-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JIY6mj2p6c4yHK5DAHGXb5f+wfLXMpeE/lnmkM4Tq2JlO4H3hIlsm7aZ76gXZB75 G+yO7Ci6LZxsFsfsMefdgQ== 0000900092-10-001171.txt : 20101108 0000900092-10-001171.hdr.sgml : 20101108 20101108144509 ACCESSION NUMBER: 0000900092-10-001171 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20100831 FILED AS OF DATE: 20101108 DATE AS OF CHANGE: 20101108 EFFECTIVENESS DATE: 20101108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK GLOBAL GROWTH FUND, INC. CENTRAL INDEX KEY: 0001043434 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08327 FILM NUMBER: 101171899 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 800-441-7762 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH GLOBAL GROWTH FUND INC DATE OF NAME CHANGE: 19970805 0001043434 S000002174 BLACKROCK GLOBAL GROWTH FUND, INC. C000005572 Investor A C000005573 Investor B C000005574 Investor C C000005575 Institutional C000005576 Class R N-CSR 1 globalgrowth.htm GLOBAL GROWTH FUND globalgrowth.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: John M. Perlowski, 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: 08/31/2010

Date of reporting period: 08/31/2010

Item 1 – Report to Stockholders




August 31, 2010

Annual Report

BlackRock Global Growth Fund, Inc

BlackRock Focus Growth Fund, Inc.

Not FDIC Insured • No Bank Guarantee • May Lose Value



Table of Contents   
  Page 
Dear Shareholder  3 
Annual Report:   
Fund Summary  4 
About Fund Performance  8 
Disclosure of Expenses  8 
Derivative Financial Instruments  8 
Fund Financial Statements:   
Schedule of Investments  9 
Statement of Assets and Liabilities  14 
Statement of Operations  16 
Statements of Changes in Net Assets  17 
Fund Financial Highlights  18 
Fund Notes to Financial Statements  23 
Fund Report of Independent Public Accounting Firm  32 
Important Tax Information  32 
Master LLC Portfolio Information  33 
Master LLC Financial Statements:   
Schedule of Investments  34 
Statement of Assets and Liabilities  36 
Statement of Operations  36 
Statements of Changes in Net Assets  37 
Master LLC Financial Highlights  37 
Master LLC Notes to Financial Statements  38 
Master LLC Report of Independent Public Accounting Firm  40 
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  41 
Officers and Directors  45 
Additional Information  48 
Mutual Fund Family  50 

 

2 ANNUAL REPORT

AUGUST 31, 2010



Dear Shareholder

The global economic recovery continues, although global and US economic statistics show that the pace of economic growth has slowed. The sovereign
debt crisis in Europe, slowing growth in China and concerns over the possibility that the United States and other developed markets are heading for
a double-dip recession have all acted to depress investor sentiment. Despite broadening evidence of a slowdown in global economic activity, market
volatility has normalized from the extreme levels seen in recent months. In the United States, economic data continues to be mixed, but it is our view
that the preponderance of data suggests that the recovery is continuing. The critical issue for investors remains the question of whether the economy
will experience a double-dip recession. We are on the optimistic side of this debate and would point out that while the recovery has been slow, we
have made significant progress.

Global equity markets have moved unevenly higher since bottoming out in early 2009 as investors were enticed by depressed valuations, improved
corporate earnings, and their desire for higher yields. Several significant downturns, however, have occurred — primarily as a result of mixed economic
data and concerns about the possibility of prolonged deflation (especially in Europe). As the period drew to a close, equity markets lost ground
on weaker-than-expected economic data, most notably from the United States. International equities posted negative returns on both a six- and
12-month basis while US equities posted negative returns over the six months, but were still showing positive returns on a 12-month basis as the
domestic economic recovery had been more pronounced and credit-related issues held European markets down. Within the United States, smaller
cap stocks continue to outperform large caps year-to-date.

In fixed income markets, yields have fluctuated significantly over the past year as economic data has been mixed. Risk aversion and credit issues
have kept interest rates low and US Treasury yields have fallen significantly as investors favored “safe haven” assets. As the period drew to a close,
Treasuries modestly outperformed the spread sectors of the market (those driven by changes in credit risk). Corporate credit spreads benefited from
the low rate environment and high yield fixed income remains attractive due to low default rates and better-than-expected results on European bank
stress tests. Meanwhile, tax-exempt municipal bonds slightly outperformed US investment grade bonds on a 12-month basis, but underperformed
year-to-date as investors rotated to the relative safety of Treasuries.

Regarding cash investments, yields on money market securities remain near all-time lows (producing returns only marginally above zero percent),
with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance
for an “extended period.”

Against this backdrop, the major market averages posted the following returns:     
Total Returns as of August 31, 2010  6-month  12-month 
US large cap equities (S&P 500 Index)  (4.04)%  4.91% 
US small cap equities (Russell 2000 Index)  (3.60)  6.60 
International equities (MSCI Europe, Australasia, Far East Index)  (3.04)  (2.34) 
3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)  0.07  0.14 
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)  11.49  11.58 
US investment grade bonds (Barclays Capital US Aggregate Bond Index)  5.81  9.18 
Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)  5.42  9.78 
US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)  6.62  21.40 

 

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

Although conditions have improved over the past couple of years, investors across the globe continue to face uncertainty about the future direction of
economic growth. Through periods of uncertainty, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For addi-
tional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-
winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. We thank you for entrusting BlackRock with
your investments, and we look forward to your continued partnership in the months and years ahead.


THIS PAGE NOT PART OF YOUR FUND REPORT

3



Fund Summary as of August 31, 2010

BlackRock Global Growth Fund, Inc.

Portfolio Management Commentary

How did the Fund perform?

Effective January 1, 2010, the Fund changed the benchmark against
which it measures its performance from the Standard and Poor’s Global
Broad Market Index (the “S&P Global BMI”) to the MSCI All Country World
Index (the “MSCI ACWI”), a broad measure of market performance.
The MSCI ACWI represents the industry standard benchmark for global
multi-cap strategies such as the Fund’s and is widely used by the
Fund’s peer group.

For the 12-month period ended August 31, 2010, the Fund underper-
formed both the MSCI ACWI and the S&P Global BMI. The following
discussion of relative performance pertains to the MSCI ACWI.

What factors influenced performance?

The Fund’s underperformance relative to its new benchmark is attributa-
ble largely to transaction timing as we adjusted the Fund’s risk exposures.
We adjusted the portfolio in anticipation of a rapid normalization of risk
premiums on equities and the subsequent sideways trading market
(period during which prices remain within a narrow range). Although these
adjustments proved to be appropriate, the timing of trade execution and
transaction costs were detrimental to performance. Stock selection
among industrial machinery stocks also detracted as we had favored
Japanese exporters, which declined as a result of the strengthening yen.

On the positive side, the Fund benefited from its industry allocation
during the period. The Fund’s overweight positions relative to the index

in the media, oil & gas exploration & production, construction & farm
machinery & heavy trucks, and airlines industries and underweight
positions in health care equipment & services and electric utilities con-
tributed positively to performance. Also beneficial was stock selection
in the automobile manufacturers industry where we favored European
exporters such as Bayerische Motoren Werke AG and Volkswagen AG
Preference Shares, which performed well during the period. Stock selec-
tion among the diversified banks and asset management & custody
banks industries also aided returns. On a regional basis, the Fund’s
underweight exposure to Europe proved beneficial as the sovereign
debt crisis plagued the region.

Describe recent portfolio activity.

Portfolio changes during the 12-month period were consistent with the
Fund’s low active risk profile. The most notable changes were reduced
exposure to the financials and health care sectors and increased
exposure to materials and energy.

Describe Fund positioning at period end.

As of the period end, it is our expectation that the sideways trading
market will continue as long as positive news from individual issuers is
tempered by disconcerting macroeconomic risks. We are maintaining the
Fund’s risk exposures at a constrained level resulting in below-normal
risk on our active sector positions. As stock-specific risk is on the rise,
we seek to balance the Fund’s exposure to cyclical stocks with stable-
growth companies.

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 
Royal Dutch Shell Plc, Class A  2%  United States  50% 
Exxon Mobil Corp.  2  Japan  9 
Microsoft Corp.  1  Germany  7 
ConocoPhillips  1  United Kingdom  7 
Newmont Mining Corp.  1  Canada  4 
Apple, Inc.  1  France  3 
Pfizer, Inc.  1  Netherlands  3 
Itochu Corp.  1  Switzerland  2 
Honda Motor Co., Ltd.  1  Spain  2 
Marubeni Corp.  1  Other1  13 

 

1 Other includes a 1% holding in each of the following countries: Belgium, China,
Denmark, Finland, Hong Kong, India, Luxembourg, Mexico, Singapore, South
Korea, Sweden, Taiwan and Thailand.

4 ANNUAL REPORT

AUGUST 31, 2010



BlackRock Global Growth Fund, Inc.

Total Return Based on a $10,000 Investment

1 Assuming maximum sales charge, transaction costs and other operating expenses, including advisory fees, if any. Institutional Shares do not
have a sales charge.
2 The Fund invests primarily in common stock of companies of any market capitalization located in various foreign countries and the United
States, selected for their above average return potential.
3 This unmanaged market capitalization-weighted index is made up of equities from 23 countries, including the United States. The Fund
now uses this index as its benchmark rather than the S&P Global Broad Market 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 is a comprehensive, rules-based index designed to measure global stock market performance.

Performance Summary for the Period Ended August 31, 2010             
        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  (3.91)%  1.16%  N/A  5.04%  N/A  (1.28)%  N/A 
Investor A  (4.04)  0.93  (4.37)%  4.76  3.64%  (1.54)  (2.07)% 
Investor B  (4.46)  0.06  (4.43)  3.87  3.53  (2.17)  (2.17) 
Investor C  (4.49)  0.01  (0.98)  3.91  3.91  (2.33)  (2.33) 
Class R  (4.25)  0.47  N/A  4.38  N/A  (1.74)  N/A 
S&P Global Broad Market Index  (1.60)  4.99  N/A  2.02  N/A  1.51  N/A 
MSCI All Country World Index  (2.39)  3.49  N/A  1.14  N/A  0.14  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 8 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  Annualized 
  March 1, 2010  August 31, 2010  During the Period6  March 1, 2010  August 31, 2010  During the Period6  Expense Ratio 
Institutional  $1,000  $960.90  $ 5.34  $1,000  $1,019.76  $ 5.50  1.08% 
Investor A  $1,000  $959.60  $ 6.67  $1,000  $1,018.39  $ 6.87  1.35% 
Investor B  $1,000  $955.40  $10.60  $1,000  $1,014.36  $10.92  2.15% 
Investor C  $1,000  $955.10  $10.64  $1,000  $1,014.31  $10.97  2.16% 
Class R  $1,000  $957.50  $ 8.63  $1,000  $1,016.38  $ 8.89  1.75% 

 

6 For each class of the Fund, expenses are equal to the annualized expense ratio for the class multiplied by the average account value over the period, multiplied by 184/365
(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 8 for further information on how expenses were calculated.

ANNUAL REPORT

AUGUST 31, 2010

5



Fund Summary as of August 31, 2010

BlackRock Focus Growth Fund, Inc.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended August 31, 2010, through its investment
in Master Focus Growth LLC (the “Master LLC”), the Fund outperformed
its benchmark, the Russell 1000 Growth Index.

What factors influenced performance?

The Master LLC’s holdings in the consumer discretionary sector delivered
the greatest contribution to the Fund’s outperformance relative to the
index. Most notably, Las Vegas Sands Corp., Inc. benefited from its ex-
pansion into China and Singapore, and Amazon.com, Inc. continued its
growth as it captured additional market share. In the Industrials sector,
the Master LLC benefited from its holdings in the transportation industry
where Delta Air Lines, Inc. and truck manufacturer PACCAR, Inc., appreci-
ated as they each experienced a robust cyclical recovery. Stock selection
in the information technology (“IT”) sector also contributed positively
as a number of industries within the sector performed well, including
software, internet software & services, and computers & peripherals.
Salesforce.com, Inc., Baidu.com, Inc. and Apple, Inc. were the most
notable performers during the period.

Conversely, stock selection in the health care sector detracted from
relative returns as Boston Scientific Corp., Genzyme Corp. and Covance,
Inc. disappointed investors on a fundamental basis. The Master LLC
exited its positions in Boston Scientific and Genzyme, but retained
its holdings of Covance as management of the company is taking the
appropriate strategic actions to build shareholder value. In the energy
sector, the Master LLC’s holdings of higher growth companies in the
oil & gas exploration & production industry had a negative impact on
performance. Anadarko Petroleum Corp. and Petrohawk Energy Corp.
were the most notable detractors.

Describe recent portfolio activity.

Over the 12-month period, the Master LLC adopted a more aggressive
tilt, as reflected by the changes to its sector positioning. The Master LLC
increased its exposure to consumer discretionary and industrials at the
expense of the more defensive health care sector.

Describe portfolio positioning at period end.

At period end, the Master LLC was overweight relative to the index in
the IT and consumer discretionary sectors and underweight in energy
and materials.

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.

6 ANNUAL REPORT

AUGUST 31, 2010



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 broad-based index is a subset of the Russell 1000 Index consisting of those Russell 1000 securities with a greater-than-
average growth orientation.

Performance Summary for the Period Ended August 31, 2010             
        Average Annual Total Returns4     
    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  (2.74)%  8.67%  N/A  4.01%  N/A  (14.83)%  N/A 
Investor A  (2.83)  8.42  2.73%  3.67  2.56%  (15.11)  (15.57)% 
Investor B  (3.08)  7.39  2.89  2.88  2.52  (15.69)  (15.69) 
Investor C  (3.59)  7.43  6.43  2.77  2.77  (15.85)  (15.85) 
Russell 1000 Growth Index  (4.65)  6.14  N/A  0.10  N/A  (5.36)  N/A 

 

4 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 8 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      Hypothetical6   
  Beginning  Ending    Beginning  Ending     
  Account Value  Account Value  Expenses Paid  Account Value  Account Value  Expenses Paid  Annualized 
  March 1, 2010  August 31, 2010  During the Period5  March 1, 2010  August 31, 2010  During the Period5  Expense Ratio 
Institutional  $1,000  $972.60  $ 6.81  $1,000  $1,018.29  $ 6.97  1.37% 
Investor A  $1,000  $971.70  $ 9.14  $1,000  $1,015.92  $ 9.35  1.84% 
Investor B  $1,000  $969.20  $10.62  $1,000  $1,014.41  $10.87  2.14% 
Investor C  $1,000  $964.10  $13.22  $1,000  $1,011.74  $13.54  2.67% 

 

5 For each class of the Fund, expenses are equal to the annualized expense ratio for the class multiplied by the average account value over the period, multiplied by 184/365
(to reflect the one-half year period shown).
6 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 8 for further information on how expenses were calculated.

ANNUAL REPORT

AUGUST 31, 2010

7



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 serv-
ice 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 are
only available for purchase through exchanges, dividend reinvestments
or 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% per year and a service fee of
0.25% per year.

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 dis-
tribution or service fees) restated to reflect the Class R Share fees.

Performance information reflects past performance and does not guar-
antee future results. Current performance may be lower or higher than
the performance data quoted. Refer to www.blackrock.com/funds
to obtain performance data current to the most recent month-end.
Performance results do not reflect the deduction of taxes that a share-
holder 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 available to be paid to shareholders.

Disclosure of Expenses

Shareholders of the 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, serv-
ice and distribution fees including 12b-1 fees and other Fund expenses.
The expense examples on the previous pages (which are based on a
hypothetical investment of $1,000 invested on March 1, 2010 and held
through August 31, 2010) are intended to assist shareholders both in
calculating expenses based on an investment in each Fund and in
comparing these expenses with similar costs of investing in other
mutual funds.

The tables provide 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 heading “Expenses Paid
During the Period.”

The tables also provide 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’ share-
holder reports.

The expenses shown in the tables 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 hypo-
thetical examples are useful in comparing ongoing expenses only, and
will not help shareholders determine the relative total expenses of own-
ing different funds. If these transactional expenses were included, share-
holder expenses would have been higher.

Derivative Financial Instruments

Global Growth may invest in various derivative instruments, foreign cur-
rency exchange contracts and options, as specified in Note 2 of the
Notes to Financial Statements, which may constitute forms of economic
leverage. Such instruments are used to obtain exposure to a market
equity without owning or taking physical custody of securities or to
hedge market, equity and/or foreign currency exchange 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 or illiquidity of
the derivative instrument.

A Fund’s 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 result in lower dividends paid to shareholders,
may limit the amount of appreciation a Fund can realize on an invest-
ment or may cause a Fund to hold a security that it might otherwise sell.
The Fund’s investments in these instruments are discussed in detail in
the Notes to Financial Statements.

