# EDGAR Filing Document

**Accession Number:** 0000834237
**File Stem:** 0001193125-23-000532
**Filing Date:** 2023-1
**Character Count:** 529574
**Document Hash:** 50aa7fe7430687a9c7e943a3e4c9373f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000532.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000532

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK GLOBAL ALLOCATION FUND, INC.
- **CENTRAL INDEX KEY:** 0000834237
- **IRS NUMBER:** 222937779
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05576
- **FILM NUMBER:** 23501262

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH GLOBAL ALLOCATION FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH GLOBAL INCOME FUND INC
- **DATE OF NAME CHANGE:** 19890706

## Series and Classes Contracts Data

### BLACKROCK GLOBAL ALLOCATION FUND, INC. (Series ID: S000002245)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000005790 | Investor A    |  |
| C000005792 | Investor C    |  |
| C000005793 | Institutional |  |
| C000005794 | Class R       |  |
| C000172904 | Class K       |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number: 811-05576

Name of Fund: BlackRock Global Allocation Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Global Allocation Fund, Inc., 55 East 52<sup>nd</sup> Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2023

Date of reporting period: 10/31/2022

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Item 1 – Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

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| | |
|:---|:---|
| ![LOGO](g425214g42l24.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**BlackRock Global Allocation Fund, Inc.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

![LOGO](g425214sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g425214photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | &nbsp;&nbsp;&nbsp;&nbsp;(5.50)% | &nbsp;&nbsp;&nbsp;&nbsp;(14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 0.72 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

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| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx425214_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx425214_2) | 4 |
|  [About Fund Performance](#tx425214_3) | 7 |
|  [Disclosure of Expenses](#tx425214_4) | 7 |
|  [Derivative Financial Instruments](#tx425214_5) | 8 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Schedule of Investments](#tx425214_6) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities](#tx425214_7) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Operations](#tx425214_8) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#tx425214_9) | 60 |
|  [Consolidated Financial Highlights](#tx425214_10) | 61 |
|  [Notes to Consolidated Financial Statements](#tx425214_11) | 66 |
|  [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#tx425214_12) | 81 |
|  [Additional Information](#tx425214_13) | 84 |
|  [Glossary of Terms Used in this Report](#tx425214_14) | 86 |

---

![LOGO](g425214g63k41.jpg)

3.0 ------

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

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**Investment Objective** 

**BlackRock Global Allocation Fund, Inc.'s (the "Fund")** investment objective is to provide high total investment return through a fully managed investment policy utilizing United States and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time both with respect to types of securities and markets in response to changing market and economic trends. Total return means the combination of capital growth and investment income.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, the Fund outperformed its reference benchmark, which is comprised of the S&P 500<sup>®</sup> Index (36%), FTSE World (ex U.S.) Index (24%), ICE BofA Current 5-Year U.S. Treasury Index (24%) and FTSE Non-U.S. Dollar World Government Bond Index (16%) (the "Reference Benchmark"), and outperformed the broad-based all-equity benchmark, the FTSE World Index. The Fund invests in both equities and bonds; therefore, Fund management believes that the Reference Benchmark provides a more accurate representation of the Fund's composition and a more comparable means for measurement. The following discussion of relative performance pertains to the Reference Benchmark. The following commentary (and referenced allocation percentages) are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps, and options (except with respect to fixed income securities), and convertible bonds, and may vary relative to the market value.

**What factors influenced performance?** 

The largest positive contributor to performance over the six-month period was the Fund's exposure to cash and cash equivalents, which was largely held in lieu of fixed income (as zero duration U.S. fixed income) to serve as a hedge against equities. Currency management, notably an overweight to the U.S. dollar and underweight to the euro, contributed over the period as well. From an equity sector perspective, an overweight to energy was additive, but was partially offset by security selection within the sector. Security selection within materials, healthcare, communication services and utilities positively impacted performance. Within fixed income, exposure to U.S. Treasury inflation-protected securities was additive.

The largest detractor from performance over the six-month period was exposure to interest rate derivatives, primarily modest exposure to the long end of the U.S. yield curve which was held as a hedge in the event of an acute increase in investor risk aversion. Within fixed income, an underweight to Japanese government bonds negatively impacted performance. Exposure to corporate credit, notably high yield bonds, weighed on returns. From an equity sector perspective, stock selection within information technology detracted from performance.

The Fund uses derivatives, which may include options, futures, swaps and forward contracts both to seek to enhance returns of the Fund and to hedge (or protect) against adverse movements in currency exchange rates, interest rates and movements in the securities markets. During the period, the Fund's use of derivatives modestly detracted from the Fund's performance.

**Describe recent portfolio activity.** 

During the six-month period, the Fund's overall equity allocation decreased from 56% to 53% of net assets. Within equities, the Fund decreased exposure to Asia and Europe, and increased exposure to the United States. On a sector basis, the Fund increased exposure to healthcare and consumer staples and reduced exposure to consumer discretionary, materials, communication services, energy and industrials.

The Fund's allocation to fixed income increased from 19% to 34% of net assets. Within fixed income, the Fund increased exposure to short-dated U.S. Treasuries, investment grade corporate bonds and, to a lesser extent, securitized assets.

Reflecting the changes in the Fund's overall allocations to equity and fixed income during the period, the Fund's exposure to cash and cash equivalent holdings decreased from 25% to 13% of net assets.

The Fund's exposure to commodity-related securities remained unchanged at less than 1% of net assets.

**Describe portfolio positioning at period end.** 

Relative to its Reference Benchmark, the Fund ended the period underweight equities and fixed income, with minimal exposure to gold-related securities and a larger allocation to cash and cash equivalents. Within equities, the Fund was overweight the United States, and underweight Japan, Australia and Canada. From a sector perspective, the Fund was overweight energy, materials, consumer discretionary and healthcare, and underweight financials, consumer staples, industrials, information technology, real estate and utilities. Within fixed income, the Fund was underweight developed European market sovereign debt, Japanese government bonds and U.S. Treasuries. In addition, the Fund was overweight corporate bonds, securitized debt and bank loans. With respect to currency exposure, the Fund was overweight the U.S. dollar and underweight the euro and the Japanese yen.

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

4 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Global Allocation Fund, Inc.** |

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**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (7.29)% | (18.56)% | N/A | 3.21% | N/A | 4.92% | N/A |
|  Investor A | (7.39) | (18.74) | (23.01)% | 2.93 | 1.83% | 4.64 | 4.08% |
|  Investor C | (7.75) | (19.37) | (20.10) | 2.15 | 2.15 | 4.02 | 4.02 |
|  Class K | (7.26) | (18.49) | N/A | 3.29 | N/A | 4.98 | N/A |
|  Class R | (7.56) | (19.06) | N/A | 2.59 | N/A | 4.28 | N/A |
|  **FTSE World Index<sup>(c)</sup>** | (8.53) | (18.39) | N/A | 6.35 | N/A | 8.97 | N/A |
|  **Reference Benchmark<sup>(d)</sup>** | (8.46) | (17.55) | N/A | 3.36 | N/A | 5.37 | N/A |
|  **U.S. Stocks: S&P 500**<sup>®</sup> **Index<sup>(e)</sup>** | (5.50) | (14.61) | N/A | 10.44 | N/A | 12.79 | N/A |
|  **Non-U.S. Stocks: FTSE World (ex U.S.) Index<sup>(f)</sup>** | (13.28) | (21.85) | N/A | 0.80 | N/A | 4.35 | N/A |
|  **Non-U.S. Bonds: FTSE Non-U.S. Dollar World Government Bond Index<sup>(g)</sup>** | (14.40) | (27.64) | N/A | (4.94) | N/A | (3.02) | N/A |
|  **U.S. Bonds: ICE BofA Current 5-Year U.S. Treasury Index<sup>(h)</sup>** | (4.59) | (11.37) | N/A | (0.23) | N/A | 0.28 | N/A |

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<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> The Fund invests in a portfolio of U.S. and foreign equity securities, debt and money market securities, the combination of which will be varied from time to time with respect to types of securities and markets in response to changing market and economic trends.

<sup>(c)</sup> A market cap weighted index representing the performance of the large- and mid-cap stocks from the Developed and Advanced Emerging segments of the FTSE Global Equity Index Series and covers approximately 90-95% of the investable market capitalization. 

<sup>(d)</sup> The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% S&P 500<sup>®</sup> Index; 24% FTSE World (ex U.S.) Index; 24% ICE BofA Current 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index. 

<sup>(e)</sup> An unmanaged index that covers 500 leading companies and captures approximately 80% coverage of available market capitalization. 

<sup>(f)</sup> An index comprised of large- and mid-cap stocks, providing coverage of developed and emerging markets excluding the United States. The index is derived from the FTSE Global Equity Index Series, which covers approximately 98% of the world's investable market capitalization. 

<sup>(g)</sup> An unmanaged market capitalization-weighted index that tracks certain government bond indexes, excluding the United States.

<sup>(h)</sup> An unmanaged index designed to track the total return of the current coupon 5-year U.S. Treasury bond. 

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

**Expense Example** 

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| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Actual | Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |  | |  |
|  |  | |  | | Expenses Paid During the<br>Period | Expenses Paid During the<br>Period | Expenses Paid During the<br>Period |  | |  | Including Dividend<br>Expense and<br>Professional<br>Fees for<br>Foreign<br>Withholding<br>Tax Claims | Including Dividend<br>Expense and<br>Professional<br>Fees for<br>Foreign<br>Withholding<br>Tax Claims | Including Dividend<br>Expense and<br>Professional<br>Fees for<br>Foreign<br>Withholding<br>Tax Claims |  | Excluding Dividend<br>Expense and<br>Professional<br>Fees for<br>Foreign<br>Withholding<br>Tax Claims | Excluding Dividend<br>Expense and<br>Professional<br>Fees for<br>Foreign<br>Withholding<br>Tax Claims | Excluding Dividend<br>Expense and<br>Professional<br>Fees for<br>Foreign<br>Withholding<br>Tax Claims | Annualized Expense Ratio | Annualized Expense Ratio | Annualized Expense Ratio | Annualized Expense Ratio |  |
| |  | *Beginning*<br> *Account*<br> *Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account*<br> *Value*<br> *(10/31/22)* | *Including*<br> *Dividend*<br> *Expense and*<br> *Professional*<br> *Fees for*<br> *Foreign*<br> *Withholding*<br> *Tax Claims* | <br>*<sup>(a)</sup>*  | *Excluding*<br> *Dividend*<br> *Expense and*<br> *Professional<br>Fees for<br>Foreign*<br> *Withholding*<br> *Tax Claims* | <br>*<br>* <br>*<sup>(a)</sup>*  | *Beginning*<br> *Account*<br> *Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account*<br> *Value*<br> *(10/31/22)* | <br>| *Expenses*<br> *Paid*<br> *During*<br> *the<br>Period* | <br>*<br><sup>(a)</sup>*  | *Ending*<br> *Account*<br> *Value*<br> *(10/31/22)* | <br>| *Expenses*<br> *Paid*<br> *During*<br> *the*<br> *Period* | <br>| *Including*<br> *Dividend*<br> *Expense and*<br> *Professional*<br> *Fees for*<br> *Foreign*<br> *Withholding*<br> *Tax Claims* | <br>| *Excluding*<br> *Dividend*<br> *Expense and*<br> *Professional*<br> *Fees for*<br> *Foreign*<br> *Withholding*<br> *Tax Claims* | <br>|
|  | Institutional | $1000.00 |  | $927.10 | $3.98 |  | $3.93 |  | $1000.00 |  | $1021.07 |  | $4.18 |  | $1021.12 |  | $4.13 |  | 0.82 | % | 0.81 | % |
|  | Investor A | 1000.00 |  | 926.10 | 5.24 |  | 5.15 |  | 1000.00 |  | 1019.76 |  | 5.50 |  | 1019.86 |  | 5.40 |  | 1.08 |  | 1.06 |  |
|  | Investor C | 1000.00 |  | 922.50 | 9.06 |  | 8.96 |  | 1000.00 |  | 1015.78 |  | 9.50 |  | 1015.88 |  | 9.40 |  | 1.87 |  | 1.85 |  |
|  | Class K | 1000.00 |  | 927.40 | 3.64 |  | 3.55 |  | 1000.00 |  | 1021.42 |  | 3.82 |  | 1021.53 |  | 3.72 |  | 0.75 |  | 0.73 |  |
|  | Class R | 1000.00 |  | 924.40 | 7.03 |  | 6.98 |  | 1000.00 |  | 1017.90 |  | 7.38 |  | 1017.95 |  | 7.32 |  | 1.45 |  | 1.44 |  |

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<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

F U N D S U M M A R Y 5

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Global Allocation Fund, Inc.** |

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**Portfolio Information** 

**TEN LARGEST HOLDINGS (EQUITY INVESTMENTS)** 

---

| | | | |
|:---|:---|:---|:---|
|  | *Percent of* | *Percent of* |  |
|  *Security<sup>(a)</sup>* | | *Total Investments* | |
|  Microsoft Corp. |  | 1.7 | % |
|  Apple, Inc. |  | 1.7 |  |
|  Alphabet, Inc. |  | 1.2 |  |
|  ConocoPhillips |  | 1.1 |  |
|  Amazon.com, Inc. |  | 0.9 |  |
|  Humana, Inc. |  | 0.9 |  |
|  UnitedHealth Group, Inc. |  | 0.8 |  |
|  Mastercard, Inc. |  | 0.7 |  |
|  Enbridge, Inc. |  | 0.7 |  |
|  Marsh & McLennan Cos., Inc. |  | 0.7 |  |

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**GEOGRAPHIC ALLOCATION** 

---

| |
|:---|
| *Percent of* |
| *Total Investments* *<sup>(b)</sup>* |

---

---

| | | | |
|:---|:---|:---|:---|
| *Country/Geographic Region* | *Long* | *Short* | *Total* |
|  United States | 67.1% | 0.5% | 67.6% |
|  Japan | 9.3 | 0.1 | 9.4 |
|  United Kingdom | 3.2 | 0.1 | 3.3 |
|  Germany | 3 | 0.1 | 3.1 |
|  Canada | 2.2 | — <sup>(c)</sup> | 2.2 |
|  Netherlands | 2.2 | — <sup>(c)</sup> | 2.2 |
|  France | 2 | — <sup>(c)</sup> | 2 |
|  Australia | 1.7 | 0.1 | 1.8 |
|  China | 1.1 | 0.1 | 1.2 |
|  Switzerland | 1 | — <sup>(c)</sup> | 1 |
|  Other<sup>#</sup> | 6.1 | 0.1 | 6.2 |
|  | 98.9% | 1.1% | 100.0% |

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<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> Total investments include the gross values of long and short equity securities of the underlying derivative contracts utilized by the Fund and exclude short-term securities and TBA sale commitments. 

