UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
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: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock Global Growth Fund, Inc., 800 Scudders Mill Road,
Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 08/31/07
Date of reporting period: 09/01/06 - 02/28/07
Item 1 - Report to Stockholders
ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES FIXED INCOME LIQUIDITY
REAL ESTATE
BlackRock
Global Growth Fund, Inc.
SEMI-ANNUAL REPORT
FEBRUARY 28, 2007 (Unaudited)
(BLACKROCK logo)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
This report is transmitted to shareholders only. It is not authorized for
use as an offer of sale or a solicitation of an offer to buy shares of the
Fund unless accompanied or preceded by the Fund's current prospectus. Past
performance results shown in this report should not be considered a
representation of future performance. Investment returns and principal value
of shares will fluctuate so that shares, when redeemed, may be worth more or
less than their original cost. Statements and other information herein are as
dated and are subject to change.
Investment in foreign securities involves special risks including fluctuating
foreign exchange rates, foreign government regulations, differing degrees of
liquidity and the possibility of substantial volatility due to adverse
political, economic or other developments.
BlackRock Global Growth Fund, Inc.
P.O. Box 9011
Princeton, NJ 08543-9011
(GO PAPERLESS... logo)
It's Fast, Convenient, & Timely!
To sign up today, go to www.blackrock.com/edelivery.
BlackRock Global Growth Fund, Inc.
Portfolio Information as of February 28, 2007
Country of Percent of
Ten Largest Equity Holdings Origin Net Assets
Cisco Systems, Inc. United States 1.7%
National Australia Bank Ltd. Australia 1.6
QBE Insurance Group Ltd. Australia 1.6
Diageo Plc United Kingdom 1.5
Australia & New Zealand
Banking Group Ltd. Australia 1.4
ZTE Corp. Hong Kong 1.4
Macquarie Bank Ltd. Australia 1.4
Commonwealth Bank of
Australia Ltd. Australia 1.3
Energy Resources of
Australia Ltd. Australia 1.2
Novartis AG Registered
Shares Switzerland 1.2
Percent of
Five Largest Industries Net Assets
Capital Markets 6.9%
Commercial Banks 6.8
Energy Equipment & Services 5.7
Metals & Mining 5.5
Communications Equipment 4.5
For Fund compliance purposes, the Fund's industry classifications
refer to any one or more of the industry sub-classifications used
by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Fund management. This definition may
not apply for purposes of this report which may combine industry
sub-classifications for reporting ease.
Percent of
Geographic Allocation Total
by Country Investments
United States 33.4%
Australia 22.2
India 8.8
Hong Kong 8.5
Switzerland 5.4
Japan 4.5
France 2.8
Canada 2.7
United Kingdom 2.3
South Africa 1.7
Germany 1.4
Brazil 0.9
South Korea 0.9
Italy 0.9
Singapore 0.9
China 0.9
Spain 0.5
Finland 0.5
Sweden 0.3
Other* 0.5
* Includes portfolio holdings in short-term investments.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
A Letter to Shareholders
Dear Shareholder
The new year began on a positive note for most financial markets, continuing
the momentum from the fourth quarter of 2006. At the end of February, however,
global equity markets registered their first significant decline since last
summer. The market jitters were triggered by a significant setback in the
Chinese market and were exacerbated by several concerns, notably a weakening
economy, some disappointing corporate earnings announcements, geopolitical
concerns related to Iran's nuclear program and increasing delinquencies in the
subprime mortgage market. Despite the recent spate of volatility, underlying
stock market fundamentals appear quite sound, supported by a generally good
global economic backdrop, tame inflation, relatively low interest rates and
attractive valuations.
Not unlike the equity market, the bond market also has seen volatility recently
as observers have attempted to interpret mixed economic signals. A bond market
rally late last year reversed early in 2007 as the economic data strengthened.
Prices improved (and yields fell) again in February as equities struggled.
Notably, the Treasury curve remained inverted for much of 2006 and into 2007.
The 30-year Treasury yield stood at 4.68% on February 28, 2007, while the
one-month Treasury offered the highest yield on the curve at 5.24%.
For its part, the Federal Reserve Board (the Fed) has left the target short-
term interest rate on hold at 5.25% since first pausing on August 8, 2006.
Although the central bankers continue to express concern about potential
inflationary pressures, they also have made reference to signs of economic
weakness in their public statements. Most observers expect the Fed to keep
interest rates on hold for now, but acknowledge that the combination of a mild
economic slowdown and moderating inflation could prompt an interest rate cut
later in 2007.
Notwithstanding the volatility along the way, most major market indexes
managed to post positive returns for the annual and semi-annual reporting
periods ended February 28, 2007:
Total Returns as of February 28, 2007 6-month 12-month
U.S. equities (Standard & Poor's 500 Index) + 8.93% +11.97%
Small cap U.S. equities (Russell 2000 Index) +10.76 + 9.87
International equities (MSCI Europe, Australasia, Far East Index) +12.17 +21.07
Fixed income (Lehman Brothers Aggregate Bond Index) + 3.66 + 5.54
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 2.89 + 4.96
High yield bonds (Credit Suisse High Yield Index) + 8.62 +12.36
If the recent market movements are any guide, 2007 could be a year of enhanced
market volatility. As you navigate the uncertainties of the financial markets,
we encourage you to review your investment goals with your financial
professional and to make portfolio changes, as needed. We thank you for
trusting BlackRock with your investment assets, and we look forward to
continuing to serve you in the months and years ahead.
Sincerely,
(Robert C. Doll, Jr.)
Robert C. Doll, Jr.
Fund President and Director
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
A Discussion With Your Fund's Portfolio Manager
The Fund outperformed its benchmark and its comparable Lipper category average
for the period, benefiting from favorable geographic exposures and successful
stock selection.
How did the Fund perform during the period in light of the existing market
conditions?
For the six-month period ended February 28, 2007, BlackRock Global Growth
Fund, Inc.'s Institutional, Investor A, Investor B, Investor C and Class R
Shares had total returns of +12.75%, +12.57%, +12.18%, +12.19% and +12.52%,
respectively. (Fund results shown do not reflect sales charges and would be
lower if sales charges were included. Complete performance information can be
found on pages 6 and 7 of this report to shareholders.) For the same period,
the benchmark Morgan Stanley Capital International (MSCI) World Index returned
+10.38% (in U.S. dollar terms) and the Lipper Global Multi-Cap Growth Funds
category posted an average return of +11.27%. (Funds in this Lipper category
invest at least 75% of their equity assets in companies both inside and
outside the United States. Growth funds typically have an above-average price-
to-cash flow ratio, price-to-book ratio and three-year sales-per-share growth
value compared to the S&P Citigroup World Broad Market Index.)
Global equity markets enjoyed strong returns for the six-month period ended
February 28, 2007. Most major markets significantly outperformed the MSCI
World Index (in U.S. dollar terms), with the notable exceptions of the United
States and Japan. Both emerging and developing markets recovered strongly from
the summer 2006 correction, surpassing previous benchmark high price levels as
liquidity and global economic growth fears eventually subsided in the second
half of 2006. Although relatively short-lived and transitory, this correction
resulted in a distinct change in market leadership that was particularly
evident in the United States as concerns surfaced around the durability of the
economic expansion that had been in place since late 2001. Sector leadership
within the S&P 500 Index (the largest component of the MSCI World Index at a
near 50% weighting) shifted from highly cyclical areas, such as industrials,
energy and materials, to the more defensive consumer staples, health care and
financials sectors. The new year opened with equity markets performing
strongly until the end of February, when investor concerns over global risk
premiums once again sent global equity markets into a corrective phase.
The Fund outperformed the benchmark MSCI World Index and its comparable Lipper
category average for the period, benefiting significantly from favorable
geographic exposures. Country allocation and stock selection were notable
positive contributors. Our substantial overweight in Australia (at an average
of 20% of net assets over the period) and our exposures to Hong Kong (6%),
China (4%) and India (13%) generated favorable returns for the Fund. Neither
China nor India is a constituent of the benchmark index. A considerable
underweight of the U.S. market (30% in the Fund versus 49% for the MSCI World
Index) detracted modestly from performance, primarily as a consequence of
challenging stock selection. Similarly, our cautious view and underweighting
of Japan (6% versus 11%) hindered portfolio results. Successful security
selection in the financials, industrials and energy sectors benefited Fund
performance in the period.
Specific Fund holdings that contributed to returns included Bharti Airtel
Ltd. (India), Energy Resources of Australia, Ltd. (Australia),
IntercontinentalExchange, Inc. (U.S.) and CSL Ltd. (Australia). Stock
selection in consumer discretionary and materials detracted from
performance, as did an underweight position in telecommunications. Fund
positions that negatively impacted returns included Cameco Corp.
(Canada), Best Buy Co., Inc. (U.S.), Samsung Electronics Co., Ltd. (South
Korea), Ensign Resource Service Group (Canada) and NutriSystem, Inc. (U.S.).
What changes were made to the portfolio during the period?
We made strides in repositioning the portfolio after the summer 2006 market
correction to adjust to a more moderate rate of economic growth in the United
States and shifting stock market leadership. Global economic growth patterns
remained largely intact throughout the period. We reduced exposure to the
consumer discretionary, industrials and energy sectors and increased exposure
to the information technology and financials sectors. Significant additions to
the portfolio included Roche Holding AG (Switzerland), Lihir Gold Ltd.
(Australia), Veolia Environnement (France), Canon, Inc. (Japan) and U.S.
companies Deere & Co., Goldman Sachs Group, Inc., Armor Holdings, Inc., Coach
Inc., Thermo Fisher Scientific, Inc., International Game Technology and Akamai
Technologies, Inc.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Positions that were eliminated from the portfolio included Zinifex Ltd.
(Australia), Phelps Dodge Corp. (U.S.), Motorola, Inc. (U.S.), GlaxoSmithKline
Plc (U.K.) and Matsushita Electric Works Ltd. (Japan). From a geographic
perspective, we modestly reduced the Fund's exposure to India at year-end 2006
from nearly 13% of net assets to just under 9% on profit-taking opportunities.
The proceeds from these sales were widely reinvested in other opportunities.
How would you characterize the Fund's position at the close of the period?
U.S. economic growth (that is, gross domestic product growth) has slowed to a
slightly below-trend rate of expansion (in the area of 2% - 3%). We view this
as a typical mid-cycle economic slowdown. At the same time, most other global
economies - particularly those in Europe and Asia - continue to experience
strong rates of growth. Although this has provided a rather balanced demand
backdrop on a worldwide basis, we are reviewing portfolio positioning in light
of apparent changes in recent (late February) market risk parameters. While we
do not expect a recession to unfold in the United States, we are highly
selective in our stock-picking process. The Fund continues to find relatively
attractive investment opportunities in the Asia-Pacific region. As of year-
end, 46% of the Fund's net assets was invested in stocks in these markets and
less than 16% in emerging market economies.
