-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BeaYyvJaPSWGoCFadDzYYofoTGKzdaZnvZ+cXOoc6PqejGTI9HVS+eObYSRHR6bc c7eIdCDNxX2uBApwlTBhSw== 0000900092-07-000118.txt : 20070509 0000900092-07-000118.hdr.sgml : 20070509 20070509143400 ACCESSION NUMBER: 0000900092-07-000118 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070228 FILED AS OF DATE: 20070509 DATE AS OF CHANGE: 20070509 EFFECTIVENESS DATE: 20070509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK GLOBAL GROWTH FUND, INC. CENTRAL INDEX KEY: 0001043434 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08327 FILM NUMBER: 07831825 BUSINESS ADDRESS: STREET 1: MERRILL LYNCH ASSET MANAGEMENT STREET 2: PO BOX 9011 CITY: PRINCETON STATE: NJ ZIP: 08543 BUSINESS PHONE: 609-282-2800 MAIL ADDRESS: STREET 1: MERRILL LYNCH ASSET MANAGEMENT STREET 2: PO BOX 9011 CITY: PRINCETON STATE: NJ ZIP: 08543 FORMER COMPANY: FORMER CONFORMED NAME: MERRILL LYNCH GLOBAL GROWTH FUND INC DATE OF NAME CHANGE: 19970805 0001043434 S000002174 BLACKROCK GLOBAL GROWTH FUND, INC. C000005572 Investor A C000005573 Investor B C000005574 Investor C C000005575 Institutional C000005576 Class R N-CSRS 1 br7478.txt BLACKROCK GLOBAL GROWTH FUND, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-08327 Name of Fund: BlackRock Global Growth Fund, Inc. Fund Address: P.O. Box 9011 Princeton, NJ 08543-9011 Name and address of agent for service: Robert C. Doll, Jr., Chief Executive Officer, BlackRock Global Growth Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011 Registrant's telephone number, including area code: (609) 282-2800 Date of fiscal year end: 08/31/07 Date of reporting period: 09/01/06 - 02/28/07 Item 1 - Report to Stockholders ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES FIXED INCOME LIQUIDITY REAL ESTATE BlackRock Global Growth Fund, Inc. SEMI-ANNUAL REPORT FEBRUARY 28, 2007 (Unaudited) (BLACKROCK logo) NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE This report is transmitted to shareholders only. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless accompanied or preceded by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change. Investment in foreign securities involves special risks including fluctuating foreign exchange rates, foreign government regulations, differing degrees of liquidity and the possibility of substantial volatility due to adverse political, economic or other developments. BlackRock Global Growth Fund, Inc. P.O. Box 9011 Princeton, NJ 08543-9011 (GO PAPERLESS... logo) It's Fast, Convenient, & Timely! To sign up today, go to www.blackrock.com/edelivery. BlackRock Global Growth Fund, Inc. Portfolio Information as of February 28, 2007 Country of Percent of Ten Largest Equity Holdings Origin Net Assets Cisco Systems, Inc. United States 1.7% National Australia Bank Ltd. Australia 1.6 QBE Insurance Group Ltd. Australia 1.6 Diageo Plc United Kingdom 1.5 Australia & New Zealand Banking Group Ltd. Australia 1.4 ZTE Corp. Hong Kong 1.4 Macquarie Bank Ltd. Australia 1.4 Commonwealth Bank of Australia Ltd. Australia 1.3 Energy Resources of Australia Ltd. Australia 1.2 Novartis AG Registered Shares Switzerland 1.2 Percent of Five Largest Industries Net Assets Capital Markets 6.9% Commercial Banks 6.8 Energy Equipment & Services 5.7 Metals & Mining 5.5 Communications Equipment 4.5 For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. Percent of Geographic Allocation Total by Country Investments United States 33.4% Australia 22.2 India 8.8 Hong Kong 8.5 Switzerland 5.4 Japan 4.5 France 2.8 Canada 2.7 United Kingdom 2.3 South Africa 1.7 Germany 1.4 Brazil 0.9 South Korea 0.9 Italy 0.9 Singapore 0.9 China 0.9 Spain 0.5 Finland 0.5 Sweden 0.3 Other* 0.5 * Includes portfolio holdings in short-term investments. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 A Letter to Shareholders Dear Shareholder The new year began on a positive note for most financial markets, continuing the momentum from the fourth quarter of 2006. At the end of February, however, global equity markets registered their first significant decline since last summer. The market jitters were triggered by a significant setback in the Chinese market and were exacerbated by several concerns, notably a weakening economy, some disappointing corporate earnings announcements, geopolitical concerns related to Iran's nuclear program and increasing delinquencies in the subprime mortgage market. Despite the recent spate of volatility, underlying stock market fundamentals appear quite sound, supported by a generally good global economic backdrop, tame inflation, relatively low interest rates and attractive valuations. Not unlike the equity market, the bond market also has seen volatility recently as observers have attempted to interpret mixed economic signals. A bond market rally late last year reversed early in 2007 as the economic data strengthened. Prices improved (and yields fell) again in February as equities struggled. Notably, the Treasury curve remained inverted for much of 2006 and into 2007. The 30-year Treasury yield stood at 4.68% on February 28, 2007, while the one-month Treasury offered the highest yield on the curve at 5.24%. For its part, the Federal Reserve Board (the Fed) has left the target short- term interest rate on hold at 5.25% since first pausing on August 8, 2006. Although the central bankers continue to express concern about potential inflationary pressures, they also have made reference to signs of economic weakness in their public statements. Most observers expect the Fed to keep interest rates on hold for now, but acknowledge that the combination of a mild economic slowdown and moderating inflation could prompt an interest rate cut later in 2007. Notwithstanding the volatility along the way, most major market indexes managed to post positive returns for the annual and semi-annual reporting periods ended February 28, 2007:
Total Returns as of February 28, 2007 6-month 12-month U.S. equities (Standard & Poor's 500 Index) + 8.93% +11.97% Small cap U.S. equities (Russell 2000 Index) +10.76 + 9.87 International equities (MSCI Europe, Australasia, Far East Index) +12.17 +21.07 Fixed income (Lehman Brothers Aggregate Bond Index) + 3.66 + 5.54 Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 2.89 + 4.96 High yield bonds (Credit Suisse High Yield Index) + 8.62 +12.36
If the recent market movements are any guide, 2007 could be a year of enhanced market volatility. As you navigate the uncertainties of the financial markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. We thank you for trusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead. Sincerely, (Robert C. Doll, Jr.) Robert C. Doll, Jr. Fund President and Director BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 A Discussion With Your Fund's Portfolio Manager The Fund outperformed its benchmark and its comparable Lipper category average for the period, benefiting from favorable geographic exposures and successful stock selection. How did the Fund perform during the period in light of the existing market conditions? For the six-month period ended February 28, 2007, BlackRock Global Growth Fund, Inc.'s Institutional, Investor A, Investor B, Investor C and Class R Shares had total returns of +12.75%, +12.57%, +12.18%, +12.19% and +12.52%, respectively. (Fund results shown do not reflect sales charges and would be lower if sales charges were included. Complete performance information can be found on pages 6 and 7 of this report to shareholders.) For the same period, the benchmark Morgan Stanley Capital International (MSCI) World Index returned +10.38% (in U.S. dollar terms) and the Lipper Global Multi-Cap Growth Funds category posted an average return of +11.27%. (Funds in this Lipper category invest at least 75% of their equity assets in companies both inside and outside the United States. Growth funds typically have an above-average price- to-cash flow ratio, price-to-book ratio and three-year sales-per-share growth value compared to the S&P Citigroup World Broad Market Index.) Global equity markets enjoyed strong returns for the six-month period ended February 28, 2007. Most major markets significantly outperformed the MSCI World Index (in U.S. dollar terms), with the notable exceptions of the United States and Japan. Both emerging and developing markets recovered strongly from the summer 2006 correction, surpassing previous benchmark high price levels as liquidity and global economic growth fears eventually subsided in the second half of 2006. Although relatively short-lived and transitory, this correction resulted in a distinct change in market leadership that was particularly evident in the United States as concerns surfaced around the durability of the economic expansion that had been in place since late 2001. Sector leadership within the S&P 500 Index (the largest component of the MSCI World Index at a near 50% weighting) shifted from highly cyclical areas, such as industrials, energy and materials, to the more defensive consumer staples, health care and financials sectors. The new year opened with equity markets performing strongly until the end of February, when investor concerns over global risk premiums once again sent global equity markets into a corrective phase. The Fund outperformed the benchmark MSCI World Index and its comparable Lipper category average for the period, benefiting significantly from favorable geographic exposures. Country allocation and stock selection were notable positive contributors. Our substantial overweight in Australia (at an average of 20% of net assets over the period) and our exposures to Hong Kong (6%), China (4%) and India (13%) generated favorable returns for the Fund. Neither China nor India is a constituent of the benchmark index. A considerable underweight of the U.S. market (30% in the Fund versus 49% for the MSCI World Index) detracted modestly from performance, primarily as a consequence of challenging stock selection. Similarly, our cautious view and underweighting of Japan (6% versus 11%) hindered portfolio results. Successful security selection in the financials, industrials and energy sectors benefited Fund performance in the period. Specific Fund holdings that contributed to returns included Bharti Airtel Ltd. (India), Energy Resources of Australia, Ltd. (Australia), IntercontinentalExchange, Inc. (U.S.) and CSL Ltd. (Australia). Stock selection in consumer discretionary and materials detracted from performance, as did an underweight position in telecommunications. Fund positions that negatively impacted returns included Cameco Corp. (Canada), Best Buy Co., Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Ensign Resource Service Group (Canada) and NutriSystem, Inc. (U.S.). What changes were made to the portfolio during the period? We made strides in repositioning the portfolio after the summer 2006 market correction to adjust to a more moderate rate of economic growth in the United States and shifting stock market leadership. Global economic growth patterns remained largely intact throughout the period. We reduced exposure to the consumer discretionary, industrials and energy sectors and increased exposure to the information technology and financials sectors. Significant additions to the portfolio included Roche Holding AG (Switzerland), Lihir Gold Ltd. (Australia), Veolia Environnement (France), Canon, Inc. (Japan) and U.S. companies Deere & Co., Goldman Sachs Group, Inc., Armor Holdings, Inc., Coach Inc., Thermo Fisher Scientific, Inc., International Game Technology and Akamai Technologies, Inc. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Positions that were eliminated from the portfolio included Zinifex Ltd. (Australia), Phelps Dodge Corp. (U.S.), Motorola, Inc. (U.S.), GlaxoSmithKline Plc (U.K.) and Matsushita Electric Works Ltd. (Japan). From a geographic perspective, we modestly reduced the Fund's exposure to India at year-end 2006 from nearly 13% of net assets to just under 9% on profit-taking opportunities. The proceeds from these sales were widely reinvested in other opportunities. How would you characterize the Fund's position at the close of the period? U.S. economic growth (that is, gross domestic product growth) has slowed to a slightly below-trend rate of expansion (in the area of 2% - 3%). We view this as a typical mid-cycle economic slowdown. At the same time, most other global economies - particularly those in Europe and Asia - continue to experience strong rates of growth. Although this has provided a rather balanced demand backdrop on a worldwide basis, we are reviewing portfolio positioning in light of apparent changes in recent (late February) market risk parameters. While we do not expect a recession to unfold in the United States, we are highly selective in our stock-picking process. The Fund continues to find relatively attractive investment opportunities in the Asia-Pacific region. As of year- end, 46% of the Fund's net assets was invested in stocks in these markets and less than 16% in emerging market economies. At the end of the period, the portfolio was overweight in the industrials, materials, information technology and energy sectors, and underweight in financials, utilities, consumer staples and telecommunications. Thomas E. Burke, CFA Vice President and Portfolio Manager March 12, 2007 BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Performance Data About Fund Performance Effective October 2, 2006, the Fund's Class A, Class B, Class C and Class I Shares were redesignated Investor A, Investor B, Investor C and Institutional Shares, respectively. Class R Shares did not change their designation. As previously communicated to shareholders, new sales charge schedules came into effect at the same time for certain of these classes. The Fund has multiple classes of shares: * Institutional Shares are not subject to any front-end sales charge. Institutional Shares bear no ongoing distribution or service fees and are available only to eligible investors. * Investor A Shares incur a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). * Investor B Shares are subject to a maximum contingent deferred sales charge of 4.50% declining to 0% after six years. In addition, Investor B Shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares automatically convert to Investor A Shares after approximately eight years. (There is no initial sales charge for automatic share conversions.) All returns for periods greater than eight years reflect this conversion. * Investor C Shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. In addition, Investor C Shares are subject to a 1% contingent deferred sales charge if redeemed within one year of purchase. * Class R Shares do not incur a maximum initial sales charge (front-end load) or deferred sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. Class R Shares are available only to certain retirement plans. Prior to inception, Class R Share performance results are those of Institutional Shares (which have no distribution or service fees) restated for Class R Share fees. Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Fund may charge a 2% redemption fee for sales or exchanges of shares within 30 days of purchase or exchange. Performance data does not reflect this potential fee. Figures shown in each of the following tables assume reinvestment of all dividends and capital gain distributions, if any, at net asset value on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Dividends paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders. Recent Performance Results
6-Month 12-Month Since Inception As of February 28, 2007 Total Return Total Return Total Return Institutional Shares* +12.75% +17.65% +82.79% Investor A Shares* +12.57 +17.33 +78.57 Investor B Shares* +12.18 +16.42 +67.73 Investor C Shares* +12.19 +16.44 +65.93 Class R Shares* +12.52 +17.09 +76.37 MSCI World Index** +10.38 +15.86 +86.99 * Investment results shown do not reflect sales charges; results shown would be lower if a sales charge was included. Cumulative total investment returns are based on changes in net asset values for the periods shown, and assume reinvestment of all dividends and capital gains distributions at net asset value on the ex-dividend date. The Fund's inception date is 10/31/97. ** This unmanaged market capitalization-weighted Index is comprised of a representative sampling of large-, medium- and small-capitalization companies in 22 countries, including the United States. Since inception total returns are from 10/31/97.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Performance Data (concluded) Total Return Based on a $10,000 Investment A line graph illustrating the growth of a $10,000 investment in Institutional Shares*++, Investor A Shares*++, Investor B Shares*++, Investor C Shares*++ and Class R Shares*++ compared to a similar investment in MSCI World Index++++. Values illustrated are as follows: Institutional Shares*++ Date Value 10/31/1997** $10,000.00 February 1998 $11,220.00 February 1999 $13,357.00 February 2000 $20,787.00 February 2001 $14,579.00 February 2002 $10,997.00 February 2003 $ 7,728.00 February 2004 $11,298.00 February 2005 $12,874.00 February 2006 $15,537.00 February 2007 $18,279.00 Investor A Shares*++ Date Value 10/31/1997** $ 9,475.00 February 1998 $10,621.00 February 1999 $12,615.00 February 2000 $19,577.00 February 2001 $13,701.00 February 2002 $10,302.00 February 2003 $ 7,222.00 February 2004 $10,538.00 February 2005 $11,980.00 February 2006 $14,420.00 February 2007 $16,919.00 Investor B Shares*++ Date Value 10/31/1997** $10,000.00 February 1998 $11,180.00 February 1999 $13,176.00 February 2000 $20,300.00 February 2001 $14,094.00 February 2002 $10,515.00 February 2003 $ 7,316.00 February 2004 $10,589.00 February 2005 $11,944.00 February 2006 $14,295.00 February 2007 $16,773.00 Investor C Shares*++ Date Value 10/31/1997** $10,000.00 February 1998 $11,180.00 February 1999 $13,172.00 February 2000 $20,295.00 February 2001 $14,086.00 February 2002 $10,522.00 February 2003 $ 7,311.00 February 2004 $10,583.00 February 2005 $11,937.00 February 2006 $14,251.00 February 2007 $16,593.00 Class R Shares*++ Date Value 10/31/1997** $10,000.00 February 1998 $11,202.00 February 1999 $13,269.00 February 2000 $20,548.00 February 2001 $14,339.00 February 2002 $10,761.00 February 2003 $ 7,525.00 February 2004 $11,062.00 February 2005 $12,547.00 February 2006 $15,063.00 February 2007 $17,637.00 MSCI World Index++++ Date Value 10/31/1997** $10,000.00 February 1998 $11,297.00 February 1999 $12,732.00 February 2000 $15,117.00 February 2001 $12,958.00 February 2002 $11,102.00 February 2003 $ 8,816.00 February 2004 $12,726.00 February 2005 $14,251.00 February 2006 $16,139.00 February 2007 $18,699.00 * Assuming maximum sales charge, if any, transaction costs and other operating expenses, including advisory fees. ** Commencement of operations. ++ The Fund invests primarily in equity securities with a particular emphasis on companies that have exhibited above-average growth rates in earnings. ++++ This unmanaged market capitalization-weighted Index is comprised of a representative sampling of large-, medium- and small-capitalization companies in 22 countries, including the United States. Past performance is not indicative of future results. Average Annual Total Return Return Institutional Shares One Year Ended 2/28/07 +17.65% Five Years Ended 2/28/07 +10.70 Inception (10/31/97) through 2/28/07 + 6.68 Return Without Return With Sales Charge Sales Charge* Investor A Shares One Year Ended 2/28/07 +17.33% +11.17% Five Years Ended 2/28/07 +10.43 + 9.25 Inception (10/31/97) through 2/28/07 + 6.41 + 5.80 Return Return Without CDSC With CDSC++++++ Investor B Shares++ One Year Ended 2/28/07 +16.42% +11.92% Five Years Ended 2/28/07 + 9.57 + 9.29 Inception (10/31/97) through 2/28/07 + 5.70 + 5.70 Return Return Without CDSC With CDSC++++++ Investor C Shares++++ One Year Ended 2/28/07 +16.44% +15.44% Five Years Ended 2/28/07 + 9.54 + 9.54 Inception (10/31/97) through 2/28/07 + 5.58 + 5.58 Return Class R Shares One Year Ended 2/28/07 +17.09% Five Years Ended 2/28/07 +10.39 Inception (10/31/97) through 2/28/07 + 6.27 * Assuming maximum sales charge of 5.25%. ++ Maximum contingent deferred sales charge is 4.50% and is reduced to 0% after six years. ++++ Maximum contingent deferred sales charge is 1% and is reduced to 0% after one year. ++++++ Assuming payment of applicable contingent deferred sales charge. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Disclosure of Expenses Shareholders of this Fund may incur the following charges: (a) expenses related to transactions, including sales charges, redemption fees and exchange fees; and (b) operating expenses including advisory fees, distribution fees including 12b-1 fees, and other Fund expenses. The following example (which is based on a hypothetical investment of $1,000 invested on September 1, 2006 and held through February 28, 2007) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds. The first table below provides information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period." The second table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in this Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in other funds' shareholder reports. The expenses shown in the table are intended to highlight shareholders' ongoing costs only and do not reflect any transactional expenses, such as sales charges, redemption fees or exchange fees. Therefore, the second table is useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Expenses Paid Beginning Ending During the Period* Account Value Account Value September 1, 2006 September 1, February 28, to February 28, 2006 2007 2007 Actual Institutional $1,000 $1,127.50 $ 5.64 Investor A $1,000 $1,125.70 $ 6.96 Investor B $1,000 $1,121.80 $11.00 Investor C $1,000 $1,121.90 $11.00 Class R $1,000 $1,125.20 $ 8.27 Hypothetical (5% annual return before expenses)** Institutional $1,000 $1,019.49 $ 5.36 Investor A $1,000 $1,018.25 $ 6.61 Investor B $1,000 $1,014.44 $10.44 Investor C $1,000 $1,014.44 $10.44 Class R $1,000 $1,017.01 $ 7.85 * For each class of the Fund, expenses are equal to the annualized expense ratio for the class (1.07% for Institutional, 1.32% for Investor A, 2.09% for Investor B, 2.09% for Investor C and 1.57% for Class R), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). ** Hypothetical 5% annual return before expenses is calculated by pro-rating the number of days in the most recent fiscal half year divided by 365.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Schedule of Investments as of February 28, 2007 (Unaudited) (in U.S. dollars) Shares Industry Common Stocks Held Value Africa South Africa--1.7% Construction Materials--0.3% Pretoria Portland Cement Co. Ltd. 24,000 $ 1,398,076 Health Care Providers & Services--0.3% Network Healthcare Holdings Ltd. 719,300 1,403,013 Industrial Conglomerates--0.4% Barloworld Ltd. 91,800 2,203,710 Media--0.3% Naspers Ltd. 75,700 1,793,319 Metals & Mining--0.4% Impala Platinum Holdings Ltd. 69,600 1,985,774 Total Common Stocks in Africa--1.7% 8,783,892 Europe Finland--0.5% Oil, Gas & Consumable Fuels--0.5% Neste Oil Oyj 78,400 2,519,937 Total Common Stocks in Finland 2,519,937 France--2.8% Construction & Engineering--0.8% Vinci SA (a) 31,300 4,326,176 Machinery--0.3% Vallourec 6,000 1,480,185 Multi-Utilities--1.1% Veolia Environnement 81,800 5,758,911 Textiles, Apparel & Luxury Goods--0.6% LVMH Moet Hennessy Louis Vuitton SA 29,500 3,262,103 Total Common Stocks in France 14,827,375 Germany--1.4% Chemicals--0.5% Wacker Chemie AG (a) 17,600 2,673,186 Industrial Conglomerates--0.9% Siemens AG 45,000 4,752,665 Total Common Stocks in Germany 7,425,851 Italy--0.9% Commercial Banks--0.9% UniCredito Italiano SpA 508,000 4,694,940 Total Common Stocks in Italy 4,694,940 Spain--0.5% Capital Markets--0.5% Bolsas y Mercados Espanoles 58,500 2,783,709 Total Common Stocks in Spain 2,783,709 Sweden--0.2% Diversified Financial Services--0.2% OMHEX AB 70,500 1,335,518 Total Common Stocks in Sweden 1,335,518 Shares Industry Common Stocks Held Value Europe (concluded) Switzerland--5.3% Chemicals--0.5% Lonza Group AG Registered Shares 29,100 $ 2,583,625 Commercial Services & Supplies--0.5% SGS SA 2,400 2,703,997 Electrical Equipment--1.0% ABB Ltd. 313,300 5,224,722 Pharmaceuticals--2.3% Novartis AG Registered Shares 116,500 6,465,940 Roche Holding AG 33,100 5,890,118 ------------ 12,356,058 Textiles, Apparel & Luxury Goods--1.0% The Swatch Group Ltd. Registered Shares 103,700 5,091,373 Total Common Stocks in Switzerland 27,959,775 United Kingdom--2.3% Beverages--1.5% Diageo Plc 408,300 8,047,235 Capital Markets--0.3% Ashmore Group Plc 311,200 1,665,626 Commercial Banks--0.5% HSBC Holdings Plc 142,300 2,481,967 Total Common Stocks in the United Kingdom 12,194,828 Total Common Stocks in Europe--13.9% 73,741,933 Latin America Brazil--0.3% Personal Products--0.3% Natura Cosmeticos SA 137,300 1,743,687 Total Common Stocks in Latin America--0.3% 1,743,687 North America Canada--2.6% Chemicals--0.5% Potash Corp. of Saskatchewan 18,200 2,865,224 Commercial Banks--0.5% Royal Bank of Canada 58,700 2,714,674 Diversified Financial Services--0.4% TSX Group, Inc. 51,400 2,146,794 Energy Equipment & Services--0.4% Ensign Resource Service Group 134,800 2,177,131 Metals & Mining--0.3% Teck Cominco Ltd. Class B 20,100 1,417,449 Oil, Gas & Consumable Fuels--0.5% Cameco Corp. 74,000 2,736,406 Total Common Stocks in Canada 14,057,678 BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Schedule of Investments (continued) (in U.S. dollars) Shares Industry Common Stocks Held Value North America (continued) United States--32.8% Aerospace & Defense--1.6% Armor Holdings, Inc. (a) 84,000 $ 5,349,960 BE Aerospace, Inc. (a) 105,200 3,175,988 ------------ 8,525,948 Capital Markets--3.1% The Charles Schwab Corp. 275,500 5,091,240 E*Trade Financial Corp. (a) 105,700 2,440,613 Fortress Investment Group LLC 39,600 1,195,920 Goldman Sachs Group, Inc. 26,600 5,362,560 Northern Trust Corp. 43,000 2,592,900 ------------ 16,683,233 Chemicals--0.5% Monsanto Co. 51,700 2,724,073 Communications Equipment--3.1% Cisco Systems, Inc. (a) 349,400 9,063,436 Corning, Inc. (a) 154,400 3,185,272 QUALCOMM, Inc. 99,700 4,015,916 ------------ 16,264,624 Construction & Engineering--1.0% Jacobs Engineering Group, Inc. (a) 56,700 5,122,278 Diversified Consumer Services--0.5% Sotheby's Holdings, Inc. Class A 69,500 2,527,020 Diversified Financial Services--0.5% Citigroup, Inc. 51,800 2,610,720 Electrical Equipment--1.0% Roper Industries, Inc. 104,100 5,529,792 Energy Equipment & Services--4.7% Cameron International Corp. (a) 47,400 2,687,106 Core Laboratories NV (a) 29,600 2,334,848 FMC Technologies, Inc. (a) 43,700 2,874,586 Grant Prideco, Inc. (a) 105,200 4,566,732 Halliburton Co. 74,200 2,291,296 National Oilwell Varco, Inc. (a) 72,200 5,028,008 Schlumberger Ltd. 84,500 5,306,600 ------------ 25,089,176 Food Products--0.5% Bunge Ltd. 34,800 2,761,728 Health Care Equipment & Supplies--1.0% Intuitive Surgical, Inc. (a) 26,300 2,921,930 Varian Medical Systems, Inc. (a) 50,500 2,320,475 ------------ 5,242,405 Health Care Technology--1.1% Cerner Corp. (a) 107,600 5,607,036 Hotels, Restaurants & Leisure--1.7% International Game Technology 123,800 5,106,750 Starbucks Corp. (a) 130,300 4,026,270 ------------ 9,133,020 Household Products--0.7% The Procter & Gamble Co. 61,100 3,879,239 IT Services--1.1% Cognizant Technology Solutions Corp. (a) 67,200 6,061,440 Shares Industry Common Stocks Held Value North America (concluded) United States (concluded) Insurance--0.9% American International Group, Inc. 73,800 $ 4,951,980 Internet Software & Services--2.2% Akamai Technologies, Inc. (a) 98,600 5,084,802 Google, Inc. Class A (a) 14,300 6,427,135 ------------ 11,511,937 Life Sciences Tools & Services--1.0% Thermo Fisher Scientific, Inc. (a) 114,400 5,178,888 Machinery--1.6% Deere & Co. 52,000 5,637,840 Joy Global, Inc. 61,600 2,731,344 ------------ 8,369,184 Media--0.5% Focus Media Holding Ltd. (a)(d) 35,600 2,851,560 Metals & Mining--0.6% Allegheny Technologies, Inc. 28,100 2,878,845 Oil, Gas & Consumable Fuels--0.7% Exxon Mobil Corp. 53,200 3,813,376 Semiconductors & Semiconductor Equipment--0.5% MEMC Electronic Materials, Inc. (a) 50,200 2,588,814 Software--0.9% Factset Research Systems, Inc. 45,900 2,793,474 Oracle Corp. (a) 133,600 2,195,048 ------------ 4,988,522 Specialty Retail--0.8% Best Buy Co., Inc. 92,100 4,279,887 Textiles, Apparel & Luxury Goods--1.0% Coach, Inc. (a) 111,700 5,272,240 Total Common Stocks in the United States 174,446,965 Total Common Stocks in North America--35.4% 188,504,643 Pacific Basin Australia--21.8% Biotechnology--1.1% CSL Ltd. 92,300 5,674,333 Capital Markets--2.5% Australian Wealth Management Ltd. 629,600 1,382,340 Macquarie Bank Ltd. 116,900 7,289,491 Perpetual Trustees Australia Ltd. 80,700 4,755,378 ------------ 13,427,209 Chemicals--0.7% Nufarm Ltd. 165,300 1,427,463 Orica Ltd. 119,400 2,333,651 ------------ 3,761,114 BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Schedule of Investments (continued) (in U.S. dollars) Shares Industry Common Stocks Held Value Pacific Basin (continued) Australia (concluded) Commercial Banks--4.9% Australia & New Zealand Banking Group Ltd. 325,500 $ 7,527,617 Commonwealth Bank of Australia Ltd. 179,100 7,063,707 National Australia Bank Ltd. 263,900 8,390,407 Westpac Banking Corp. 138,800 2,789,596 ------------ 25,771,327 Commercial Services & Supplies--0.3% Seek Ltd. 309,500 1,795,149 Construction & Engineering--1.0% Leighton Holdings Ltd. 215,000 5,267,388 Diversified Financial Services--1.2% Australian Stock Exchange Ltd. 102,500 3,388,651 Babcock & Brown Ltd. 148,500 3,011,484 ------------ 6,400,135 Energy Equipment & Services--0.6% WorleyParsons Ltd. 162,200 3,436,776 Health Care Equipment & Supplies--0.7% Cochlear Ltd. 88,200 3,954,590 Insurance--1.6% QBE Insurance Group Ltd. 326,100 8,261,583 Media--1.1% Publishing & Broadcasting Ltd. 391,300 5,960,785 Metals & Mining--3.6% BHP Billiton Ltd. 257,500 5,504,235 Energy Resources of Australia Ltd. 341,000 6,601,447 Iluka Resources Ltd. 248,300 1,157,944 Lihir Gold Ltd. (a) 2,246,510 5,883,080 ------------ 19,146,706 Oil, Gas & Consumable Fuels--1.0% Paladin Resources Ltd. (a) 330,900 2,383,104 Woodside Petroleum Ltd. 91,700 2,679,892 ------------ 5,062,996 Transportation Infrastructure--1.5% Macquarie Infrastructure Group 1,579,200 4,780,734 Transurban Group 501,800 2,988,672 ------------ 7,769,406 Total Common Stocks in Australia 115,689,497 China--0.9% Electrical Equipment--0.3% Suntech Power Holdings Co. Ltd. (a)(d) 45,300 1,642,125 Oil, Gas & Consumable Fuels--0.6% China Shenhua Energy Co. Ltd. Class H 1,170,100 2,959,107 Total Common Stocks in China 4,601,232 Hong Kong--8.3% Communications Equipment--1.4% ZTE Corp. 1,559,800 7,512,655 Distributors--0.9% China Resources Enterprise, Ltd. 1,655,000 4,894,978 Diversified Financial Services--0.9% Hong Kong Exchanges and Clearing Ltd. 466,500 4,803,146 Shares Industry Common Stocks Held Value Pacific Basin (continued) Hong Kong (concluded) Electric Utilities--0.8% Cheung Kong Infrastructure Holdings Ltd. 1,199,700 $ 4,208,610 Food Products--0.9% Chaoda Modern Agriculture Holdings Ltd. 1,661,500 1,200,527 China Mengniu Dairy Co., Ltd. 1,092,800 3,010,077 Global Bio-Chem Technology Group Co., Ltd. 2,119,100 584,969 ------------ 4,795,573 Marine--0.7% NWS Holdings Ltd. 1,439,300 3,500,154 Real Estate Management & Development--0.7% Henderson Land Development Co., Ltd. 237,900 1,348,717 Midland Holdings Ltd. 2,132,300 1,294,713 Sun Hung Kai Properties Ltd. 114,600 1,356,686 ------------ 4,000,116 Transportation Infrastructure--1.4% COSCO Pacific Ltd. 1,106,600 2,966,819 China Merchants Holdings International Co., Ltd. 796,800 3,103,176 Hopewell Holdings 379,500 1,462,018 ------------ 7,532,013 Wireless Telecommunication Services--0.6% China Mobile Ltd. 322,900 2,997,601 Total Common Stocks in Hong Kong 44,244,846 India--8.6% Auto Components--0.2% Bharat