UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08327
Name of Fund: BlackRock Global Growth Fund, Inc.
Fund Address: 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: (800) 441-7762
Date of fiscal year end: 08/31/07
Date of reporting period: 09/01/06 - 08/31/07
Item 1 - Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES
BLACKROCK SOLUTIONS
BlackRock
Global Growth Fund, Inc.
ANNUAL REPORT AUGUST 31, 2007
(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)
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BlackRock Global Growth Fund, Inc.
Portfolio Information as of August 31, 2007
Percent of
Ten Largest Equity Holdings Net Assets
Cisco Systems, Inc. 2.2%
The Procter & Gamble Co. 1.8
Google, Inc. Class A 1.8
Microsoft Corp. 1.6
Deere & Co. 1.4
ABB Ltd. 1.3
Hong Kong Exchanges and Clearing Ltd. 1.2
Monsanto Co. 1.2
Jacobs Engineering Group, Inc. 1.2
Diageo Plc 1.2
Percent of
Five Largest Industries Net Assets
Chemicals 6.0%
Electrical Equipment 5.5
Metals & Mining 4.9
Construction & Engineering 4.4
Energy Equipment & Services 4.3
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
Long-Term
Geography Allocation by Country Investments
United States 36.9%
Australia 13.0
Hong Kong 8.9
India 7.3
Switzerland 5.7
Canada 4.6
Japan 3.7
Brazil 3.5
France 3.5
United Kingdom 2.4
Germany 2.0
China 1.7
South Africa 1.4
Israel 1.1
Singapore 1.0
Mexico 0.8
Italy 0.7
Norway 0.6
Spain 0.6
Bermuda 0.3
Netherlands 0.3
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
A Letter to Shareholders
Dear Shareholder
Financial markets embarked on a wild ride during the August reporting period.
Subprime mortgage troubles intensified in the final months of the period,
spawning a widespread credit and liquidity crisis that crept into other areas
of the market. The U.S. Federal Reserve Board (the Fed) and other countries'
central banks stepped in to inject liquidity into the markets and bolster
investor confidence. In August, the Fed cut the discount rate, the rate
charged to banks to borrow money directly from the Fed, from 6.25% to 5.75%.
Another .50% cut in the discount rate came on September 18, along with a .50%
cut in the more widely followed federal funds rate. This brought the target
short-term interest rate, which had remained unchanged at 5.25% for over a
year, to 4.75%.
Although heightened volatility has been a recurring theme throughout the past
year, the global economy (excluding the U.S. housing market) remained quite
healthy. In general, equity market fundamentals also held firm - second-
quarter corporate earnings exceeded expectations (although future earnings
could be at risk if the economy weakens), dividend payouts and share buybacks
continued to grow, and valuations remained attractive. These tailwinds
generally prevailed over such headwinds as a slowing U.S. economy and troubled
housing market, although the more recent credit crunch dampened corporate
merger-and-acquisition activity, a key source of strength for equity markets.
Stocks recorded their second-worst day of the year in August, yet remained
comfortably in the black year-to-date.
Meanwhile, mixed economic signals and the credit market debacle made for a
volatile backdrop for fixed income, with investors fleeing from bonds
associated with the housing and credit markets in favor of higher-quality
Treasury issues. As a result, the 10-year Treasury yield, which touched 5.30%
in June (its highest level in five years), fell to 4.54% by period-end, while
prices correspondingly rose.
Against this backdrop, financial markets posted mixed results for the six- and
12-month periods ended August 31, 2007:
Total Returns as of August 31, 2007 6-month 12-month
U.S. equities (S&P 500 Index) +5.70% +15.13%
Small cap U.S. equities (Russell 2000 Index) +0.54 +11.36
International equities (MSCI Europe, Australasia, Far East Index) +5.83 +18.71
Fixed income (Lehman Brothers U.S. Aggregate Bond Index) +1.54 + 5.26
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) -0.57 + 2.30
High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index) -1.71 + 6.46
Past performance is no guarantee of future results. Index performance shown
for illustrative purposes only. You cannot invest directly in an index.
As you navigate market volatility, we encourage you to review your
investment goals with your financial professional and to make portfolio
changes, as needed. For more market insight, we invite you to visit
www.blackrock.com/funds. We thank you for entrusting 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
THIS PAGE NOT PART OF YOUR FUND REPORT
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
A Discussion With Your Fund's Portfolio Manager
The Fund significantly outperformed its benchmark and its comparable Lipper
category average for the fiscal year, benefiting from favorable geographic
exposures and successful stock selection.
How did the Fund perform during the fiscal year in light of the existing
market conditions?
For the 12-month period ended August 31, 2007, BlackRock Global Growth Fund,
Inc.'s Institutional, Investor A, Investor B, Investor C and Class R Shares
had total returns of +31.17%, +30.79%, +29.74%, +29.77% and +30.41%,
respectively. For the same period, the benchmark Morgan Stanley Capital
International (MSCI) World Index returned +16.97% (in U.S.-dollar terms) and
the Lipper Global Multi-Cap Growth Funds category posted an average return of
+21.05%. (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.) (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.)
Global equity markets enjoyed strong returns for the fiscal year ended August
2007. Markets in emerging/developing economies outperformed developed markets
by a substantial margin - the continuation of a trend that has been in place
for a number of periods. While many markets significantly outperformed the
MSCI World Index (in U.S.-dollar terms), some leading components, such as the
United States, Japan and select European markets, underperformed. The
performance of both the benchmark and the Fund was enhanced by the overall
depreciation of the U.S. dollar versus other global currencies.
A near 6% retreat in the MSCI World Index in late February was triggered by
fears of overheating in Asian markets (specifically, China's Shanghai stock
exchange) as well as resurfacing concern over the fate of the global "carry
trade" that has, in effect, supported perceived liquidity for some time.
These issues were short-lived, however, and global equities staged a robust
recovery from the early March lows. Slower U.S. gross domestic product
growth through the period did not impede overall global growth patterns as
many had feared, and emerging/developed economies continued to expand at
attractive rates. A market sell-off of some 11% in early August was
triggered primarily by U.S.-based concerns related to the state of the
housing market, financing conditions and Federal Reserve Board monetary
policy. Equity market volatility spiked dramatically (as measured by the
Chicago Board Options Exchange SPX Volatility Index) at the end of the
fiscal period as investors "repriced" risk across all types of equity and
debt portfolios around the world.
Sector leadership in global equity markets remained fairly stable over
the period, as more cyclically oriented sectors, such as industrials,
materials and energy, generated rather consistent outperformance
through much of the 12-month period.
What factors most influenced Fund performance?
The Fund outperformed the benchmark MSCI World Index and its comparable Lipper
category average for the period primarily as a result of beneficial geographic
allocations and favorable stock selection. Our substantial overweight in
Australia (at an average of nearly 19% of net assets over the period),
together with our exposures to India (10.4%), Hong Kong (6.3%) and China
(2.2%), generated favorable returns for the Fund. (Note: Neither China nor
India is a constituent of the benchmark index.) Our longstanding underweight
of the U.S. market (at an average of 30% over the period versus 48% for the
MSCI World Index), combined with favorable stock selection, also contributed
measurably to performance. Successful security selection in the financials,
industrials, energy and health care sectors also benefited Fund performance
for the year.
Specific Fund holdings that contributed to returns included Leighton Holdings
(Australia), Bharti Airtel Ltd. (India), Hong Kong Exchanges & Clearing (Hong
Kong), CSL Ltd. (Australia) and Larsen & Toubro Ltd. (India). Stock selection
in the information technology and consumer discretionary sectors marginally
detracted from performance, as did the Fund's modest cash balance. Fund
positions that negatively impacted returns included Akamai Technologies
(U.S.), Samsung Electronics Co. Ltd. (South Korea), Seven & I Holdings Co.
Ltd. (Japan), International Game Technology (U.S.) and NutriSystem Inc. (U.S.).
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
What changes were made to the portfolio during the period?
After the late-February market pullback, we regained confidence in the global
outlook and took steps to position the portfolio accordingly. Exposure to the
industrials, energy and materials sectors was increased to reflect various
opportunities we have identified, particularly in the Asia-Pacific region. The
Fund's exposure to financials was reduced to a further underweight on concerns
over higher global interest rates and lack of convincing investment ideas. (At
nearly 25%, the financial sector is the largest in the benchmark MSCI World
Index.) Positions in the health care and consumer discretionary sectors also
were lowered for stock-specific reasons. On balance, we increased exposure to
the information technology and consumer staples sectors.