At the end of the period, the portfolio was overweight in the industrials,
materials, information technology and energy sectors, and underweight in
financials, utilities, consumer staples and telecommunications.
Thomas E. Burke, CFA
Vice President and Portfolio Manager
March 12, 2007
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Performance Data
About Fund Performance
Effective October 2, 2006, the Fund's Class A, Class B, Class C and Class I
Shares were redesignated Investor A, Investor B, Investor C and Institutional
Shares, respectively. Class R Shares did not change their designation. As
previously communicated to shareholders, new sales charge schedules came into
effect at the same time for certain of these classes.
The Fund has multiple classes of shares:
* Institutional Shares are not subject to any front-end sales charge.
Institutional Shares bear no ongoing distribution or service fees and are
available only to eligible investors.
* Investor A Shares incur a maximum initial sales charge (front-end load) of
5.25% and a service fee of 0.25% per year (but no distribution fee).
* Investor B Shares are subject to a maximum contingent deferred sales charge
of 4.50% declining to 0% after six years. In addition, Investor B Shares are
subject to a distribution fee of 0.75% per year and a service fee of 0.25% per
year. These shares automatically convert to Investor A Shares after
approximately eight years. (There is no initial sales charge for automatic
share conversions.) All returns for periods greater than eight years reflect
this conversion.
* Investor C Shares are subject to a distribution fee of 0.75% per year and a
service fee of 0.25% per year. In addition, Investor C Shares are subject to a
1% contingent deferred sales charge if redeemed within one year of purchase.
* Class R Shares 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 inception, Class R Share
performance results are those of Institutional Shares (which have no
distribution or service fees) restated for Class R Share fees.
Performance information reflects past performance and does not guarantee
future results. Current performance may be lower or higher than the
performance data quoted. Refer to www.blackrock.com to obtain performance data
current to the most recent month-end. Performance results do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares. The Fund may charge a 2% redemption fee for sales
or exchanges of shares within 30 days of purchase or exchange. Performance
data does not reflect this potential fee. Figures shown in each of the
following tables 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.
Recent Performance Results
6-Month 12-Month Since Inception
As of February 28, 2007 Total Return Total Return Total Return
Institutional Shares* +12.75% +17.65% +82.79%
Investor A Shares* +12.57 +17.33 +78.57
Investor B Shares* +12.18 +16.42 +67.73
Investor C Shares* +12.19 +16.44 +65.93
Class R Shares* +12.52 +17.09 +76.37
MSCI World Index** +10.38 +15.86 +86.99
* Investment results shown do not reflect sales charges; results shown would be lower if a sales charge
was included. Cumulative total investment returns are based on changes in net asset values for the periods
shown, and assume reinvestment of all dividends and capital gains distributions at net asset value on the
ex-dividend date. The Fund's inception date is 10/31/97.
** This unmanaged market capitalization-weighted Index is comprised of a representative sampling of large-,
medium- and small-capitalization companies in 22 countries, including the United States. Since inception
total returns are from 10/31/97.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Performance Data (concluded)
Total Return Based on a $10,000 Investment
A line graph illustrating the growth of a $10,000 investment in Institutional
Shares*++, Investor A Shares*++, Investor B Shares*++, Investor C Shares*++
and Class R Shares*++ compared to a similar investment in MSCI World
Index++++. Values illustrated are as follows:
Institutional Shares*++
Date Value
10/31/1997** $10,000.00
February 1998 $11,220.00
February 1999 $13,357.00
February 2000 $20,787.00
February 2001 $14,579.00
February 2002 $10,997.00
February 2003 $ 7,728.00
February 2004 $11,298.00
February 2005 $12,874.00
February 2006 $15,537.00
February 2007 $18,279.00
Investor A Shares*++
Date Value
10/31/1997** $ 9,475.00
February 1998 $10,621.00
February 1999 $12,615.00
February 2000 $19,577.00
February 2001 $13,701.00
February 2002 $10,302.00
February 2003 $ 7,222.00
February 2004 $10,538.00
February 2005 $11,980.00
February 2006 $14,420.00
February 2007 $16,919.00
Investor B Shares*++
Date Value
10/31/1997** $10,000.00
February 1998 $11,180.00
February 1999 $13,176.00
February 2000 $20,300.00
February 2001 $14,094.00
February 2002 $10,515.00
February 2003 $ 7,316.00
February 2004 $10,589.00
February 2005 $11,944.00
February 2006 $14,295.00
February 2007 $16,773.00
Investor C Shares*++
Date Value
10/31/1997** $10,000.00
February 1998 $11,180.00
February 1999 $13,172.00
February 2000 $20,295.00
February 2001 $14,086.00
February 2002 $10,522.00
February 2003 $ 7,311.00
February 2004 $10,583.00
February 2005 $11,937.00
February 2006 $14,251.00
February 2007 $16,593.00
Class R Shares*++
Date Value
10/31/1997** $10,000.00
February 1998 $11,202.00
February 1999 $13,269.00
February 2000 $20,548.00
February 2001 $14,339.00
February 2002 $10,761.00
February 2003 $ 7,525.00
February 2004 $11,062.00
February 2005 $12,547.00
February 2006 $15,063.00
February 2007 $17,637.00
MSCI World Index++++
Date Value
10/31/1997** $10,000.00
February 1998 $11,297.00
February 1999 $12,732.00
February 2000 $15,117.00
February 2001 $12,958.00
February 2002 $11,102.00
February 2003 $ 8,816.00
February 2004 $12,726.00
February 2005 $14,251.00
February 2006 $16,139.00
February 2007 $18,699.00
* Assuming maximum sales charge, if any, transaction costs and other
operating expenses, including advisory fees.
** Commencement of operations.
++ The Fund invests primarily in equity securities with a particular emphasis
on companies that have exhibited above-average growth rates in earnings.
++++ This unmanaged market capitalization-weighted Index is comprised of a
representative sampling of large-, medium- and small-capitalization
companies in 22 countries, including the United States.
Past performance is not indicative of future results.
Average Annual Total Return
Return
Institutional Shares
One Year Ended 2/28/07 +17.65%
Five Years Ended 2/28/07 +10.70
Inception (10/31/97)
through 2/28/07 + 6.68
Return Without Return With
Sales Charge Sales Charge*
Investor A Shares
One Year Ended 2/28/07 +17.33% +11.17%
Five Years Ended 2/28/07 +10.43 + 9.25
Inception (10/31/97)
through 2/28/07 + 6.41 + 5.80
Return Return
Without CDSC With CDSC++++++
Investor B Shares++
One Year Ended 2/28/07 +16.42% +11.92%
Five Years Ended 2/28/07 + 9.57 + 9.29
Inception (10/31/97)
through 2/28/07 + 5.70 + 5.70
Return Return
Without CDSC With CDSC++++++
Investor C Shares++++
One Year Ended 2/28/07 +16.44% +15.44%
Five Years Ended 2/28/07 + 9.54 + 9.54
Inception (10/31/97)
through 2/28/07 + 5.58 + 5.58
Return
Class R Shares
One Year Ended 2/28/07 +17.09%
Five Years Ended 2/28/07 +10.39
Inception (10/31/97)
through 2/28/07 + 6.27
* Assuming maximum sales charge of 5.25%.
++ Maximum contingent deferred sales charge is 4.50% and is
reduced to 0% after six years.
++++ Maximum contingent deferred sales charge is 1% and is reduced
to 0% after one year.
++++++ Assuming payment of applicable contingent deferred sales
charge.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Disclosure of Expenses
Shareholders of this Fund 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, distribution fees
including 12b-1 fees, and other Fund expenses. The following example (which is
based on a hypothetical investment of $1,000 invested on September 1, 2006 and
held through February 28, 2007) is intended to assist shareholders both in
calculating expenses based on an investment in the Fund and in comparing these
expenses with similar costs of investing in other mutual funds.
The first table below provides information about actual account values and
actual expenses. In order to estimate the expenses a shareholder paid during
the period covered by this report, shareholders can divide their account value
by $1,000 and then multiply the result by the number in the first line under
the heading entitled "Expenses Paid During the Period."
The second table below provides information about hypothetical account values
and hypothetical expenses based on the 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 this Fund and
other funds, compare the 5% hypothetical example with the 5% hypothetical
examples that appear in other funds' shareholder reports.
The expenses shown in the table are intended to highlight shareholders'
ongoing costs only and do not reflect any transactional expenses, such as
sales charges, redemption fees or exchange fees. Therefore, the second table
is useful in comparing ongoing expenses only, and will not help shareholders
determine the relative total expenses of owning different funds. If these
transactional expenses were included, shareholder expenses would have been
higher.
Expenses Paid
Beginning Ending During the Period*
Account Value Account Value September 1, 2006
September 1, February 28, to February 28,
2006 2007 2007
Actual
Institutional $1,000 $1,127.50 $ 5.64
Investor A $1,000 $1,125.70 $ 6.96
Investor B $1,000 $1,121.80 $11.00
Investor C $1,000 $1,121.90 $11.00
Class R $1,000 $1,125.20 $ 8.27
Hypothetical (5% annual return before expenses)**
Institutional $1,000 $1,019.49 $ 5.36
Investor A $1,000 $1,018.25 $ 6.61
Investor B $1,000 $1,014.44 $10.44
Investor C $1,000 $1,014.44 $10.44
Class R $1,000 $1,017.01 $ 7.85
* For each class of the Fund, expenses are equal to the annualized expense ratio for the class
(1.07% for Institutional, 1.32% for Investor A, 2.09% for Investor B, 2.09% for Investor C and
1.57% for Class R), multiplied by the average account value over the period, multiplied by 181/365
(to reflect the one-half year period shown).