Forge Ltd. 133,400 982,223 Automobiles--0.4% Tata Motors Ltd. 110,000 1,943,201 Construction & Engineering--1.1% IVRCL Infrastructures & Projects Ltd. 142,200 940,284 Jaiprakash Associates Ltd. 100,200 1,234,304 Larsen & Toubro Ltd. 113,100 3,802,860 ------------ 5,977,448 Electrical Equipment--0.4% Bharat Heavy Electricals Ltd. 47,200 2,324,268 Hotels, Restaurants & Leisure--0.1% Indian Hotels Co. Ltd. 253,000 814,199 Household Products--0.3% Hindustan Lever Ltd. (a) 460,100 1,831,718 IT Services--1.8% Infosys Technologies Ltd. 105,600 4,963,895 Satyam Computer Services Ltd. 198,200 1,858,788 Tata Consultancy Services Ltd. 101,700 2,739,917 ------------ 9,562,600 Industrial Conglomerates--0.2% Siemens India Ltd. 51,000 1,268,763 Machinery--0.3% Sterlite Industries India Ltd. 149,700 1,588,252 BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Schedule of Investments (continued) (in U.S. dollars) Shares Industry Common Stocks Held Value Pacific Basin (continued) India (concluded) Media--0.4% ASC Enterprises Ltd. (a) 141,220 $ 340,040 Wire and Wireless India Ltd. (a) 122,800 285,678 Zee News Ltd. (a) 111,035 98,935 Zee Telefilms Ltd. 245,600 1,304,706 ------------ 2,029,359 Metals & Mining--0.6% Hindalco Industries Ltd. 596,700 1,874,188 Hindustan Zinc Ltd. 105,600 1,528,862 ------------ 3,403,050 Multi-Utilities--0.2% Suzlon Energy Ltd. 54,100 1,273,158 Oil, Gas & Consumable Fuels--0.7% Reliance Industries Ltd. 112,900 3,447,741 Pharmaceuticals--0.7% Cipla Ltd. 325,250 1,703,288 Sun Pharmaceuticals Industries Ltd. 84,300 1,769,225 ------------ 3,472,513 Wireless Telecommunication Services--1.2% Bharti Tele-Ventures Ltd. (a) 261,800 4,248,938 Reliance Communication Ventures Ltd. (a) 202,400 1,864,295 ------------ 6,113,233 Total Common Stocks in India 46,031,726 Japan--4.4% Capital Markets--0.5% Nomura Holdings, Inc. 131,900 2,856,439 Chemicals--1.4% JSR Corp. 107,000 2,484,032 Mitsubishi Rayon Co., Ltd. 294,000 1,943,823 Toho Tenax Co. Ltd. (a) 147,900 869,584 Toray Industries, Inc. 295,000 2,134,949 ------------ 7,432,388 Construction & Engineering--0.5% Chiyoda Corp. 131,500 2,920,653 Electrical Equipment--0.5% Matsushita Electric Works Ltd. 225,000 2,567,915 Food & Staples Retailing--0.5% Seven & I Holdings Co. Ltd. 77,700 2,488,454 Office Electronics--1.0% Canon, Inc. 99,200 5,373,071 Total Common Stocks in Japan 23,638,920 Singapore--0.9% Health Care Providers & Services--0.4% Wilmar International Ltd. 1,164,000 1,815,527 Industrial Conglomerates--0.5% Keppel Corp. Ltd. 246,800 2,876,176 Total Common Stocks in Singapore 4,691,703 Shares Industry Common Stocks Held Value Pacific Basin (concluded) South Korea--0.9% Semiconductors & Semiconductor Equipment--0.9% Samsung Electronics Co., Ltd. 7,800 $ 4,711,009 Total Common Stocks in South Korea 4,711,009 Total Common Stocks in the Pacific Basin--45.8% 243,608,933 Total Common Stocks (Cost--$427,643,596)--97.1% 516,383,088 Preferred Stocks Latin America Brazil--0.6% Media--0.6% NET Servicos de Comunicacao SA (a) 235,861 3,003,182 Total Preferred Stocks (Cost--$2,572,544)--0.6% 3,003,182 Rights Latin America Brazil--0.0% Media--0.0% NET Servicos de Comunicacao SA, expires 3/05/2007 2,442 4,319 Total Rights in Latin America--0.0% 4,319 Pacific Basin Australia--0.0% Energy Equipment & Services--0.0% WorleyParsons Ltd., expires 3/02/2007 18,022 90,877 Total Rights in the Pacific Basin--0.0% 90,877 Total Rights (Cost--$0)--0.0% 95,196 Beneficial Short-Term Securities Interest BlackRock Liquidity Series, LLC Cash Sweep Series, 5.33% (b)(c) $2,781,675 2,781,675 Total Short-Term Securities (Cost--$2,781,675)--0.5% 2,781,675 Total Investments (Cost--$432,997,815*)--98.2% 522,263,141 Other Assets Less Liabilities--1.8% 9,416,790 ------------ Net Assets--100.0% $531,679,931 ============ BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Schedule of Investments (concluded) (in U.S. dollars) * The cost and unrealized appreciation (depreciation) of investments as of February 28, 2007, as computed for federal income tax purposes, were as follows: Aggregate cost $ 433,000,067 ================ Gross unrealized appreciation $ 98,264,148 Gross unrealized depreciation (9,001,074) ---------------- Net unrealized appreciation $ 89,263,074 ================ (a) Non-income producing security. (b) Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: Net Interest Affiliate Activity Income BlackRock Liquidity Series, LLC Cash Sweep Series $(10,370,230) $334,018 BlackRock Liquidity Series, LLC Money Market Series $ (851,200) $ 2,485 (c) Represents the current yield as of February 28, 2007. (d) Depositary receipts. o For Fund compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets. o Forward foreign exchange contracts as of February 28, 2007 were as follows: Foreign Currency Settlement Unrealized Purchased Date Depreciation CHF 3,436,911 March 2007 $ (7,142) ---------- Total Unrealized Depreciation on Forward Foreign Exchange Contracts--Net (USD Commitment--$2,827,570) $ (7,142) ========== Foreign Currency Settlement Unrealized Sold Date Appreciation AUD 2,984,118 March 2007 $ 12,965 ---------- Total Unrealized Appreciation on Forward Foreign Exchange Contracts--Net (USD Commitment--$2,364,018) $ 12,965 ========== o Currency Abbreviations: AUD Australian Dollar CHF Swiss Franc USD U.S. Dollar See Notes to Financial Statements. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Statement of Assets and Liabilities
As of February 28, 2007 (Unaudited) Assets Investments in unaffiliated securities, at value (identified cost--$430,216,140) $ 519,481,466 Investments in affiliated securities, at value (identified cost--$2,781,675) 2,781,675 Unrealized appreciation on forward foreign exchange contracts 12,965 Foreign cash (cost--$917,402) 909,580 Receivables: Securities sold $ 13,548,818 Dividends 878,156 Capital shares sold 541,163 14,968,137 --------------- Prepaid expenses and other assets 148,876 --------------- Total assets 538,302,699 --------------- Liabilities Deferred foreign capital gain tax 1,346,240 Unrealized depreciation on forward foreign exchange contracts 7,142 Payables: Securities purchased 2,820,037 Capital shares redeemed 1,304,526 Investment adviser 315,523 Other affiliates 236,982 Distributor 130,492 4,807,560 --------------- Accrued expenses and other liabilities 461,826 --------------- Total liabilities 6,622,768 --------------- Net Assets Net assets $ 531,679,931 =============== Net Assets Consist of Institutional Shares of Common Stock, $.10 par value, 100,000,000 shares authorized $ 1,180,620 Investor A Shares of Common Stock, $.10 par value, 100,000,000 shares authorized 1,747,872 Investor B Shares of Common Stock, $.10 par value, 300,000,000 shares authorized 390,759 Investor C Shares of Common Stock, $.10 par value, 100,000,000 shares authorized 447,152 Class R Shares of Common Stock, $.10 par value, 300,000,000 shares authorized 14,134 Paid-in capital in excess of par 848,495,986 Undistributed investment income--net $ 1,323,853 Accumulated realized capital losses--net (409,827,497) Unrealized appreciation--net 87,907,052 --------------- Total accumulated losses--net (320,596,592) --------------- Net Assets $ 531,679,931 =============== Net Asset Value Institutional--Based on net assets of $169,018,073 and 11,806,201 shares outstanding $ 14.32 =============== Investor A--Based on net assets of $247,319,029 and 17,478,719 shares outstanding $ 14.15 =============== Investor B--Based on net assets of $52,907,645 and 3,907,585 shares outstanding $ 13.54 =============== Investor C--Based on net assets of $60,479,649 and 4,471,523 shares outstanding $ 13.53 =============== Class R--Based on net assets of $1,955,535 and 141,344 shares outstanding $ 13.84 =============== See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Statement of Operations
For the Six Months Ended February 28, 2007 (Unaudited) Investment Income Dividends (net of $78,931 foreign withholding tax) $ 4,603,640 Interest from affiliates 334,018 Securities lending--net 2,485 --------------- Total income 4,940,143 --------------- Expenses Investment advisory fees $ 1,915,067 Service fees--Investor A 298,133 Service and distribution fees--Investor C 292,860 Service and distribution fees--Investor B 282,862 Transfer agent fees--Investor A 200,605 Transfer agent fees--Institutional 131,932 Custodian fees 123,805 Accounting services 101,340 Transfer agent fees--Investor C 56,500 Transfer agent fees--Investor B 55,243 Printing and shareholder reports 39,944 Professional fees 34,096 Directors' fees and expenses 29,255 Registration fees 27,009 Pricing fees 4,636 Service and distribution fees--Class R 4,137 Transfer agent fees--Class R 1,414 Other 17,404 --------------- Total expenses 3,616,242 --------------- Investment income--net 1,323,901 --------------- Realized & Unrealized Gain (Loss)--Net Realized gain (loss) on: Investments (including $331,866 foreign capital gain tax)--net 38,037,702 Foreign currency transactions--net (173,832) 37,863,870 --------------- Change in unrealized appreciation/depreciation on: Investments (including $1,038,513 deferred foreign capital gain tax)--net 20,844,243 Foreign currency transactions--net (15,413) 20,828,830 --------------- --------------- Total realized and unrealized gain--net 58,692,700 --------------- Net Increase in Net Assets Resulting from Operations $ 60,016,601 =============== See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Statements of Changes in Net Assets
For the Six For the Months Ended Year Ended February 28, 2007 August 31, Increase (Decrease) in Net Assets: (Unaudited) 2006 Operations Investment income--net $ 1,323,901 $ 1,185,097 Realized gain--net 37,863,870 82,004,957 Change in unrealized appreciation/depreciation--net 20,828,830 5,057,083 --------------- --------------- Net increase in net assets resulting from operations 60,016,601 88,247,137 --------------- --------------- Dividends to Shareholders Investment income--net: Institutional (101,798) (1,768,759) Investor A -- (1,202,472) Investor B -- (867,598) Investor C -- (259,084) Class R -- (12,520) --------------- --------------- Net decrease in net assets resulting from dividends to shareholders (101,798) (4,110,433) --------------- --------------- Capital Share Transactions Net decrease in net assets derived from capital share transactions (21,019,907) (67,333,645) --------------- --------------- Redemption Fee Redemption fee 1,228 214 --------------- --------------- Net Assets Total increase in net assets 38,896,124 16,803,273 Beginning of period 492,783,807 475,980,534 --------------- --------------- End of period* $ 531,679,931 $ 492,783,807 =============== =============== * Undistributed investment income--net $ 1,323,853 $ 101,750 =============== =============== See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Financial Highlights