<sup>(c)</sup> Rounds to less than 0.1%. 

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| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Consolidated Schedule of Investments for such countries/geographic regions.  |

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6 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| About Fund Performance | **BlackRock Global Allocation Fund, Inc.** |

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**Institutional and Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K Shares inception date of June 8, 2016 is that of Institutional Shares. The performance of the Fund's Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**Investor A Shares** are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge ("CDSC") where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

**Investor C Shares** are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

**Class R Shares** are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **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. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions 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.

BlackRock Advisors, LLC (the "Manager"), the Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund's expenses. Without such waiver(s) and/or reimbursement(s), the Fund's performance would have been lower. With respect to the Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to the Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Consolidated Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) 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 expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. 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 corresponding to their share class under the heading entitled "Expenses Paid During the Period."

The expense example also 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 the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example 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.

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 7

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| | |
|:---|:---|
| Derivative Financial Instruments | **BlackRock Global Allocation Fund, Inc.** |

---

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 of the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

8 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) <br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities** |  |  |  |
|  **Cayman Islands<sup>(a)(b)</sup> — 0.5%** |  |  |  |
|  522 Funding CLO Ltd., Series 2019-4A, Class CR, (3 mo. LIBOR US + 2.40%), 6.64%, 04/20/30 | USD | 500 | $468889 |
|  ACRES Commercial Realty Ltd., Series 2021-FL1, Class A, (1 mo. LIBOR US + 1.20%), 4.61%, 06/15/36 |  | 6272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044640 |
|  AGL CLO 5 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class A2R, (3 mo. LIBOR US + 1.40%), 5.64%, 07/20/34 |  | 1260 | 1190718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class BR, (3 mo. LIBOR US + 1.70%), 5.94%, 07/20/34 |  | 1752 | 1648176 |
|  AGL Static CLO Ltd., Series 2022-18A, Class B, (3 mo. SOFR + 2.00%), 5.99%, 04/21/31 |  | 3210 | 3034326 |
|  Allegro CLO IV Ltd., Series 2016-1A, Class BR2, (3 mo. LIBOR US + 1.55%), 5.63%, 01/15/30 |  | 430 | 408936 |
|  ALM Ltd., Series 2020-1A, Class A2, (3 mo. LIBOR US + 1.85%), 5.93%, 10/15/29 |  | 373 | 355302 |
|  AMMC CLO 22 Ltd., Series 2018-22A, Class B, (3 mo. LIBOR US + 1.45%), 5.81%, 04/25/31 |  | 375 | 350914 |
|  Anchorage Capital CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class A2, (3 mo. LIBOR US + 1.09%), 5.46%, 01/28/31 |  | 250 | 245290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-10A, Class A2, (3 mo. LIBOR US + 1.50%), 5.58%, 10/15/31 |  | 250 | 243437 |
|  Apidos CLO XX, Series 2015-20A, Class A2RR, (3 mo. LIBOR US + 1.55%), 5.63%, 07/16/31 |  | 400 | 379993 |
|  Apidos CLO XXII, Series 2015-7A, Class A2, (3 mo. LIBOR US + 1.50%), 5.74%, 04/20/31 |  | 500 | 475712 |
|  Apidos CLO XXIII, Series 2015-23A, Class B1R, (3 mo. LIBOR US + 1.60%), 5.68%, 04/15/33 |  | 250 | 232886 |
|  Apollo Credit Funding IV Ltd., Series 4A, Class A2R, (3 mo. LIBOR US + 1.60%), 5.68%, 07/15/30 |  | 250 | 235896 |
|  Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, (1 mo. LIBOR US + 1.35%), 4.76%, 11/15/36 |  | 656 | 634755 |
|  ARES LII CLO Ltd., Series 2019-52A, Class A2R, (3 mo. LIBOR US + 1.45%), 5.77%, 04/22/31 |  | 250 | 240354 |
|  Ares LV CLO Ltd., Series 2020-55A, Class BR, (3 mo. LIBOR US + 1.70%), 5.78%, 07/15/34 |  | 2786 | 2627431 |
|  Ares XXXVII CLO Ltd., Series 2015-4A, Class A3R, (3 mo. LIBOR US + 1.50%), 5.58%, 10/15/30 |  | 250 | 235138 |
|  ASSURANT CLO I Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.15%), 6.39%, 10/20/34 |  | 720 | 639064 |
|  Atrium XIII, Series 13A, Class B, (3 mo. LIBOR US + 1.50%), 5.82%, 11/21/30 |  | 600 | 570130 |
|  Bain Capital Credit CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class B, (3 mo. LIBOR US + 1.60%), 5.83%, 07/19/31 |  | 750 | 705510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class BR, (3 mo. LIBOR US + 1.70%), 5.93%, 07/19/34 |  | 2425 | 2274329 |
|  Battalion CLO VIII Ltd., Series 2015-8A, Class A1R2, (3 mo. LIBOR US + 1.07%), 5.26%, 07/18/30 |  | 493 | 482393 |
|  Battalion CLO X Ltd., Series 2016-10A, Class A2R2, (3 mo. LIBOR US + 1.55%), 5.87%, 01/25/35 |  | 1465 | 1365677 |
|  Battalion CLO XI Ltd., Series 2017-11A, Class BR, (3 mo. LIBOR US + 1.72%), 6.04%, 04/24/34 |  | 712 | 660026 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Cayman Islands (continued)** |  |  |  |
|  Battalion CLO XX Ltd., Series 2021-20A, Class A, (3 mo. LIBOR US + 1.18%), 5.26%, 07/15/34 | USD | 1848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771147 |
|  Benefit Street Partners CLO II Ltd., Series 2013- IIA, Class A2R2, (3 mo. LIBOR US + 1.45%), 5.53%, 07/15/29 |  | 1845 | 1780278 |
|  Benefit Street Partners CLO III Ltd., Series 2013- IIIA, Class A2R2, (3 mo. LIBOR US + 1.65%), 5.89%, 07/20/29 |  | 667 | 644017 |
|  Benefit Street Partners CLO Ltd., Series 2015- VIBR, Class A, (3 mo. LIBOR US + 1.19%), 5.43%, 07/20/34 |  | 250 | 237025 |
|  Benefit Street Partners CLO XIX Ltd., Series 2019- 19A, Class B, (3 mo. LIBOR US + 2.00%), 6.08%, 01/15/33 |  | 250 | 236909 |
|  Birch Grove CLO Ltd., Series 19A, Class BR, (3 mo. LIBOR US + 1.75%), 5.04%, 06/15/31 |  | 500 | 467390 |
|  BlueMountain CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class BR, (3 mo. LIBOR US + 1.60%), 5.92%, 10/22/30 |  | 500 | 469254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class BR2, (3 mo. LIBOR US + 1.75%), 5.99%, 10/20/30 |  | 465 | 432054 |
|  BlueMountain CLO XXII Ltd., Series 2018-22A, Class B, (3 mo. LIBOR US + 1.50%), 5.58%, 07/15/31 |  | 1495 | 1433136 |
|  BlueMountain CLO XXIII Ltd., Series 2018-23A, Class A1, (3 mo. LIBOR US + 1.15%), 5.39%, 10/20/31 |  | 250 | 242326 |
|  BlueMountain CLO XXIX Ltd., Series 2020-29A, Class BR, (3 mo. LIBOR US + 1.75%), 6.11%, 07/25/34 |  | 625 | 580426 |
|  Canyon Capital CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class CR, (3 mo. LIBOR US + 1.90%), 5.98%, 07/15/31 |  | 250 | 229358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A1R, (3 mo. LIBOR US + 1.10%), 5.18%, 04/15/32 |  | 250 | 243443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class BR, (3 mo. LIBOR US + 1.70%), 5.78%, 04/15/32 |  | 300 | 280672 |
|  Canyon CLO Ltd., Series 2020-3A, Class B, (3 mo. LIBOR US + 1.70%), 5.78%, 01/15/34 |  | 250 | 233393 |
|  Catskill Park CLO Ltd., Series 2017-1A, Class A1B, (3 mo. LIBOR US + 1.35%), 5.59%, 04/20/29 |  | 892 | 871332 |
|  CBAM Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-7A, Class A, (3 mo. LIBOR US + 1.10%), 5.34%, 07/20/31 |  | 250 | 241250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-9A, Class B2, (3 mo. LIBOR US + 1.90%), 5.98%, 02/12/30 |  | 450 | 425664 |
|  Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.98%), 5.22%, 04/20/31 |  | 1050 | 1021999 |
|  Cedar Funding V CLO Ltd., Series 2016-5A, Class A1R, (3 mo. LIBOR US + 1.10%), 5.18%, 07/17/31 |  | 250 | 242935 |
|  Cedar Funding XI CLO Ltd., Series 2019-11A, Class A2R, (3 mo. LIBOR US + 1.35%), 4.39%, 05/29/32 |  | 250 | 240289 |
|  CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-4A, Class BRR, (3 mo. LIBOR US + 1.60%), 5.96%, 04/27/31 |  | 450 | 427965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1R2, (3 mo. LIBOR US + 1.20%), 5.28%, 10/17/31 |  | 250 | 243311 |

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C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 9

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Cayman Islands (continued)** |  |  |  |
|  CIFC Funding Ltd. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3A, Class BR, (3 mo. LIBOR US + 1.15%), 5.38%, 04/19/29 | USD | 712 | $685240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A2, (3 mo. LIBOR US + 1.60%), 5.84%, 04/20/31 |  | 250 | 238337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/36 |  | 2475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A, Class B, (3 mo. LIBOR US + 1.58%), 5.66%, 07/15/33 |  | 250 | 232677 |
|  Dryden 45 Senior Loan Fund, Series 2016-45A, Class BR, (3 mo. LIBOR US + 1.70%), 5.78%, 10/15/30 |  | 250 | 232586 |
|  Dryden 65 CLO Ltd., Series 2018-65A, Class B, (3 mo. LIBOR US + 1.60%), 5.79%, 07/18/30 |  | 250 | 237038 |
|  Elmwood CLO I Ltd., Series 2019-1A, Class AR, (3 mo. LIBOR US + 1.45%), 5.69%, 10/20/33 |  | 500 | 485048 |
|  Elmwood CLO II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class AR, (3 mo. LIBOR US + 1.15%), 5.39%, 04/20/34 |  | 650 | 623435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BR, (3 mo. LIBOR US + 1.65%), 5.89%, 04/20/34 |  | 975 | 926004 |
|  Elmwood CLO IV Ltd., Series 2020-1A, Class A, (3 mo. LIBOR US + 1.24%), 5.32%, 04/15/33 |  | 300 | 290284 |
|  FS Rialto, Series 2021-FL3, Class A, (1 mo. LIBOR US + 1.25%), 4.66%, 11/16/36 |  | 389 | 370523 |
|  Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, (3 mo. LIBOR US + 0.97%), 5.05%, 10/15/30 |  | 600 | 584412 |
|  Galaxy XXVIII CLO Ltd., Series 2018-28A, Class A1, (3 mo. LIBOR US + 1.10%), 5.18%, 07/15/31 |  | 250 | 242574 |
|  Generate CLO 3 Ltd., Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.75%), 5.99%, 10/20/29 |  | 2025 | 1926762 |
|  GoldenTree Loan Management U.S. CLO Ltd., Series 2018-3A, Class B1, (3 mo. LIBOR US + 1.55%), 5.79%, 04/20/30 |  | 250 | 239795 |
|  GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class BR2, (3 mo. LIBOR US + 1.60%), 6.01%, 10/29/29 |  | 500 | 481368 |
|  Goldentree Loan Opportunities XI Ltd., Series 2015- 11A, Class AR2, (3 mo. LIBOR US + 1.07%), 5.26%, 01/18/31 |  | 250 | 244453 |
|  Greystone CRE Notes Ltd., Series 2021-FL3, Class A, (1 mo. LIBOR US + 1.02%), 4.43%, 07/15/39 |  | 3594 | 3404910 |
|  Greywolf CLO III Ltd., Series 2020-3RA, Class A1R, (3 mo. SOFR + 1.55%), 5.59%, 04/15/33 |  | 500 | 480409 |
|  Gulf Stream Meridian 4 Ltd., Series 2021-4A, Class A2, (3 mo. LIBOR US + 1.85%), 5.93%, 07/15/34 |  | 500 | 473544 |
|  Gulf Stream Meridian 5 Ltd., Series 2021-5A, Class A2, (3 mo. LIBOR US + 1.80%), 5.88%, 07/15/34 |  | 350 | 331440 |
|  HPS Loan Management Ltd., Series 6A-2015, Class A1R, (3 mo. LIBOR US + 1.00%), 3.83%, 02/05/31 |  | 497 | 485908 |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Cayman Islands (continued)** |  |  |  |
|  Jamestown CLO XII Ltd., Series 2019-1A, Class A2, (3 mo. LIBOR US + 2.15%), 6.39%, 04/20/32 | USD | 442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420016 |
|  Jamestown CLO XV Ltd., Series 2020-15A, Class A, (3 mo. LIBOR US + 1.34%), 5.42%, 04/15/33 |  | 250 | 240441 |
|  KKR CLO 17 Ltd., Series 17, Class AR, (3 mo. LIBOR US + 1.08%), 5.16%, 04/15/34 |  | 500 | 481720 |
|  LoanCore Issuer Ltd., Series 2021-CRE5, Class A, (1 mo. LIBOR US + 1.30%), 4.71%, 07/15/36 |  | 2207 | 2097294 |
|  Longfellow Place CLO Ltd., Series 2013-1A, Class BR3, (3 mo. LIBOR US + 1.75%), 5.83%, 04/15/29 |  | 500 | 486659 |
|  Madison Park Funding XLI Ltd., Series 12A, Class BR, (3 mo. LIBOR US + 1.35%), 5.67%, 04/22/27 |  | 695 | 680462 |
|  Madison Park Funding XXV Ltd., Series 2017-25A, Class A2R, (3 mo. LIBOR US + 1.65%), 6.01%, 04/25/29 |  | 712 | 679718 |
|  Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, (3 mo. LIBOR US + 1.20%), 5.61%, 07/29/30 |  | 461 | 452633 |
|  Madison Park Funding XXXI Ltd., Series 2018-31A, Class B, (3 mo. LIBOR US + 1.70%), 6.02%, 01/23/31 |  | 250 | 234192 |
|  Mariner CLO LLC, Series 2016-3A, Class BR2, (3 mo. LIBOR US + 1.50%), 5.82%, 07/23/29 |  | 500 | 475774 |
|  MF1 Ltd., Series 2021-FL6, Class A, (1 mo. LIBOR US + 1.10%), 4.54%, 07/16/36 |  | 2970 | 2847198 |
|  Myers Park CLO Ltd., Series 2018-1A, Class B1, (3 mo. LIBOR US + 1.60%), 5.84%, 10/20/30 |  | 250 | 235258 |
|  Neuberger Berman CLO XIV Ltd., Series 14A, Class AR2, (3 mo. LIBOR US + 1.03%), 5.40%, 01/28/30 |  | 244 | 239399 |
|  Neuberger Berman CLO XX Ltd., Series 20A, Class BRR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/34 |  | 250 | 234472 |
|  Neuberger Berman CLO XXII Ltd., Series 2016- 22A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 10/17/30 |  | 250 | 239752 |
|  Neuberger Berman Loan Advisers CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-37A, Class BR, (3 mo. LIBOR US + 1.45%), 5.69%, 07/20/31 |  | 333 | 317001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021- 46A, Class B, (3 mo. LIBOR US + 1.65%), 5.89%, 01/20/36 |  | 250 | 237113 |
|  OCP CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A2R, (3 mo. LIBOR US + 1.40%), 5.73%, 04/26/31 |  | 450 | 424465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-7A, Class A2RR, (3 mo. LIBOR US + 1.65%), 5.89%, 07/20/29 |  | 250 | 236958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-11A, Class A2R, (3 mo. LIBOR US + 1.75%), 6.08%, 10/26/30 |  | 500 | 474368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-19A, Class BR, (3 mo. LIBOR US + 1.70%), 5.94%, 10/20/34 |  | 500 | 463457 |
|  Octagon Investment Partners 29 Ltd., Series 2016- 1A, Class AR, (3 mo. LIBOR US + 1.18%), 5.50%, 01/24/33 |  | 250 | 240797 |