** 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.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Schedule of Investments as of February 28, 2007 (Unaudited) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
Africa
South Africa--1.7%
Construction Materials--0.3%
Pretoria Portland Cement Co. Ltd. 24,000 $ 1,398,076
Health Care Providers &
Services--0.3%
Network Healthcare Holdings Ltd. 719,300 1,403,013
Industrial Conglomerates--0.4%
Barloworld Ltd. 91,800 2,203,710
Media--0.3%
Naspers Ltd. 75,700 1,793,319
Metals & Mining--0.4%
Impala Platinum Holdings Ltd. 69,600 1,985,774
Total Common Stocks in
Africa--1.7% 8,783,892
Europe
Finland--0.5%
Oil, Gas & Consumable Fuels--0.5%
Neste Oil Oyj 78,400 2,519,937
Total Common Stocks in Finland 2,519,937
France--2.8%
Construction & Engineering--0.8%
Vinci SA (a) 31,300 4,326,176
Machinery--0.3%
Vallourec 6,000 1,480,185
Multi-Utilities--1.1%
Veolia Environnement 81,800 5,758,911
Textiles, Apparel &
Luxury Goods--0.6%
LVMH Moet Hennessy Louis Vuitton SA 29,500 3,262,103
Total Common Stocks in France 14,827,375
Germany--1.4%
Chemicals--0.5%
Wacker Chemie AG (a) 17,600 2,673,186
Industrial Conglomerates--0.9%
Siemens AG 45,000 4,752,665
Total Common Stocks in Germany 7,425,851
Italy--0.9%
Commercial Banks--0.9%
UniCredito Italiano SpA 508,000 4,694,940
Total Common Stocks in Italy 4,694,940
Spain--0.5%
Capital Markets--0.5%
Bolsas y Mercados Espanoles 58,500 2,783,709
Total Common Stocks in Spain 2,783,709
Sweden--0.2%
Diversified Financial Services--0.2%
OMHEX AB 70,500 1,335,518
Total Common Stocks in Sweden 1,335,518
Shares
Industry Common Stocks Held Value
Europe (concluded)
Switzerland--5.3%
Chemicals--0.5%
Lonza Group AG Registered Shares 29,100 $ 2,583,625
Commercial Services &
Supplies--0.5%
SGS SA 2,400 2,703,997
Electrical Equipment--1.0%
ABB Ltd. 313,300 5,224,722
Pharmaceuticals--2.3%
Novartis AG Registered Shares 116,500 6,465,940
Roche Holding AG 33,100 5,890,118
------------
12,356,058
Textiles, Apparel &
Luxury Goods--1.0%
The Swatch Group Ltd. Registered Shares 103,700 5,091,373
Total Common Stocks in Switzerland 27,959,775
United Kingdom--2.3%
Beverages--1.5%
Diageo Plc 408,300 8,047,235
Capital Markets--0.3%
Ashmore Group Plc 311,200 1,665,626
Commercial Banks--0.5%
HSBC Holdings Plc 142,300 2,481,967
Total Common Stocks in
the United Kingdom 12,194,828
Total Common Stocks
in Europe--13.9% 73,741,933
Latin America
Brazil--0.3%
Personal Products--0.3%
Natura Cosmeticos SA 137,300 1,743,687
Total Common Stocks in
Latin America--0.3% 1,743,687
North America
Canada--2.6%
Chemicals--0.5%
Potash Corp. of Saskatchewan 18,200 2,865,224
Commercial Banks--0.5%
Royal Bank of Canada 58,700 2,714,674
Diversified Financial Services--0.4%
TSX Group, Inc. 51,400 2,146,794
Energy Equipment & Services--0.4%
Ensign Resource Service Group 134,800 2,177,131
Metals & Mining--0.3%
Teck Cominco Ltd. Class B 20,100 1,417,449
Oil, Gas & Consumable Fuels--0.5%
Cameco Corp. 74,000 2,736,406
Total Common Stocks in Canada 14,057,678
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
North America (continued)
United States--32.8%
Aerospace & Defense--1.6%
Armor Holdings, Inc. (a) 84,000 $ 5,349,960
BE Aerospace, Inc. (a) 105,200 3,175,988
------------
8,525,948
Capital Markets--3.1%
The Charles Schwab Corp. 275,500 5,091,240
E*Trade Financial Corp. (a) 105,700 2,440,613
Fortress Investment Group LLC 39,600 1,195,920
Goldman Sachs Group, Inc. 26,600 5,362,560
Northern Trust Corp. 43,000 2,592,900
------------
16,683,233
Chemicals--0.5%
Monsanto Co. 51,700 2,724,073
Communications Equipment--3.1%
Cisco Systems, Inc. (a) 349,400 9,063,436
Corning, Inc. (a) 154,400 3,185,272
QUALCOMM, Inc. 99,700 4,015,916
------------
16,264,624
Construction & Engineering--1.0%
Jacobs Engineering Group, Inc. (a) 56,700 5,122,278
Diversified Consumer Services--0.5%
Sotheby's Holdings, Inc. Class A 69,500 2,527,020
Diversified Financial Services--0.5%
Citigroup, Inc. 51,800 2,610,720
Electrical Equipment--1.0%
Roper Industries, Inc. 104,100 5,529,792
Energy Equipment & Services--4.7%
Cameron International Corp. (a) 47,400 2,687,106
Core Laboratories NV (a) 29,600 2,334,848
FMC Technologies, Inc. (a) 43,700 2,874,586
Grant Prideco, Inc. (a) 105,200 4,566,732
Halliburton Co. 74,200 2,291,296
National Oilwell Varco, Inc. (a) 72,200 5,028,008
Schlumberger Ltd. 84,500 5,306,600
------------
25,089,176
Food Products--0.5%
Bunge Ltd. 34,800 2,761,728
Health Care Equipment &
Supplies--1.0%
Intuitive Surgical, Inc. (a) 26,300 2,921,930
Varian Medical Systems, Inc. (a) 50,500 2,320,475
------------
5,242,405
Health Care Technology--1.1%
Cerner Corp. (a) 107,600 5,607,036
Hotels, Restaurants & Leisure--1.7%
International Game Technology 123,800 5,106,750
Starbucks Corp. (a) 130,300 4,026,270
------------
9,133,020
Household Products--0.7%
The Procter & Gamble Co. 61,100 3,879,239
IT Services--1.1%
Cognizant Technology Solutions Corp. (a) 67,200 6,061,440
Shares
Industry Common Stocks Held Value
North America (concluded)
United States (concluded)
Insurance--0.9%
American International Group, Inc. 73,800 $ 4,951,980
Internet Software & Services--2.2%
Akamai Technologies, Inc. (a) 98,600 5,084,802
Google, Inc. Class A (a) 14,300 6,427,135
------------
11,511,937
Life Sciences Tools & Services--1.0%
Thermo Fisher Scientific, Inc. (a) 114,400 5,178,888
Machinery--1.6%
Deere & Co. 52,000 5,637,840
Joy Global, Inc. 61,600 2,731,344
------------
8,369,184
Media--0.5%
Focus Media Holding Ltd. (a)(d) 35,600 2,851,560
Metals & Mining--0.6%
Allegheny Technologies, Inc. 28,100 2,878,845
Oil, Gas & Consumable Fuels--0.7%
Exxon Mobil Corp. 53,200 3,813,376
Semiconductors & Semiconductor
Equipment--0.5%
MEMC Electronic Materials, Inc. (a) 50,200 2,588,814
Software--0.9%
Factset Research Systems, Inc. 45,900 2,793,474
Oracle Corp. (a) 133,600 2,195,048
------------
4,988,522
Specialty Retail--0.8%
Best Buy Co., Inc. 92,100 4,279,887
Textiles, Apparel &
Luxury Goods--1.0%
Coach, Inc. (a) 111,700 5,272,240
Total Common Stocks in
the United States 174,446,965
Total Common Stocks
in North America--35.4% 188,504,643
Pacific Basin
Australia--21.8%
Biotechnology--1.1%
CSL Ltd. 92,300 5,674,333
Capital Markets--2.5%
Australian Wealth Management Ltd. 629,600 1,382,340
Macquarie Bank Ltd. 116,900 7,289,491
Perpetual Trustees Australia Ltd. 80,700 4,755,378
------------
13,427,209
Chemicals--0.7%
Nufarm Ltd. 165,300 1,427,463
Orica Ltd. 119,400 2,333,651
------------
3,761,114
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
Pacific Basin (continued)
Australia (concluded)
Commercial Banks--4.9%
Australia & New Zealand Banking
Group Ltd. 325,500 $ 7,527,617
Commonwealth Bank of Australia Ltd. 179,100 7,063,707
National Australia Bank Ltd. 263,900 8,390,407
Westpac Banking Corp. 138,800 2,789,596
------------
25,771,327
Commercial Services &
Supplies--0.3%
Seek Ltd. 309,500 1,795,149
Construction & Engineering--1.0%
Leighton Holdings Ltd. 215,000 5,267,388
Diversified Financial Services--1.2%
Australian Stock Exchange Ltd. 102,500 3,388,651
Babcock & Brown Ltd. 148,500 3,011,484
------------
6,400,135
Energy Equipment & Services--0.6%
WorleyParsons Ltd. 162,200 3,436,776
Health Care Equipment &
Supplies--0.7%
Cochlear Ltd. 88,200 3,954,590
Insurance--1.6%
QBE Insurance Group Ltd. 326,100 8,261,583
Media--1.1%
Publishing & Broadcasting Ltd. 391,300 5,960,785
Metals & Mining--3.6%
BHP Billiton Ltd. 257,500 5,504,235
Energy Resources of Australia Ltd. 341,000 6,601,447
Iluka Resources Ltd. 248,300 1,157,944
Lihir Gold Ltd. (a) 2,246,510 5,883,080
------------
19,146,706
Oil, Gas & Consumable Fuels--1.0%
Paladin Resources Ltd. (a) 330,900 2,383,104
Woodside Petroleum Ltd. 91,700 2,679,892
------------
5,062,996
Transportation Infrastructure--1.5%
Macquarie Infrastructure Group 1,579,200 4,780,734
Transurban Group 501,800 2,988,672
------------
7,769,406
Total Common Stocks in Australia 115,689,497
China--0.9%
Electrical Equipment--0.3%
Suntech Power Holdings Co. Ltd. (a)(d) 45,300 1,642,125
Oil, Gas & Consumable Fuels--0.6%
China Shenhua Energy Co. Ltd. Class H 1,170,100 2,959,107
Total Common Stocks in China 4,601,232
Hong Kong--8.3%
Communications Equipment--1.4%
ZTE Corp. 1,559,800 7,512,655
Distributors--0.9%
China Resources Enterprise, Ltd. 1,655,000 4,894,978
Diversified Financial Services--0.9%
Hong Kong Exchanges and Clearing Ltd. 466,500 4,803,146
Shares
Industry Common Stocks Held Value
Pacific Basin (continued)
Hong Kong (concluded)
Electric Utilities--0.8%
Cheung Kong Infrastructure
Holdings Ltd. 1,199,700 $ 4,208,610
Food Products--0.9%
Chaoda Modern Agriculture
Holdings Ltd. 1,661,500 1,200,527
China Mengniu Dairy Co., Ltd. 1,092,800 3,010,077
Global Bio-Chem Technology
Group Co., Ltd. 2,119,100 584,969
------------
4,795,573
Marine--0.7%
NWS Holdings Ltd. 1,439,300 3,500,154
Real Estate Management &
Development--0.7%
Henderson Land Development Co., Ltd. 237,900 1,348,717
Midland Holdings Ltd. 2,132,300 1,294,713
Sun Hung Kai Properties Ltd. 114,600 1,356,686
------------
4,000,116
Transportation Infrastructure--1.4%
COSCO Pacific Ltd. 1,106,600 2,966,819
China Merchants Holdings International
Co., Ltd. 796,800 3,103,176
Hopewell Holdings 379,500 1,462,018
------------
7,532,013
Wireless Telecommunication
Services--0.6%
China Mobile Ltd. 322,900 2,997,601
Total Common Stocks in Hong Kong 44,244,846
India--8.6%
Auto Components--0.2%
Bharat Forge Ltd. 133,400 982,223
Automobiles--0.4%
Tata Motors Ltd. 110,000 1,943,201
Construction & Engineering--1.1%
IVRCL Infrastructures & Projects Ltd. 142,200 940,284
Jaiprakash Associates Ltd. 100,200 1,234,304
Larsen & Toubro Ltd. 113,100 3,802,860
------------
5,977,448
Electrical Equipment--0.4%
Bharat Heavy Electricals Ltd. 47,200 2,324,268
Hotels, Restaurants & Leisure--0.1%
Indian Hotels Co. Ltd. 253,000 814,199
Household Products--0.3%
Hindustan Lever Ltd. (a) 460,100 1,831,718
IT Services--1.8%
Infosys Technologies Ltd. 105,600 4,963,895
Satyam Computer Services Ltd. 198,200 1,858,788
Tata Consultancy Services Ltd. 101,700 2,739,917
------------