Institutional For the Six The following per share data and ratios Months Ended have been derived from information February 28, 2007 For the Year Ended August 31, provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002 Per Share Operating Performance Net asset value, beginning of period $ 12.71 $ 10.72 $ 8.56 $ 7.58 $ 7.00 $ 9.48 ----------- ----------- ----------- ----------- ----------- ----------- Investment income--net* .06 .09 .16 .09 .04 --++ Realized and unrealized gain (loss)--net 1.56++++ 2.07++++ 2.03++++ .89++++ .54 (2.48) ----------- ----------- ----------- ----------- ----------- ----------- Total from investment operations 1.62 2.16 2.19 .98 .58 (2.48) ----------- ----------- ----------- ----------- ----------- ----------- Less dividends from investment income--net (.01) (.17) (.03) -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, end of period $ 14.32 $ 12.71 $ 10.72 $ 8.56 $ 7.58 $ 7.00 =========== =========== =========== =========== =========== =========== Total Investment Return Based on net asset value per share 12.75%+++++ 20.41% 25.58% 12.93% 8.29% (26.16%) =========== =========== =========== =========== =========== =========== Ratios Based on Average Net Assets Expenses 1.07%+++ 1.12% 1.13% 1.13% 1.16% 1.06% =========== =========== =========== =========== =========== =========== Investment income--net .87%+++ .71% 1.60% 1.05% .63% .04% =========== =========== =========== =========== =========== =========== Supplemental Data Net assets, end of period (in thousands) $ 169,018 $ 144,560 $ 114,007 $ 106,785 $ 133,096 $ 55,525 =========== =========== =========== =========== =========== =========== Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% 105.73% =========== =========== =========== =========== =========== =========== * Based on average shares outstanding. ++ Amount is less than $.01 per share. ++++ Includes a redemption fee, which is less than $.01 per share. +++ Annualized. +++++ Aggregate total investment return. See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Financial Highlights (continued)
Investor A For the Six The following per share data and ratios Months Ended have been derived from information February 28, 2007 For the Year Ended August 31, provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002 Per Share Operating Performance Net asset value, beginning of period $ 12.57 $ 10.60 $ 8.47 $ 7.51 $ 6.95 $ 9.44 ----------- ----------- ----------- ----------- ----------- ----------- Investment income (loss)--net* .04 .06 .13 .07 .03 (.02) Realized and unrealized gain (loss)--net 1.54++++ 2.05++++ 2.00++++ .89++++ .53 (2.47) ----------- ----------- ----------- ----------- ----------- ----------- Total from investment operations 1.58 2.11 2.13 .96 .56 (2.49) ----------- ----------- ----------- ----------- ----------- ----------- Less dividends from investment income--net -- (.14) --++ -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, end of period $ 14.15 $ 12.57 $ 10.60 $ 8.47 $ 7.51 $ 6.95 =========== =========== =========== =========== =========== =========== Total Investment Return** Based on net asset value per share 12.57%+++++ 20.13% 25.17% 12.78% 8.06% (26.38%) =========== =========== =========== =========== =========== =========== Ratios Based on Average Net Assets Expenses 1.32%+++ 1.35% 1.38% 1.37% 1.42% 1.31% =========== =========== =========== =========== =========== =========== Investment income (loss)--net .62%+++ .53% 1.35% .87% .40% (.18%) =========== =========== =========== =========== =========== =========== Supplemental Data Net assets, end of period (in thousands) $ 247,319 $ 227,792 $ 93,408 $ 98,519 $ 110,092 $ 130,310 =========== =========== =========== =========== =========== =========== Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% 105.73% =========== =========== =========== =========== =========== =========== * Based on average shares outstanding. ** Total investment return excludes the effects of sales charges. ++ Amount is less than ($.01) per share. ++++ Includes a redemption fee, which is less than $.01 per share. +++ Annualized. +++++ Aggregate total investment return. See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Financial Highlights (continued)
Investor B For the Six The following per share data and ratios Months Ended have been derived from information February 28, 2007 For the Year Ended August 31, provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002 Per Share Operating Performance Net asset value, beginning of period $ 12.07 $ 10.17 $ 8.19 $ 7.32 $ 6.83 $ 9.35 ----------- ----------- ----------- ----------- ----------- ----------- Investment income (loss)--net* (.01) (.06) .05 --++ (.03) (.08) Realized and unrealized gain (loss)--net 1.48++++ 2.00++++ 1.93++++ .87++++ .52 (2.44) ----------- ----------- ----------- ----------- ----------- ----------- Total from investment operations 1.47 1.94 1.98 .87 .49 (2.52) ----------- ----------- ----------- ----------- ----------- ----------- Less dividends from investment income--net -- (.04) -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, end of period $ 13.54 $ 12.07 $ 10.17 $ 8.19 $ 7.32 $ 6.83 =========== =========== =========== =========== =========== =========== Total Investment Return** Based on net asset value per share 12.18%+++++ 19.18% 24.18% 11.89% 7.17% (26.95%) =========== =========== =========== =========== =========== =========== Ratios Based on Average Net Assets Expenses 2.09%+++ 2.18% 2.16% 2.16% 2.22% 2.09% =========== =========== =========== =========== =========== =========== Investment income (loss)--net (.16%)+++ (.56%) .56% .05% (.43%) (.99%) =========== =========== =========== =========== =========== =========== Supplemental Data Net assets, end of period (in thousands) $ 52,908 $ 62,390 $ 212,353 $ 252,691 $ 327,483 $ 456,393 =========== =========== =========== =========== =========== =========== Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% 105.73% =========== =========== =========== =========== =========== =========== * Based on average shares outstanding. ** Total investment return excludes the effects of sales charges. ++ Amount is less than $.01 per share. ++++ Includes a redemption fee, which is less than $.01 per share. +++ Annualized. +++++ Aggregate total investment return. See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Financial Highlights (continued)
Investor C For the Six The following per share data and ratios Months Ended have been derived from information February 28, 2007 For the Year Ended August 31, provided in the financial statements. (Unaudited) 2006 2005 2004 2003 2002 Per Share Operating Performance Net asset value, beginning of period $ 12.06 $ 10.17 $ 8.19 $ 7.32 $ 6.83 $ 9.36 ----------- ----------- ----------- ----------- ----------- ----------- Investment income (loss)--net* (.01) (.04) .05 --++ (.03) (.08) Realized and unrealized gain (loss)--net 1.48++++ 1.98++++ 1.93++++ .87++++ .52 (2.45) ----------- ----------- ----------- ----------- ----------- ----------- Total from investment operations 1.47 1.94 1.98 .87 .49 (2.53) ----------- ----------- ----------- ----------- ----------- ----------- Less dividends from investment income--net -- (.05) -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, end of period $ 13.53 $ 12.06 $ 10.17 $ 8.19 $ 7.32 $ 6.83 =========== =========== =========== =========== =========== =========== Total Investment Return** Based on net asset value per share 12.19%+++++ 19.15% 24.18% 11.89% 7.17% (27.03%) =========== =========== =========== =========== =========== =========== Ratios Based on Average Net Assets Expenses 2.09%+++ 2.16% 2.18% 2.18% 2.24% 2.11% =========== =========== =========== =========== =========== =========== Investment income (loss)--net (.16%)+++ (.36%) .55% .05% (.43%) (.99%) =========== =========== =========== =========== =========== =========== Supplemental Data Net assets, end of period (in thousands) $ 60,480 $ 56,567 $ 55,507 $ 60,771 $ 72,249 $ 95,117 =========== =========== =========== =========== =========== =========== Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% 105.73% =========== =========== =========== =========== =========== =========== * Based on average shares outstanding. ** Total investment return excludes the effects of sales charges. ++ Amount is less than $.01 per share. ++++ Includes a redemption fee, which is less than $.01 per share. +++ Annualized. +++++ Aggregate total investment return. See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Financial Highlights (concluded)
Class R For the Six For the Period The following per share data and ratios Months Ended For the Year Ended January 3, 2003++ have been derived from information February 28, 2007 August 31, to August 31, provided in the financial statements. (Unaudited) 2006 2005 2004 2003 Per Share Operating Performance Net asset value, beginning of period $ 12.30 $ 10.42 $ 8.36 $ 7.39 $ 6.50 ------------ ------------ ------------ ------------ ------------ Investment income--net* .02 .03 .06 .08 .06 Realized and unrealized gain--net 1.52++++ 2.00++++ 2.01++++ .89++++ .83 ------------ ------------ ------------ ------------ ------------ Total from investment operations 1.54 2.03 2.07 .97 .89 ------------ ------------ ------------ ------------ ------------ Less dividends from investment income--net -- (.15) (.01) -- -- ------------ ------------ ------------ ------------ ------------ Net asset value, end of period $ 13.84 $ 12.30 $ 10.42 $ 8.36 $ 7.39 ============ ============ ============ ============ ============ Total Investment Return Based on net asset value per share 12.52%+++++ 19.78% 24.81% 13.13% 13.69%+++++ ============ ============ ============ ============ ============ Ratios to Average Net Assets Expenses 1.57%+++ 1.62% 1.79% 1.56% 1.64%+++ ============ ============ ============ ============ ============ Investment income--net .39%+++ .23% .99% 1.36% .66%+++ ============ ============ ============ ============ ============ Supplemental Data Net assets, end of period (in thousands) $ 1,956 $ 1,475 $ 705 $ 166 --** ============ ============ ============ ============ ============ Portfolio turnover 41.44% 80.33% 108.95% 71.91% 121.00% ============ ============ ============ ============ ============ * Based on average shares outstanding. ** Amount is less than $1,000. ++ Commencement of operations. ++++ Includes a redemption fee, which is less than $.01 per share. +++ Annualized. +++++ Aggregate total investment return. See Notes to Financial Statements.
BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Notes to Financial Statements (Unaudited) 1. Significant Accounting Policies: BlackRock Global Growth Fund, Inc., (the "Fund") is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Fund's financial statements are prepared in conformity with U.S. generally accepted accounting principles, which may require the use of management accruals and estimates. Actual results may differ from these estimates. These unaudited financial statements reflect all such adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for the interim period. All such adjustments are of a normal, recurring nature. The Fund offers multiple classes of shares. Effective October 2, 2006, Class I, Class A, Class B and Class C Shares were redesignated Institutional, Investor A, Investor B and Investor C Shares, respectively. Class R Shares did not change their designation. Institutional Shares are sold without a sales charge and only to certain eligible investors. Investor A Shares are sold with a front-end sales charge. Shares of Investor B and Investor C may be subject to a contingent deferred sales charge. Class R Shares are sold only to certain retirement plans. All classes of shares have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Investor A, Investor B, Investor C and Class R Shares bear certain expenses related to the shareholder servicing of such shares, and Investor B, Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor B shareholders may vote on certain changes to the Investor A distribution plan). Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. The following is a summary of significant accounting policies followed by the Fund. (a) Valuation of investments--Equity securities held by the Fund that are traded on stock exchanges or the NASDAQ Global Market are valued at the last sale price or official close price on the exchange, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price for long positions, and at the last available asked price for short positions. In cases where equity securities are traded on more than one exchange, the securities are valued on the exchange designated as the primary market by or under the authority of the Board of Directors of the Fund. Long positions traded in the over-the-counter ("OTC") market, NASDAQ Capital Market or Bulletin Board are valued at the last available bid price or yield equivalent obtained from one or more dealers or pricing services approved by the Board of Directors of the Fund. Short positions traded in the OTC market are valued at the last available asked price. Portfolio securities that are traded both in the OTC market and on a stock exchange are valued according to the broadest and most representative market. Options written or purchased are valued at the last sale price in the case of exchange-traded options. Options traded in the OTC market are valued at the last asked price (options written) or the last bid price (options purchased). Swap agreements are valued based upon quoted fair valuations received daily by the Fund from a pricing service or counterparty. Financial futures contracts and options thereon, which are traded on exchanges, are valued at their last sale price as of the close of such exchanges. Obligations with remaining maturities of 60 days or less are valued at amortized cost unless BlackRock Advisors, LLC (the "Manager"), an indirect, wholly owned subsidiary of BlackRock, Inc., believes that this method no longer produces fair valuations. Valuation of other short-term investment vehicles is generally based on the net asset value of the underlying investment vehicle or amortized cost. Repurchase agreements are valued at cost plus accrued interest. The Fund employs pricing services to provide certain securities prices for the Fund. Securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Board of Directors of the Fund, including valuations furnished by the pricing services retained by the Fund, which may use a matrix system for valuations. The procedures of a pricing service and its valuations are reviewed by the officers of the Fund under the general supervision of the Fund's Board of Directors. Such valuations and procedures will be reviewed periodically by the Board of Directors of the Fund. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Notes to Financial Statements (continued) Generally, trading in foreign securities, as well as U.S. government securities, money market instruments and certain fixed income securities, is substantially completed each day at various times prior to the close of business on the New York Stock Exchange ("NYSE"). The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates will generally be determined as of the close of business on the NYSE. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which they are determined and the close of business on the NYSE that may not be reflected in the computation of the Fund's net asset value. If events (for example, a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such securities, those securities will be valued at their fair value as determined in good faith by the Fund's Board of Directors or by the Manager using a pricing service and/or procedures approved by the Fund's Board of Directors. (b) Foreign currency transactions--Transactions denominated in foreign currencies are recorded at the exchange rate prevailing when recognized. Assets and liabilities denominated in foreign currencies are valued at the exchange rate at the end of the period. Foreign currency transactions are the result of settling (realized) or valuing (unrealized) assets or liabilities expressed in foreign currencies into U.S. dollars. Realized and unrealized gains or losses from investments include the effects of foreign exchange rates on investments. The Fund invests in foreign securities, which may involve a number of risk factors and special considerations not present with investments in securities of U.S. corporations. (c) Derivative financial instruments--The Fund may engage in various portfolio investment strategies both to increase the return of the Fund and to hedge, or protect, its exposure to interest rate movements and movements in the securities markets. Losses may arise due to changes in the value of the contract due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract. * Options--The Fund may write and purchase call and put options. When the Fund writes an option, an amount equal to the premium received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written. When a security is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the security acquired or deducted from (or added to) the proceeds of the security sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium paid or received). Written and purchased options are non-income producing investments. * Forward foreign exchange contracts--The Fund may enter into forward foreign exchange contracts as a hedge against either specific transactions or portfolio positions. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. * Foreign currency options and futures--The Fund may also purchase or sell listed or OTC foreign currency options, foreign currency futures and related options on foreign currency futures as a short or long hedge against possible variations in foreign exchange rates. Such transactions may be effected with respect to hedges on non-U.S. dollar-denominated securities owned by the Fund, sold by the Fund but not yet delivered, or committed or anticipated to be purchased by the Fund. * Financial futures contracts--The Fund may purchase or sell financial futures contracts and options on such financial futures contracts. Financial futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Upon entering into a contract, the Fund deposits, and maintains as collateral, such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. (d) Income taxes--It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains at various rates. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Notes to Financial Statements (continued) (e) Security transactions and investment income--Security transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund has determined the ex-dividend date. Interest income is recognized on the accrual basis. (f) Prepaid registration fees--Prepaid registration fees are charged to expense as the related shares are issued. (g) Dividends and distributions--Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. (h) Securities lending--The Fund may lend securities to financial institutions that provide cash or securities issued or guaranteed by the U.S. government as collateral, which will be maintained at all times in an amount equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. Where the Fund receives securities as collateral for the loaned securities, it collects a fee from the borrower. The Fund typically receives the income on the loaned securities but does not receive the income on the collateral. Where the Fund receives cash collateral, it may invest such collateral and retain the amount earned on such investment, net of any amount rebated to the borrower. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within five business days. The Fund may pay reasonable finder's, lending agent, administrative and custodial fees in connection with its loans. In the event that the borrower defaults on its obligation to return borrowed securities because of insolvency or for any other reason, the Fund could experience delays and costs in gaining access to the collateral. The Fund also could suffer a loss where the value of the collateral falls below the market value of the borrowed securities, in the event of borrower default or in the event of losses on investments made with cash collateral. (i) Recent accounting pronouncements--In July 2006, the Financial Accounting Standards Board ("FASB") issued Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109." FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity including mutual funds before being measured and recognized in the financial statements. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. The impact on the Fund's financial statements, if any, is currently being assessed. In September 2006, Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Fund's financial statements, if any, has not been determined. In addition, in February 2007, FASB issued "Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities" ("FAS 159"), which is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Fund's financial statements, if any, has not been determined. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Notes to Financial Statements (continued) 2. Investment Advisory Agreement and Transactions with Affiliates: On September 29, 2006, BlackRock, Inc. and Merrill Lynch & Co., Inc. ("Merrill Lynch") combined Merrill Lynch's investment management business, Merrill Lynch Investment Managers, L.P. ("MLIM"), and its affiliates, with BlackRock, Inc. to create a new independent company. Merrill Lynch has a 49.8% economic interest and a 45% voting interest in the combined company and The PNC Financial Services Group, Inc. ("PNC") has approximately a 34% economic and voting interest. The new company operates under the BlackRock name and is governed by a board of directors with a majority of independent members. The Investment Advisory Agreement between the Fund and the Manager became effective on September 29, 2006. Prior to September 29, 2006, MLIM was the Fund's manager. The general partner of MLIM is Princeton Services, Inc. ("PSI"), an indirect, wholly owned subsidiary of Merrill Lynch, which is the limited partner. The Fund has also entered into separate Distribution Agreements and Distribution Plans with FAM Distributors, Inc. ("FAMD") and BlackRock Distributors, Inc. ("BDI") (collectively, the "Distributor"). FAMD is a wholly owned subsidiary of Merrill Lynch Group, Inc. and BDI is an affiliate of BlackRock. The Manager is responsible for the management of the Fund's portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Fund. For such services, the Fund pays a monthly fee based upon the average daily value of the Fund's net assets at an annual rate of .75% of the average daily net assets not exceeding $1.5 billion and .725% of the average daily net assets in excess of $1.5 billion. In addition, the Manager has entered into a Sub-Advisory Agreement with BlackRock Investment Management, LLC ("BIM"), an affiliate of the Manager, under which the Manager pays BIM for services it provides a monthly fee that is a percentage of the management fee paid by the Fund to the Manager. Prior to September 29, 2006, MLIM had a Sub-Advisory Agreement with Merrill Lynch Asset Management U.K. Limited ("MLAM U.K."), an affiliate of MLIM. Pursuant to the Distribution Plans adopted by the Fund in accordance with Rule 12b-1 under the Investment Company Act of 1940, the Fund pays the Distributor ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the shares as follows: Service Distribution Fee Fee Investor A .25% -- Investor B .25% .75% Investor C .25% .75% Class R .25% .25% Pursuant to sub-agreements with each Distributor, broker dealers, including Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S"), a wholly owned subsidiary of Merrill Lynch, and an affiliate of each Distributor provides shareholder servicing and distribution services to the Fund. The ongoing service fee compensates the Distributor and each broker-dealer (including MLPF&S) for providing shareholder servicing to Investor A, Investor B, Investor C and Class R shareholders. The ongoing distribution fee compensates each Distributor and MLPF&S for providing shareholder and distribution-related services to Investor B, Investor C and Class R shareholders. For the six months ended February 28, 2007, FAMD, the Fund's sole Distributor until September 29, 2006, and BDI earned underwriting discounts and direct commissions and MLPF&S and BDI earned dealer concessions on sales of the Fund's Investor A Shares as follows: FAMD MLPF&S BDI Investor A $1,288 $16,834 $1,057 For the six months ended February 28, 2007, MLPF&S received contingent deferred sales charges of $5,969 and $100 relating to transactions in Investor B and Investor C Shares, respectively. Furthermore, MLPF&S received contingent deferred sales charges of $12 relating to transactions subject to front-end sales charge waivers on Investor A Shares. The Manager maintains a call center, which is responsible for providing certain shareholder services to the Fund, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. During the period September 29, 2006 to February 28, 2007, the following amounts have been accrued by the Fund to reimburse the Manager for costs incurred running the call center, which are a component of the transfer agent fees in the accompanying Statement of Operations. Call Center Fees Institutional $1,635 Investor A $3,629 Investor B $1,419 Investor C $1,007 Class R $ 5 BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Notes to Financial Statements (continued) The Fund has received an exemptive order from the Securities and Exchange Commission permitting it to lend portfolio securities to MLPF&S or its affiliates. Pursuant to that order, the Fund has retained BIM as the securities lending agent for a fee based on a share of the returns on investment of cash collateral. Prior to September 29, 2006, BIM was organized as Merrill Lynch Investment Managers, LLC ("MLIM, LLC"), an affiliate of MLIM, and MLIM, LLC was the securities lending agent. BIM may, on behalf of the Fund, invest cash collateral received by the Fund for such loans, among other things, in a private investment company managed by the Manager or in registered money market funds advised by the Manager or its affiliates. For the six months ended February 28, 2007, BIM received $1,375 in securities lending agent fees. In addition, MLPF&S received $69,171 in commissions on the execution of portfolio security transactions for the Fund for the six months ended February 28, 2007. For the six months ended February 28, 2007, the Fund reimbursed MLIM and the Manager $812 and $4,059, respectively, for certain accounting services. Effective September 29, 2006, PFPC Inc., an indirect, wholly owned subsidiary of PNC and an affiliate of the Manager, became the Fund's transfer agent. Prior to September 29, 2006, the Fund's transfer agent was Financial Data Services, Inc. ("FDS"), a wholly owned subsidiary of Merrill Lynch. Prior to September 29, 2006, certain officers and/or directors of the Fund were officers and/or directors of MLIM, PSI, MLAM U.K., FDS, FAMD, Merrill Lynch, and/or MLIM, LLC. Commencing September 29, 2006, certain officers and/or directors of the Fund are officers and/or directors of BlackRock, Inc. or its affiliates. 3. Investments: Purchases and sales of investments, excluding short-term securities, for the six months ended February 28, 2007 were $202,988,574 and $229,193,809, respectively. 4. Capital Share Transactions: Net decrease in net assets derived from capital share transactions was $21,019,907 and $67,333,645 for the six months ended February 28, 2007 and the year ended August 31, 2006, respectively. Transactions in capital shares for each class were as follows: Institutional Shares for the Six Months Ended Dollar February 28, 2007 Shares Amount Shares sold 1,921,954 $ 26,586,729 Shares issued to shareholders in reinvestment of dividends 7,405 94,456 --------------- --------------- Total issued 1,929,359 26,681,185 Shares redeemed (1,497,892) (20,447,606) --------------- --------------- Net increase 431,467 $ 6,233,579 =============== =============== Institutional Shares for the Year Dollar Ended August 31, 2006 Shares Amount Shares sold 3,915,075 $ 47,655,298 Shares issued to shareholders in reinvestment of dividends 150,886 1,611,469 --------------- --------------- Total issued 4,065,961 49,266,767 Shares redeemed (3,327,538) (39,927,624) --------------- --------------- Net increase 738,423 $ 9,339,143 =============== =============== Investor A Shares for the Six Months Ended Dollar February 28, 2007 Shares Amount Shares sold 1,053,899 $ 14,226,969 Automatic conversion of shares 142,814 1,745,840 --------------- --------------- Total issued 1,196,713 15,972,809 Shares redeemed (1,842,920) (24,704,397) --------------- --------------- Net decrease (646,207) $ (8,731,588) =============== =============== Investor A Shares for the Year Dollar Ended August 31, 2006 Shares Amount Shares sold 670,623 $ 8,014,274 Automatic conversion of shares 12,740,197 139,976,542 Shares issued to shareholders in reinvestment of dividends 98,021 1,038,037 --------------- --------------- Total issued 13,508,841 149,028,853 Shares redeemed (4,197,434) (49,939,944) --------------- --------------- Net increase 9,311,407 $ 99,088,909 =============== =============== Investor B Shares for the Six Months Ended Dollar February 28, 2007 Shares Amount Shares sold 188,355 $ 2,458,177 --------------- --------------- Shares redeemed (1,299,921) (16,763,907) Automatic conversion of shares (148,778) (1,745,840) --------------- --------------- Total redeemed (1,448,699) (18,509,747) --------------- --------------- Net decrease (1,260,344) $ (16,051,570) =============== =============== BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Notes to Financial Statements (continued) Investor B Shares for the Year Dollar Ended August 31, 2006 Shares Amount Shares sold 496,259 $ 5,638,554 Shares issued to shareholders in reinvestment of dividends 68,120 697,544 --------------- --------------- Total issued 564,379 6,336,098 --------------- --------------- Shares redeemed (3,080,537) (34,147,393) Automatic conversion of shares (13,194,130) (139,976,542) --------------- --------------- Total redeemed (16,274,667) (174,123,935) --------------- --------------- Net decrease (15,710,288) $ (167,787,837) =============== =============== Investor C Shares for the Six Months Ended Dollar February 28, 2007 Shares Amount Shares sold 238,731 $ 3,160,449 Shares redeemed (457,789) (5,927,730) --------------- --------------- Net decrease (219,058) $ (2,767,281) =============== =============== Investor C Shares for the Year Dollar Ended August 31, 2006 Shares Amount Shares sold 393,750 $ 4,525,444 Shares issued to shareholders in reinvestment of dividends 20,949 214,314 --------------- --------------- Total issued 414,699 4,739,758 Shares redeemed (1,183,250) (13,306,797) --------------- --------------- Net decrease (768,551) $ (8,567,039) =============== =============== Class R Shares for the Six Months Ended Dollar February 28, 2007 Shares Amount Shares sold 51,486 $ 691,361 Shares redeemed (30,026) (394,408) --------------- --------------- Net increase 21,460 $ 296,953 =============== =============== Class R Shares for the Year Dollar Ended August 31, 2006 Shares Amount Shares sold 71,002 $ 813,712 Shares issued to shareholders in reinvestment of dividends 1,205 12,520 --------------- --------------- Total issued 72,207 826,232 Shares redeemed (20,036) (233,053) --------------- --------------- Net increase 52,171 $ 593,179 =============== =============== The Fund generally charges a 2% redemption fee on the proceeds (calculated at market value) of a redemption (either by sale or exchange) of Fund shares made within 30 days of purchase. The redemption fee is paid to the Fund and is intended to offset the trading costs, market impact and other costs associated with short-term trading into and out of the Fund. 5. Short-Term Borrowings: The Fund, along with certain other funds managed by the Manager and its affiliates is a party to a $500,000,000 credit agreement with a group of lenders. The Fund may borrow under the credit agreement to fund shareholder redemptions and for other lawful purposes other than for leverage. The Fund may borrow up to the maximum amount allowable under the Fund's current prospectus and statement of additional information, subject to various other legal, regulatory or contractual limits. On November 22, 2006, the credit agreement was renewed for one year under substantially the same terms. The Fund pays a commitment fee of .06% per annum based on the Fund's pro rata share of the unused portion of the credit agreement. Amounts borrowed under the credit agreement bear interest at a rate equal to, at each fund's election, the federal funds rate plus .35% or a base rate as defined in the credit agreement. The Fund did not borrow under the credit agreement during the six months ended February 28, 2007. 6. Commitments: At February 28, 2007, the Fund had entered into foreign exchange contracts, in addition to the contracts listed on the schedule of investments, under which it had agreed to purchase and sell various foreign currencies with approximate values of $27,000 and $1,726,000, respectively. 7. Capital Loss Carryforward: On August 31, 2006, the Fund had a net capital loss carryforward of $447,689,115, of which $7,928,271 expires in 2008, $3,964,136 expires in 2009, $83,247,809 expires in 2010 and $352,548,899 expires in 2011. Subject to limitations, this amount will be available to offset like amounts of any future taxable gains. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Officers and Directors Robert C. Doll, Jr., President and Director Donald W. Burton, Director John F. O'Brien, Director David H. Walsh, Director Fred G. Weiss, Director Donald C. Burke, Vice President and Treasurer Thomas E. Burke, Vice President Jeffrey Hiller, Fund Chief Compliance Officer Alice A. Pellegrino, Secretary Custodian State Street Bank and Trust Company P.O. Box 351 Boston, MA 02101 Transfer Agent PFPC Inc. Wilmington, DE 19809 Effective April 13, 2007, Jeffrey Hiller resigned his position as Chief Compliance Officer of the Fund. Also effective April 13, 2007, Karen Clark was appointed Chief Compliance Officer of the Fund. Ms. Clark has been a Managing Director of BlackRock, Inc. since 2007. She was a Director thereof from 2005 to 2007. Prior to that, Ms. Clark was a principal and senior compliance officer at State Street Global Advisors from 2001 to 2005. Ms. Clark was a principal consultant with PricewaterhouseCoopers, LLP from 1998 to 2001. From 1993 to 1998, Ms. Clark was Branch Chief, Division of Investment Management and Office of Compliance Examinations, with the U.S. Securities and Exchange Commission. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 BlackRock Funds BlackRock Privacy Principles BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties. If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations. BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our Web sites. BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic personal information about its Clients, except as permitted by law or as is necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose. We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information. Availability of Additional Information Electronic copies of most financial reports and prospectuses are available on the Fund's Web site or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Fund's electronic delivery program. To enroll: Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages: Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service. Shareholders Who Hold Accounts Directly with BlackRock: 1) Access the BlackRock Web site at http://www.blackrock.com/edelivery 2) Select eDelivery under the More Information section 3) Log into your account The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Fund at (800) 441-7762. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 BlackRock Funds (concluded) Availability of Additional Information (concluded) Availability of Proxy Voting Policies and Procedures The Fund has delegated proxy voting responsibilities to BlackRock and its affiliates, subject to the general oversight of the Fund's Board of Directors. A description of the policies and procedures that BlackRock and its affiliates use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, on our Web site at www.blackrock.com, by calling (800) 441-7762, or on the Web site of the Securities and Exchange Commission (the "Commission") at http://www.sec.gov. Availability of Proxy Voting Record Information on how proxies relating to the Fund's voting securities were voted (if any) by BlackRock during the most recent 12-month period ended June 30 is available, upon request and without charge, on our Web site at www.blackrock.com, by calling (800) 441-7762 or on the Web site of the Commission at http://www.sec.gov. Availability of Quarterly Portfolio Schedule The Fund files its complete schedule of portfolio holdings for the first and third quarters of its fiscal year with the Commission on Form N-Q. The Fund's Forms N-Q are available on the Commission's Web site at http://www.sec.gov and may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's Forms N-Q may also be obtained upon request, without charge, by calling (800) 441-7762. Shareholder Privileges Account Information Call us at (800) 441-7762 8:00 AM - 6:00 PM EST to get information about your account balances, recent transactions and share prices. You can also reach us on the Web at www.blackrock.com. Automatic Investment Plans Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock portfolios. Systematic Withdrawal Plans Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock portfolios, as long as their account is at least $10,000. Retirement Plans Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 A World-Class Mutual Fund Family BlackRock now offers an expanded lineup of open-end mutual funds. Our range includes more than 85 funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing. Equity Portfolios BlackRock All-Cap Global Resources Portfolio BlackRock Aurora Portfolio BlackRock Asset Allocation Portfolio++ BlackRock Balanced Capital Fund++ BlackRock Basic Value Fund BlackRock Developing Capital Markets Fund BlackRock Equity Dividend Fund BlackRock EuroFund BlackRock Focus Twenty Fund BlackRock Focus Value Fund BlackRock Fundamental Growth Fund BlackRock Global Allocation Fund++ BlackRock Global Dynamic Equity Fund BlackRock Global Financial Services Fund BlackRock Global Growth Fund BlackRock Global Opportunities Portfolio BlackRock Global Resources Portfolio* BlackRock Global Science & Technology Opportunities Portfolio BlackRock Global SmallCap Fund BlackRock Global Technology Fund BlackRock Global Value Fund BlackRock Healthcare Fund BlackRock Health Sciences Opportunities Portfolio BlackRock Index Equity Portfolio* BlackRock International Fund BlackRock International Index Fund BlackRock International Opportunities Portfolio* BlackRock International Value Fund BlackRock Investment Trust BlackRock Large Cap Core Fund BlackRock Large Cap Growth Fund BlackRock Large Cap Value Fund BlackRock Latin America Fund BlackRock Capital Appreciation Portfolio BlackRock Mid-Cap Growth Equity Portfolio BlackRock Mid-Cap Value Equity Portfolio BlackRock Mid Cap Value Opportunities Fund BlackRock Natural Resources Trust BlackRock Pacific Fund BlackRock Small Cap Core Equity Portfolio BlackRock Small Cap Growth Equity Portfolio BlackRock Small Cap Growth Fund II BlackRock Small Cap Index Fund BlackRock Small Cap Value Equity Portfolio* BlackRock Small/Mid-Cap Growth Portfolio BlackRock S&P 500 Index Fund BlackRock U.S. Opportunities Portfolio BlackRock Utilities and Telecommunications Fund BlackRock Value Opportunities Fund Fixed Income Portfolios BlackRock Bond Fund BlackRock Enhanced Income Portfolio BlackRock GNMA Portfolio BlackRock Government Income Portfolio BlackRock High Income Fund BlackRock High Yield Bond Portfolio BlackRock Inflation Protected Bond Portfolio BlackRock Intermediate Bond Portfolio BlackRock Intermediate Bond Portfolio II BlackRock Intermediate Government Bond Portfolio BlackRock International Bond Portfolio BlackRock Low Duration Bond Portfolio BlackRock Managed Income Portfolio BlackRock Real Investment Fund BlackRock Short-Term Bond Fund BlackRock Total Return Portfolio BlackRock Total Return Portfolio II BlackRock World Income Fund Municipal Bond Portfolios BlackRock AMT-Free Municipal Bond Portfolio BlackRock California Insured Municipal Bond Fund BlackRock Delaware Municipal Bond Portfolio BlackRock Florida Municipal Bond Fund BlackRock High Yield Municipal Fund BlackRock Intermediate Municipal Fund BlackRock Kentucky Municipal Bond Portfolio BlackRock Municipal Insured Fund BlackRock National Municipal Fund BlackRock New Jersey Municipal Bond Fund BlackRock New York Municipal Bond Fund BlackRock Ohio Municipal Bond Portfolio BlackRock Pennsylvania Municipal Bond Fund BlackRock Short-Term Municipal Fund Money Market Portfolios BlackRock Money Market Portfolio BlackRock Municipal Money Market Portfolio+++ BlackRock NC Municipal MM Portfolio+++ BlackRock NJ Municipal MM Portfolio+++ BlackRock OH Municipal MM Portfolio+++ BlackRock PA Municipal MM Portfolio+++ BlackRock Summit Cash Reserves Fund* BlackRock U.S. Treasury MM Portfolio BlackRock VA Municipal MM Portfolio+++ * See the prospectus for information on specific limitations on investments in the fund. ++ Mixed asset fund. +++ Tax-exempt fund. BlackRock mutual funds are distributed by BlackRock Distributors, Inc. and certain funds are also distributed by FAM Distributors, Inc. You should consider the investment objectives, risks, charges and expenses of the funds under consideration carefully before investing. Each fund's prospectus contains this and other information and is available at www.blackrock.com or by calling 800-882-0052 or from your financial advisor. The prospectus should be read carefully before investing. BLACKROCK GLOBAL GROWTH FUND, INC. FEBRUARY 28, 2007 Item 2 - Code of Ethics - Not Applicable to this semi-annual report Item 3 - Audit Committee Financial Expert - Not Applicable to this semi- annual report Item 4 - Principal Accountant Fees and Services - Not Applicable to this semi-annual report Item 5 - Audit Committee of Listed Registrants - Not Applicable Item 6 - Schedule of Investments - Not Applicable Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable Item 8 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable Item 9 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable Item 10 - Submission of Matters to a Vote of Security Holders - Not Applicable Item 11 - Controls and Procedures 11(a) - The registrant's certifying officers have reasonably designed such disclosure controls and procedures to ensure material information relating to the registrant is made known to us by others particularly during the period in which this report is being prepared. The registrant's certifying officers have determined that the registrant's disclosure controls and procedures are effective based on our evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report. 11(b) - As of September 29, 2006, with the conclusion of the combination of Merrill Lynch's asset management business with BlackRock, the registrant was migrated to BlackRock's trading and compliance monitoring systems, and various personnel changes occurred. In conjunction with these business improvements, there were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under Act (17 CFR 270.30a-3(d)) that occurred during the last fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to affect, the registrant's internal control over financial reporting. Item 12 - Exhibits attached hereto 12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report 12(a)(2) - Certifications - Attached hereto 12(a)(3) - Not Applicable 12(b) - Certifications - Attached hereto Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BlackRock Global Growth Fund, Inc. By: /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr., Chief Executive Officer of BlackRock Global Growth Fund, Inc. Date: April 23, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr., Chief Executive Officer of BlackRock Global Growth Fund, Inc. Date: April 23, 2007 By: /s/ Donald C. Burke -------------------- Donald C. Burke, Chief Financial Officer of BlackRock Global Growth Fund, Inc. Date: April 23, 2007 EX-99.CERT 2 section302.txt SECTION 302 EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Robert C. Doll, Jr., Chief Executive Officer of BlackRock Global Growth Fund, Inc., certify that: 1. I have reviewed this report on Form N-CSR of BlackRock Global Growth Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under out supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: April 23, 2007 /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr., Chief Executive Officer of BlackRock Global Growth Fund, Inc. EX-99. CERT CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Donald C. Burke, Chief Financial Officer of BlackRock Global Growth Fund, Inc., certify that: 1. I have reviewed this report on Form N-CSR of BlackRock Global Growth Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under out supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: April 23, 2007 /s/ Donald C. Burke -------------------- Donald C. Burke, Chief Financial Officer of BlackRock Global Growth Fund, Inc. EX-99.1350CERT 3 section906.txt SECTION 906 Exhibit 99.1350CERT Certification Pursuant to Section 906 of the Sarbanes Oxley Act I, Robert C. Doll, Jr., Chief Executive Officer of BlackRock Global Growth Fund, Inc. (the "Fund"), certify that: 1. The N-CSR of the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: April 23, 2007 /s/ Robert C. Doll, Jr. ----------------------- Robert C. Doll, Jr., Chief Executive Officer of BlackRock Global Growth Fund, Inc. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to BlackRock Global Growth Fund, Inc. and will be retained by BlackRock Global Growth Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. Exhibit 99.1350CERT Certification Pursuant to Section 906 of the Sarbanes Oxley Act I, Donald C. Burke, Chief Financial Officer of BlackRock Global Growth Fund, Inc. (the "Fund"), certify that: 1. The N-CSR of the Fund (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Dated: April 23, 2007 /s/ Donald C. Burke -------------------- Donald C. Burke, Chief Financial Officer of BlackRock Global Growth Fund, Inc. A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to BlackRock Global Growth Fund, Inc. and will be retained by BlackRock Global Growth Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----