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10 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Cayman Islands (continued)** |  |  |  |
|  Octagon Investment Partners 37 Ltd., Series 2018- 2A, Class A2, (3 mo. LIBOR US + 1.58%), 5.94%, 07/25/30 | USD | 250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236612 |
|  Octagon Investment Partners 46 Ltd., Series 2020- 2A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/36 |  | 800 | 747928 |
|  Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A2R, (3 mo. LIBOR US + 1.35%), 5.58%, 07/19/30 |  | 487 | 471138 |
|  Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class A2R2, (3 mo. LIBOR US + 1.10%), 5.46%, 01/25/31 |  | 300 | 289040 |
|  OHA Credit Funding 3 Ltd., Series 2019-3A, Class BR, (3 mo. LIBOR US + 1.65%), 5.89%, 07/02/35 |  | 936 | 883122 |
|  OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, (3 mo. SOFR + 1.30%), 5.26%, 02/24/37 |  | 250 | 239418 |
|  OHA Credit Partners XIII Ltd., Series 2016-13A, Class BR, (3 mo. LIBOR US + 1.70%), 5.98%, 10/25/34 |  | 250 | 236253 |
|  OHA Loan Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class AR, (3 mo. LIBOR US + 1.04%), 4.00%, 05/23/31 |  | 500 | 487655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class B1R, (3 mo. LIBOR US + 1.60%), 5.84%, 01/20/33 |  | 250 | 235984 |
|  Palmer Square CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A2R3, (3 mo. LIBOR US + 1.50%), 5.73%, 10/17/31 |  | 250 | 233200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class A2R4, (3 mo. LIBOR US + 1.70%), 4.68%, 05/21/34 |  | 500 | 473347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.03%), 5.22%, 04/18/31 |  | 250 | 244105 |
|  Park Avenue Institutional Advisers CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R, (3 mo. LIBOR US + 1.20%), 4.16%, 08/23/31 |  | 500 | 484305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A2R, (3 mo. LIBOR US + 1.55%), 4.46%, 02/14/34 |  | 500 | 456430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class A2A, (3 mo. LIBOR US + 2.00%), 4.91%, 05/15/32 |  | 250 | 240791 |
|  Pikes Peak CLO 1, Series 2018-1A, Class A, (3 mo. LIBOR US + 1.18%), 5.50%, 07/24/31 |  | 555 | 540109 |
|  Pikes Peak CLO 11, Series 2021-11A, Class A1, (3 mo. SOFR + 1.95%), 4.13%, 07/25/34 |  | 1000 | 965537 |
|  Pikes Peak CLO 8, Series 2021-8A, Class A, (3 mo. LIBOR US + 1.17%), 5.41%, 07/20/34 |  | 600 | 572111 |
|  Rad CLO 3 Ltd., Series 2019-3A, Class BR, (3 mo. LIBOR US + 1.55%), 5.63%, 04/15/32 |  | 250 | 235529 |
|  Rad CLO 7 Ltd., Series 2020-7A, Class A1, (3 mo. LIBOR US + 1.20%), 5.28%, 04/17/33 |  | 250 | 241429 |
|  Recette CLO Ltd., Series 2015-1A, Class BRR, (3 mo. LIBOR US + 1.40%), 5.64%, 04/20/34 |  | 250 | 230923 |
|  Regatta VII Funding Ltd., Series 2016-1A, Class A1R2, (3 mo. LIBOR US + 1.15%), 4.68%, 06/20/34 |  | 450 | 432190 |
|  Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3 mo. LIBOR US + 1.45%), 5.53%, 01/15/34 |  | 350 | 323763 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Cayman Islands (continued)** |  |  |  |
|  Rockford Tower CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class BR2A, (3 mo. LIBOR US + 1.65%), 5.89%, 04/20/34 | USD | 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class BR, (3 mo. LIBOR US + 1.50%), 5.58%, 10/15/29 |  | 500 | 474396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, (3 mo. LIBOR US + 1.10%), 4.08%, 05/20/31 |  | 250 | 242911 |
|  Romark CLO II Ltd., Series 2018-2A, Class A1, (3 mo. LIBOR US + 1.18%), 5.53%, 07/25/31 |  | 250 | 242857 |
|  Signal Peak CLO 5 Ltd., Series 2018-5A, Class A, (3 mo. LIBOR US + 1.11%), 5.47%, 04/25/31 |  | 300 | 292923 |
|  Signal Peak CLO 8 Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8A, Class A, (3 mo. LIBOR US + 1.27%), 5.51%, 04/20/33 |  | 250 | 240500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8A, Class B, (3 mo. LIBOR US + 1.65%), 5.89%, 04/20/33 |  | 300 | 279008 |
|  Sixth Street CLO XVI Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1A, (3 mo. LIBOR US + 1.32%), 5.56%, 10/20/32 |  | 948 | 925150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class B, (3 mo. LIBOR US + 1.85%), 6.09%, 10/20/32 |  | 710 | 678143 |
|  Sound Point CLO XV Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR US + 1.50%), 5.82%, 01/23/29 |  | 250 | 240327 |
|  Symphony CLO XVI Ltd., Series 2015-16A, Class AR, (3 mo. LIBOR US + 1.15%), 5.23%, 10/15/31 |  | 250 | 243913 |
|  TICP CLO VI Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-6A, Class AR2, (3 mo. LIBOR US + 1.12%), 5.20%, 01/15/34 |  | 500 | 480049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-6A, Class BR2, (3 mo. LIBOR US + 1.50%), 5.58%, 01/15/34 |  | 500 | 472424 |
|  TICP CLO XII Ltd., Series 2018-12A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/34 |  | 700 | 660499 |
|  TRESTLES CLO III Ltd., Series 2020-3A, Class A1, (3 mo. LIBOR US + 1.33%), 5.57%, 01/20/33 |  | 2489 | 2419598 |
|  Trimaran CAVU Ltd., Series 2019-1A, Class B, (3 mo. LIBOR US + 2.20%), 6.44%, 07/20/32 |  | 500 | 486550 |
|  Trinitas CLO XIV Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class B, (3 mo. LIBOR US + 2.00%), 6.36%, 01/25/34 |  | 472 | 441891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A, Class C, (3 mo. LIBOR US + 3.00%), 7.36%, 01/25/34 |  | 1023 | 958166 |
|  Voya CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3A, Class A1RR, (3 mo. LIBOR US + 1.15%), 5.34%, 10/18/31 |  | 249 | 242510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1R, (3 mo. LIBOR US + 1.04%), 5.28%, 04/20/34 |  | 250 | 237216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4A, Class B, (3 mo. LIBOR US + 1.45%), 5.53%, 10/15/30 |  | 250 | 235432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1A, (3 mo. LIBOR US + 1.15%), 5.23%, 10/15/31 |  | 250 | 244002 |
|  Whitebox CLO II Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A1R, (3 mo. LIBOR US + 1.22%), 5.54%, 10/24/34 |  | 1390 | 1328863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class BR, (3 mo. LIBOR US + 1.75%), 6.07%, 10/24/34 |  | 726 | 688262 |
|  |  |  | 89445339 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Ireland<sup>(a)</sup> — 0.0%** |  |  |  |
|  Avoca CLO XV DAC, Series 15X, Class B2R, (3 mo. EURIBOR + 1.05%), 2.43%, 04/15/31<sup>(c)</sup> | EUR | 134 | $122307 |
|  CIFC European Funding CLO II DAC, Series 2X, Class B1, (3 mo. EURIBOR + 1.60%), 2.98%, 04/15/33<sup>(c)</sup> |  | 593 | 537624 |
|  Harvest CLO XVIII DAC, Series 18X, Class B, 2.58%, 10/15/30<sup>(c)</sup> |  | 662 | 604440 |
|  Holland Park CLO DAC, Series 1X, Class A1RR, (3 mo. EURIBOR + 0.92%), 1.24%, 11/14/32<sup>(c)</sup> |  | 390 | 369717 |
|  OAK Hill European Credit Partners V Designated Activity Co., Series 2016-5A, Class BR, (3 mo. EURIBOR + 1.90%), 3.36%, 01/21/35<sup>(b)</sup> |  | 590 | 529104 |
|  OAK Hill European Credit Partners VI DAC, Series 2017-6X, Class B1, 2.66%, 01/20/32<sup>(c)</sup> |  | 456 | 416130 |
|  OCP Euro CLO DAC, Series 2017-2X, Class B, (3 mo. EURIBOR + 1.35%), 2.73%, 01/15/32<sup>(c)</sup> |  | 456 | 417068 |
|  Prodigy Finance DAC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, (1 mo. LIBOR US + 2.50%), 6.09%, 07/25/51 | USD | 1900 | 1854030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, (1 mo. LIBOR US + 3.75%), 7.34%, 07/25/51 |  | 1100 | 1077280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D, (1 mo. LIBOR US + 5.90%), 9.49%, 07/25/51 |  | 720 | 703515 |
|  Rockford Tower Europe CLO DAC, Series 2018-1X, Class B, (3 mo. EURIBOR + 1.85%), 2.88%, 12/20/31<sup>(c)</sup> | EUR | 343 | 318417 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6949632 |
| **United States — 1.1%** |  |  |  |
|  AccessLex Institute, Series 2007-A, Class A3, (3 mo. LIBOR US + 0.30%), 3.30%, 05/25/36<sup>(a)</sup> | USD | 2109 | 2036488 |
|  AIMCO CLO, Series 2018-AA, Class B, (3 mo. LIBOR US + 1.40%), 5.48%, 04/17/31<sup>(a)(b)</sup> |  | 466 | 443775 |
|  Ajax Mortgage Loan Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class A1, 1.74%, 12/25/60 |  | 23731 | 19810182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class A2, 2.69%, 12/25/60 |  | 3304 | 2576645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class B1, 3.73%, 12/25/60 |  | 2184 | 1681602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 2.94%, 12/25/60 |  | 1332 | 1001575 |
|  Anchorage Capital CLO Ltd., Series 2014-3RA, Class A, (3 mo. LIBOR US + 1.05%), 5.42%, 01/28/31<sup>(a)(b)</sup> |  | 248 | 243750 |
|  Apidos CLO XII, Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.08%), 5.16%, 04/15/31<sup>(a)(b)</sup> |  | 550 | 536365 |
|  Apidos CLO XV, Series 2013-15A, Class A1RR, (3 mo. LIBOR US + 1.01%), 5.25%, 04/20/31<sup>(a)(b)</sup> |  | 1770 | 1730511 |
|  Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL2, Class A, (1 mo. SOFR + 1.85%), 5.23%, 05/15/37<sup>(a)(b)</sup> |  | 8034 | 7803610 |
|  Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17%, 09/17/31<sup>(b)</sup> |  | 730 | 691722 |
|  Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.09%, 07/15/24<sup>(b)</sup> |  | 5560 | 5465435 |
|  Chenango Park CLO Ltd., Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.55%), 5.63%, 04/15/30<sup>(a)(b)</sup> |  | 1143 | 1080720 |
|  CIFC Funding Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.75%), 5.83%, 07/16/30 |  | 250 | 238176 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  CIFC Funding Ltd.<sup>(a)(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A2, (3 mo. LIBOR US + 1.80%), 6.04%, 07/20/30 | USD | 637 | $603718 |
|  Clear Creek CLO, Series 2015-1A, Class AR, (3 mo. LIBOR US + 1.20%), 5.44%, 10/20/30<sup>(a)(b)</sup> |  | 313 | 306226 |
|  College Avenue Student Loans LLC, Series 2021-B, Class D, 3.78%, 06/25/52<sup>(b)</sup> |  | 230 | 192283 |
|  Cook Park CLO Ltd., Series 2018-1A, Class B, (3 mo. LIBOR US + 1.40%), 5.48%, 04/17/30<sup>(a)(b)</sup> |  | 1148 | 1084511 |
|  FS Rialto Issuer LLC, Series 2022-FL6, Class A, (1 mo. SOFR + 2.58 %), 6.05%, 08/17/37<sup>(a)(b)</sup> |  | 8341 | 8250834 |
|  GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, 2.10%, 05/20/48<sup>(b)</sup> |  | 5917 | 4289648 |
|  Gracie Point International Funding<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, (1 mo. LIBOR US + 1.40%), 4.53%, 11/01/23 |  | 1240 | 1232927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class C, (1 mo. LIBOR US + 2.40%), 5.53%, 11/01/23 |  | 1640 | 1626449 |
|  Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class A1, (3 mo. LIBOR US + 1.37%), 5.45%, 04/15/33<sup>(a)(b)</sup> |  | 5718 | 5554470 |
|  Lendmark Funding Trust, Series 2021-2A, Class D, 4.46%, 04/20/32<sup>(b)</sup> |  | 2210 | 1580314 |
|  Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, (3 mo. LIBOR US + 1.50%), 5.73%, 04/19/30<sup>(a)(b)</sup> |  | 900 | 870134 |
|  Mariner Finance Issuance Trust, Series 2020-AA, Class A, 2.19%, 08/21/34<sup>(b)</sup> |  | 5860 | 5559650 |
|  Navient Private Education Refi Loan Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class A, (Prime - 1.99%), 4.26%, 04/15/60<sup>(a)</sup> |  | 12749 | 11202836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B, 2.61%, 04/15/60 |  | 2900 | 2598062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, 3.48%, 04/15/60 |  | 7450 | 6127791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class D, 4.00%, 04/15/60 |  | 2370 | 1972081 |
|  Nelnet Student Loan Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 4.93%, 04/20/62 |  | 6030 | 4906709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class C, 3.57%, 04/20/62 |  | 6450 | 5018329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 3.36%, 04/20/62 |  | 850 | 641349 |
|  Oportun Issuance Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.47%, 05/08/31 |  | 7060 | 6160297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class B, 1.96%, 05/08/31 |  | 1340 | 1154516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class C, 3.65%, 05/08/31 |  | 630 | 520242 |
|  Pagaya AI Debt Selection Trust, Series 2021-2, Class NOTE, 3.00%, 01/25/29<sup>(b)</sup> |  | 8183 | 7592837 |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A, Class A2R, (3 mo. LIBOR US + 1.80%), 4.76%, 08/23/31<sup>(a)(b)</sup> |  | 610 | 570988 |
|  Progress Residential, Series 2021-SFR3, Class F, 3.44%, 05/17/26<sup>(b)</sup> |  | 2736 | 2297605 |
|  Ready capitak Commercial Mortgage Trust, 5.58%, 10/25/39<sup>(a)(b)</sup> |  | 12475 | 12401778 |
|  Regional Management Issuance, 3.88%, 10/17/33<sup>(b)(d)</sup> |  | 27070 | 23009500 |
|  SLM Private Education Loan Trust, Series 2010-C, Class A5, (1 mo. LIBOR US + 4.75%), 8.16%, 10/15/41<sup>(a)(b)</sup> |  | 14132 | 15106850 |
|  SMB Private Education Loan Trust<sup>(b)</sup> Series 2021-A, Class C, 2.99%, 01/15/53 |  | 14420 | 11814045 |