9,562,600
Industrial Conglomerates--0.2%
Siemens India Ltd. 51,000 1,268,763
Machinery--0.3%
Sterlite Industries India Ltd. 149,700 1,588,252
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
Pacific Basin (continued)
India (concluded)
Media--0.4%
ASC Enterprises Ltd. (a) 141,220 $ 340,040
Wire and Wireless India Ltd. (a) 122,800 285,678
Zee News Ltd. (a) 111,035 98,935
Zee Telefilms Ltd. 245,600 1,304,706
------------
2,029,359
Metals & Mining--0.6%
Hindalco Industries Ltd. 596,700 1,874,188
Hindustan Zinc Ltd. 105,600 1,528,862
------------
3,403,050
Multi-Utilities--0.2%
Suzlon Energy Ltd. 54,100 1,273,158
Oil, Gas & Consumable Fuels--0.7%
Reliance Industries Ltd. 112,900 3,447,741
Pharmaceuticals--0.7%
Cipla Ltd. 325,250 1,703,288
Sun Pharmaceuticals Industries Ltd. 84,300 1,769,225
------------
3,472,513
Wireless Telecommunication
Services--1.2%
Bharti Tele-Ventures Ltd. (a) 261,800 4,248,938
Reliance Communication
Ventures Ltd. (a) 202,400 1,864,295
------------
6,113,233
Total Common Stocks in India 46,031,726
Japan--4.4%
Capital Markets--0.5%
Nomura Holdings, Inc. 131,900 2,856,439
Chemicals--1.4%
JSR Corp. 107,000 2,484,032
Mitsubishi Rayon Co., Ltd. 294,000 1,943,823
Toho Tenax Co. Ltd. (a) 147,900 869,584
Toray Industries, Inc. 295,000 2,134,949
------------
7,432,388
Construction & Engineering--0.5%
Chiyoda Corp. 131,500 2,920,653
Electrical Equipment--0.5%
Matsushita Electric Works Ltd. 225,000 2,567,915
Food & Staples Retailing--0.5%
Seven & I Holdings Co. Ltd. 77,700 2,488,454
Office Electronics--1.0%
Canon, Inc. 99,200 5,373,071
Total Common Stocks in Japan 23,638,920
Singapore--0.9%
Health Care Providers &
Services--0.4%
Wilmar International Ltd. 1,164,000 1,815,527
Industrial Conglomerates--0.5%
Keppel Corp. Ltd. 246,800 2,876,176
Total Common Stocks in Singapore 4,691,703
Shares
Industry Common Stocks Held Value
Pacific Basin (concluded)
South Korea--0.9%
Semiconductors & Semiconductor
Equipment--0.9%
Samsung Electronics Co., Ltd. 7,800 $ 4,711,009
Total Common Stocks
in South Korea 4,711,009
Total Common Stocks in
the Pacific Basin--45.8% 243,608,933
Total Common Stocks
(Cost--$427,643,596)--97.1% 516,383,088
Preferred Stocks
Latin America
Brazil--0.6%
Media--0.6%
NET Servicos de Comunicacao SA (a) 235,861 3,003,182
Total Preferred Stocks
(Cost--$2,572,544)--0.6% 3,003,182
Rights
Latin America
Brazil--0.0%
Media--0.0%
NET Servicos de Comunicacao SA,
expires 3/05/2007 2,442 4,319
Total Rights in Latin America--0.0% 4,319
Pacific Basin
Australia--0.0%
Energy Equipment & Services--0.0%
WorleyParsons Ltd., expires 3/02/2007 18,022 90,877
Total Rights in the Pacific Basin--0.0% 90,877
Total Rights (Cost--$0)--0.0% 95,196
Beneficial
Short-Term Securities Interest
BlackRock Liquidity Series, LLC
Cash Sweep Series, 5.33% (b)(c) $2,781,675 2,781,675
Total Short-Term Securities
(Cost--$2,781,675)--0.5% 2,781,675
Total Investments (Cost--$432,997,815*)--98.2% 522,263,141
Other Assets Less Liabilities--1.8% 9,416,790
------------
Net Assets--100.0% $531,679,931
============
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Schedule of Investments (concluded) (in U.S. dollars)
* The cost and unrealized appreciation (depreciation) of investments
as of February 28, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 433,000,067
================
Gross unrealized appreciation $ 98,264,148
Gross unrealized depreciation (9,001,074)
----------------
Net unrealized appreciation $ 89,263,074
================
(a) Non-income producing security.
(b) Investments in companies considered to be an affiliate of the Fund,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
Net Interest
Affiliate Activity Income
BlackRock Liquidity Series, LLC
Cash Sweep Series $(10,370,230) $334,018
BlackRock Liquidity Series, LLC
Money Market Series $ (851,200) $ 2,485
(c) Represents the current yield as of February 28, 2007.
(d) Depositary receipts.
o For Fund compliance purposes, the Fund's industry classifications
refer to any one or more of the industry sub-classifications used by
one or more widely recognized market indexes or ratings group indexes,
and/or as defined by Fund management. This definition may not apply for
purposes of this report which may combine industry sub-classifications
for reporting ease. Industries are shown as a percent of net assets.
o Forward foreign exchange contracts as of February 28, 2007
were as follows:
Foreign Currency Settlement Unrealized
Purchased Date Depreciation
CHF 3,436,911 March 2007 $ (7,142)
----------
Total Unrealized Depreciation on Forward Foreign Exchange
Contracts--Net (USD Commitment--$2,827,570) $ (7,142)
==========
Foreign Currency Settlement Unrealized
Sold Date Appreciation
AUD 2,984,118 March 2007 $ 12,965
----------
Total Unrealized Appreciation on Forward Foreign Exchange
Contracts--Net (USD Commitment--$2,364,018) $ 12,965
==========
o Currency Abbreviations:
AUD Australian Dollar
CHF Swiss Franc
USD U.S. Dollar
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Statement of Assets and Liabilities
As of February 28, 2007 (Unaudited)
Assets
Investments in unaffiliated securities, at value (identified cost--$430,216,140) $ 519,481,466
Investments in affiliated securities, at value (identified cost--$2,781,675) 2,781,675
Unrealized appreciation on forward foreign exchange contracts 12,965
Foreign cash (cost--$917,402) 909,580
Receivables:
Securities sold $ 13,548,818
Dividends 878,156
Capital shares sold 541,163 14,968,137
---------------
Prepaid expenses and other assets 148,876
---------------
Total assets 538,302,699
---------------
Liabilities
Deferred foreign capital gain tax 1,346,240
Unrealized depreciation on forward foreign exchange contracts 7,142
Payables:
Securities purchased 2,820,037
Capital shares redeemed 1,304,526
Investment adviser 315,523
Other affiliates 236,982
Distributor 130,492 4,807,560
---------------
Accrued expenses and other liabilities 461,826
---------------
Total liabilities 6,622,768
---------------
Net Assets
Net assets $ 531,679,931
===============
Net Assets Consist of
Institutional Shares of Common Stock, $.10 par value, 100,000,000 shares authorized $ 1,180,620
Investor A Shares of Common Stock, $.10 par value, 100,000,000 shares authorized 1,747,872
Investor B Shares of Common Stock, $.10 par value, 300,000,000 shares authorized 390,759
Investor C Shares of Common Stock, $.10 par value, 100,000,000 shares authorized 447,152
Class R Shares of Common Stock, $.10 par value, 300,000,000 shares authorized 14,134
Paid-in capital in excess of par 848,495,986
Undistributed investment income--net $ 1,323,853
Accumulated realized capital losses--net (409,827,497)
Unrealized appreciation--net 87,907,052
---------------
Total accumulated losses--net (320,596,592)
---------------
Net Assets $ 531,679,931
===============
Net Asset Value
Institutional--Based on net assets of $169,018,073 and 11,806,201 shares outstanding $ 14.32
===============
Investor A--Based on net assets of $247,319,029 and 17,478,719 shares outstanding $ 14.15
===============
Investor B--Based on net assets of $52,907,645 and 3,907,585 shares outstanding $ 13.54
===============
Investor C--Based on net assets of $60,479,649 and 4,471,523 shares outstanding $ 13.53
===============
Class R--Based on net assets of $1,955,535 and 141,344 shares outstanding $ 13.84
===============
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Statement of Operations
For the Six Months Ended February 28, 2007 (Unaudited)
Investment Income
Dividends (net of $78,931 foreign withholding tax) $ 4,603,640
Interest from affiliates 334,018
Securities lending--net 2,485
---------------
Total income 4,940,143
---------------
Expenses
Investment advisory fees $ 1,915,067
Service fees--Investor A 298,133
Service and distribution fees--Investor C 292,860
Service and distribution fees--Investor B 282,862
Transfer agent fees--Investor A 200,605
Transfer agent fees--Institutional 131,932
Custodian fees 123,805
Accounting services 101,340
Transfer agent fees--Investor C 56,500
Transfer agent fees--Investor B 55,243
Printing and shareholder reports 39,944
Professional fees 34,096
Directors' fees and expenses 29,255
Registration fees 27,009
Pricing fees 4,636
Service and distribution fees--Class R 4,137
Transfer agent fees--Class R 1,414
Other 17,404
---------------
Total expenses 3,616,242
---------------
Investment income--net 1,323,901
---------------
Realized & Unrealized Gain (Loss)--Net
Realized gain (loss) on:
Investments (including $331,866 foreign capital gain tax)--net 38,037,702
Foreign currency transactions--net (173,832) 37,863,870
---------------
Change in unrealized appreciation/depreciation on:
Investments (including $1,038,513 deferred foreign capital gain tax)--net 20,844,243
Foreign currency transactions--net (15,413) 20,828,830
--------------- ---------------
Total realized and unrealized gain--net 58,692,700
---------------
Net Increase in Net Assets Resulting from Operations $ 60,016,601
===============
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Statements of Changes in Net Assets
For the Six For the
Months Ended Year Ended
February 28, 2007 August 31,
Increase (Decrease) in Net Assets: (Unaudited) 2006
Operations
Investment income--net $ 1,323,901 $ 1,185,097
Realized gain--net 37,863,870 82,004,957
Change in unrealized appreciation/depreciation--net 20,828,830 5,057,083
--------------- ---------------
Net increase in net assets resulting from operations 60,016,601 88,247,137
--------------- ---------------
Dividends to Shareholders
Investment income--net:
Institutional (101,798) (1,768,759)
Investor A -- (1,202,472)
Investor B -- (867,598)
Investor C -- (259,084)
Class R -- (12,520)
--------------- ---------------
Net decrease in net assets resulting from dividends to shareholders (101,798) (4,110,433)
--------------- ---------------
Capital Share Transactions
Net decrease in net assets derived from capital share transactions (21,019,907) (67,333,645)
--------------- ---------------
Redemption Fee
Redemption fee 1,228 214
--------------- ---------------