8

ANNUAL REPORT

AUGUST 31, 2010



Schedule of Investments August 31, 2010

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

Common Stocks  Shares  Value 
Austria — 0.3%     
Erste Bank der Oesterreichischen Sparkassen AG  27,400  $ 988,192 
Belgium — 0.6%     
Anheuser-Busch InBev NV  42,400  2,196,119 
Brazil — 0.4%     
BM&F Bovespa SA  106,100  770,263 
Banco Santander Brasil SA — ADR  61,500  773,670 
    1,543,933 
Canada — 4.2%     
Canadian Natural Resources Ltd.  71,500  2,299,855 
Crescent Point Energy Corp.  48,000  1,690,252 
Enbridge Inc.  30,100  1,497,449 
Silver Wheaton Corp. (a)  138,000  3,113,280 
Suncor Energy, Inc.  44,200  1,339,243 
The Toronto-Dominion Bank  22,600  1,529,132 
TransCanada Corp.  83,300  2,968,444 
    14,437,655 
Cayman Islands — 0.4%     
Want Want China Holdings Ltd.  1,788,800  1,449,201 
China — 0.7%     
Angang New Steel Co. Ltd.  392,600  558,992 
China Construction Bank, Class H  2,142,200  1,778,065 
    2,337,057 
Denmark — 0.6%     
Carlsberg A/S  20,700  1,942,422 
Finland — 0.8%     
Fortum Oyj  66,600  1,529,294 
Nokia Oyj — ADR (b)  141,400  1,210,384 
    2,739,678 
France — 2.9%     
AXA SA  54,400  838,016 
BNP Paribas SA  26,500  1,641,711 
Compagnie Generale des Etablissements Michelin  31,900  2,356,520 
Pinault-Printemps-Redoute  6,300  816,688 
Total SA  59,300  2,758,303 
Unibail — Rodamco  8,500  1,596,314 
    10,007,552 
Germany — 6.6%     
Bayerische Motoren Werke AG  34,800  1,828,495 
Deutsche Boerse AG  15,800  961,975 
Deutsche Lufthansa AG  183,500  2,892,923 
Deutsche Post AG  142,900  2,332,095 
Deutsche Telekom AG  148,300  1,948,241 
Fresenius Medical Care AG  26,800  1,515,861 

 

Common Stocks  Shares  Value 
Germany (concluded)     
Merck KGaA  9,600  $ 832,440 
Metro AG  38,100  1,934,967 
RWE AG  24,300  1,590,503 
SAP AG — ADR  50,100  2,181,354 
Siemens AG  20,100  1,822,022 
Volkswagen AG, Preference Shares  28,906  2,870,367 
    22,711,243 
Hong Kong — 1.4%     
CNOOC Ltd. — ADR  9,300  1,579,326 
Cheung Kong Holdings Ltd.  174,000  2,203,215 
Wing Hang Bank Ltd.  102,900  1,091,405 
    4,873,946 
India — 0.5%     
Punjab National Bank Ltd.  75,900  1,907,018 
Ireland — 0.4%     
Accenture Plc  35,800  1,310,280 
Italy — 0.4%     
Intesa Sanpaolo SpA  457,700  1,275,351 
Japan — 8.7%     
Asahi Breweries Ltd.  71,500  1,347,749 
Canon, Inc.  59,000  2,415,488 
Honda Motor Co., Ltd.  107,100  3,547,391 
Itochu Corp.  445,800  3,634,300 
JTEKT Corp.  213,300  1,745,179 
Japan Tobacco, Inc.  800  2,485,287 
Marubeni Corp.  679,100  3,496,297 
Mitsubishi UFJ Financial Group, Inc.  308,800  1,464,178 
Nitto Denko Corp.  52,400  1,681,585 
Nomura Holdings, Inc.  253,700  1,436,977 
Sumitomo Heavy Industries Ltd.  338,400  1,566,130 
Sumitomo Mitsui Financial Group, Inc.  61,300  1,819,194 
T&D Holdings, Inc.  85,200  1,617,537 
Tokio Marine Holdings, Inc.  64,200  1,722,257 
    29,979,549 
Luxembourg — 0.5%     
ArcelorMittal  58,000  1,681,055 
Malaysia — 0.5%     
CIMB Group Holdings Berhad  666,100  1,647,072 
Mexico — 0.9%     
Fomento Economico Mexicano, SA de CV — ADR  28,800  1,402,560 
Grupo Mexico, SA de CV  723,600  1,858,969 
    3,261,529 

 

Portfolio Abbreviations         
To simplify the listings of portfolio holdings in the  ADR  American Depositary Receipt  JPY  Japanese Yen 
Schedule of Investments, the names and descriptions of  AUD  Australian Dollar  MXN  Mexican Neuvo Peso 
many of the securities have been abbreviated according  CAD  Canadian Dollar  NOK  Norwegian Krone 
to the following list:  CHF  Swiss Franc  NZD  New Zealand Dollar 
  DKK  Danish Krone  PLN  Polish Zloty 
  EUR  Euro  SEK  Swedish Krona 
  GBP  British Pound  USD  US Dollar 
  HKD  Hong Kong Dollar  ZAR  South African Rand 
See Notes to Financial Statements.         

 

ANNUAL REPORT

AUGUST 31, 2010

9



Schedule of Investments (continued)

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

Common Stocks  Shares  Value 
Netherlands — 2.5%     
Aegon NV (a)  190,300  $ 969,487 
Corio NV  16,700  957,068 
ING Groep NV CVA  114,700  1,012,866 
Royal Dutch Shell Plc, Class A  222,600  5,893,347 
    8,832,768 
Russia — 0.4%     
VimpelCom Ltd. — ADR (a)  95,800  1,432,210 
Singapore — 0.6%     
CapitaLand Ltd.  361,400  1,045,461 
DBS Group Holdings Ltd.  109,000  1,119,623 
    2,165,084 
South Africa — 0.4%     
Naspers Ltd.  37,300  1,503,306 
South Korea — 0.5%     
Samsung Electronics Co., Ltd.  2,800  1,770,289 
Spain — 1.7%     
Banco Santander SA  206,400  2,403,378 
Inditex SA  18,700  1,243,608 
Telefonica SA  107,800  2,382,580 
    6,029,566 
Sweden — 1.1%     
Nordea Bank AB  187,600  1,672,909 
Svenska Cellulosa AB  167,200  2,214,842 
    3,887,751 
Switzerland — 2.1%     
Nestle SA, Registered Shares  65,600  3,391,242 
Novartis AG, Registered Shares  54,300  2,846,497 
Roche Holding AG  6,600  895,287 
    7,133,026 
Taiwan — 0.6%     
Mega Financial Holding Co. Ltd.  2,148,700  1,295,526 
Siliconware Precision Industries Co., Ltd. — ADR  168,800  754,536 
    2,050,062 
Thailand — 1.1%     
Bangkok Bank Pcl Foreign Shares  222,000  1,086,236 
Banpu Pcl  131,400  2,577,066 
    3,663,302 
United Kingdom — 6.5%     
Anglo American Plc  25,700  916,622 
Barclays Plc  478,200  2,195,426 
GlaxoSmithKline Plc  81,500  1,520,904 
HSBC Holdings Plc  199,983  1,958,768 
Intercontinental Hotels Group Plc  103,400  1,554,366 
Rio Tinto Plc, Registered Shares  43,700  2,198,025 
Tullow Oil Plc  176,900  3,292,714 
Unilever Plc  68,900  1,815,161 
Vodafone Group Plc — ADR  113,800  2,751,684 
WPP Plc  189,100  1,869,480 
Xstrata Plc  150,300  2,345,488 
    22,418,638 

 

Common Stocks  Shares  Value 
United States — 49.0%     
ACE Ltd.  26,000  $ 1,390,220 
AMR Corp. (a)  201,400  1,230,554 
AT&T Inc.  109,300  2,954,379 
Abbott Laboratories  48,500  2,392,990 
Aetna, Inc.  30,300  809,616 
American Electric Power Co., Inc.  54,900  1,944,009 
Ameriprise Financial, Inc.  58,400  2,545,072 
Apple, Inc. (a)  15,600  3,796,572 
Applied Materials, Inc.  111,900  1,162,641 
Arch Coal, Inc.  69,800  1,571,198 
Avon Products, Inc.  60,200  1,751,820 
Bemis Co.  64,200  1,853,454 
Bristol-Myers Squibb Co.  113,500  2,960,080 
Bucyrus International, Inc.  42,600  2,449,074 
Bunge Ltd.  26,200  1,388,600 
CVS Caremark Corp.  40,500  1,093,500 
Caterpillar, Inc. (b)  50,800  3,310,128 
Celgene Corp. (a)  34,000  1,751,680 
Chevron Corp.  43,200  3,203,712 
Cisco Systems, Inc. (a)  133,200  2,670,660 
Citigroup, Inc. (a)  349,100  1,298,652 
Colgate-Palmolive Co.  37,900  2,798,536 
Comerica, Inc.  49,400  1,699,854 
ConAgra Foods, Inc.  85,200  1,839,468 
ConocoPhillips  74,300  3,895,549 
Corning, Inc.  154,900  2,428,832 
DIRECTV, Class A (a)  59,500  2,256,240 
Deere & Co.  31,600  1,999,332 
Delta Air Lines, Inc. (a)  126,000  1,317,960 
E.I. du Pont de Nemours & Co.  36,900  1,504,413 
EMC Corp. (a)  135,100  2,464,224 
EOG Resources, Inc.  14,700  1,276,989 
eBay, Inc. (a)  108,000  2,509,920 
Edison International  62,700  2,116,125 
Entergy Corp.  27,400  2,160,216 
Exxon Mobil Corp.  89,800  5,312,568 
FMC Corp.  41,000  2,553,480 
Federal Realty Investment Trust  24,800  1,966,392 
FedEx Corp.  23,300  1,818,565 
Freeport-McMoRan Copper & Gold, Inc., Class B  24,100  1,734,718 
General Mills, Inc.  49,300  1,782,688 
Goodrich Corp.  37,200  2,547,456 
Google, Inc., Class A (a)  5,100  2,295,102 
Hewlett-Packard Co.  39,500  1,519,960 
Intel Corp.  69,300  1,227,996 
International Business Machines Corp.  24,800  3,056,104 
International Paper Co.  70,500  1,442,430 
JPMorgan Chase & Co.  58,400  2,123,424 
KeyCorp  311,300  2,294,281 
Kohl’s Corp. (a)  34,500  1,620,810 
Liberty Global, Inc. (a)  72,800  2,003,456 
Lincoln National Corp.  44,200  1,032,512 
McKesson Corp.  6,600  383,130 
Microsoft Corp.  198,700  4,665,476 
The Mosaic Co.  38,500  2,258,410 

 

See Notes to Financial Statements.

10 ANNUAL REPORT

AUGUST 31, 2010



Schedule of Investments (continued)

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

Common Stocks  Shares  Value 
United States (concluded)     
NII Holdings, Inc. (a)  36,900  $ 1,337,625 
Newmont Mining Corp.  62,600  3,838,632 
News Corp., Class A  145,100  1,823,907 
Nike, Inc., Class B  28,600  2,002,000 
Norfolk Southern Corp.  31,800  1,707,024 
Occidental Petroleum Corp.  27,200  1,987,776 
Oracle Corp.  94,000  2,056,720 
PPL Corp.  66,700  1,811,572 
PepsiCo, Inc.  53,200  3,414,376 
Pfizer, Inc.  230,100  3,665,493 
Qwest Communications International, Inc.  198,100  1,119,265 
Sonoco Products Co.  56,900  1,789,505 
Sprint Nextel Corp. (a)  245,300  1,000,824 
Stanley Black & Decker, Inc.  34,655  1,858,894 
SunTrust Banks, Inc.  101,000  2,271,490 
Target Corp.  30,100  1,539,916 
Temple-Inland, Inc.  95,200  1,516,536 
Texas Instruments, Inc.  72,000  1,658,160 
Thermo Fisher Scientific, Inc. (a)  25,200  1,061,424 
U.S. Bancorp  82,600  1,718,080 
United Parcel Service, Inc., Class B  42,600  2,717,880 
United States Steel Corp.  37,600  1,598,376 
UnitedHealth Group, Inc.  14,400  456,768 
Urban Outfitters, Inc. (a)  28,500  864,120 
Wal-Mart Stores, Inc.  54,400  2,727,616 
WellPoint, Inc. (a)  13,500  670,680 
Yum! Brands, Inc.  63,300  2,639,610 
Zions Bancorporation  79,700  1,468,871 
    169,758,367 
Total Long-Term Investments     
(Cost – $338,730,536) – 97.3%    336,933,221 
Short-Term Securities     
BlackRock Liquidity Funds, TempFund,     
Institutional Class, 0.25% (c)(d)  8,894,055  8,894,055 
  Beneficial   
  Interest   
  (000)   
BlackRock Liquidity Series, LLC     
Money Market Series, 0.36% (c)(d)(e)  $ 4,095  4,094,700 
Total Short-Term Securities     
(Cost — $12,988,755) — 3.8%    12,988,755 
Total Investments Before Options Written     
(Cost – $351,719,291*) – 101.1%    349,921,976 

 

Options Written  Contracts  Value 
Exchange-Traded Call Options — 0.0%     
Entergy Corp., Strike Price USD 80.00,     
expires 9/18/10  137  $ (15,755) 
Sprint Nextel Corp., Strike Price USD 5.00,     
expires 11/20/10  2,453  (30,662) 
    (46,417) 
Over-The-Counter Call Options — 0.0%     
Qwest Communications International, Inc.,     
Strike Price USD 5.50, expires 11/18/10,     
Broker Citigroup Global Markets, Inc.  1,981  (59,565) 
Exchange-Traded Put Options — (0.1)%     
Sprint Nextel Corp., Strike Price USD 4.00,     
expires 11/20/10  2,453  (88,308) 
Over-The-Counter Put Options — 0.0%     
Qwest Communications International, Inc.,     
Strike Price USD 5.00, expires 11/18/10,     
Broker Citigroup Global Markets, Inc.  1,981  (19,091) 
Total Options Written     
(Premiums Received – $295,696) – (0.1)%    (213,381) 
Total Investments, Net of Options Written — 101.0%    349,708,595 
Liabilities in Excess of Other Assets — (1.0)%    (3,361,803) 
Net Assets — 100.0%    $ 346,346,792 

 

* The cost and unrealized appreciation (depreciation) of investments as of
August 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost  $ 352,032,470 
Gross unrealized appreciation  $ 24,864,335 
Gross unrealized depreciation  (26,974,829) 
Net unrealized depreciation  $ (2,110,494) 

 

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

  Shares/Beneficial       Shares/Beneficial 
  Interest Held at  Net  Interest Held at   
Affiliate  August 31, 2009  Activity  August 31, 2010  Income 
BlackRock Liquidity       
Funds, TempFund,       
Institutional         
Class  12,373,186  (3,479,131)  8,894,055  $ 12,457 
BlackRock Liquidity       
Series, LLC         
Money Market         
Series  $ 4,619,600   $ (524,900)  $ 4,094,700  $ 13,592 

 

(d) Represents the current yield as of report date.
(e) Security was purchased with the cash collateral from loaned securities.

See Notes to Financial Statements.

ANNUAL REPORT

AUGUST 31, 2010

11



Schedule of Investments (continued)

BlackRock Global Growth Fund, Inc.

Foreign currency exchange contracts as of August 31, 2010 were as follows:

            Unrealized 
Currency    Currency  Settlement             Appreciation      
Purchased    Sold  Counterparty  Date                   (Depreciation)     
USD  349,444  EUR  276,000  Citibank, NA  9/01/10  $ (318) 
CHF  457,000  USD  445,336  Citibank, NA  9/02/10  4,799 
CHF  110,000  USD  108,270  Citibank, NA  9/03/10  78 
CHF  345,000  USD  338,037                           Deutsche Bank AG  9/03/10  1,780 
AUD  3,310,000  USD  2,863,640  Citibank, NA  10/20/10  64,576 
CAD  1,449,000  USD  1,409,337  Morgan Stanley     
                Capital Service, Inc.                 10/20/10  (51,549) 
CAD  4,804,000  USD  4,606,121  UBS AG  10/20/10  (104,525) 
USD  583,993  CAD  605,000  Citibank, NA  10/20/10  17,076 
CHF  911,000  USD  863,667                            Deutsche Bank AG                  10/20/10  34,032 
CHF  825,500  USD  794,330  Royal Bank     
        of Scotland  10/20/10  19,117 
CHF  6,308,000  USD  6,049,470  UBS AG  10/20/10  166,432 
USD  445,503  CHF  457,000  Citibank, NA  10/20/10  (4,824) 
USD  148,527  DKK  858,000  Citibank, NA  10/20/10  2,475 
USD  1,484,071  DKK  8,597,500  Royal Bank     
        of Scotland  10/20/10  20,571 
USD   22,415,310  EUR       17,325,000  Royal Bank     
        of Scotland  10/20/10  461,540 
EUR  276,000  USD  349,413  Citibank, NA  10/20/10  327 
USD  499,827  EUR  388,000  Citibank, NA  10/20/10  8,164 
EUR  2,474,000  USD  3,257,781                        Deutsche Bank AG                   10/20/10  (122,795) 
USD  1,124,688  EUR  877,000  UBS AG  10/20/10  13,378 
GBP   12,199,000  USD       18,668,349  Morgan Stanley     
                Capital Service, Inc.                 10/20/10  34,555 
USD  901,071  GBP  574,000  Citibank, NA  10/20/10  21,042 
USD  2,143,126  GBP  1,415,000                        Deutsche Bank AG                   10/20/10  (26,282) 
USD  2,693,421  GBP  1,728,000  Morgan Stanley     
               Capital Service, Inc.                  10/20/10  44,137 
USD  2,823,031  GBP  1,815,000  UBS AG  10/20/10  40,363 
HKD   65,253,000  USD  8,400,217  Royal Bank     
        of Scotland  10/20/10  (8,729) 
USD  782,083  HKD  6,068,000  Citibank, NA  10/20/10  1,742 
JPY  76,640,500  USD  891,262  Royal Bank     
        of Scotland  10/20/10  21,487 
USD  392,356  JPY        33,687,000  Citibank, NA  10/20/10  (8,839) 
MXN  12,118,000  USD  941,916                           Deutsche Bank AG                   10/20/10  (28,382) 
NOK  7,000,000  USD  1,112,407                        Deutsche Bank AG                   10/20/10  (5,416) 
NZD  1,144,000  USD  805,590                           Deutsche Bank AG                   10/20/10  (10,950) 
PLN  2,075,000  USD  649,350                           Deutsche Bank AG                   10/20/10  5,029 
SEK  5,279,000  USD  717,799  Citibank, NA  10/20/10  (4,150) 
ZAR   16,362,000  USD  2,124,066  Morgan Stanley     
               Capital Service, Inc.                  10/20/10  77,061 
Total          $ 683,002 

 

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 rating group indexes, and/or as defined by Fund
management. This definition may not apply for purposes of this report, which
may combine such industry sub-classifications for reporting ease.

