasury bonds, including zero coupon bonds.
3 This unmanaged Index covers 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly New York Stock
Exchange (“NYSE”) issues) representing about 75% of NYSE market capitalization and 30% of NYSE issues.
4 This unmanaged broad-based index is a subset of the Russell 1000 Index consisting of those Russell 1000 securities with a greater-than-
average growth orientation. The Fund now uses this index as its benchmark rather than the S&P 500 Citigroup Growth Index because Fund
management believes it better reflects the Fund’s investment strategies.
5 This unmanaged market-weighted Index is comprised of investment grade corporate bonds (rated BBB or better), mortgages and U.S. Treasury
and government agency issues with at least one year to maturity.
6 This unmanaged Index is designed to provide a comprehensive measure of large-cap U.S. equity “growth” performance. It is an unmanaged
float adjusted market capitalization weighted index comprised of stocks representing approximately half the market capitalization of the S&P
500 Index that have been identified as being on the growth end of the growth-value spectrum.
7 Commencement of operations.

     Performance Summary for the Period Ended August 31, 2009               
        Average Annual Total Returns8     
                             1 Year  5 Years    Since Inception9 
  6-Month     w/o sales  w/sales  w/o sales  w/sales  w/o sales  w/sales 
  Total Returns  charge  charge  charge  charge  charge  charge 
Institutional  1.34%    (10.94)%  N/A   0.79%  N/A              1.44%  N/A 
Investor A  1.23  (11.12)  (15.78)%  0.55  (0.53)%               1.19  0.39% 
Investor B  0.89  (11.76)  (15.57)  (0.21)  (0.52)               0.43  0.43 
Investor C  0.88  (11.83)  (12.68)  (0.22)  (0.22)               0.42  0.42 
S&P 500 Index  40.52  (18.25)  N/A  0.49  N/A               4.21  N/A 
Russell 1000 Growth Index  38.51  (16.76)  N/A  1.21  N/A               3.96  N/A 
Barclays Capital US Aggregate Bond Index  5.95  7.94  N/A  4.96  N/A               4.92  N/A 
S&P 500 Citigroup Growth Index  34.60  (16.08)  N/A  0.32  N/A               3.25  N/A 
   8 Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund 
       Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees.         
   9 The Fund commenced operations on 11/13/02.                 
       N/A — Not applicable as share class and index do not have a sales charge.             
       Past performance is not indicative of future results.                 
     Expense Example                 
    Actual      Hypothetical11     
  Beginning  Ending    Beginning       Ending     
  Account Value  Account Value  Expenses Paid  Account Value  Account Value  Expenses Paid 
  March 1, 2009  August 31, 2009  During the Period10             March 1, 2009 August 31, 2009  During the Period10 
Institutional  $1,000  $1,013.40  $10.10    $1,000     $1,015.17    $10.11 
Investor A  $1,000  $1,012.30  $11.36    $1,000     $1,013.91    $11.37 
Investor B  $1,000  $1,008.90  $15.14    $1,000     $1,010.13    $15.15 
Investor C  $1,000  $1,008.80  $15.14    $1,000     $1,010.13    $15.15 
 10 For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.99% for Institutional, 2.24% for Investor A, 2.99% for Investor B, and 2.99% for 
       Investor C), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).       
 11 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.     
       See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.           
       If you would like a copy, free of charge, of the most recent annual or quarterly report of Main Place Funding, LLC, the Fund’s Warranty Provider, or its parent corporation, 
       Bank of America Corporation, please contact the Fund at (800) 441-7762.             
                                                         ANNUAL REPORT        AUGUST 31, 2009                       5 

Fund Summary as of August 31, 2009 BlackRock Global Growth Fund, Inc.

Portfolio Management Commentary

How did the Fund perform?

• During the 12-month period, the Fund underperformed its current bench-
mark, the S&P Global Broad Market Index (BMI), which is a comprehensive,
rules based index designed to measure global stock market performance.
The Fund now uses this index as its benchmark rather than the MSCI World
Index because Fund management believes it is a more appropriate meas-
ure of Fund management’s investment style and is better aligned with the
Fund’s investment strategies. The Fund’s Institutional, Investor A and Class R
Shares outperformed its former benchmark, the MSCI World Index, while
Investor B and Investor C Shares lagged that index.

• The current portfolio management team began managing the fund in
November 2008.

What factors influenced performance?

• Stock selection in financials hindered performance relative to the S&P
Global BMI, as returns within the sector were unable to keep pace with the
market’s recent, impressive rally. Despite strong absolute returns, results
within the sector hurt comparative results. Other areas of weakness for the
period included stock selection within information technology (“IT”), particu-
larly semiconductors and hardware, as well as industrials, where airline
and trucking positions weighed most on returns. From an allocation per-
spective, an overweight in the oil & gas exploration & production sub-
industry detracted. Geographically, underweights in Asia ex-Japan, Europe
and Latin America hampered results. Finally, the Fund’s cash allocation
stemmed performance as markets advanced.

• On the positive side, materials and consumer staples contributed most
significantly, resulting mainly from strong stock selection. Within materials,

we experienced strong gains from several mining stocks that benefited
from rising commodities prices. An overweight in gold miners for much of
the period also was beneficial. We remained underweight in the generally-
defensive consumer staples sector. However, our positioning within the
sector was favorable and we benefited from exposure to some more
economically-sensitive areas, such as personal products and agricultural
retailers. From an allocation perspective, underweights in utilities and
health care were sources of relative strength, as was our financials expo-
sure. Regionally, overweights in emerging Asia and North America and an
underweight in Japan contributed as well.

Describe recent portfolio activity.

• At the start of the period, we favored defensive names, only to begin cutting
our exposure in the fourth quarter of 2008 as valuations for cyclical com-
panies reached levels that warranted attention. Simultaneously, we began
adding back to cyclical industries and financials in an effort to cover our
existing underweights. The goal was to be able to participate if markets
began to normalize, knowing that defensives would lag in that environment.
After the strong gains experienced since March, we pared back exposure to
areas like consumer discretionary, energy and IT, bringing those weights in
line with the benchmark. Geographically, we added back to European names
during the year and have recently begun taking profits in our long-held over-
weight in emerging Asia.

Describe Fund positioning at period end.

• At period end, the Fund held approximately 4% in cash, and was well-
diversified with very modest sector, style, geographic and market risk expo-
sures. We believe caution is warranted as earnings visibility remains poor
and economic recoveries from financial crises have historically been weak.

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

     Portfolio Information         
    Percent of    Percent of 
    Long-Term    Long-Term 
Ten Largest Holdings    Investments  Geographic Allocation  Investments 
Roche Holding AG             1%  United States  43% 
eBay, Inc.             1  United Kingdom  8 
Pfizer, Inc.             1  Japan  7 
GlaxoSmithKline Plc             1  Switzerland  6 
Nestle SA Registered Shares             1  France  4 
Itochu Corp.             1  Canada  3 
Chevron Corp.             1  Germany  3 
Novartis AG Registered Shares           1  Spain  2 
Manpower, Inc.             1  Singapore  2 
Tyco International Ltd.             1  Hong Kong  2 
      Other1  20 
      1 Other includes a 1% holding in each of the following countries: Taiwan, South Korea, 
           Russia, India, China, Netherlands, Luxembourg, Brazil, South Africa, Australia, Sweden, 
      Italy, Cayman Islands, Bermuda, Belgium, Norway, New Zealand, Mexico, Kazakhstan 
           and Finland.   
6  ANNUAL REPORT      AUGUST 31, 2009 

BlackRock Global Growth Fund, Inc.

Total Return Based on a $10,000 Investment

1 Assuming maximum sales charge, if any, transaction costs and other operating expenses, including advisory fees. Institutional Shares do not
have a sales charge.
2 The Fund invests primarily in equity securities with a particular emphasis on companies located in various foreign countries and the U.S.
that have exhibited above-average growth rates in earnings.
3 This is a comprehensive, rules based index designed to measure global stock market performance. The Fund now uses this index as its
benchmark rather than the MSCI World Index because Fund management believes it is a more appropriate measure of Fund management’s
investment style and is better aligned with the Fund’s investment strategies.
4 This unmanaged market capitalization-weighted index is comprised of a representative sampling of large-, medium- and small-capitalization
companies in 22 countries, including the United States.

     Performance Summary for the Period Ended August 31, 2009               
        Average Annual Total Returns5     
                             1 Year                     5 Years      10 Years 
  6-Month          w/o sales       w/sales     w/o sales  w/sales  w/o sales    w/sales 
  Total Returns  charge  charge         charge  charge  charge     charge 
Institutional    51.10%     (16.45)%  N/A         9.68%  N/A                       2.08%  N/A 
Investor A  50.88  (16.71)    (21.08)%         9.37  8.20%                       1.82  1.27% 
Investor B  50.18  (17.46)  (21.18)         8.46  8.17                       1.18  1.18 
Investor C  50.25  (17.33)  (18.16)         8.51  8.51                       1.02  1.02 
Class R  50.60  (17.06)  N/A         9.00  N/A                       1.63  N/A 
S&P Global Broad Market Index  52.08  (15.41)  N/A         5.09  N/A                       2.69  N/A 
MSCI World Index  46.66  (17.21)  N/A         3.09  N/A                       0.43  N/A 
   5 Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund 
       Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees.         
       N/A — Not applicable as share class and index do not have a sales charge.             
       Past performance is not indicative of future results.                 
     Expense Example                 
    Actual        Hypothetical7     
  Beginning  Ending    Beginning       Ending     
  Account Value  Account Value  Expenses Paid               Account Value  Account Value  Expenses Paid 
  March 1, 2009  August 31, 2009  During the Period6             March 1, 2009 August 31, 2009  During the Period6 
Institutional  $1,000  $1,511.00  $ 6.96    $1,000     $1,019.65    $ 5.60 
Investor A  $1,000  $1,508.80  $ 8.92    $1,000     $1,018.09    $ 7.17 
Investor B  $1,000  $1,501.80  $14.13    $1,000     $1,013.91    $11.37 
Investor C  $1,000  $1,502.50  $14.07    $1,000     $1,013.96    $11.32 
Class R  $1,000  $1,506.00  $12.00    $1,000     $1,015.62    $ 9.65 
   6 For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.10% for Institutional, 1.41% for Investor A, 2.24% for Investor B, 2.23% for Investor C 
       and 1.90% for Class R), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).     
   7 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.     
       See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.           
                                                         ANNUAL REPORT                       AUGUST 31, 2009    7 

Fund Summary as of August 31, 2009 BlackRock Focus Growth Fund, Inc.

Portfolio Management Commentary

How did the Fund perform?

• For the 12-month period, through its investment in Master Focus Growth
LLC (the “Master LLC”), the Fund’s Institutional and Investor A Shares out-
performed the current benchmark, the Russell 1000 Growth Index, while
Investor B and Investor C Shares trailed the index. All share classes under-
performed the former benchmark, the S&P 500 Citigroup Growth Index, but
outperformed the broad-market S&P 500 Index.

• While stock selection had a pronounced negative effect during the
period, a major cash distribution to the Master LLC generated its
relative outperformance.

What factors influenced performance?

• At the end of December, the Master LLC received the settlement proceeds
from a class-action suit related to fraud in one of its investments from sev-
eral years ago. This resulted in a one-time cash inflow distributed across all
investors, producing a large jump in the Fund’s net asset value, and resulting
in strong performance for the year as a whole.

• The Master LLC’s investments in the materials sector added value during the
period. The highly volatile metals and mining industry within materials pro-
vided opportunities to generate absolute and relative outperformance.
Copper producer Freeport-McMoRan Copper & Gold, Inc. benefited from the
rapid rebound in copper prices in 2009, while gold miner Agnico-Eagle Mines
Ltd. showed relative strength during this period of heightened gold prices.

• Conversely, stock selection across several sectors detracted from perform-
ance, most notably consumer discretionary and health care. In consumer

discretionary, several investments in specialty retail, including GameStop
Corp. and Dick’s Sporting Goods, Inc., declined amid the challenging con-
sumer environment. An investment in apparel manufacturer Polo Ralph
Lauren Corp. also hindered sector performance. Within health care, while
the Master LLC’s overweight contributed to relative performance, stock selec-
tion in the sector was a significant detractor. The Master LLC’s investment in
the pharmaceutical industry accounted for the majority of the underperfor-
mance. During the period, stable growth holdings Abbott Laboratories and
Johnson & Johnson underperformed the rest of the industry, which was led
by a sharp rise in Schering-Plough Corp., a Russell 1000 Growth Index con-
stituent that surged on the news of its acquisition by Merck & Co. We sold
Johnson & Johnson, but maintain a position in Abbott Laboratories, Inc.

Describe recent portfolio activity.

A new portfolio management team assumed responsibility for the Master
LLC in November 2008. At that time, the new team transitioned the Master
LLC to reflect their highest conviction positions and, in doing so, made
numerous changes. Some of the most notable changes during the 12
months included raising the weightings in information technology (“IT”),
consumer staples and healthcare, and significantly lowering exposure
to industrials.

Describe Fund positioning at period end.

Relative to the Russell 1000 Growth Index, the Master LLC held overweight
positions in health care, IT and energy, while it held notable underweights in
consumer staples and utilities. The Master LLC also held approximately 2%
in cash.

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

8 ANNUAL REPORT AUGUST 31, 2009

BlackRock Focus Growth Fund, Inc.

Total Return Based on a $10,000 Investment

1 Assuming maximum sales charge, transaction costs and other operating expenses, including advisory and administration fees, if any.
Institutional Shares do not have a sales charge.
2 The Fund invests all of its assets in Master Focus Growth LLC (the “Master LLC”). The Master LLC invests primarily in common stocks of approxi-
mately 25 to 35 companies that Fund management believes have strong earnings and revenue growth and capital appreciation potential.
3 This unmanaged Index covers 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE issues),
representing about 75% of NYSE market capitalization and 30% of NYSE issues.
4 This unmanaged broad-based index is a subset of the Russell 1000 Index consisting of those Russell 1000 securities with a greater-than-
average growth orientation. The Fund now uses this index as its benchmark rather than the S&P 500 Citigroup Growth Index because Fund
management believes the Russell 1000 Growth Index is a more appropriate measure of Fund management’s investment style and is better
aligned with the Fund’s investment strategy.
5 This unmanaged Index is designed to provide a comprehensive measure of large-cap U.S. equity “growth” performance. It is an unmanaged
float adjusted market capitalization weighted index comprised of stocks representing approximately half the market capitalization of the
S&P 500 Index that have been identified as being on the growth end of the growth-value spectrum.
6 Commencement of operations.

     Performance Summary for the Period Ended August 31, 2009               
        Average Annual Total Returns7     
                             1 Year  5 Years    Since Inception8 
  6-Month           w/o sales  w/sales  w/o sales  w/sales  w/o sales  w/sales 
  Total Returns  charge  charge  charge  charge  charge  charge 
Institutional           32.43%           (16.24)%  N/A  5.92%  N/A  (15.77)%  N/A 
Investor A  31.94  (16.67)  (21.04)%  5.55  4.42%  (16.05)  (16.52)% 
Investor B  32.33  (16.98)  (20.72)  4.68  4.35  (16.65)  (16.65) 
Investor C  31.58  (17.45)  (18.28)  4.56  4.56  (16.77)  (16.77) 
S&P 500 Index  40.52  (18.25)  N/A  0.49  N/A  (1.58)  N/A 
Russell 1000 Growth Index  38.51  (16.76)  N/A  1.21  N/A  (5.71)  N/A 
S&P 500 Citigroup Growth Index  34.60  (16.08)  N/A  0.32  N/A  (4.78)  N/A 
   7 Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund 
       Performance” on page 10 for a detailed description of share classes, including any related sales charges and fees.         
   8 The Fund commenced operations on 3/03/00.                 
       N/A — Not applicable as share class and index do not have a sales charge.             
       Past performance is not indicative of future results.                 
     Expense Example                 
    Actual      Hypothetical10     
  Beginning  Ending    Beginning       Ending     
  Account Value  Account Value  Expenses Paid  Account Value  Account Value  Expenses Paid 
  March 1, 2009  August 31, 2009  During the Period9             March 1, 2009 August 31, 2009  During the Period9 
Institutional  $1,000  $1,324.30  $10.37    $1,000  $1,016.28    $ 9.00 
Investor A  $1,000  $1,319.40  $12.98    $1,000  $1,014.01    $11.27 
Investor B  $1,000  $1,323.30  $14.64    $1,000  $1,012.60    $12.68 
Investor C  $1,000  $1,315.80  $17.34    $1,000  $1,010.23    $15.05 
   9 For each class of the Fund, expenses are equal to the expense ratio for the class (1.77% for Institutional, 2.22% for Investor A, 2.50% for Investor B, and 2.97% for Investor C), 
       multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).         
 10 Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.     
       See “Disclosure of Expenses” on page 10 for further information on how expenses were calculated.           
                                                         ANNUAL REPORT        AUGUST 31, 2009                       9 

About Fund Performance

• Institutional Shares are not subject to any sales charge. Institutional
Shares bear no ongoing distribution or service fees and are available only
to eligible investors.

• Investor A Shares incur a maximum initial sales charge (front-end load) of
5.25% and a service fee of 0.25% per year (but no distribution fee).

• Investor B Shares are subject to a maximum contingent deferred sales
charge of 4.50% declining to 0% after six years. In addition, Investor B
Shares are subject to a distribution fee of 0.75% per year and a service
fee of 0.25% per year. These shares automatically convert to Investor A
Shares after approximately eight years. (There is no initial sales charge for
automatic share conversions.) All returns for periods greater than eight
years reflect this conversion. Investor B Shares of the Funds are no longer
available for purchase except through exchanges, dividend reinvestments,
and for purchase by certain qualified employee benefit plans.

• Investor C Shares are subject to a 1% contingent deferred sales charge if
redeemed within one year of purchase. In addition, Investor C Shares are
subject to a distribution fee of 0.75% and a service fee of 0.25%.

• Class R Shares (available only to BlackRock Global Growth Fund, Inc.) do
not incur a maximum initial sales charge (front-end load) or deferred sales

charge. These shares are subject to a distribution fee of 0.25% per year and
a service fee of 0.25% per year. Class R Shares are available only to certain
retirement plans. Prior to January 3, 2003, Class R Share performance
results are those of Institutional Shares (which have no distribution or service
fees) restated to reflect the Class R Share fees.

Performance information reflects past performance and does not guarantee
future results. Current performance may be lower or higher than the per-
formance data quoted. Refer to www.blackrock.com/funds to obtain per-
formance data current to the most recent month-end. Performance results
do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares. Figures shown in
the performance tables on the previous pages assume reinvestment of all
dividends and capital gain distributions, if any, at net asset value on the
ex-dividend date. Investment return and principal value of shares will
fluctuate so that shares, when redeemed, may be worth more or less
than their original cost. Dividends paid to each class of shares will vary
because of the different levels of service, distribution and transfer agency
fees applicable to each class, which are deducted from the income avail-
able to be paid to shareholders.

Disclosure of Expenses

Shareholders of these Funds may incur the following charges: (a)
expenses related to transactions, including sales charges, redemption fees
and exchange fees; and (b) operating expenses including advisory fees,
service and distribution fees including 12b-1 fees, and other Fund
expenses. The expense example on the previous pages (which is based on
a hypothetical investment of $1,000 invested on March 1, 2009 and held
through August 31, 2009) is intended to assist shareholders both in cal-
culating expenses based on an investment in the Funds and in comparing
these expenses with similar costs of investing in other mutual funds.

The table provides information about actual account values and actual
expenses. In order to estimate the expenses a shareholder paid during
the period covered by this report, shareholders can divide their account
value by $1,000 and then multiply the result by the number correspon-
ding to their Fund and share class under the headings “Expenses Paid
During the Period.”

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

The expenses shown in the table are intended to highlight shareholders’
ongoing costs only and do not reflect any transactional expenses, such as
sales charges, redemption fees or exchange fees. Therefore, the hypotheti-
cal examples are useful in comparing ongoing expenses only, and will not
help shareholders determine the relative total expenses of owning differ-
ent funds. If these transactional expenses were included, shareholder
expenses would have been higher.

Derivative Financial Instruments

The Funds may invest in various derivative instruments, including financial
futures contracts, foreign currency exchange contracts, options and written
option contracts, as specified in Note 2 of the Notes to Financial State-
ments, which constitute forms of economic leverage. Such instruments
are used to obtain exposure to a market without owning or taking physical
custody of securities or to hedge market and/or interest rate risks. Such
derivative instruments involve risks, including the imperfect correlation
between the value of a derivative instrument and the underlying asset,
possible default of the counterparty to the transaction and illiquidity of
the derivative instrument.

The Funds’ ability to successfully use a derivative instrument depends on
the investment advisor’s ability to accurately predict pertinent market
movements, which cannot be assured. The use of derivative instruments
may result in losses greater than if they had not been used, may require a
Fund to sell or purchase portfolio securities at inopportune times or for
distressed values, may limit the amount of appreciation a Fund can realize
on an investment or may cause a Fund to hold a security that it might
otherwise sell. The Funds’ investments in these instruments are discussed
in detail in the Notes to Financial Statements.

10 ANNUAL REPORT AUGUST 31, 2009

Schedule of Investments August 31, 2009

BlackRock Fundamental Growth Principal Protected Fund
(Percentages shown are based on Net Assets)

Common Stocks  Shares  Value 
Aerospace & Defense — 0.1%     
Honeywell International, Inc.  670  $ 24,629 
Air Freight & Logistics — 0.3%     
C.H. Robinson Worldwide, Inc.  680  38,257 
United Parcel Service, Inc., Class B  1,310  70,033 
    108,290 
Airlines — 0.1%     
Delta Air Lines, Inc. (a)  6,150  44,403 
Beverages — 0.3%     
The Coca-Cola Co.  1,750  85,348 
PepsiCo, Inc.  630  35,702 
    121,050 
Biotechnology — 0.4%     
Amgen, Inc. (a)  1,230  73,480 
Celgene Corp. (a)  960  50,083 
Genzyme Corp. (a)  500  27,855 
    151,418 
Capital Markets — 0.1%     
The Goldman Sachs Group, Inc.  300  49,638 
Chemicals — 0.1%     
Ecolab, Inc.  710  30,026 
Communications Equipment — 0.6%     
Cisco Systems, Inc. (a)  5,000  108,000 
QUALCOMM, Inc.  2,740  127,191 
    235,191 
Computers & Peripherals — 0.8%     
Apple, Inc. (a)  1,110  186,713 
Hewlett-Packard Co.  1,200  53,868 
International Business Machines Corp.  420  49,581 
Seagate Technology  2,100  29,085 
    319,247 
Diversified Financial Services — 0.2%     
CME Group, Inc.  150  43,656 
JPMorgan Chase & Co.  940  40,852 
    84,508 
Energy Equipment & Services — 0.1%     
Schlumberger Ltd.  390  21,918 
Transocean Ltd. (a)  426  32,308 
    54,226 
Food & Staples Retailing — 0.2%     
Wal-Mart Stores, Inc.  1,540  78,340 
Health Care Equipment & Supplies — 0.3%     
Boston Scientific Corp. (a)  6,620  77,785 
Zimmer Holdings, Inc. (a)  920  43,562 
    121,347 
Health Care Providers & Services — 0.4%     
Medco Health Solutions, Inc. (a)  1,010  55,772 
UnitedHealth Group, Inc.  2,240  62,720 
WellPoint, Inc. (a)  920  48,622 
    167,114 
Health Care Technology — 0.1%     
Cerner Corp. (a)  380  23,450 

Common Stocks  Shares  Value 
Hotels, Restaurants & Leisure — 0.2%     
Las Vegas Sands Corp. (a)  620  $ 8,841 
McDonald’s Corp.  510  28,682 
Starbucks Corp. (a)  940  17,851 
Starwood Hotels & Resorts Worldwide, Inc.  380  11,316 
    66,690 
Household Products — 0.2%     
Clorox Co.  580  34,272 
The Procter & Gamble Co.  1,230  66,555 
    100,827 
Industrial Conglomerates — 0.2%     
3M Co.  1,090  78,589 
Insurance — 0.1%     
MetLife, Inc.  1,030  38,893 
Internet & Catalog Retail — 0.1%     
Amazon.com, Inc. (a)  710  57,645 
Internet Software & Services — 0.4%     
Baidu.com, Inc. — ADR (a)  70  23,104 
Google, Inc., Class A (a)  280  129,268 
    152,372 
Life Sciences Tools & Services — 0.0%     
Covance, Inc. (a)  290  15,399 
Machinery — 0.3%     
Cummins, Inc.  1,110  50,305 
Danaher Corp.  1,450  88,030 
    138,335 
Media — 0.1%     
CBS Corp., Class B  3,370  34,879 
Metals & Mining — 0.2%     
Agnico-Eagle Mines Ltd.  520  29,848 
Freeport-McMoRan Copper & Gold, Inc., Class B  450  28,341 
United States Steel Corp.  560  24,517 
    82,706 
Multiline Retail — 0.3%     
JCPenney Co., Inc.  890  26,736 
Kohl’s Corp. (a)  1,540  79,449 
    106,185 
Oil, Gas & Consumable Fuels — 0.3%     
Exxon Mobil Corp.  560  38,724 
PetroHawk Energy Corp. (a)  2,130  45,859 
Petroleo Brasileiro SA — ADR  780  30,919 
Range Resources Corp.  520  25,152 
    140,654 
Personal Products — 0.1%     
Avon Products, Inc.  1,300  41,431 
Pharmaceuticals — 0.4%     
Abbott Laboratories  1,450  65,583 
Pfizer, Inc.  2,610  43,587 
Teva Pharmaceutical Industries Ltd. — ADR  940  48,410 
    157,580 
Professional Services — 0.0%     
Manpower, Inc.  320  16,544 

See Notes to Financial Statements.