Net Assets
Total increase in net assets 38,896,124 16,803,273
Beginning of period 492,783,807 475,980,534
--------------- ---------------
End of period* $ 531,679,931 $ 492,783,807
=============== ===============
* Undistributed investment income--net $ 1,323,853 $ 101,750
=============== ===============
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Financial Highlights
Institutional
For the Six
The following per share data and ratios Months Ended
have been derived from information February 28, 2007 For the Year Ended August 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 12.71 $ 10.72 $ 8.56 $ 7.58 $ 7.00 $ 9.48
----------- ----------- ----------- ----------- ----------- -----------
Investment income--net* .06 .09 .16 .09 .04 --++
Realized and unrealized gain (loss)--net 1.56++++ 2.07++++ 2.03++++ .89++++ .54 (2.48)
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations 1.62 2.16 2.19 .98 .58 (2.48)
----------- ----------- ----------- ----------- ----------- -----------
Less dividends from investment income--net (.01) (.17) (.03) -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.32 $ 12.71 $ 10.72 $ 8.56 $ 7.58 $ 7.00
=========== =========== =========== =========== =========== ===========
Total Investment Return
Based on net asset value per share 12.75%+++++ 20.41% 25.58% 12.93% 8.29% (26.16%)
=========== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets
Expenses 1.07%+++ 1.12% 1.13% 1.13% 1.16% 1.06%
=========== =========== =========== =========== =========== ===========
Investment income--net .87%+++ .71% 1.60% 1.05% .63% .04%
=========== =========== =========== =========== =========== ===========
Supplemental Data
Net assets, end of period (in thousands) $ 169,018 $ 144,560 $ 114,007 $ 106,785 $ 133,096 $ 55,525
=========== =========== =========== =========== =========== ===========
Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% 105.73%
=========== =========== =========== =========== =========== ===========
* Based on average shares outstanding.
++ Amount is less than $.01 per share.
++++ Includes a redemption fee, which is less than $.01 per share.
+++ Annualized.
+++++ Aggregate total investment return.
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Financial Highlights (continued)
Investor A
For the Six
The following per share data and ratios Months Ended
have been derived from information February 28, 2007 For the Year Ended August 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 12.57 $ 10.60 $ 8.47 $ 7.51 $ 6.95 $ 9.44
----------- ----------- ----------- ----------- ----------- -----------
Investment income (loss)--net* .04 .06 .13 .07 .03 (.02)
Realized and unrealized gain (loss)--net 1.54++++ 2.05++++ 2.00++++ .89++++ .53 (2.47)
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations 1.58 2.11 2.13 .96 .56 (2.49)
----------- ----------- ----------- ----------- ----------- -----------
Less dividends from investment income--net -- (.14) --++ -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.15 $ 12.57 $ 10.60 $ 8.47 $ 7.51 $ 6.95
=========== =========== =========== =========== =========== ===========
Total Investment Return**
Based on net asset value per share 12.57%+++++ 20.13% 25.17% 12.78% 8.06% (26.38%)
=========== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets
Expenses 1.32%+++ 1.35% 1.38% 1.37% 1.42% 1.31%
=========== =========== =========== =========== =========== ===========
Investment income (loss)--net .62%+++ .53% 1.35% .87% .40% (.18%)
=========== =========== =========== =========== =========== ===========
Supplemental Data
Net assets, end of period (in thousands) $ 247,319 $ 227,792 $ 93,408 $ 98,519 $ 110,092 $ 130,310
=========== =========== =========== =========== =========== ===========
Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% 105.73%
=========== =========== =========== =========== =========== ===========
* Based on average shares outstanding.
** Total investment return excludes the effects of sales charges.
++ Amount is less than ($.01) per share.
++++ Includes a redemption fee, which is less than $.01 per share.
+++ Annualized.
+++++ Aggregate total investment return.
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Financial Highlights (continued)
Investor B
For the Six
The following per share data and ratios Months Ended
have been derived from information February 28, 2007 For the Year Ended August 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 12.07 $ 10.17 $ 8.19 $ 7.32 $ 6.83 $ 9.35
----------- ----------- ----------- ----------- ----------- -----------
Investment income (loss)--net* (.01) (.06) .05 --++ (.03) (.08)
Realized and unrealized gain (loss)--net 1.48++++ 2.00++++ 1.93++++ .87++++ .52 (2.44)
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations 1.47 1.94 1.98 .87 .49 (2.52)
----------- ----------- ----------- ----------- ----------- -----------
Less dividends from investment income--net -- (.04) -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 13.54 $ 12.07 $ 10.17 $ 8.19 $ 7.32 $ 6.83
=========== =========== =========== =========== =========== ===========
Total Investment Return**
Based on net asset value per share 12.18%+++++ 19.18% 24.18% 11.89% 7.17% (26.95%)
=========== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets
Expenses 2.09%+++ 2.18% 2.16% 2.16% 2.22% 2.09%
=========== =========== =========== =========== =========== ===========
Investment income (loss)--net (.16%)+++ (.56%) .56% .05% (.43%) (.99%)
=========== =========== =========== =========== =========== ===========
Supplemental Data
Net assets, end of period (in thousands) $ 52,908 $ 62,390 $ 212,353 $ 252,691 $ 327,483 $ 456,393
=========== =========== =========== =========== =========== ===========
Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% 105.73%
=========== =========== =========== =========== =========== ===========
* Based on average shares outstanding.
** Total investment return excludes the effects of sales charges.
++ Amount is less than $.01 per share.
++++ Includes a redemption fee, which is less than $.01 per share.
+++ Annualized.
+++++ Aggregate total investment return.
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Financial Highlights (continued)
Investor C
For the Six
The following per share data and ratios Months Ended
have been derived from information February 28, 2007 For the Year Ended August 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002
Per Share Operating Performance
Net asset value, beginning of period $ 12.06 $ 10.17 $ 8.19 $ 7.32 $ 6.83 $ 9.36
----------- ----------- ----------- ----------- ----------- -----------
Investment income (loss)--net* (.01) (.04) .05 --++ (.03) (.08)
Realized and unrealized gain (loss)--net 1.48++++ 1.98++++ 1.93++++ .87++++ .52 (2.45)
----------- ----------- ----------- ----------- ----------- -----------
Total from investment operations 1.47 1.94 1.98 .87 .49 (2.53)
----------- ----------- ----------- ----------- ----------- -----------
Less dividends from investment income--net -- (.05) -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 13.53 $ 12.06 $ 10.17 $ 8.19 $ 7.32 $ 6.83
=========== =========== =========== =========== =========== ===========
Total Investment Return**
Based on net asset value per share 12.19%+++++ 19.15% 24.18% 11.89% 7.17% (27.03%)
=========== =========== =========== =========== =========== ===========
Ratios Based on Average Net Assets
Expenses 2.09%+++ 2.16% 2.18% 2.18% 2.24% 2.11%
=========== =========== =========== =========== =========== ===========
Investment income (loss)--net (.16%)+++ (.36%) .55% .05% (.43%) (.99%)
=========== =========== =========== =========== =========== ===========
Supplemental Data
Net assets, end of period (in thousands) $ 60,480 $ 56,567 $ 55,507 $ 60,771 $ 72,249 $ 95,117
=========== =========== =========== =========== =========== ===========
Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% 105.73%
=========== =========== =========== =========== =========== ===========
* Based on average shares outstanding.
** Total investment return excludes the effects of sales charges.
++ Amount is less than $.01 per share.
++++ Includes a redemption fee, which is less than $.01 per share.
+++ Annualized.
+++++ Aggregate total investment return.
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Financial Highlights (concluded)
Class R
For the Six For the Period
The following per share data and ratios Months Ended For the Year Ended January 3, 2003++
have been derived from information February 28, 2007 August 31, to August 31,
provided in the financial statements. (Unaudited) 2006 2005 2004 2003
Per Share Operating Performance
Net asset value, beginning of period $ 12.30 $ 10.42 $ 8.36 $ 7.39 $ 6.50
------------ ------------ ------------ ------------ ------------
Investment income--net* .02 .03 .06 .08 .06
Realized and unrealized gain--net 1.52++++ 2.00++++ 2.01++++ .89++++ .83
------------ ------------ ------------ ------------ ------------
Total from investment operations 1.54 2.03 2.07 .97 .89
------------ ------------ ------------ ------------ ------------
Less dividends from investment income--net -- (.15) (.01) -- --
------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 13.84 $ 12.30 $ 10.42 $ 8.36 $ 7.39
============ ============ ============ ============ ============
Total Investment Return
Based on net asset value per share 12.52%+++++ 19.78% 24.81% 13.13% 13.69%+++++
============ ============ ============ ============ ============
Ratios to Average Net Assets
Expenses 1.57%+++ 1.62% 1.79% 1.56% 1.64%+++
============ ============ ============ ============ ============
Investment income--net .39%+++ .23% .99% 1.36% .66%+++
============ ============ ============ ============ ============
Supplemental Data
Net assets, end of period (in thousands) $ 1,956 $ 1,475 $ 705 $ 166 --**
============ ============ ============ ============ ============
Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00%
============ ============ ============ ============ ============
* Based on average shares outstanding.