From a geographic perspective, we reduced the Fund's exposure to India from
nearly 13% of net assets in late-2006 to just over 7% at period-end on profit-
taking opportunities and early-2007 local market interest rate concerns.
Australian exposure was lowered from 22% in early 2007 to 13% at period-end in
two distinct steps (March and August) for similar reasons. The Fund
established a modest exposure to Brazil (3%) and Mexico (1%) early in the
period based on a favorable consumer growth profile. The Fund's allocation to
the United States was increased by the end of the period to nearly 36% of net
assets, up from an average of 30% during the fiscal year, in an effort to
achieve improved balance in the portfolio in light of the early August market
events. The Fund continues to be underweight the U.S. market by some 25%
relative to the benchmark.
Significant additions to the portfolio included ABB Ltd. (Switzerland), Hong
Kong Exchanges & Clearing, Ltd. (Hong Kong), Teva Pharmaceutical Industries
Ltd. (Israel) and U.S. companies Microsoft Corp., Deere & Co., Monsanto Co.,
Cisco Systems, CVS/ Caremark Corp., General Electric and Pepsi Co. Positions
that were eliminated from the portfolio included Macquarie Bank Ltd.
(Australia), Corning Inc. (U.S.), Australia & New Zealand Bank (Australia),
Novartis AG (Switzerland), Commonwealth Bank of Australia (Australia), Exxon
Mobil Corp. (U.S.), Cerner Corp. (U.S.), Publishing & Broadcasting Ltd.
(Australia), HSBC Holdings Plc (U.K.) and Phelps Dodge Corp. (U.S.).
How would you characterize the Fund's position at the close of the period?
While the U.S. economy experienced a classic midcycle slowdown in economic
growth (that is, gross domestic product growth) from mid-2006 through the
first quarter of 2007, most other global economies, particularly those in
Europe and Asia, continued to experience strong rates of growth. This has
provided a rather balanced demand backdrop on a worldwide basis. Events of
early August 2007 (related to conditions in the global credit and financing
markets) are certain to have dislocating effects upon certain geographies and
specific market segments. Although the U.S. housing market has already been
negatively impacted by such events, it is not clear that such effects will be
limited in scope to the U.S. market. We continue to have a constructive view
on the global markets but are most concerned with the outlook for the U.S.
economy into 2008. We continue to find relatively attractive growth investment
opportunities in a variety of global locations. As of fiscal year-end, 35% of
the Fund's net assets was invested in stocks in the Asia-Pacific region and
about 17% in emerging market economies. At the end of the period, the portfolio
was overweight in the industrials, materials and information technology
sectors, and underweight in financials, consumer discretionary and energy.
Thomas E. Burke, CFA
Portfolio Manager
September 18, 2007
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 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 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 to reflect the Class R Share fees.
Performance information reflects past performance and does not guarantee
future results. Current performance may be lower or higher than the
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 August 31, 2007 Total Return Total Return Total Return
Institutional Shares* +16.34% +31.17% +112.67%
Investor A Shares* +16.18 +30.79 +107.46
Investor B Shares* +15.66 +29.74 + 94.87
Investor C Shares* +15.67 +29.77 + 91.93
Class R Shares* +15.90 +30.41 +104.40
MSCI World Index** + 5.98 +16.97 + 98.16
* 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. AUGUST 31, 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
10/31/19997 $10,000.00
August 1998 $10,780.00
August 1999 $13,848.00
August 2000 $19,591.00
August 2001 $11,874.00
August 2002 $ 8,768.00
August 2003 $ 9,494.00
August 2004 $10,722.00
August 2005 $13,464.00
August 2006 $16,213.00
August 2007 $21,267.00
Investor A Shares*++
Date Value
10/31/19997 $ 9,475.00
August 1998 $10,186.00
August 1999 $13,059.00
August 2000 $18,437.00
August 2001 $11,140.00
August 2002 $ 8,202.00
August 2003 $ 8,863.00
August 2004 $ 9,996.00
August 2005 $12,511.00
August 2006 $15,030.00
August 2007 $19,657.00
Investor B Shares*++
Date Value
10/31/19997 $10,000.00
August 1998 $10,680.00
August 1999 $13,592.00
August 2000 $19,035.00
August 2001 $11,419.00
August 2002 $ 8,341.00
August 2003 $ 8,940.00
August 2004 $10,002.00
August 2005 $12,421.00
August 2006 $14,900.00
August 2007 $19,487.00
Investor C Shares*++
Date Value
10/31/19997 $10,000.00
August 1998 $10,680.00
August 1999 $13,588.00
August 2000 $19,030.00
August 2001 $11,425.00
August 2002 $ 8,337.00
August 2003 $ 8,935.00
August 2004 $ 9,997.00
August 2005 $12,413.00
August 2006 $14,790.00
August 2007 $19,193.00
Class R Shares*++
Date Value
10/31/19997 $10,000.00
August 1998 $10,735.00
August 1999 $13,722.00
August 2000 $19,317.00
August 2001 $11,648.00
August 2002 $ 8,558.00
August 2003 $ 9,269.00
August 2004 $10,485.00
August 2005 $13,087.00
August 2006 $15,674.00
August 2007 $20,440.00
MSCI World Index++++
Date Value
10/31/19997 $10,000.00
August 1998 $10,390.00
August 1999 $13,823.00
August 2000 $15,638.00
August 2001 $11,668.00
August 2002 $ 9,661.00
August 2003 $10,716.00
August 2004 $12,390.00
August 2005 $14,633.00
August 2006 $16,940.00
August 2007 $19,816.00
* 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 8/31/07 +31.17%
Five Years Ended 8/31/07 +19.39
Inception (10/31/97)
through 8/31/07 + 7.98
Return Without Return With
Sales Charge Sales Charge*
Investor A Shares
One Year Ended 8/31/07 +30.79% +23.92%
Five Years Ended 8/31/07 +19.10 +17.83
Inception (10/31/97)
through 8/31/07 + 7.70 + 7.12
Return Return
Without CDSC With CDSC++++++
Investor B Shares++
One Year Ended 8/31/07 +29.74% +25.24%
Five Years Ended 8/31/07 +18.15 +17.95
Inception (10/31/97)
through 8/31/07 + 7.02 + 7.02
Return Return
Without CDSC With CDSC++++++
Investor C Shares++++
One Year Ended 8/31/07 +29.77% +28.77%
Five Years Ended 8/31/07 +18.15 +18.15
Inception (10/31/97)
through 8/31/07 + 6.86 + 6.86
Return
Class R Shares
One Year Ended 8/31/07 +30.41%
Five Years Ended 8/31/07 +19.02
Inception (10/31/97)
through 8/31/07 + 7.54
* 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. AUGUST 31, 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 March 1, 2007 and
held through August 31, 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 March 1, 2007
March 1, August 31, to August 31,
2007 2007 2007
Actual
Institutional $1,000 $1,163.40 $ 5.51
Investor A $1,000 $1,161.80 $ 7.08
Investor B $1,000 $1,156.60 $11.69
Investor C $1,000 $1,156.70 $11.42
Class R $1,000 $1,159.00 $ 8.87
Hypothetical (5% annual return before expenses)**
Institutional $1,000 $1,020.11 $ 5.14
Investor A $1,000 $1,018.65 $ 6.61
Investor B $1,000 $1,014.36 $10.92
Investor C $1,000 $1,014.61 $10.66
Class R $1,000 $1,016.98 $ 8.29
* For each class of the Fund, expenses are equal to the annualized expense ratio for the class