ANNUAL REPORT AUGUST 31, 2009 11

Schedule of Investments (concluded)

BlackRock Fundamental Growth Principal Protected Fund
(Percentages shown are based on Net Assets)

Common Stocks  Shares     Value 
Semiconductors & Semiconductor     
Equipment — 0.5%     
Broadcom Corp., Class A (a)           1,820 $  51,779 
Lam Research Corp. (a)  1,390  42,673 
Micron Technology, Inc. (a)  3,420  25,205 
Nvidia Corp. (a)  2,210  32,089 
PMC-Sierra, Inc. (a)  4,170  37,864 
    189,610 
Software — 0.7%     
Activision Blizzard, Inc. (a)  2,780  32,276 
Check Point Software Technologies Ltd. (a)  1,740  48,494 
Microsoft Corp.  5,060  124,729 
Oracle Corp.  1,300  28,431 
Salesforce.com, Inc. (a)  800  41,496 
    275,426 
Specialty Retail — 0.3%     
CarMax, Inc. (a)  1,620  28,042 
Home Depot, Inc.  1,340  36,569 
Ross Stores, Inc.  780  36,379 
    100,990 
Tobacco — 0.1%     
Philip Morris International, Inc.  1,160  53,024 
Wireless Telecommunication Services — 0.1%     
American Tower Corp., Class A (a)  1,070  33,865 
Total Long-Term Investments     
(Cost — $2,738,303) — 8.7%    3,494,521 
  Par   
Short-Term Securities  (000)   
U.S. Treasury STRIPS (b):     
     0.43%, 11/15/09  $ 1,003  1,002,754 
     1.04%, 11/15/09  2,571  2,569,347 
     3.34%, 11/15/09  33,480  33,476,418 
Total Short-Term Securities     
(Cost — $36,818,543) — 92.0%    37,048,519 
Total Investments (Cost — $39,556,846*) — 100.7%    40,543,040 
Liabilities in Excess of Other Assets — (0.7)%    (286,648) 
Net Assets — 100.0%  $ 40,256,392 
* The cost and unrealized appreciation (depreciation) of investments as of August 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost  $ 40,069,925 
       Gross unrealized appreciation  $ 490,661 
       Gross unrealized depreciation    (17,546) 
       Net unrealized appreciation  $ 473,115 
(a) Non-income producing security.     
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as of 
       report date.     
 • Investments in companies considered to be an affiliate of the Fund, for purposes 
       of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
  Net   
       Affiliate  Activity  Income 
       BlackRock Liquidity Funds, TempFund  —     $ 10 
       BlackRock Liquidity Series, LLC     
         Cash Sweep Series  —     $641 

•Portfolio Abbreviations:   
  ADR  American Depositary Receipt   
  STRIPS  Separately Traded Registered Interest and Principal of Securities 
•  For Fund compliance purposes, the Fund’s industry classifications refer to any one 
  or more of the industry sub-classifications used by one or more widely recognized 
  market indexes or ratings group indexes, and/or as defined by Fund management. 
  This definition may not apply for the purposes of this report, which may combine 
  industry sub-classifications for reporting ease.   
•  Effective September 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, estab- 
  lishes 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 identical or 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 severi- 
     ties, 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 indica- 
  tion 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 Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of August 31, 2009 in determin- 
  ing the fair valuation of the Fund’s investments:   
      Investments in 
  Valuation Inputs  Securities 
      Assets 
  Level 1 — Long-Term Investments1  $ 3,494,521 
  Level 2 — Short-Term Securities  37,048,519 
  Level 3    — 
  Total    $ 40,543,040 
       1 See above Schedule of Investments for values in each industry. 

See Notes to Financial Statements.

12 ANNUAL REPORT AUGUST 31, 2009

Schedule of Investments August 31, 2009

BlackRock Global Growth Fund, Inc.
(Percentages shown are based on Net Assets)

Common Stocks  Shares  Value 
Australia — 0.7%     
Woodside Petroleum Ltd.  62,400  $ 2,589,189 
Belgium — 0.6%     
Anheuser-Busch InBev NV  52,800  2,282,907 
Bermuda — 0.6%     
Invesco Ltd. — ADR  120,200  2,494,150 
Brazil — 0.8%     
BM&F Bovespa SA  120,700  745,449 
Banco Bradesco SA — ADR  71,600  1,160,636 
Itau Unibanco Holdings SA — ADR  70,566  1,181,982 
    3,088,067 
Canada — 3.4%     
Canadian Natural Resources Ltd.  25,100  1,437,790 
EnCana Corp.  44,000  2,293,346 
Kinross Gold Corp.  159,200  3,021,855 
Research In Motion Ltd. (a)  18,400  1,344,304 
Royal Bank of Canada  26,800  1,381,923 
Suncor Energy, Inc.  72,300  2,211,763 
The Toronto-Dominion Bank  25,800  1,595,016 
    13,285,997 
Cayman Islands — 0.6%     
AirMedia Group, Inc. — ADR (a)  76,000  557,080 
Herbalife Ltd.  49,800  1,507,944 
Noah Education Holdings Ltd. — ADR  52,800  234,432 
    2,299,456 
China — 1.0%     
China Unicom Ltd.  882,200  1,233,512 
Focus Media Holding Ltd. — ADR (a)(b)  100,200  897,792 
Sina Corp. — ADR (a)  56,900  1,707,000 
    3,838,304 
Denmark — 0.3%     
Novo-Nordisk A/S, Class B  17,200  1,049,357 
Finland — 0.5%     
Fortum Oyj  75,800  1,984,641 
France — 4.1%     
AXA SA  86,100  1,966,582 
BNP Paribas SA  25,000  2,015,809 
Cie de Saint-Gobain SA  58,000  2,620,424 
France Telecom SA  53,500  1,360,625 
Pinault-Printemps-Redoute  18,600  2,165,312 
Societe Generale SA  18,300  1,479,192 
Total SA  31,800  1,824,687 
Unibail — Rodamco  5,800  1,149,706 
Vivendi SA  62,700  1,789,813 
    16,372,150 
Germany — 2.9%     
Allianz AG Registered Shares  7,300  845,817 
Bayerische Motoren Werke AG  43,900  2,003,692 
Deutsche Boerse AG  17,900  1,369,088 
MAN SE  35,300  2,706,186 
RWE AG  29,500  2,735,449 
Salzgitter AG  18,800  1,794,360 
    11,454,592 
Hong Kong — 1.8%     
China Construction Bank, Class H  1,418,500  1,070,848 
China Mobile Ltd.  118,500  1,163,549 
China Railway Construction Corp.  1,021,800  1,509,983 
Industrial and Commercial Bank of China Ltd.  1,583,600  1,081,104 
New World Development Ltd.  580,500  1,171,289 
Wing Hang Bank Ltd.  116,600  1,053,503 
    7,050,276 

Common Stocks  Shares  Value 
India — 1.0%     
Bharti Tele-Ventures Ltd.  311,100  $ 2,703,509 
Punjab National Bank Ltd.  83,300  1,165,300 
    3,868,809 
Indonesia — 0.3%     
Bank Negara Indonesia Persero Tbk PT  6,618,000  1,273,101 
Ireland — 0.2%     
Covidien Plc  24,200  957,594 
Israel — 0.4%     
Teva Pharmaceutical Industries Ltd. — ADR  32,300  1,663,450 
Italy — 0.6%     
A2A SpA  701,700  1,361,166 
Intesa Sanpaolo SpA  278,600  1,210,601 
    2,571,767 
Japan — 6.7%     
Amada Co., Ltd.  385,500  2,702,300 
Fujitsu Ltd.  151,000  1,013,893 
Honda Motor Co., Ltd.  52,000  1,630,489 
Itochu Corp.  502,300  3,555,305 
JFE Holdings, Inc.  45,400  1,584,430 
Kenedix Realty Investment Corp.  150  561,333 
Mitsubishi Estate Co., Ltd.  32,700  540,825 
Mitsubishi UFJ Financial Group, Inc.  153,700  977,112 
Mitsui & Co., Ltd.  210,900  2,742,545 
Mitsui Fudosan Co., Ltd.  32,800  618,057 
Mizuho Financial Group, Inc.  193,485  470,731 
Nippon Residential Investment Corp.  200  497,612 
Nippon Steel Corp.  394,200  1,545,483 
Sumitomo Mitsui Financial Group, Inc.  26,000  1,117,118 
Toyo Suisan Kaisha, Ltd.  75,400  1,918,928 
Toyota Motor Corp.  52,300  2,229,771 
Yamato Transport Co., Ltd.  165,300  2,730,336 
    26,436,268 
Kazakhstan — 0.5%     
Eurasian Natural Resources Corp.  143,000  1,993,889 
Luxembourg — 0.8%     
ArcelorMittal  55,300  1,977,774 
Millicom International Cellular SA (a)  18,900  1,333,584 
    3,311,358 
Malaysia — 0.3%     
Bumiputra-Commerce Holdings Bhd  379,200  1,066,341 
Mexico — 0.5%     
Fomento Economico Mexicano, SA de CV — ADR  55,600  2,022,728 
Netherlands — 0.9%     
Corio NV  19,000  1,163,693 
Randstad Holdings NV  54,800  2,270,564 
    3,434,257 
New Zealand — 0.5%     
Telecom Corp. of New Zealand Ltd.  1,063,800  1,997,801 
Norway — 0.5%     
Yara International ASA  74,800  2,041,359 
Russia — 1.0%     
AO VimpelCom — ADR  92,400  1,426,656 
LUKOIL — ADR  50,900  2,575,540 
    4,002,196 
Singapore — 1.9%     
CapitaLand Ltd.  410,900  1,057,230 
DBS Group Holdings Ltd.  124,000  1,088,926 
Singapore Telecommunications Ltd.  827,900  1,804,611 
United Overseas Bank Ltd.  130,400  1,512,480 
Wilmar International Ltd.  480,100  2,180,592 
    7,643,839 

See Notes to Financial Statements.

ANNUAL REPORT AUGUST 31, 2009 13

Schedule of Investments (continued)

BlackRock Global Growth Fund, Inc.
(Percentages shown are based on Net Assets)

Common Stocks  Shares  Value 
South Africa — 0.7%     
Naspers Ltd.  87,600  $ 2,866,375 
South Korea — 1.3%     
GS Engineering & Construction Corp.  31,200  2,386,695 
Samsung Electronics Co., Ltd.  4,509  2,780,360 
    5,167,055 
Spain — 2.0%     
Banco Bilbao Vizcaya Argentaria SA  102,900  1,829,503 
Banco Santander SA  89,400  1,376,335 
Inditex SA  45,500  2,481,436 
Telefonica SA  80,400  2,032,927 
    7,720,201 
Sweden — 0.6%     
Nordea Bank AB  213,700  2,241,476 
Switzerland — 5.7%     
Alcon, Inc.  17,000  2,200,990 
Nestle SA Registered Shares  91,300  3,801,100 
Novartis AG Registered Shares  74,400  3,456,112 
Roche Holding AG  26,000  4,141,169 
Swiss Reinsurance Co. Registered Shares  34,900  1,613,072 
Transocean Ltd. (a)  24,200  1,835,328 
Tyco International Ltd.  108,700  3,444,703 
UBS AG  37,900  697,717 
Zurich Financial Services AG  5,700  1,256,180 
    22,446,371 
Taiwan — 1.4%     
ASUSTEK Computer, Inc.  1,475,988  2,344,633 
Chang Hwa Commercial Bank  1,611,900  672,322 
HTC Corp.  6,410  64,339 
Mega Financial Holding Co. Ltd.  2,297,700  1,142,383 
Siliconware Precision Industries Co., Ltd. — ADR  192,300  1,211,490 
    5,435,167 
Thailand — 0.2%     
Bangkok Bank Pcl Foreign Shares  252,700  821,103 
United Kingdom — 8.2%     
Aviva Plc  250,300  1,639,125 
BG Group Plc  135,400  2,221,524 
Barclays Plc  257,900  1,578,665 
GlaxoSmithKline Plc  196,500  3,837,208 
HSBC Holdings Plc  227,683  2,460,914 
Imperial Tobacco Group Plc  97,400  2,731,902 
Kazakhmys Plc  149,900  2,378,931 
Legal & General Group Plc  1,028,500  1,279,136 
Persimmon Plc  133,000  1,057,595 
Prudential Plc  199,700  1,727,448 
Standard Chartered Plc  53,700  1,212,090 
Tesco Plc  451,300  2,747,167 
Unilever Plc  78,400  2,142,352 
Vodafone Group Plc — ADR  81,400  1,768,008 
WPP Plc  209,600  1,751,793 
Xstrata Plc  149,100  1,978,162 
    32,512,020 
United States — 43.9%     
AGCO Corp. (a)  93,500  2,920,940 
AK Steel Holding Corp.  96,200  1,954,784 
Abbott Laboratories  19,700  891,031 
Alcoa, Inc.  171,100  2,061,755 
Alpha Natural Resources, Inc. (a)  66,200  2,138,922 
American Electric Power Co., Inc.  62,600  1,967,518 
Ameriprise Financial, Inc.  66,500  1,996,995 
Amgen, Inc. (a)  16,200  967,788 
Anadarko Petroleum Corp.  35,800  1,892,746 
Analog Devices, Inc.  71,300  2,014,225 

Common Stocks  Shares  Value 
United States (continued)     
Apache Corp.  23,400  $ 1,987,830 
Apple, Inc. (a)  14,300  2,405,403 
Applied Materials, Inc.  149,300  1,967,774 
AvalonBay Communities, Inc.  17,731  1,142,408 
Boston Properties, Inc.  13,500  817,830 
Bristol-Myers Squibb Co. (b)  110,300  2,440,939 
Bunge Ltd.  29,800  1,996,898 
CBS Corp., Class B  185,200  1,916,820 
CSX Corp.  60,600  2,575,500 
Celanese Corp., Series A  72,900  1,856,763 
The Charles Schwab Corp.  88,300  1,594,698 
Chevron Corp.  49,800  3,483,012 
Cisco Systems, Inc. (a)  122,900  2,654,640 
Citigroup, Inc.  368,700  1,843,500 
Dominion Resources, Inc.  51,800  1,713,544 
The Dow Chemical Co.  88,900  1,892,681 
eBay, Inc. (a)  176,800  3,914,352 
EOG Resources, Inc.  19,000  1,368,000 
Energizer Holdings, Inc. (a)  28,400  1,858,212 
Federal Realty Investment Trust  19,200  1,197,504 
The Goldman Sachs Group, Inc.  6,900  1,141,674 
Google, Inc., Class A (a)  5,200  2,400,684 
Halliburton Co.  83,100  1,970,301 
Hartford Financial Services Group, Inc.  107,200  2,542,784 
Helmerich & Payne, Inc.  47,300  1,582,658 
Henry Schein, Inc. (a)  12,100  641,058 
Hewlett-Packard Co.  73,400  3,294,926 
Hudson City Bancorp, Inc.  84,300  1,106,016 
Intel Corp.  120,400  2,446,528 
International Business Machines Corp.  24,000  2,833,200 
The J.M. Smucker Co.  29,800  1,557,646 
JPMorgan Chase & Co.  30,300  1,316,838 
Johnson & Johnson  29,400  1,776,936 
KLA-Tencor Corp.  77,200  2,408,640 
Kohl’s Corp. (a)  56,700  2,925,153 
LaSalle Hotel Properties  75,200  1,244,560 
Las Vegas Sands Corp. (a)(b)  71,800  1,023,868 
Lincoln National Corp.  98,400  2,483,616 
Mack-Cali Realty Corp.  36,000  1,153,080 
Macy’s, Inc.  95,700  1,485,264 
Manpower, Inc.  66,800  3,453,560 
Marathon Oil Corp.  75,900  2,343,033 
Medco Health Solutions, Inc. (a)  29,900  1,651,078 
Medtronic, Inc.  39,300  1,505,190 
MetLife, Inc.  32,700  1,234,752 
Microsoft Corp.  115,000  2,834,750 
Morgan Stanley (b)  33,700  975,952 
Newfield Exploration Co. (a)  60,100  2,325,269 
Nike, Inc., Class B  20,200  1,118,878 
Oracle Corp.  85,700  1,874,259 
PPG Industries, Inc.  52,200  2,891,880 
People’s United Financial, Inc.  64,200  1,031,052 
PepsiCo, Inc.  47,500  2,691,825 
Pfizer, Inc.  232,300  3,879,410 
Piper Jaffray Cos. (a)  21,800  1,104,824 
Prudential Financial, Inc.  31,300  1,583,154 
Public Service Enterprise Group, Inc.  54,800  1,735,516 
QUALCOMM, Inc.  40,000  1,856,800 
Ralcorp Holdings, Inc. (a)  31,300  1,963,449 
Robert Half International, Inc.  58,300  1,532,707 
SPX Corp.  43,500  2,422,080 
State Street Corp.  25,000  1,312,000 
Steel Dynamics, Inc.  160,500  2,656,275 
SunTrust Banks, Inc.  70,200  1,640,574 
T. Rowe Price Group, Inc.  32,000  1,450,240 
Texas Instruments, Inc.  103,400  2,542,606 
The Travelers Cos., Inc.  45,600  2,299,152 
TreeHouse Foods, Inc. (a)  23,400  866,970 

See Notes to Financial Statements.

14 ANNUAL REPORT AUGUST 31, 2009

Schedule of Investments (continued)

BlackRock Global Growth Fund, Inc.
(Percentages shown are based on Net Assets)

Common Stocks  Shares    Value 
United States (concluded)       
U.S. Bancorp  38,400  $ 868,608 
Union Pacific Corp.  38,600    2,308,666 
Urban Outfitters, Inc. (b)  74,400    2,115,192 
Valero Energy Corp.  85,100    1,594,774 
Virgin Media, Inc.  130,800    1,495,044 
Walt Disney Co.  88,900    2,314,956 
WellPoint, Inc. (b)  18,800    993,580 
Wells Fargo & Co.  69,000    1,898,880 
Westinghouse Air Brake Technologies Corp.  54,100    2,026,045 
Wyeth  39,100    1,870,935 
XTO Energy, Inc.  55,500    2,142,300 
Yum! Brands, Inc.  67,600    2,315,300 
      173,491,957 
Total Long-Term Investments       
(Cost — $330,488,757) — 97.4%      384,775,568 
Short-Term Securities       
Money Market Funds — 4.3%       
BlackRock Liquidity Funds, TempFund,       
 0.22% (c)(d)  12,373,186    12,373,186 
  Beneficial     
  Interest     
  (000)     
BlackRock Liquidity Series, LLC       
   Money Market Series, 0.37% (c)(d)(e)  $ 4,620    4,619,600 
Total Short-Term Securities       
(Cost — $16,992,786) — 4.3%      16,992,786 
Total Investments (Cost — $347,481,543*) — 101.7%    401,768,354 
Liabilities in Excess of Other Assets — (1.7)%      (6,815,234) 
Net Assets — 100.0%    $ 394,953,120 
* The cost and unrealized appreciation (depreciation) of investments as of August 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost    $ 348,508,712 
       Gross unrealized appreciation    $ 61,772,283 
       Gross unrealized depreciation      (8,512,641) 
       Net unrealized appreciation    $ 53,259,642 
(a) Non-income producing security.       
(b) Security, or a portion of security, is on loan.       
(c) Investments in companies considered to be an affiliate of the Fund, for purposes of 
       Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
  Net     
       Affiliate  Activity       Income 
       BlackRock Liquidity Funds, TempFund  12,373,186    $ 6,573 
       BlackRock Liquidity Series, LLC       
           Cash Sweep Series  $(17,662,404)    $142,439 
       BlackRock Liquidity Series, LLC       
Money Market Series  $(24,132,950)    $ 38,308 
(d) Represents the current yield as of report date.       
 (e) Security was purchased with the cash proceeds from securities loaned. 

•  Foreign currency exchange contracts as of August 31, 2009 were as follows: 
              Unrealized 
  Currency  Currency    Settlement Appreciation 
  Purchased    Sold  Counterparty    Date (Depreciation) 
  CHF  1,463,000  USD  1,370,887     Citibank, NA    9/01/09 $  10,744 
  EUR  603,000  USD  860,301  Citibank, NA    9/01/09  4,168 
  GBP  64,500  USD  104,542  Citibank, NA    9/01/09  461 
  USD  15,730  MYR  55,622  State Street Bank  9/01/09  (64) 
  EUR  754,000  USD  1,080,934  Citibank, NA    9/02/09  12 
  GBP  778,000  USD  1,266,584  Citibank, NA    9/02/09  (52) 
  EUR  342,000  USD  490,430  Citibank, NA    9/03/09  (132) 
  GBP  391,000  USD  636,702  UBS AG    9/03/09  (183) 
       JPY   171,575,000  USD  1,815,889  Citibank, NA    9/16/09  28,214 
  USD  7,003,453  EUR  4,894,000  Citibank, NA    9/16/09  (12,773) 
  AUD  11,094,000  USD  9,135,021  Citibank, NA    10/28/09  197,799 
  CAD  647,000  USD  602,215  Citibank, NA    10/28/09  (11,158) 
  CAD  3,135,000  USD  2,873,106  Deutsche Bank AG  10/28/09  (9,179) 
  EUR  12,810,000  USD   18,203,138     Barclays Bank Plc  10/28/09  161,681 
  GBP  1,838,000  USD  3,030,379  Deutsche Bank AG  10/28/09  (38,449) 
      HKD   41,806,000  USD  5,396,481  Barclays Bank Plc  10/28/09  49 
       JPY   844,726,000  USD  8,967,367  Citibank, NA    10/28/09  114,540 
      NOK   14,441,000  USD  2,393,758  Citibank, NA    10/28/09  1,922 
  SEK  20,807,000  USD  2,910,009  Deutsche Bank AG  10/28/09  13,690 
  USD  842,471  CAD  917,000  Deutsche Bank AG  10/28/09  4,761 
  USD  1,701,311  CHF  1,811,000  Citibank, NA    10/28/09  (9,871) 
  USD  1,371,569  CHF  1,463,000  Citibank, NA    10/28/09  (10,795) 
  USD  246,555  DKK  1,293,000  Citibank, NA    10/28/09  (2,182) 
  USD  1,524,716  EUR  1,067,000  Deutsche Bank AG  10/28/09  (4,969) 
  USD  860,281  EUR  603,000  Citibank, NA    10/28/09  (4,199) 
  USD  1,266,481  GBP  778,000  Citibank, NA    10/28/09  39 
  USD  2,693,634  SGD  3,896,000  Citibank, NA    10/28/09  (8,634) 
  Total          $ 425,440 
•  Portfolio and Currency Abbreviations:         
  ADR  American Depositary   DKK Danish Krone  MYR Malaysian Ringgit 
    Receipt     EUR Euro    NOK Norwegian Krone 
  AUD Australian Dollar   GBP British Pound  SEK Swedish Krona 
  CAD Canadian DollarD    HKD Hong Kong Dollar  SGD Singapore Dollar 
  CHF Swiss Franc     JPY Japanese Yen  USD US Dollar   
•  Effective September 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, estab- 
  lishes 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 identi- 
  cal 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 indica- 
  tion 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 Note 1 of the Notes to Financial Statements.   

See Notes to Financial Statements.

ANNUAL REPORT AUGUST 31, 2009 15

Schedule of Investments (concluded) BlackRock Global Growth Fund, Inc.

The following table summarizes the inputs used as of August 31, 2009 in determin- 
ing the fair valuation of the Fund’s investments:   
  Investments in 
Valuation Inputs     Securities 
         Assets 
Level 1   
Long-Term Investments:   
Common Stocks   
       Bermuda  $ 2,494,150 
       Brazil  3,088,067 
       Canada  13,285,997 
       Cayman Islands  2,299,456 
       China  2,604,792 
       France  1,360,625 
       Ireland  957,594 
       Israel  1,663,450 
       Luxembourg  1,333,584 
       Mexico  2,022,728 
       Russia  4,002,196 
       Switzerland  7,481,021 
       Taiwan  1,211,490 
       United Kingdom  1,768,008 
       United States  173,491,957 
Short-Term Securities  12,373,186 
Total Level 1  231,438,301 
Level 2   
Long-Term Investments:   
Common Stocks   
       Australia  2,589,189 
       Belgium  2,282,907 
       China  1,233,512 
       Denmark  1,049,357 
       Finland  1,984,641 
       France  15,011,525 
       Germany  11,454,592 
       Hong Kong  7,050,276 
       India  3,868,809 
       Indonesia  1,273,101 
       Italy  2,571,767 
       Japan  26,436,268 
       Kazakhstan  1,993,889 
       Luxembourg  1,977,774 
       Malaysia  1,066,341 
       Netherlands  3,434,257 
       New Zealand  1,997,801 
       Norway  2,041,359 
       Singapore  7,643,839 
       South Africa  2,866,375 
       South Korea  5,167,055 
       Spain  7,720,201 
       Sweden  2,241,476 
       Switzerland  14,965,350 
       Taiwan  4,223,677 
       Thailand  821,103 
       United Kingdom  30,744,012 
Short-Term Securities  4,619,600 
Total Level 2  170,330,053 
Total  $401,768,354 

  Other Financial 
Valuation Inputs  Instruments* 
  Assets  Liabilities 
Level 1  —  — 
Level 2  $ 538,080  $ (112,640) 
Level 3  —  — 
Total  $ 538,080  $ (112,640) 
 * Other financial instruments are foreign currency exchange contracts, which are 
     shown at the unrealized appreciation/depreciation on the instrument. 