** Amount is less than $1,000.
++ Commencement of operations.
++++ Includes a redemption fee, which is less than $.01 per share.
+++ Annualized.
+++++ Aggregate total investment return.
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Notes to Financial Statements (Unaudited)
1. Significant Accounting Policies:
BlackRock Global Growth Fund, Inc., (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Fund's financial statements are prepared in
conformity with U.S. generally accepted accounting principles, which may
require the use of management accruals and estimates. Actual results may
differ from these estimates. These unaudited financial statements reflect all
such adjustments, which are, in the opinion of management, necessary to
present a fair statement of the results for the interim period. All such
adjustments are of a normal, recurring nature. The Fund offers multiple
classes of shares. Effective October 2, 2006, Class I, Class A, Class B and
Class C Shares were redesignated Institutional, Investor A, Investor B and
Investor C Shares, respectively. Class R Shares did not change their
designation. Institutional Shares are sold without a sales charge and only to
certain eligible investors. Investor A Shares are sold with a front-end sales
charge. Shares of Investor B and Investor C may be subject to a contingent
deferred sales charge. Class R Shares are sold only to certain retirement
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.
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 certain changes to the Investor A distribution plan).
Income, expenses (other than expenses attributable to a specific class) and
realized and unrealized gains and losses are allocated daily to each class
based on its relative net assets. The following is a summary of significant
accounting policies followed by the Fund.
(a) Valuation of investments--Equity securities held by the Fund that are
traded on stock exchanges or the NASDAQ Global Market are valued at the last
sale price or official close price on the exchange, as of the close of
business on the day the securities are being valued or, lacking any sales, at
the last available bid price for long positions, and at the last available
asked price for short positions. In cases where equity securities are traded
on more than one exchange, the securities are valued on the exchange
designated as the primary market by or under the authority of the Board of
Directors of the Fund. Long positions traded in the over-the-counter ("OTC")
market, NASDAQ Capital Market or Bulletin Board are valued at the last
available bid price or yield equivalent obtained from one or more dealers or
pricing services approved by the Board of Directors of the Fund. Short
positions traded in the OTC market are valued at the last available asked
price. Portfolio securities that are traded both in the OTC market and on a
stock exchange are valued according to the broadest and most representative
market.
Options written or purchased are valued at the last sale price in the case of
exchange-traded options. Options traded in the OTC market are valued at the
last asked price (options written) or the last bid price (options purchased).
Swap agreements are valued based upon quoted fair valuations received daily by
the Fund from a pricing service or counterparty. Financial futures contracts
and options thereon, which are traded on exchanges, are valued at their last
sale price as of the close of such exchanges. Obligations with remaining
maturities of 60 days or less are valued at amortized cost unless BlackRock
Advisors, LLC (the "Manager"), an indirect, wholly owned subsidiary of
BlackRock, Inc., believes that this method no longer produces fair valuations.
Valuation of other short-term investment vehicles is generally based on the
net asset value of the underlying investment vehicle or amortized cost.
Repurchase agreements are valued at cost plus accrued interest. The Fund
employs pricing services to provide certain securities prices for the Fund.
Securities and assets for which market quotations are not readily available
are valued at fair value as determined in good faith by or under the direction
of the Board of Directors of the Fund, including valuations furnished by the
pricing services retained by the Fund, which may use a matrix system for
valuations. The procedures of a pricing service and its valuations are
reviewed by the officers of the Fund under the general supervision of the
Fund's Board of Directors. Such valuations and procedures will be reviewed
periodically by the Board of Directors of the Fund.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Notes to Financial Statements (continued)
Generally, trading in foreign securities, as well as U.S. government
securities, money market instruments and certain fixed income securities, is
substantially completed each day at various times prior to the close of
business on the New York Stock Exchange ("NYSE"). The values of such
securities used in computing the net asset value of the Fund's shares are
determined as of such times. Foreign currency exchange rates will generally be
determined as of the close of business on the NYSE. Occasionally, events
affecting the values of such securities and such exchange rates may occur
between the times at which they are determined and the close of business on
the NYSE that may not be reflected in the computation of the Fund's net asset
value. If events (for example, a company announcement, market volatility or a
natural disaster) occur during such periods that are expected to materially
affect the value of such securities, those securities will be valued at their
fair value as determined in good faith by the Fund's Board of Directors or by
the Manager using a pricing service and/or procedures approved by the Fund's
Board of Directors.
(b) Foreign currency transactions--Transactions denominated in foreign
currencies are recorded at the exchange rate prevailing when recognized.
Assets and liabilities denominated in foreign currencies are valued at the
exchange rate at the end of the period. Foreign currency transactions are the
result of settling (realized) or valuing (unrealized) assets or liabilities
expressed in foreign currencies into U.S. dollars. Realized and unrealized
gains or losses from investments include the effects of foreign exchange rates
on investments. The Fund invests in foreign securities, which may involve a
number of risk factors and special considerations not present with investments
in securities of U.S. corporations.
(c) Derivative financial instruments--The Fund may engage in various portfolio
investment strategies both to increase the return of the Fund and to hedge, or
protect, its exposure to interest rate movements and movements in the
securities markets. Losses may arise due to changes in the value of the
contract due to an unfavorable change in the price of the underlying security
or if the counterparty does not perform under the contract.
* Options--The Fund may write and purchase call and put options. When the Fund
writes an option, an amount equal to the premium received by the Fund is
reflected as an asset and an equivalent liability. The amount of the liability
is subsequently marked-to-market to reflect the current market value of the
option written. When a security is purchased or sold through an exercise of an
option, the related premium paid (or received) is added to (or deducted from)
the basis of the security acquired or deducted from (or added to) the proceeds
of the security 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 paid or received).
Written and purchased options are non-income producing investments.
* Forward foreign exchange contracts--The Fund may enter into forward foreign
exchange contracts as a hedge against either specific transactions or
portfolio positions. 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.
* Foreign currency options and futures--The Fund may also purchase or sell
listed or OTC foreign currency options, foreign currency futures and related
options on foreign currency futures as a short or long hedge against possible
variations in foreign exchange rates. Such transactions may be effected with
respect to hedges on non-U.S. dollar-denominated securities owned by the Fund,
sold by the Fund but not yet delivered, or committed or anticipated to be
purchased by the Fund.
* Financial futures contracts--The Fund may purchase or sell financial futures
contracts and options on such financial futures contracts. Financial futures
contracts are contracts for delayed delivery of securities at a specific
future date and at a specific price or yield. Upon entering into a contract,
the Fund deposits, and maintains as collateral, such initial margin as
required by the exchange on which the transaction is effected. Pursuant to the
contract, the Fund agrees to receive from or pay to the broker an amount of
cash equal to the daily fluctuation in value of the contract. Such receipts or
payments are known as variation margin and are recorded by the Fund as
unrealized gains or losses. When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
(d) Income taxes--It is the Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required. Under the applicable
foreign tax law, a withholding tax may be imposed on interest, dividends and
capital gains at various rates.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Notes to Financial Statements (continued)
(e) Security transactions and investment income--Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Dividends from foreign securities where the ex-dividend date may have passed
are subsequently recorded when the Fund has determined the ex-dividend date.
Interest income is recognized on the accrual basis.
(f) Prepaid registration fees--Prepaid registration fees are charged to
expense as the related shares are issued.
(g) Dividends and distributions--Dividends and distributions paid by the Fund
are recorded on the ex-dividend dates.
(h) Securities lending--The Fund may lend securities to financial institutions
that provide cash or securities issued or guaranteed by the U.S. government 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. Where the Fund receives securities as collateral for the
loaned securities, it collects a fee from the borrower. The Fund typically
receives the income on the loaned securities but does not receive the income
on the collateral. Where the Fund receives cash collateral, it may invest such
collateral and retain the amount earned on such investment, net of any amount
rebated to the borrower. Loans of securities are terminable at any time and
the borrower, after notice, is required to return borrowed securities within
five business days. The Fund may pay reasonable finder's, lending agent,
administrative and custodial fees in connection with its loans. 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 where the value of the collateral falls below the market value
of the borrowed securities, in the event of borrower default or in the event
of losses on investments made with cash collateral.
(i) Recent accounting pronouncements--In July 2006, the Financial Accounting
Standards Board ("FASB") issued Interpretation No. 48 ("FIN 48"), "Accounting
for Uncertainty in Income Taxes - an interpretation of FASB Statement No.
109." FIN 48 prescribes the minimum recognition threshold a tax position must
meet in connection with accounting for uncertainties in income tax positions
taken or expected to be taken by an entity including mutual funds before being
measured and recognized in the financial statements. Adoption of FIN 48 is
required for the last net asset value calculation in the first required
financial statement reporting period for fiscal years beginning after December
15, 2006. The impact on the Fund's financial statements, if any, is currently
being assessed.
In September 2006, Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"), was issued and is effective for fiscal years
beginning after November 15, 2007. FAS 157 defines fair value, establishes a
framework for measuring fair value and expands disclosures about fair value
measurements. At this time, management is evaluating the implications of FAS
157 and its impact on the Fund's financial statements, if any, has not been
determined.
In addition, in February 2007, FASB issued "Statement of Financial Accounting
Standards No. 159, The Fair Value Option for Financial Assets and Financial
Liabilities" ("FAS 159"), which is effective for fiscal years beginning after
November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
year that begins on or before November 15, 2007, provided the entity also
elects to apply the provisions of FAS 157. FAS 159 permits entities to choose
to measure many financial instruments and certain other items at fair value
that are not currently required to be measured at fair value. FAS 159 also
establishes presentation and disclosure requirements designed to facilitate
comparisons between entities that choose different measurement attributes for
similar types of assets and liabilities. At this time, management is
evaluating the implications of FAS 159 and its impact on the Fund's financial
statements, if any, has not been determined.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Notes to Financial Statements (continued)
2. Investment Advisory Agreement and Transactions with Affiliates:
On September 29, 2006, BlackRock, Inc. and Merrill Lynch & Co., Inc. ("Merrill
Lynch") combined Merrill Lynch's investment management business, Merrill Lynch
Investment Managers, L.P. ("MLIM"), and its affiliates, with BlackRock, Inc.
to create a new independent company. Merrill Lynch has a 49.8% economic
interest and a 45% voting interest in the combined company and The PNC
Financial Services Group, Inc. ("PNC") has approximately a 34% economic and
voting interest. The new company operates under the BlackRock name and is
governed by a board of directors with a majority of independent members.