Fair Value Measurements — Various inputs are used in determining the fair value
of investments and derivatives, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
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
and derivatives)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For information
about the Fund’s policy regarding valuation of investments and derivatives and
other significant accounting policies, please refer to Note 1 of the Notes to
Financial Statements.
The following tables summarize the inputs used as of August 31, 2010 in deter-
mining the fair valuation of the Fund’s investments and derivatives:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:           
Investments in Securities:         
Long-Term Investments:         
Common Stocks:           
Austria    $ 988,192    $ 988,192 
Belgium    2,196,119      2,196,119 
Brazil  $ 1,543,933        1,543,933 
Canada  14,437,655        14,437,655 
Cayman Islands    1,449,201      1,449,201 
China    2,337,057      2,337,057 
Denmark    1,942,422      1,942,422 
Finland  1,210,384  1,529,294      2,739,678 
France    10,007,552      10,007,552 
Germany  2,181,354  20,529,889      22,711,243 
Hong Kong  1,579,326  3,294,620      4,873,946 
India    1,907,018      1,907,018 
Ireland  1,310,280        1,310,280 
Italy    1,275,351      1,275,351 
Japan    29,979,549      29,979,549 
Luxembourg    1,681,055      1,681,055 
Malaysia    1,647,072      1,647,072 
Mexico  3,261,529        3,261,529 
Netherlands  5,893,347  2,939,421      8,832,768 
Russia  1,432,210        1,432,210 
Singapore    2,165,084      2,165,084 
South Africa    1,503,306      1,503,306 
South Korea    1,770,289      1,770,289 
Spain    6,029,566      6,029,566 
Sweden    3,887,751      3,887,751 
Switzerland  895,287  6,237,739      7,133,026 
Taiwan  754,536  1,295,526      2,050,062 
Thailand    3,663,302      3,663,302 
United Kingdom  2,751,684  19,666,954      22,418,638 
United States  169,758,367      169,758,367 
Short-Term Securities  8,894,055  4,094,700      12,988,755 
Total  $215,903,947  $134,018,029    $349,921,976 

 

See Notes to Financial Statements.

12

ANNUAL REPORT

AUGUST 31, 2010



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

Derivative Financial Instruments1

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Foreign currency         
exchange         
contracts    $ 1,059,761    $ 1,059,761 
Liabilities:         
Equity contracts  $ (134,725)  (78,656)    (213,381) 
Foreign currency         
exchange         
contracts    (376,759)    (376,759) 
Total  $ (134,725)  $ 604,346    $ 469,621 

 

1 Derivative financial instruments are foreign currency exchange contracts and
options. Foreign currency exchange contracts are shown at the unrealized
appreciation/depreciation on the instrument and options are shown at value.

See Notes to Financial Statements.

ANNUAL REPORT

AUGUST 31, 2010

13



Statements of Assets and Liabilities     
  BlackRock   
  Global  BlackRock 
  Growth  Focus Growth 
August 31, 2010  Fund, Inc.  Fund, Inc. 
Assets     
Investments at value — unaffiliated1,2  $ 336,933,221   
Investment at value — Master Focus Growth LLC (the “Master LLC”) (cost $47,315,035)    $ 51,525,072 
Investments at value — affiliated3  12,988,755   
Unrealized appreciation on foreign currency exchange contracts  1,059,761   
Foreign currency at value4  60,617   
Dividends receivable  942,138   
Investments sold receivable  811,239   
Capital shares sold receivable  313,706  50,563 
Withdrawals receivable from the Master LLC    343 
Securities lending income receivable — affiliated  1,991   
Prepaid expenses  115,743  21,350 
Total assets  353,227,171  51,597,328 
Liabilities     
Collateral on securities loaned at value  4,094,700   
Options written at value (premiums received — $295,696)  213,381   
Unrealized depreciation on foreign currency exchange contracts  376,759   
Investments purchased payable  897,745   
Capital shares redeemed payable  706,991  50,906 
Investment advisory fees payable  228,737   
Administration fees payable    11,398 
Service and distribution fees payable  109,930  21,559 
Other affiliates payable  11,840  4,541 
Officer’s and Directors’ fees payable  3,871  31 
Other accrued expenses payable  236,425  65,594 
Total liabilities  6,880,379  154,029 
Net Assets  $ 346,346,792  $ 51,443,299 
Net Assets Consist of     
Paid-in capital  $ 769,625,432  $ 56,014,464 
Undistributed net investment income  1,592,331   
Accumulated net realized loss  (423,838,287)   
Net unrealized appreciation/depreciation  (1,032,684)   
Accumulated net realized loss allocated from the Master LLC    (8,781,202) 
Net unrealized appreciation/depreciation allocated from the Master LLC    4,210,037 
Net Assets  $ 346,346,792  $ 51,443,299 
1 Securities loaned — at value  $ 4,013,848   
2 Investments at cost — unaffiliated  $ 338,730,536   
3 Investments at cost — affiliated  $ 12,988,755   
4 Foreign currency at cost  $ 60,430   

 

See Notes to Financial Statements.

14 ANNUAL REPORT

AUGUST 31, 2010



Statements of Assets and Liabilities (concluded)     
  BlackRock   
  Global  BlackRock 
  Growth  Focus Growth 
August 31, 2010  Fund, Inc.  Fund, Inc. 
Net Asset Value     
Institutional     
Net Assets  $ 52,221,277  $ 6,739,021 
Shares outstanding  4,015,264  3,161,900 
Net asset value  $ 13.01  $ 2.13 
Par value per share  $ 0.10  $ 0.10 
Shares authorized  100 million  100 million 
Investor A     
Net Assets  $ 214,227,250  $ 27,002,740 
Shares outstanding  16,703,876  13,128,234 
Net asset value  $ 12.83  $ 2.06 
Par value per share  $ 0.10  $ 0.10 
Shares authorized  100 million  100 million 
Investor B     
Net Assets  $ 6,886,987  $ 1,943,240 
Shares outstanding  564,140  1,026,362 
Net asset value  $ 12.21  $ 1.89 
Par value per share  $ 0.10  $ 0.10 
Shares authorized  300 million  300 million 
Investor C     
Net Assets  $ 55,083,056  $ 15,758,298 
Shares outstanding  4,540,187  8,384,358 
Net asset value  $ 12.13  $ 1.88 
Par value per share  $ 0.10  $ 0.10 
Shares authorized  100 million  300 million 
Class R     
Net Assets  $ 17,928,222   
Shares outstanding  1,445,918   
Net asset value  $ 12.40   
Par value per share  $ 0.10   
Shares authorized  300 million   

 

See Notes to Financial Statements.

ANNUAL REPORT

AUGUST 31, 2010

15



Statements of Operations     
  BlackRock   
  Global  BlackRock 
  Growth  Focus Growth 
Year Ended August 31, 2010  Fund, Inc.  Fund, Inc. 
Investment Income     
Dividends  $ 8,427,390   
Foreign taxes withheld  (500,109)   
Dividends — affiliated  12,457   
Securities lending — affiliated  13,592   
Net investment income allocated from the Master LLC:     
Dividends    $ 539,541 
Foreign taxes withheld    (2,054) 
Interest on litigation proceeds    471,040 
Dividends — affiliated    1,595 
Expenses    (375,482) 
Total income  7,953,330  634,640 
Expenses     
Investment advisory  2,978,630   
Service — Investor A  585,335  70,573 
Service and distribution — Investor B  90,971  25,779 
Service and distribution — Investor C  631,440  159,302 
Service and distribution — Class R  87,063   
Transfer agent — Institutional  116,430  26,744 
Transfer agent — Investor A  403,366  147,042 
Transfer agent — Investor B  26,770  5,961 
Transfer agent — Investor C  145,251  96,850 
Transfer agent — Class R  55,768   
Accounting services  155,185   
Printing  147,066  33,717 
Custodian  119,953   
Professional  115,086  42,552 
Registration  76,047  58,562 
Officer and Directors  25,973  75 
Administration    141,961 
Miscellaneous  49,188  15,474 
Total expenses  5,809,522  824,592 
Less fees waived by advisor  (5,570)   
Less fees waived by advisor — class specific    (1,209) 
Total expenses after fees waived  5,803,952  823,383 
Net investment income (loss)  2,149,378  (188,743) 
Realized and Unrealized Gain (Loss)     
Net realized gain (loss) from:     
Investments  57,685,650   
Options written  144,443   
Foreign currency transactions  (179,758)   
Allocated from the Master LLC    4,590,607 
  57,650,335  4,590,607 
Net change in unrealized appreciation/depreciation on:     
Investments  (56,084,126)   
Options written  82,315   
Foreign currency transactions  226,557   
Allocated from the Master LLC    (617,442) 
  (55,775,254)  (617,442) 
Total realized and unrealized gain  1,875,081  3,973,165 
Net Increase in Net Assets Resulting from Operations  $ 4,024,459  $ 3,784,422 
See Notes to Financial Statements.     

 

16 ANNUAL REPORT

AUGUST 31, 2010



Statements of Changes in Net Assets     
                                                    BlackRock 
  Global Growth Fund, Inc. 
  Year Ended August 31, 
Increase (Decrease) in Net Assets:  2010  2009 
Operations     
Net investment income  $ 2,149,378  $ 2,492,918 
Net realized gain (loss)  57,650,335  (187,387,077) 
Net change in unrealized appreciation/depreciation  (55,775,254)  41,603,421 
Net increase (decrease) in net assets resulting from operations  4,024,459  (143,290,738) 
Dividends to Shareholders From     
Net investment income:     
Institutional  (1,465,634)  (1,313,821) 
Investor A  (4,156,077)  (1,299,919) 
Investor B  (30,918)   
Investor C  (713,213)   
Class R  (256,528)  (61,432) 
Decrease in net assets resulting from dividends to shareholders  (6,622,370)  (2,675,172) 
Capital Share Transactions     
Net decrease in net assets derived from capital share transactions  (46,015,877)  (128,045,971) 
Redemption Fees     
Redemption fees  7,460  16,810 
Net Assets     
Total decrease in net assets  (48,606,328)  (273,995,071) 
Beginning of year  394,953,120  668,948,191 
End of year  $ 346,346,792   $ 394,953,120 
Undistributed net investment income  $ 1,592,331  $ 6,161,860 
                                                     BlackRock 
  Focus Growth Fund, Inc. 
  Year Ended August 31, 
Increase (Decrease) in Net Assets:  2010  2009 
Operations     
Net investment loss  $ (188,743)  $ (653,173) 
Net realized gain (loss)  4,590,607  (13,326,054) 
Net change in unrealized appreciation/depreciation  (617,442)  2,301,685 
Net increase (decrease) in net assets resulting from operations  3,784,422  (11,677,542) 
Capital Share Transactions     
Net decrease in net assets derived from capital share transactions  (2,043,297)  (3,704,691) 
Net Assets     
Total increase (decrease) in net assets  1,741,125  (15,382,233) 
Beginning of year  49,702,174  65,084,407 
End of year  $ 51,443,299  $ 49,702,174 
Undistributed net investment income     
See Notes to Financial Statements.     

 

ANNUAL REPORT

AUGUST 31, 2010

17



Financial Highlights      BlackRock Global Growth Fund, Inc. 
    Year Ended August 31,     
  2010  2009  2008    2007  2006 
      Institutional       
Per Share Operating Performance             
Net asset value, beginning of year  $ 13.10  $ 15.85  $ 16.66  $ 12.71  $ 10.72 
Net investment income1  0.13  0.10  0.16    0.16  0.09 
Net realized and unrealized gain (loss)2  0.04  (2.74)  (0.84)    3.80  2.07 
Net increase (decrease) from investment operations  0.17  (2.64)  (0.68)    3.96  2.16 
Dividends from net investment income  (0.26)  (0.11)  (0.13)    (0.01)  (0.17) 
Net asset value, end of year  $ 13.01  $ 13.10  $ 15.85  $ 16.66  $ 12.71 
Total Investment Return3             
Based on net asset value  1.16%  (16.45)%  (4.21)%    31.17%  20.41% 
Ratios to Average Net Assets             
Total expenses  1.09%  1.08%  0.97%    1.01%  1.12% 
Total expenses after fees waived and paid indirectly  1.08%  1.07%  0.97%    1.01%  1.12% 
Net investment income  0.93%  0.94%  0.87%    1.07%  0.71% 
Supplemental Data             
Net assets, end of year (000)  $ 52,221  $ 76,121  $ 216,839  $ 284,754  $ 144,560 
Portfolio turnover  139%  222%  94%    91%  80% 
      Investor A       
Per Share Operating Performance             
Net asset value, beginning of year  $ 12.93  $ 15.63  $ 16.44  $ 12.57  $ 10.60 
Net investment income1  0.09  0.08  0.11    0.11  0.06 
Net realized and unrealized gain (loss)2  0.05  (2.71)  (0.83)    3.76  2.05 
Net increase (decrease) from investment operations  0.14  (2.63)  (0.72)    3.87  2.11 
Dividends from net investment income  (0.24)  (0.07)  (0.09)      (0.14) 
Net asset value, end of year  $ 12.83  $ 12.93  $ 15.63  $ 16.44  $ 12.57 
Total Investment Return3             
Based on net asset value  0.93%  (16.71)%  (4.47)%    30.79%  20.13% 
Ratios to Average Net Assets             
Total expenses  1.34%  1.38%  1.25%    1.30%  1.35% 
Total expenses after fees waived and paid indirectly  1.34%  1.38%  1.25%    1.30%  1.35% 
Net investment income  0.66%  0.73%  0.62%    0.75%  0.53% 
Supplemental Data             
Net assets, end of year (000)  $ 214,227  $ 229,382  $ 316,147  $ 288,912  $ 227,792 
Portfolio turnover  139%  222%  94%    91%  80% 

 

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.

18 ANNUAL REPORT

AUGUST 31, 2010



Financial Highlights (continued)      BlackRock Global Growth Fund, Inc. 
    Year Ended August 31,     
  2010  2009  2008    2007  2006 
      Investor B       
Per Share Operating Performance             
Net asset value, beginning of year  $ 12.24  $ 14.83  $ 15.66  $ 12.07  $ 10.17 
Net investment loss1  (0.03)  (0.03)  (0.04)    (0.01)  (0.06) 
Net realized and unrealized gain (loss)2  0.04  (2.56)  (0.79)    3.60  2.00 
Net increase (decrease) from investment operations  0.01  (2.59)  (0.83)    3.59  1.94 
Dividends from net investment income  (0.04)          (0.04) 
Net asset value, end of year  $ 12.21  $ 12.24  $ 14.83  $ 15.66  $ 12.07 
Total Investment Return3             
Based on net asset value  0.06%  (17.46)%  (5.30)%    29.74%  19.18% 
Ratios to Average Net Assets             
Total expenses  2.22%  2.31%  2.11%    2.15%  2.18% 
Total expenses after fees waived and paid indirectly  2.22%  2.31%  2.11%    2.15%  2.18% 
Net investment loss  (0.27)%  (0.26)%  (0.25)%    (0.10)%  (0.56)% 
Supplemental Data             
Net assets, end of year (000)  $ 6,887  $ 10,946  $ 27,988  $ 47,186  $ 62,390 
Portfolio turnover  139%  222%  94%    91%  80% 
      Investor C       
Per Share Operating Performance             
Net asset value, beginning of year  $ 12.26  $ 14.83  $ 15.65  $ 12.06  $ 10.17 
Net investment loss1  (0.02)  (0.01)  (0.02)    (0.01)  (0.04) 
Net realized and unrealized gain (loss)2  0.03  (2.56)  (0.80)    3.60  1.98 
Net increase (decrease) from investment operations  0.01  (2.57)  (0.82)    3.59  1.94 
Dividends from net investment income  (0.14)          (0.05) 
Net asset value, end of year  $ 12.13  $ 12.26  $ 14.83  $ 15.65  $ 12.06 
Total Investment Return3             
Based on net asset value  0.01%  (17.33)%  (5.24)%    29.77%  19.15% 
Ratios to Average Net Assets             
Total expenses  2.15%  2.21%  2.03%    2.10%  2.16% 
Total expenses after fees waived and paid indirectly  2.15%  2.21%  2.03%    2.10%  2.16% 
Net investment loss  (0.16)%  (0.10)%  (0.15)%    (0.04)%  (0.36)% 
Supplemental Data             
Net assets, end of year (000)  $ 55,083  $ 63,637  $ 92,737  $ 70,835  $ 56,567 
Portfolio turnover  139%  222%  94%    91%  80% 

 

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.

ANNUAL REPORT

AUGUST 31, 2010

19



Financial Highlights (concluded)      BlackRock Global Growth Fund, Inc. 
    Year Ended August 31,     
  2010  2009  2008    2007  2006 
      Class R       
Per Share Operating Performance             
Net asset value, beginning of year  $ 12.53  $ 15.20  $ 16.04  $ 12.30  $ 10.42 
Net investment income1  0.04  0.03  0.04    0.06  0.03 
Net realized and unrealized gain (loss)2  0.03  (2.64)  (0.80)    3.68  2.00 
Net increase (decrease) from investment operations  0.07  (2.61)  (0.76)    3.74  2.03 
Dividends from net investment income  (0.20)  (0.06)  (0.08)      (0.15) 
Net asset value, end of year  $ 12.40  $ 12.53  $ 15.20  $ 16.04  $ 12.30 
Total Investment Return3             
Based on net asset value  0.47%  (17.06)%  (4.81)%    30.41%  19.78% 
Ratios to Average Net Assets             
Total expenses  1.74%  1.85%  1.63%    1.63%  1.62% 
Total expenses after fees waived and paid indirectly  1.74%  1.85%  1.63%    1.63%  1.62% 
Net investment income  0.30%  0.30%  0.26%    0.44%  0.23% 
Supplemental Data             
Net assets, end of year (000)  $ 17,928  $ 14,867  $ 15,236  $ 3,880  $ 1,475 
Portfolio turnover  139%  222%  94%    91%  80% 

 

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.