See Notes to Financial Statements.

16 ANNUAL REPORT AUGUST 31, 2009

Statements of Assets and Liabilities       
  BlackRock     
  Fundamental  BlackRock   
  Growth  Global  BlackRock 
  Principal  Growth  Focus Growth 
August 31, 2009  Protected Fund  Fund, Inc.  Fund, Inc. 
     Assets       
Investments at value — unaffiliated1,2  $ 40,543,040  $ 384,775,568  — 
Investment at value — Master Focus Growth LLC, (the “Master LLC”) (cost — $44,954,990)  —  —  $ 49,782,469 
Investments at value — affiliated3  —  16,992,786  — 
Unrealized appreciation on foreign currency exchange contracts  —  538,080  — 
Foreign currency at value4  —  2,453,477  — 
Cash  —  546  — 
Capital shares sold receivable  —  250,175  54,018 
Withdrawals receivable from the Master LLC  —  —  78,376 
Investments sold receivable  28,226  4,359,436  — 
Dividends receivable  9,553  969,065  — 
Securities lending receivable — affiliated  —  4,858  — 
Prepaid expenses  1,495  119,587  21,194 
Other assets  —  186,061  — 
Total assets  40,582,314  410,649,639  49,936,057 
     Liabilities       
Bank overdraft  21,246  —  — 
Collateral on securities loaned, at value  —  4,619,600  — 
Unrealized depreciation on foreign currency exchange contracts  —  112,640  — 
Investments purchased payable  24,292  9,740,141  — 
Capital shares redeemed payable  144,669  600,895  132,394 
Distribution fees payable  30,529  117,906  19,444 
Financial warranty fee payable  28,218  —  — 
Investment advisory fees payable  10,865  249,657  — 
Administration fees payable  —  —  8,115 
Officer’s and Directors’ fees payable  3,383  3,476  12 
Other liabilities  2,640  1,471  — 
Other affiliates payable  1,449  23,170  8,188 
Other accrued expenses payable  58,631  227,563  65,730 
Total liabilities  325,922  15,696,519  233,883 
Net Assets  $ 40,256,392  $ 394,953,120  $ 49,702,174 
     Net Assets Consist of       
Paid-in capital  $ 42,143,387  $ 819,597,985  $ 324,898,550 
Undistributed (accumulated) net investment income (loss)  —  6,161,860  — 
Accumulated net realized loss  (2,873,821)  (485,549,295)  — 
Net unrealized appreciation/depreciation  986,826  54,742,570  — 
Accumulated net realized loss allocated from the Master LLC  —  —  (280,023,855) 
Net unrealized appreciation/depreciation allocated from the Master LLC  —  —  4,827,479 
Net Assets  $ 40,256,392  $ 394,953,120  $ 49,702,174 
     1 Investments at cost — unaffiliated  $ 39,556,846  $ 330,488,757  — 
     2 Securities loaned — at value  —  $ 4,369,336  — 
     3 Investments at cost — affiliated  —  $ 16,992,786  — 
     4 Foreign currency at cost  —  $ 2,421,727  — 

See Notes to Financial Statements.

ANNUAL REPORT AUGUST 31, 2009 17

Statements of Assets and Liabilities (concluded)       
  BlackRock     
  Fundamental  BlackRock   
  Growth  Global  BlackRock 
  Principal  Growth  Focus Growth 
August 31, 2009  Protected Fund  Fund, Inc.  Fund, Inc. 
     Net Asset Value       
Institutional       
Net Assets  $ 1,977,958  $ 76,120,791  $ 9,672,584 
Shares outstanding5  237,749  5,810,650  4,938,786 
Par value per share  —  $ 0.10  $ 0.10 
Net asset value  $ 8.32  $ 13.10  $ 1.96 
Investor A       
Net Assets  $ 3,978,915  $ 229,381,687  $ 23,041,779 
Shares outstanding6  482,302  17,737,049  12,114,247 
Par value per share  —  $ 0.10  $ 0.10 
Net asset value  $ 8.25  $ 12.93  $ 1.90 
Investor B       
Net Assets  $ 18,284,741  $ 10,946,251  $ 3,306,884 
Shares outstanding7  2,298,002  893,985  1,880,360 
Par value per share  —  $ 0.10  $ 0.10 
Net asset value  $ 7.96  $ 12.24  $ 1.76 
Investor C       
Net Assets  $ 16,014,778  $ 63,637,011  $ 13,680,927 
Shares outstanding8  2,007,056  5,192,345  7,806,492 
Par value per share  —  $ 0.10  $ 0.10 
Net asset value  $ 7.98  $ 12.26  $ 1.75 
Class R       
Net Assets  —  $ 14,867,380  — 
Shares outstanding9  —  1,186,631  — 
Par value per share  —  $ 0.10  — 
Net asset value  —  $ 12.53  — 
     5 Authorized shares  unlimited  100 million  100 million 
     6 Authorized shares  unlimited  100 million  100 million 
     7 Authorized shares  unlimited  300 million  300 million 
     8 Authorized shares  unlimited  100 million  300 million 
     9 Authorized shares  —  300 million  — 

See Notes to Financial Statements.

18 ANNUAL REPORT AUGUST 31, 2009

Statements of Operations       
  BlackRock     
  Fundamental  BlackRock   
         Growth           Global  BlackRock 
  Principal  Growth  Focus Growth 
Year Ended August 31, 2009  Protected Fund  Fund, Inc.  Fund, Inc. 
     Investment Income       
Dividends  $ 71,851  $ 8,715,437  — 
Foreign taxes withheld  —  (529,718)  — 
Interest  1,206,069  —  — 
Income — affiliated  666  149,209  — 
Securities lending — affiliated  —  38,308  — 
Net investment income allocated from the Master LLC:       
   Dividends  —  —  $ 423,262 
   Income — affiliated  —  —  10,410 
   Foreign taxes withheld  —  —  (3,402) 
   Expenses  —  —  (363,815) 
Total income  1,278,586  8,373,236  66,455 
     Expenses       
Financial warranty  391,691  —  — 
Investment advisory  313,889  3,012,837  — 
Service — Investor A  9,042  515,800  47,225 
Service and distribution — Investor B  237,755  137,880  47,665 
Service and distribution — Investor C  187,028  584,935  125,698 
Service and distribution — Class R  —  59,310  — 
Professional  91,372  108,242  48,060 
Accounting services  61,708  178,016  — 
Transfer agent — Institutional  3,064  171,768  30,870 
Transfer agent — Investor A  4,325  430,163  153,320 
Transfer agent — Investor B  32,659  53,947  30,442 
Transfer agent — Investor C  26,981  164,339  105,501 
Transfer agent — Class R  —  50,044  — 
Printing  25,077  118,625  52,105 
Custodian  23,644  119,166  — 
Officer and Directors  17,965  30,009  75 
Miscellaneous  20,125  66,171  15,079 
Administration  —  —  112,557 
Registration  —  80,693  53,235 
Total expenses  1,446,325  5,881,945  821,832 
Less fees waived by advisor — class specific  (53,120)  —  (102,204) 
Less fees waived by advisor  (2)  (1,404)  — 
Less fees paid indirectly  —  (223)  — 
Total expenses after fees waived and paid indirectly  1,393,203  5,880,318  719,628 
Net investment income (loss)  (114,617)  2,492,918  (653,173) 
     Realized and Unrealized Gain (Loss)       
Net realized gain (loss) from:       
   Investments  (2,180,296)  (188,546,214)1  — 
   Financial futures contracts  —  (1,758,625)  — 
   Foreign currency  857  2,742,690  — 
   Options written  —  175,072  — 
   Allocated from the Master LLC  —  —  (13,326,054) 
  (2,179,439)  (187,387,077)  (13,326,054) 
Net change in unrealized appreciation/depreciation on:       
   Investments  (4,899,173)  41,229,507  — 
   Foreign currency  36  373,914  — 
   Allocated from the Master LLC  —  —  2,301,685 
  (4,899,137)  41,603,421  2,301,685 
Total realized and unrealized loss  (7,078,576)  (145,783,656)  (11,024,369) 
Net Decrease in Net Assets Resulting from Operations  $ (7,193,193)  $ (143,290,738)  $ (11,677,542) 
   1 Net of $40,846 foreign capital gain tax.       

See Notes to Financial Statements.

ANNUAL REPORT AUGUST 31, 2009 19

Statements of Changes in Net Assets           
    BlackRock       
    Fundamental Growth  BlackRock 
    Principal Protected Fund  Global Growth Fund, Inc. 
    Year Ended    Year Ended 
    August 31,    August 31, 
Increase (Decrease) in Net Assets:           2009     2008  2009  2008 
     Operations             
Net investment income (loss)    $ (114,617)  $ (637,295)  $ 2,492,918  $ 4,403,236 
Net realized gain (loss)    (2,179,439)    2,713,498  (187,387,077)  70,999,098 
Net change in unrealized appreciation/depreciation  (4,899,137)    (3,481,949)  41,603,421  (119,949,322) 
Net decrease in net assets resulting from operations  (7,193,193)    (1,405,746)  (143,290,738)  (44,546,988) 
     Dividends and Distributions to Shareholders From           
Net investment income:             
   Institutional    —    —  (1,313,821)  (2,410,109) 
   Investor A    —    —  (1,299,919)  (1,607,916) 
   Class R    —    —  (61,432)  (23,918) 
Net realized gain:             
   Institutional    (93,261)    (272,556)  —  — 
   Investor A    (120,050)    (316,319)  —  — 
   Investor B    (1,060,767)    (2,913,518)  —  — 
   Investor C    (794,109)    (2,084,933)  —  — 
Decrease in net assets resulting from dividends and distributions to shareholders  (2,068,187)    (5,587,326)  (2,675,172)  (4,041,943) 
     Capital Share Transactions           
Net increase (decrease) in net assets derived from capital share transactions  (13,069,180)  (12,817,870)  (128,045,971)  21,865,740 
     Redemption Fees             
Redemption fees    —    —  16,810  104,836 
     Net Assets             
Total decrease in net assets    (22,330,560)  (19,810,942)  (273,995,071)  (26,618,355) 
Beginning of year    62,586,952    82,397,894  668,948,191  695,566,546 
End of year    $ 40,256,392  $ 62,586,952  $ 394,953,120  $ 668,948,191 
Undistributed (accumulated) net investment income (loss)  —  $ (1,898)  $ 6,161,860  $ 3,613,646 
        BlackRock Focus Growth Fund, Inc. 
          Period   
          December 1,   
        Year Ended  2007 to  Year Ended 
        August 31,  August 31,  November 30, 
Increase (Decrease) in Net Assets:      2009  2008  2007 
     Operations             
Net investment loss      $ (653,173)  $ (901,978)  $ (1,423,643) 
Net realized gain (loss)        (13,326,054)  4,024,628  11,849,641 
Net change in unrealized appreciation/depreciation      2,301,685  (8,896,208)  5,330,432 
Net increase (decrease) in net assets resulting from operations      (11,677,542)  (5,773,558)  15,756,430 
     Capital Share Transactions           
Net decrease in net assets derived from capital share transactions      (3,704,691)  (4,114,421)  (17,624,365) 
     Net Assets             
Total decrease in net assets        (15,382,233)  (9,887,979)  (1,867,935) 
Beginning of period        65,084,407  74,972,386  76,840,321 
End of period      $ 49,702,174  $ 65,084,407  $ 74,972,386 
Undistributed net investment income      —  $ 46,323  — 
See Notes to Financial Statements.           
20  ANNUAL REPORT    AUGUST 31, 2009     

Financial Highlights  BlackRock Fundamental Growth Principal Protected Fund 
    Year Ended August 31,     
           2009  2008           2007    2006  2005 
      Institutional       
     Per Share Operating Performance             
Net asset value, beginning of year  $ 9.73  $ 10.59  $ 10.37  $ 10.57  $ 10.52 
Net investment income1  0.06  0.01  0.03    0.04  0.10 
Net realized and unrealized gain (loss)  (1.13)  (0.12)  0.81    0.21  0.63 
Net increase (decrease) from investment operations  (1.07)  (0.11)  0.84    0.25  0.73 
Dividends and distributions from:             
   Net investment income  —  —  —     (0.00)2  — 
   Net realized gain  (0.34)  (0.75)  (0.62)    (0.45)  (0.68) 
Total dividends and distributions  (0.34)  (0.75)  (0.62)    (0.45)  (0.68) 
Net asset value, end of year  $ 8.32  $ 9.73  $ 10.59  $ 10.37  $ 10.57 
     Total Investment Return3             
Based on net asset value  (10.94)%  (1.63)%  8.44%    2.32%  7.03% 
     Ratios to Average Net Assets             
Total expenses  2.09%  1.89%  1.83%    1.74%  1.73% 
Total expenses after fees waived  1.98%  1.89%  1.83%    1.74%  1.73% 
Net investment income  0.67%  0.05%  0.29%    0.39%  0.99% 
     Supplemental Data             
Net assets, end of year (000)  $ 1,978  $ 2,833  $ 4,040  $ 5,333  $ 7,306 
Portfolio turnover  22%  99%  81%    46%  58% 
      Investor A       
     Per Share Operating Performance             
Net asset value, beginning of year  $ 9.67  $ 10.56  $ 10.36  $ 10.57  $ 10.49 
Net investment income (loss)1  0.04  (0.02)  0.004    0.01  0.08 
Net realized and unrealized gain (loss)  (1.12)  (0.12)  0.82    0.20  0.63 
Net increase (decrease) from investment operations  (1.08)  (0.14)  0.82    0.21  0.71 
Dividends and distributions from:             
   Net investment income  —  —  —     (0.00)2  — 
   Net realized gain  (0.34)  (0.75)  (0.62)    (0.42)  (0.63) 
Total dividends and distributions  (0.34)  (0.75)  (0.62)    (0.42)  (0.63) 
Net asset value, end of year  $ 8.25  $ 9.67  $ 10.56  $ 10.36  $ 10.57 
     Total Investment Return3             
Based on net asset value  (11.12)%  (1.94)%  8.24%    1.99%  6.82% 
     Ratios to Average Net Assets             
Total expenses  2.35%  2.14%  2.08%    1.99%  1.98% 
Total expenses after fees waived  2.23%  2.13%  2.08%    1.99%  1.98% 
Net investment income (loss)  0.45%  (0.18)%  0.03%    0.14%  0.75% 
     Supplemental Data             
Net assets, end of year (000)  $ 3,979  $ 3,717  $ 4,846  $ 3,265  $ 4,955 
Portfolio turnover  22%  99%  81%    46%  58% 
   1 Based on average shares outstanding.             
   2 Amount is less than ($0.01) per share.             
   3 Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.       
   4 Amount is less than $0.01 per share.             
See Notes to Financial Statements.             
                                                         ANNUAL REPORT    AUGUST 31, 2009    21 

Financial Highlights (concluded)  BlackRock Fundamental Growth Principal Protected Fund 
      Year Ended August 31,     
             2009  2008           2007    2006  2005 
        Investor B       
     Per Share Operating Performance             
Net asset value, beginning of year  $ 9.41  $ 10.37  $ 10.26  $ 10.50  $ 10.39 
Net investment loss1    (0.03)  (0.10)  (0.07)    (0.07)  (0.01) 
Net realized and unrealized gain (loss)  (1.08)  (0.11)  0.80    0.19  0.63 
Net increase (decrease) from investment operations  (1.11)  (0.21)  0.73    0.12  0.62 
Dividends and distributions from:             
   Net investment income    —  —  —    (0.00)2  — 
   Net realized gain    (0.34)  (0.75)  (0.62)    (0.36)  (0.51) 
Total dividends and distributions  (0.34)  (0.75)  (0.62)    (0.36)  (0.51) 
Net asset value, end of year    $ 7.96  $ 9.41  $ 10.37  $ 10.26  $ 10.50 
     Total Investment Return3               
Based on net asset value    (11.76)%  (2.68)%  7.41%    1.16%  6.04% 
     Ratios to Average Net Assets             
Total expenses    3.09%  2.90%  2.84%    2.76%  2.75% 
Total expenses after fees waived  2.99%  2.90%  2.84%    2.76%  2.75% 
Net investment loss    (0.35)%  (0.95)%  (0.72)%    (0.63)%  (0.06)% 
     Supplemental Data               
Net assets, end of year (000)    $ 18,285  $ 32,048  $ 42,614  $ 60,613  $ 79,793 
Portfolio turnover    22%  99%  81%    46%  58% 
        Investor C       
     Per Share Operating Performance             
Net asset value, beginning of year  $ 9.44  $ 10.39  $ 10.29  $ 10.52  $ 10.39 
Net investment loss1    (0.03)  (0.10)  (0.07)    (0.07)  (0.01) 
Net realized and unrealized gain (loss)  (1.09)  (0.10)  0.79    0.20  0.63 
Net increase (decrease) from investment operations  (1.12)  (0.20)  0.72    0.13  0.62 
Dividends and distributions from:             
   Net investment income    —  —  —    (0.00)2  — 
   Net realized gain    (0.34)  (0.75)  (0.62)    (0.36)  (0.49) 
Total dividends and distributions  (0.34)  (0.75)  (0.62)    (0.36)  (0.49) 
Net asset value, end of year    $ 7.98  $ 9.44  $ 10.39  $ 10.29  $ 10.52 
     Total Investment Return3               
Based on net asset value    (11.83)%  (2.58)%  7.28%    1.23%  6.05% 
     Ratios to Average Net Assets             
Total expenses    3.11%  2.90%  2.84%    2.76%  2.75% 
Total expenses after fees waived  2.99%  2.90%  2.84%    2.76%  2.75% 
Net investment loss    (0.34)%  (0.95)%  (0.72)%    (0.63)%  (0.06)% 
     Supplemental Data               
Net assets, end of year (000)    $ 16,015  $ 23,988  $ 30,898  $ 39,561  $ 53,459 
Portfolio turnover    22%  99%  81%    46%  58% 
   1 Based on average shares outstanding.             
   2 Amount is less than ($0.01) per share.             
   3 Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.       
See Notes to Financial Statements.             
22  ANNUAL REPORT    AUGUST 31, 2009       

Financial Highlights      BlackRock Global Growth Fund, Inc. 
    Year Ended August 31,   
           2009  2008           2007     2006           2005 
      Institutional       
     Per Share Operating Performance             
Net asset value, beginning of year  $ 15.85  $ 16.66  $ 12.71  $ 10.72  $ 8.56 
Net investment income1  0.10  0.16  0.16    0.09  0.16 
Net realized and unrealized gain (loss)2  (2.74)  (0.84)  3.80    2.07  2.03 
Net increase (decrease) from investment operations  (2.64)  (0.68)  3.96    2.16  2.19 
Dividends from net investment income  (0.11)  (0.13)  (0.01)    (0.17)  (0.03) 
Net asset value, end of year  $ 13.10  $ 15.85  $ 16.66  $ 12.71  $ 10.72 
     Total Investment Return3             
Based on net asset value  (16.45)%  (4.21)%  31.17%    20.41%  25.58% 
     Ratios to Average Net Assets             
Total expenses  1.08%  0.97%  1.01%    1.12%  1.13% 
Total expenses after fees waived and paid indirectly  1.07%  0.97%  1.01%    1.12%  1.13% 
Net investment income  0.94%  0.87%  1.07%    0.71%  1.60% 
     Supplemental Data             
Net assets, end of year (000)  $ 76,121  $ 216,839  $ 284,754  $ 144,560  $ 114,007 
Portfolio turnover  222%  94%  91%    80%  109% 
      Investor A       
     Per Share Operating Performance             
Net asset value, beginning of year  $ 15.63  $ 16.44  $ 12.57  $ 10.60  $ 8.47 
Net investment income1  0.08  0.11  0.11    0.06  0.13 
Net realized and unrealized gain (loss)2  (2.71)  (0.83)  3.76    2.05  2.00 
Net increase (decrease) from investment operations  (2.63)  (0.72)  3.87    2.11  2.13 
Dividends from net investment income  (0.07)  (0.09)  —    (0.14)             (0.00)4 
Net asset value, end of year  $ 12.93  $ 15.63  $ 16.44  $ 12.57  $ 10.60 
     Total Investment Return3             
Based on net asset value  (16.71)%  (4.47)%  30.79%    20.13%  25.17% 
     Ratios to Average Net Assets             
Total expenses  1.38%  1.25%  1.30%    1.35%  1.38% 
Total expenses after fees waived and paid indirectly  1.38%  1.25%  1.30%    1.35%  1.38% 
Net investment income  0.73%  0.62%  0.75%    0.53%  1.35% 
     Supplemental Data             
Net assets, end of year (000)  $ 229,382  $ 316,147  $ 288,912  $ 227,792  $ 93,408 
Portfolio turnover  222%  94%  91%    80%  109% 
   1 Based on average shares outstanding.             
   2 Includes a redemption fee, which is less than $0.01 per share.             
   3 Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.       
   4 Amount is less than ($0.01) per share.             
See Notes to Financial Statements.             
                                                         ANNUAL REPORT    AUGUST 31, 2009    23 

Financial Highlights (continued)      BlackRock Global Growth Fund, Inc. 
      Year Ended August 31,     
             2009  2008           2007    2006           2005 
        Investor B       
     Per Share Operating Performance             
Net asset value, beginning of year  $ 14.83  $ 15.66  $ 12.07  $ 10.17  $ 8.19 
Net investment income (loss)1    (0.03)  (0.04)  (0.01)    (0.06)  0.05 
Net realized and unrealized gain (loss)2  (2.56)  (0.79)  3.60    2.00  1.93 
Net increase (decrease) from investment operations  (2.59)  (0.83)  3.59    1.94  1.98 
Dividends from net investment income  —  —  —    (0.04)  — 
Net asset value, end of year    $ 12.24  $ 14.83  $ 15.66  $ 12.07  $ 10.17 
     Total Investment Return3               
Based on net asset value    (17.46)%  (5.30)%  29.74%    19.18%  24.18% 
     Ratios to Average Net Assets             
Total expenses    2.31%  2.11%  2.15%    2.18%  2.16% 
Total expenses after fees waived and paid indirectly  2.31%  2.11%  2.15%    2.18%  2.16% 
Net investment income (loss)    (0.26)%  (0.25)%  (0.10)%    (0.56)%  0.56% 
     Supplemental Data               
Net assets, end of year (000)    $ 10,946  $ 27,988  $ 47,186  $ 62,390  $ 212,353 
Portfolio turnover    222%  94%  91%    80%  109% 
        Investor C       
     Per Share Operating Performance             
Net asset value, beginning of year  $ 14.83  $ 15.65  $ 12.06  $ 10.17  $ 8.19 
Net investment income (loss)1    (0.01)  (0.02)  (0.01)    (0.04)  0.05 
Net realized and unrealized gain (loss)2  (2.56)  (0.80)  3.60    1.98  1.93 
Net increase (decrease) from investment operations  (2.57)  (0.82)  3.59    1.94  1.98 
Dividends from net investment income  —  —  —    (0.05)  — 
Net asset value, end of year    $ 12.26  $ 14.83  $ 15.65  $ 12.06  $ 10.17 
     Total Investment Return3               
Based on net asset value    (17.33)%  (5.24)%  29.77%    19.15%  24.18% 
     Ratios to Average Net Assets             
Total expenses    2.21%  2.03%  2.10%    2.16%  2.18% 
Total expenses after fees waived and paid indirectly  2.21%  2.03%  2.10%    2.16%  2.18% 
Net investment income (loss)    (0.10)%  (0.15)%  (0.04)%    (0.36)%  0.55% 
     Supplemental Data               
Net assets, end of year (000)    $ 63,637  $ 92,737  $ 70,835  $ 56,567  $ 55,507 
Portfolio turnover    222%  94%  91%    80%  109% 
   1 Based on average shares outstanding.             
   2 Includes a redemption fee, which is less than $0.01 per share.             
   3 Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.       
See Notes to Financial Statements.             
24  ANNUAL REPORT    AUGUST 31, 2009       

Financial Highlights (concluded)        BlackRock Global Growth Fund, Inc. 
      Year Ended August 31,     
     2009  2008           2007    2006         2005 
        Class R       
     Per Share Operating Performance               
Net asset value, beginning of year  $ 15.20  $ 16.04  $ 12.30  $ 10.42  $ 8.36 
Net investment income1    0.03  0.04  0.06    0.03  0.06 
Net realized and unrealized gain (loss)2    (2.64)  (0.80)  3.68    2.00  2.01 
Net increase (decrease) from investment operations    (2.61)  (0.76)  3.74    2.03  2.07 
Dividends from net investment income    (0.06)  (0.08)  —    (0.15)  (0.01) 
Net asset value, end of year  $ 12.53  $ 15.20  $ 16.04  $ 12.30  $ 10.42 
     Total Investment Return3               
Based on net asset value    (17.06)%  (4.81)%  30.41%    19.78%  24.81% 
     Ratios to Average Net Assets               
Total expenses    1.85%  1.63%  1.63%    1.62%  1.79% 
Total expenses after fees waived and paid indirectly    1.85%  1.63%  1.63%    1.62%  1.79% 
Net investment income    0.30%  0.26%  0.44%    0.23%  0.99% 
     Supplemental Data               
Net assets, end of year (000)  $ 14,867  $ 15,236  $ 3,880  $ 1,475  $ 705 
Portfolio turnover    222%  94%  91%    80%  109% 
   1 Based on average shares outstanding.               
   2 Includes a redemption fee, which is less than $0.01 per share.               
   3 Where applicable, total investment returns include the reinvestment of dividends and distributions.             