(1.01% for Institutional, 1.30% for Investor A, 2.15% for Investor B, 2.10% for Investor C and
1.63% for Class R), multiplied by the average account value over the period, multiplied by 184/365
(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. AUGUST 31, 2007
Schedule of Investments as of August 31, 2007 (in U.S. dollars)
Shares
Industry Common Stocks Held Value
Africa
South Africa--1.4%
Construction Materials--0.4%
Pretoria Portland Cement Co. Ltd. 410,334 $ 2,600,961
Health Care Providers &
Services--0.2%
Network Healthcare Holdings Ltd. 719,300 1,286,704
Industrial Conglomerates--0.2%
Barloworld Ltd. 91,800 1,575,276
Media--0.3%
Naspers Ltd. 75,700 1,899,194
Metals & Mining--0.3%
Impala Platinum Holdings Ltd. 69,600 2,067,891
Total Common Stocks in
Africa--1.4% 9,430,026
Europe
France--3.4%
Construction & Engineering--0.5%
Vinci SA 50,000 3,558,195
Electric Utilities--0.5%
Electricite de France SA 34,100 3,443,074
Electrical Equipment--0.8%
Alstom 13,100 2,367,558
Areva SA 3,000 2,999,877
------------
5,367,435
Multi-Utilities--1.0%
Veolia Environnement SA 92,025 7,055,317
Textiles, Apparel &
Luxury Goods--0.6%
LVMH Moet Hennessy Louis Vuitton SA 35,500 3,965,024
Total Common Stocks in France 23,389,045
Germany--2.0%
Automobiles--0.5%
Porsche AG (Preference Shares) 1,900 3,394,469
Chemicals--0.7%
Wacker Chemie AG 22,200 4,847,782
Diversified Financial Services--0.6%
Deutsche Boerse AG 36,400 4,016,456
Industrial Conglomerates--0.2%
Siemens AG 11,700 1,469,354
Total Common Stocks in Germany 13,728,061
Italy--0.7%
Commercial Banks--0.7%
UniCredito Italiano SpA 596,200 5,099,635
Total Common Stocks in Italy 5,099,635
Netherlands--0.3%
Energy Equipment & Services--0.3%
Fugro NV 32,000 2,223,191
Total Common Stocks in the Netherlands 2,223,191
Shares
Industry Common Stocks Held Value
Europe (concluded)
Norway--0.6%
Electrical Equipment--0.6%
Renewable Energy Corp. AS (a) 111,100 $ 4,206,709
Total Common Stocks in Norway 4,206,709
Spain--0.6%
Diversified Financial Services--0.6%
Bolsas y Mercados Espanoles 73,500 4,063,086
Total Common Stocks in Spain 4,063,086
Switzerland--5.5%
Chemicals--0.8%
Lonza Group AG Registered Shares 57,800 5,665,729
Commercial Services &
Supplies--0.6%
SGS SA 3,300 3,941,765
Electrical Equipment--1.3%
ABB Ltd. 376,800 9,257,143
Food Products--1.0%
Nestle SA Registered Shares 15,800 6,868,145
Oil, Gas & Consumable Fuels--0.4%
Petroplus Holdings AG (a) 29,600 2,570,932
Pharmaceuticals--0.8%
Roche Holding AG 33,100 5,749,855
Textiles, Apparel &
Luxury Goods--0.6%
The Registered Shares Swatch Group Ltd. 80,100 4,498,958
Total Common Stocks in Switzerland 38,552,527
United Kingdom--2.4%
Beverages--1.2%
Diageo Plc 381,100 8,137,285
Commercial Banks--0.7%
Standard Chartered Plc 155,000 4,781,539
Commercial Services &
Supplies--0.5%
Intertek Group Plc 175,500 3,474,827
Total Common Stocks in
the United Kingdom 16,393,651
Total Common Stocks
in Europe--15.5% 107,655,905
Latin America
Brazil--3.4%
Beverages--0.7%
Cia de Bebidas das Americas
(Preference Shares) (d) 72,300 5,058,831
Commercial Banks--0.4%
Banco Bradesco SA (d) 98,600 2,433,448
Media--0.7%
NET Servicos de Comunicacao SA
(Preference Shares) (a) 333,703 4,974,930
Metals & Mining--0.3%
Companhia Vale do Rio Doce (Common
Shares) (d) 36,500 1,800,545
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
Latin America (concluded)
Brazil (concluded)
Multiline Retail--0.4%
Lojas Renner SA 156,300 $ 2,710,953
Oil, Gas & Consumable Fuels--0.6%
Petroleo Brasileiro SA (d) 70,200 4,341,168
Personal Products--0.3%
Natura Cosmeticos SA 202,100 2,199,202
Total Common Stocks in Brazil 23,519,077
Mexico--0.7%
Wireless Telecommunication
Services--0.7%
America Movil, SA de CV (d) 87,300 5,278,158
Total Common Stocks in Mexico 5,278,158
Total Common Stocks in
Latin America--4.1% 28,797,235
Middle East
Israel--1.1%
Pharmaceuticals--1.1%
Teva Pharmaceutical Industries Ltd. (d) 172,800 7,430,400
Total Common Stocks in
the Middle East--1.1% 7,430,400
North America
Bermuda--0.3%
Energy Equipment & Services--0.3%
SeaDrill Ltd. (a) 98,100 1,825,688
Total Common Stocks in Bermuda 1,825,688
Canada--4.4%
Chemicals--1.3%
Potash Corp. of Saskatchewan, Inc. 104,200 9,231,087
Commercial Banks--1.0%
Bank of Nova Scotia 66,700 3,299,629
Royal Bank of Canada 72,200 3,718,027
------------
7,017,656
Diversified Financial Services--0.3%
TSX Group, Inc. 51,400 2,166,004
Energy Equipment & Services--0.3%
Ensign Resource Service Group 134,800 2,361,553
Food & Staples Retailing--0.8%
Shoppers Drug Mart Corp. 108,200 5,457,133
Metals & Mining--0.3%
Teck Cominco Ltd. Class B 40,200 1,713,068
Oil, Gas & Consumable Fuels--0.4%
Cameco Corp. 74,000 2,988,731
Total Common Stocks in Canada 30,935,232
Shares
Industry Common Stocks Held Value
North America (continued)
United States--35.5%
Aerospace & Defense--0.6%
Precision Castparts Corp. 30,900 $ 4,026,579
Beverages--1.0%
PepsiCo, Inc. 104,700 7,122,741
Capital Markets--1.3%
E*Trade Financial Corp. (a) 115,000 1,791,700
Lehman Brothers Holdings, Inc. 62,000 3,399,460
Northern Trust Corp. 54,600 3,355,716
------------
8,546,876
Chemicals--1.2%
Monsanto Co. 122,200 8,522,228
Commercial Services &
Supplies--0.5%
FTI Consulting, Inc. (a) 67,400 3,539,848
Communications Equipment--2.2%
Cisco Systems, Inc. (a) 468,200 14,944,944
Computers & Peripherals--2.1%
EMC Corp. (a) 360,000 7,077,600
Hewlett-Packard Co. 76,200 3,760,470
Apple Computer, Inc. (a) 26,400 3,655,872
------------
14,493,942
Construction & Engineering--1.2%
Jacobs Engineering Group, Inc. (a) 123,400 8,155,506
Diversified Financial Services--0.5%
Bank of America Corp. 70,300 3,562,804
Electrical Equipment--1.6%
General Cable Corp. (a) 72,500 4,218,050
Roper Industries, Inc. 113,300 7,170,757
------------
11,388,807
Energy Equipment & Services--2.6%
Complete Production Services, Inc. (a) 67,800 1,505,160
Core Laboratories NV (a) 32,200 3,609,620
National Oilwell Varco, Inc. (a) 49,500 6,336,000
Schlumberger Ltd. 70,000 6,755,000
------------
18,205,780
Food & Staples Retailing--1.1%
CVS/Caremark Corp. 193,800 7,329,516
Food Products--0.6%
Bunge Ltd. 46,400 4,242,816
Health Care Equipment &
Supplies--0.6%
Intuitive Surgical, Inc. (a) 18,400 4,071,552
Health Care Providers &
Services--0.8%
Aetna, Inc. 112,600 5,732,466
Hotels, Restaurants & Leisure--1.0%
McDonald's Corp. 141,400 6,963,950
Household Products--1.8%
The Procter & Gamble Co. 191,700 12,519,927
Industrial Conglomerates--1.0%
General Electric Co. 185,500 7,210,385
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
North America (concluded)
United States (concluded)
Insurance--0.8%
American International Group, Inc. 85,000 $ 5,610,000
Internet Software & Services--2.3%
eBay, Inc. (a) 103,700 3,536,170
Google, Inc. Class A (a) 23,900 12,314,475
------------
15,850,645
Life Sciences Tools & Services--1.3%
Thermo Fisher Scientific, Inc. (a) 107,500 5,829,725
Waters Corp. (a) 56,800 3,497,176
------------
9,326,901
Machinery--2.8%
Deere & Co. 72,900 9,918,774
Joy Global, Inc. 100,900 4,378,051
Terex Corp. (a) 64,200 5,128,296
------------
19,425,121
Metals & Mining--0.8%
Freeport-McMoRan Copper & Gold, Inc.