---

12 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  SMB Private Education Loan Trust<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D2, 3.86%, 01/15/53 | USD | 4220 | $3703834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 2.30%, 01/15/53 |  | 1490 | 1255055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 3.00%, 01/15/53 |  | 1240 | 1094512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class D, 3.93%, 01/15/53 |  | 590 | 515064 |
|  York CLO 1 Ltd., Series 2014-1A, Class BRR, (3 mo. LIBOR US + 1.65%), 5.97%, 10/22/29<sup>(a)(b)</sup> |  | 466 | 443547 |
|  |  |  | 196599547 |
|  **Total Asset-Backed Securities — 1.6%<br>(Cost: $322,126,213)** | **Total Asset-Backed Securities — 1.6%<br>(Cost: $322,126,213)** |  | 292994518 |
|  |  | *Shares* |  |
|  **Common Stocks** |  |  |  |
|  **Argentina — 0.0%** |  |  |  |
|  MercadoLibre, Inc.<sup>(e)</sup> |  | 3026 | 2728302 |
|  **Australia — 0.7%** |  |  |  |
|  AGL Energy Ltd. |  | 691987 | 3014840 |
|  Australia & New Zealand Banking Group Ltd. |  | 75188 | 1231861 |
|  BHP Group Ltd. |  | 599682 | 14314275 |
|  BHP Group Ltd., Class DI |  | 220511 | 5296719 |
|  CSL Ltd. |  | 7842 | 1403839 |
|  Endeavour Group Ltd. |  | 463778 | 2122852 |
|  Glencore PLC |  | 11662741 | 66863295 |
|  Goodman Group |  | 103927 | 1130799 |
|  Origin Energy Ltd. |  | 248170 | 886606 |
|  Qantas Airways Ltd.<sup>(e)</sup> |  | 132987 | 496941 |
|  QBE Insurance Group Ltd. |  | 367970 | 2883030 |
|  Quintis HoldCo. Pty. Ltd.<sup>(d)(f)</sup> |  | 43735802 | 280 |
|  Rio Tinto PLC |  | 224194 | 11716742 |
|  South32 Ltd. |  | 3775173 | 8661258 |
|  Treasury Wine Estates Ltd. |  | 223784 | 1854447 |
|  Woodside Energy Group Ltd. |  | 122173 | 2843752 |
|  Woolworths Group Ltd. |  | 32241 | 680858 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125402394 |
|  **Belgium — 0.0%** |  |  |  |
|  KBC Group NV |  | 74086 | 3712874 |
|  **Brazil — 0.1%** |  |  |  |
|  Embraer SA<sup>(e)</sup> |  | 808176 | 2151277 |
|  Engie Brasil Energia SA |  | 197430 | 1537244 |
|  Sendas Distribuidora SA |  | 528935 | 2029521 |
|  Suzano SA |  | 87098 | 897031 |
|  Vale SA |  | 144702 | 1880524 |
|  |  |  | 8495597 |
|  **Canada — 1.1%** |  |  |  |
|  Barrick Gold Corp. |  | 90216 | 1356866 |
|  Cameco Corp. |  | 831465 | 19722350 |
|  Canadian Imperial Bank of Commerce |  | 56726 | 2576165 |
|  Canadian National Railway Co. |  | 39716 | 4705224 |
|  Enbridge, Inc. |  | 3410433 | 132877589 |
|  George Weston Ltd. |  | 11006 | 1211399 |
|  Imperial Oil Ltd. |  | 46774 | 2544442 |
|  Lululemon Athletica, Inc.<sup>(e)</sup> |  | 26681 | 8779116 |
|  National Bank of Canada |  | 47064 | 3204505 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
| **Canada (continued)** |  |  |
|  Nutrien Ltd. | 102742 | $8681052 |
|  Suncor Energy, Inc. | 60616 | 2084975 |
|  TC Energy Corp. | 315579 | 13861524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201605207 |
|  **Cayman Islands — 0.0%** |  |  |
|  Salt Pay Co. Ltd., Series C, (Acquired 11/16/21, Cost: $10,172,087)<sup>(d)(g)</sup> | 5237 | 6076858 |
|  **Chile — 0.0%** |  |  |
|  Sociedad Quimica y Minera de Chile SA, ADR<sup>(h)</sup> | 56969 | 5336856 |
|  **China — 1.1%** |  |  |
|  Agricultural Bank of China Ltd., Class H | 5928000 | 1692048 |
|  Aier Eye Hospital Group Co. Ltd., Class A | 621451 | 2097882 |
|  Alibaba Group Holding Ltd.<sup>(e)</sup> | 569804 | 4430173 |
|  Amoy Diagnostics Co. Ltd., Class A | 827330 | 2645854 |
|  Anhui Gujing Distillery Co. Ltd., Class B | 14700 | 173389 |
|  Asymchem Laboratories Tianjin Co. Ltd., Class A | 112384 | 2182359 |
|  BYD Co. Ltd., Class A | 663500 | 22347902 |
|  BYD Co. Ltd., Class H | 70500 | 1579421 |
|  BYD Electronic International Co. Ltd. | 29000 | 84274 |
|  China Construction Bank Corp., Class H | 3207000 | 1701917 |
|  China Merchants Bank Co. Ltd., Class H | 549500 | 1799008 |
|  China Petroleum & Chemical Corp., Class H | 5170000 | 2049007 |
|  China Tourism Group Duty Free Corp. Ltd., Class A | 91100 | 1991283 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 500700 | 25561121 |
|  Country Garden Services Holdings Co. Ltd. | 830000 | 725441 |
|  Dali Foods Group Co. Ltd.<sup>(b)</sup> | 406000 | 167123 |
|  Dongfeng Motor Group Co. Ltd., Class H | 1342000 | 607126 |
|  Foshan Haitian Flavouring & Food Co. Ltd., Class A | 366930 | 2991570 |
|  Ganfeng Lithium Group Co. Ltd., Class H<sup>(b)(h)</sup> | 1298360 | 8781611 |
|  Glodon Co. Ltd., Class A | 521830 | 3517726 |
|  Great Wall Motor Co. Ltd., Class H | 2699500 | 2948938 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 547900 | 2146367 |
|  Guangzhou Baiyun International Airport Co. Ltd., Class A<sup>(e)</sup> | 2430771 | 4609263 |
|  Haidilao International Holding Ltd.<sup>(b)(e)</sup> | 1307000 | 1940674 |
|  Hangzhou Robam Appliances Co. Ltd., Class A | 808233 | 2259449 |
|  Hangzhou Tigermed Consulting Co. Ltd., Class H<sup>(b)</sup> | 187300 | 1272039 |
|  Hundsun Technologies, Inc., Class A | 862588 | 4914006 |
|  Hygeia Healthcare Holdings Co. Ltd.<sup>(b)(e)(h)</sup> | 469200 | 2032081 |
|  Industrial & Commercial Bank of China Ltd., Class H | 6220000 | 2700508 |
|  JD Health International, Inc.<sup>(b)(e)</sup> | 1004550 | 5511043 |
|  JD.com, Inc., Class A | 112597 | 2050449 |
|  Jiangsu Hengrui Medicine Co. Ltd., Class A | 629200 | 3454749 |
|  Jinxin Fertility Group Ltd.<sup>(b)</sup> | 3822500 | 1884288 |
|  JiuGui Liquor Co. Ltd., Class A | 56600 | 788450 |
|  Kindstar Globalgene Technology, Inc.<sup>(b)(e)</sup> | 7490500 | 1706816 |
|  Kingsoft Corp. Ltd. | 943800 | 2857960 |
|  Lenovo Group Ltd. | 2074000 | 1657557 |
|  Li Auto, Inc., ADR<sup>(e)(h)</sup> | 570199 | 7766110 |
|  Meituan, Class B<sup>(b)(e)</sup> | 149900 | 2399979 |
|  Microport Cardioflow Medtech Corp.<sup>(b)(e)(h)</sup> | 11056000 | 3358323 |
|  Ming Yuan Cloud Group Holdings Ltd.<sup>(h)</sup> | 906000 | 417286 |
|  Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | 177400 | 891059 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 13