See Notes to Financial Statements.

ANNUAL REPORT AUGUST 31, 2009 25

Financial Highlights          BlackRock Focus Growth Fund, Inc. 
           Period         
        December 1,         
    Year Ended    2007 to         
    August 31,    August 31,    Year Ended November 30,   
           2009         2008         2007         2006         2005  2004 
          Institutional     
     Per Share Operating Performance               
Net asset value, beginning of period  $ 2.34  $ 2.52  $ 2.01  $ 1.82  $ 1.65  $ 1.57 
Net investment loss1    (0.01)    (0.02)  (0.02)  (0.01)  (0.02)  (0.01) 
Net realized and unrealized gain (loss)  (0.37)    (0.16)  0.53  0.20  0.19  0.09 
Net increase (decrease) from investment operations  (0.38)    (0.18)  0.51  0.19  0.17  0.08 
Net asset value, end of period    $ 1.96  $ 2.34  $ 2.52  $ 2.01  $ 1.82  $ 1.65 
     Total Investment Return2                 
Based on net asset value    (16.24)%3    (7.14)%4  25.37%  10.44%  10.30%  5.10% 
     Ratios to Average Net Assets5               
Total expenses    1.78%    1.53%6  1.40%  1.55%  1.63%  1.70% 
Total expenses after fees waived  1.78%    1.47%6  1.40%  1.55%  1.63%  1.70% 
Net investment loss    (0.82)%    (0.86)%6  (0.98)%  (0.66)%  (0.92)%  (0.83)% 
     Supplemental Data                 
Net assets, end of period (000)  $ 9,673  $ 13,073  $ 15,357  $ 14,217  $ 16,277  $ 20,962 
Portfolio turnover of the Master LLC  185%    105%  145%  117%  143%  183% 
          Investor A     
     Per Share Operating Performance               
Net asset value, beginning of period  $ 2.28  $ 2.47  $ 1.98  $ 1.80  $ 1.63  $ 1.56 
Net investment loss1    (0.01)    (0.03)  (0.03)  (0.02)  (0.02)  (0.02) 
Net realized and unrealized gain (loss)  (0.37)    (0.16)  0.52  0.20  0.19  0.09 
Net increase (decrease) from investment operations  (0.38)    (0.19)  0.49  0.18  0.17  0.07 
Net asset value, end of period    $ 1.90  $ 2.28  $ 2.47  $ 1.98  $ 1.80  $ 1.63 
     Total Investment Return2                 
Based on net asset value    (16.67)%3    (7.69)%4  24.75%  10.00%  10.43%  4.49% 
     Ratios to Average Net Assets5               
Total expenses    2.49%    2.09%6  1.84%  1.80%  1.88%  1.95% 
Total expenses after fees waived  2.22%    2.03%6  1.84%  1.80%  1.88%  1.95% 
Net investment loss    (1.26)%    (1.42)%6  (1.41)%  (0.92)%  (1.17)%  (1.08)% 
     Supplemental Data                 
Net assets, end of period (000)  $ 23,042  $ 23,111  $ 9,291  $ 8,534  $ 10,146  $ 13,494 
Portfolio turnover of the Master LLC  185%    105%  145%  117%  143%  183% 
   1 Based on average shares outstanding.               
   2 Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.     
   3 Includes proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Fund’s total return. Not including these proceeds 
       the total return for Institutional Shares would have been (28.21)% and Investor A Shares would have been (28.51)%.       
   4 Aggregate total investment return.               
   5 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.           
   6 Annualized.                 
See Notes to Financial Statements.               
26  ANNUAL REPORT             AUGUST 31, 2009     

Financial Highlights (concluded)              BlackRock Focus Growth Fund, Inc. 
         Period               
      December 1,               
  Year Ended    2007 to               
  August 31,    August 31,      Year Ended November 30,   
         2009         2008    2007         2006       2005         2004 
                   Investor B         
     Per Share Operating Performance                     
Net asset value, beginning of period  $ 2.12  $ 2.31  $ 1.87  $ 1.71  $ 1.57  $ 1.51 
Net investment loss1  (0.02)    (0.04)    (0.05)    (0.03)    (0.03)  (0.03) 
Net realized and unrealized gain (loss)  (0.34)    (0.15)    0.49    0.19    0.17  0.09 
Net increase (decrease) from investment operations  (0.36)    (0.19)    0.44    0.16    0.14  0.06 
Net asset value, end of period  $ 1.76  $ 2.12  $ 2.31  $ 1.87  $ 1.71  $ 1.57 
     Total Investment Return2                     
Based on net asset value  (16.98)%3    (8.23)%4    23.53%    9.36%    8.92%  3.97% 
     Ratios to Average Net Assets5                     
Total expenses  3.07%    2.97%6    2.71%    2.66%    2.75%  2.81% 
Total expenses after fees waived  2.79%    2.91%6    2.71%    2.66%    2.75%  2.81% 
Net investment loss  (1.85)%    (2.32)%6    (2.29)%  (1.77)%    (2.04)%  (1.93)% 
     Supplemental Data                     
Net assets, end of period (000)  $ 3,307  $ 10,367  $ 29,326  $ 33,161  $ 45,104  $ 67,922 
Portfolio turnover of the Master LLC  185%    105%    145%    117%    143%  183% 
                   Investor C         
     Per Share Operating Performance                     
Net asset value, beginning of period  $ 2.12  $ 2.31  $ 1.86  $ 1.71    $ 1.56  $ 1.51 
Net investment loss1  (0.02)    (0.04)    (0.05)    (0.03)    (0.03)  (0.03) 
Net realized and unrealized gain (loss)  (0.35)    (0.15)    0.50    0.18    0.18  0.08 
Net increase (decrease) from investment operations  (0.37)    (0.19)    0.45    0.15    0.15  0.05 
Net asset value, end of period  $ 1.75  $ 2.12  $ 2.31  $ 1.86    $ 1.71  $ 1.56 
     Total Investment Return2                     
Based on net asset value  (17.45)%3    (8.23)%4    24.19%    8.77%    9.62%  3.31% 
     Ratios to Average Net Assets5                     
Total expenses  3.27%    2.93%6    2.75%    2.68%    2.77%  2.83% 
Total expenses after fees waived  2.98%    2.87%6    2.75%    2.68%    2.77%  2.83% 
Net investment loss  (2.02)%    (2.27)%6    (2.32)%  (1.79)%    (2.06)%  (1.95)% 
     Supplemental Data                     
Net assets, end of period (000)  $ 13,681  $ 18,534  $ 20,998  $ 20,928  $ 27,457  $ 41,234 
Portfolio turnover of the Master LLC  185%    105%    145%    117%    143%  183% 
   1 Based on average shares outstanding.                     
   2 Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.       
   3 Includes proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Fund’s total return. Not including these proceeds 
       the total return for Investor B Shares would have been (28.77)% and Investor C shares would have been (28.77)%.             
   4 Aggregate total investment return.                     
   5 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.                 
   6 Annualized.                     
See Notes to Financial Statements.                     
                                                         ANNUAL REPORT          AUGUST 31, 2009    27 

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Fundamental Growth Principal Protected Fund (“Fundamental
Growth Principal Protected”), which is a series of BlackRock Principal
Protected Trust (the “Trust”), BlackRock Global Growth Fund, Inc. (“Global
Growth”) and BlackRock Focus Growth Fund, Inc. (“Focus Growth”) (collec-
tively, the “Funds” or individually, the “Fund”), are registered under the
Investment Company Act of 1940, as amended (the “1940 Act”). The Trust
is a Delaware statutory trust and Focus Growth and Global Growth are
organized as Maryland corporations. Focus Growth is registered as a non-
diversified, open-end management investment company. Fundamental
Growth Principal Protected and Global Growth are registered as diversified,
open-end management investment companies. The Funds’ financial state-
ments are prepared in conformity with accounting principles generally
accepted in the United States of America, which may require the use of
management accruals and estimates. Actual results may differ from these
estimates. The Boards of Trustees and Directors of the Funds are referred
to throughout this report as the “Board of Directors” or the “Board”. Each
Fund offers multiple classes of shares. Institutional Shares are sold without
a sales charge and only to certain eligible investors. Investor A Shares are
generally sold with a front-end sales charge. Shares of Investor B and
Investor C may be subject to a contingent deferred sales charge. Class R
Shares are offered only by Global Growth and are sold only to certain
retirement or similar plans. All classes of shares have identical voting,
dividend, liquidation and other rights and the same terms and conditions,
except that Investor A, Investor B, Investor C and Class R Shares bear cer-
tain expenses related to the shareholder servicing of such shares, and
Investor B, Investor C and Class R Shares also bear certain expenses
related to the distribution of such shares. Investor B Shares automatically
convert to Investor A Shares after approximately 8 years. Each class has
exclusive voting rights with respect to matters relating to its shareholder
servicing and distribution expenditures (except that Investor B shareholders
may vote on material changes to the Investor A distribution plan).

Shares of Fundamental Growth Principal Protected were offered during the
initial offering period but will not be offered during the Guarantee Period
from November 13, 2002 through November 13, 2009 (the “Guarantee
Maturity Date”), except in connection with reinvestment of dividends and
distributions. The Board of Directors has approved the liquidation of the
Fund, which is anticipated to occur on or after the Guarantee Maturity date.

Focus Growth seeks to achieve its investment objective by investing all of
its assets in the Master Focus Growth LLC (the “Master LLC”), which has
the same investment objective and strategies as the Fund. The value of
Focus Growth’s investment in the Master LLC reflects the Fund’s proportion-
ate interest in the net assets of the Master LLC. The performance of the
Fund is directly affected by the performance of the Master LLC. The finan-
cial statements of the Master LLC, including the Schedule of Investments,
are included elsewhere in this report and should be read in conjunction
with Focus Growth’s financial statements. The percentage of the Master LLC
owned by Focus Growth at August 31, 2009 was 100%.

The following is a summary of significant accounting policies followed by
the Funds:

Valuation of Investments: Equity investments traded on a recognized
securities exchange or the NASDAQ Global Market System are valued at
the last reported sale price that day or the NASDAQ official closing price, if
applicable. For equity investments traded on more than one exchange, the
last reported sale price on the exchange where the stock is primarily traded
is used. Equity investments traded on a recognized exchange for which
there were no sales on that day are valued at the last available bid price.
If no bid price is available, the prior day’s price will be used unless it is
determined that such prior day’s price no longer reflects the fair value of
the security. Financial futures contracts traded on exchanges are valued
at their last sale price. Short-term securities with maturities less than
60 days may be valued at amortized cost, which approximates fair value.
Investments in open-end investment companies are valued at their net
asset value each business day. Each Fund values its investments in Cash
Sweep Series and Money Market Series, each of BlackRock Liquidity
Series, LLC at fair value, which is ordinarily based upon their pro rata
ownership in the net assets of the underlying fund.

Exchange-traded options are valued at the mean between the last bid
and ask prices at the close of the options market in which the options
trade. An exchange-traded option for which there is no mean price is val-
ued at the last bid (long positions) or ask (short positions) price. If no bid
or ask price is available, the prior day’s price will be used unless it is deter-
mined that such prior day’s price no longer reflects the fair value of the
option. Over-the-counter (“OTC”) options are valued by an independent
pricing service using a mathematical model which incorporates a number
of market data factors.

The Funds value their bond investments on the basis of last available bid
price or current market quotations provided by dealers or pricing services
selected under the supervision of each Fund’s Board. In determining the
value of a particular investment, pricing services may use certain informa-
tion with respect to transactions in such investments, quotations from
dealers, pricing matrixes, market transactions in comparable investments,
various relationships observed in the market between investments and
calculated yield measures based on valuation technology commonly
employed in the market for such investments.

In the event that application of these methods of valuation results in a
price for an investment, which is deemed not to be representative of the
market value of such investment or are not available, the investment will be
valued by a method approved by each Fund’s Board as reflecting fair value
(“Fair Value Assets”). When determining the price for Fair Value Assets, the
investment advisor and/or sub-advisor seeks to determine the price that
the Funds might reasonably expect to receive from the current sale of that
asset in an arm’s-length transaction. Fair value determinations shall be
based upon all available factors that the investment advisor and/or sub-
advisor deems relevant. The pricing of all Fair Value Assets is subsequently
reported to the Board or a committee thereof.

Generally, trading in foreign securities is substantially completed each
day at various times prior to the close of business on the New York Stock
Exchange (“NYSE”). The values of such securities used in computing the

28 ANNUAL REPORT AUGUST 31, 2009

Notes to Financial Statements (continued)

net assets of the Funds are determined as of such times. Foreign currency
exchange rates will be determined as of the close of business on the
NYSE. Occasionally, events affecting the values of such securities and such
exchange rates may occur between the times at which they are determined
and the close of business on the NYSE that may not be reflected in the
computation of the Funds’ net assets. If events (for example, a company
announcement, market volatility or a natural disaster) occur during such
periods that are expected to materially affect the value of such securities,
those securities will be valued at their fair value as determined in good
faith by the Board or by the investment advisor using a pricing service
and/or procedures approved by the Board. Foreign currency exchange
contracts are valued at the mean between the bid and ask prices.
Interpolated values are derived when the settlement date of the contract
is an interim date for which quotations are not available.

Focus Growth records its investment in the Master LLC at fair value.
Valuation of securities held by the Master LLC is discussed in Note 1 of the
Master LLC’s Notes to Financial Statements, which are included elsewhere
in this report.

Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157, “Fair Value Measurements” clarifies the definition of fair
value, establishes a framework for measuring fair values and requires addi-
tional 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 necessar-
ily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used as of August 31, 2009
in determining the fair valuation of the Fund’s investments:

Focus Growth   
  Investment in 
Valuation Inputs  Master LLC 
  Assets 
Level 1  — 
Level 2  $ 49,782,469 
Level 3  — 
Total  $ 49,782,469 

Foreign Currency Transactions: Foreign currency amounts are translated
into United States dollars on the following basis: (i) market value of
investment securities, assets and liabilities at the current rate of exchange;
and (ii) purchases and sales of investment securities, income and
expenses at the rates of exchange prevailing on the respective dates of
such transactions.

The Funds report foreign currency related transactions as components of
realized gains for financial reporting purposes, whereas such components
are treated as ordinary income for federal income tax purposes.

Zero-Coupon Bonds: Fundamental Growth Principal Protected may invest
in zero-coupon bonds, which are normally issued at a significant discount
from face value and do not provide for periodic interest payments. Zero-
coupon bonds may experience greater volatility in market value than similar
maturity debt obligations which provide for regular interest payments.

Segregation and Collateralization: In cases in which the 1940 Act and the
interpretive positions of the Securities and Exchange Commission (“SEC”)
require that a Fund either delivers collateral or segregates assets in con-
nection with certain investments (e.g., financial futures contracts, foreign
currency exchange contracts and options written), each Fund will, consistent
with SEC rules and/or certain interpretive letters issued by the SEC, segre-
gate collateral or designate on its books and records cash or other liquid
securities having a market value at least equal to the amount that would
otherwise be required to be physically segregated. Furthermore, based
on requirements and agreements with certain exchanges and third party
broker-dealers, each party has requirements to deliver/deposit securities
as collateral for certain investments (e.g., financial futures contracts and
options written). As part of these agreements, when the value of these
investments achieves a previously agreed upon value (minimum transfer
amount), each party may be required to deliver additional collateral.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the trans-
actions are entered into (the trade dates). Realized gains and losses on
security transactions are determined on the identified cost basis. Dividend
income is recorded on the ex-dividend dates. Dividends from foreign
securities where the ex-dividend date may have passed are subsequently
recorded when the Funds have determined the ex-dividend date. Upon
notification from issuers, some of the dividend income received from a
real estate investment trust may be redesignated as a reduction of cost of
the related investment and/or realized gain. Interest income is recognized
on the accrual basis. Income and realized and unrealized gains and losses
are allocated daily to each class based on its relative net assets.

Focus Growth records daily it’s proportionate share of the Master LLC’s
income, expenses and realized and unrealized gains and losses. In addi-
tion, the Fund accrues its own expenses.

Dividends and Distributions: Dividends and distributions paid by the Funds
are recorded on the ex-dividend dates.

ANNUAL REPORT AUGUST 31, 2009 29

Notes to Financial Statements (continued)

Securities Lending: The Funds may lend securities to financial institutions
that provide cash as collateral, which will be maintained at all times in an
amount equal to at least 100% of the current market value of the loaned
securities. The market value of the loaned securities is determined at the
close of business of the Funds and any additional required collateral is
delivered to the Funds on the next business day. The Funds typically receive
the income on the loaned securities but do not receive the income on the
collateral. The Funds may invest the cash collateral and retain the amount
earned on such investment, net of any amount rebated to the borrower.
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. The Funds may pay
reasonable lending agent, administrative and custodial fees in connection
with their loans. In the event that the borrower defaults on its obligation to
return borrowed securities because of insolvency or for any other reason,
the Funds could experience delays and costs in gaining access to the
collateral. The Funds also could suffer a loss if the value of an invest-
ment purchased with cash collateral falls below the market value of
loaned securities or if the value of an investment purchased with cash
collateral falls below the value of the original cash collateral received.

Income Taxes: It is each Fund’s policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required. Under the applicable
foreign tax laws, a withholding tax may be imposed on interest, dividends
and capital gains at various rates.

Each Fund files US federal and various state local tax returns. No income
tax returns are currently under examination. The statute of limitations on
the Funds’ US federal tax returns remain open for the four years ended
August 31, 2009 for Fundamental Growth Principal Protected and Global
Growth; and for the three years ended November 30, 2007 and the periods
ended August 31, 2008 and 2009 for Focus Growth. The statute of limita-
tions on the Funds’ state and local tax returns may remain open for an
additional year depending on the jurisdiction.

Recent Accounting Pronouncement: In June 2009, Statement of Financial
Accounting Standards No. 166, “Accounting for Transfers of Financial Assets
— an amendment of FASB Statement No. 140” (“FAS 166”), was issued.
FAS 166 is intended to improve the relevance, representational faithfulness
and comparability of the information that a reporting entity provides in its
financial statements about a transfer of financial assets; the effects of a
transfer on its financial position, financial performance, and cash flows;
and a transferor’s continuing involvement, if any, in transferred financial
assets. FAS 166 is effective for financial statements issued for fiscal
years and interim periods beginning after November 15, 2009. Earlier
application is prohibited. The recognition and measurement provisions of
FAS 166 must be applied to transfers occurring on or after the effective
date. Additionally, the disclosure provisions of FAS 166 should be applied
to transfers that occurred both before and after the effective date of FAS
166. The impact of FAS 166 on the Funds’ financial statement disclosures,
if any, is currently being assessed.

Bank Overdraft: Fundamental Growth Principal Protected recorded a bank
overdraft due to estimates of available cash.

Other: Expenses directly related to each Fund or its classes are charged to
that Fund or class. Other operating expenses shared by several funds are
prorated among those funds on the basis of relative net assets or other
appropriate methods. Other expenses of each Fund are allocated daily to
each class based on its relative net assets. Custodian fees may be reduced
by amounts calculated on uninvested cash balances, which are shown as
fees paid indirectly in the Statements of Operations.

2. Derivative Financial Instruments:

The Funds may engage in various portfolio investment strategies both to
increase the returns of the Funds and to economically hedge, or protect,
their exposure to certain risks such as equity risk and foreign currency
exchange rate risk. Losses may arise if the value of the contract decreases
due to an unfavorable change in the price of the underlying security or if
the counterparty does not perform under the contract. The Funds may miti-
gate counterparty risk through master netting agreements included within
an International Swap and Derivatives Association, Inc. (“ISDA”) Master
Agreement between a Fund and each of its counterparties. The ISDA Master
Agreement allows each Fund to offset with its counterparty certain deriva-
tive financial instrument’s payables and/or receivables with collateral held
with each counterparty. The amount of collateral moved to/from applicable
counterparties is based upon minimum transfer amounts of up to $500,000.
To the extent amounts due to the Funds from their counterparties are not
fully collateralized contractually or otherwise, the Funds bear the risk of
loss from counterparty non-performance. See Note 1 “Segregation and
Collateralization” for information with respect to collateral practices.

The Funds’ maximum risk of loss from counterparty credit risk on over-the-
counter derivatives is generally the aggregate unrealized gain in excess of
any collateral pledged by the counterparty to the Funds. For over-the-counter
purchased options, the Funds bear the risk of loss in the amount of the pre-
miums paid and change in market value of the options should the counter-
party not perform under the contracts. Options written by the Funds do not
give rise to counterparty credit risk, as written options obligate the Funds to
perform and not the counterparty. Certain ISDA Master Agreements allow
counterparties to over-the-counter derivatives to terminate derivative con-
tracts prior to maturity in the event a Fund’s net assets decline by a stated
percentage or a Fund fails to meet the terms of its ISDA Master Agreements,
which would cause the Fund to accelerate payment of any net liability owed
to the counterparty. Counterparty risk related to exchange-traded financial
futures contracts and options is minimal because of the protection against
defaults provided by the exchange on which they trade.

Financial Futures Contracts: The Funds may purchase or sell financial
futures contracts and options on financial futures contracts to gain expo-
sure to, or economically hedge against, changes in the value of equity
securities (equity risk), or foreign currencies (foreign currency exchange rate
risk). Financial futures contracts are contracts for delayed delivery of secu-
rities at a specific future date and at a specific price or yield. Pursuant
to the contract, the Funds agree to receive from or pay to the broker an
amount of cash equal to the daily fluctuation in value of the contract. Such

30 ANNUAL REPORT AUGUST 31, 2009

Notes to Financial Statements (continued)

receipts or payments are known as margin variation and are recognized by
the Funds as unrealized gains or losses. When the contract is closed, the
Funds record a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time
it was closed. The use of financial futures transactions involves the risk of
an imperfect correlation in the movements in the price of financial futures
contracts, interest rates and the underlying assets.

Foreign Currency Exchange Contracts: The Funds may enter into foreign
currency exchange contracts as an economic hedge against either specific
transactions or portfolio positions (foreign currency exchange rate risk). A
foreign currency exchange contract is an agreement between two parties to
buy and sell a currency at a set exchange rate on a future date. Foreign
currency exchange contracts, when used by the Funds, help to manage the
overall exposure to the foreign currency backing some of the investments
held by the Funds. The contract is marked-to-market daily and the change
in market value is recorded by the Funds as an unrealized gain or loss.
When the contract is closed, the Funds record a realized gain or loss equal
to the difference between the value at the time it was opened and the
value at the time it was closed. The use of foreign currency exchange con-
tracts involves the risk that counterparties may not meet the terms of the
agreement or unfavorable movements in the value of a foreign currency rel-
ative to the US dollar.

Options: The Funds may purchase and write call and put options to
increase or decrease their exposure to underlying instruments. A call option
gives the purchaser of the option the right (but not the obligation) to buy,
and obligates the seller to sell (when the option is exercised), the underly-
ing instrument at the exercise price at any time or at a specified time dur-
ing the option period. A put option gives the holder the right to sell and
obligates the writer to buy the underlying instrument at the exercise price
at any time or at a specified time during the option period. When the Funds
purchase (write) an option, an amount equal to the premium paid
(received) by the Funds are reflected as an asset (liability) and an equiva-
lent liability (asset). The amount of the asset (liability) is subsequently
marked-to-market to reflect the current market value of the option pur-
chased (written). When an instrument is purchased or sold through an
exercise of an option, the related premium paid (or received) is added to
(or deducted from) the basis of the instrument acquired or deducted from
(or added to) the proceeds of the instrument sold. When an option expires
(or the Funds enter into a closing transaction), the Funds realize a gain or
loss on the option to the extent of the premiums received or paid (or gain
or loss to the extent the cost of the closing transaction exceeds the pre-
mium received or paid). When the Funds write a call option, such option
is “covered,” meaning that the Funds hold the underlying instrument sub-
ject to being called by the option counterparty, or cash in an amount suffi-
cient to cover the obligation. When the Funds write a put option, such
option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, the Funds bear the risk of an unfavor-
able change in the value of the underlying instrument or the risk that the
Funds may not be able to enter into a closing transaction due to an illiquid
market. Exercise of a written option could result in the Funds purchasing a
security at a price different from the current market value. The Funds may
execute transactions in both listed and over-the-counter options. Listed

options involve minimal counterparty risk since listed options are guaran- 
teed against default by the exchange on which they trade.   
     Fundamental Growth Principal Protected       
     Derivatives Not Accounted for as Hedging Instruments under Financial 
     Accounting Standards Board Statement of Financial Accounting Standards 
     No. 133, “Accounting for Derivative Instruments and Hedging Activities” 
               The Effect of Derivative Instruments on the Statement of Operations 
  Year Ended August 31, 2009     
                   Net Realized Gain (Loss) From Derivatives Recognized in Income 
          Foreign 
        Currency 
        Exchange 
        Contracts 
     Foreign currency exchange contracts      $ (854) 
     Global Growth           
     Derivatives Not Accounted for as Hedging Instruments under Financial 
     Accounting Standards Board Statement of Financial Accounting Standards 
     No. 133, “Accounting for Derivative Instruments and Hedging Activities”: 
                           Values of Derivative Instruments as of August 31, 2009 
  Asset Derivatives    Liability Derivatives 
  Statements    Statements   
  of Assets and  of Assets and   
  Liabilities      Liabilities   
  Location  Value    Location  Value 
  Unrealized     Unrealized   
  appreciation   depreciation   
  on foreign     on foreign   
  currency     currency   
     Foreign currency  exchange     exchange   
    exchange contracts  contracts  $538,080   contracts  $112,640 
               The Effect of Derivative Instruments on the Statement of Operations 
  Year Ended August 31, 2009     
                   Net Realized Gain (Loss) From Derivatives Recognized in Income 
    Foreign       
  Financial  Currency       
  Futures  Exchange    Option   
  Contracts  Contracts   Contracts  Total 
     Foreign currency           
         exchange contracts  —  $2,338,629    —  $2,338,629 
     Equity contracts  $(1,758,625)  —  $ 395,470  (1,363,155) 
     Total  $(1,758,625) $2,338,629  $ 395,470  $ 975,474 
                             Net Change in Unrealized Appreciation/Depreciation   
  on Derivatives Recognized in Income   
          Foreign 
          Currency 
          Exchange 
          Contracts 
     Foreign currency exchange contracts        $ 425,440 
3. Investment Advisory Agreement and Other Transactions 
with Affiliates:           
The PNC Financial Services Group, Inc. (“PNC”) and Bank of America 
Corporation (“BAC”) are the largest stockholders of BlackRock, Inc. 
(“BlackRock”). BAC became a stockholder of BlackRock following its 

ANNUAL REPORT AUGUST 31, 2009 31

Notes to Financial Statements (continued)

acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1,
2009. Prior to that date, both PNC and Merrill Lynch were considered affili-
ates of the Funds under the 1940 Act. Subsequent to the acquisition, PNC
remains an affiliate, but due to the restructuring of Merrill Lynch’s owner-
ship interest of BlackRock, BAC is not deemed to be an affiliate under the
1940 Act.