Class B 67,000 5,857,140
Pharmaceuticals--0.5%
Merck & Co., Inc. 70,900 3,557,053
Semiconductors & Semiconductor
Equipment--1.3%
Intel Corp. 147,000 3,785,250
Nvidia Corp. (a) 106,000 5,422,960
------------
9,208,210
Software--2.4%
Factset Research Systems, Inc. 49,900 2,990,507
Microsoft Corp. 376,000 10,802,480
Oracle Corp. (a) 149,200 3,025,776
------------
16,818,763
Tobacco--0.8%
Altria Group, Inc. 78,900 5,476,449
Wireless Telecommunication
Services--0.8%
SBA Communications Corp. Class A (a) 162,000 5,276,340
Total Common Stocks in
the United States 246,987,289
Total Common Stocks
in North America--40.2% 279,748,209
Pacific Basin
Australia--12.6%
Biotechnology--0.8%
CSL Ltd. 71,900 5,778,740
Capital Markets--0.9%
Australian Wealth Management Ltd. 1,172,400 2,437,262
Perpetual Trustees Australia Ltd. 63,100 3,958,533
------------
6,395,795
Chemicals--0.9%
Incitec Pivot Ltd. 33,400 1,790,526
Nufarm Ltd. 165,300 1,902,177
Orica Ltd. 119,400 2,798,789
------------
6,491,492
Shares
Industry Common Stocks Held Value
Pacific Basin (continued)
Australia (concluded)
Commercial Banks--0.9%
National Australia Bank Ltd. 86,400 $ 2,824,324
Westpac Banking Corp. 138,800 3,089,948
------------
5,914,272
Commercial Services &
Supplies--0.3%
Seek Ltd. 309,500 2,077,147
Construction & Engineering--1.5%
Boart Longyear Group (a) 1,532,200 2,771,408
Leighton Holdings Ltd. 215,400 7,728,746
------------
10,500,154
Diversified Financial Services--0.7%
Australian Stock Exchange Ltd. 122,000 4,633,088
Energy Equipment & Services--0.8%
WorleyParsons Ltd. 180,222 5,693,612
Health Care Equipment &
Supplies--0.7%
Cochlear Ltd. 88,200 4,836,555
Insurance--1.0%
QBE Insurance Group Ltd. 240,200 6,851,230
Metals & Mining--1.8%
BHP Billiton Ltd. 178,500 5,612,914
Lihir Gold Ltd. (a)(e) 1,291,552 3,245,212
Zinifex Ltd. 250,100 3,455,245
------------
12,313,371
Oil, Gas & Consumable Fuels--1.3%
Origin Energy Ltd. 385,700 3,147,296
Paladin Resources Ltd. (a) 330,900 1,641,203
Woodside Petroleum Ltd. 119,100 4,415,732
------------
9,204,231
Transportation Infrastructure--1.0%
Macquarie Infrastructure Group 1,579,200 4,265,244
Transurban Group 501,800 2,940,603
------------
7,205,847
Total Common Stocks in Australia 87,895,534
China--2.1%
Electrical Equipment--0.2%
Suntech Power Holdings Co. Ltd. (a)(d) 45,300 1,619,475
Media--0.5%
Focus Media Holding Ltd. (a)(d)(e) 71,200 2,867,224
Metals & Mining--0.5%
China Molybdenum Co. Ltd. (a) 1,892,500 3,625,958
Oil, Gas & Consumable Fuels--0.9%
China Shenhua Energy Co. Ltd. Class H 1,438,900 6,237,112
Total Common Stocks in China 14,349,769
Hong Kong--8.6%
Communications Equipment--0.4%
ZTE Corp. 563,400 2,760,047
Distributors--1.0%
China Resources Enterprise, Ltd. 1,655,000 6,738,729
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Schedule of Investments (continued) (in U.S. dollars)
Shares
Industry Common Stocks Held Value
Pacific Basin (continued)
Hong Kong (concluded)
Diversified Financial Services--1.2%
Hong Kong Exchanges and Clearing Ltd. 466,500 $ 8,584,990
Electric Utilities--0.7%
Cheung Kong Infrastructure
Holdings Ltd. 1,380,900 5,109,099
Food Products--1.1%
Chaoda Modern Agriculture
Holdings Ltd. 4,786,600 3,689,248
China Mengniu Dairy Co., Ltd. 1,092,800 4,120,257
------------
7,809,505
Industrial Conglomerates--0.5%
NWS Holdings Ltd. 1,439,300 3,274,472
Real Estate Management &
Development--0.9%
Henderson Land Development Co., Ltd. 342,500 2,376,261
Midland Holdings Ltd. 2,132,300 1,503,998
Sun Hung Kai Properties Ltd. 185,300 2,471,411
------------
6,351,670
Specialty Retail--0.5%
Esprit Holdings Ltd. 253,000 3,682,584
Transportation Infrastructure--1.4%
COSCO Pacific Ltd. 1,106,600 3,072,450
China Merchants Holdings International
Co., Ltd. 796,800 4,164,024
Hopewell Holdings Ltd. 527,800 2,514,574
------------
9,751,048
Wireless Telecommunication
Services--0.9%
China Mobile Ltd. 451,900 6,143,056
Total Common Stocks in Hong Kong 60,205,200
India--7.1%
Automobiles--0.2%
Tata Motors Ltd. 85,000 1,459,297
Construction & Engineering--1.2%
Jaiprakash Associates Ltd. 100,200 2,234,552
Larsen & Toubro Ltd. 95,200 6,015,475
------------
8,250,027
Electrical Equipment--0.8%
Bharat Heavy Electricals Ltd. 80,400 3,714,529
Suzlon Energy Ltd. 54,100 1,675,413
------------
5,389,942
IT Services--1.5%
Infosys Technologies Ltd. 109,400 4,963,615
Satyam Computer Services Ltd. 198,200 2,170,866
Tata Consultancy Services Ltd. 123,100 3,205,419
------------
10,339,900
Industrial Conglomerates--0.2%
Siemens India Ltd. 51,000 1,598,873
Media--0.3%
Zee Telefilms Ltd. 245,600 1,861,152
Shares
Industry Common Stocks Held Value
Pacific Basin (concluded)
India (concluded)
Metals & Mining--0.9%
Hindalco Industries Ltd. 596,700 $ 2,305,050
Sterlite Industries India Ltd. 277,000 4,276,135
------------
6,581,185
Oil, Gas & Consumable Fuels--0.7%
Reliance Industries Ltd. 95,500 4,581,430
Pharmaceuticals--0.2%
Sun Pharma Advanced Research
Co., Ltd. (a) 70,300 134,580
Sun Pharmaceuticals Industries Ltd. 70,300 1,598,454
------------
1,733,034
Wireless Telecommunication
Services--1.1%
Bharti Tele-Ventures Ltd. (a) 230,600 4,962,343
Reliance Communication Ventures Ltd. 202,400 2,692,725
------------
7,655,068
Total Common Stocks in India 49,449,908
Japan--3.5%
Chemicals--0.9%
JSR Corp. 107,000 2,398,005
Mitsubishi Rayon Co., Ltd. 294,000 1,873,841
Toray Industries, Inc. 295,000 2,254,728
------------
6,526,574
Electrical Equipment--0.4%
Matsushita Electric Works Ltd. 225,000 2,753,476
Food & Staples Retailing--0.3%
Seven & I Holdings Co. Ltd. 77,700 2,073,521
Office Electronics--0.8%
Canon, Inc. 99,200 5,671,509
Real Estate Management &
Development--0.3%
Mitsui Fudosan Co., Ltd. 85,000 2,224,285
Road & Rail--0.4%
East Japan Railway Co. 330 2,630,538
Wireless Telecommunication
Services--0.4%
NTT DoCoMo, Inc. 1,900 2,904,396
Total Common Stocks in Japan 24,784,299
Singapore--1.0%
Food Products--0.4%
Wilmar International Ltd. 1,164,000 2,397,717
Industrial Conglomerates--0.6%
Keppel Corp. Ltd. 493,600 4,144,770
Total Common Stocks in Singapore 6,542,487
Total Common Stocks in
the Pacific Basin--34.9% 243,227,197
Total Common Stocks
(Cost--$540,626,871)--97.2% 676,288,972
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Schedule of Investments (concluded) (in U.S. dollars)
Beneficial
Short-Term Securities Interest Value
BlackRock Liquidity Series, LLC
Cash Sweep Series,
5.33% (b)(c) $ 17,698,554 $ 17,698,554
BlackRock Liquidity Series, LLC
Money Market Series,
5.40% (b)(c)(f) 2,913,150 2,913,150
Total Short-Term Securities
(Cost--$20,611,704)--3.0% 20,611,704
Number of
Options Purchased Contracts Value
Put Options Purchased
iShares MSCI Emerging Markets
Index Fund, expiring September 2007
at USD 120 3,000 $ 306,000
iShares MSCI Emerging Markets
Index Fund, expiring September 2007
at USD 135 2,594 1,193,240
iShares MSCI Emerging Markets
Index Fund, expiring September 2007
at USD 140 946 634,766
Total Options Purchased
(Premiums Paid--$3,600,940)--0.3% 2,134,006
Total Investments (Cost--$564,839,515*)--100.5% 699,034,682
Liabilities in Excess of Other Assets--(0.5%) (3,468,136)
------------
Net Assets--100.0% $695,566,546
============
* The cost and unrealized appreciation (depreciation) of investments
as of August 31, 2007, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 565,224,455
================
Gross unrealized appreciation $ 144,419,029
Gross unrealized depreciation (10,608,802)
----------------
Net unrealized appreciation $ 133,810,227
================
(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 $4,546,649 $1,036,944
BlackRock Liquidity Series, LLC
Money Market Series $2,061,950 $ 5,962
(c) Represents the current yield as of August 31, 2007.