20 ANNUAL REPORT

AUGUST 31, 2010



Financial Highlights        BlackRock Focus Growth Fund, Inc. 
      Period       
      December 1,       
      2007 to       
  Year Ended August 31,    Year Ended November 30, 
      August 31,       
  2010     2009       2008  2007  2006  2005 
      Institutional     
Per Share Operating Performance             
Net asset value, beginning of period  $ 1.96  $ 2.34  $ 2.52  $ 2.01  $ 1.82  $ 1.65 
Net investment income (loss)1  0.01  (0.01)  (0.02)  (0.02)  (0.01)  (0.02) 
Net realized and unrealized gain (loss)  0.16  (0.37)  (0.16)  0.53  0.20  0.19 
Net increase (decrease) from investment operations  0.17  (0.38)  (0.18)  0.51  0.19  0.17 
Net asset value, end of period  $ 2.13  $ 1.96  $ 2.34  $ 2.52  $ 2.01  $ 1.82 
Total Investment Return2             
Based on net asset value  8.67%3  (16.24)%4  (7.14)%5  25.37%  10.44%  10.30% 
Ratios to Average Net Assets6             
Total expenses  1.45%  1.78%  1.53%8  1.40%  1.55%  1.63% 
Total expenses after fees waived  1.45%  1.78%  1.47%8  1.40%  1.55%  1.63% 
Net investment income (loss)  0.39%7  (0.82)%  (0.86)%8  (0.98)%  (0.66)%  (0.92)% 
Supplemental Data             
Net assets, end of period (000)  $ 6,739  $ 9,673  $ 13,073  $ 15,357  $ 14,217  $ 16,277 
Portfolio turnover of the Master LLC  86%  185%  105%  145%  117%  143% 
      Investor A     
Per Share Operating Performance             
Net asset value, beginning of period  $ 1.90  $ 2.28  $ 2.47  $ 1.98  $ 1.80  $ 1.63 
Net investment loss1    (0.01)  (0.03)  (0.03)  (0.02)  (0.02) 
Net realized and unrealized gain (loss)  0.16  (0.37)  (0.16)  0.52  0.20  0.19 
Net increase (decrease) from investment operations  0.16  (0.38)  (0.19)  0.49  0.18  0.17 
Net asset value, end of period  $ 2.06  $ 1.90  $ 2.28  $ 2.47  $ 1.98  $ 1.80 
Total Investment Return2             
Based on net asset value  8.42%3  (16.67)%4  (7.69)%5  24.75%  10.00%  10.43% 
Ratios to Average Net Assets6             
Total expenses  1.94%  2.49%  2.09%8  1.84%  1.80%  1.88% 
Total expenses after fees waived  1.94%  2.22%  2.03%8  1.84%  1.80%  1.88% 
Net investment loss  (0.18)%7  (1.26)%  (1.42)%8  (1.41)%  (0.92)%  (1.17)% 
Supplemental Data             
Net assets, end of period (000)  $ 27,003  $ 23,042  $ 23,111  $ 9,291  $ 8,534  $ 10,146 
Portfolio turnover of the Master LLC  86%  185%  105%  145%  117%  143% 

 

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 6.12% and Investor A Shares would have been 5.79%.
4 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)%.
5 Aggregate total investment return.
6 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
7 Includes interest on the proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Fund’s ratio of net investment income
(loss) to average net assets. Not including this interest, the ratio of net investment income (loss) to average net assets would have been (0.47)% for Institutional Shares and
would have been (1.00)% for Investor A Shares.
8 Annualized.

See Notes to Financial Statements.

ANNUAL REPORT

AUGUST 31, 2010

21



Financial Highlights (concluded)          BlackRock Focus Growth Fund, Inc. 
      Period           
      December 1,           
      2007 to           
  Year Ended August 31,      Year Ended November 30,   
      August 31,           
  2010     2009     2008  2007  2006  2005 
      Investor B         
Per Share Operating Performance                 
Net asset value, beginning of period  $ 1.76  $ 2.12  $ 2.31  $ 1.87  $ 1.71  $ 1.57 
Net investment loss1  (0.01)  (0.02)  (0.04)    (0.05)  (0.03)    (0.03) 
Net realized and unrealized gain (loss)  0.14  (0.34)  (0.15)    0.49  0.19    0.17 
Net increase (decrease) from investment operations  0.13  (0.36)  (0.19)    0.44  0.16    0.14 
Net asset value, end of period  $ 1.89  $ 1.76  $ 2.12  $ 2.31  $ 1.87  $ 1.71 
Total Investment Return2                 
Based on net asset value  7.39%3  (16.98)%4  (8.23)%5  23.53%  9.36%    8.92% 
Ratios to Average Net Assets6                 
Total expenses  2.42%  3.07%  2.97%8  2.71%  2.66%    2.75% 
Total expenses after fees waived  2.40%  2.79%  2.91%8  2.71%  2.66%    2.75% 
Net investment loss  (0.59)%7  (1.85)%  (2.32)%8  (2.29)%  (1.77)%    (2.04)% 
Supplemental Data                 
Net assets, end of period (000)  $ 1,943  $ 3,307  $ 10,367  $ 29,326  $ 33,161  $ 45,104 
Portfolio turnover of the Master LLC  86%  185%  105%    145%  117%    143% 
      Investor C         
Per Share Operating Performance                 
Net asset value, beginning of period  $ 1.75  $ 2.12  $ 2.31  $ 1.86  $ 1.71  $ 1.56 
Net investment loss1  (0.02)  (0.02)  (0.04)    (0.05)  (0.03)    (0.03) 
Net realized and unrealized gain (loss)  0.15  (0.35)  (0.15)    0.50  0.18    0.18 
Net increase (decrease) from investment operations  0.13  (0.37)  (0.19)    0.45  0.15    0.15 
Net asset value, end of period  $ 1.88  $ 1.75  $ 2.12  $ 2.31  $ 1.86  $ 1.71 
Total Investment Return2                 
Based on net asset value  7.43%3  (17.45)%4  (8.23)%5  24.19%  8.77%    9.62% 
Ratios to Average Net Assets6                 
Total expenses  2.78%  3.27%  2.93%8  2.75%  2.68%    2.77% 
Total expenses after fees waived  2.78%  2.98%  2.87%8  2.75%  2.68%    2.77% 
Net investment loss  (1.02)%7  (2.02)%  (2.27)%8  (2.32)%  (1.79)%    (2.06)% 
Supplemental Data                 
Net assets, end of period (000)  $ 15,758  $ 13,681  $ 18,534  $ 20,998  $ 20,928  $ 27,457 
Portfolio turnover of the Master LLC  86%  185%  105%    145%  117%    143% 

 

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 5.11% and Investor C Shares would have been 4.57%.
4 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)%.
5 Aggregate total investment return.
6 Includes the Fund’s share of the Master LLC’s allocated expenses and/or net investment income.
7 Includes interest on the proceeds received from a settlement of litigation, through its investment in the Master LLC, which impacted the Fund’s ratio of net investment loss to
average net assets. Not including this interest, the ratio of net investment loss to average net assets would have been (1.44)% for Investor B Shares and would have been
(1.84)% for Investor C Shares.
8 Annualized.

See Notes to Financial Statements.

22 ANNUAL REPORT

AUGUST 31, 2010



Notes to Financial Statements

1. Organization and Significant Accounting Policies:

BlackRock Global Growth Fund, Inc. (“Global Growth”) and BlackRock
Focus Growth Fund, Inc. (“Focus Growth”) (collectively referred to
as the “Funds” or individually as a “Fund”), are registered under the
Investment Company Act of 1940, as amended (the “1940 Act”). The
Funds are organized as Maryland corporations. Focus Growth is regis-
tered as a non-diversified, open-end management investment company.
Global Growth is registered as a diversified, open-end management
investment company. The Funds’ financial statements are prepared in
conformity with accounting principles generally accepted in the United
States of America (“US GAAP”), which may require management to
make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results could
differ from those estimates. The Funds offer 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. Investor B and Investor C Shares may be subject to a
contingent deferred sales charge. Class R Shares are offered only by
Global Growth and are sold without a sales charge and only to certain
retirement or other 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 certain 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
eight years. Investor B Shares are only available through exchanges,
dividend reinvestments by existing shareholders or for purchase by cer-
tain qualified employee benefit plans. 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).

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 proportionate 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 financial 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,
2010 was 100%.

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

Valuation: Global Growth fair values its financial instruments at market
value using independent dealers or pricing services under policies
approved by the Board of Directors (the "Board"). 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 invest-
ments 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.
Investments in open-end investment companies are valued at net asset
value each business day. Short-term securities with remaining maturi-
ties of 60 days or less may be valued at amortized cost, which approxi-
mates fair value.

Global Growth values its investment in BlackRock Liquidity Series, LLC
Money Market Series (the “Money Market Series”) at fair value, which
is ordinarily based upon their pro rata ownership in the net assets of
the underlying fund. The Money Market Series seeks current income
consistent with maintaining liquidity and preserving capital. Although
the Money Market Series is not registered under the 1940 Act, its
investments will follow the parameters of investments by a money
market fund that is subject to Rule 2a-7 promulgated by the Securities
and Exchange Commission (“SEC”) under the 1940 Act. The Fund may
withdraw up to 25% of its investment daily, although the manager of
the Money Market Series, in its sole discretion, may permit an investor
to withdraw more than 25% on any one day.

Securities and other assets and liabilities denominated in foreign cur-
rencies are translated into US dollars using exchange rates determined
as of the close of business on the New York Stock Exchange (“NYSE”).
Foreign currency exchange contracts are valued at the mean between
the bid and ask prices and are determined as of the close of business
on the NYSE. Interpolated values are derived when the settlement date
of the contract is an interim date for which quotations are not available.

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 the 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, such as the trades and
prices of the underlying instruments.

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 is not available, the investment will
be valued in accordance with a policy approved by the Board as reflect-
ing fair value (“Fair Value Assets”). When determining the price for Fair

ANNUAL REPORT

AUGUST 31, 2010

23



Notes to Financial Statements (continued)

Value Assets, the investment advisor and/or the sub-advisor seeks to
determine the price that each Fund 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 instruments is substantially completed
each day at various times prior to the close of business on the NYSE.
Occasionally, events affecting the values of such instruments may
occur between the foreign market close and the close of business on
the NYSE that may not be reflected in the computation of each Fund’s
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 instruments, those
instruments may be Fair Value Assets and be valued at their fair values,
as determined in good faith by the investment advisor using a pricing
service and/or policies approved by the Board. Each business day,
Global Growth uses a pricing service to assist with the valuation of cer-
tain foreign exchange-traded equity securities and foreign exchange-
traded and over-the-counter ("OTC") options (the “Systematic Fair Value
Price”). Using current market factors, the Systematic Fair Value Price
is designed to value such foreign securities and foreign options at fair
value as of the close of business on the NYSE, which follows the close
of the local markets.

Focus Growth records its investment in the Master LLC at fair value
based on the Fund’s proportionate interest in the net assets of the
Master LLC. Valuation of securities held by the Master LLC, including
categorization of fair value measurements, is discussed in Note 1 of
the Master LLC’s Notes to Financial Statements, which are included
elsewhere in this report.

Foreign Currency Transactions: The Funds' books and records are main-
tained in US dollars. Purchases and sales of investments are recorded
at the rates of exchange prevailing on the date the transactions are
entered into. Generally, when the US dollar rises in value against foreign
currency, the Funds' investments denominated in that currency will lose
value because its currency is worth fewer US dollars; the opposite
effect occurs if the US dollar falls in relative value.

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

Segregation and Collateralization: In cases in which the 1940 Act and
the interpretive positions of the SEC require that Global Growth either
delivers collateral or segregates assets in connection with certain
investments (e.g., foreign currency exchange contracts and written

options), the Fund will, consistent with SEC rules and/or certain inter-
pretive letters issued by the SEC, segregate collateral or designate on
their 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.

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 investment 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 sub-
sequently recorded when the Funds have determined the ex-dividend
date. Interest income, including amortization of premium and accretion
of discount on debt securities, 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 its proportionate share of the Master LLC’s
income, expenses and realized and unrealized gains and losses. In
addition, the Fund accrues its own expenses.

Dividends and Distributions: Dividends and distributions paid by the
Funds are recorded on the ex-dividend dates. The amount and timing of
dividends and distributions are determined in accordance with federal
income tax regulations, which may differ from US GAAP.

Securities Lending: Global Growth may lend securities to financial insti-
tutions 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 Fund and any additional
required collateral is delivered to the Fund on the next business
day. Securities lending income, as disclosed in the Statements of
Operations, represents the income earned from the investment of the
cash collateral, net of rebates paid to, or fees paid by, borrowers and
less the fees paid to the securities lending agent. During the term of
the loan, the Fund is entitled to dividends and interest on the securities
loaned. Loans of securities are terminable at any time and the bor-
rower, after notice, is required to return borrowed securities within the
standard time period for settlement of securities transactions. In the
event that the borrower defaults on its obligation to return borrowed
securities because of insolvency or for any other reason, the Fund
could experience delays and costs in gaining access to the collateral.
The Fund also could suffer a loss if the value of an investment pur-
chased with cash collateral falls below the market value of loaned
securities or if the value of an investment purchased with cash collat-
eral falls below the value of the original cash collateral received.

24 ANNUAL REPORT

AUGUST 31, 2010



Notes to Financial Statements (continued)

Income Taxes: It is each Fund's policy to comply with the requirements
of the Internal Revenue Code of 1986, as amended, applicable to
regulated investment companies and to distribute substantially all of
its taxable income to its shareholders. Therefore, no federal income tax
provision is required.

Each Fund files US federal and various state and local tax returns.
No income tax returns are currently under examination. The statute of
limitations on each Fund’s US federal tax returns remains open for each
of the four years ended August 31, 2010 for Global Growth and for the
two years ended August 31, 2010, the period ended August 31, 2008
and the year ended November 30, 2007 for Focus Growth. The statutes
of limitations on the Funds' state and local tax returns may remain
open for an additional year depending upon the jurisdiction. There are
no uncertain tax positions that require recognition of a tax liability.

Other: Expenses directly related to a Fund or its classes are charged to
that Fund or class. Other operating expenses shared by several funds
are pro rated among those funds on the basis of relative net assets or
other appropriate methods. Other expenses of the Fund are allocated
daily to each class based on its relative net assets. Global Growth has
an arrangement with the custodian whereby fees may be reduced by
credits earned on uninvested cash balances, which if applicable are
shown as fees paid indirectly in the Statements of Operations. The
custodian imposes fees on overdrawn cash balances, which can be
offset by accumulated credits earned or may result in additional
custody charges.

2. Derivative Financial Instruments:

Global Growth engages in various portfolio investment strategies using
derivative contracts both to increase the returns of the Fund and to
economically hedge, or protect, their exposure to certain risks such
as equity risk and foreign currency exchange rate risk. These contracts
may be transacted on an exchange or OTC.

Losses may arise if the value of the contract decreases due to an
unfavorable change in the market rates or values of the underlying
instrument or if the counterparty does not perform under the contract.
The Fund’s maximum risk of loss from counterparty credit risk on OTC
derivatives is generally the aggregate unrealized gain netted against
any collateral pledged by/posted to the counterparty. For OTC options
purchased, the Fund bears the risk of loss in the amount of the premi-
ums paid plus the positive change in market values net of any collateral
received on the options should the counterparty fail to perform under
the contracts. Options written by the Fund do not give rise to counter-
party credit risk, as options written obligates the Fund to perform and
not the counterparty.

The Fund may mitigate counterparty risk by procuring collateral and
through netting provisions included within an International Swaps and
Derivatives Association, Inc. (“ISDA”) Master Agreement implemented

between the Fund and each of its respective counterparties. The ISDA
Master Agreement allows the Fund to offset with each separate
counterparty certain derivative financial instrument’s payables and/or
receivables with collateral held. The amount of collateral moved to/from
applicable counterparties is generally based upon minimum transfer
amounts of up to $500,000. To the extent amounts due to the Fund
from its counterparties are not fully collateralized contractually or other-
wise, the Fund bears the risk of loss from counterparty non-perform-
ance. See Note 1 “Segregation and Collateralization” for information
with respect to collateral practices. In addition, the Fund manages
counterparty risk by entering into agreements only with counterparties
that they believe have the financial resources to honor their obligations
and by monitoring the financial stability of those counterparties.

Certain ISDA Master Agreements allow counterparties to OTC deriva-
tives to terminate derivative contracts prior to maturity in the event
the Fund’s net assets decline by a stated percentage or the 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.

Foreign Currency Exchange Contracts: Global Growth enters into foreign
currency exchange contracts as an economic hedge against either spe-
cific transactions or portfolio instruments or to obtain exposure to for-
eign currencies (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 Fund, helps to manage the over-
all exposure to the currency backing some of the investments held by
the Fund. The contract is marked-to-market daily and the change in
market value is recorded by the Fund as an unrealized gain or loss.
When the contract is closed, the Fund records 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 contracts involves the risk that the value of a foreign currency
exchange contract changes unfavorably due to movements in the value
of the referenced foreign currencies and the risk that a counterparty to
the contract does not perform its obligations under the agreement.