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
|  **China (continued)** |  |  |
|  PetroChina Co. Ltd., Class H | 2322000 | $888228 |
|  Pharmaron Beijing Co. Ltd., Class H<sup>(b)</sup> | 143650 | 484361 |
|  SG Micro Corp., Class A | 85600 | 1750134 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 399000 | 1007573 |
|  Shanghai Jinjiang International Hotels Co. Ltd., Class A | 306500 | 2283057 |
|  TBEA Co. Ltd., Class A | 283900 | 791419 |
|  Tencent Holdings Ltd. | 1224500 | 32175909 |
|  Tianqi Lithium Corp., Class A<sup>(e)</sup> | 66000 | 857483 |
|  Venustech Group, Inc., Class A | 1034688 | 3587694 |
|  Want Want China Holdings Ltd. | 771000 | 506458 |
|  Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A<sup>(e)</sup> | 741763 | 2890131 |
|  WuXi AppTec Co. Ltd., Class A | 247553 | 2580700 |
|  Wuxi Biologics Cayman, Inc.<sup>(b)(e)</sup> | 368806 | 1659495 |
|  Yifeng Pharmacy Chain Co. Ltd., Class A | 196556 | 1504851 |
|  Yonyou Network Technology Co. Ltd., Class A | 1255609 | 4196343 |
|  Yum China Holdings, Inc. | 53350 | 2159546 |
|  Zijin Mining Group Co. Ltd., Class H | 772000 | 736363 |
|  |  | 206753374 |
|  **Denmark — 0.2%** |  |  |
|  Chr Hansen Holding A/S | 12611 | 700428 |
|  DSV A/S | 59862 | 8089047 |
|  Novo Nordisk A/S, Class B | 225737 | 24544666 |
|  Pandora A/S | 25189 | 1325029 |
|  |  | 34659170 |
|  **Finland — 0.1%** |  |  |
|  Aiven<sup>(d)</sup> | 86562 | 9689750 |
|  Fortum OYJ | 206062 | 2900174 |
|  Kone OYJ, Class B | 31250 | 1279556 |
|  Wartsila OYJ Abp | 238335 | 1624795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15494275 |
|  **France — 1.7%** |  |  |
|  Arkema SA | 232591 | 18406793 |
|  BNP Paribas SA | 584875 | 27427057 |
|  Carrefour SA | 81531 | 1312278 |
|  Cie de Saint-Gobain | 793106 | 32422911 |
|  Danone SA | 462755 | 22998687 |
|  Engie SA | 84677 | 1100238 |
|  EssilorLuxottica SA | 272282 | 43055449 |
|  Hermes International | 18675 | 24172641 |
|  Kering SA | 8084 | 3702156 |
|  La Francaise des Jeux SAEM<sup>(b)</sup> | 90630 | 2953502 |
|  L'Oreal SA | 25041 | 7862978 |
|  LVMH Moet Hennessy Louis Vuitton SE | 180203 | 113707116 |
|  Remy Cointreau SA | 6005 | 918392 |
|  Schneider Electric SE | 20617 | 2607150 |
|  Societe Generale SA | 257101 | 5897131 |
|  TotalEnergies SE | 230155 | 12555726 |
|  Unibail-Rodamco-Westfield<sup>(e)</sup> | 13050 | 616737 |
|  |  | 321716942 |
|  **Germany — 2.4%** |  |  |
|  Adidas AG | 20491 | 2000230 |
|  BASF SE | 42821 | 1921406 |
|  Commerzbank AG<sup>(e)</sup> | 1209564 | 9664053 |
|  Deutsche Boerse AG | 12129 | 1972414 |
|  Deutsche Telekom AG, Registered Shares | 4083802 | 77083745 |
|  Fresenius Medical Care AG & Co. KGaA | 41868 | 1158093 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
|  **Germany (continued)** |  |  |
|  Fresenius SE & Co. KGaA | 91522 | $2106208 |
|  Infineon Technologies AG | 396778 | 9628002 |
|  Mercedes-Benz Group AG, Registered Shares | 1130775 | 65451010 |
|  SAP SE | 1270948 | 122332255 |
|  Siemens AG, Registered Shares | 818125 | 89346579 |
|  Symrise AG | 83560 | 8529177 |
|  Telefonica Deutschland Holding AG | 720569 | 1570047 |
|  Uniper SE<sup>(h)</sup> | 222233 | 665242 |
|  Vantage Towers AG<sup>(h)</sup> | 2084820 | 58634569 |
|  |  | 452063030 |
|  **Hong Kong — 0.2%** |  |  |
|  AIA Group Ltd. | 4147000 | 31412655 |
|  ASMPT Ltd. | 126900 | 698014 |
|  Orient Overseas International Ltd. | 91000 | 1329796 |
|  SITC International Holdings Co. Ltd. | 760000 | 1244725 |
|  |  | 34685190 |
|  **India — 0.1%** |  |  |
|  HCL Technologies Ltd. | 106746 | 1343785 |
|  Indian Oil Corp. Ltd. | 577611 | 476380 |
|  Think & Learn Private Ltd., (Acquired 12/11/20, Cost: $8,580,000)<sup>(d)(g)</sup> | 5720 | 16333577 |
|  Vedanta Ltd. | 462247 | 1566353 |
|  |  | 19720095 |
|  **Ireland — 0.1%** |  |  |
|  Allegion PLC | 56963 | 5968014 |
|  Experian PLC | 85179 | 2715954 |
|  Kingspan Group PLC | 69678 | 3512934 |
|  Seagate Technology Holdings PLC | 49505 | 2458418 |
|  Trane Technologies PLC | 14284 | 2280155 |
|  |  | 16935475 |
|  **Israel — 0.3%** |  |  |
|  Nice Ltd., ADR<sup>(e)(h)</sup> | 265013 | 50323319 |
|  **Italy — 0.3%** |  |  |
|  Enel SpA | 638967 | 2854487 |
|  Ferrari NV | 66094 | 13029657 |
|  FinecoBank Banca Fineco SpA | 133883 | 1804152 |
|  Intesa Sanpaolo SpA | 14537230 | 27715627 |
|  UniCredit SpA | 86032 | 1066906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46470829 |
|  **Japan — 1.0%** |  |  |
|  AGC, Inc. | 9200 | 288282 |
|  Astellas Pharma, Inc. | 249850 | 3447476 |
|  BayCurrent Consulting, Inc. | 92000 | 2581260 |
|  Capcom Co. Ltd. | 900 | 25033 |
|  East Japan Railway Co. | 41100 | 2190029 |
|  FANUC Corp. | 425400 | 55664278 |
|  Food & Life Cos. Ltd. | 107700 | 1811626 |
|  Fujitsu Ltd. | 13300 | 1530279 |
|  Hino Motors Ltd.<sup>(e)</sup> | 412400 | 1713842 |
|  Honda Motor Co. Ltd. | 74500 | 1698784 |
|  Hoya Corp. | 382750 | 35580950 |
|  Inpex Corp. | 185600 | 1873149 |
|  Japan Post Bank Co. Ltd. | 283400 | 1888331 |
|  Keyence Corp. | 40729 | 15357482 |
|  Kobayashi Pharmaceutical Co. Ltd. | 16600 | 880909 |
|  Kose Corp. | 178400 | 17807969 |
|  Kyowa Kirin Co. Ltd. | 53200 | 1252949 |
|  Mazda Motor Corp. | 239500 | 1612544 |
|  Mitsubishi Corp. | 91600 | 2481341 |

---

14 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
|  **Japan (continued)** |  |  |
|  Mitsubishi Electric Corp. | 161800 | $1423615 |
|  Morinaga Milk Industry Co. Ltd. | 32200 | 913524 |
|  Oracle Corp. Japan | 29800 | 1587491 |
|  Recruit Holdings Co. Ltd. | 278663 | 8574786 |
|  Ryohin Keikaku Co. Ltd. | 155500 | 1463259 |
|  Sega Sammy Holdings, Inc. | 172400 | 2205221 |
|  Shionogi & Co. Ltd. | 33300 | 1546360 |
|  Terumo Corp. | 70800 | 2148709 |
|  Toyota Motor Corp. | 111900 | 1552568 |
|  Yamato Holdings Co. Ltd. | 48900 | 724173 |
|  ZOZO, Inc. | 127400 | 2703198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174529417 |
|  **Jordan — 0.0%** |  |  |
|  Hikma Pharmaceuticals PLC | 49069 | 704396 |
|  **Mexico — 0.0%** |  |  |
|  Fomento Economico Mexicano SAB de CV | 686991 | 4931647 |
|  Grupo Aeroportuario del Sureste SAB de CV, Class B | 54251 | 1269681 |
|  |  | 6201328 |
|  **Netherlands — 1.8%** |  |  |
|  Adyen NV<sup>(b)(e)</sup> | 27819 | 39714370 |
|  ASML Holding NV | 191963 | 90047271 |
|  BNP Paribas Emissions- und HandelsgesellschaftmbH | 9156080 | 90092030 |
|  Heineken NV | 17462 | 1458674 |
|  Koninklijke Ahold Delhaize NV | 228302 | 6366947 |
|  Koninklijke Philips NV | 44300 | 561940 |
|  Koninklijke Vopak NV | 52859 | 1080015 |
|  Shell PLC | 2699237 | 94199593 |
|  Wolters Kluwer NV | 12459 | 1323875 |
|  |  | 324844715 |
|  **Norway — 0.1%** |  |  |
|  Norsk Hydro ASA | 1079903 | 6853410 |
|  Yara International ASA | 36889 | 1646408 |
|  |  | 8499818 |
|  **Poland — 0.0%** |  |  |
|  Polski Koncern Naftowy ORLEN SA | 64683 | 742789 |
|  **Saudi Arabia — 0.0%** |  |  |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 7143 | 430886 |
|  **South Africa — 0.1%** |  |  |
|  Anglo American Platinum Ltd. | 16333 | 1300532 |
|  Anglo American PLC | 550061 | 16476638 |
|  Kumba Iron Ore Ltd. | 86491 | 1627113 |
|  |  | 19404283 |
|  **South Korea — 0.6%** |  |  |
|  Amorepacific Corp. | 157657 | 10236078 |
|  Fila Holdings Corp. | 21608 | 494883 |
|  Hana Financial Group, Inc. | 153638 | 4441885 |
|  Hanwha Aerospace Co. Ltd. | 36112 | 1681789 |
|  KB Financial Group, Inc. | 35618 | 1198512 |
|  Kia Corp. | 26810 | 1245882 |
|  LG Chem Ltd. | 33219 | 14577778 |
|  LG Display Co. Ltd.<sup>(h)</sup> | 79361 | 708241 |
|  LG Energy Solution Ltd.<sup>(e)(h)</sup> | 123260 | 45608570 |
|  Samsung Electronics Co. Ltd. | 46588 | 1938984 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | | <br> *Shares* | *Value* | *Value* |
|  **South Korea (continued)** |  |  |  |  |
|  Samsung Fire & Marine Insurance Co. Ltd. |  | 6039 | $| 846966 |
|  Samsung SDI Co. Ltd. |  | 46810 |  | 24149981 |
|  SK Telecom Co. Ltd. |  | 67787 |  | 2382151 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109511700 |
|  **Spain — 0.3%** |  |  |  |  |
|  Cellnex Telecom SA<sup>(b)</sup> |  | 1739592 |  | 56937253 |
|  Endesa SA |  | 53355 |  | 891457 |
|  Iberdrola SA |  | 67957 |  | 691073 |
|  Industria de Diseno Textil SA |  | 108878 |  | 2471334 |
|  |  |  |  | 60991117 |
|  **Sweden — 0.4%** |  |  |  |  |
|  Atlas Copco AB, A Shares |  | 812230 |  | 8669132 |
|  Epiroc AB, Class A |  | 454551 |  | 6958470 |
|  Evolution AB<sup>(b)</sup> |  | 26917 |  | 2510890 |
|  H & M Hennes & Mauritz AB, B Shares |  | 138779 |  | 1397804 |
|  Hexagon AB, B Shares |  | 736172 |  | 7277714 |
|  Husqvarna AB, B Shares |  | 94148 |  | 558970 |
|  Swedbank AB, A Shares |  | 452697 |  | 6748829 |
|  Telefonaktiebolaget LM Ericsson, B Shares |  | 189200 |  | 1051828 |
|  Telia Co. AB |  | 621791 |  | 1647600 |
|  Volvo AB, B Shares |  | 2006089 |  | 32833510 |
|  |  |  |  | 69654747 |
|  **Switzerland — 0.8%** |  |  |  |  |
|  ABB Ltd., Registered Shares |  | 60256 |  | 1673327 |
|  Cie Financiere Richemont SA, Class A, Registered Shares |  | 118936 |  | 11624035 |
|  Coca-Cola HBC AG, Class DI |  | 117031 |  | 2556343 |
|  Lonza Group AG, Registered Shares |  | 31551 |  | 16241947 |
|  Nestle SA, Registered Shares |  | 440244 |  | 47924434 |
|  Novartis AG, Registered Shares |  | 66114 |  | 5348008 |
|  Roche Holding AG |  | 21502 |  | 7134323 |
|  Sika AG, Registered Shares |  | 3446 |  | 776989 |
|  Sonova Holding AG, Registered Shares |  | 10648 |  | 2516800 |
|  STMicroelectronics NV |  | 256652 |  | 7980322 |
|  TE Connectivity Ltd. |  | 404743 |  | 49471737 |
|  Temenos AG, Registered Shares |  | 30760 |  | 1832028 |
|  VAT Group AG<sup>(b)</sup> |  | 3006 |  | 686273 |
|  |  |  |  | 155766566 |
|  **Taiwan — 0.3%** |  |  |  |  |
|  MediaTek, Inc. |  | 83000 |  | 1512940 |
|  Nan Ya Printed Circuit Board Corp. |  | 297000 |  | 1937692 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. |  | 4304000 |  | 51743562 |
|  Unimicron Technology Corp. |  | 959000 |  | 3684833 |
|  |  |  |  | 58879027 |
|  **United Arab Emirates<sup>(d)</sup> — 0.0%** | **United Arab Emirates<sup>(d)</sup> — 0.0%** | **United Arab Emirates<sup>(d)</sup> — 0.0%** | **United Arab Emirates<sup>(d)</sup> — 0.0%** | **United Arab Emirates<sup>(d)</sup> — 0.0%** |
|  Jawbone Health Hub, Inc., (Acquired 01/24/17, Cost: $0)<sup>(g)</sup> |  | 1518232 |  | 15 |
|  NMC Health PLC<sup>(e)</sup> |  | 1077976 |  | 13 |
|  |  |  |  | 28 |
|  **United Kingdom — 2.2%** |  |  |  |  |
|  Admiral Group PLC |  | 52767 |  | 1220270 |
|  Alphawave IP Group PLC<sup>(e)</sup> |  | 2084903 |  | 2697009 |
|  AstraZeneca PLC |  | 596610 |  | 70001515 |
|  AstraZeneca PLC, ADR |  | 457618 |  | 26912514 |
|  Auto Trader Group PLC<sup>(b)</sup> |  | 1034045 |  | 6189558 |
|  BP PLC |  | 806923 |  | 4464383 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 15