(d) Depositary receipts.
(e) Security, or a portion of security, is on loan.
(f) Security was purchased with the cash proceeds from securities loans.
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. These industry and
geographical classifications are unaudited.
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Statement of Assets and Liabilities
As of August 31, 2007
Assets
Investments in unaffiliated securities, at value (including securities
loaned of $2,845,861) (identified cost--$540,626,871) $ 676,288,972
Options purchased, at value (cost--$3,600,940) 2,134,006
Investments in affiliated securities, at value (identified cost--$20,611,704) 20,611,704
Foreign cash (cost--$948,271) 952,190
Cash 2,839,704
Receivables:
Capital shares sold $ 1,106,783
Dividends 652,734
Securities sold 84,921
Securities lending--net 1,663 1,846,101
---------------
Prepaid expenses 126,247
---------------
Total assets 704,798,924
---------------
Liabilities
Collateral on securities loaned, at value 2,913,150
Deferred foreign capital gain tax 1,126,307
Payables:
Securities purchased 3,509,444
Capital shares redeemed 743,102
Investment adviser 428,838
Other affiliates 160,340
Distributor 158,974 5,000,698
---------------
Accrued expenses and other liabilities 192,223
---------------
Total liabilities 9,232,378
---------------
Net Assets
Net assets $ 695,566,546
===============
Net Assets Consist of
Institutional Shares of Common Stock, $.10 par value, 100,000,000 shares authorized $ 1,709,584
Investor A Shares of Common Stock, $.10 par value, 100,000,000 shares authorized 1,757,491
Investor B Shares of Common Stock, $.10 par value, 300,000,000 shares authorized 301,253
Investor C Shares of Common Stock, $.10 par value, 100,000,000 shares authorized 452,637
Class R Shares of Common Stock, $.10 par value, 300,000,000 shares authorized 24,188
Paid-in capital in excess of par 925,375,553
Undistributed investment income--net $ 3,657,259
Accumulated realized capital losses--net (370,799,890)
Unrealized appreciation--net 133,088,471
---------------
Total accumulated losses--net (234,054,160)
---------------
Net Assets $ 695,566,546
===============
Net Asset Value
Institutional--Based on net assets of $284,754,096 and 17,095,837 shares outstanding $ 16.66
===============
Investor A--Based on net assets of $288,911,681 and 17,574,909 shares outstanding $ 16.44
===============
Investor B--Based on net assets of $47,185,544 and 3,012,534 shares outstanding $ 15.66
===============
Investor C--Based on net assets of $70,835,278 and 4,526,369 shares outstanding $ 15.65
===============
Class R--Based on net assets of $3,879,947 and 241,882 shares outstanding $ 16.04
===============
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Statement of Operations
For the Year Ended August 31, 2007
Investment Income
Dividends (net of $296,834 foreign withholding tax) $ 10,738,376
Interest from affiliates 1,036,944
Securities lending--net 5,962
---------------
Total income 11,781,282
---------------
Expenses
Investment advisory fees $ 4,286,401
Service fees--Investor A 643,390
Service and distribution fees--Investor C 628,488
Service and distribution fees--Investor B 536,857
Transfer agent fees--Investor A 400,645
Transfer agent fees--Institutional 259,566
Custodian fees 248,157
Accounting services 199,436
Transfer agent fees--Investor B 128,943
Transfer agent fees--Investor C 126,994
Printing and shareholder reports 100,766
Professional fees 75,960
Registration fees 66,086
Directors' fees and expenses 59,464
Service and distribution fees--Class R 11,339
Pricing fees 10,763
Transfer agent fees--Class R 5,881
Other 35,700
---------------
Total expenses 7,824,836
---------------
Investment income--net 3,956,446
---------------
Realized & Unrealized Gain (Loss)--Net
Realized gain (loss) on:
Investments (including $88,338 foreign capital gain tax)--net 76,803,139
Foreign currency transactions--net (210,801) 76,592,338
---------------
Change in unrealized appreciation/depreciation on:
Investments (including $818,580 deferred foreign capital gain tax)--net 65,994,017
Foreign currency transactions--net 16,232 66,010,249
--------------- ---------------
Total realized and unrealized gain--net 142,602,587
---------------
Net Increase in Net Assets Resulting from Operations $ 146,559,033
===============
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Statements of Changes in Net Assets
For the Year Ended
August 31,
Increase (Decrease) in Net Assets: 2007 2006
Operations
Investment income--net $ 3,956,446 $ 1,185,097
Realized gain--net 76,592,338 82,004,957
Change in unrealized appreciation/depreciation--net 66,010,249 5,057,083
--------------- ---------------
Net increase in net assets resulting from operations 146,559,033 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 increase (decrease) in net assets derived from capital share transactions 56,315,507 (67,333,645)
--------------- ---------------
Redemption Fee
Redemption fee 9,997 214
--------------- ---------------
Net Assets
Total increase in net assets 202,782,739 16,803,273
Beginning of year 492,783,807 475,980,534
--------------- ---------------
End of year* $ 695,566,546 $ 492,783,807
=============== ===============
* Undistributed investment income--net $ 3,657,259 $ 101,750
=============== ===============
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Financial Highlights
The following
per share data
and ratios
have been
derived from
information Institutional Investor A
provided in
the financial For the Year Ended August 31, For the Year Ended August 31,
statements. 2007 2006 2005 2004 2003 2007 2006 2005 2004 2003
Per Share Operating Performance
Net asset value,
beginning of year $ 12.71 $ 10.72 $ 8.56 $ 7.58 $ 7.00 $ 12.57 $ 10.60 $ 8.47 $ 7.51 $ 6.95
-------------------------------------------------- --------------------------------------------------
Investment
income--net* .16 .09 .16 .09 .04 .11 .06 .13 .07 .03
Realized and
unrealized
gain--net 3.80++++ 2.07++++ 2.03++++ .89++++ .54 3.76++++ 2.05++++ 2.00++++ .89++++ .53
-------------------------------------------------- --------------------------------------------------
Total from investment
operations 3.96 2.16 2.19 .98 .58 3.87 2.11 2.13 .96 .56
-------------------------------------------------- --------------------------------------------------
Less dividends from
investment income--net (.01) (.17) (.03) -- -- -- (.14) --++ -- --
-------------------------------------------------- --------------------------------------------------
Net asset value,
end of year $ 16.66 $ 12.71 $ 10.72 $ 8.56 $ 7.58 $ 16.44 $ 12.57 $ 10.60 $ 8.47 $ 7.51
================================================== ==================================================
Total Investment Return**
Based on net asset
value per share 31.17% 20.41% 25.58% 12.93% 8.29% 30.79% 20.13% 25.17% 12.78% 8.06%
================================================== ==================================================
Ratios Based on Average Net Assets
Expenses 1.01% 1.12% 1.13% 1.13% 1.16% 1.30% 1.35% 1.38% 1.37% 1.42%
================================================== ==================================================
Investment income--net 1.07% .71% 1.60% 1.05% .63% .75% .53% 1.35% .87% .40%
================================================== ==================================================
Supplemental Data
Net assets, end of
year (in thousands) $284,754 $144,560 $114,007 $106,785 $133,096 $ 288,912 $227,792 $ 93,408 $ 98,519 $110,092
================================================== ==================================================
Portfolio turnover 91% 80% 109% 72% 121% 91% 80% 109% 72% 121%
================================================== ==================================================
* Based on average shares outstanding.
** Total investment return excludes the effect of any sales charges.
++ Amount is less than $.01 per share.
++++ Includes a redemption fee, which is less than $.01 per share.