Fundamental Growth Principal Protected and Global Growth have
entered into an Investment Advisory Agreement with BlackRock Advisors,
LLC (the “Manager”), the Funds’ investment advisor, an indirect, wholly
owned subsidiary of BlackRock, to provide investment advisory and
administration services.

The Manager is responsible for the management of each Fund’s portfolio
and provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of each Fund. For such services,
Fundamental Growth Principal Protected pays the Manager a monthly fee
at an annual rate of 0.65% of the average daily value of the Fund’s net
assets. Global Growth pays the Manager a monthly fee at an annual rate
of 0.75% of the average daily value of the Fund’s net assets not exceeding
$1.5 billion and 0.725% of the average daily value of the Fund’s net
assets in excess of $1.5 billion.

The Manager has entered into a contractual agreement with Fundamental
Growth Principal Protected under which the Manager has agreed to con-
tractually waive or reimburse fees or expenses to limit net expenses
(excluding interest expense, acquired fund fees and expenses and certain
other Fund expenses) to 2.24% (for Investor A Shares), 2.99% (for Investor
B and Investor C Shares) and 1.99% (for Institutional Shares) of average
daily net assets. This arrangement has a one-year term and is automati-
cally renewable. The following amounts are shown as fees waived by
advisor — class specific in the Statements of Operations:

Institutional  $ 2,530 
Investor A  $ 4,404 
Investor B  $ 24,218 
Investor C  $ 21,968 

Focus Growth has entered into an Administration Agreement with the
Manager to provide administrative services (other than investment advise
and related portfolio activities). For such services, the Fund pays the
administrator a monthly fee at an annual rate of 0.25% of the average
daily value of the Fund’s net assets.

The Manager has contractually agreed to waive the administration fee of
Focus Growth paid to the Master LLC and the administration fee of Focus
Growth, as necessary, to reduce the sum of the advisory fee (as a percent-
age of the average daily net assets of the Master LLC) and the administra-
tion fee (as a percentage of the daily net assets of the Fund) from 0.85%
to 0.65%. In addition, the Manager has contractually agreed to waive
and/or reimburse fees and/or expenses in order to limit net expenses for
Focus Growth (including service and distribution fees and excluding inter-
est expense, acquired fund fees and expenses and certain other Fund
expenses) as a percentage of average daily net assets allocated to each

class as follows: 2.25% (for Investor A Shares), 3.00% (for Investor B and
Investor C Shares) and 2.00% (for Institutional Shares) of the Fund’s aver-
age daily net assets. These contractual waiver agreements have a one-year
term and are renewable annually. The following amounts are shown as fees
waived by the advisor — class specific in the Statements of Operations:

Institutional  $ 622 
Investor A  $50,848 
Investor B  $13,540 
Investor C  $37,194 

The Manager has agreed to waive its advisory fee by the amount of invest-
ment advisory fees the Funds pay to the Manager indirectly through their
investment in affiliated money market funds. These amounts are shown as
fees waived by advisor in the Statements of Operations.

The Manager has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC (“BIM”), an affiliate of the
Manager, under which the Manager pays BIM for services it provides, a
monthly fee that is a percentage of the investment advisory fee paid by
each Fund to the Manager.

For the year ended August 31, 2009, Fundamental Growth Principal
Protected and Global Growth reimbursed the Manager for certain account-
ing services, which are included in accounting services in the Statements
of Operations. The reimbursements were as follows:

Fundamental Growth Principal Protected  $ 968 
Global Growth  $ 7,848 

The Funds have received an exemptive order from the SEC permitting
it to lend portfolio securities to Merrill Lynch, Pierce, Fenner & Smith
Incorporated (“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, or
its affiliates. Pursuant to that order, the Funds have retained BIM as the
securities lending agent for a fee based on a share of the income from
investment of cash collateral. BIM may, on behalf of the Funds, invest
cash collateral received by the Funds for such loans, among other things,
in a private investment company managed by the Manager or in registered
money market funds advised by the Manager or its affiliates. The share of
income earned by the Funds on such investments is shown as securities
lending — affiliated in the Statements of Operations. For the year ended
August 31, 2009, BIM received $5,561 in securities lending agent fees
from Global Growth.

Effective October 1, 2008, the Funds entered into a Distribution Agreement
and Distribution Plans with BlackRock Investments, LLC (“BRIL”), which
replaced FAM Distributors, Inc. (“FAMD”) and BlackRock Distributors, Inc.
(“BDI”) (collectively, the “Distributor”) as the sole distributor of the Funds.
FAMD is a wholly owned subsidiary of Merrill Lynch Group, Inc. BRIL and
BDI are affiliates of BlackRock. The service and distribution fees did not
change as a result of this transaction.

Pursuant to the Distribution Plans adopted by the Funds in accordance
with Rule 12b-1 under the 1940 Act, each Fund pays the Distributor
ongoing service and distribution fees. The fees are accrued daily and paid

32 ANNUAL REPORT AUGUST 31, 2009

Notes to Financial Statements (continued) 
monthly at annual rates based upon the average daily net assets of the 
shares as follows:     
  Service  Distribution 
  Fee  Fee 
Investor A  0.25%  — 
Investor B  0.25%  0.75% 
Investor C  0.25%  0.75% 
Class R  0.25%  0.25% 
Pursuant to sub-agreements with the Distributor, broker-dealers, including 
MLPF&S and the Distributor provide shareholder servicing and distribution 
services to each Fund. The ongoing service and/or distribution fee com- 
pensates the Distributor and each broker-dealer for providing shareholder 
servicing and/or distribution-related services to Investor A, Investor B, 
Investor C and Class R shareholders.     
For the year ended August 31, 2009, affiliates including Merrill Lynch, from 
September 1, 2008 to December 31, 2008 (after which time Merrill Lynch 
was no longer considered an affiliate) earned underwriting discounts, direct 
commissions and dealer concessions on sales of the Funds’ Investor A 
Shares as follows:     
Investor A     
Global Growth    $ 16,204 
Focus Growth    $ 2,965 
For the year ended August 31, 2009, affiliates received contingent deferred 
sales charges relating to transactions in Investor B and Investor C Shares 
as follows:     
  Investor B  Investor C 
Fundamental Growth Principal Protected  $ 10,566  $ 97 
Global Growth  $ 24,135  $ 17,611 
Focus Growth  $ 5,766  $ 5,543 
Furthermore, affiliates received contingent deferred sales charges relating 
to transactions subject to front-end sales charge waivers relating to Investor 
A Shares as follows:     
Investor A     
Fundamental Growth Principal Protected    $ 102 
Global Growth    $ 18,032 
Focus Growth    $ 359 
In addition, MLPF&S received commissions on the execution of portfolio 
security transactions for the Funds for the period September 1, 2008 
to December 31, 2008 (after which time MLPF&S was no longer consid- 
ered an affiliate):     
    Commissions 
Fundamental Growth Principal Protected    $ 1,789 
Global Growth    $ 54,827 
PNC Global Investment Servicing (U.S.) Inc., an indirect, wholly owned sub- 
sidiary of PNC and an affiliate of the Manager, serves as transfer agent and 
dividend disbursing agent. Each class of the Funds bears the costs of transfer 
agent fees associated with such respective class. Transfer agency fees borne 

by each class of the Funds are comprised of those fees charged for all
shareholder communications including mailing of shareholder reports,
dividend and distribution notices, and proxy materials for shareholder
meetings, as well as per account and per transaction fees related to ser-
vicing and maintenance of shareholder accounts, including the issuing,
redeeming and transferring of shares of each class of the Funds, 12b-1
fee calculation, check writing, anti-money laundering services, and cus-
tomer identification services.

The Trust, on behalf of Fundamental Growth Principal Protected, has
entered into a Financial Warranty Agreement with Main Place Funding, LLC
(the “Warranty Provider”). The Financial Warranty Agreement is intended to
ensure that on the Guarantee Maturity Date, each shareholder of the Fund
will be entitled to redeem his or her shares for an amount no less than the
initial value of that shareholder’s account (less expenses and sales charges
not covered by the Financial Warranty Agreement), provided that all divi-
dends and distributions received from the Fund have been reinvested and
no shares have been redeemed (the “Guaranteed Amount”). The Fund will
pay to the Warranty Provider, under the Financial Warranty Agreement, an
annual fee equal to 0.80% of the Fund’s average daily net assets during
the Guarantee Period. If the value of the Fund’s assets on the Guarantee
Maturity Date is insufficient to result in the value of each shareholder’s
account being at least equal to the shareholder’s Guaranteed Amount, the
Warranty Provider will pay the Fund an amount sufficient to ensure that
each shareholder’s account can be redeemed for an amount equal to his
or her Guaranteed Amount.

Pursuant to written agreements, certain affiliates, including Merrill Lynch,
from September 1, 2008 to December 31 2008 (after which time Merrill
Lynch was no longer considered an affiliate) provide the Funds with sub-
accounting, recordkeeping, sub-transfer agency and other administrative
services with respect to sub-accounts they service. For these services,
these affiliates receive an annual fee per shareholder account which will
vary depending on share class. For the year ended August 31, 2009, the
Funds paid the following fees in return for these services which are included
in transfer agent in the Statements of Operations:

Fundamental Growth Principal Protected  $ 22,560 
Global Growth  $232,694 
Focus Growth  $ 85,262 
The Funds may earn income on positive cash balances in demand deposit 
accounts that are maintained by the transfer agent on behalf of the Funds. 
For the year ended August 31, 2009, the Funds earned the following, which 
are included in income — affiliated in the Statements of Operations:   
Fundamental Growth Principal Protected  $ 15 
Global Growth  $ 197 
Focus Growth  $ 119 
The Manager maintains a call center, which is responsible for providing 
certain shareholder services to the Funds, such as responding to share- 
holder inquiries and processing transactions based upon instructions from 
shareholders with respect to the subscription and redemption of Fund 
shares. For the year ended August 31, 2009, the following amounts have 

ANNUAL REPORT AUGUST 31, 2009 33

Notes to Financial Statements (continued) 
been accrued by the Funds to reimburse the Manager for costs incurred in 
running the call center, which are included in transfer agent in the State- 
ments of Operations.       
    Call Center Fees 
    Fundamental   
    Growth   
    Principal  Global 
    Protected  Growth 
Institutional    $ 40  $ 3,307 
Investor A    $ 141  $11,595 
Investor B    $ 815  $ 1,761 
Investor C    $ 569  $ 3,841 
Class R    —  $ 356 
    Focus Growth   
    Period   
    December 31,   
Year Ended  2007 to  Year Ended 
August 31,  August 31,  November 30, 
  2009  2008  2007 
Institutional  $ 368  $ 355  $ 183 
Investor A  $ 3,580  $ 884  $ 371 
Investor B  $ 378  $ 3,009  $ 1,664 
Investor C  $ 2,323  $ 2,502  $ 1,215 
Certain officers and/or directors of the Funds are officers and/or directors 
of BlackRock or its affiliates. The Funds reimbursed the Manager for com- 
pensation paid to the Funds’ Chief Compliance Officer.   
4. Investments:       
Purchases and sales of investments, excluding short-term securities and 
US Government securities, for the year ended August 31, 2009 were 
as follows:       
    Purchases  Sales 
Fundamental Growth Principal Protected  $ 10,501,319  $ 28,853,691 
Global Growth  $879,621,158  $985,332,828 
For the year ended August 31, 2009, purchases and sales of US govern- 
ment securities for Fundamental Growth Principal Protected were 
$16,646,645 and $14,301,882, respectively.     
Transactions in options written for the year ended August 31, 2009 were 
as follows:       
Global Growth       
Call Options      Premiums 
Written    Contracts  Received 
Outstanding call options written, beginning     
of year    —  — 
Options written    697  $ 301,111 
Options closed    (357)  (270,171) 
Options exercised    (340)  (30,940) 
Outstanding call options written, end of year  —  — 

Put Options    Premiums 
Written  Contracts  Received 
Outstanding put options written, beginning     
of year  —  — 
Options written  697  $ 321,230 
Options closed  (357)  (292,670) 
Options expired  (340)  (28,560) 
Outstanding put options written, end of year  —  — 

5. Short-Term Borrowings:

The Trust, on behalf of Fundamental Growth Principal Protected, Global
Growth and Focus Growth (through its investment in the Master LLC), along
with certain other funds managed by the Manager and its affiliates, is a
party to a $500 million credit agreement with a group of lenders, which
expires in November 2009. The Funds may borrow under the credit agree-
ment to fund shareholder redemptions and for other lawful purposes other
than for leverage. The Funds may borrow up to the maximum amount allow-
able under each Fund’s current Prospectus and Statement of Additional
Information, subject to various other legal, regulatory or contractual limits.
Each Fund paid its pro rata share of 0.02% upfront fee on the aggregate
commitment amount based on their net assets as of October 31, 2008.
Each Fund pays a commitment fee of 0.08% per annum based on each
Fund’s pro rata share of the unused portion of the credit agreement, which
is included in miscellaneous in the Statements of Operations. Amounts
borrowed under the credit agreement bear interest at a rate equal to the
higher of the (a) federal funds effective rate and (b) reserve adjusted one
month LIBOR, plus, in each case, the higher of (i) 1.50% and (ii) 50% of
the CDX Index (as defined in the credit agreement) in effect from time to
time. The Funds did not borrow under the credit agreement during the year
ended August 31, 2009.

6. Income Tax Information:

Reclassifications: Accounting principles generally accepted in the United
States of America require that certain components of net assets be adjusted
to reflect permanent differences between financial and tax reporting. These
reclassifications have no effect on net assets or net asset values per share.
The following permanent differences as of August 31, 2009 attributable to
net operating losses, expiration of capital loss carryforwards and foreign
currency transactions were reclassified to the following accounts:

Fundamental
Growth
  Principal  Global  Focus 
  Protected  Growth  Growth 
Paid-in capital  (115,659)  (3,964,136)  (1,109,647,733) 
Undistributed net investment income       
   (accumulated net investment loss)  116,515  2,730,468  606,850 
Accumulated net realized loss  (856)  1,233,668  1,109,040,883 

34 ANNUAL REPORT AUGUST 31, 2009

Notes to Financial Statements (continued) 
The tax character of distributions paid during the fiscal years ended 
August 31, 2009 and August 31, 2008 were as follows:   
  Fundamental   
    Growth   
    Principal  Global 
    Protected  Growth 
Ordinary income       
   8/31/2009    —  $ 2,675,172 
   8/31/2008    —  $ 4,041,943 
Long-term capital gains       
   8/31/2009  $ 2,068,187  — 
   8/31/2008  $ 5,587,326  — 
Total distributions       
   8/31/2009  $ 2,068,187  $ 2,675,172 
   8/31/2008  $ 5,587,326  $ 4,041,943 
As of August 31, 2009 the tax components of accumulated net losses were 
as follows:       
Fundamental
Growth
  Principal  Global  Focus 
  Protected  Growth  Growth 
Undistributed ordinary income  —  $ 6,618,146  — 
Capital loss carryforwards  $ (952,178)  (321,149,914)  $(271,174,398) 
Net unrealized losses*  (934,817)  (110,113,097)  (4,021,978) 
Total  $(1,886,995) $(424,644,865)  $(275,196,376) 
* The differences between book-basis and tax-basis net unrealized losses were attribut- 
able primarily to the tax deferral of losses on wash sales, the realization for tax pur- 
     poses of unrealized gains on investments in passive foreign investment companies, 
the realization for tax purposes of unrealized gains on foreign currency contracts, the 
deferral of post-October capital losses for tax purposes and the timing and recogni- 
     tion of partnership income.       
As of August 31, 2009, the Funds had capital loss carryforwards available 
to offset future realized capital gains through the indicated expiration dates: 
Fundamental
Growth
  Principal  Global  Focus 
Expires  Protected  Growth  Growth 
2010  —  $ 3,964,136  $266,652,046 
2011  —  291,266,565  — 
2017  $ 952,178*  25,919,213  4,522,352 
Total  $ 952,178  $321,149,914  $271,174,398 
* If, as expected, the Fund liquidates, the capital loss carryforward will be available to 
     offset realized capital gains through the liquidation date.   

7. Concentration, Geographic, Market and Credit Risk:

In the normal course of business, the Funds invest in securities and enter
into transactions where risks exist due to fluctuations in the market (market
risk) or failure of the issuer of a security to meet all its obligations (credit
risk). The value of securities held by the Funds may decline in response to
certain events, including those directly involving the issuers whose securi-
ties are owned by the Funds; conditions affecting the general economy;
overall market changes; local, regional or global political, social or eco-
nomic instability; and currency and interest rate and price fluctuations.
Similar to credit risk, the Funds may be exposed to counterparty risk, or the
risk that an entity with which the Funds have unsettled or open transac-
tions may default. Financial assets, which potentially expose the Funds to
credit and counterparty risks, consist principally of investments and cash
due from counterparties. The extent of the Funds’ exposure to credit and
counterparty risks with respect to these financial assets is approximated by
their value recorded in the Funds’ Statements of Assets and Liabilities.

Fundamental Growth Principal Protected invests a significant portion of its
assets in securities in the information technology sector. Please see the
Schedule of Investments for these securities. Changes in economic condi-
tions affecting the information technology sector would have a greater
impact on the Fund, and could affect the value, income and/or liquidity
of positions in such securities.

Global Growth invests from time to time a substantial amount of its assets
in issuers located in a single country or a limited number of countries.
Please see the Schedule of Investments for concentrations in specific
countries.

As of August 31, 2009, Global Growth had the following industry 
classifications:   
  Percent of 
  Long-Term 
Industry  Investments 
Commercial Banks  10% 
Oil, Gas & Consumable Fuels  9 
Pharmaceuticals  7 
Metals & Mining  6 
Insurance  5 
Other*  63 
 * All other industries held were each less than 5% of long-term investments. 

ANNUAL REPORT AUGUST 31, 2009 35

Notes to Financial Statements (continued)         
8. Capital Share Transactions:         
Transactions in shares for each class were as follows:         
    Year Ended    Year Ended 
  August 31, 2009             August 31, 2008 
Fundamental Growth Principal Protected     Shares  Amount  Shares  Amount 
Institutional         
Shares issued to shareholders in reinvestment of distributions  10,568  $ 87,607  35,237  $ 256,357 
Shares redeemed  (64,122)  (548,624)  (125,512)  (1,162,084) 
Net decrease  (53,554)  $ (461,017)  (90,275)  $ (905,727) 
Investor A         
Automatic conversion of shares  210,138  $ 1,715,322  —  — 
Shares issued to shareholders in reinvestment of distributions  13,398  110,269  27,308  $ 288,924 
Shares redeemed  (125,612)  (1,050,866)  (102,006)  (1,048,030) 
Net increase (decrease)  97,924  $ 774,725  (74,698)  $ (759,106) 
Investor B         
Shares issued to shareholders in reinvestment of distributions  119,747  $ 955,581  258,348  $ 2,673,897 
Shares redeemed and automatic conversion of shares  (1,227,315)  (9,928,301)  (963,784)  (9,572,751) 
Net decrease  (1,107,568)  $ (8,972,720)  (705,436)  $ (6,898,854) 
Investor C         
Shares issued to shareholders in reinvestment of distributions  90,350  $ 722,803  186,552  $ 1,936,406 
Shares redeemed  (625,607)  (5,132,971)  (617,522)  (6,190,589) 
Net decrease  (535,257)  $ (4,410,168)  (430,970)  $ (4,254,183) 

36 ANNUAL REPORT AUGUST 31, 2009

Notes to Financial Statements (continued)         
    Year Ended    Year Ended 
  August 31, 2009  August 31, 2008 
Global Growth  Shares  Amount  Shares  Amount 
Institutional         
Shares sold  1,814,180  $ 20,139,060  8,160,187  $148,504,831 
Shares issued to shareholders in reinvestment of dividends  87,187  875,721  95,172  1,809,694 
  1,901,367  21,014,781  8,255,359  150,314,525 
Shares redeemed  (9,772,949)  (103,436,943)  (11,668,964)  (202,340,763) 
Net decrease  (7,871,582)  $ (82,422,162)  (3,413,605)  $ (52,026,238) 
Investor A         
Shares sold and automatic conversion of shares  2,825,036  $ 31,296,688  6,854,300  $120,596,124 
Shares issued to shareholders in reinvestment of dividends  108,753  1,080,631  69,508  1,306,495 
  2,933,789  32,377,319  6,923,808  121,902,619 
Shares redeemed  (5,423,403)  (58,780,082)  (4,272,054)  (73,273,053) 
Net increase (decrease)  (2,489,614)  $ (26,402,763)  2,651,754  $ 48,629,566 
Investor B         
Shares sold  114,887  $ 1,189,300  559,983  $ 9,525,765 
Shares redeemed and automatic conversion of shares  (1,107,637)  (11,468,610)  (1,685,782)  (27,749,764) 
Net decrease  (992,750)  $ (10,279,310)  (1,125,799)  $ (18,223,999) 
Investor C         
Shares sold  791,120  $ 8,083,252  2,840,215  $ 48,484,914 
Shares redeemed  (1,850,288)  (18,960,971)  (1,115,071)  (18,116,556) 
Net increase (decrease)  (1,059,168)  $ (10,877,719)  1,725,144  $ 30,368,358 
Class R         
Shares sold  758,117  $ 7,966,785  945,516  $ 16,231,513 
Shares issued to shareholders in reinvestment of dividends  6,333  61,239  1,304  23,918 
  764,450  8,028,024  946,820  16,255,431 
Shares redeemed  (580,173)  (6,092,041)  (186,348)  (3,137,378) 
Net increase  184,277  $ 1,935,983  760,472  $ 13,118,053 
For Global Growth, there is a 2% redemption fee on shares redeemed or exchanged that have been held 30 days or less. The redemption fees are col- 
lected and retained by the Fund for the benefit of the remaining shareholders. The redemption fees are recorded as a credit to paid in capital. 

ANNUAL REPORT AUGUST 31, 2009 37

Notes to Financial Statements (concluded)           
        Period       
    Year Ended  December 1, 2007 to    Year Ended 
  August 31, 2009  August 31, 2008  November 30, 2007 
Focus Growth  Shares  Amount  Shares    Amount  Shares  Amount 
Institutional               
Shares sold  1,053,945  $ 1,815,552  1,421,849           $ 3,418,861  2,007,319  $ 4,746,708 
Shares redeemed  (1,698,424)  (2,909,275)  (1,932,537)    (4,585,953)  (2,986,244)  (6,901,292) 
Net decrease  (644,479)  $ (1,093,723)  (510,688)           $ (1,167,092)  (978,925)  $ (2,154,584) 
Investor A               
Shares sold and automatic conversion of shares  4,976,531  $ 8,192,612  7,845,001           $ 17,700,648  496,150  $ 1,139,737 
Shares redeemed  (2,983,300)  (4,943,569)  (1,490,326)    (3,478,960)  (1,047,955)  (2,245,242) 
Net increase (decrease)  1,993,231  $ 3,249,043  6,354,675           $ 14,221,688  (551,805)  $ (1,105,505) 
Investor B               
Shares sold  191,035  $ 283,346  326,534           $ 719,312  279,590  $ 581,482 
Shares redeemed and automatic conversion               
of shares  (3,197,324)  (4,786,473)  (8,130,942)  (17,088,676)  (5,350,086)  (10,743,034) 
Net decrease  (3,006,289)  $ (4,503,127)  (7,804,408)           $(16,369,364)  (5,070,496)  $ (10,161,552) 
Investor C               
Shares sold  1,326,427  $ 2,053,645  884,936           $ 1,935,396  558,194  $ 1,178,193 
Shares redeemed  (2,260,865)  (3,410,529)  (1,249,252)    (2,735,049)  (2,679,670)  (5,380,917) 
Net decrease  (934,438)  $ (1,356,884)  (364,316)           $ (799,653)  (2,121,476)  $ (4,202,724) 
9. Subsequent Events:               
Fundamental Growth Principal Protected               
On September 9, 2009, the Board of Directors approved a proposal to liquidate the Fund on or about November 13, 2009, at which time all of the 
assets of the Fund will be liquidated completely, each investor’s shares will be redeemed at net asset value, and the Fund will then be terminated. 
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through October 27, 2009, the date 
the financial statements were issued.               