The Investment Advisory Agreement between the Fund and the Manager became
effective on September 29, 2006. Prior to September 29, 2006, MLIM was the
Fund's manager. The general partner of MLIM is Princeton Services, Inc.
("PSI"), an indirect, wholly owned subsidiary of Merrill Lynch, which is the
limited partner. The Fund has also entered into separate Distribution
Agreements and Distribution Plans with FAM Distributors, Inc. ("FAMD") and
BlackRock Distributors, Inc. ("BDI") (collectively, the "Distributor"). FAMD
is a wholly owned subsidiary of Merrill Lynch Group, Inc. and BDI is an
affiliate of BlackRock.
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, the Fund
pays a monthly fee based upon the average daily value of the Fund's net assets
at an annual rate of .75% of the average daily net assets not exceeding $1.5
billion and .725% of the average daily net assets in excess of $1.5 billion.
In addition, the Manager has entered into a Sub-Advisory Agreement with
BlackRock Investment Management, LLC ("BIM"), an affiliate of the Manager,
under which the Manager pays BIM for services it provides a monthly fee that
is a percentage of the management fee paid by the Fund to the Manager. Prior
to September 29, 2006, MLIM had a Sub-Advisory Agreement with Merrill Lynch
Asset Management U.K. Limited ("MLAM U.K."), an affiliate of MLIM.
Pursuant to the Distribution Plans adopted by the Fund in accordance with Rule
12b-1 under the Investment Company Act of 1940, the Fund pays the Distributor
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
as follows:
Service Distribution
Fee Fee
Investor A .25% --
Investor B .25% .75%
Investor C .25% .75%
Class R .25% .25%
Pursuant to sub-agreements with each Distributor, broker dealers, including
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), a wholly owned
subsidiary of Merrill Lynch, and an affiliate of each Distributor provides
shareholder servicing and distribution services to the Fund. The ongoing
service fee compensates the Distributor and each broker-dealer (including
MLPF&S) for providing shareholder servicing to Investor A, Investor B,
Investor C and Class R shareholders. The ongoing distribution fee compensates
each Distributor and MLPF&S for providing shareholder and distribution-related
services to Investor B, Investor C and Class R shareholders.
For the six months ended February 28, 2007, FAMD, the Fund's sole Distributor
until September 29, 2006, and BDI earned underwriting discounts and direct
commissions and MLPF&S and BDI earned dealer concessions on sales of the
Fund's Investor A Shares as follows:
FAMD MLPF&S BDI
Investor A $1,288 $16,834 $1,057
For the six months ended February 28, 2007, MLPF&S received contingent
deferred sales charges of $5,969 and $100 relating to transactions in Investor
B and Investor C Shares, respectively. Furthermore, MLPF&S received contingent
deferred sales charges of $12 relating to transactions subject to front-end
sales charge waivers on Investor A Shares.
The Manager maintains a call center, which is responsible for providing
certain shareholder services to the Fund, such as responding to shareholder
inquiries and processing transactions based upon instructions from
shareholders with respect to the subscription and redemption of Fund shares.
During the period September 29, 2006 to February 28, 2007, the following
amounts have been accrued by the Fund to reimburse the Manager for costs
incurred running the call center, which are a component of the transfer agent
fees in the accompanying Statement of Operations.
Call Center
Fees
Institutional $1,635
Investor A $3,629
Investor B $1,419
Investor C $1,007
Class R $ 5
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Notes to Financial Statements (continued)
The Fund has received an exemptive order from the Securities and Exchange
Commission permitting it to lend portfolio securities to MLPF&S or its
affiliates. Pursuant to that order, the Fund has retained BIM as the
securities lending agent for a fee based on a share of the returns on
investment of cash collateral. Prior to September 29, 2006, BIM was organized
as Merrill Lynch Investment Managers, LLC ("MLIM, LLC"), an affiliate of MLIM,
and MLIM, LLC was the securities lending agent. BIM may, on behalf of the
Fund, invest cash collateral received by the Fund for such loans, among other
things, in a private investment company managed by the Manager or in
registered money market funds advised by the Manager or its affiliates. For
the six months ended February 28, 2007, BIM received $1,375 in securities
lending agent fees.
In addition, MLPF&S received $69,171 in commissions on the execution of
portfolio security transactions for the Fund for the six months ended February
28, 2007.
For the six months ended February 28, 2007, the Fund reimbursed MLIM and the
Manager $812 and $4,059, respectively, for certain accounting services.
Effective September 29, 2006, PFPC Inc., an indirect, wholly owned subsidiary
of PNC and an affiliate of the Manager, became the Fund's transfer agent.
Prior to September 29, 2006, the Fund's transfer agent was Financial Data
Services, Inc. ("FDS"), a wholly owned subsidiary of Merrill Lynch.
Prior to September 29, 2006, certain officers and/or directors of the Fund
were officers and/or directors of MLIM, PSI, MLAM U.K., FDS, FAMD, Merrill
Lynch, and/or MLIM, LLC.
Commencing September 29, 2006, certain officers and/or directors of the Fund
are officers and/or directors of BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the
six months ended February 28, 2007 were $202,988,574 and $229,193,809,
respectively.
4. Capital Share Transactions:
Net decrease in net assets derived from capital share transactions was
$21,019,907 and $67,333,645 for the six months ended February 28, 2007 and the
year ended August 31, 2006, respectively.
Transactions in capital shares for each class were as follows:
Institutional Shares for the
Six Months Ended Dollar
February 28, 2007 Shares Amount
Shares sold 1,921,954 $ 26,586,729
Shares issued to shareholders in
reinvestment of dividends 7,405 94,456
--------------- ---------------
Total issued 1,929,359 26,681,185
Shares redeemed (1,497,892) (20,447,606)
--------------- ---------------
Net increase 431,467 $ 6,233,579
=============== ===============
Institutional Shares for the Year Dollar
Ended August 31, 2006 Shares Amount
Shares sold 3,915,075 $ 47,655,298
Shares issued to shareholders in
reinvestment of dividends 150,886 1,611,469
--------------- ---------------
Total issued 4,065,961 49,266,767
Shares redeemed (3,327,538) (39,927,624)
--------------- ---------------
Net increase 738,423 $ 9,339,143
=============== ===============
Investor A Shares for the
Six Months Ended Dollar
February 28, 2007 Shares Amount
Shares sold 1,053,899 $ 14,226,969
Automatic conversion of shares 142,814 1,745,840
--------------- ---------------
Total issued 1,196,713 15,972,809
Shares redeemed (1,842,920) (24,704,397)
--------------- ---------------
Net decrease (646,207) $ (8,731,588)
=============== ===============
Investor A Shares for the Year Dollar
Ended August 31, 2006 Shares Amount
Shares sold 670,623 $ 8,014,274
Automatic conversion of shares 12,740,197 139,976,542
Shares issued to shareholders in
reinvestment of dividends 98,021 1,038,037
--------------- ---------------
Total issued 13,508,841 149,028,853
Shares redeemed (4,197,434) (49,939,944)
--------------- ---------------
Net increase 9,311,407 $ 99,088,909
=============== ===============
Investor B Shares for the
Six Months Ended Dollar
February 28, 2007 Shares Amount
Shares sold 188,355 $ 2,458,177
--------------- ---------------
Shares redeemed (1,299,921) (16,763,907)
Automatic conversion of shares (148,778) (1,745,840)
--------------- ---------------
Total redeemed (1,448,699) (18,509,747)
--------------- ---------------
Net decrease (1,260,344) $ (16,051,570)
=============== ===============
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Notes to Financial Statements (continued)
Investor B Shares for the Year Dollar
Ended August 31, 2006 Shares Amount
Shares sold 496,259 $ 5,638,554
Shares issued to shareholders in
reinvestment of dividends 68,120 697,544
--------------- ---------------
Total issued 564,379 6,336,098
--------------- ---------------
Shares redeemed (3,080,537) (34,147,393)
Automatic conversion of shares (13,194,130) (139,976,542)
--------------- ---------------
Total redeemed (16,274,667) (174,123,935)
--------------- ---------------
Net decrease (15,710,288) $ (167,787,837)
=============== ===============
Investor C Shares for the
Six Months Ended Dollar
February 28, 2007 Shares Amount
Shares sold 238,731 $ 3,160,449
Shares redeemed (457,789) (5,927,730)
--------------- ---------------
Net decrease (219,058) $ (2,767,281)
=============== ===============
Investor C Shares for the Year Dollar
Ended August 31, 2006 Shares Amount
Shares sold 393,750 $ 4,525,444
Shares issued to shareholders in
reinvestment of dividends 20,949 214,314
--------------- ---------------
Total issued 414,699 4,739,758
Shares redeemed (1,183,250) (13,306,797)
--------------- ---------------
Net decrease (768,551) $ (8,567,039)
=============== ===============
Class R Shares for the
Six Months Ended Dollar
February 28, 2007 Shares Amount
Shares sold 51,486 $ 691,361
Shares redeemed (30,026) (394,408)
--------------- ---------------
Net increase 21,460 $ 296,953
=============== ===============
Class R Shares for the Year Dollar
Ended August 31, 2006 Shares Amount
Shares sold 71,002 $ 813,712
Shares issued to shareholders in
reinvestment of dividends 1,205 12,520
--------------- ---------------
Total issued 72,207 826,232
Shares redeemed (20,036) (233,053)
--------------- ---------------
Net increase 52,171 $ 593,179
=============== ===============
The Fund generally charges a 2% redemption fee on the proceeds (calculated at
market value) of a redemption (either by sale or exchange) of Fund shares made
within 30 days of purchase. The redemption fee is paid to the Fund and is
intended to offset the trading costs, market impact and other costs associated
with short-term trading into and out of the Fund.
5. Short-Term Borrowings:
The Fund, along with certain other funds managed by the Manager and its
affiliates is a party to a $500,000,000 credit agreement with a group of
lenders. The Fund may borrow under the credit agreement to fund shareholder
redemptions and for other lawful purposes other than for leverage. The Fund
may borrow up to the maximum amount allowable under the Fund's current
prospectus and statement of additional information, subject to various other
legal, regulatory or contractual limits. On November 22, 2006, the credit
agreement was renewed for one year under substantially the same terms. The
Fund pays a commitment fee of .06% per annum based on the Fund's pro rata
share of the unused portion of the credit agreement. Amounts borrowed under
the credit agreement bear interest at a rate equal to, at each fund's
election, the federal funds rate plus .35% or a base rate as defined in the
credit agreement. The Fund did not borrow under the credit agreement during
the six months ended February 28, 2007.
6. Commitments:
At February 28, 2007, the Fund had entered into foreign exchange contracts, in
addition to the contracts listed on the schedule of investments, under which
it had agreed to purchase and sell various foreign currencies with approximate
values of $27,000 and $1,726,000, respectively.