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Financial Highlights (continued)
The following
per share data
and ratios
have been
derived from
information Investor B Investor C
provided in
the financial For the Year Ended August 31, For the Year Ended August 31,
statements. 2007 2006 2005 2004 2003 2007 2006 2005 2004 2003
Per Share Operating Performance
Net asset value,
beginning of year $ 12.07 $ 10.17 $ 8.19 $ 7.32 $ 6.83 $ 12.06 $ 10.17 $ 8.19 $ 7.32 $ 6.83
-------------------------------------------------- --------------------------------------------------
Investment income
(loss)--net* (.01) (.06) .05 --++ (.03) (.01) (.04) .05 --++ (.03)
Realized and
unrealized gain--net 3.60++++ 2.00++++ 1.93++++ .87++++ .52 3.60++++ 1.98++++ 1.93++++ .87++++ .52
-------------------------------------------------- --------------------------------------------------
Total from investment
operations 3.59 1.94 1.98 .87 .49 3.59 1.94 1.98 .87 .49
-------------------------------------------------- --------------------------------------------------
Less dividends from
investment income--net -- (.04) -- -- -- -- (.05) -- -- --
-------------------------------------------------- --------------------------------------------------
Net asset value,
end of year $ 15.66 $ 12.07 $ 10.17 $ 8.19 $ 7.32 $ 15.65 $ 12.06 $ 10.17 $ 8.19 $ 7.32
================================================== ==================================================
Total Investment Return**
Based on net asset
value per share 29.74% 19.18% 24.18% 11.89% 7.17% 29.77% 19.15% 24.18% 11.89% 7.17%
================================================== ==================================================
Ratios Based on Average Net Assets
Expenses 2.15% 2.18% 2.16% 2.16% 2.22% 2.10% 2.16% 2.18% 2.18% 2.24%
================================================== ==================================================
Investment income
(loss)--net (.10%) (.56%) .56% .05% (.43%) (.04%) (.36%) .55% .05% (.43%)
================================================== ==================================================
Supplemental Data
Net assets, end of
year (in thousands) $ 47,186 $ 62,390 $212,353 $252,691 $327,483 $ 70,835 $ 56,567 $ 55,507 $ 60,771 $ 72,249
================================================== ==================================================
Portfolio turnover 91% 80% 109% 72% 121% 91% 80% 109% 72% 121%
================================================== ==================================================
* Based on average shares outstanding.
** Total investment return excludes the effect of sales charges.
++ Amount is less than $.01 per share.
++++ Includes a redemption fee, which is less than $.01 per share.
See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Financial Highlights (concluded)
Class R
For the Period
January 3, 2003++
The following per share data and ratios have been derived For the Year Ended August 31, to August 31,
from information provided in the financial statements. 2007 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* .06 .03 .06 .08 .06
Realized and unrealized gain--net 3.68++++ 2.00++++ 2.01++++ .89++++ .83
------------ ------------ ------------ ------------ ------------
Total from investment operations 3.74 2.03 2.07 .97 .89
------------ ------------ ------------ ------------ ------------
Less dividends from investment income--net -- (.15) (.01) -- --
------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 16.04 $ 12.30 $ 10.42 $ 8.36 $ 7.39
============ ============ ============ ============ ============
Total Investment Return
Based on net asset value per share 30.41% 19.78% 24.81% 13.13% 13.69%+++++
============ ============ ============ ============ ============
Ratios to Average Net Assets
Expenses 1.63% 1.62% 1.79% 1.56% 1.64%+++
============ ============ ============ ============ ============
Investment income--net .44% .23% .99% 1.36% .66%+++
============ ============ ============ ============ ============
Supplemental Data
Net assets, end of period (in thousands) $ 3,880 $ 1,475 $ 705 $ 166 --**
============ ============ ============ ============ ============
Portfolio turnover 91% 80% 109% 72% 121%
============ ============ ============ ============ ============
* 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. AUGUST 31, 2007
Notes to Financial Statements
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. 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. Valuation of 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.
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
BlackRock Advisors, LLC (the "Manager"), an indirect subsidiary of BlackRock,
Inc. using a pricing service and/or procedures approved by the Fund's Board of
Directors.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Notes to Financial Statements (continued)
(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 index, 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.
(e) Security transactions and investment income--Security transactions are
recorded on the dates the trans-actions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Dividends from foreign securities where the ex-dividend date may have passed
are subsequently recorded when the Fund has determined the ex-dividend date.
Interest income is recognized on the accrual basis.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Notes to Financial Statements (continued)
(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 receives 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 each of 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.
(j) Reclassification--U.S. generally accepted accounting principles require
that certain components of net assets be adjusted to reflect permanent
differences between financial and tax reporting. Accordingly, during the
current year, $299,139 has been reclassified between undistributed net
investment income and accumulated net realized capital losses as a result of
permanent differences attributable to foreign currency transactions and
characterization of expenses. This reclassification has no effect on net
assets or net asset values per share.
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.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Notes to Financial Statements (continued)
On August 31, 2006, shareholders of the Fund approved a new Investment Advisory
Agreement with BlackRock Advisors Inc. BlackRock Advisors, Inc. was reorganized
into a limited liability company and renamed BlackRock Advisors, LLC.
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 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. and its affiliates
("BDI") (collectively, the "Distributor"). FAMD is a wholly owned subsidiary
of Merrill Lynch Group, Inc., and BDI is an affiliate of BlackRock, Inc.
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 each Distributor provide 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 the Distributor
and the broker-dealer for providing shareholder servicing and distribution-
related services to Investor B, Investor C and Class R shareholders.
For the year ended August 31, 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, which totaled $91,537.
For the year ended August 31, 2007, affiliates received contingent deferred
sales charges of $22,954 and $1,470 relating to transactions in Investor B and
Investor C Shares, respectively. Furthermore, affiliates received contingent
deferred sales charges of $165 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 August 31, 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 $11,517
Investor A $13,614
Investor B $10,308
Investor C $15,454
Class R $ 30
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 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 year ended
August 31, 2007, BIM received $447 in securities lending agent fees.
In addition, MLPF&S received $146,900 in commissions on the execution of
portfolio security transactions for the Fund for the year ended August 31,
2007.
For the year ended August 31, 2007, the Fund reimbursed MLIM and the Manager
$1,174 and $9,326, 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, 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
year ended August 31, 2007 were $546,650,293 and $496,391,705, respectively.
4. Capital Share Transactions:
Net increase (decrease) in net assets derived from capital share transactions
was $56,315,507 and $(67,333,645) for the years ended August 31, 2007 and
August 31, 2006, respectively.
Transactions in capital shares for each class were as follows:
Institutional Shares for the Year Dollar
Ended August 31, 2007 Shares Amount
Shares sold 9,376,324 $ 146,667,134
Shares issued to shareholders in
reinvestment of dividends 7,405 94,456
--------------- ---------------
Total issued 9,383,729 146,761,590
Shares redeemed (3,662,626) (54,401,391)
--------------- ---------------
Net increase 5,721,103 $ 92,360,199
=============== ===============
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 Year Dollar
Ended August 31, 2007 Shares Amount
Shares sold 2,575,136 $ 38,258,312
Automatic conversion of shares 142,814 1,745,840
--------------- ---------------
Total issued 2,717,950 40,004,152
Shares redeemed (3,267,967) (46,973,516)
--------------- ---------------
Net decrease (550,017) $ (6,969,364)
=============== ===============
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 Year Dollar
Ended August 31, 2007 Shares Amount
Shares sold 395,665 $ 5,600,382
--------------- ---------------
Shares redeemed (2,402,282) (33,137,229)
Automatic conversion of shares (148,778) (1,745,840)
--------------- ---------------
Total redeemed (2,551,060) (34,883,069)
--------------- ---------------
Net decrease (2,155,395) $ (29,282,687)
=============== ===============
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Notes to Financial Statements (concluded)
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 Year Dollar
Ended August 31, 2007 Shares Amount
Shares sold 759,034 $ 11,185,729
Shares redeemed (923,246) (12,820,027)
--------------- ---------------
Net decrease (164,212) $ (1,634,298)
=============== ===============
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 Year Dollar
Ended August 31, 2007 Shares Amount
Shares sold 206,721 $ 3,082,368
Shares redeemed (84,723) (1,240,711)
--------------- ---------------
Net increase 121,998 $ 1,841,657
=============== ===============
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 party to a $500,000,000 credit agreement with a group of
lenders, which expires November 2007. 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. 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 year ended
August 31, 2007.