Options: Global Growth purchases and writes call and put options to
increase or decrease its exposure to underlying instruments (including
equity risk) and/or, in the case of options written, to generate gains
from options premiums. 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 exer-
cise 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 exercise price at any time or at a
specified time during the option period. When the Fund purchases
(writes) an option, an amount equal to the premium paid (received) by

ANNUAL REPORT

AUGUST 31, 2010

25



Notes to Financial Statements (continued)

the Fund is reflected as an asset (liability). The amount of the asset
(liability) is subsequently marked-to-market to reflect the current mar-
ket value of the option purchased (written). When an instrument is pur-
chased 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 Fund enters into a
closing transaction), the Fund 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 Fund writes a call option, such option is “covered,”
meaning that the Fund holds the underlying instrument subject to being
called by the option counterparty, or cash in an amount sufficient to
cover the obligation. When the Fund writes a put option, such option is
covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, the Fund bears the risk of an unfa-
vorable change in the value of the underlying instrument or the risk that
the Fund may not be able to enter into a closing transaction due to an
illiquid market. Exercise of an option written could result in the Fund
purchasing or selling a security at a price different from the current
market value.

Global Growth         
Derivative Instruments Categorized by Risk Exposure:     
Values of Derivative Instruments as of August 31, 2010   
  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           $1,059,761  contracts  $ 376,759 
    Options     
    written     
Equity contracts                           —  at value  $ 213,381 
Total                       $1,059,761    $ 590,140 

 

The Effect of Derivative Instruments on the Statements of Operations 
Year Ended August 31, 2010

Net Realized Gain (Loss) from

    Foreign   
    Currency   
  Transactions  Options 
Foreign currency exchange contracts  $ (147,601)   
Equity contracts    —   $144,443 

 

Net Change in Unrealized Appreciation/Depreciation on

  Foreign   
  Currency   
  Transactions  Options 
Foreign currency exchange contracts  $ 257,562   
Equity contracts  —   $82,315 

 

For the year ended August 31, 2010, the average quarterly balance
of outstanding derivative financial instruments for Global Growth was
as follows:

Foreign Currency Exchange Contracts:   
Average number of contracts — USD purchased  22 
Average number of contracts — USD sold  26 
Average US dollar amounts purchased  $39,263,364 
Average US dollar amounts sold  $76,456,080 
Options:   
Average number of contracts written  2,658 
Average notional value of contracts written  $ 2,477,813 

 

3. Investment Advisory Agreements and Other
Transactions with Affiliates:

The PNC Financial Services Group, Inc. ("PNC"), Bank of America
Corporation ("BAC") and Barclays Bank PLC ("Barclays") are the largest
stockholders of BlackRock, Inc. ("BlackRock"). Due to the ownership
structure, PNC is an affiliate of the Funds for 1940 Act purposes, but
BAC and Barclays are not.

Global Growth entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Manager”), the Fund’s investment advisor,
an indirect, wholly owned subsidiary of BlackRock, to provide invest-
ment advisory and administration services. The Manager is responsible
for the management of the Fund's portfolio and provides the necessary
personnel, facilities, equipment and certain other services necessary
to the operations of the Fund. For such services, Global Growth pays
the Manager a monthly fee at an annual rate 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.

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

The Manager contractually agreed to waive the administration fees of
Focus Growth and the investment advisory fees of the Master LLC, as
necessary, to reduce the sum of the administration fee (as a percent-
age of the average daily net assets Focus Growth) and the investment
advisory fee (as a percentage of the daily net assets of the Master LLC)
from 0.85% to 0.65% through January 1, 2011.

26

ANNUAL REPORT

AUGUST 31, 2010



Notes to Financial Statements (continued)

In addition, the Manager contractually agreed to waive fees of Focus
Growth and/or the Master LLC to the extent necessary in order to
limit the expenses of Focus Growth (after accounting for the waiver
described above), (excluding interest expense, acquired fund fees and
expenses and certain other fund expenses) as a percentage of average
daily net assets allocated to each class of Focus Growth as follows:
2.25% (for Investor A Shares), 3.00% (for Investor B and Investor C
Shares) and 2.00% (for Institutional Shares), so long as the sum of the
fees waived and the expenses reimbursed 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 Focus Growth’s
administration agreement. The following amounts are shown as fees
waived by advisor — class specific in the Statements of Operations:

Investor A  $145 
Investor B  $398 
Investor C  $666 

 

The Manager voluntarily waived its investment advisory fees by the
amount of investment advisory fees Global Growth pays to the Manager
indirectly through its investment in affiliated money market funds, how-
ever, the Manager does not waive its investment advisory fees by the
amount of investment advisory fees paid through its investment in other
affiliated investment companies, if any. These amounts are shown as
fees waived by advisor in the Statements of Operations.

The Manager entered into a sub-advisory agreement with BlackRock
Investment Management, LLC (“BIM”), an affiliate of the Manager.
The Manager pays BIM for services it provides, a monthly fee that is
a percentage of the investment advisory fees paid by Global Growth
and the Master LLC, respectively, to the Manager.

For the year ended August 31, 2010, Global Growth reimbursed the
Manager $7,527 for certain accounting services, which is included in
accounting services in the Statements of Operations.

The Funds entered into a Distribution Agreement and Distribution
Plan with BlackRock Investments, LLC (”BRIL“), an affiliate of
BlackRock. Pursuant to the Distribution Plan and in accordance with
Rule 12b-1 under the 1940 Act, each Fund pay BRIL ongoing service
and distribution fees. The fees are accrued daily and paid monthly at
annual rates based upon the average daily net assets of the shares of
the Funds, as follows:

    Service Fee 
  Global  Focus 
  Growth  Growth 
Investor A  0.25%  0.25% 
Investor B  0.25%  0.25% 
Investor C  0.25%  0.25% 
Class R  0.25%   

 

  Distribution Fee 
  Global  Focus 
  Growth  Growth 
Investor B  0.75%  0.75% 
Investor C  0.75%  0.75% 
Class R  0.25%   

 

Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide
shareholder servicing and distribution services to each Fund. The ongo-
ing service and/or distribution fee compensates BRIL 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, 2010, affiliates earned underwriting
discounts, direct commissions and dealer concessions on sales of the
Funds' Investor A Shares as follows:

  Investor A 
Global Growth  $8,193 
Focus Growth  $7,171 

 

For the year ended August 31, 2010, affiliates received the following
contingent deferred sales charges relating to transactions in Investor B
and Investor C Shares.

  Investor B  Investor C 
Global Growth  $14,801  $8,481 
Focus Growth  $ 5,407  $1,394 

 

Furthermore, affiliates received contingent deferred sale charges relat-
ing to transactions subject to front-end sales charge waivers as follows:

  Investor A 
Global Growth  $ 204 

 

BNY Mellon Investment Servicing (US) Inc. (formerly PNC Global
Investment Servicing (U.S.) (“PNCGIS”)) serves as transfer agent and
dividend disbursing agent. On July 1, 2010, The Bank of New York
Mellon Corporation purchased PNCGIS, which prior to this date was
an indirect, wholly owned subsidiary of PNC and an affiliate of the
Manager. Transfer agency fees borne by each Fund are comprised of
those fees charged for all shareholder communications including mail-
ing of shareholder reports, dividend and distribution notices, and proxy
materials for shareholder meetings, as well as per account and per
transaction fees related to servicing and maintenance of shareholder
accounts, including the issuing, redeeming and transferring of shares,
check writing, anti-money laundering services, and customer
identification services. Pursuant to written agreements, certain financial
intermediaries, some of which may be affiliates, provide the Funds with
sub-accounting, recordkeeping, sub-transfer agency and other adminis-
trative services with respect to sub-accounts they service. For these

ANNUAL REPORT

AUGUST 31, 2010

27



Notes to Financial Statements (continued)

services, these entities receive a fee that could vary depending on,
among other things, share class. For the year ended August 31, 2010,
the Funds paid the following to affiliates in return for these services,
which is included in transfer agent — class specific in the Statements
of Operations:

Global Growth  $83,990 
Focus Growth  $35,048 

 

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, 2010, the Funds reim-
bursed the Manager the following amounts for costs incurred in running
the call center, which are included in transfer agent — class specific in
the Statements of Operations.

  Global  Focus 
  Growth  Growth 
Institutional  $ 1,417  $ 216 
Investor A  $ 6,108  $ 2,302 
Investor B  $ 472  $ 141 
Investor C  $ 1,884  $ 1,276 
Class R  $ 239  $ — 

 

Global Growth received an exemptive order from the SEC permitting,
among other things, to pay an affiliated securities lending agent a fee
based on a share of the income derived from the securities lending
activities and has retained BIM as the securities lending agent. BIM
may, on behalf of the Funds, invest cash collateral received by the
Funds for such loans, among other things, in a private investment com-
pany managed by the Manager or in registered money market funds
advised by the Manager or its affiliates. The market value of securities
on loan and the value of the related collateral are shown in the
Statements of Assets and Liabilities as securities loaned and collateral
on securities loaned, at value, respectively. The cash collateral invested
by BIM is disclosed in the Schedules of Investments. The share of
income earned by the Funds on such investments is shown as securi-
ties lending — affiliated in the Statements of Operations. For the year
ended August 31, 2010, BIM received $3,370 in securities lending
agent fees related to securities lending activities for Global Growth.

Certain officers and/or directors of the Funds are officers and/or
directors of BlackRock or its affiliates. The Funds reimburses the
Manager for compensation paid to the Funds' Chief Compliance Officer.

4. Investments:

Purchases and sales of investments, excluding short-term securities
for the year ended August 31, 2010 for Global Growth, were
$532,033,493 and $581,130,930, respectively.

For Global Growth, transactions in options written for the year ended
August 31, 2010 were as follows:

  Calls  Puts 
    Premiums    Premiums 
  Contracts  Received  Contracts  Received 
Outstanding options,         
beginning of period         
Options written  7,536  $ 384,147  5,524  $ 221,815 
Options expired  (1,715)  (82,951)  (600)  (28,244) 
Options exercised  (900)  (105,088)     
Options closed  (350)  (26,594)  (490)  (67,389) 
Outstanding options,         
end of period  4,571  $ 169,514  4,434  $ 126,182 

 

5. Borrowings:

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 was renewed until November 2010. The Funds may
borrow under the credit agreement to fund shareholder redemptions.
Prior to its renewal, the credit agreement had the following terms:
0.02% upfront fee on the aggregate commitment amount which was
allocated to each Fund based on its net assets as of October 31,
2008, 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, and interest
at a rate equal to the higher of (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) on amounts borrowed. Effective November 2009, the credit
agreement was renewed with the following terms: 0.02% upfront fee on
the aggregate commitment amount which was allocated to each Fund
based on its net assets as of October 31, 2009, a commitment fee of
0.10% per annum 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 and interest at a rate equal to the higher of
(a) the one-month LIBOR plus 1.25% per annum and (b) the Fed
Funds rate plus 1.25% per annum on amounts borrowed. The Funds
did not borrow under the credit agreement during the year ended
August 31, 2010.

6. Income Tax Information:

Reclassifications: US GAAP 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, 2010 attributable to foreign currency transactions, the sale
of stock of passive foreign investment companies, net operating losses,

28 ANNUAL REPORT

AUGUST 31, 2010



Notes to Financial Statements (continued)

the classification of settlement proceeds and the expiration of capital
loss carryforwards were reclassified to the following accounts:

  Global Growth  Focus Growth 
Paid-in capital  $ (3,964,136)  $(266,840,789) 
Undistributed net investment income  $ (96,537)  $ 188,743 
Accumulated net realized loss  $ 4,060,673   
Accumulated net realized loss     
allocated from the Master LLC    $ 266,652,046 

 

The tax character of distributions paid during the fiscal year ended
August 31, 2010 and fiscal year ended August 31, 2009 was as follows:

  Global Growth 
Ordinary income   
8/31/2010  $ 6,622,370 
8/31/2009  $ 2,675,172 
Total distributions   
8/31/2010  $ 6,622,370 
8/31/2009  $ 2,675,172 

 

As of August 31, 2010, the tax components of accumulated net losses
were as follows:

  Global Growth  Focus Growth 
Undistributed ordinary income  $ 2,383,831   
Capital loss carryforwards  (423,649,666)  $ (8,592,290) 
Net unrealized gains (losses)*  (2,012,805)  4,021,125 
Total  $ (423,278,640)  $ (4,571,165) 

 

* The differences between book-basis and tax-basis net unrealized gains (losses)
were attributable primarily to the tax deferral of losses on wash sales, the real-
ization for tax purposes of unrealized gains on investments in passive foreign
investment companies, the realization for tax purposes of unrealized gains/
losses on certain foreign currency contracts and the timing and recognition of
partnership income.

As of August 31, 2010, the Funds had capital loss carryforwards
available to offset future realized capital gains through the indicated
expiration dates:

Expires August 31,  Global Growth  Focus Growth 
2011  $ 291,266,565   
2017  25,919,213  $ 4,522,352 
2018  106,463,888  4,069,938 
Total  $ 423,649,666  $ 8,592,290 

 

7. Concentration, 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 (issuer credit risk). The value of securities held by the
Funds may decline in response to certain events, including those
directly involving the issuers whose securities are owned by the Funds;
conditions affecting the general economy; overall market changes;
local, regional or global political, social or economic instability; and
currency and interest rate and price fluctuations. Similar to issuer
credit risk, the Funds may be exposed to counterparty credit risk, or
the risk that an entity with which the Funds have unsettled or open
transactions may fail to or be unable to perform on its commitments.
The Funds manage counterparty credit risk by entering into transactions
only with counterparties that they believe have the financial resources
to honor their obligations and by monitoring the financial stability of
those counterparties. Financial assets, which potentially expose the
Funds to market, issuer and counterparty credit risks, consist principally
of financial instruments and receivables due from counterparties. The
extent of the Funds' exposure to market, issuer and counterparty credit
risks with respect to these financial assets is generally approximated by
their value recorded in the Funds' Statements of Assets and Liabilities,
less any collateral held by the Funds.

Global Growth invests a substantial amount of its assets in issuers
located in a single country or a limited number of countries. When the
Fund concentrates its investments in this manner, it assumes the risk
that economic, political and social conditions in those countries may
have a significant impact on their investment performance. Please see
the Schedule of Investments for concentrations in specific countries.

As of August 31, 2010, Global Growth had the following industry
classifications:

  Percent of 
  Long-Term 
Industry  Investments 
Oil, Gas & Consumable Fuels      13% 
Commercial Banks  11 
Metals & Mining   6 
Other*  70 

 

* All other industries held were each less than 5% of long-term investments.

ANNUAL REPORT

AUGUST 31, 2010

29



Notes to Financial Statements (continued)             
8. Capital Share Transactions:             
Transactions in capital shares for each class were as follows:             
  Year Ended    Year Ended   
  August 31, 2010  August 31, 2009 
Global Growth  Shares       Amount      Shares    Amount 
Institutional             
Shares sold  555,988  $ 7,625,599  1,814,180  $ 20,139,060 
Shares issued to shareholders in reinvestment of dividends  88,712    1,243,383  87,187    875,721 
Total issued  644,700    8,868,982  1,901,367    21,014,781 
Shares redeemed  (2,440,086)  (32,024,184)  (9,772,949)  (103,436,943) 
Net decrease  (1,795,386)  $ (23,155,202)  (7,871,582)  $ (82,422,162) 
Investor A             
Shares sold and automatic conversion of shares  2,013,587  $ 27,223,532  2,825,036  $ 31,296,688 
Shares issued to shareholders in reinvestment of dividends  253,695    3,511,397  108,753    1,080,631 
Total issued  2,267,282    30,734,929  2,933,789    32,377,319 
Shares redeemed  (3,300,455)  (44,565,168)  (5,423,403)  (58,780,082) 
Net decrease  (1,033,173)  $ (13,830,239)  (2,489,614)  $ (26,402,763) 
Investor B             
Shares sold  35,660  $ 459,239  114,887  $ 1,189,300 
Shares issued to shareholders in reinvestment of dividends  1,943    25,740       
Total issued  37,603    484,979  114,887    1,189,300 
Shares redeemed and automatic conversion of shares  (367,448)    (4,767,004)  (1,107,637)  (11,468,610) 
Net decrease  (329,845)  $ (4,282,025)  (992,750)  $ (10,279,310) 
Investor C             
Shares sold  447,828  $ 5,796,480  791,120  $ 8,083,252 
Shares issued to shareholders in reinvestment of dividends  46,561    613,274       
Total issued  494,389    6,409,754  791,120    8,083,252 
Shares redeemed  (1,146,547)  (14,666,162)  (1,850,288)  (18,960,971) 
Net decrease  (652,158)  $ (8,256,408)  (1,059,168)  $ (10,877,719) 
Class R             
Shares sold  817,107  $ 10,699,585  758,117  $ 7,966,785 
Shares issued to shareholders in reinvestment of dividends  19,074    255,979  6,333    61,239 
Total issued  836,181    10,955,564  764,450    8,028,024 
Shares redeemed  (576,894)    (7,447,567)  (580,173)    (6,092,041) 
Net increase  259,287  $ 3,507,997  184,277  $ 1,935,983 

 

For Global Growth, there is a 2% redemption fee on shares redeemed or exchanged that have been held for 30 days or less. The redemption fees are
collected and retained by the Fund for the benefit of the remaining shareholders. The redemption fees are recorded as a credit to paid-in-capital.