38 ANNUAL REPORT AUGUST 31, 2009

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
BlackRock Principal Protected Trust and the Shareholders
and Board of Directors of BlackRock Global Growth Fund,
Inc. and BlackRock Focus Growth Fund, Inc. (collectively,
the “Funds”):

We have audited the accompanying statements of assets and liabilities,
including the schedules of investments, of BlackRock Fundamental Growth
Principal Protected Fund, one of the series constituting BlackRock Principal
Protected Trust and BlackRock Global Growth Fund, Inc. as of August 31,
2009, and the related statements of operations for the year then ended,
the statements of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the five years
in the period then ended. We have also audited the accompanying state-
ment of assets and liabilities, of BlackRock Focus Growth Fund, Inc. as
of August 31, 2009, and the related statement of operations for the year
then ended, the statements of changes in net assets for the year then
ended, the period December 1, 2007 to August 31, 2008, and the year
ended November 30, 2007, and the financial highlights for the respective
periods presented. These financial statements and financial highlights are
the responsibility of the Funds’ management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits. The financial highlights of the BlackRock Fundamental Growth
Principal Protected Fund and BlackRock Global Growth Fund, Inc. for each
of the two year in the period ended August 31, 2005 were audited by
other auditors whose reports, dated October 14, 2005, expressed unqual-
ified opinions on those financial highlights.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights are
free of material misstatement. The Funds are not required to have, nor
were we engaged to perform, an audit of their internal controls over finan-
cial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Funds’ internal control over financial

reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclo-
sures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluat-
ing the overall financial statement presentation. Our procedures included
confirmation of securities owned as of July 31, 2009, by correspondence
with the custodians and brokers; where replies were not received from
brokers, we performed other auditing procedures. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
BlackRock Fundamental Growth Principal Protected Fund of BlackRock
Principal Protected Trust and BlackRock Global Growth Fund, Inc. as of
August 31, 2009, the results of their operations for the year then ended,
the changes in their net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally
accepted in the United States of America. Additionally, in our opinion,
the financial statements and financial highlights referred to above present
fairly, in all material respects, the financial position of BlackRock Focus
Growth Fund, Inc. as of August 31, 2009, the results of it operations for
the year then ended, the changes in its net assets for the year ended
August 31, 2009, the period December 1, 2007 to August 31, 2008, and
the year ended November 30, 2007, and the financial highlights for the
respective periods presented, in conformity with accounting principles
generally accepted in the United States of America.

As discussed in Note 9 to the financial statements, on September 9,
2009 the Board of Directors of the BlackRock Principal Protected Trust
approved a proposal to liquidate the BlackRock Fundamental Growth
Principal Protected Fund on or about November 13, 2009.

Deloitte & Touche, LLP
Princeton, New Jersey
October 27, 2009

     Important Tax Information (Unaudited)       
The following information is provided with respect to the distributions paid during the fiscal year ended August 31, 2009:     
    Fundamental Growth   
  Payable Date  Principal Protected  Global Growth 
Qualified Dividend Income for Individuals†  12/12/2008  —  100.00% 
Dividends Qualifying for the Dividend Received Deduction for Corporations†  12/12/2008  —  100.00% 
Long-Term Capital Gain Per Share  12/12/2008  $0.344043  — 
   † Expressed as a percentage of the ordinary income distributions       

ANNUAL REPORT AUGUST 31, 2009 39

Portfolio Information Master Focus Growth LLC

     As of August 31, 2009   
  Percent of 
  Long-Term 
Ten Largest Holdings  Investments 
Apple, Inc.           6% 
Google, Inc., Class A           5 
The Coca-Cola Co.           4 
QUALCOMM, Inc.           4 
Danaher Corp.           4 
Microsoft Corp.           4 
Celgene Corp.           4 
Wal-Mart Stores, Inc.           4 
Cummins, Inc.           4 
UnitedHealth Group, Inc.           3 

  Percent of 
  Long-Term 
Industry Representation  Investments 
Biotechnology  9% 
Machinery  8 
Computers & Peripherals  8 
Software  8 
Communications Equipment  8 
Semiconductors & Semiconductor Equipment  6 
Pharmaceuticals  5 
Internet Software & Services  5 
Beverages  4 
Oil, Gas & Consumable Fuels  4 
Food & Staples Retailing  4 
Health Care Providers & Services  4 
Airlines  3 
Metals & Mining  3 
Multiline Retail  3 
Media  3 
Personal Products  3 
Insurance  3 
Internet & Catalog Retail  2 
Health Care Equipment & Supplies  2 
Specialty Retail  2 
Diversified Financial Services  2 
Energy Equipment & Services  1 
     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, and/or as defined by Master LLC management. This 
definition may not apply for purposes of this report, which may combine industry 
     sub-classifications for reporting ease.   

40 ANNUAL REPORT AUGUST 31, 2009

Schedule of Investments August 31, 2009 Master Focus Growth LLC
(Percentages shown are based on Net Assets)

Common Stocks  Shares  Value 
Airlines — 3.1%     
Delta Air Lines, Inc. (a)  216,700  $ 1,564,574 
Beverages — 4.4%     
The Coca-Cola Co.  44,500  2,170,265 
Biotechnology — 8.5%     
Amgen, Inc. (a)  22,300  1,332,202 
Celgene Corp. (a)  35,600  1,857,252 
Genzyme Corp. (a)  18,800  1,047,348 
    4,236,802 
Communications Equipment — 7.5%     
Cisco Systems, Inc. (a)  73,250  1,582,200 
QUALCOMM, Inc.  46,550  2,160,851 
    3,743,051 
Computers & Peripherals — 7.8%     
Apple, Inc. (a)  18,300  3,078,243 
Seagate Technology  56,700  785,295 
    3,863,538 
Diversified Financial Services — 1.9%     
CME Group, Inc.  3,250  945,880 
Energy Equipment & Services — 1.4%     
Transocean Ltd. (a)  9,350  709,104 
Food & Staples Retailing — 3.6%     
Wal-Mart Stores, Inc.  35,500  1,805,885 
Health Care Equipment & Supplies — 2.2%     
Boston Scientific Corp. (a)  93,450  1,098,037 
Health Care Providers & Services — 3.5%     
UnitedHealth Group, Inc.  59,800  1,674,400 
Insurance — 2.6%     
MetLife, Inc.  34,000  1,283,840 
Internet & Catalog Retail — 2.4%     
Amazon.com, Inc. (a)  14,650  1,189,433 
Internet Software & Services — 4.9%     
Google, Inc., Class A (a)  5,300  2,446,851 
Machinery — 7.9%     
Cummins, Inc.  39,250  1,778,810 
Danaher Corp.  35,300  2,143,063 
    3,921,873 
Media — 2.8%     
CBS Corp., Class B  135,300  1,400,355 
Metals & Mining — 3.1%     
Agnico-Eagle Mines Ltd.  13,650  783,510 
Freeport-McMoRan Copper & Gold, Inc., Class B  12,050  758,909 
    1,542,419 
Multiline Retail — 3.0%     
JCPenney Co., Inc.  49,050  1,473,462 
Oil, Gas & Consumable Fuels — 4.1%     
PetroHawk Energy Corp. (a)  49,800  1,072,194 
Petroleo Brasileiro SA — ADR  24,400  967,216 
    2,039,410 
Personal Products — 2.7%     
Avon Products, Inc.  42,800  1,364,036 
Pharmaceuticals — 5.0%     
Abbott Laboratories  24,100  1,090,043 
Teva Pharmaceutical Industries Ltd. — ADR  27,100  1,395,650 
    2,485,693 

Common Stocks  Shares  Value 
Semiconductors & Semiconductor Equipment — 5.5%   
Lam Research Corp. (a)  46,150 $  1,416,805 
PMC-Sierra, Inc. (a)  148,000  1,343,840 
    2,760,645 
Software — 7.8%     
Check Point Software Technologies Ltd. (a)  35,400  986,598 
Microsoft Corp.  81,000  1,996,650 
Salesforce.com, Inc. (a)  17,350  899,945 
    3,883,193 
Specialty Retail — 2.0%     
Home Depot, Inc.  37,000  1,009,730 
Total Long-Term Investments     
(Cost — $43,784,997) — 97.7%    48,612,476 
Short-Term Securities     
BlackRock Liquidity Funds, TempFund, 0.22% (b)(c)  1,155,896  1,155,896 
Total Short-Term Securities     
(Cost — $1,155,896) — 2.3%    1,155,896 
Total Investments (Cost — $44,940,893*) — 100.0%  49,768,372 
Other Assets Less Liabilities — 0.0%    14,097 
Net Assets — 100.0%  $ 49,782,469 
* The cost and unrealized appreciation (depreciation) of investments as of August 31, 
       2009, as computed for federal income tax purposes, were as follows:   
       Aggregate cost  $ 45,087,201 
       Gross unrealized appreciation  $ 6,285,596 
       Gross unrealized depreciation    (1,604,425) 
       Net unrealized appreciation  $ 4,681,171 
(a) Non-income producing security.     
(b) Investments in companies considered to be an affiliate of the Master LLC, for pur- 
poses of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: 
  Net   
       Affiliate  Activity  Income 
       BlackRock Liquidity Funds, TempFund  1,115,896  $ 1,439 
       BlackRock Liquidity Series, LLC     
Cash Sweep Series  $(1,532,501)  $ 8,852 
 (c) Represents the current yield as of report date.     
• 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, and/or as defined by portfolio management. This 
       definition may not apply for purposes of this report, which may combine industry 
       sub-classification for reporting ease.     
•Portfolio Abbreviations:     
       ADR American Depositary Receipt     

See Notes to Financial Statements.

ANNUAL REPORT AUGUST 31, 2009 41

Schedule of Investments (concluded) Master Focus Growth LLC

•  Financial Accounting Standards Board Statement of Financial Accounting Standards 
  No. 157, “Fair Value Measurements” 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 identi- 
  cal 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 inputs or methodology used for valuing securities are not necessarily an indica- 
  tion of the risk 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 Note 1 of the Notes to Financial Statements. 
  The following table summarizes the inputs used as of August 31, 2009 in determin- 
  ing the fair valuation of the Master LLC’s investments:   
    Investments in 
  Valuation Inputs  Securities 
    Assets 
  Level 1:   
     Long-Term Investments1  $ 48,612,476 
     Short-Term Securities  1,155,896 
  Total Level 1  49,768,372 
  Level 2  — 
  Level 3  — 
  Total  $ 49,768,372 
       1 See above Schedule of Investments for values in each industry. 

See Notes to Financial Statements.

42 ANNUAL REPORT AUGUST 31, 2009

Statement of Assets and Liabilities  Master Focus Growth LLC 
August 31, 2009   
Assets   
Investments at value — unaffiliated (cost — $43,784,997)  $ 48,612,476 
Investments at value — affiliated (cost — $1,155,896)  1,155,896 
Investments sold receivable  187,070 
Dividends receivable  48,730 
Prepaid expenses  1,176 
Other assets  861 
Total assets  50,006,209 
Liabilities   
Investments purchased payable  86,375 
Withdrawals payable to the investor  78,376 
Investment advisory fees payable  16,913 
Officer payable  3,380 
Other affiliates payable  154 
Other accrued expenses payable  38,542 
Total liabilities  223,740 
Net Assets  $ 49,782,469 
     Net Assets Consist of   
Investor’s capital  $ 44,954,990 
Net unrealized appreciation/depreciation  4,827,479 
Net Assets  $ 49,782,469 

See Notes to Financial Statements.

ANNUAL REPORT AUGUST 31, 2009 43

Statement of Operations  Master Focus Growth LLC 
Year Ended August 31, 2009   
Investment Income   
Dividends  $ 423,262 
Foreign taxes withheld  (3,402) 
Income — affiliated  10,410 
Total income  430,270 
Expenses   
Investment advisory  270,498 
Accounting services  71,643 
Professional  54,001 
Custodian  28,646 
Officer and Directors  17,837 
Printing  3,470 
Miscellaneous  9,077 
Total expenses  455,172 
Less fees waived by advisor  (90,397) 
Less fees paid indirectly  (960) 
Total expenses after fees waived and paid indirectly  363,815 
Net investment income  66,455 
     Realized and Unrealized Gain (Loss)   
Net realized gain (loss) from:   
   Investments  (20,952,279) 
   Litigation proceeds  6,981,952 
   Options written  644,273 
  (13,326,054) 
Net change in unrealized appreciation/depreciation on:   
   Investments  2,230,417 
   Options written  71,268 
  2,301,685 
Total realized and unrealized loss  (11,024,369) 
Net Decrease in Net Assets Resulting from Operations  $ (10,957,914) 

See Notes to Financial Statements.

44 ANNUAL REPORT AUGUST 31, 2009

Statements of Changes in Net Assets              Master Focus Growth LLC 
                 Period   
              December 1,   
                 Year Ended       2007 to  Year Ended 
                 August 31,    August 31,  November 30, 
Increase (Decrease) in Net Assets:         2009         2008  2007 
     Operations                 
Net investment income (loss)      $ 66,455  $ (33,930)  $ (146,539) 
Net realized gain (loss)      (13,326,054)    4,024,628  11,849,641 
Net change in unrealized appreciation/depreciation         2,301,685    (8,896,208)  5,330,432 
Net increase (decrease) in net assets resulting from operations      (10,957,914)    (4,905,510)  17,033,534 
     Capital Transactions                 
Proceeds from contributions        12,345,155    19,435,098  7,647,533 
Fair value of withdrawals      (16,822,060)    (24,398,685)  (26,555,437) 
Net decrease in net assets derived from capital transactions        (4,476,905)    (4,963,587)  (18,907,904) 
     Net Assets                 
Total decrease in net assets      (15,434,819)    (9,869,097)  (1,874,370) 
Beginning of period        65,217,288    75,086,385  76,960,755 
End of period      $ 49,782,469  $ 65,217,288  $ 75,086,385 
Financial Highlights              Master Focus Growth LLC 
       Period             
    December 1,             
  Year Ended     2007 to             
  August 31,  August 31,      Year Ended November 30,   
  2009       2008  2007    2006    2005         2004 
     Total Investment Return                 
Total investment return  (15.36)%1     (6.55)%2  26.17%    11.40%  11.30%  6.07% 
     Ratios to Average Net Assets                 
Total expenses  1.01%       0.87%3  0.82%    0.79%  0.75%  0.73% 
Total expenses after fees waived and paid indirectly  0.81%       0.67%3  0.62%    0.59%  0.63%  0.71% 
Net investment income (loss)  0.15%     (0.07)%3  (0.20)%       0.30%  0.07%  0.17% 
     Supplemental Data                 
Net assets, end of period (000)  $ 49,782 $       65,217 $  75,086  $ 76,961  $ 99,197  $ 143,964 
Portfolio turnover  185%  105%  145%    117%  143%  183% 
   1 Includes proceeds received from a settlement of litigation which impacted the Master LLC’s total return. Not including these proceeds the Master LLC’s total return would 
       have been (27.33)%                 
   2 Aggregate total investment return.                 
   3 Annualized.                 
   See Notes to Financial Statements.                 
                                                         ANNUAL REPORT      AUGUST 31, 2009  45 

Notes to Financial Statements Master Focus Growth LLC

1. Organization and Significant Accounting Policies:

Master Focus Growth LLC (the “Master LLC”) is registered under the
Investment Company Act of 1940 (the “1940 Act”), as amended, and
is organized as a Delaware limited liability corporation. The Limited
Liability Agreement permits the Board of Directors (the “Board”) to issue
nontransferable interests in the Master LLC, subject to certain limitations.
The Master LLC’s financial statements are prepared in conformity with
accounting principles generally accepted in the United States of America,
which may require the use of management accruals and estimates. Actual
results may differ from these estimates.

The following is a summary of significant accounting policies followed
by the Master LLC.

Valuation of Investments: Equity investments traded on a recognized secu-
rities exchange or the NASDAQ Global Market System are valued at the
last reported sale price that day or the NASDAQ official closing price, if
applicable. For equity investments traded on more than one exchange,
the last reported sale price on the exchange where the stock is primarily
traded is used. Equity investments traded on a recognized exchange for
which there were no sales on that day are valued at the last available bid
price. If no bid price is available, the prior day’s price will be used unless
it is determined that such prior day’s price no longer reflects the fair value
of the security. Short-term securities with maturities less than 60 days may
be valued at amortized cost, which approximates fair value. Investments in
open-end investment companies are valued at their net asset value each
business day. The Master LLC values its investments in Cash Sweep Series
of BlackRock Liquidity Series, LLC at fair value, which is ordinarily based
upon its pro rata ownership in the net assets of the underlying fund.

Exchange-traded options are valued at the mean between the last bid
and ask prices at the close of the options market in which the options
trade. An exchange-traded option for which there is no mean price is
valued at the last bid (long positions) or ask (short positions) price. If
no bid or ask price is available, the prior day’s price will be used unless
it is determined that such prior day’s price no longer reflects the fair
value of the option. Over-the-counter (“OTC”) options are valued by an
independent pricing service using a mathematical model which incorpo-
rates a number of market data factors.

In the event that application of these methods of valuation results in
a price for an investment which is deemed not to be representative of
the market value of such investment, the investment will be valued by
a method approved by the Board as reflecting fair value (“Fair Value
Assets”). When determining the price for Fair Value Assets, the investment
advisor and/or sub-advisor seeks to determine the price that the Master
LLC might reasonably expect to receive from the current sale of that asset
in an arm’s-length transaction. Fair value determinations shall be based
upon all available factors that the investment advisor and/or sub-advisor

deems relevant. The pricing of all Fair Value Assets is subsequently reported
to the Board or a committee thereof.

Segregation and Collateralization: In cases in which the 1940 Act and
the interpretive positions of the Securities and Exchange Commission
(“SEC”) require that the Master LLC either delivers collateral or segregates
assets in connection with certain investments (e.g., options written), the
Master LLC will, consistent with SEC and/or certain interpretive letters
issued by the SEC, segregate collateral or designate on its books and
records cash or other liquid securities having a market value at least
equal to the amount that would otherwise be required to be physically
segregated. Furthermore, based on requirements and agreements with
certain exchanges and third party broker-dealers, the Master LLC may
also be required to deliver or deposit securities as collateral for certain
investments (e.g., options written). As part of these agreements, when
the value of these investments achieves a previously agreed upon value
(minimum transfer amount), the Master LLC may be required to deliver
and/or receive additional collateral.

Investment Transactions and Investment Income: For financial reporting
purposes, investment transactions are recorded on the dates the trans-
actions are entered into (the trade dates). Realized gains and losses
on security transactions are determined on the identified cost basis.
Dividend income is recorded on the ex-dividend dates. Dividends from
foreign securities where the ex-dividend date may have passed are subse-
quently recorded when the Funds have determined the ex-dividend date.
Upon notification from issuers, some of the dividend income received
from a real estate investment trust may be redesignated as a reduction
of cost of the related investment and/or realized gain.

Income Taxes: The Master LLC is disregarded as an entity separate from
its owner for tax purposes. As such, the owner of the Master LLC is treated
as the owner of the net assets, income, expenses and realized and unreal-
ized gains and losses of the Master LLC. Therefore, no federal tax provision
is required. It is intended that the Master LLC’s assets will be managed so
the owner of the Master LLC can satisfy the requirements of Subchapter
M of the Internal Revenue Code. Under the applicable foreign tax laws, a
withholding tax may be imposed on interest, dividends and capital gains
at various rates.

The Master LLC is disregarded for tax purposes, therefore it is not required
to file income tax returns.

Recent Accounting Pronouncement: In June 2009, Statement of Finan-
cial Accounting Standards No. 166, “Accounting for Transfers of Financial
Assets — an amendment of FASB Statement No. 140” (“FAS 166”), was
issued. FAS 166 is intended to improve the relevance, representational
faithfulness and comparability of the information that a reporting entity
provides in its financial statements about a transfer of financial assets;
the effects of a transfer on its financial position, financial performance,

46 ANNUAL REPORT AUGUST 31, 2009

Notes to Financial Statements (continued) Master Focus Growth LLC

and cash flows; and a transferor’s continuing involvement, if any, in
transferred financial assets. FAS 166 is effective for financial statements
issued for fiscal years and interim periods beginning after November 15,
2009. Earlier application is prohibited. The recognition and measurement
provisions of FAS 166 must be applied to transfers occurring on or after
the effective date. Additionally, the disclosure provisions of FAS 166
should be applied to transfers that occurred both before and after the
effective date of FAS 166. The impact of FAS 166 on the Fund’s financial
statement disclosures, if any, is currently being assessed.

Other: Expenses directly related to the Master LLC are charged to the
Master LLC. Other operating expenses shared by several funds are pro-
rated among those funds on the basis of relative net assets or other
appropriate methods.

2. Derivative Financial Instruments:

The Master LLC may engage in various portfolio investment strategies
both to increase the return of the Master LLC and to economically hedge,
or protect, its exposure to equity risk. Losses may arise if the value of
the contract decreases due to an unfavorable change in the price of the
underlying security or if the counterparty does not perform under the con-
tract. The Master LLC may mitigate counterparty risk through master net-
ting agreements included within an International Swap and Derivatives
Association, Inc. (“ISDA”) Master Agreement between the Master LLC
and its counterparties. The ISDA Master Agreement allows the Master
LLC to offset with its counterparty certain derivative financial instruments’
payables and/or receivables with collateral held. The amount of collat-
eral moved to/from applicable counterparties is based upon minimum
transfer amounts of up to $500,000. To the extent amounts due to the
Master LLC from its counterparties are not fully collateralized contractually
or otherwise, the Master LLC bears the risk of loss from counterparty non-
performance. See Note 1 “Segregation and Collateralization” for informa-
tion with respect to collateral practices.

The Master LLC’s maximum risk of loss from counterparty credit risk on over-
the counter derivatives is generally the aggregate unrealized gain in excess
of any collateral pledged by the counterparty to the Master LLC. For over-
the-counter purchased options, the Master LLC bears the risk of loss in the
amount of the premiums paid and change in market value of the options
should the counterparty not perform under the contracts. Options written by
the Master LLC do not give rise to counterparty credit risk, as written options
obligate the Master LLC to perform and not the counterparty. Certain ISDA
Master Agreements allow counterparties to over-the-counter derivatives to
terminate derivative contracts prior to maturity in the event a Master LLC’s
net assets decline by a stated percentage or a Master LLC fails to meet the
terms of its ISDA Master Agreements, which would cause the Master LLC
to accelerate payment of any net liability owed to the counterparty. Counter-
party risk related to exchange-traded financial futures contracts and options
is minimal because of the protection against defaults provided by the
exchange on which they trade.

Options: The Master LLC may purchase and write call and put options
to increase or decrease its exposure to underlying instruments. A call
option gives the purchaser of the option the right (but not the obligation)
to buy, and obligates the seller to sell (when the option is exercised), the
underlying instrument at the exercise price at any time or at a specified
time during the option period. A put option gives the holder the right to
sell and obligates the writer to buy the underlying instrument at the exer-
cise price at any time or at a specified time during the option period.
When the Master LLC purchases (writes) an option, an amount equal to
the premium paid (received) by the Master LLC is reflected as an asset
(liability) and an equivalent liability (asset). The amount of the asset (lia-
bility) is subsequently marked-to-market to reflect the current market
value of the option purchased (written). When an instrument is purchased
or sold through an exercise of an option, the related premium paid (or
received) is added to (or deducted from) the basis of the instrument
acquired or deducted from (or added to) the proceeds of the instrument
sold. When an option expires (or the Master LLC enters into a closing
transaction), the Master LLC realizes a gain or loss on the option to the
extent of the premiums received or paid (or gain or loss to the extent the
cost of the closing transaction exceeds the premium received or paid).
When the Master LLC writes a call option, such option is “covered” mean-
ing that the Master LLC holds the underlying instrument subject to being
called by the option counterparty, or cash in an amount sufficient to cover
the obligation. When the Master LLC writes a put option, such option is
covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, the Master LLC bears the risk of an
unfavorable change in the value of the underlying instrument or the risk
that the Master LLC may not be able to enter into a closing transaction
due to an illiquid market. Exercise of a written option could result in the
Master LLC purchasing an instrument at a price different from the current
market value. The Master LLC may execute transactions in both listed
and over-the-counter options. Listed options involve minimal counterparty
risk since listed options are guaranteed against default by the exchange
on which they trade.

Master Focus Growth LLC   
Derivatives Not Accounted for as Hedging Instruments under Financial 
Accounting Standards Board Statement of Financial Accounting Standards 
No. 133, “Accounting for Derivative Instruments and Hedging Activities” 
The Effect of Derivative Instruments on the Statement of Operations 
Year Ended August 31, 2009
Net Realized Gain (Loss) From Derivatives Recognized in Income
  Option 
  Contracts 
Equity contracts  $ 657,288 
Net Change in Unrealized Appreciation/Depreciation on Derivatives 
  Option 
  Contracts 
Equity contracts  $ 71,268 

ANNUAL REPORT AUGUST 31, 2009 47

Notes to Financial Statements (continued) Master Focus Growth LLC

3. Investment Advisory Agreement and Transactions
with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”) and Bank of America
Corporation (“BAC”) are the largest stockholders of BlackRock, Inc.
(“BlackRock”). BAC became a stockholder of BlackRock following its
acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1,
2009. Prior to that date, both PNC and Merrill Lynch were considered
affiliates of the Master LLC under the 1940 Act. Subsequent to the
acquisition, PNC remains an affiliate, but due to the restructuring of
Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed
to be an affiliate under the 1940 Act.