6. Distributions to Shareholders:
The tax character of distributions paid during the fiscal years ended August
31, 2007 and August 31, 2007 was as follows:
8/31/2007 8/31/2006
Distributions paid from:
Ordinary income $ 101,798 $ 4,110,433
--------------- ---------------
Total taxable distributions $ 101,798 $ 4,110,433
=============== ===============
As of August 31, 2007, the components of accumulated losses on a tax
basis were as follows:
Undistributed ordinary income--net $ 4,041,886
Undistributed long-term capital gains--net --
---------------
Total undistributed earnings--net 4,041,886
Capital loss carryforward (370,799,578)*
Unrealized gains--net 132,703,532**
---------------
Total accumulated losses--net $ (234,054,160)
===============
* On August 31, 2007, the Fund had a net capital loss carry forward
of $370,799,578, of which $3,964,136 expires in 2008, $3,964,136
expires in 2009, $10,322,407 expires in 2010 and $352,548,899
expires in 2011. This amount, subject to limitations, will be available
to offset like amounts of any future taxable gains.
** The difference between book-basis and tax-basis net unrealized
gains is attributable primarily to the tax deferral of losses on wash
sales and the realization for tax purposes of unrealized gains on
investments in passive foreign investment companies.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors of
BlackRock Global Growth Fund, Inc.:
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of BlackRock Global Growth Fund, Inc.,
as of August 31, 2007, and the related statement of operations for the year
then ended, and the statements of changes in net assets and the financial
highlights for each of the two years in the period then ended. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. The financial
highlights of the Fund for each of the three years in the period ended August
31, 2005 were audited by other auditors whose report, dated October 14, 2005,
expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Fund is not required to have, nor were we engaged to
perform, an audit of its internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Fund's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of August 31, 2007, by
correspondence with the custodian and brokers; where replies were not received
from brokers, we performed other auditing procedures. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
BlackRock Global Growth Fund, Inc. as of August 31, 2007, the results of its
operations for the year then ended, and the changes in its net assets and its
financial highlights for each of the two years in the period then ended, in
conformity with accounting principles generally accepted in the United States
of America.
Deloitte & Touche LLP
Princeton, New Jersey
October 26, 2007
Important Tax Information (unaudited)
The following information is provided with respect to the ordinary income
distribution paid by BlackRock Global Growth Fund, Inc. to shareholders of
record on October 10, 2006:
Qualified Dividend Income for Individuals 100%*
Dividends Qualifying for the Dividends Received Deduction
for Corporations 100%*
Foreign Source Income 88.03%*
Foreign Taxes Paid Per Share $.091519
* Expressed as a percentage of the cash distribution grossed-up for foreign
taxes.
The foreign taxes paid represent taxes incurred by the Fund on income received
by the Fund from foreign sources. Foreign taxes paid may be included in
taxable income with an offsetting deduction from gross income or may be taken
as a credit for taxes paid to foreign governments. You should consult your tax
adviser regarding the appropriate treatment of foreign taxes paid.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Officers and Directors
Number of
Funds and
Portfolios in
Position(s) Length of Fund Complex Other Public
Name, Address Held with Time Overseen by Directorships
and Year of Birth Fund Served Principal Occupation(s) During Past 5 Years Director Held by Director
Interested Director
Robert C. Doll, Jr.* Fund 2005 to Vice Chairman and Director of BlackRock, Inc., 120 Funds None
P.O. Box 9011 President present Global Chief Investment Officer for Equities, 161 Portfolios
Princeton, NJ and Chairman of the BlackRock Retail Operating
08543-9011 Director Committee, and member of the BlackRock Executive
1954 Committee since 2006; President of the funds
advised by Merrill Lynch Investment Managers,
L.P. ("MLIM") and its affiliates ("MLIM/FAM-advised
funds") from 2005 to 2006 and Chief Investment
Officer thereof from 2001 to 2006; President of
MLIM and Fund Asset Management, L.P. ("FAM") from
2001 to 2006; Co-Head (Americas Region) thereof
from 2000 to 2001 and Senior Vice President from
1999 to 2001; President and Director of Princeton
Services, Inc. ("Princeton Services") and President
of Princeton Administrators, L.P. ("Princeton
Administrators") from 2001 to 2006; Chief Investment
Officer of OppenheimerFunds, Inc. in 1999 and Executive
Vice President thereof from 1991 to 1999.
* Mr. Doll is a director, trustee or member of an advisory board of certain other
investment companies for which BlackRock Advisors, LLC and its affiliates act as
investment adviser. Mr. Doll is an "interested person," as defined in the
Investment Company Act, of the Fund based on his positions with BlackRock, Inc.
and its affiliates. Directors serve until their resignation, removal or death, or
until December 31 of the year in which they turn 72. As Fund President, Mr. Doll
serves at the pleasure of the Board of Directors.
Independent Directors*
Donald W. Burton Director 2002 to Managing General Partner of The Burton 21 Funds Knology, Inc.
P.O. Box 9095 present Partnership, Limited Partnership (an 32 Portfolios (telecommuni-
Princeton, NJ investment partnership) since 1979; Managing cations),
08543-9095 General Partner of The South Atlantic Venture and Capital
1944 Funds since 1983; Member of the Investment Southwest
Advisory Council of the Florida State Board (financial)
of Administration since 2001.
John Francis 0'Brien Director 2005 to President and Chief Executive Officer of 21 Funds Cabot Corporation
P.O. Box 9095 present Allmerica Financial Corporation (financial 32 Portfolios (chemicals); LKQ
Princeton, NJ services holding company) from 1995 to 2002 Corporation (auto
08543-9095 and Director from 1995 to 2003; President of parts
1943 Allmerica Investment Management Co., Inc. manufacturing)
(investment adviser) from 1989 to 2002, and TJX Companies,
Director from 1989 to 2002 and Chairman of Inc. (retailer)
the Board from 1989 to 1990; President, Chief
Executive Officer and Director of First
Allmerica Financial Life Insurance Company from
1989 to 2002 and Director of various other
Allmerica Financial companies until 2002;
Director from 1989 to 2006, Member of the
Governance Nominating Committee from 2004 to 2006,
Member of the Compensation Committee from 1989
to 2006 and Member of the Audit Committee from
1990 to 2004 of ABIOMED; Director, Member of the
Governance and Nomination Committee and Member
of the Audit Committee of Cabot Corporation since
1990; Director and Member of the Audit Committee
and Compensation Committee of LKQ Corporation since
2003; Lead Director of TJX Companies, Inc. since
1996; Trustee of the Woods Hole Oceanographic
Institute since 2003. Director, Ameresco, Inc.
since 2006. Director, Boston Lyric Opera since 2002.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
Officers and Directors (concluded)
Number of
Funds and
Portfolios in
Position(s) Length of Fund Complex Other Public
Name, Address Held with Time Overseen by Directorships
and Year of Birth Fund Served Principal Occupation(s) During Past 5 Years Director Held by Director
Independent Directors* (concluded)
David H. Walsh Director 2003 to Director, Ruckleshaus Institute and Haub School 21 Funds None
P.O. Box 9095 present of Natural Resources at the University of 32 Portfolio
Princeton, NJ Wyoming since 2006; Consultant with Putnam
08543-9095 Investments from 1993 to 2003, and employed
1941 in various capacities therewith from 1973 to
1992; Director, Massachusetts Audubon Society
from 1990 to 1997; Director, The National
Audubon Society from 1998 to 2005; Director,
The American Museum of Fly Fishing since 1997.
Fred G. Weiss** Director 1998 to Managing Director of FGW Associates since 21 Funds Watson
P.O. Box 9095 present 1997; Vice President, Planning, Investment and 32 Portfolios Pharmaceuticals,
Princeton, NJ Development of Warner Lambert Co. from 1979 Inc.
08543-9095 to 1997; Director of the Michael J. Fox (pharmaceutical
1941 Foundation for Parkinson's Research since company)
2000; Director of BTG International Plc (a global
technology commercialization company) since 2001.
* Directors serve until their resignation, removal or death, or until December 31
of the year in which they turn 72.
** Chairman of the Board of Directors and the Audit Committee.
Position(s) Length of
Name, Address Held with Time
and Year of Birth Fund Served Principal Occupation(s) During Past 5 Years
Fund Officers*
Donald C. Burke Vice 1997 to Managing Director of BlackRock, Inc. since 2006; Managing Director of Merrill
P.O. Box 9011 President present Lynch Investment Managers, L.P. ("MLIM") and Fund Asset Management, L.P. ("FAM")
Princeton, NJ and and in 2006; First Vice President of MLIM and FAM from 1997 to 2005 and Treasurer
08543-9011 Treasurer 1999 to thereof from 1999 to 2006); Vice President of MLIM and FAM from 1990 to 1997.