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
|  **United Kingdom (continued)** |  |  |
|  British American Tobacco PLC | 30484 | $1203918 |
|  Burberry Group PLC | 92524 | 1927932 |
|  Compass Group PLC | 2986224 | 62895297 |
|  Dr. Martens PLC | 304896 | 867092 |
|  Exscientia PLC, ADR<sup>(e)(h)</sup> | 1926164 | 13598718 |
|  Genius Sports Ltd.<sup>(e)(h)</sup> | 796159 | 4092257 |
|  GSK PLC | 164549 | 2695490 |
|  Hedosophia European Growth<sup>(e)</sup> | 637585 | 6237923 |
|  Kingfisher PLC | 536350 | 1347543 |
|  Legal & General Group PLC | 434566 | 1162577 |
|  Linde PLC | 51016 | 15169608 |
|  Lloyds Banking Group PLC | 157461298 | 75623468 |
|  National Grid PLC | 55939 | 609462 |
|  NatWest Group PLC | 1294801 | 3487289 |
|  Smith & Nephew PLC | 44594 | 526963 |
|  Spirax-Sarco Engineering PLC | 97911 | 12065914 |
|  Unilever PLC | 2151426 | 97791647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412788347 |
|  **United States — 36.3%** |  |  |
|  Abbott Laboratories<sup>(i)</sup> | 955279 | 94515304 |
|  AbbVie, Inc.<sup>(i)</sup> | 548225 | 80260140 |
|  Activision Blizzard, Inc. | 147686 | 10751541 |
|  Adobe, Inc.<sup>(e)</sup> | 64284 | 20474454 |
|  Advance Auto Parts, Inc. | 12407 | 2356337 |
|  Agilent Technologies, Inc. | 17261 | 2388059 |
|  Air Products & Chemicals, Inc. | 335057 | 83898273 |
|  Airbnb, Inc., Class A<sup>(e)</sup> | 9569 | 1023022 |
|  Akamai Technologies, Inc.<sup>(e)</sup> | 19263 | 1701501 |
|  Albemarle Corp. | 153654 | 43003145 |
|  Alcoa Corp. | 259208 | 10116888 |
|  Align Technology, Inc.<sup>(e)</sup> | 18095 | 3515859 |
|  Alphabet, Inc., Class A<sup>(e)</sup> | 6920 | 654009 |
|  Alphabet, Inc., Class C<sup>(e)</sup> | 2347827 | 222245304 |
|  Altair Engineering, Inc., Class A<sup>(e)</sup> | 181011 | 8878590 |
|  AltC Acquisition Corp., Class A<sup>(e)</sup> | 620686 | 6107550 |
|  Altria Group, Inc. | 83645 | 3870254 |
|  Altus Power, Inc. | 145263 | 1446819 |
|  Amazon.com, Inc.<sup>(e)(i)</sup> | 1681408 | 172243436 |
|  American Express Co. | 24182 | 3589818 |
|  American Tower Corp. | 380132 | 78759549 |
|  AmerisourceBergen Corp. | 50329 | 7912725 |
|  Amgen, Inc. | 41431 | 11200871 |
|  ANSYS, Inc.<sup>(e)</sup> | 53855 | 11910572 |
|  APA Corp. | 38663 | 1757620 |
|  Apple, Inc.<sup>(i)</sup> | 2023578 | 310295451 |
|  Applied Materials, Inc. | 380362 | 33582161 |
|  Aptiv PLC<sup>(e)</sup> | 324406 | 29543654 |
|  Archer-Daniels-Midland Co. | 1064544 | 103239477 |
|  Astra Space, Inc. | 748566 | 471896 |
|  AT&T, Inc. | 84469 | 1539870 |
|  Atlassian Corp. | 13759 | 2789362 |
|  AutoZone, Inc.<sup>(e)</sup> | 1562 | 3956359 |
|  Baker Hughes Co. | 117708 | 3255803 |
|  Ball Corp. | 46620 | 2302562 |
|  Bank of America Corp.<sup>(i)</sup> | 2432832 | 87679265 |
|  Berkshire Hathaway, Inc., Class B<sup>(e)</sup> | 20099 | 5931014 |
|  Boeing Co.<sup>(e)</sup> | 14955 | 2131237 |
|  Booking Holdings, Inc.<sup>(e)</sup> | 10799 | 20188515 |
|  Boston Scientific Corp.<sup>(e)(i)</sup> | 1762388 | 75976547 |
|  Broadcom, Inc. | 10255 | 4821081 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
|  **United States (continued)** |  |  |
|  Brown-Forman Corp., Class B | 48919 | $3326492 |
|  Bunge Ltd. | 503981 | 49742925 |
|  Cadence Design Systems, Inc.<sup>(e)</sup> | 150918 | 22847476 |
|  California Resources Corp.<sup>(h)</sup> | 260112 | 11733652 |
|  Cano Health, Inc.<sup>(e)</sup> | 34615 | 123922 |
|  Capri Holdings Ltd.<sup>(e)</sup> | 366019 | 16719748 |
|  CDW Corp. | 27439 | 4741734 |
|  Centene Corp.<sup>(e)</sup> | 72634 | 6183332 |
|  CF Industries Holdings, Inc. | 846435 | 89942183 |
|  Charles Schwab Corp.<sup>(i)</sup> | 1495948 | 119182177 |
|  Charter Communications, Inc., Class A<sup>(e)</sup> | 102490 | 37677374 |
|  Chesapeake Energy Corp. | 70609 | 7221182 |
|  Chevron Corp. | 12201 | 2207161 |
|  Chipotle Mexican Grill, Inc.<sup>(e)</sup> | 5899 | 8838649 |
|  Chubb Ltd. | 47837 | 10279693 |
|  Cigna Corp. | 37244 | 12032047 |
|  Cintas Corp. | 3788 | 1619559 |
|  Cisco Systems, Inc. | 111835 | 5080664 |
|  CME Group, Inc. | 59988 | 10395920 |
|  Comcast Corp., Class A | 1343379 | 42638849 |
|  ConocoPhillips<sup>(i)</sup> | 1549473 | 195373051 |
|  Copart, Inc.<sup>(e)</sup> | 20288 | 2333526 |
|  Corteva, Inc. | 103514 | 6763605 |
|  Costco Wholesale Corp. | 159297 | 79887445 |
|  Crowdstrike Holdings, Inc., Class A<sup>(e)</sup> | 203003 | 32724084 |
|  Crown Castle, Inc. | 23647 | 3151199 |
|  Crown Holdings, Inc. | 20542 | 1408976 |
|  Crown PropTech Acquisitions<sup>(e)</sup> | 487104 | 4851556 |
|  Crown PropTech Acquisitions<sup>(d)</sup> | 186720 | 113899 |
|  CSX Corp. | 22715 | 660098 |
|  CVS Health Corp. | 95185 | 9014020 |
|  D.R. Horton, Inc. | 428292 | 32927089 |
|  Darling Ingredients, Inc.<sup>(e)</sup> | 49899 | 3916074 |
|  Datadog, Inc., Class A<sup>(e)</sup> | 222032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17875796 |
|  Davidson Kempner Merchant Co-investment Fund LP, (Acquired 04/01/21, Cost: $6,792,605)<sup>(g)(j)(k)</sup> . | 26559000 | 17315937 |
|  DaVita, Inc.<sup>(e)</sup> | 20282 | 1480789 |
|  Deere & Co. | 132017 | 52254969 |
|  Dell Technologies, Inc., Class C | 17558 | 674227 |
|  Delta Air Lines, Inc.<sup>(e)(h)</sup> | 108093 | 3667595 |
|  Devon Energy Corp. | 106044 | 8202503 |
|  Dexcom, Inc.<sup>(e)</sup> | 385013 | 46501870 |
|  Diversey Holdings Ltd.<sup>(e)</sup> | 1507289 | 8139361 |
|  DocuSign, Inc.<sup>(e)</sup> | 29003 | 1400845 |
|  Dominion Energy, Inc. | 56290 | 3938611 |
|  Domino's Pizza, Inc. | 68127 | 22634514 |
|  Dow, Inc. | 41639 | 1946207 |
|  Dynatrace, Inc.<sup>(e)</sup> | 454542 | 16018060 |
|  eBay, Inc. | 69864 | 2783382 |
|  Edison International | 25775 | 1547531 |
|  Edwards Lifesciences Corp.<sup>(e)</sup> | 353522 | 25605598 |
|  Element Solutions, Inc. | 183943 | 3163820 |
|  Elevance Health, Inc. | 14243 | 7787645 |
|  Eli Lilly & Co. | 176741 | 63996149 |
|  Energy Transfer LP | 512803 | 6548494 |
|  Epic Games, Inc., (Acquired 07/02/20, Cost: $23,484,725)<sup>(d)(g)</sup> | 40843 | 37124653 |
|  EQT Corp. | 1551376 | 64909572 |
|  Essex Property Trust, Inc. | 14215 | 3159142 |
|  Eversource Energy | 78540 | 5991031 |
|  Excelerate Energy, Inc., Class A | 116264 | 3211212 |

---

16 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
|  **United States (continued)** |  |  |
|  Expedia Group, Inc.<sup>(e)</sup> | 41616 | $3889848 |
|  Extra Space Storage, Inc. | 6398 | 1135261 |
|  Exxon Mobil Corp. | 512263 | 56763863 |
|  F5, Inc.<sup>(e)</sup> | 207476 | 29650395 |
|  Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: $40,652,984)<sup>(d)(g)</sup> | 599248 | 43493420 |
|  First Republic Bank | 13941 | 1674314 |
|  FleetCor Technologies, Inc.<sup>(e)</sup> | 4143 | 771095 |
|  Floor & Decor Holdings, Inc.,<br>Class A<sup>(e)(h)</sup> | 86890 | 6375119 |
|  FMC Corp. | 32941 | 3916685 |
|  Fortinet, Inc.<sup>(e)</sup> | 466292 | 26653251 |
|  Fortive Corp. | 1357011 | 86713003 |
|  FQT Private<sup>(d)</sup> | 2439185 | 2756279 |
|  Freeport-McMoRan, Inc.<sup>(i)</sup> | 2022357 | 64088493 |
|  Gartner, Inc.<sup>(e)</sup> | 9423 | 2844992 |
|  General Dynamics Corp. | 17276 | 4315545 |
|  General Motors Co. | 627402 | 24625529 |
|  Genuine Parts Co. | 8882 | 1579753 |
|  Gilead Sciences, Inc. | 83919 | 6584285 |
|  Grand Rounds Inc., (Acquired 02/11/22, Cost: $31,181,561)<sup>(d)(g)</sup> | 11562554 | 14800069 |
|  Halliburton Co. | 258505 | 9414752 |
|  Health Care Select Sector SPDR Fund<sup>(h)</sup> | 201333 | 26726956 |
|  Healthpeak Properties, Inc. | 50251 | 1192456 |
|  Hewlett Packard Enterprise Co. | 79407 | 1133138 |
|  Hilton Worldwide Holdings, Inc. | 407698 | 55145231 |
|  Home Depot, Inc. | 195315 | 57838631 |
|  Humana, Inc. | 305576 | 170535854 |
|  iHeartMedia, Inc., Class A<sup>(e)(h)</sup> | 10778 | 89242 |
|  Informatica, Inc., Class A<sup>(e)(h)</sup> | 511721 | 9906919 |
|  Intercontinental Exchange, Inc. | 49857 | 4764833 |
|  International Flavors & Fragrances, Inc. | 402821 | 39319358 |
|  Intuit, Inc. | 78877 | 33719918 |
|  Intuitive Surgical, Inc.<sup>(e)</sup> | 243206 | 59942983 |
|  Invesco Municipal Opportunity Trust | 208538 | 1833049 |
|  Invesco Municipal Trust<sup>(h)</sup> | 206960 | 1817109 |
|  Invesco Quality Municipal Income Trust | 205405 | 1817834 |
|  Invesco Trust for Investment Grade Municipals | 210256 | 1904919 |
|  Invesco Value Municipal Income Trust | 175143 | 1975613 |
|  Johnson & Johnson | 479289 | 83381907 |
|  JPMorgan Chase & Co. | 72614 | 9140650 |
|  Juniper Networks, Inc. | 29956 | 916654 |
|  Kinder Morgan, Inc. | 118058 | 2139211 |
|  Kroger Co. | 42246 | 1997813 |
|  Laboratory Corp. of America Holdings | 4598 | 1020112 |
|  Latch, Inc. | 520854 | 697944 |
|  Liberty Media Acquisition Corp.<sup>(e)</sup> | 1314974 | 13189189 |
|  Liberty Media Corp.-Liberty SiriusXM, Class A<sup>(e)(h)</sup> | 778034 | 33019763 |
|  Liberty Media Corp.-Liberty SiriusXM, Class C<sup>(e)</sup> | 1076650 | 45423863 |
|  Lions Gate Entertainment Corp., Class A<sup>(e)</sup> | 549163 | 4426254 |
|  Live Nation Entertainment, Inc.<sup>(e)</sup> | 31476 | 2505804 |
|  LKQ Corp. | 16802 | 934863 |
|  Lookout, Inc., (Acquired 03/04/15, Cost: $2,002,652)<sup>(d)(g)</sup> | 175316 | 1297338 |
|  Lowe's Cos., Inc. | 80165 | 15628167 |
|  LPL Financial Holdings, Inc. | 134894 | 34485651 |
|  Lumen Technologies, Inc. | 104432 | 768620 |
|  LyondellBasell Industries NV, Class A | 295993 | 22628665 |
|  Marathon Oil Corp. | 979070 | 29812682 |
|  Marsh & McLennan Cos., Inc. | 821881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132725563 |
|  Masco Corp. | 108638 | 5026680 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
|  **United States (continued)** |  |  |
|  Masimo Corp.<sup>(e)</sup> | 58362 | $7680439 |
|  Mastercard, Inc., Class A | 412763 | 135460561 |
|  McDonald's Corp. | 247653 | 67525067 |
|  McKesson Corp. | 45535 | 17729963 |
|  Merck & Co., Inc. | 914367 | 92533940 |
|  Meta Platforms, Inc., Class A<sup>(e)</sup> | 30064 | 2800762 |
|  Mettler-Toledo International, Inc.<sup>(e)</sup> | 2358 | 2982705 |
|  MGM Resorts International | 69239 | 2462831 |
|  Micron Technology, Inc. | 854961 | 46253390 |
|  Microsoft Corp.<sup>(i)</sup> | 1357664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315154544 |
|  Mirion Technologies, Inc. | 2672710 | 21595497 |
|  Mirion Technologies, Inc.<sup>(e)</sup> | 240410 | 1942513 |
|  Molina Healthcare, Inc.<sup>(e)</sup> | 9074 | 3256296 |
|  MongoDB, Inc.<sup>(e)</sup> | 19550 | 3578237 |
|  Morgan Stanley | 698810 | 57421218 |
|  Mosaic Co. | 60142 | 3232633 |
|  Mr. Cooper Group, Inc.<sup>(e)</sup> | 106908 | 4221797 |
|  NetApp, Inc. | 37244 | 2579892 |
|  NextEra Energy, Inc. | 1082705 | 83909637 |
|  NIKE, Inc., Class B | 99305 | 9203587 |
|  Norfolk Southern Corp. | 17413 | 3971383 |
|  Northrop Grumman Corp. | 202050 | 110927470 |
|  Nuveen Municipal Value Fund, Inc. | 324048 | 2705801 |
|  NVIDIA Corp.<sup>(h)(i)</sup> | 258517 | 34892039 |
|  Offerpad Solutions, Inc. | 743794 | 724827 |
|  ONEOK, Inc. | 93635 | 5554428 |
|  Opendoor Technologies, Inc.<sup>(e)</sup> | 744088 | 1927188 |
|  Otis Worldwide Corp. | 195739 | 13827003 |
|  Palo Alto Networks, Inc.<sup>(e)</sup> | 142316 | 24420002 |
|  Park Hotels & Resorts, Inc. | 134442 | 1758501 |
|  Paycom Software, Inc.<sup>(e)</sup> | 8038 | 2781148 |
|  Peloton Interactive, Inc., Class A<sup>(e)</sup> | 551538 | 4632919 |
|  PepsiCo, Inc. | 92699 | 16832284 |
|  Philip Morris International, Inc. | 53382 | 4903137 |
|  Phillips 66 | 17398 | 1814437 |
|  Pioneer Natural Resources Co. | 90038 | 23086644 |
|  Planet Labs PBC | 583360 | 3062640 |
|  Playstudios, Inc. | 831348 | 3749379 |
|  PNC Financial Services Group, Inc. | 18523 | 2997577 |
|  Prologis, Inc. | 27222 | 3014837 |
|  Proof Acquisition Corp.<sup>(d)</sup> | 108512 | 122619 |
|  Public Service Enterprise Group, Inc. | 35768 | 2005512 |
|  Quest Diagnostics, Inc. | 24198 | 3476043 |
|  Raymond James Financial, Inc. | 361511 | 42708910 |
|  ResMed, Inc. | 88665 | 19833474 |
|  Rocket Lab USA, Inc.<sup>(e)(h)</sup> | 447252 | 2276513 |
|  Rotor Acquisition Corp.<sup>(d)</sup> | 87039 | 162763 |
|  S&P Global, Inc. | 52114 | 16741623 |
|  Salesforce, Inc.<sup>(e)</sup> | 399519 | 64957794 |
|  Sarcos Technology & Robotics Corp.<sup>(e)</sup> | 164137 | 331557 |
|  Sarcos Technology and Robotics Corp. | 3560566 | 7192343 |
|  SBA Communications Corp. | 20350 | 5492465 |
|  Schlumberger NV | 237400 | 12351922 |
|  Seagen, Inc.<sup>(e)</sup> | 235198 | 29907778 |
|  Sempra Energy | 798792 | 120569664 |
|  ServiceNow, Inc.<sup>(e)</sup> | 116417 | 48981289 |
|  Snorkel AI, Inc., (Acquired 06/30/21, Cost: $1,060,929)<sup>(d)(g)</sup> | 70636 | 632192 |
|  Snowflake, Inc., Class A<sup>(e)</sup> | 19044 | 3052753 |
|  Sonder Holdings, Inc., Class A | 830701 | 1819235 |
|  Southwest Airlines Co.<sup>(e)</sup> | 59405 | 2159372 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 17