The Master LLC has entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Manager”), an indirect, wholly owned subsidiary
of BlackRock, to provide investment advisory and administration services.

The Manager is responsible for the management of the Master LLC’s
portfolio and provides the necessary personnel, facilities, equipment
and certain other services necessary to the operations of the Master
LLC. For such services, the Master LLC pays a monthly fee at an annual
rate of 0.60% of the average daily value of the Master LLC’s net assets.
The Manager has agreed to contractually waive the administration fees
of BlackRock Focus Growth Fund, Inc. (the “Fund”) and the investment
advisory fees of the Master LLC, as necessary to reduce the sum of the
administration fee and investment advisory fee (as a percentage of the
average daily net assets of the Master LLC) from 0.85% to 0.65%, and
also to waive the fees and/or reimburse direct expenses of the Fund
and/or Master LLC to the extent necessary to limit the ordinary annual
operating expenses of the Fund (after accounting for the waiver described
above), excluding class-specific distribution and account maintenance
fees, to 2.00% of the average daily net assets of the Fund for the annual
period, so long as the sum of the fees waived and the expenses reim-
bursed by the Manager do not exceed the amount of fees actually due to
the Manager under both the Master LLC’s investment advisory Agreement
and the Fund’s administration agreement. This amount is shown as fees
waived by advisor in the Statement of Operations.

The Manager has entered into a separate sub-advisory agreement with
BlackRock Investment Management, LLC, an affiliate of the Manager,
under which the Manager pays the sub-advisor, for services it provides, a
monthly fee that is a percentage of the investment advisory fee paid by
the Master LLC to the Manager.

For the year ended August 31, 2009, the Master LLC reimbursed the
Manager $909 for certain accounting services, which is included in
accounting services in the Statement of Operations

In addition, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”),
a wholly owned subsidiary of Merrill Lynch, or its affiliates received $2,999
in commissions on the execution of portfolio security transactions for the
Master LLC (for the period September 1, 2008 to December 31, 2008,
after which time MLPF&S was no longer considered an affiliate).

Certain officers and/or directors of the Master LLC are officers and/or direc-
tors of BlackRock or its affiliates. The Master LLC reimburses the Manager
for compensation paid to the Master LLC’s Chief Compliance Officer.

4. Investments:

Purchases and sales of investments, excluding short-term securities, for
the year ended August 31, 2009 were $86,635,143 and $83,785,103,
respectively.

Transactions in call options written for the year ended August 31, 2009
were as follows:

    Premiums 
  Contracts  Received 
Outstanding call options written, beginning     
   of year  1,807  $ 335,744 
Options written  2,898  437,359 
Options exercised  (305)  (43,252) 
Options expired  (1,200)  (232,420) 
Options closed  (3,200)  (497,431) 
Outstanding call options written, end of year  —  — 
Transactions in put options written for the year ended August 31, 2009 
were as follows:     
    Premiums 
  Contracts  Received 
Outstanding put options written, beginning     
   of year  —  — 
Options written  24  $ 30,970 
Options closed  (24)  (30,970) 
Outstanding put options written, end of year  —  — 
The Master LLC received proceeds from a settlement of litigation where 
the Master LLC was able to recover a portion of investment losses previ- 
ously realized by the Master LLC. This amount is shown as litigation pro- 
ceeds in the Statement of Operations.     

5. Short-Term Borrowings:

The Master LLC, along with certain other funds managed by the Manager
and its affiliates, is a party to a $500 million credit agreement with a
group of lenders, which expires in November 2009. The Master LLC may
borrow under the credit agreement to fund shareholder redemptions and
for other lawful purposes other than for leverage. The Master LLC may bor-
row up to the maximum amount allowable under the Master LLC’s current
Prospectus and Statement of Additional Information, subject to various
other legal, regulatory or contractual limits. The Master LLC paid its pro
rata share of a 0.02% upfront fee on the aggregate commitment amount
based on its net assets as of October 31, 2008. The Master LLC pays a
commitment fee of 0.08% per annum based on the Master LLC’s pro rata
share of the unused portion of the credit agreement, which is included in
miscellaneous in the Statement of Operations. Amounts borrowed under
the credit agreement bear interest at a rate equal to the higher of the
(a) federal funds effective rate and (b) reserve adjusted one month
LIBOR, plus, in each case, the higher of (i) 1.50% and (ii) 50% of the

48 ANNUAL REPORT AUGUST 31, 2009

Notes to Financial Statements (concluded) Master Focus Growth LLC

CDX Index (as defined in the credit agreement) in effect from time to
time. The Master LLC did not borrow under the credit agreement during
the year ended August 31, 2009.

6. Market and Credit Risk:

In the normal course of business, the Master LLC invests in securities and
enters into transactions where risks exist due to fluctuations in the market
(market risk) or failure of the issuer of a security to meet all its obligations
(credit risk). The value of securities held by the Master LLC may decline in
response to certain events, including those directly involving the issuers
whose securities are owned by the Master LLC; conditions affecting the
general economy; overall market changes; local, regional or global politi-
cal, social or economic instability; and currency and interest rate and
price fluctuations. Similar to credit risk, the Master LLC may be exposed
to counterparty risk, or the risk that an entity with which the Master LLC
has unsettled or open transactions may default. Financial assets, which
potentially expose the Master LLC to credit and counterparty risks, consist
principally of investments and cash due from counterparties. The extent
of the Master LLC’s exposure to credit and counterparty risks with respect
to these financial assets is approximated by their value recorded in the
Master LLC’s Statement of Assets and Liabilities.

7. Subsequent Events:

Management has evaluated the impact of all subsequent events on the
Master LLC through October 27, 2009, the date the financial statements
were issued, and has determined that there were no subsequent events
requiring adjustment or disclosure in the financial statements.

ANNUAL REPORT AUGUST 31, 2009 49

Master LLC Report of Independent Registered Public Accounting Firm

To the Investor and Board of Directors of Master Focus
Growth Fund LLC:

We have audited the accompanying statements of assets and liabilities,
including the schedule of investments, of Master Focus Growth LLC (the
“Master LLC”), as of August 31, 2009 and the related statements of oper-
ations for the year then ended, the period December 1, 2007 to August 31,
2008 and the year ended November 30, 2007, the statements of changes
in net assets for the year then ended, the period December 1, 2007 to
August 31, 2008 and the year ended November 30, 2007, and the finan-
cial highlights for the respective periods presented. These financial state-
ments and financial highlights are the responsibility of the Master LLC’s
management. Our responsibility is to express an opinion of these financial
statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements and financial highlights are
free of material misstatement. The Master LLC is not required to have, nor
were we engaged to perform an audit of its internal control over financial
reporting. Our audits included consideration of internal control over finan-
cial reporting as a basis for designing audit procedures that are appropri-
ate in the circumstances, but not for the purpose of expressing an opinion

on the effectiveness of the Master LLC’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclo-
sures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluat-
ing the overall financial statement presentation. Our procedures include
confirmation of the securities owned as of August 31, 2009, by correspon-
dence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Master Focus Growth LLC as of August 31, 2009, the results of its opera-
tions for the year then ended, the period December 1, 2007 to August 31,
2008 and the year ended November 30, 2007, and the financial high-
lights for the respective periods presented, in conformity with accounting
principles generally accepted in the United States of America.

Deloitte & Touche, LLP
Princeton, New Jersey
October 27, 2009

50 ANNUAL REPORT AUGUST 31, 2009

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Directors of Master Focus Growth LLC (the “Master LLC”),
the Board of Directors of BlackRock Global Growth Fund, Inc. (the “Global
Growth Fund”) and the Board of Trustees of BlackRock Fundamental Growth
Principal Protected Fund (the “Fundamental Growth Principal Protected
Fund”), a series of BlackRock Principal Protected Trust (the “Trust”), met
on May 5, 2009 and June 4 – 5, 2009 to consider the approval of the
funds’ investment advisory agreements (each, an “Advisory Agreement,”
and collectively, the “Advisory Agreements”) with BlackRock Advisors, LLC
(the “Manager”), each fund’s investment advisor. The Board of Directors of
the Master LLC, the Board of Directors of the Global Growth Fund and the
Board of Trustees of the Fundamental Growth Principal Protected Fund
also considered the approval of the sub-advisory agreements (each, a
“Sub-Advisory Agreement,” and collectively, the “Sub-Advisory Agreements”)
between the Manager and BlackRock Investment Management, LLC (the
“Sub-Advisor”) with respect to the funds. BlackRock Focus Growth Fund,
Inc. (the “Focus Growth Fund”) is a “feeder” fund that invests all of its
investable assets in the Master LLC. Accordingly, the Board of Directors
of the Focus Growth Fund also considered the approval of the Advisory
Agreement and the Sub-Advisory Agreement with respect to the Master LLC.

The Manager and the Sub-Advisor are referred to herein as “BlackRock.”
The Advisory Agreements and the Sub-Advisory Agreements are referred
to herein as the “Agreements.” The Global Growth Fund, the Fundamental
Growth Principal Protected Fund and the Trust are referred to herein as
the “Funds,” and each a “Fund.” For simplicity, the Board of Directors of
the Master LLC, the Board of Directors of the Focus Growth Fund and
the Board of Directors/Trustees of each Fund are referred to herein col-
lectively as the “Board,” and the members of which are referred to herein
as “Board Members.”

Activities and Composition of the Board

The Board consisted of fifteen individuals, twelve of whom were not “inter-
ested persons” of each Fund, the Focus Growth Fund or the Master LLC as
defined in the Investment Company Act of 1940, as amended (the “1940
Act”) (the “Independent Board Members”), at the time of the Board’s
approval of the Agreements. The Board Members are responsible for the
oversight of the operations of each Fund, the Focus Growth Fund or the
Master LLC, as pertinent, and perform the various duties imposed on the
directors of investment companies by the 1940 Act. The Independent
Board Members have retained independent legal counsel to assist them in
connection with their duties. The Chairman of the Board is an Independent
Board Member. The Board has established five standing committees: an
Audit Committee, a Governance and Nominating Committee, a Compliance
Committee, a Performance Oversight Committee and an Executive Com-
mittee, each of which is composed of Independent Board Members (except
for the Performance Oversight Committee and the Executive Committee,
which each have one interested Board Member) and is chaired by
Independent Board Members.

The Agreements

Pursuant to the 1940 Act, the Board is required to consider the continua-
tion of the Agreements on an annual basis. In connection with this process,
the Board assessed, among other things, the nature, scope and quality of

the services provided to each Fund, the Focus Growth Fund and the Master
LLC by the personnel of BlackRock and its affiliates, including investment
management, administrative and shareholder services, oversight of fund
accounting and custody, marketing services and assistance in meeting
applicable legal and regulatory requirements.

Throughout the year, the Board, acting directly and through its committees,
considers at each of its meetings factors that are relevant to its annual
consideration of the renewal of the Agreements, including the services
and support provided by BlackRock to each Fund, the Focus Growth Fund,
the Master LLC and their shareholders. Among the matters the Board con-
sidered were: (a) investment performance for one-, three- and five-year
periods, as applicable, against peer funds, and applicable benchmarks,
if any, as well as senior management and portfolio managers’ analysis
of the reasons for any out performance or underperformance against
its peers; (b) fees, including advisory, administration, if applicable, and
other amounts paid to BlackRock and its affiliates by each Fund, the
Focus Growth Fund and/or the Master LLC for services, such as transfer
agency, marketing and distribution, call center and fund accounting;
(c) the Funds, the Focus Growth Fund and/or the Master LLC operating
expenses; (d) the resources devoted to and compliance reports relating
to each Fund’s, the Focus Growth Fund’s and the Master LLC’s investment
objectives, policies and restrictions, (e) each Fund’s, the Focus Growth
Fund’s and the Master LLC’s compliance with each of their respective
Code of Ethics and compliance policies and procedures; (f) the nature,
cost and character of non-investment management services provided by
BlackRock and its affiliates; (g) BlackRock’s and other service providers’
internal controls; (h) BlackRock’s implementation of the proxy voting poli-
cies approved by the Board; (i) the use of brokerage commissions and
execution quality; (j) BlackRock’s implementation of each Fund’s, the
Focus Growth Fund’s and the Master LLC’s valuation and liquidity proce-
dures; and (k) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the May 5, 2009 meeting, the Board
requested and received materials specifically relating to the Agreements.
The Board is engaged in an ongoing process with BlackRock to continu-
ously review the nature and scope of the information provided to better
assist its deliberations. The materials provided in connection with the May
meeting included (a) information independently compiled and prepared
by Lipper, Inc. (“Lipper”) on each Fund’s and Focus Growth Fund’s fees
and expenses, and the investment performance of each Fund and the
Focus Growth Fund as compared with a peer group of funds as deter-
mined by Lipper (collectively, “Peers”); (b) information on the profitability
of the Agreements to BlackRock and a discussion of fall-out benefits to
BlackRock and its affiliates and significant shareholders; (c) a general
analysis provided by BlackRock concerning investment advisory fees
charged to other clients, such as institutional clients and closed-end
funds, under similar investment mandates, as well as the performance of
such other clients; (d) the impact of economies of scale; (e) a summary
of aggregate amounts paid by each Fund, the Focus Growth Fund and/or
the Master LLC to BlackRock; (f) sales and redemption data regarding

ANNUAL REPORT AUGUST 31, 2009 51

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

each Fund’s and the Focus Growth Fund’s shares; and (g) an internal
comparison of management fees classified by Lipper, if applicable.

At an in-person meeting held on May 5, 2009, the Board reviewed
materials relating to its consideration of the Agreements. As a result of
the discussions that occurred during the May 5, 2009 meeting, the Board
presented BlackRock with questions and requests for additional informa-
tion and BlackRock responded to these requests with additional written
information in advance of the June 4 – 5, 2009 Board meeting.

At an in-person meeting held on June 4 – 5, 2009, the Board of Directors
of the Master LLC and the Board of Directors/Trustees of each Fund, includ-
ing the Independent Board Members, unanimously approved the continua-
tion of the Advisory Agreements between the Manager and each of (a) the
Master LLC and (b) each Fund, and the Sub-Advisory Agreements between
the Manager and the Sub-Advisor with respect to each of (a) the Master
LLC and (b) each Fund, each for a one-year term ending June 30, 2010.
The Board of Directors of the Focus Growth Fund, including the Independent
Board Members, also considered the continuation of the Agreements with
respect to the Master LLC and found the Agreements to be satisfactory.
The Board considered all factors it believed relevant with respect to each
Fund, the Focus Growth Fund and the Master LLC, as applicable, includ-
ing, among other factors: (a) the nature, extent and quality of the services
provided by BlackRock; (b) the investment performance of each Fund, the
Focus Growth Fund, the Master LLC and BlackRock portfolio management;
(c) the advisory fee and the cost of the services and profits to be realized
by BlackRock and certain affiliates from the relationship with each Fund,
the Focus Growth Fund and the Master LLC; (d) economies of scale; and
(e) other factors.

The Board also considered other matters it deemed important to the
approval process, such as payments made to BlackRock or its affiliates
relating to the distribution of Fund shares, services related to the valua-
tion and pricing of portfolio holdings of each Fund or the Master LLC, as
applicable, direct and indirect benefits to BlackRock and its affiliates and
significant shareholders from their relationship with each Fund, the Focus
Growth Fund and the Master LLC and advice from independent legal coun-
sel with respect to the review process and materials submitted for the
Board’s review. The Board noted the willingness of BlackRock personnel
to engage in open, candid discussions with the Board. The Board did not
identify any particular information as controlling, and each Board Member
may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services: The Board, including the
Independent Board Members, reviewed the nature, extent and quality
of services provided by BlackRock, including the investment advisory
services and the resulting performance of each Fund, the Focus Growth
Fund and the Master LLC. Throughout the year, the Board compared each
Fund’s and the Focus Growth Fund’s performance to the performance of
a comparable group of mutual funds, and the performance of at least one
relevant benchmark, if any. The Board met with BlackRock’s senior man-
agement personnel responsible for investment operations, including the
senior investment officers. The Board also reviewed the materials provided
by each Fund’s or the Master LLC’s portfolio management team discussing

each Fund’s or the Master LLC’s performance and each Fund’s or the
Master LLC’s investment objective, strategies and outlook.

The Board considered, among other factors, the number, education and
experience of BlackRock’s investment personnel generally and each Fund’s
or the Master LLC’s portfolio management team, investments by portfolio
managers in the funds they manage, BlackRock’s portfolio trading capabil-
ities, BlackRock’s use of technology, BlackRock’s commitment to compliance
and BlackRock’s approach to training and retaining portfolio managers
and other research, advisory and management personnel. The Board also
reviewed a general description of BlackRock’s compensation structure with
respect to each Fund’s or the Master LLC’s portfolio management team
and BlackRock’s ability to attract and retain high-quality talent.

In addition to advisory services, the Board considered the quality of the
administrative and non-investment advisory services provided to each
Fund, the Focus Growth Fund and the Master LLC. BlackRock and its affili-
ates and significant shareholders provide each Fund, the Focus Growth
Fund and the Master LLC with certain administrative, transfer agency,
shareholder and other services (in addition to any such services provided
to the Funds, the Focus Growth Fund and the Master LLC by third parties)
and officers and other personnel as are necessary for the operations of
each Fund, the Focus Growth Fund and the Master LLC. In addition to
investment advisory services, BlackRock and its affiliates provide each
Fund, the Focus Growth Fund and the Master LLC with other services,
including (i) preparing disclosure documents, such as the prospectus,
the statement of additional information and periodic shareholder reports;
(ii) assisting with daily accounting and pricing; (iii) overseeing and coordi-
nating the activities of other service providers; (iv) organizing Board meet-
ings and preparing the materials for such Board meetings; (v) providing
legal and compliance support; and (vi) performing other administrative
functions necessary for the operation of each Fund, the Focus Growth
Fund and the Master LLC, such as tax reporting, fulfilling regulatory filing
requirements, and call center services. The Board reviewed the structure
and duties of BlackRock’s fund administration, accounting, legal and com-
pliance departments and considered BlackRock’s policies and procedures
for assuring compliance with applicable laws and regulations.

B. The Investment Performance of each Fund, the Focus Growth Fund, the
Master LLC and BlackRock: The Board, including the Independent Board
Members, also reviewed and considered the performance history of each
Fund, the Focus Growth Fund and the Master LLC. In preparation for the
May 5, 2009 meeting, the Board was provided with reports, independently
prepared by Lipper, which included a comprehensive analysis of each
Fund’s and the Focus Growth Fund’s performance. The Board also
reviewed a narrative and statistical analysis of the Lipper data that was
prepared by BlackRock, which analyzed various factors that affect Lipper’s
rankings. In connection with its review, the Board received and reviewed
information regarding the investment performance of each Fund and the
Focus Growth Fund as compared to a representative group of similar
funds as determined by Lipper and to all funds in each Fund’s and the
Focus Growth Fund’s applicable Lipper category. The Board was provided
with a description of the methodology used by Lipper to select peer funds.
The Board regularly reviews the performance of each Fund, the Focus

52 ANNUAL REPORT AUGUST 31, 2009

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

Growth Fund and the Master LLC throughout the year. The Board attaches
more importance to performance over relatively long periods of time, typi-
cally three to five years.

The Board noted that the Focus Growth Fund ranked in the first quartile
against its Lipper Performance Universe for each of the one-, three- and
five-year periods reported.

The Board noted that the Global Growth Fund ranked in the second, first
and first quartiles against its Lipper Performance Universe for the one-,
three- and five-year periods reported, respectively.

The Board noted that the Fundamental Growth Principal Protected Fund
ranked in the first, first and second quartiles against its Lipper Performance
Universe for the one-, three- and five-year periods reported, respectively.

C. Consideration of the Advisory Fees and the Cost of the Services
and Profits to be Realized by BlackRock and its Affiliates from their
Relationship with each Fund, the Focus Growth Fund and the Master LLC:
The Board, including the Independent Board Members, reviewed each
Fund’s and the Master LLC’s contractual advisory fee rates compared
with the other funds in its Lipper category. It also compared each Fund’s
and the Focus Growth Fund’s total expenses, as well as actual manage-
ment fees, to those of other comparable funds. The Board considered the
services provided and the fees charged by BlackRock to other types of
clients with similar investment mandates, including separately managed
institutional accounts.

The Board received and reviewed statements relating to BlackRock’s
financial condition and profitability with respect to the services it provided
each Fund and the Master LLC. The Board was also provided with a prof-
itability analysis that detailed the revenues earned and the expenses
incurred by BlackRock for services provided to each Fund, the Focus
Growth Fund and the Master LLC. The Board reviewed BlackRock’s prof-
itability with respect to each Fund and the Master LLC and other funds
the Board currently oversees for the year ended December 31, 2008
compared to available aggregate profitability data provided for the year
ended December 31, 2007. The Board reviewed BlackRock’s profitability
with respect to other fund complexes managed by the Manager and/or its
affiliates. The Board reviewed BlackRock’s assumptions and methodology
of allocating expenses in the profitability analysis, noting the inherent limi-
tations in allocating costs among various advisory products. The Board
recognized that profitability may be affected by numerous factors includ-
ing, among other things, fee waivers and expense reimbursements by the
Manager, the types of funds managed, expense allocations and business
mix, and therefore comparability of profitability is somewhat limited.

The Board noted that, in general, individual fund or product line profitability
of other advisors is not publicly available. Nevertheless, to the extent such
information is available, the Board considered BlackRock’s operating mar-
gin in general compared to the operating margin for leading investment
management firms whose operations include advising open-end funds,
among other product types. The comparison indicated that operating
margins for BlackRock with respect to its registered funds are generally

consistent with margins earned by similarly situated publicly traded com-
petitors. In addition, the Board considered, among other things, certain
third party data comparing BlackRock’s operating margin with that of other
publicly-traded asset management firms, which concluded that larger
asset bases do not, in themselves, translate to higher profit margins.

In addition, the Board considered the cost of the services provided to
each Fund, the Focus Growth Fund and the Master LLC by BlackRock,
and BlackRock’s and its affiliates’ profits relating to the management
and distribution of each Fund, the Focus Growth Fund, the Master LLC
and the other funds advised by BlackRock and its affiliates. As part of its
analysis, the Board reviewed BlackRock’s methodology in allocating its
costs to the management of each Fund, the Focus Growth Fund and the
Master LLC. The Board also considered whether BlackRock has the finan-
cial resources necessary to attract and retain high quality investment
management personnel to perform its obligations under the Agreements
and to continue to provide the high quality of services that is expected
by the Board.

The Board noted that the Focus Growth Fund’s/Master LLC’s contractual
advisory fees, which do not take into account any expense reimbursements
or fee waivers, were lower than or equal to the median contractual advisory
fees paid by the Focus Growth Fund’s Peers. The Board also noted that
BlackRock has contractually agreed to waive fees or reimburse expenses
in order to limit the Focus Growth Fund’s total net expenses on a class-by-
class basis, as applicable. The Board further noted that BlackRock has
contractually agreed to waive or reimburse management fees for the
Master LLC.

The Board noted that the Global Growth Fund’s contractual advisory fees,
which do not take into account any expense reimbursements or fee
waivers, were lower than or equal to the median contractual advisory fees
paid by the Global Growth Fund’s Peers. The Board also noted that the
Global Growth Fund has an advisory fee arrangement that includes break-
points that adjust the fee rate downward as the size of the Global Growth
Fund increases, thereby allowing shareholders the potential to participate
in economies of scale.

The Board noted that the Fundamental Growth Principal Protected Fund’s
contractual advisory fees, which do not take into account any expense
reimbursements or fee waivers, were lower than or equal to the median
contractual advisory fees paid by the Fundamental Growth Principal
Protected Fund’s Peers. The Board also noted that BlackRock has contrac-
tually agreed to waive fees or reimburse expenses in order to limit the
Fundamental Growth Principal Protected Fund’s total net expenses on a
class-by-class basis, as applicable.

D. Economies of Scale: The Board, including the Independent Board
Members, considered the extent to which economies of scale might
be realized as the assets of each Fund, the Focus Growth Fund and the
Master LLC increase and whether there should be changes in the advisory
fee rate or structure in order to enable each Fund, the Focus Growth Fund
and the Master LLC to participate in these economies of scale, for example
through the use of breakpoints in the advisory fee based upon the assets

ANNUAL REPORT AUGUST 31, 2009 53

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (concluded)

of each Fund or the Master LLC. The Board considered that the funds in
the BlackRock fund complex share some common resources and, as a
result, an increase in the overall size of the complex could permit each
fund to incur lower expenses than it would otherwise as a stand-alone
entity. The Board also considered BlackRock’s overall operations and its
efforts to expand the scale of, and improve the quality of, its operations.

E. Other Factors: The Board also took into account other ancillary or “fall-
out” benefits that BlackRock or its affiliates and significant shareholders
may derive from its relationship with each Fund, the Focus Growth Fund and
the Master LLC, both tangible and intangible, such as BlackRock’s ability
to leverage its investment professionals who manage other portfolios, an
increase in BlackRock’s profile in the investment advisory community, and
the engagement of BlackRock’s affiliates and significant shareholders as
service providers to each Fund, the Focus Growth Fund and the Master LLC,
including for administrative, transfer agency and distribution services. The
Board also noted that BlackRock may use third party research obtained
by soft dollars generated by certain mutual fund transactions to assist
itself in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also
received information regarding BlackRock’s brokerage and soft dollar prac-
tices. The Board received reports from BlackRock which included informa-
tion on brokerage commissions and trade execution practices throughout
the year.