30 ANNUAL REPORT

AUGUST 31, 2010



Notes to Financial Statements (concluded)             
  Year Ended    Year Ended   
  August 31, 2010     August 31, 2009 
Focus Growth    Shares    Amount  Shares    Amount 
Institutional             
Shares sold  1,121,578  $ 2,512,289  1,053,945  $ 1,815,552 
Shares redeemed  (2,898,464)    (6,256,211)  (1,698,424)    (2,909,275) 
Net decrease  (1,776,886)  $ (3,743,922)  (644,479)  $ (1,093,723) 
Investor A             
Shares sold and automatic conversion of shares  4,335,617  $ 9,285,781  4,976,531  $ 8,192,612 
Shares redeemed  (3,321,630)    (7,085,847)  (2,983,300)    (4,943,569) 
Net increase  1,013,987  $ 2,199,934  1,993,231  $ 3,249,043 
Investor B             
Shares sold  40,686  $ 82,444  191,035  $ 283,346 
Shares redeemed and automatic conversion of shares  (894,684)    (1,735,624)  (3,197,324)    (4,786,473) 
Net decrease  (853,998)  $ (1,653,180)  (3,006,289)  $ (4,503,127) 
Investor C             
Shares sold  1,898,041  $ 3,754,432  1,326,427  $ 2,053,645 
Shares redeemed  (1,320,175)    (2,600,561)  (2,260,865)    (3,410,529) 
Net increase (decrease)  577,866  $ 1,153,871  (934,438)  $ (1,356,884) 
9. Subsequent Events:             

 

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued and has
determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

ANNUAL REPORT

AUGUST 31, 2010

31



Report of Independent Registered Public Accounting Firm

To 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 statement of assets and liabilities
for BlackRock Global Growth Fund, Inc., including the schedule of
investments, as of August 31, 2010, and the related statement of oper-
ations 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 the respective periods presented. We also have audited
the accompanying statement of assets and liabilities for BlackRock
Focus Growth Fund, Inc., as of August 31, 2010, and the related state-
ment 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 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.

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 reason-
able assurance 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 con-
trol over financial reporting. Our audits included consideration of inter-
nal 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 disclosures in the financial statements,
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial

statement presentation. Our procedures included confirmation of secu-
rities owned as of August 31, 2010, by correspondence with the custo-
dian 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 positions of
BlackRock Global Growth Fund, Inc. and BlackRock Focus Growth Fund,
Inc. as of August 31, 2010, 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 the respective
periods presented, in conformity with accounting principles generally
accepted in the United States of America.

Deloitte & Touche, LLP
Princeton, New Jersey
October 28, 2010

Important Tax Information (Unaudited)

The following information is provided with respect to the ordinary income distributions paid by BlackRock Global Growth Fund, Inc. during the fiscal
year ended August 31, 2010.

  Record Date  12/11/2009 
  Payable Date  12/15/2009 
Qualified Dividend Income for Individuals †    100% 
Dividends Qualifying for the Dividend Received Deduction for Corporations †    36.59% 
Foreign Source Income †    44.18% 
Foreign Taxes Paid Per Share    $0.018913 

 

† Expressed as a percentage of the cash distribution grossed-up for foreign taxes.
The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with
an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate
treatment of foreign taxes paid.

32 ANNUAL REPORT

AUGUST 31, 2010



Portfolio Information Master Focus Growth LLC

As of August 31, 2010

  Percent of 
  Long-Term 
Ten Largest Holdings  Investments 
Apple, Inc.  7% 
Microsoft Corp.  6 
Google, Inc., Class A  4 
Danaher Corp.  4 
The Coca-Cola Co.  4 
Las Vegas Sands Corp.  4 
NetApp, Inc.  4 
Salesforce.com, Inc.  4 
CBS Corp., Class B  4 
Amazon.com, Inc.  4 

 

  Percent of 
  Long-Term 
Industry Representation  Investments 
Software  13% 
Computers & Peripherals  12 
Machinery  10 
Internet & Catalog Retail  7 
Internet Software & Services  6 
Hotels, Restaurants & Leisure  6 
Oil, Gas & Consumable Fuels  6 
Beverages  4 
Semiconductors & Semiconductor Equipment  4 
Media  4 
Airlines  3 
Household Products  3 
Personal Products  3 
Pharmaceuticals  3 
Health Care Providers & Services  3 
Health Care Technology  3 
Metals & Mining  3 
Diversified Financial Services  2 
Capital Markets  2 
Life Sciences Tools & Services  2 
Biotechnology  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.

ANNUAL REPORT

AUGUST 31, 2010

33



Schedule of Investments August 31, 2010

Master Focus Growth LLC
(Percentages shown are based on Net Assets)

Common Stocks  Shares  Value 
Airlines — 3.4%     
Delta Air Lines, Inc. (a)  165,400  $ 1,730,084 
Beverages — 3.8%     
The Coca-Cola Co.  35,000  1,957,200 
Biotechnology — 1.0%     
Amgen, Inc. (a)  10,200  520,608 
Capital Markets — 2.1%     
Jefferies Group, Inc. New Shares  47,100  1,060,221 
Computers & Peripherals — 12.3%     
Apple, Inc. (a)  15,300  3,723,561 
NetApp, Inc. (a)  47,400  1,916,856 
Seagate Technology (a)  69,700  706,061 
    6,346,478 
Diversified Financial Services — 2.1%     
Moody’s Corp.  52,300  1,105,622 
Health Care Providers & Services — 2.7%     
Express Scripts, Inc. (a)  32,400  1,380,240 
Health Care Technology — 2.6%     
Cerner Corp. (a)  18,600  1,355,010 
Hotels, Restaurants & Leisure — 6.1%     
Ctrip.com International Ltd. — ADR (a)  30,500  1,234,945 
Las Vegas Sands Corp. (a)  68,100  1,929,273 
    3,164,218 
Household Products — 3.1%     
The Procter & Gamble Co.  26,600  1,587,222 
Internet & Catalog Retail — 7.1%     
Amazon.com, Inc. (a)  14,650  1,828,759 
NetFlix, Inc. (a)  14,400  1,807,488 
    3,636,247 
Internet Software & Services — 6.3%     
Baidu.com, Inc. — ADR (a)  15,800  1,239,194 
Google, Inc., Class A (a)  4,500  2,025,090 
    3,264,284 
Life Sciences Tools & Services — 1.7%     
Covance, Inc. (a)  23,000  872,390 
Machinery — 9.7%     
Danaher Corp.  55,000  1,998,150 
Joy Global, Inc.  25,400  1,441,196 
PACCAR, Inc.  38,200  1,565,818 
    5,005,164 
Media — 3.6%     
CBS Corp., Class B  133,300  1,842,206 
Metals & Mining — 2.6%     
Freeport-McMoRan Copper & Gold, Inc., Class B  11,650  838,567 
United States Steel Corp.  11,500  488,865 
    1,327,432 

 

Common Stocks  Shares  Value 
Oil, Gas & Consumable Fuels — 5.9%     
Anadarko Petroleum Corp.  17,900  $ 823,221 
EOG Resources, Inc.  16,800  1,459,416 
Massey Energy Co.  26,900  773,375 
    3,056,012 
Personal Products — 3.0%     
Avon Products, Inc.  53,500  1,556,850 
Pharmaceuticals — 2.7%     
Abbott Laboratories  28,500  1,406,190 
Semiconductors & Semiconductor Equipment — 3.6%     
Cree, Inc. (a)  8,800  471,152 
Micron Technology, Inc. (a)  214,700  1,388,036 
    1,859,188 
Software — 12.8%     
Check Point Software Technologies Ltd. (a)  51,200  1,786,368 
Microsoft Corp.  125,000  2,935,000 
Salesforce.com, Inc. (a)  16,850  1,851,478 
    6,572,846 
Total Long-Term Investments     
(Cost — $46,395,675) — 98.2%    50,605,712 
Short-Term Securities     
United States — 1.7%     
BlackRock Liquidity Funds, TempFund,     
Institutional Class, 0.25% (b)(c)  849,910  849,910 
Total Short-Term Securities     
(Cost — $849,910) — 1.7%    849,910 
Total Investments (Cost — $47,245,585*) — 99.9%    $ 51,455,622 
Other Assets Less Liabilities — 0.1%    69,450 
Net Assets — 100.0%    $ 51,525,072 

 

* The cost and unrealized appreciation (depreciation) of investments as of
August 31, 2010, as computed for federal income tax purposes, were
as follows:

Aggregate cost  $ 47,434,497 
Gross unrealized appreciation  $ 6,968,348 
Gross unrealized depreciation  (2,947,223) 
Net unrealized appreciation  $ 4,021,125 

 

(a) Non-income producing security.
(b) Investments in companies considered to be an affiliate of the Master LLC,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as
amended, were as follows:

  Shares Held at  Net  Shares Held at   
Affiliate  August 31, 2009  Activity  August 31, 2010  Income 
BlackRock Liquidity       
Funds, TempFund,       
Institutional         
Class  1,155,896   $ (305,986)  849,910  $ 1,595 
(c) Represents the current yield as of report date.     

 

Portfolio Abbreviation

ADR American Depositary Receipt

See Notes to Financial Statements.

34 ANNUAL REPORT

AUGUST 31, 2010



Schedule of Investments (concluded)

Master Focus Growth LLC

For Master LLC compliance purposes, the Master LLC’s industry classifications
refer to any one or more of the industry sub-classifications used by one or more
widely recognized market indexes or rating group indexes, and/or as defined
by Master LLC management. This definition may not apply for purposes of this
report, which may combine such industry sub-classifications for reporting ease.
Fair Value Measurements — Various inputs are used in determining the fair value
of investments, which are as follows:
Level 1 — price quotations in active markets/exchanges for identical assets
and liabilities
Level 2 — other observable inputs (including, but not limited to: quoted prices
for similar assets or liabilities in markets that are active, quoted prices for
identical or similar assets or liabilities in markets that are not active, inputs
other than quoted prices that are observable for the assets or liabilities (such
as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs)
Level 3 — unobservable inputs based on the best information available
in the circumstances, to the extent observable inputs are not available
(including the Master LLC’s own assumptions used in determining the fair
value of investments)
The inputs or methodologies used for valuing securities are not necessarily
an indication 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, 2010 in deter-
mining the fair valuation of the Master LLC’s investments:

Valuation Inputs       Level 1  Level 2  Level 3  Total 
Assets:           
Investments           
in Securities:           
Long-Term           
Investments1  $ 50,605,712      $ 50,605,712 
Short-Term           
Securities  849,910        849,910 
Total  $ 51,455,622      $ 51,455,622 

 

1 See above Schedule of Investments for values in each industry.

See Notes to Financial Statements.

ANNUAL REPORT

AUGUST 31, 2010

35



Statement of Assets and Liabilities  Master Focus Growth LLC 
August 31, 2010   
Assets   
Investments at value — unaffiliated (cost — $46,395,675)  $ 50,605,712 
Investments at value — affiliated (cost — $849,910)  849,910 
Investments sold receivable  103,667 
Dividends receivable  38,136 
Prepaid expenses  1,149 
Total assets  51,598,574 
Liabilities   
Investment advisory fees payable  18,194 
Directors’ fees payable  3,363 
Withdrawals payable to the investor  343 
Other affiliates payable  182 
Other accrued expenses payable  49,953 
Other liabilities  1,467 
Total liabilities  73,502 
Net Assets  $ 51,525,072 
Net Assets Consist of   
Investor’s capital  $ 47,315,035 
Net unrealized appreciation/depreciation  4,210,037 
Net Assets  $ 51,525,072 
Statement of Operations  Master Focus Growth LLC 
Year Ended August 31, 2010   
Investment Income   
Dividends  $ 539,541 
Foreign taxes withheld  (2,054) 
Interest on litigation proceeds  471,040 
Dividends — affiliated  1,595 
Total income  1,010,122 
Expenses   
Investment advisory  341,047 
Accounting services  69,211 
Professional  34,780 
Directors  17,555 
Custodian  16,415 
Printing  3,263 
Miscellaneous  7,612 
Total expenses  489,883 
Less fees waived by advisor  (114,401) 
Total expenses after fees waived  375,482 
Net investment income  634,640 
Realized and Unrealized Gain (Loss)   
Net realized gain from:   
Investments  3,731,511 
Litigation proceeds  859,096 
  4,590,607 
Net change in unrealized appreciation/depreciation on investments  (617,442) 
Total realized and unrealized gain  3,973,165 
Net Increase in Net Assets Resulting from Operations  $ 4,607,805 
See Notes to Financial Statements.   

 

36 ANNUAL REPORT

AUGUST 31, 2010



Statements of Changes in Net Assets          Master Focus Growth LLC 
            Year Ended August 31, 
Increase (Decrease) in Net Assets:            2010  2009 
Operations               
Net investment income          $ 634,640  $ 66,455 
Net realized gain (loss)            4,590,607  (13,326,054) 
Net change in unrealized appreciation/depreciation            (617,442)  2,301,685 
Net increase (decrease) in net assets resulting from operations            4,607,805  (10,957,914) 
Capital Transactions               
Proceeds from contributions            15,634,946  12,345,155 
Value of withdrawals            (18,500,148)  (16,822,060) 
Net decrease in net assets derived from capital transactions            (2,865,202)  (4,476,905) 
Net Assets               
Total increase (decrease) in net assets            1,742,603  (15,434,819) 
Beginning of year            49,782,469  65,217,288 
End of year          $ 51,525,072  $ 49,782,469 
Financial Highlights            Master Focus Growth LLC 
        Period       
        December 1,       
        2007 to       
    Year Ended August 31,    Year Ended November 30, 
        August 31,       
    2010  2009  2008  2007  2006  2005 
Total Investment Return               
Total investment return    9.45%1  (15.36)%1  (6.55)%2  26.17%  11.40%  11.30% 
Ratios to Average Net Assets               
Total expenses    0.86%  1.01%  0.87%4  0.82%  0.79%  0.75% 
Total expenses after fees waived and paid indirectly    0.66%  0.81%  0.67%4  0.62%  0.59%  0.63% 
Net investment income (loss)    1.12%3  0.15%  (0.07)%4  (0.20)%  0.30%  0.07% 
Supplemental Data               
Net assets, end of period (000)  $ 51,525  $ 49,782  $ 65,217  $ 75,086  $ 76,961  $ 99,197 
Portfolio turnover    86%  185%  105%  145%  117%  143% 

 

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 6.90% for the year ended August 31, 2010 and (27.33)% for the year ended August 31, 2009.
2 Aggregate total investment return.
3 Includes interest on the proceeds received from a settlement of litigation, which impacted the Master LLC’s ratio of net investment income (loss) to average net assets.
Not including this interest, the Master LLC’s ratio of net investment income (loss) to average net assets would have been 0.29%.
4 Annualized.

See Notes to Financial Statements.

ANNUAL REPORT

AUGUST 31, 2010

37



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, as amended (the “1940 Act”), and is
organized as a Delaware limited liability corporation. The Limited Liability
Company 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 management to make estimates
and assumptions that affect the reported amounts and disclosures in the
financial statements. Actual results could differ from those estimates.

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

Valuation: The Master LLC fair values its financial instruments at
market value using independent dealers or pricing services under poli-
cies approved by the Board. 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. Investments in open-end investment companies
are valued at net asset value each business day. Short-term securities
with remaining maturities of 60 days or less may be valued at amortized
cost, which approximates fair value.

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 is not available, the investment
will be valued in accordance with a policy approved by the Board as
reflecting fair value (“Fair Value Assets”). When determining the price for
Fair Value Assets, the investment advisor and/or the 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 transac-
tion. 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.

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 investment 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 sub-
sequently recorded when the Master LLC has determined the ex-divi-

dend 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 unrealized 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 of 1986,
as amended.

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. The Master LLC has an arrangement with the cus-
todian whereby fees may be reduced by credits earned on uninvested
cash balances, which if applicable are shown as fees paid indirectly in
the Statement of Operations. The custodian imposes fees on overdrawn
cash balances, which can be offset by accumulated credits earned or
may result in additional custody charges.

2. Investment Advisory Agreements and Other
Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America
Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest
stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership
structure, PNC is an affiliate of the Master LLC for 1940 Act purposes,
but BAC and Barclays are not.

The Master LLC has entered into an Investment Advisory Agreement with
BlackRock Advisors, LLC (the “Manager”), the Master LLC’s investment
advisor, 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 contractually agreed to waive the administration fees of
BlackRock Focus Growth Fund, Inc. (“Focus Growth”) and the investment
advisory fees of the Master LLC, as necessary to reduce the sum of the
administration fee (as a percentage of the average daily net assets of
the Focus Growth) and investment advisory fee (as a percentage of the
average daily net assets of the Master LLC) from 0.85% to 0.65%
through January 1, 2011. For the year ended August 31, 2010, the
Master LLC waived $113,683, which is included in fees waived by
advisor in the Statement of Operations.

38 ANNUAL REPORT

AUGUST 31, 2010



Notes to Financial Statements (concluded) Master Focus Growth LLC

In addition, the Manager contractually agreed to waive fees of Focus
Growth and/or the Master LLC to the extent necessary in order to limit
the expenses of Focus Growth (after accounting for the waiver described
above), (excluding interest expense, acquired fund fees and expenses
and certain other fund expenses) as a percentage of average daily net
assets allocated to each class of Focus Growth as follows: 2.25% (for
Investor A Shares), 3.00% (for Investor B and Investor C Shares) and
2.00% (for Institutional Shares), so long as the sum of the fees waived
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 Focus Growth’s administration agreement.

The Manager voluntarily waived its investment advisory fees by the
amount of investment advisory fees the Master LLC pays to the Manager
indirectly through its investment in affiliated money market funds, how-
ever the Manager does not waive its investment advisory fees by the
amount of investment advisory fees paid through the Master LLC’s
investment in other affiliated investment companies, if any. For the year
ended August 31, 2010, the Master LLC waived $718, which is included
in fees waived by advisor in the Statement of Operations.