1960 present
Karen Clark Fund Chief 2007 to Managing Director of BlackRock, Inc. and Chief Compliance Officer of certain
P.O. Box 9011 Compliance present BlackRock-advised funds since 2007; Director of BlackRock, Inc. from 2005 to
Princeton, NJ Officer 2007; Principal and Senior Compliance Officer, State Street Global Advisors,
08543-9011 from 2001 to 2005; Principal Consultant, PricewaterhouseCoopers, LLP from 1998
1965 to 2001; and Branch Chief, Division of Investment Management and Office of
Compliance Inspections and Examinations, U.S. Securities and Exchange Commission,
from 1993 to 1998.
Alice A. Pellegrino Fund 2004 to Director of BlackRock, Inc. from 2006 to 2007; Director (Legal Advisory) of MLIM
P.O. Box 9011 Secretary 2007 from 2002 to 2006; Vice President of MLIM from 1999 to 2002; Attorney associated
Princeton, NJ with MLIM from 1997 to 1999; Secretary of MLIM, FAM, FAM Distributors, Inc. and
08543-9011 Princeton Services from 2004 to 2006.
1960
Howard Surloff Fund 2007 to Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at
P.O. Box 9011 Secretary present BlackRock, Inc. since 2006; General Counsel (U.S.), Goldman Sachs Asset
Princeton, NJ Management from 1993 to 2006.
08543-9011
1965
* Officers of the Fund serve at the pleasure of the Board of Directors.
Further information about the Fund's Officers and Directors is available in
the Fund's Statement of Additional Information, which can be obtained without
charge by calling 1-800-441-7762.
Custodian
State Street Bank and Trust Company
P.O. Box 351
Boston, MA 02101
Transfer Agent
PFPC Inc.
Wilmington, DE 19809
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 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 respond to regulatory requests or 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. AUGUST 31, 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 funds.
Systematic Withdrawal Plans
Investor Class shareholders can establish a systematic withdrawal plan and
receive periodic payments of $50 or more from their BlackRock funds, as long
as their account is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover,
Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
BLACKROCK GLOBAL GROWTH FUND, INC. AUGUST 31, 2007
A World-Class Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all
investment styles and managed by experts in equity, fixed income and
tax-exempt investing.
Equity Funds
BlackRock All-Cap Global Resources Portfolio
BlackRock Aurora Portfolio
BlackRock Asset Allocation Portfolio++
BlackRock Balanced Capital Fund++
BlackRock Basic Value Fund
BlackRock Capital Appreciation Portfolio
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 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 Large Cap Core Fund
BlackRock Large Cap Growth Fund
BlackRock Large Cap Value Fund
BlackRock Latin America Fund
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 Technology Fund
BlackRock U.S. Opportunities Portfolio
BlackRock Utilities and Telecommunications Fund
BlackRock Value Opportunities Fund
Fixed Income Funds
BlackRock Commodity Strategies 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 II
BlackRock Intermediate Government
Bond Portfolio
BlackRock International Bond Portfolio
BlackRock Low Duration Bond Portfolio
BlackRock Managed Income Portfolio
BlackRock Short-Term Bond Fund
BlackRock Total Return Fund
BlackRock Total Return Portfolio II
BlackRock World Income Fund
Municipal Bond Funds
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
Target Risk & Target Date Funds
BlackRock Prepared Portfolios
Conservative Prepared Portfolio
Moderate Prepared Portfolio
Growth Prepared Portfolio
Aggressive Growth Prepared Portfolio
BlackRock Lifecycle Prepared Portfolios
Prepared Portfolio 2010
Prepared Portfolio 2015
Prepared Portfolio 2020
Prepared Portfolio 2025
Prepared Portfolio 2030
Prepared Portfolio 2035
Prepared Portfolio 2040
Prepared Portfolio 2045
Prepared Portfolio 2050
* See the prospectus for information on specific limitations on investments
in the fund.
++ Mixed asset fund.
BlackRock mutual funds are 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. AUGUST 31, 2007
Item 2 - Code of Ethics - The registrant has adopted a code of ethics, as of
the end of the period covered by this report, applicable to the
registrant's principal executive officer, principal financial
officer and principal accounting officer, or persons performing
similar functions. During the period covered by this report, there
have been no amendments to or waivers granted under the code of
ethics. A copy of the code of ethics is available without charge at
www.blackrock.com.
Item 3 - Audit Committee Financial Expert - The registrant's board of
directors or trustees, as applicable (the "board of directors") has
determined that (i) the registrant has the following audit committee
financial experts serving on its audit committee and (ii) each audit
committee financial expert is independent: (1) Donald W. Burton, (2)
John F. O'Brien, (3) David H. Walsh and (4) Fred G. Weiss.
Under applicable securities laws, a person determined to be an audit
committee financial expert will not be deemed an "expert" for any
purpose, including without limitation for the purposes of Section 11
of the Securities Act of 1933, as a result of being designated or
identified as an audit committee financial expert. The designation
or identification as an audit committee financial expert does not
impose on such person any duties, obligations, or liabilities
greater than the duties, obligations, and liabilities imposed on
such person as a member of the audit committee and board of
directors in the absence of such designation or identification.
Item 4 - Principal Accountant Fees and Services
(a) Audit Fees (b) Audit-Related Fees (1) (c) Tax Fees (2) (d) All Other Fees (3)
Current Previous Current Previous Current Previous Current Previous
Global Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Growth End End End End End End End End
BlackRock
Global Growth $37,800 $37,800 $0 $0 $6,100 $6,000 $1,042 $0
Fund, Inc.
(1) The nature of the services include assurance and related services
reasonably related to the performance of the audit of financial statements
not included in Audit Fees.
(2) The nature of the services include tax compliance, tax advice and tax
planning.
(3) The nature of the services include a review of compliance procedures and
attestation thereto.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant's audit committee (the "Committee") has
adopted policies and procedures with regard to the pre-approval of
services. Audit, audit-related and tax compliance services provided
to the registrant on an annual basis require specific pre-approval
by the Committee. The Committee also must approve other non-audit
services provided to the registrant and those non-audit services
provided to the registrant's affiliated service providers that
relate directly to the operations and the financial reporting of the
registrant. Certain of these non-audit services that the Committee
believes are a) consistent with the SEC's auditor independence rules
and b) routine and recurring services that will not impair the
independence of the independent accountants may be approved by the
Committee without consideration on a specific case-by-case basis
("general pre-approval"). However, such services will only be
deemed pre-approved provided that any individual project does not
exceed $5,000 attributable to the registrant or $50,000 for all of
the registrants the Committee oversees. Any proposed services
exceeding the pre-approved cost levels will require specific pre-
approval by the Committee, as will any other services not subject to
general pre-approval (e.g., unanticipated but permissible services).
The Committee is informed of each service approved subject to
general pre-approval at the next regularly scheduled in-person board
meeting.
(e)(2) None of the services described in each of Items 4(b) through
(d) were approved by the audit committee pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) Affiliates' Aggregate Non-Audit Fees:
Current Previous
Fiscal Year Fiscal Year
Global Growth End End
BlackRock Global
Growth Fund, Inc. $291,642 $3,104,500
(h) The registrant's audit committee has considered and determined
that the provision of non-audit services that were rendered to the
registrant's investment adviser (not including any non-affiliated
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by the registrant's investment
adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services
to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.
Regulation S-X Rule 2-01(c)(7)(ii) - $284,500, 0%
Item 5 - Audit Committee of Listed Registrants - Not Applicable
Item 6 - Schedule of Investments - The registrant's Schedule of Investments
is included as part of the Report to Stockholders filed under Item 1
of this form.
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable
Item 8 - Portfolio Managers of Closed-End Management Investment Companies -
Not Applicable
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - The
registrant's Nominating Committee will consider nominees to the
Board recommended by shareholders when a vacancy becomes available.
Shareholders who wish to recommend a nominee should send nominations
which include biographical information and set forth the
qualifications of the proposed nominee to the registrant's
Secretary. There have been no material changes to these procedures.
Item 11 - Controls and Procedures
11(a) - The registrant's principal executive and principal financial
officers or persons performing similar functions have concluded that
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940, as amended
(the "1940 Act")) are effective as of a date within 90 days of the
filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule
15d-15(b) under the Securities and Exchange Act of 1934, as amended.
11(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the second fiscal quarter of the period covered
by this report that have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - See Item 2
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Global Growth Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock Global Growth Fund, Inc.
Date: October 22, 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 (principal executive officer) of
BlackRock Global Growth Fund, Inc.
Date: October 22, 2007
By: /s/ Donald C. Burke
-------------------
Donald C. Burke,
Chief Financial Officer (principal financial officer) of
BlackRock Global Growth Fund, Inc.
Date: October 22, 2007