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | <br> *Shares* | *Value* |
|  **United States (continued)** |  |  |  |
|  Splunk, Inc.<sup>(e)(h)</sup> |  | 43581 | $3622017 |
|  Starbucks Corp. |  | 498889 | 43198799 |
|  Sun Country Airlines Holdings, Inc. |  | 963151 | 15680098 |
|  Symbotic Corp., Class A |  | 257895 | 3182424 |
|  Synchrony Financial |  | 77100 | 2741676 |
|  Synopsys, Inc.<sup>(e)</sup> |  | 3846 | 1125147 |
|  Taboola.com Ltd. |  | 671898 | 1182540 |
|  Tapestry, Inc. |  | 101088 | 3202468 |
|  Tesla, Inc.<sup>(e)</sup> |  | 207101 | 47123762 |
|  Thermo Fisher Scientific, Inc. |  | 139062 | 71473696 |
|  TJX Cos., Inc. |  | 802514 | 57861259 |
|  Toast, Inc., Class A<sup>(e)(h)</sup> |  | 31813 | 702749 |
|  Toll Brothers, Inc. |  | 49482 | 2131685 |
|  TPB Acquisition Corp. I, Class A<sup>(e)</sup> |  | 287026 | 2832947 |
|  Tractor Supply Co. |  | 152501 | 33515145 |
|  TransDigm Group, Inc. |  | 13759 | 7921882 |
|  Travelers Cos., Inc. |  | 23743 | 4379634 |
|  U.S. Bancorp. |  | 121902 | 5174740 |
|  Ulta Beauty, Inc.<sup>(e)</sup> |  | 5674 | 2379505 |
|  Union Pacific Corp. |  | 7535 | 1485450 |
|  United Airlines Holdings, Inc.<sup>(e)</sup> |  | 55832 | 2405243 |
|  United Parcel Service, Inc., Class B |  | 443308 | 74373783 |
|  United Rentals, Inc.<sup>(e)</sup> |  | 30971 | 9777854 |
|  UnitedHealth Group, Inc. |  | 273196 | 151664759 |
|  Univar Solutions, Inc.<sup>(e)</sup> |  | 72162 | 1838688 |
|  Valero Energy Corp. |  | 850059 | 106724907 |
|  VeriSign, Inc.<sup>(e)</sup> |  | 102312 | 20509464 |
|  Verisk Analytics, Inc. |  | 86596 | 15832347 |
|  Verizon Communications, Inc. |  | 60662 | 2266939 |
|  Vertex Pharmaceuticals, Inc.<sup>(e)</sup> |  | 5540 | 1728480 |
|  Vertiv Holdings |  | 3006876 | 43028396 |
|  VF Corp. |  | 86712 | 2449614 |
|  Visa, Inc., A Shares |  | 38503 | 7976281 |
|  VMware, Inc., Class A |  |  | 1 |
|  Vulcan Materials Co. |  | 406269 | 66506235 |
|  Walgreens Boots Alliance, Inc. |  | 77348 | 2823202 |
|  Walmart, Inc. |  | 317246 | 45153623 |
|  Walt Disney Co.<sup>(e)</sup> |  | 638898 | 68068193 |
|  Waste Connections, Inc. |  | 20991 | 2768923 |
|  Wells Fargo & Co. |  | 1160440 | 53368636 |
|  Willis Towers Watson PLC |  | 16954 | 3699532 |
|  Workday, Inc., Class A<sup>(e)(h)</sup> |  | 30418 | 4739733 |
|  XPO Logistics, Inc.<sup>(e)</sup> |  | 450738 | 23321184 |
|  Zebra Technologies Corp., Class A<sup>(e)</sup> |  | 4034 | 1142509 |
|  Zoetis, Inc. |  | 53573 | 8077737 |
|  Zscaler, Inc.<sup>(e)</sup> |  | 110803 | 17074742 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720825757 |
|  **Total Common Stocks — 52.3%**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost: $7,785,588,018)** |  |  | 9675954708 |
| | | *Par*<br> *(000)* | |
|  **Corporate Bonds** |  |  |  |
|  **Australia — 1.0%** |  |  |  |
|  National Australia Bank Ltd., 3.38%, 01/14/26 | USD | 155 | 146315 |
|  Oceana Australian Fixed Income Trust<sup>(d)</sup><br>10.00%, 08/31/23 | AUD | 7008 | 4477288 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **Australia (continued)** |  |  |  |
|  Oceana Australian Fixed Income<br>Trust<sup>(d)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 08/31/25 | AUD | 13002 | $8493460 |
|  Quintis Australia Pty. Ltd.<sup>(b)(d)(f)(l)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (12.00% PIK), 0.00%, 10/01/28 | USD | 82685 | 69628641 |
| &nbsp;&nbsp;&nbsp;&nbsp; (7.50% Cash or 8.00% PIK), 7.50%, 10/01/26 |  | 92389 | 92389186 |
|  |  |  | 175134890 |
|  **Belgium<sup>(c)</sup> — 0.0%** |  |  |  |
|  Anheuser-Busch InBev SA, 4.00%, 09/24/25 | GBP | 1100 | 1222515 |
|  KBC Group NV, (1 year UK Government Bond + 0.92%), 1.25%, 09/21/27<sup>(a)</sup> |  | 1100 | 1057337 |
|  |  |  | 2279852 |
|  **Bermuda<sup>(c)</sup> — 0.0%** |  |  |  |
|  Li & Fung Ltd., 4.38%, 10/04/24 | USD | 1000 | 930000 |
|  Star Energy Geothermal Darajat II/Star Energy<br>Geothermal Salak, 4.85%, 10/14/38 |  | 1360 | 1007505 |
|  |  |  | 1937505 |
|  **British Virgin Islands — 0.0%** |  |  |  |
|  Easy Tactic Ltd., 7.50%, 07/11/28<sup>(l)</sup> |  | 1566 | 125271 |
|  HKT Capital No. 6 Ltd., 3.00%, 01/18/32<sup>(c)</sup> |  | 900 | 698436 |
|  New Metro Global Ltd., 4.50%, 05/02/26<sup>(c)</sup> |  | 543 | 61698 |
|  |  |  | 885405 |
|  **Canada — 0.3%** |  |  |  |
|  Bank of Montreal |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.60%), 0.95%, 01/22/27<sup>(a)</sup> |  | 4574 | 3928692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.25%, 09/14/24 |  | 5579 | 5459291 |
|  Canadian Pacific Railway Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 |  | 6030 | 5608132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/02/51 |  | 2174 | 1382914 |
|  First Quantum Minerals Ltd.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/24 |  | 625 | 609687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/25 |  | 860 | 828180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/26 |  | 2310 | 2161964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/27 |  | 4329 | 4008925 |
|  Rogers Communications, Inc., 2.95%, 03/15/25<sup>(b)</sup> |  | 7511 | 7081590 |
|  Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/29/24 |  | 175 | 161451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24 |  | 451 | 412777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 |  | 85 | 73332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27 |  | 4175 | 3851391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27 |  | 6076 | 5712180 |
|  Thomson Reuters Corp., 3.35%, 05/15/26 |  | 97 | 90182 |
|  Toronto-Dominion Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/24 |  | 7002 | 6731283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/13/24 |  | 4642 | 4548240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 |  | 179 | 159617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/05/27<sup>(c)</sup> | GBP | 1100 | 1116871 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53926699 |
|  **Cayman Islands — 0.1%** |  |  |  |
|  Agile Group Holdings Ltd., 5.50%, 04/21/25<sup>(c)</sup> | USD | 905 | 178342 |
|  Central China Real Estate Ltd., 7.90%, 11/07/23<sup>(c)</sup> |  | 210 | 27300 |
|  China Aoyuan Group Ltd., 6.20%, 03/24/26<sup>(c)(e)(m)</sup> |  | 3132 | 93960 |
|  China Evergrande Group, 10.00%, 04/11/23<sup>(c)(e)(m)</sup>  |  | 1139 | 39011 |
|  China SCE Group Holdings Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/09/24 |  | 339 | 45405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/02/25 |  | 314 | 23550 |
|  CIFI Holdings Group Co. Ltd.<sup>(c)(e)(m)</sup><br>6.00%, 07/16/25 |  | 569 | 38407 |