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

For the year ended August 31, 2010, the Master LLC reimbursed the
Manager $1,087 for certain accounting services, which is included in
accounting services in the Statement of Operations.

Certain officers and/or directors of the Master LLC are officers and/or
directors of BlackRock or its affiliates.

3. Investments:

Purchases and sales of investments, excluding short-term securities for
the year ended August 31, 2010, were $47,172,872 and $48,293,705,
respectively.

The Master LLC received proceeds from settlement of litigation where the
Master LLC was able to recover a portion of investment losses previously
recorded by the Master LLC and interest on certain of those proceeds.
These amounts are shown as litigation proceeds and interest on litiga-
tion proceeds on the Statement of Operations.

4. 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 was renewed until November 2010. The
Master LLC may borrow under the credit agreement to fund shareholder
redemptions. Prior to its renewal, the credit agreement had the following

terms: 0.02% upfront fee on the aggregate commitment amount which
was allocated to the Master LLC based on its net assets as of October
31, 2008, 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, and
interest at a rate equal to the higher of (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) on amounts borrowed. Effective November 2009,
the credit agreement was renewed with the following terms: 0.02%
upfront fee on the aggregate commitment amount which was allocated
to the Master LLC based on its net assets as of October 31, 2009, a
commitment fee of 0.10% per annum 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 and interest at a rate
equal to the higher of (a) the one-month LIBOR plus 1.25% per annum
and (b) the Fed Funds rate plus 1.25% per annum on amounts bor-
rowed. The Master LLC did not borrow under the credit agreement during
the year ended August 31, 2010.

5. 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 (issuer 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 political, social or economic instability; and currency
and interest rate and price fluctuations. Similar to issuer credit risk, the
Master LLC may be exposed to counterparty credit risk, or the risk that
an entity with which the Master LLC has unsettled or open transactions
may fail to or be unable to perform on its commitments. The Master LLC
manages counterparty credit risk by entering into transactions only with
counterparties that it believes have the financial resources to honor
their obligations and by monitoring the financial stability of those coun-
terparties. Financial assets, which potentially expose the Master LLC to
market, issuer and counterparty credit risks, consist principally of finan-
cial instruments and receivables due from counterparties. The extent of
the Master LLC’s exposure to market, issuer and counterparty credit risks
with respect to these financial assets is generally approximated by their
value recorded in the Master LLC’s Statement of Assets and Liabilities,
less any collateral held by the Master LLC.

6. Subsequent Events:

Management has evaluated the impact of all subsequent events on the
Master LLC through the date the financial statements were issued and
has determined that there were no subsequent events requiring adjust-
ment or additional disclosure in the financial statements.

ANNUAL REPORT

AUGUST 31, 2010

39



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 statement of assets and liabilities of
Master Focus Growth LLC (the "Master LLC"), including the schedule of
investments, as of August 31, 2010, and the related statement of opera-
tions 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 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 on these finan-
cial 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 reason-
able assurance 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 inter-
nal control over financial 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 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 disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. Our procedures included confirmation
of securities owned as of August 31, 2010, by correspondence with
the custodian. 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, 2010, the results of its oper-
ations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for
the respective periods presented, in conformity with accounting princi-
ples generally accepted in the United States of America.

Deloitte & Touche, LLP
Princeton, New Jersey
October 28, 2010

40 ANNUAL REPORT

AUGUST 31, 2010



Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Directors of the Master Focus Growth LLC (the “Master
LLC”) and the BlackRock Global Growth Fund, Inc. (the “Global Growth
Fund”) met on April 13, 2010 and May 11 — 12, 2010 to consider the
approval of the Master LLC’s and the Global Growth Fund’s investment
advisory agreements (the “Advisory Agreements”) with BlackRock
Advisors, LLC (the “Manager”), the Master LLC’s and the Global Growth
Fund’s investment advisor. The Board of Directors of the Master LLC and
the Global Growth Fund also considered the approval of the sub-advi-
sory agreements (the “Sub-Advisory Agreements”) between the Manager
and BlackRock Investment Management, LLC (the “Sub-Advisor”), with
respect to the Master LLC and the Global Growth Fund. The 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.”
For simplicity, the Board of Directors of the Master LLC, the Board of
Directors of the Focus Growth Fund and the Board of Directors of the
Global Growth Fund are referred to herein collectively as the “Board,”
and the members are referred to as “Board Members.”

Activities and Composition of the Board

The Board consists of fourteen individuals, eleven of whom are not
“interested persons” of the Master LLC, the Focus Growth Fund or the
Global Growth Fund as defined in the Investment Company Act of
1940, as amended (the “1940 Act”) (the “Independent Board
Members”). The Board Members are responsible for the oversight of the
operations of the Master LLC, the Focus Growth Fund or the Global
Growth Fund, 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 Committee, each of which is
composed of Independent Board Members (except for the Performance
Oversight Committee and the Executive Committee, each of which also
has one interested Board Member) and is chaired by Independent
Board Members. The Board also has one ad hoc committee, the Joint
Product Pricing Committee, which consists of Independent Board
Members and directors/trustees of the boards of certain other
BlackRock-managed funds, who are not “interested persons” of their
respective funds.

The Agreements

Pursuant to the 1940 Act, the Board is required to consider the contin-
uation 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 the Master LLC, the Focus
Growth Fund and the Global Growth Fund by the personnel of
BlackRock and its affiliates, including investment management, admin-
istrative and shareholder services, oversight of fund accounting and
custody, marketing services and assistance in meeting applicable legal
and regulatory requirements.

From time to time 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 the Master LLC, the Focus Growth Fund and the Global Growth Fund
and their shareholders. Among the matters the Board considered 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’s and portfolio managers’ analysis of the
reasons for any over performance or underperformance against their
peers and/or benchmark, as applicable; (b) fees, including advisory,
administration, if applicable, and other amounts paid to BlackRock and
its affiliates by the Master LLC, the Focus Growth Fund and/or the
Global Growth Fund for services, such as transfer agency, marketing
and distribution, call center and fund accounting; (c) Master LLC’s,
Focus Growth Fund’s and/or Global Growth Fund’s operating expenses;
(d) the resources devoted to and compliance reports relating to the
Master LLC’s, the Focus Growth Fund’s and the Global Growth Fund’s
investment objective, policies and restrictions, (e) the Master LLC’s, the
Focus Growth Fund’s and the Global Growth Fund’s compliance with its
respective Code of Ethics and compliance policies and procedures;
(f) the nature, cost and character of non-investment management serv-
ices provided by BlackRock and its affiliates; (g) BlackRock’s and other
service providers’ internal controls; (h) BlackRock’s implementation of
the proxy voting policies approved by the Board; (i) the use of broker-
age commissions and execution quality of portfolio transactions;
(j) BlackRock’s implementation of the Master LLC’s, the Focus Growth
Fund’s and/or the Global Growth Fund’s valuation and liquidity proce-
dures; (k) an analysis of contractual and actual management fees for
products with similar investment objectives across the open-end fund,
closed-end fund and institutional account product channels, as appli-
cable; and (l) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April 13, 2010 meeting, the
Board requested and received materials specifically relating to the
Agreements. The Board is engaged in a process with BlackRock to peri-
odically review the nature and scope of the information provided to bet-
ter assist its deliberations. The materials provided in connection with
the April meeting included (a) information independently compiled and
prepared by Lipper, Inc. (“Lipper”) on fees and expenses of the Master
LLC, the Focus Growth Fund and the Global Growth Fund, as applicable,

ANNUAL REPORT

AUGUST 31, 2010

41



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

and the investment performance of the Focus Growth Fund and the
Global Growth Fund as compared with a peer group of funds as deter-
mined by Lipper (collectively, “Peers”); (b) information on the profitabil-
ity of the Agreements to BlackRock and a discussion of fall-out benefits
to BlackRock and its affiliates and significant shareholders; (c) a gen-
eral 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 perform-
ance of such other clients, as applicable; (d) the impact of economies
of scale; (e) a summary of aggregate amounts paid by the Master LLC,
the Focus Growth Fund and/or the Global Growth Fund to BlackRock;
(f) sales and redemption data regarding the Focus Growth Fund’s and
the Global Growth Fund’s shares; and (g) if applicable, a comparison of
management fees to similar BlackRock open-end funds, as classified
by Lipper.

At an in-person meeting held on April 13, 2010, the Board reviewed
materials relating to its consideration of the Agreements. As a result
of the discussions that occurred during the April 13, 2010 meeting,
the Board presented BlackRock with questions and requests for addi-
tional information and BlackRock responded to these requests with
additional written information in advance of the May 11 — 12, 2010
Board meeting.

At an in-person meeting held on May 11 — 12, 2010, the Board of the
Master LLC and the Global Growth Fund, including the Independent
Board Members, unanimously approved the continuation of the
Advisory Agreements between the Manager and the Master LLC and the
Global Growth Fund and the Sub-Advisory Agreements between the
Manager and the Sub-Advisor with respect to the Master LLC and the
Global Growth Fund, each for a one-year term ending June 30, 2011.
The Board of the Focus Growth Fund, including the Independent Board
Members, also considered the continuation of the Agreements and
found the Agreements to be satisfactory. In approving the continuation
of the Agreements, the Board considered: (a) the nature, extent and
quality of the services provided by BlackRock; (b) the investment per-
formance of the Master LLC, the Focus Growth Fund, the Global Growth
Fund and BlackRock; (c) the advisory fee and the cost of the services
and profits to be realized by BlackRock and its affiliates from their rela-
tionship with the Master LLC, the Focus Growth Fund and the Global
Growth Fund; (d) economies of scale; and (e) other factors deemed
relevant by the Board Members.

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 Focus Growth Fund and Global Growth
Fund shares, services related to the valuation and pricing of portfolio
holdings of the Master LLC and the Global Growth Fund, direct and
indirect benefits to BlackRock and its affiliates and significant share-
holders from their relationship with the Master LLC, the Focus Growth
Fund and the Global Growth Fund and advice from independent legal

counsel with respect to the review process and materials submitted for
the Board’s review. The Board noted the willingness of BlackRock per-
sonnel 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 vari-
ous items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock:
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 the
Focus Growth Fund and the Global Growth Fund. Throughout the year,
the Board compared the Focus Growth Fund’s and the Global Growth
Fund’s performance to the performance of a comparable group of
mutual funds, and the performance of a relevant benchmark, if any. The
Board met with BlackRock’s senior management personnel responsible
for investment operations, including the senior investment officers. The
Board also reviewed the materials provided by the portfolio manage-
ment team discussing performance and the investment objective,
strategies and outlook.

The Board considered, among other factors, the number, education and
experience of BlackRock’s investment personnel generally and the
Master LLC’s and the Global Growth Fund’s portfolio management
team, investments by portfolio managers in the funds they manage,
BlackRock’s portfolio trading capabilities, BlackRock’s use of technol-
ogy, BlackRock’s commitment to compliance, BlackRock’s credit
analysis capabilities, BlackRock’s risk analysis capabilities 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 struc-
ture with respect to the Master LLC’s and the Global Growth Fund’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 the
Master LLC, the Focus Growth Fund and the Global Growth Fund.
BlackRock and its affiliates and significant shareholders provide the
Master LLC, the Focus Growth Fund and the Global Growth Fund with
certain administrative, transfer agency, shareholder and other services
(in addition to any such services provided to the Master LLC, the Focus
Growth Fund and the Global Growth Fund by third parties) and officers
and other personnel as are necessary for the operations of the Master
LLC, the Focus Growth Fund and the Global Growth Fund. In addition to
investment advisory services, BlackRock and its affiliates provide the
Master LLC, the Focus Growth Fund and the Global Growth Fund 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 coordinating the activities of other service

42 ANNUAL REPORT

AUGUST 31, 2010



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

providers; (iv) organizing Board meetings 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 the Master LLC, the Focus Growth Fund and the Global
Growth Fund, such as tax reporting, fulfilling regulatory filing require-
ments, 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 proce-
dures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Master LLC, the Focus Growth
Fund, the Global Growth Fund and BlackRock: The Board, including the
Independent Board Members, also reviewed and considered the per-
formance history of the Master LLC, the Focus Growth Fund and the
Global Growth Fund, as applicable. The Board noted that the Master
LLC’s investment results correspond directly to the investment results of
the Focus Growth Fund. In preparation for the April 13, 2010 meeting,
the Board was provided with reports, independently prepared by Lipper,
which included a comprehensive analysis of the Focus Growth Fund’s
and the Global 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 rank-
ings. In connection with its review, the Board received and reviewed
information regarding the investment performance of the Focus Growth
Fund and the Global Growth Fund as compared to a representative
group of similar funds as determined by Lipper and to all funds in the
Focus Growth Fund’s and the Global Growth Fund’s applicable Lipper
category. The Board was provided with a description of the methodol-
ogy used by Lipper to select peer funds. The Board regularly reviews the
performance of the Master LLC, the Focus Growth Fund and the Global
Growth Fund, as applicable, throughout the year. The Board attaches
more importance to performance over relatively long periods of time,
typically three to five years.

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

The Board noted that the Global Growth Fund ranked in the third, sec-
ond and first 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 the Master LLC, the Focus Growth Fund and the
Global Growth Fund: The Board, including the Independent Board
Members, reviewed the Master LLC’s and the Global Growth Fund’s con-
tractual advisory fee rate compared with the other funds in the Focus
Growth Fund’s and the Global Growth Fund’s Lipper category. It also
compared the Focus Growth Fund’s and the Global Growth Fund’s
total expenses, as well as actual management fees, to those of other

funds in their Lipper category. The Board considered the services pro-
vided 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 pro-
vided the Master LLC, the Focus Growth Fund and the Global Growth
Fund. The Board was also provided with a profitability analysis that
detailed the revenues earned and the expenses incurred by BlackRock
for services provided to the Master LLC, the Focus Growth Fund and the
Global Growth Fund. The Board reviewed BlackRock’s profitability with
respect to the Master LLC, the Focus Growth Fund and the Global
Growth Fund, as applicable, and other funds the Board currently over-
sees for the year ended December 31, 2009 compared to available
aggregate profitability data provided for the year ended December 31,
2008. 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 allocat-
ing expenses in the profitability analysis, noting the inherent limitations
in allocating costs among various advisory products. The Board recog-
nized that profitability may be affected by numerous factors including,
among other things, fee waivers and expense reimbursements by the
Manager, the types of funds managed, expense allocations and busi-
ness mix, and the difficulty of comparing profitability as a result of
those factors.

The Board noted that, in general, individual fund or product line prof-
itability of other advisors is not publicly available. Nevertheless, to
the extent such information was available, the Board considered
BlackRock’s operating margin, in general, compared to the operating
margin for leading investment management firms whose operations
include advising open-end funds, among other product types. That
data indicates that operating margins for BlackRock with respect to
its registered funds are generally consistent with margins earned by
similarly situated publicly traded competitors. 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. That third party data indicates 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
the Master LLC, the Focus Growth Fund and the Global Growth Fund by
BlackRock, and BlackRock’s and its affiliates’ profits relating to the
management and distribution of the Master LLC, the Focus Growth
Fund, the Global Growth Fund 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
the Master LLC, the Focus Growth Fund and the Global Growth Fund.
The Board also considered whether BlackRock has the financial
resources necessary to attract and retain high quality investment

ANNUAL REPORT

AUGUST 31, 2010

43



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

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 fee rate was lower than or equal to the median contractual
advisory fee rate paid by the Focus Growth Fund’s Peers, in each case,
before taking into account any expense reimbursements or fee waivers.
The Board also noted that BlackRock has contractually agreed to waive
fees or reimburse expenses in order to limit, to a specified amount, 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/Focus Growth Fund.

The Board noted that the Global Growth Fund’s contractual advisory fee
rate was lower than or equal to the median contractual advisory fee
rate paid by the Global Growth Fund’s Peers, in each case, before tak-
ing into account any expense reimbursements or fee waivers. The Board
also noted that the Global Growth Fund has an advisory fee arrange-
ment that includes breakpoints that adjust the fee rate downward as
the size of the Global Growth Fund increases above certain contractu-
ally specified levels.

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 the Master LLC, the Focus Growth Fund and
the Global Growth Fund increase. The Board also considered the
extent to which the Master LLC, the Focus Growth Fund and the Global
Growth Fund benefit from such economies and whether there should
be changes in the advisory fee rate or structure in order to enable the
Master LLC, the Focus Growth Fund and the Global Growth Fund to
participate in these economies of scale, for example through the use
of breakpoints or revised breakpoints, as applicable, in the advisory
fee based upon the asset level of the Master LLC or the Global
Growth Fund.

E. Other Factors Deemed Relevant by the Board Members: The Board,
including the Independent Board Members, also took into account
other ancillary or “fall-out” benefits that BlackRock or its affiliates and
significant shareholders may derive from their respective relationships
with the Master LLC, the Focus Growth Fund and the Global Growth
Fund, both tangible and intangible, such as BlackRock’s ability to lever-
age 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 sharehold-
ers as service providers to the Master LLC, the Focus Growth Fund and
the Global Growth Fund, including for administrative, transfer agency
and distribution services. The Board also considered BlackRock’s overall
operations and its efforts to expand the scale of, and improve the qual-
ity of, its operations. The Board also noted that BlackRock may use and
benefit from third party research obtained by soft dollars generated by
certain mutual fund transactions to assist in managing all or a number

of its other client accounts. The Board further noted that BlackRock
completed the acquisition of a complex of exchange-traded funds
(“ETFs”) on December 1, 2009, and that BlackRock’s funds may invest
in such ETFs without any offset against the management fees payable
by the funds to BlackRock.

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

The Board noted the competitive nature of the open-end fund market-
place, and that shareholders are able to redeem their Focus Growth
Fund or Global Growth Fund shares if they believe that the Focus
Growth Fund’s, the Global Growth Fund’s and/or Master LLC’s fees and
expenses are too high or if they are dissatisfied with the performance of
the Focus Growth Fund or the Global Growth Fund.