7. Capital Loss Carryforward:
On August 31, 2006, the Fund had a net capital loss carryforward of
$447,689,115, of which $7,928,271 expires in 2008, $3,964,136 expires in 2009,
$83,247,809 expires in 2010 and $352,548,899 expires in 2011. Subject to
limitations, this amount will be available to offset like amounts of any
future taxable gains.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Officers and Directors
Robert C. Doll, Jr., President and Director
Donald W. Burton, Director
John F. O'Brien, Director
David H. Walsh, Director
Fred G. Weiss, Director
Donald C. Burke, Vice President and Treasurer
Thomas E. Burke, Vice President
Jeffrey Hiller, Fund Chief Compliance Officer
Alice A. Pellegrino, Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
PFPC Inc.
Wilmington, DE 19809
Effective April 13, 2007, Jeffrey Hiller resigned his position as Chief
Compliance Officer of the Fund. Also effective April 13, 2007, Karen Clark was
appointed Chief Compliance Officer of the Fund. Ms. Clark has been a Managing
Director of BlackRock, Inc. since 2007. She was a Director thereof from 2005
to 2007. Prior to that, Ms. Clark was a principal and senior compliance
officer at State Street Global Advisors from 2001 to 2005. Ms. Clark was a
principal consultant with PricewaterhouseCoopers, LLP from 1998 to 2001. From
1993 to 1998, Ms. Clark was Branch Chief, Division of Investment Management
and Office of Compliance Examinations, with the U.S. Securities and Exchange
Commission.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
BlackRock Funds
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 nonpublic personal information. The following information
is provided to help you understand what personal information BlackRock
collects, how we protect that information and why in certain cases we share
such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations
require BlackRock to provide you with additional or different privacy-related
rights beyond what is set forth below, then BlackRock will comply with those
specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic 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 Web sites.
BlackRock does not sell or disclose to nonaffiliated third parties any
nonpublic personal information about its Clients, except as permitted by law
or as is necessary to service Client accounts. These nonaffiliated 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
nonpublic personal information about its Clients to those BlackRock employees
with a legitimate business need for the information. BlackRock maintains
physical, electronic and procedural safeguards that are designed to protect
the nonpublic personal information of its Clients, including procedures
relating to the proper storage and disposal of such information.
Availability of Additional Information
Electronic copies of most financial reports and prospectuses are available on
the Fund's Web site or shareholders can sign up for e-mail notifications of
quarterly statements, annual and semi-annual reports and prospectuses by
enrolling in the Fund's electronic delivery program.
To enroll:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment
advisers, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1) Access the BlackRock Web site at
http://www.blackrock.com/edelivery
2) Select eDelivery under the More Information section
3) Log into your account
The Fund will mail only one copy of shareholder documents, including
prospectuses, annual and semi-annual reports and proxy statements, to
shareholders with multiple accounts at the same address. This practice is
commonly called "householding" and it is intended to reduce expenses and
eliminate duplicate mailings of shareholder documents. Mailings of your
shareholder documents may be householded indefinitely unless you instruct us
otherwise. If you do not want the mailing of these documents to be combined
with those for other members of your household, please contact the Fund at
(800) 441-7762.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
BlackRock Funds (concluded)
Availability of Additional Information (concluded)
Availability of Proxy Voting Policies and Procedures
The Fund has delegated proxy voting responsibilities to BlackRock and its
affiliates, subject to the general oversight of the Fund's Board of Directors.
A description of the policies and procedures that BlackRock and its affiliates
use to determine how to vote proxies relating to portfolio securities is
available without charge, upon request, on our Web site at www.blackrock.com,
by calling (800) 441-7762, or on the Web site of the Securities and Exchange
Commission (the "Commission") at http://www.sec.gov.
Availability of Proxy Voting Record
Information on how proxies relating to the Fund's voting securities were
voted (if any) by BlackRock during the most recent 12-month period ended
June 30 is available, upon request and without charge, on our Web site at
www.blackrock.com, by calling (800) 441-7762 or on the Web site of the
Commission at http://www.sec.gov.
Availability of Quarterly Portfolio Schedule
The Fund files its complete schedule of portfolio holdings for the first and
third quarters of its fiscal year with the Commission on Form N-Q. The Fund's
Forms N-Q are available on the Commission's Web site at http://www.sec.gov and
may be reviewed and copied at the Commission's Public Reference Room in
Washington, D.C. Information regarding 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, without charge, by calling (800) 441-7762.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 8:00 AM - 6:00 PM EST to get information about your
account balances, recent transactions and share prices. You can also reach us
on the Web at www.blackrock.com.
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 portfolios.
Systematic Withdrawal Plans
Investor Class shareholders can establish a systematic withdrawal plan and
receive periodic payments of $50 or more from their BlackRock portfolios, as
long as their account is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover,
Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
A World-Class Mutual Fund Family
BlackRock now offers an expanded lineup of open-end mutual funds. Our range
includes more than 85 funds crossing all investment styles and managed by
experts in equity, fixed income and tax-exempt investing.
Equity Portfolios
BlackRock All-Cap Global Resources Portfolio
BlackRock Aurora Portfolio
BlackRock Asset Allocation Portfolio++
BlackRock Balanced Capital Fund++
BlackRock Basic Value Fund
BlackRock Developing Capital Markets Fund
BlackRock Equity Dividend Fund
BlackRock EuroFund
BlackRock Focus Twenty Fund
BlackRock Focus Value Fund
BlackRock Fundamental Growth Fund
BlackRock Global Allocation Fund++
BlackRock Global Dynamic Equity Fund
BlackRock Global Financial Services Fund
BlackRock Global Growth Fund
BlackRock Global Opportunities Portfolio
BlackRock Global Resources Portfolio*
BlackRock Global Science & Technology
Opportunities Portfolio
BlackRock Global SmallCap Fund
BlackRock Global Technology Fund
BlackRock Global Value Fund
BlackRock Healthcare Fund
BlackRock Health Sciences Opportunities Portfolio
BlackRock Index Equity Portfolio*
BlackRock International Fund
BlackRock International Index Fund
BlackRock International Opportunities Portfolio*
BlackRock International Value Fund
BlackRock Investment Trust
BlackRock Large Cap Core Fund
BlackRock Large Cap Growth Fund
BlackRock Large Cap Value Fund
BlackRock Latin America Fund
BlackRock Capital Appreciation Portfolio
BlackRock Mid-Cap Growth Equity Portfolio
BlackRock Mid-Cap Value Equity Portfolio
BlackRock Mid Cap Value Opportunities Fund
BlackRock Natural Resources Trust
BlackRock Pacific Fund
BlackRock Small Cap Core Equity Portfolio
BlackRock Small Cap Growth Equity Portfolio
BlackRock Small Cap Growth Fund II
BlackRock Small Cap Index Fund
BlackRock Small Cap Value Equity Portfolio*
BlackRock Small/Mid-Cap Growth Portfolio
BlackRock S&P 500 Index Fund
BlackRock U.S. Opportunities Portfolio
BlackRock Utilities and Telecommunications Fund
BlackRock Value Opportunities Fund
Fixed Income Portfolios
BlackRock Bond Fund
BlackRock Enhanced Income Portfolio
BlackRock GNMA Portfolio
BlackRock Government Income Portfolio
BlackRock High Income Fund
BlackRock High Yield Bond Portfolio
BlackRock Inflation Protected Bond Portfolio
BlackRock Intermediate Bond Portfolio
BlackRock Intermediate Bond Portfolio II
BlackRock Intermediate Government
Bond Portfolio
BlackRock International Bond Portfolio
BlackRock Low Duration Bond Portfolio
BlackRock Managed Income Portfolio
BlackRock Real Investment Fund
BlackRock Short-Term Bond Fund
BlackRock Total Return Portfolio
BlackRock Total Return Portfolio II
BlackRock World Income Fund
Municipal Bond Portfolios
BlackRock AMT-Free Municipal Bond Portfolio
BlackRock California Insured Municipal Bond Fund
BlackRock Delaware Municipal Bond Portfolio
BlackRock Florida Municipal Bond Fund
BlackRock High Yield Municipal Fund
BlackRock Intermediate Municipal Fund
BlackRock Kentucky Municipal Bond Portfolio
BlackRock Municipal Insured Fund
BlackRock National Municipal Fund
BlackRock New Jersey Municipal Bond Fund
BlackRock New York Municipal Bond Fund
BlackRock Ohio Municipal Bond Portfolio
BlackRock Pennsylvania Municipal Bond Fund
BlackRock Short-Term Municipal Fund
Money Market Portfolios
BlackRock Money Market Portfolio
BlackRock Municipal Money Market Portfolio+++
BlackRock NC Municipal MM Portfolio+++
BlackRock NJ Municipal MM Portfolio+++
BlackRock OH Municipal MM Portfolio+++
BlackRock PA Municipal MM Portfolio+++
BlackRock Summit Cash Reserves Fund*
BlackRock U.S. Treasury MM Portfolio
BlackRock VA Municipal MM Portfolio+++
* See the prospectus for information on specific
limitations on investments in the fund.
++ Mixed asset fund.
+++ Tax-exempt fund.
BlackRock mutual funds are distributed by BlackRock Distributors, Inc. and
certain funds are also distributed by FAM Distributors, Inc. You should
consider the investment objectives, risks, charges and expenses of the funds
under consideration carefully before investing. Each fund's prospectus
contains this and other information and is available at www.blackrock.com or
by calling 800-882-0052 or from your financial advisor. The prospectus should
be read carefully before investing.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-
annual report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable
Item 6 - Schedule of Investments - Not Applicable
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 - Not Applicable
Item 11 - Controls and Procedures
11(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others
particularly during the period in which this report is being
prepared. The registrant's certifying officers have determined that
the registrant's disclosure controls and procedures are effective
based on our evaluation of these controls and procedures as of a
date within 90 days prior to the filing date of this report.
11(b) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the
registrant was migrated to BlackRock's trading and compliance
monitoring systems, and various personnel changes occurred. In
conjunction with these business improvements, there were no changes
in the registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under Act (17 CFR 270.30a-3(d)) that
occurred during the last fiscal half-year of the period covered by
this report that has materially affected, or is reasonably likely to
affect, the registrant's internal control over financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
BlackRock Global Growth Fund, Inc.
Date: April 23, 2007
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
BlackRock Global Growth Fund, Inc.
Date: April 23, 2007
By: /s/ Donald C. Burke
--------------------
Donald C. Burke,
Chief Financial Officer of
BlackRock Global Growth Fund, Inc.
Date: April 23, 2007