Conclusion

The Board of Directors of the Master LLC and the Board of Directors/
Trustees of each Fund, including the Independent Board Members, unani-
mously approved the continuation of the Advisory Agreements between
the Manager and each of (a) the Master LLC and (b) each Fund for a
one-year term ending June 30, 2010, and the Sub-Advisory Agreement
between the Manager and the Sub-Advisor with respect to each of (a) the
Master LLC and (b) each Fund for a one-year term ending June 30, 2010.
Based upon its evaluation of all these factors in their totality, the Board of
Directors of the Master LLC and the Board of Directors/Trustees of each
Fund, including the Independent Board Members, were satisfied that the
terms of the Agreements were fair and reasonable and in the best interest
of the Master LLC, each Fund and their shareholders. The Board of Directors
of the Focus Growth Fund, including the Independent Board Members,
also considered the continuation of the Agreements with respect to the
Master LLC and found the Agreements to be satisfactory. In arriving at a
decision to approve the Agreements, the Board did not identify any single
factor or group of factors as all-important or controlling, but considered
all factors together, and different Board Members may have attributed dif-
ferent weights to the various factors considered. The Independent Board
Members were also assisted by the advice of independent legal counsel
in making this determination. The contractual fee arrangements for each
Fund, the Focus Growth Fund and the Master LLC reflect the results of
several years of review by the Board Members and predecessor Board
Members, and discussions between such Board Members (and predeces-
sor Board Members) and BlackRock. Certain aspects of the arrangements
may be the subject of more attention in some years than in others, and
the Board Members’ conclusions may be based in part on their considera-
tion of these arrangements in prior years.

54 ANNUAL REPORT AUGUST 31, 2009

Officers and Directors         
        Number of BlackRock-   
        Advised Registered   
  Position(s)  Length    Investment Companies   
  Held with  of Time    (“RICs”) Consisting of   
Name, Address  Funds/  Served as    Investment Portfolios  Public 
and Year of Birth  Master LLC  a Director2  Principal Occupation(s) During Past 5 Years  (“Portfolios”) Overseen  Directorships 
     Non-Interested Directors1         
Robert M. Hernandez  Chairman of the  Since  Director, Vice Chairman and Chief Financial Officer of USX  35 RICs consisting of  ACE Limited 
40 East 52nd Street  Board, Director  2007  Corporation (energy and steel business) from 1991 to 2001.  101 Portfolios  (insurance company); 
New York, NY 10022  and Member of        Eastman Chemical 
1944  the Audit        Company (chemical); 
  Committee        RTI International 
          Metals, Inc. (metals); 
          TYCO Electronics 
          (electronics) 
Fred G. Weiss  Vice Chairman  Since  Managing Director, FGW Associates (consulting and investment  35 RICs consisting of  Watson 
40 East 52nd Street  of the Board,  2007  company) since 1997; Director, Michael J. Fox Foundation for  101 Portfolios  Pharmaceutical Inc. 
New York, NY 10022  Director and    Parkinson’s Research since 2000; Director of BTG International     
1941  Member of the    Plc (a global technology commercialization company) from     
  Audit Committee    2001 to 2007.     
James H. Bodurtha  Director  Since  Director, The China Business Group, Inc. (consulting firm) since  35 RICs consisting of  None 
40 East 52nd Street    2002  1996 and Executive Vice President thereof from 1996 to 2003;  101 Portfolios   
New York, NY 10022      Chairman of the Board, Berkshire Holding Corporation since 1980.     
1944           
Bruce R. Bond  Director  Since  Trustee and Member of the Governance Committee, State Street  35 RICs consisting of  None 
40 East 52nd Street    2007  Research Mutual Funds from 1997 to 2005; Board Member of  101 Portfolios   
New York, NY 10022      of Governance, Audit and Finance Committee, Avaya Inc.     
1946      (computer equipment) from 2003 to 2007.     
Donald W. Burton  Director  Since  Managing General Partner, The Burton Partnership, LP (an  35 RICs consisting of  Knology, Inc. (tele- 
40 East 52nd Street    2007  investment partnership) since 1979; Managing General Partner,  101 Portfolios  communications); 
New York, NY 10022      The South Atlantic Venture Funds since 1983; Member of the    Capital Southwest 
1944      Investment Advisory Council of the Florida State Board of    (financial) 
      Administration from 2001 to 2007.     
Honorable  Director  Since  Partner and Head of International Practice, Covington and  35 RICs consisting of  Alcatel-Lucent (tele- 
Stuart E. Eizenstat    2007  Burling (law firm) since 2001; International Advisory Board  101 Portfolios  communications); 
40 East 52nd Street      Member, The Coca Cola Company since 2002; Advisory Board    Global Specialty 
New York, NY 10022      Member, BT Americas (telecommunications) since 2004;    Metallurgical (metal- 
1943      Member of the Board of Directors, Chicago Climate Exchange    lurgical industry); 
      (environmental) since 2006; Member of the International    UPS Corporation 
      Advisory Board GML (energy) since 2003.    (delivery service) 
Kenneth A. Froot  Director  Since  Professor, Harvard University since 1992.  35 RICs consisting of  None 
40 East 52nd Street    2005    101 Portfolios   
New York, NY 10022           
1957           
John F. O’Brien  Director  Since  Trustee, Woods Hole Oceanographic Institute since 2003;  35 RICs consisting of  Cabot Corporation 
40 East 52nd Street    2007  Director, Allmerica Financial Corporation from 1995 to 2003;  101 Portfolios  (chemicals); LKQ 
New York, NY 10022      Director, ABIOMED from 1989 to 2006; Director, Ameresco, Inc.    Corporation (auto 
1943      (energy solutions company) from 2006 to 2007.    parts manufacturing); 
          TJX Companies, Inc. 
          (retailer) 
Roberta Cooper Ramo  Director  Since  Shareholder, Modrall, Sperling, Roehl, Harris & Sisk, P.A. (law  35 RICs consisting of  None 
40 East 52nd Street    2002  firm) since 1993; Chairman of the Board, Cooper’s Inc., (retail)  101 Portfolios   
New York, NY 10022      since 2000; Director of ECMC Group (service provider to     
1942      students, schools and lenders) since 2001; President, The     
      American Law Institute, (non-profit), 2008; President, American     
      Bar Association from 1995 to 1996.     

ANNUAL REPORT AUGUST 31, 2009 55

Officers and Directors (continued)     
        Number of BlackRock-   
        Advised Registered   
  Position(s)  Length    Investment Companies   
  Held with  of Time    (“RICs”) Consisting of   
Name, Address  Funds/  Served as    Investment Portfolios  Public 
and Year of Birth  Master LLC  a Director2  Principal Occupation(s) During Past 5 Years  (“Portfolios”) Overseen  Directorships 
     Non-Interested Directors1 (concluded)         
David H. Walsh  Director  Since  Director, National Museum of Wildlife Art since 2007; Director,  35 RICs consisting of  None 
40 East 52nd Street    2007  Ruckleshaus Institute and Haub School of Natural Resources  101 Portfolios   
New York, NY 10022      at the University of Wyoming from 2006 to 2008; Trustee,     
1941      University of Wyoming Foundation since 2008; Director, The     
American Museum of Fly Fishing since 1997; Director, The
      National Audubon Society from 1998 to 2005.     
Richard R. West  Director  Since  Dean Emeritus, New York University’s Leonard N. Stern School  35 RICs consisting of  Bowne & Co., Inc. 
40 East 52nd Street  and Member  2007  of Business Administration since 1995.  101 Portfolios  (financial printers); 
New York, NY 10022  of the Audit        Vornado Realty Trust 
1938  Committee        (real estate 
          company); 
          Alexander’s Inc. 
          (real estate 
          company) 
   1 Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.   
   2 Date shown is the earliest date a person has served as a director for the Fund covered by this annual report. Following the combination of Merrill Lynch 
       Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock Fund boards 
       were realigned and consolidated into three new Fund boards in 2007. As a result, although the chart shows certain directors as joining the Fund’s board 
       in 2007, each director first became a member of the board of directors of other legacy MLIM or legacy BlackRock Funds as follows: James H. Bodurtha, 
       1995; Bruce R. Bond, 2005; Donald W. Burton, 2002; Stuart E. Eizenstat, 2001; Kenneth A. Froot, 2005; Robert M. Hernandez, 1996; John F. O’Brien, 
       2004; Roberta Cooper Ramo, 2000; David H. Walsh, 2003; Fred G. Weiss, 1998; and Richard R. West, 1978.   
     Interested Directors3           
Richard S. Davis  Director  Since  Managing Director, BlackRock, Inc. since 2005; Formerly Chief  173 RICs consisting of  None 
40 East 52nd Street    2007  Executive Officer, State Street Research & Management Company  283 Portfolios   
New York, NY 10022      from 2000 to 2005; Formerly Chairman of the Board of Trustees,     
1945      State Street Research Mutual Funds from 2000 to 2005;     
      Chairman, SSR Realty from 2000 to 2004.     
Laurence D. Fink  Director  Since  Chairman and Chief Executive Officer of BlackRock, Inc. since its  35 RICs consisting of  None 
40 East 52nd Street    2007  formation in 1998 and of BlackRock, Inc.’s predecessor entities  101 Portfolios   
New York, NY 10022      since 1988 and Chairman of the Executive and Management     
1952      Committees; Managing Director, The First Boston Corporation,     
      Member of its Management Committee, Co-head of its Taxable     
      Fixed Income Division and Head of its Mortgage and Real Estate     
      Products Group; Chairman of the Board of several of BlackRock’s     
      alternative investment vehicles; Director of several of BlackRock’s     
offshore funds; Member of the Board of Trustees of New York
      University, Chair of the Financial Affairs Committee and a member     
of the Executive Committee, the Ad Hoc Committee on Board
Governance, and the Committee on Trustees; Co-Chairman of
the NYU Hospitals Center Board of Trustees, Chairman of the
      Development/Trustee Stewardship Committee and Chairman of     
the Finance Committee; Trustee, The Boys’ Club of New York.
Henry Gabbay  Director  Since  Consultant, BlackRock, Inc. from 2007 to 2008; Managing  173 RICs consisting of  None 
40 East 52nd Street    2007  Director, BlackRock, Inc. from 1989 to 2007; Chief  283 Portfolios   
New York, NY 10022      Administrative Officer,BlackRock Advisors, LLC from 1998 to     
1947      2007; President of BlackRock Funds and BlackRock Bond     
Allocation Target Shares from 2005 to 2007 and Treasurer of
certain closed-end funds in the BlackRock fund complex from
      1989 to 2006.     
   3 Messrs. Davis and Fink are both “interested persons,” as defined in the Investment Company Act of 1940, of the Fund based on their positions with 
     BlackRock, Inc. and its affiliates. Mr. Gabbay is an “interested person” of the Fund based on his former positions with BlackRock, Inc. and its affiliates 
     as well as his ownership of BlackRock, Inc. and PNC securities. Directors serve until their resignation, removal or death, or until December 31 of the 
     year in which they turn 72.       

56 ANNUAL REPORT AUGUST 31, 2009

Officers and Directors (concluded)       
  Position(s)           
  Held with           
Name, Address  Funds/  Length of         
and Year of Birth  Master LLC  Time Served  Principal Occupation(s) During Past 5 Years     
Fund Officers1             
Anne F. Ackerley  President  Since  Managing Director of BlackRock, Inc. since 2000; Vice President of the BlackRock-advised funds from 2007 to 2009; 
40 East 52nd Street  and Chief  2009  Chief Operating Officer of BlackRock’s Account Management Group (AMG) since 2009; Chief Operating Officer of 
New York, NY 10022  Executive    BlackRock’s U.S. Retail Group from 2006 to 2009; Head of BlackRock’s Mutual Fund Group from 2000 to 2006. 
1962  Officer           
Jeffrey Holland, CFA  Vice  Since  Director of BlackRock, Inc. since 2006; Chief Operating Officer of BlackRock’s U.S. Retail Group since 2009; 
40 East 52nd Street  President  2009  Co-head of Product Development and Management for BlackRock’s U.S. Retail Group from 2007 to 2009; 
New York, NY 10022      Product Manager of Raymond James & Associates from 2003 to 2006.   
1971             
Brian Schmidt  Vice  Since  Managing Director of BlackRock, Inc. since 2004; Various positions with U.S. Trust Company from 1991 to 2003; 
40 East 52nd Street  President  2009  Director from 2001 to 2003; Senior Vice President from 1998 to 2003; Vice President, Chief Financial Officer and 
New York, NY 10022      Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 to 2003. 
1958             
Neal J. Andrews  Chief  Since  Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund 
40 East 52nd Street  Financial  2007  Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006. 
New York, NY 10022  Officer           
1966             
Jay M. Fife  Treasurer  Since  Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch 
40 East 52nd Street    2007  Investment Managers, L.P. (“MLIM”) and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director 
New York, NY 10022      of MLIM Fund Services Group from 2001 to 2006.     
1970             
Brian P. Kindelan  Chief  Since  Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel 
40 East 52nd Street  Compliance  2007  of BlackRock, Inc. since 2005; Director and Senior Counsel of BlackRock Advisors, LLC from 2001 to 2004. 
New York, NY 10022  Officer           
1959             
Howard B. Surloff  Secretary  Since  Managing Director and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; General Counsel (U.S.) 
40 East 52nd Street    2007  of Goldman Sachs Asset Management, L.P. from 1993 to 2006.   
New York, NY 10022             
1965             
  1 Officers of the Funds/Master LLC serve at the pleasure of the Board of Directors.     
  Further information about the Funds’/Master LLC’s Officers and Directors is available in the Funds’/Master LLC’s Statement of Additional Information, 
  which can be obtained without charge by calling (800) 441-7762       
Investment Advisor   Custodians           Transfer Agent  Accounting Agent  Independent Registered  Legal Counsel 
BlackRock Advisors, LLC   Brown Brothers Harriman & Co.2 PNC Global Investment  State Street Bank  Public Accounting Firm  Willkie Farr & Gallagher LLP 
Wilmington, DE 19809   Boston, MA 02109         Servicing (U.S.) Inc.  and Trust Company  Deloitte & Touche LLP  New York, NY 10019 
             Wilmington, DE 19809  Princeton, NJ 08540  Princeton, NJ 08540   
Sub-Advisor   State Street Bank and         
BlackRock Investment   Trust Company3        Distributor  Address of the Funds 
Management, LLC   Boston, MA 02101      BlackRock  100 Bellevue Parkway 
Plainsboro, NJ 08536          Investments, LLC  Wilmington, DE 19809 
   The Bank of New York Mellon4       
          New York, NY 10022   
   New York, NY 10286         
 2 For BlackRock Fundamental Growth Principal Protected Fund.       
 3 For BlackRock Global Growth Fund, Inc.           
 4 For BlackRock Focus Growth Fund, Inc.           

Effective July 31, 2009, Donald C. Burke, President and Chief Executive Officer of the Funds and Master LLC retired. The Funds’ and
Master LLC’s Board of Directors wishes Mr. Burke well in his retirement.

Effective August 1, 2009, Anne F. Ackerley became President and Chief Executive Officer of the Funds and Master LLC, and Jeffrey
Holland and Brian Schmidt became Vice Presidents of the Funds and Master LLC.

Effective August 1, 2009, Jean Margo Reid resigned as a Director of the Funds and Master LLC. The Board wishes Ms. Reid well in
her future endeavors.

Effective September 9, 2009, Brendan Kyne became a Vice President of the Funds.

ANNUAL REPORT AUGUST 31, 2009 57

Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available
on the Funds’ website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospectuses
by enrolling in the Funds’ electronic delivery program.

To enroll:

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 http://www.blackrock.com/edelivery

2) Click on the applicable link and follow the steps to sign up

3) Log into your account

Householding

The Funds will mail only one copy of shareholder documents, including
prospectuses, annual and semi-annual reports and proxy statements, to
shareholders with multiple accounts at the same address. This practice is
commonly called “householding” and it is intended to reduce expenses
and eliminate duplicate mailings of shareholder documents. Mailings of
your shareholder documents may be householded indefinitely unless you
instruct us otherwise. If you do not want the mailing of these documents

to be combined with those for other members of your household, please
contact the Funds at (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
(1) without charge, upon request, by calling toll-free (800) 441-7762;
(2) at www.blackrock.com; and (3) on the Securities and Exchange
Commission’s (the “SEC”) website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds vote proxies relating to securities held
in the Funds’ portfolio during the most recent 12-month period ended
December 31 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the
SEC’s website at http://www.sec.gov.

Availability of Quarterly Portfolio Schedule

The Funds file their complete schedules of portfolio holdings with the SEC
for the first and third quarters of each fiscal year on Form N-Q. The Funds’
Forms N-Q are available on the SEC’s website at http://www.sec.gov
and may also be reviewed and copied at the SEC’s Public Reference Room
in Washington, D.C. Information on the operation of the Public Reference
Room may be obtained by calling (202) 551-8090. The Funds’ Forms
N-Q may also be obtained upon request and without charge by calling
(800) 441-7762.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST to get infor-
mation about your account balances, recent transactions and share prices.
You can also reach us on the Web at www.blackrock.com/funds.

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 is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover,
Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

BlackRock Privacy Principles

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

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

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

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

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

58 ANNUAL REPORT AUGUST 31, 2009

A World-Class 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.     
     Equity Funds     
BlackRock All-Cap Energy & Resources Portfolio  BlackRock Global Opportunities Portfolio  BlackRock Mid-Cap Value Equity Portfolio 
BlackRock Asset Allocation Portfolio†  BlackRock Global SmallCap Fund  BlackRock Mid Cap Value Opportunities Fund 
BlackRock Aurora Portfolio  BlackRock Health Sciences Opportunities Portfolio  BlackRock Natural Resources Trust 
BlackRock Balanced Capital Fund†  BlackRock Healthcare Fund  BlackRock Pacific Fund 
BlackRock Basic Value Fund  BlackRock Index Equity Portfolio*  BlackRock Science & Technology 
BlackRock Capital Appreciation Portfolio  BlackRock International Fund     Opportunities Portfolio 
BlackRock Energy & Resources Portfolio  BlackRock International Diversification Fund  BlackRock Small Cap Core Equity Portfolio 
BlackRock Equity Dividend Fund  BlackRock International Index Fund  BlackRock Small Cap Growth Equity Portfolio 
BlackRock EuroFund  BlackRock International Opportunities Portfolio  BlackRock Small Cap Growth Fund II 
BlackRock Focus Growth Fund  BlackRock International Value Fund  BlackRock Small Cap Index Fund 
BlackRock Focus Value Fund  BlackRock Large Cap Core Fund  BlackRock Small Cap Value Equity Portfolio 
BlackRock Fundamental Growth Fund  BlackRock Large Cap Core Plus Fund  BlackRock Small/Mid-Cap Growth Portfolio 
BlackRock Global Allocation Fund†  BlackRock Large Cap Growth Fund  BlackRock S&P 500 Index Fund 
BlackRock Global Dynamic Equity Fund  BlackRock Large Cap Value Fund  BlackRock U.S. Opportunities Portfolio 
BlackRock Global Emerging Markets Fund  BlackRock Latin America Fund  BlackRock Utilities and Telecommunications Fund 
BlackRock Global Financial Services Fund  BlackRock Mid-Cap Growth Equity Portfolio  BlackRock Value Opportunities Fund 
BlackRock Global Growth Fund     
     Fixed Income Funds     
BlackRock Bond Portfolio  BlackRock Income Builder Portfolio†  BlackRock Managed Income Portfolio 
BlackRock Emerging Market Debt Portfolio  BlackRock Inflation Protected Bond Portfolio  BlackRock Short-Term Bond Fund 
BlackRock GNMA Portfolio  BlackRock Intermediate Government  BlackRock Strategic Income Portfolio 
BlackRock Government Income Portfolio     Bond Portfolio  BlackRock Total Return Fund 
BlackRock High Income Fund  BlackRock International Bond Portfolio  BlackRock Total Return Portfolio II 
BlackRock High Yield Bond Portfolio  BlackRock Long Duration Bond Portfolio  BlackRock World Income Fund 
BlackRock Income Portfolio†  BlackRock Low Duration Bond Portfolio   
     Municipal Bond Funds     
BlackRock AMT-Free Municipal Bond Portfolio  BlackRock Kentucky Municipal Bond Portfolio  BlackRock New York Municipal Bond Fund 
BlackRock California Municipal Bond Fund  BlackRock Municipal Insured Fund  BlackRock Ohio Municipal Bond Portfolio 
BlackRock Delaware Municipal Bond Portfolio  BlackRock National Municipal Fund  BlackRock Pennsylvania Municipal Bond Fund 
BlackRock High Yield Municipal Fund  BlackRock New Jersey Municipal Bond Fund  BlackRock Short-Term Municipal Fund 
BlackRock Intermediate Municipal Fund     
     Target Risk & Target Date Funds     
BlackRock Prepared Portfolios  BlackRock Lifecycle Prepared Portfolios   
   Conservative Prepared Portfolio     Prepared Portfolio 2010     Prepared Portfolio 2030 
   Moderate Prepared Portfolio     Prepared Portfolio 2015     Prepared Portfolio 2035 
   Growth Prepared Portfolio     Prepared Portfolio 2020     Prepared Portfolio 2040 
   Aggressive Growth Prepared Portfolio     Prepared Portfolio 2025     Prepared Portfolio 2045 
       Prepared Portfolio 2050 
 * See the prospectus for information on specific limitations on investments in the fund.   
 † Mixed asset fund.     
BlackRock mutual funds are currently distributed by BlackRock Investments, LLC. You should consider the investment objectives, risks, charges and 
expenses of the funds under consideration carefully before investing. Each fund’s prospectus contains this and other information and is available at 
www.blackrock.com or by calling (800) 882-0052 or from your financial advisor. The prospectus should be read carefully before investing. 

ANNUAL REPORT AUGUST 31, 2009 59


This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless accompanied or preceded by the
Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment
return 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.


Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the
period covered by this report, applicable to the registrant’s principal executive officer, principal
financial officer and principal accounting officer, or persons performing similar functions. During
the period covered by this report, there have been no amendments to or waivers granted under the
code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors or trustees, as applicable
(the “board of directors”) has determined that (i) the registrant has the following audit committee
financial experts serving on its audit committee and (ii) each audit committee financial expert is
independent:
Robert M. Hernandez
Fred G. Weiss
Richard R. West

Under applicable securities laws, a person determined to be an audit committee financial expert will
not be deemed an “expert” for any purpose, including without limitation for the purposes of Section
11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee
financial expert. The designation or identification as an audit committee financial expert does not
impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and
liabilities imposed on such person as a member of the audit committee and board of directors in the
absence of such designation or identification.

Item 4 – Principal Accountant Fees and Services

           (a) Audit Fees   (b) Audit-Related Fees1             (c) Tax Fees2       (d) All Other Fees3 
  Current  Previous  Current  Previous  Current  Previous  Current  Previous 
  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year  Fiscal Year 
     Entity Name  End  End  End  End  End  End  End  End 
BlackRock Global  $35,700  $35,300  $0  $0  $11,218  $9,631  $1,028  $1,049 
Growth Fund, Inc.                 

1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial
statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant’s audit committee (the “Committee”) has adopted policies and procedures with
regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to
the registrant on an annual basis require specific pre-approval by the Committee. The Committee
also must approve other non-audit services provided to the registrant and those non-audit services
provided to the registrant’s affiliated service providers that relate directly to the operations and the
financial reporting of the registrant. Certain of these non-audit services that the Committee believes
are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services
that will not impair the independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis (“general pre-approval”). The
term of any general pre-approval is 12 months from the date of the pre-approval, unless the
Committee provides for a different period. Tax or other non-audit services provided to the registrant
which have a direct impact on the operation or financial reporting of the registrant will only be
deemed pre-approved provided that any individual project does not exceed $10,000 attributable to
the registrant or $50,000 for all of the registrants the Committee oversees. For this purpose,
multiple projects will be aggregated to determine if they exceed the previously mentioned cost
levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-
approval by the Committee, as will any other services not subject to general pre-approval (e.g.,
unanticipated but permissible services). The Committee is informed of each service approved
subject to general pre-approval at the next regularly scheduled in-person board meeting. At this
meeting, an analysis of such services is presented to the Committee for ratification. The Committee
may delegate to one or more of its members the authority to approve the provision of and fees for
any specific engagement of permitted non-audit services, including services exceeding pre-approved
cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable     
(g) Affiliates’ Aggregate Non-Audit Fees:   
  Current Fiscal Year  Previous Fiscal Year 
                         Entity Name  End  End 
       BlackRock Global Growth  $419,746  $415,680 
       Fund, Inc.     

(h) The registrant’s audit committee has considered and determined that the provision of non-audit
services that were rendered to the registrant’s investment adviser (not including any non-affiliated
sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by
the registrant’s investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the registrant that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant’s independence.

Regulation S-X Rule 2-01(c)(7)(ii) – $407,500, 0%

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed
under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the
previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and
Governance Committee will consider nominees to the board of directors recommended by
shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee
should send nominations that include biographical information and set forth the qualifications of the
proposed nominee to the registrant’s Secretary. There have been no material changes to these
procedures.

Item 11 – Controls and Procedures

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

11(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 second fiscal quarter of the period
covered by this report that have materially affected, or are reasonably likely to materially affect, the
registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – See Item 2

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

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 Global Growth Fund, Inc.

By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Global Growth Fund, Inc.

Date: October 22, 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 the 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 Growth Fund, Inc.

Date: October 22, 2009

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Global Growth Fund, Inc.

Date: October 22, 2009