Conclusion

The Board of the Master LLC and the Global Growth Fund, including the
Independent Board Members, unanimously approved the continuation
of the Advisory Agreements between the Manager and each of the
Master LLC and the Global Growth Fund for a one-year term ending
June 30, 2011 and the Sub-Advisory Agreements between the Manager
and the Sub-Advisor, with respect to the Master LLC and the Global
Growth Fund, for a one-year term ending June 30, 2011. As part of its
approval, the Board of the Master LLC and the Global Growth Fund con-
sidered the discussions of BlackRock’s fee structure, as it applies to the
Master LLC and the Global Growth Fund, being conducted by the ad
hoc Joint Product Pricing Committee. Based upon its evaluation of all of
the aforementioned factors in their totality, the Board of the Master LLC
and the Global Growth Fund, including the Independent Board
Members, was satisfied that the terms of the Agreements were fair and
reasonable and in the best interest of the Master LLC, the Global
Growth Fund and their shareholders. The Board 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 of the Master LLC and the Global
Growth Fund did not identify any single factor or group of factors as all-
important or controlling, but considered all factors together, and differ-
ent Board Members may have attributed different weights to the various
factors considered. The Independent Board Members were also assisted
by the advice of independent legal counsel in making this determina-
tion. The contractual fee arrangements for the Master LLC and the
Global Growth Fund reflect the results of several years of review by the
Board Members and predecessor Board Members, and discussions
between such Board Members (and predecessor 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 consideration of these
arrangements in prior years.

44 ANNUAL REPORT

AUGUST 31, 2010



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 Directors         
Robert M. Hernandez  Chairman of the  Since  Director, Vice Chairman and Chief Financial Officer of USX  34 RICs consisting of  ACE Limited 
55 East 52nd Street  Board, Director  2007  Corporation (energy and steel business) from 1991 to 2001.  98 Portfolios  (insurance company); 
New York, NY 10055  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  34 RICs consisting of  Watson 
55 East 52nd Street  of the Board,  2007  company) since 1997; Director, Michael J. Fox Foundation for  98 Portfolios  Pharmaceutical, Inc. 
New York, NY 10055  Chairman of the    Parkinson’s Research since 2000; Director, BTG International    (pharmaceutical) 
1941  Audit Committee    Plc (a global technology commercialization company) from     
  and Director    2001 to 2007.     
James H. Bodurtha  Director  Since  Director, The China Business Group, Inc. (consulting firm) since  34 RICs consisting of  None 
55 East 52nd Street    2002  1996 and Executive Vice President thereof from 1996 to 2003;  98 Portfolios   
New York, NY 10055      Chairman of the Board, Berkshire Holding Corporation since 1980.     
1944           
Bruce R. Bond  Director  Since  Trustee and Member of the Governance Committee, State Street  34 RICs consisting of  None 
55 East 52nd Street    2007  Research Mutual Funds from 1997 to 2005; Board Member  98 Portfolios   
New York, NY 10055      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  34 RICs consisting of  Knology, Inc. (tele- 
55 East 52nd Street    2007  investment partnership) since 1979; Managing General Partner,  98 Portfolios  communications); 
New York, NY 10055      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.     
Stuart E. Eizenstat  Director  Since  Partner and Head of International Practice, Covington and  34 RICs consisting of  Alcatel-Lucent (tele- 
55 East 52nd Street    2007  Burling LLP (law firm) since 2001; International Advisory Board  98 Portfolios  communications); 
New York, NY 10055      Member, The Coca Cola Company since 2002; Advisory Board    Global Specialty 
1943      Member, BT Americas (telecommunications) since 2004;    Metallurgical (metal- 
      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.  34 RICs consisting of  None 
55 East 52nd Street    2005    98 Portfolios   
New York, NY 10055           
1957           
John F. O’Brien  Director  Since  Chairman and Director, Woods Hole Oceanographic Institute  34 RICs consisting of  Cabot Corporation 
55 East 52nd Street    2007  since 2009 and Trustee thereof from 2003 to 2009; Director,  98 Portfolios  (chemicals); LKQ 
New York, NY 10055      Allmerica Financial Corporation from 1995 to 2003; Director,    Corporation (auto 
1943      ABIOMED from 1989 to 2006; Director, Ameresco, Inc.    parts manufacturing); 
      (energy solutions company) from 2006 to 2007; Vice Chairman    TJX Companies, Inc. 
      and Director, Boston Lyric Opera from 2002 to 2007.    (retailer) 
Roberta Cooper Ramo  Director  Since  Shareholder, Modrall, Sperling, Roehl, Harris & Sisk, P.A. (law  34 RICs consisting of  None 
40 East 52nd Street    2002  firm) since 1993; Chairman of the Board, Cooper’s Inc. (retail)  98 Portfolios   
New York, NY 10022      since 2000; Director, ECMC Group (service provider to     
1942      students, schools and lenders) since 2001; President, The     
American Law Institute (non-profit) since 2008; President,             
      American Bar Association from 1995 to 1996.     

 

ANNUAL REPORT

AUGUST 31, 2010

45



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 Trustees1 (concluded)         
David H. Walsh  Director  Since  Director, National Museum of Wildlife Art since 2007; Director,  34 RICs consisting of  None 
55 East 52nd Street    2007  Ruckleshaus Institute and Haub School of Natural Resources  98 Portfolios   
New York, NY 10055      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  34 RICs consisting of  Bowne & Co., Inc. 
55 East 52nd Street  and Member  2007  of Business Administration since 1995.  98 Portfolios  (financial printers); 
New York, NY 10055  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 any of the Funds/Master LLC 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 a Fund’s board in 2007, each director first became a member of the board 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 Trustees3           
Richard S. Davis  Director  Since  Managing Director, BlackRock, Inc. since 2005; Chief Executive  170 RICs consisting of  None 
55 East 52nd Street    2007  Officer, State Street Research & Management Company from  291 Portfolios   
New York, NY 10055      2000 to 2005; Chairman of the Board of Trustees, State Street     
1945      Research Mutual Funds from 2000 to 2005.     
Laurence D. Fink  Director  Since  Chairman and Chief Executive Officer of BlackRock, Inc. since its  34 RICs consisting of  None 
55 East 52nd Street    2007  formation in 1998 and of BlackRock, Inc.’s predecessor entities  98 Portfolios   
New York, NY 10055      since 1988 and Chairman of the Executive and Management     
1952      Committees; Formerly Managing Director, The First Boston Corp-     
oration, 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  170 RICs consisting of  None 
55 East 52nd Street    2007  Director, BlackRock, Inc. from 1989 to 2007; Chief  291 Portfolios   
New York, NY 10055      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 Funds/Master LLC based on their
positions with BlackRock, Inc. and its affiliates. Mr. Gabbay is an "interested person" of the Funds/Master LLC based on his former positions with
BlackRock, Inc. and its affiliates as well as his ownership of BlackRock, Inc. and The PNC Financial Services Group, Inc. securities. Directors serve until
their resignation, removal or death, or until December 31 of the year in which they turn 72.

46 ANNUAL REPORT

AUGUST 31, 2010



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 
Officers1       
Anne Ackerley  President  Since  Managing Director of BlackRock, Inc. since 2000; Vice President of the BlackRock-advised funds from 2007 to 
55 East 52nd Street  and Chief  20092  2009; Chief Operating Officer of BlackRock’s Global Client Group (GCG) since 2009; Chief Operating Officer 
New York, NY 10055  Executive    of BlackRock’s US Retail Group from 2006 to 2009; Head of BlackRock’s Mutual Fund Group from 2000 
1962  Officer    to 2006. 
Jeffrey Holland, CFA  Vice  Since  Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2006 to 2009; Chief Operating 
55 East 52nd Street  President  2009  Officer of BlackRock’s US Retail Group since 2009; Co-head of Product Development and Management for 
New York, NY 10055      BlackRock’s US Retail Group from 2007 to 2009; Product Manager of Raymond James & Associates from 
1971      2003 to 2006. 
Brendan Kyne  Vice  Since  Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. from 2008 to 2009; Head of Product 
55 East 52nd Street  President  2009  Development and Management for BlackRock's US Retail Group since 2009, Co-head thereof from 2007 to 
New York, NY 10055      2009; Vice President of BlackRock, Inc. from 2005 to 2008. 
1977       
Brian Schmidt  Vice  Since  Managing Director of BlackRock, Inc. since 2004; Various positions with US Trust Company from 1991 to 2003 
55 East 52nd Street  President  2009  including Director from 2001 to 2003 and Senior Vice President from 1998 to 2003; Vice President, Chief Financial 
New York, NY 10055      Officer and Treasurer of Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc. and Excelsior Funds Trust from 2001 
1958      to 2003. 
Neal Andrews  Chief  Since  Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund 
55 East 52nd Street  Financial  2007  Accounting and Administration at PNC Global Investment Servicing (US) Inc. from 1992 to 2006. 
New York, NY 10055  Officer     
1966       
Jay Fife  Treasurer  Since  Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Assistant Treasurer of the Merrill Lynch 
55 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 10055      of MLIM Fund Services Group from 2001 to 2006. 
1970       
Brian Kindelan  Chief  Since  Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of 
55 East 52nd Street  Compliance  2007  BlackRock, Inc. since 2005. 
New York, NY 10055  Officer     
1959       
Howard Surloff  Secretary  Since  Managing Director of BlackRock, Inc. and General Counsel of US Funds at BlackRock, Inc. since 2006; General 
55 East 52nd Street    2007  Counsel (US) of Goldman Sachs Asset Management, L.P. from 1993 to 2006. 
New York, NY 10055       
1965       

 

1 Officers of the Funds/Master LLC serve at the pleasure of the Board.
2 Ms. Ackerley has been President and Chief Executive Officer since 2009 and was Vice President from 2007 to 2009.
Further information about the Funds’ Officers and Trustees is available in the Funds’ Statement of Additional Information, which can be obtained without
charge by calling (800) 441-7762.

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809

Sub-Advisor
BlackRock Investment
Management, LLC
Plainsboro, NJ 08536

Custodians
State Street Bank
and Trust Company3
Boston, MA 02111

The Bank of
New York Mellon4
New York, NY 10286

Transfer Agent
BNY Mellon Investment
Servicing (US) Inc.
Wilmington, DE 19809

Accounting Agent
State Street Bank
and Trust Company
Princeton, NJ 08540

Distributor
BlackRock Investments, LLC
New York, NY 10022

Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019

Independent
Registered Public
Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540

Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809

3 For BlackRock Global
Growth Fund, Inc.
4 For BlackRock Focus
Growth Fund, Inc.

Effective September 15, 2010, John M. Perlowski became
President and Chief Executive Officer of the Funds/Master LLC.

ANNUAL REPORT

AUGUST 31, 2010

47



Additional Information

General Information

Electronic Delivery

Electronic copies of most financial reports and prospectuses are available
on the Fund’s website or shareholders can sign up for e-mail notifications
of quarterly statements, annual and semi-annual reports and prospec-
tuses 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) Select “eDelivery” under the “More Information” section

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 is intended to reduce expenses
and eliminate duplicate mailings of shareholder documents. Mailings of
your shareholder documents may be householded indefinitely unless you
instruct us otherwise. If you do not want the mailing of these documents
to be combined with those for other members of your household, please
call (800) 441-7762.

Availability of Quarterly Portfolio Schedule

The Funds file their complete schedule of portfolio holdings with the
Securities and Exchange Commission (“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 (800) SEC-0330. The Fund’s Forms
N-Q may also be obtained upon request and without charge by calling
(800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that each Fund/Master LLC
uses to determine how to vote proxies relating to portfolio securities is
available (1) without charge, upon request, by calling (800) 441-7762;
(2) at http://www.blackrock.com; and (3) on the SEC’s website at
http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds/Master LLC voted proxies relating to
securities held in each Fund’s/Master LLC’s portfolio during the most
recent 12-month period ended June 30 is available upon request
and without charge (1) at http://www.blackrock.com or by calling
(800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM EST on any
business day to get information about your account balances, recent
transactions and share prices. You can also reach us on the Web at
http://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 balance is at least $10,000.

Retirement Plans

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

48 ANNUAL REPORT

AUGUST 31, 2010



Additional Information (concluded)

BlackRock Privacy Principles

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

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

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

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

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

ANNUAL REPORT

AUGUST 31, 2010

49



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 SmallCap Fund  BlackRock Natural Resources Trust 
BlackRock Asset Allocation Portfolio†  BlackRock Health Sciences Opportunities Portfolio  BlackRock Pacific Fund 
BlackRock Balanced Capital Fund†  BlackRock Healthcare Fund  BlackRock Science & Technology 
BlackRock Basic Value Fund  BlackRock Index Equity Portfolio*  Opportunities Portfolio 
BlackRock Capital Appreciation Fund  BlackRock International Fund  BlackRock Small Cap Core Equity Portfolio 
BlackRock Energy & Resources Portfolio  BlackRock International Index Fund  BlackRock Small Cap Growth Equity Portfolio 
BlackRock Equity Dividend Fund  BlackRock International Opportunities Portfolio  BlackRock Small Cap Growth Fund II 
BlackRock EuroFund  BlackRock International Value Fund  BlackRock Small Cap Index Fund 
BlackRock Focus Growth Fund  BlackRock Large Cap Core Fund  BlackRock Small/Mid-Cap Growth Portfolio 
BlackRock Focus Value Fund  BlackRock Large Cap Core Plus Fund  BlackRock S&P 500 Index Fund 
BlackRock Global Allocation Fund†  BlackRock Large Cap Growth Fund  BlackRock U.S. Opportunities Portfolio 
BlackRock Global Dynamic Equity Fund  BlackRock Large Cap Value Fund  BlackRock Utilities and Telecommunications Fund 
BlackRock Global Emerging Markets Fund  BlackRock Latin America Fund  BlackRock Value Opportunities Fund 
BlackRock Global Financial Services Fund  BlackRock Mid-Cap Growth Equity Portfolio  BlackRock World Gold Fund 
BlackRock Global Growth Fund  BlackRock Mid-Cap Value Equity Portfolio     
BlackRock Global Opportunities Portfolio  BlackRock Mid Cap Value Opportunities Fund     
Fixed Income Funds         
BlackRock Bond Portfolio  BlackRock Income Builder Portfolio  BlackRock Multi-Sector Bond Portfolio 
BlackRock Emerging Market Debt Portfolio  BlackRock Inflation Protected Bond Portfolio  BlackRock Short-Term Bond Fund 
BlackRock Floating Rate Income Portfolio  BlackRock Intermediate Government  BlackRock Strategic Income 
BlackRock GNMA Portfolio  Bond Portfolio    Opportunities Portfolio 
BlackRock Government Income Portfolio  BlackRock International Bond Portfolio  BlackRock Total Return Fund 
BlackRock High Income Fund  BlackRock Long Duration Bond Portfolio  BlackRock Total Return Portfolio II 
BlackRock High Yield Bond Portfolio  BlackRock Low Duration Bond Portfolio  BlackRock World Income Fund 
BlackRock Income Portfolio  BlackRock Managed Income 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 High Yield Municipal Fund  BlackRock National Municipal Fund  BlackRock Pennsylvania Municipal Bond Fund 
BlackRock Intermediate Municipal Fund  BlackRock New Jersey Municipal Bond Fund  BlackRock Short-Term Municipal Fund 
Target Risk & Target Date Funds†         
BlackRock Prepared Portfolios  BlackRock Lifecycle Prepared Portfolios  BlackRock LifePath Portfolios 
Conservative Prepared Portfolio  2010  2035  Retirement  2040 
Moderate Prepared Portfolio  2015  2040  2020  2045 
Growth Prepared Portfolio  2020  2045  2025  2050 
Aggressive Growth Prepared Portfolio  2025  2050  2030  2055 
  2030    2035   

 

* 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) 441-7762 or from your financial advisor. The prospectus should be read carefully before investing.

50 ANNUAL REPORT

AUGUST 31, 2010




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  $35,700  $0  $0  $6,100  $6,100  $94  $1,028 
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 per project. 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 the Committee Chairman 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     
Fund, Inc.  $16,971  $415,187 

 

(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) – $10,777, 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 15d-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/ John M. Perlowski
John M. Perlowski
Chief Executive Officer of
BlackRock Global Growth Fund, Inc.

Date: November 5, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.

By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Global Growth Fund, Inc.

Date: November 5, 2010

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

Date: November 5, 2010


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EX-99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Global Growth Fund, Inc., certify
that:

1. I have reviewed this report on Form N-CSR of BlackRock Global Growth Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a

material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report;

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

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

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

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

d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: November 5, 2010

/s/ John M. Perlowski

John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Global Growth Fund, Inc.



EX-99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

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

1. I have reviewed this report on Form N-CSR of BlackRock Global Growth Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or

omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net
assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;

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

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

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

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

d) disclosed in this report any change in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered by this report that
has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

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

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

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

Date: November 5, 2010



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


EX-99.906 CERT 9 globalsec906.htm CERT globalsec906.htm - Produced by Pellegrini and Associates, Inc. | 134 Spring Street New York NY 10012 | (212) 925-5151

Exhibit 99.1350CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes Oxley Act

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Global Growth Fund, Inc. (the
“registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for
the period ended August 31, 2010 (the “Report”) fully complies with the requirements of Section 15d of the
Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 5, 2010

/s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock Global Growth Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Global Growth Fund, Inc. (the
“registrant”), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for
the period ended August 31, 2010 (the “Report”) fully complies with the requirements of Section 15d of the
Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 5, 2010

/s/ Neal J. Andrews

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

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940,
as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the
Securities and Exchange Commission.


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