---

18 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **Cayman Islands (continued)** |  |  |  |
|  CIFI Holdings Group Co. Ltd.<sup>(c)(e)(m)</sup> (continued)<br>4.45%, 08/17/26 | USD | 200 | $13500 |
|  Fantasia Holdings Group Co. Ltd.<sup>(c)(e)(m)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 07/05/22<sup>(a)</sup> |  | 510 | 29973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 01/09/23 |  | 3132 | 172260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 07/28/23 |  | 902 | 49610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 10/19/23 |  | 481 | 26455 |
|  Jingrui Holdings Ltd., 12.00%,<br>07/25/22<sup>(c)(e)(m)</sup> |  | 1269 | 80789 |
|  Melco Resorts Finance Ltd., 5.38%, 12/04/29<sup>(c)</sup> |  | 1234 | 672530 |
|  MGM China Holdings Ltd., 5.38%, 05/15/24<sup>(c)</sup> |  | 400 | 327000 |
|  Modern Land China Co. Ltd.<sup>(c)(e)(m)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 11/13/22 |  | 569 | 73970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.80%, 04/11/23 |  | 2170 | 325500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.95%, 03/04/24 |  | 569 | 85350 |
|  Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24<sup>(c)</sup> |  | 389 | 35083 |
|  Redsun Properties Group Ltd., 10.50%,<br>10/03/22<sup>(c)(e)(m)</sup> |  | 769 | 34605 |
|  Ronshine China Holdings Ltd.<sup>(c)(e)(m)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/05/24 |  | 200 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 01/25/25 |  | 2778 | 111120 |
|  Sands China Ltd., 4.88%, 06/18/30 |  | 800 | 560000 |
|  Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25<sup>(b)</sup> |  | 4823 | 4750655 |
|  Shimao Group Holdings Ltd., 3.45%,<br>01/11/31<sup>(c)(e)(m)</sup> |  | 800 | 32000 |
|  Shui On Development Holding Ltd., 5.50%,<br>03/03/25<sup>(c)</sup> |  | 823 | 345660 |
|  Sinic Holdings Group Co. Ltd.<sup>(c)(e)(m)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/24/22 |  | 490 | 4900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 06/18/22 |  | 1188 | 11880 |
|  Sunac China Holdings Ltd., 6.50%, 01/10/25<sup>(c)(e)(m)</sup> |  | 594 | 32670 |
|  Times China Holdings Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/08/25 |  | 493 | 32045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/14/27 |  | 324 | 16200 |
|  Yuzhou Group Holdings Co. Ltd.<sup>(c)(e)(m)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/04/23 |  | 539 | 16170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/26/24 |  | 1970 | 59100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/30/24 |  | 480 | 14400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 05/27/25 |  | 1423 | 42690 |
|  Zhenro Properties Group Ltd., 6.63%,<br>01/07/26<sup>(c)(e)(m)</sup> |  | 363 | 7260 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417350 |
|  **China — 0.0%** |  |  |  |
|  China Aoyuan Group Ltd.<sup>(c)(e)(m)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 02/19/23 |  | 2573 | 86517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/08/24 |  | 801 | 24030 |
|  China Evergrande Group, 11.50%, 01/22/23<sup>(c)(e)(m)</sup>  |  | 2277 | 81545 |
|  China Milk Products Group Ltd., 0.00%,<br>01/15/49<sup>(d)(e)(m)(n)</sup> |  | 39500 | 40 |
|  CIFI Holdings Group Co. Ltd., 5.95%,<br>10/20/25<sup>(c)(e)(m)</sup> |  | 569 | 38408 |
|  Fantasia Holdings Group Co. Ltd., 11.75%,<br>10/17/22<sup>(c)(e)(m)</sup> |  | 2110 | 116050 |
|  Fortune Star BVI Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 07/02/24 |  | 732 | 331230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/18/26 |  | 579 | 199755 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **China (continued)** |  |  |  |
|  KWG Group Holdings Ltd., 7.40%, 03/05/24<sup>(c)</sup> | USD | 1063 | $164765 |
|  RKPF Overseas Ltd., Series 2019-A, 6.00%,<br>09/04/25<sup>(c)</sup> |  | 877 | 333260 |
|  ZhongAn Online P&C Insurance Co. Ltd.,<br>3.50%, 03/08/26<sup>(c)</sup> |  | 932 | 705873 |
|  |  |  | 2081473 |
|  **France — 0.1%** |  |  |  |
|  BNP Paribas SA<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/23/26 | GBP | 1100 | 1167045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/14/27 |  | 1100 | 1027899 |
|  Sabena Technics Sas(Acquired 10/28/22,<br>Cost: $8,135,159), , 09/30/29<sup>(a)(g)(o)</sup> | EUR | 8303 | 8067402 |
|  Societe Generale SA, 1.88%, 10/03/24<sup>(c)</sup> | GBP | 1100 | 1173189 |
|  TotalEnergies Capital International SA,<br>1.66%, 07/22/26<sup>(c)</sup> |  | 1100 | 1119116 |
|  |  |  | 12554651 |
|  **Germany — 0.3%** |  |  |  |
|  Adler Pelzer Holding GmbH, 4.13%, 04/01/24<sup>(b)</sup> | EUR | 18415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13967439 |
|  APCOA Parking Holdings GmbH, (3 mo.<br>EURIBOR + 5.00%), 6.38%, 01/15/27<sup>(a)(b)</sup> |  | 9529 | 8581741 |
|  Deutsche Bank AG<sup>(c)</sup><br>2.63%, 12/16/24 | GBP | 1100 | 1155021 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SONIA + 1.94%), 4.00%, 06/24/26<sup>(a)</sup> |  | 1100 | 1162895 |
|  Douglas GmbH, 6.00%, 04/08/26<sup>(b)</sup> | EUR | 8152 | 6148082 |
|  Kirk Beauty SUN GmbH, (8.25% Cash or<br>9.00% PIK), 8.25%, 10/01/26<sup>(b)(l)</sup> |  | 9456 | 5045991 |
|  KME SE, 6.75%, 02/01/23<sup>(c)</sup> |  | 3865 | 3724481 |
|  Project Montelena, 10.25%, 06/20/30<sup>(k)</sup> |  | 9500 | 9106721 |
|  |  |  | 48892371 |
|  **Hong Kong — 0.0%** |  |  |  |
|  AIA Group Ltd., (5 year CMT + 1.76%),<br>2.70%<sup>(a)(c)(p)</sup> | USD | 1000 | 790000 |
|  Bank of East Asia Ltd.<sup>(a)(c)(p)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 4.26%), 5.88% |  | 733 | 586995 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 5.53%), 5.83% |  | 349 | 254770 |
|  Nanyang Commercial Bank Ltd., (5 year<br>CMT + 2.18%), 3.80%, 11/20/29<sup>(a)(c)</sup> |  | 1000 | 930500 |
|  NWD MTN Ltd., 4.13%, 07/18/29<sup>(c)</sup> |  | 468 | 351088 |
|  Wanda Group Overseas Ltd., 8.88%, 03/21/23<sup>(c)</sup> |  | 360 | 277200 |
|  Yango Justice International Ltd.<sup>(e)(m)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 09/15/22 |  | 503 | 7545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/23<sup>(c)</sup> |  | 1154 | 17310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/04/24<sup>(c)</sup> |  | 1223 | 18345 |
|  Yanlord Land HK Co. Ltd., 5.13%, 05/20/26<sup>(c)</sup> |  | 464 | 194880 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428633 |
|  **India — 0.0%** |  |  |  |
|  GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24<sup>(c)</sup> |  | 397 | 378837 |
|  HDFC Bank Ltd., (5 year CMT + 2.93%),<br>3.70%<sup>(a)(c)(p)</sup> |  | 549 | 437827 |
|  Indian Railway Finance Corp. Ltd., 3.25%,<br>02/13/30<sup>(c)</sup> |  | 660 | 525236 |
|  Power Finance Corp. Ltd., 4.50%, 06/18/29<sup>(c)</sup> |  | 500 | 429469 |
|  REC Ltd., 2.75%, 01/13/27<sup>(c)</sup> |  | 500 | 425865 |
|  REI Agro Ltd.<sup>(e)(m)</sup><br>5.50%, 11/13/21 |  | 44430 | 368535 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **India (continued)** |  |  |  |
|  REI Agro Ltd.<sup>(e)(m)</sup> (continued)<br>5.50%, 11/13/21<sup>(c)(d)</sup> | USD | 8271 | $1 |
|  ReNew Power Pvt Ltd., 5.88%, 03/05/27<sup>(c)</sup> |  | 521 | 465090 |
|  Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24<sup>(c)</sup> |  | 703 | 650704 |
|  Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31<sup>(c)</sup> |  | 605 | 416555 |
|  |  |  | 4098119 |
|  **Indonesia<sup>(c)</sup> — 0.0%** |  |  |  |
|  Bank Negara Indonesia Persero Tbk PT,<br>3.75%, 03/30/26 |  | 722 | 588510 |
|  Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 |  | 392 | 347126 |
|  Theta Capital Pte. Ltd., 8.13%, 01/22/25 |  | 998 | 671654 |
|  |  |  | 1607290 |
|  **Ireland — 0.1%** |  |  |  |
|  Shire Acquisitions Investments Ireland DAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/23/23 |  | 8049 | 7868080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/23/26 |  | 15525 | 14266699 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22134779 |
|  **Isle of Man — 0.0%** |  |  |  |
|  Gohl Capital Ltd., 4.25%, 01/24/27<sup>(c)</sup> |  | 1362 | 1007880 |
|  **Italy<sup>(b)</sup> — 0.3%** |  |  |  |
|  Castor SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/29 | EUR | 2764 | 2330262 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 5.25%), 6.25%, 02/15/29<sup>(a)</sup> |  | 8819 | 8083509 |
|  Fiber Bidco Spa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.54%, 10/25/27<sup>(a)</sup> |  | 3228 | 3019159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/25/27 |  | 4906 | 4912936 |
|  Forno d'Asolo SpA, (3 mo. EURIBOR +<br>5.50%), 6.69%, 04/30/27<sup>(a)</sup> |  | 21390 | 18496329 |
|  Marcolin SpA, 6.13%, 11/15/26 |  | 10346 | 8891247 |
|  Shiba Bidco SpA, 4.50%, 10/31/28 |  | 9744 | 7370616 |
|  |  |  | 53104058 |
|  **Japan — 0.1%** |  |  |  |
|  Nissan Motor Co. Ltd., 3.52%, 09/17/25<sup>(b)</sup> | USD | 1964 | 1742138 |
|  NTT Finance Corp., 4.14%, 07/26/24<sup>(b)</sup> |  | 3686 | 3616929 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/26/23 |  | 418 | 413703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/28 |  | 2714 | 2619250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/09/50 |  | 3340 | 2152631 |
|  |  |  | 10544651 |
|  **Jersey — 0.0%** |  |  |  |
|  Aptiv PLC, 3.10%, 12/01/51 |  | 5923 | 3303173 |
|  **Luxembourg<sup>(b)</sup> — 0.2%** |  |  |  |
|  Garfunkelux Holdco 3 SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/01/25 | EUR | 4190 | 2950710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/01/25 | GBP | 8358 | 6820842 |
|  Herens Midco SARL, 5.25%, 05/15/29 | EUR | 12016 | 7671126 |
|  Picard Bondco SA, 5.38%, 07/01/27 |  | 8380 | 6353840 |
|  Sani/Ikos Financial Holdings 1 SARL, 5.63%, 12/15/26 |  | 8042 | 7351442 |
|  |  |  | 31147960 |
|  **Macau<sup>(c)</sup> — 0.0%** |  |  |  |
|  Champion Path Holdings Ltd.<br>4.50%, 01/27/26 | USD | 371 | 241150 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **Macau (continued)** |  |  |  |
|  Champion Path Holdings Ltd. (continued)<br>4.85%, 01/27/28 | USD | 291 | $176837 |
|  MGM China Holdings Ltd., 5.88%, 05/15/26 |  | 796 | 604658 |
|  Studio City Finance Ltd., 5.00%, 01/15/29 |  | 1334 | 552943 |
|  |  |  | 1575588 |
|  **Malaysia<sup>(c)</sup> — 0.0%** |  |  |  |
|  CIMB Bank BHD, 2.13%, 07/20/27 |  | 700 | 600162 |
|  Dua Capital Ltd., 2.78%, 05/11/31 |  | 1000 | 749630 |
|  TNB Global Ventures Capital Bhd, 4.85%, 11/01/28. |  | 1000 | 944875 |
|  |  |  | 2294667 |
|  **Mauritius<sup>(c)</sup> — 0.0%** |  |  |  |
|  CA Magnum Holdings, 5.38%, 10/31/26 |  | 475 | 397813 |
|  India Green Power Holdings, 4.00%, 02/22/27 |  | 600 | 450000 |
|  UPL Corp. Ltd., (5 year CMT + 3.87%), 5.25%<sup>(a)(p)</sup> |  | 530 | 317768 |
|  |  |  | 1165581 |
|  **MultiNational — 0.1%** |  |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27<sup>(b)</sup> |  | 1620 | 1554503 |
|  Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26<sup>(b)</sup> |  | 7305 | 6866700 |
|  NXP BV/NXP Funding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 |  | 5666 | 5593759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/26 |  | 1157 | 1128798 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc., 3.25%, 11/30/51 |  | 1380 | 798504 |
|  |  |  | 15942264 |
|  **Netherlands — 0.1%** |  |  |  |
|  Cooperatieve Rabobank UA, (1 year UK<br>Government Bond + 1.05%), 1.88%,<br>07/12/28<sup>(a)(c)</sup> | GBP | 1100 | 1044089 |
|  Greenko Dutch BV, 3.85%, 03/29/26<sup>(c)</sup> | USD | 477 | 372450 |
|  ING Groep NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/06/26<sup>(b)</sup> |  | 372 | 353946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/18/26<sup>(c)</sup> | GBP | 1100 | 1152223 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.64%), 3.87%, 03/28/26<sup>(a)</sup> | USD | 1085 | 1018963 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 1.10%), 1.40%,<br>07/01/26<sup>(a)(b)</sup> |  | 163 | 142802 |
|  LYB International Finance II BV, 3.50%, 03/02/27 |  | 11414 | 10334500 |
|  LyondellBasell Industries NV, 5.75%, 04/15/24 |  | 748 | 750049 |
|  Minejesa Capital BV, 4.63%, 08/10/30<sup>(c)</sup> |  | 1000 | 758500 |
|  Mondelez International Holdings Netherlands BV<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/25 |  | 2961 | 2878272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/24/26 |  | 124 | 106014 |
|  Trivium Packaging Finance BV, 5.50%, 08/15/26<sup>(b)</sup>  |  | 2265 | 2083120 |
|  Vivo Energy Investments BV, 5.13%, 09/24/27<sup>(b)</sup> |  | 313 | 275440 |
|  Volkswagen Financial Services NV<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/03/24 | GBP | 600 | 637299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/09/25 |  | 500 | 547562 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22455229 |
|  **Philippines — 0.0%** |  |  |  |
|  Globe Telecom, Inc., (5 year CMT + 5.53%),<br>4.20%<sup>(a)(c)(p)</sup> | USD | 1015 | 852473 |
|  **Republic of Korea<sup>(c)</sup> — 0.0%** |  |  |  |
|  Hanwha Life Insurance Co. Ltd., (5 year CMT + 1.85%), 3.38%, 02/04/32<sup>(a)</sup> |  | 600 | 494175 |
|  LG Chem Ltd., 2.38%, 07/07/31 |  | 1100 | 829719 |
|  |  |  | 1323894 |

---

20 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **Singapore<sup>(c)</sup> — 0.0%** |  |  |  |
|  BOC Aviation Ltd., 3.50%, 09/18/27 | USD | 1000 | $893437 |
|  DBS Group Holdings Ltd., (5 year CMT + 1.92%), 3.30%<sup>(a)(p)</sup> |  | 1000 | 872500 |
|  LLPL Capital Pte. Ltd., 6.88%, 02/04/39 |  | 1681 | 1294219 |
|  LMIRT Capital Pte Ltd., 7.50%, 02/09/26 |  | 1139 | 592280 |
|  TML Holdings Pte. Ltd., 4.35%, 06/09/26 |  | 239 | 191544 |
|  |  |  | 3843980 |
|  **South Korea<sup>(c)</sup> — 0.0%** |  |  |  |
|  Hanwha Life Insurance Co. Ltd., (5 year CMT + 2.00%), 4.70%<sup>(a)(p)</sup> |  | 2000 | 1949125 |
|  Kookmin Bank, (5 year CMT + 2.64%), 4.35%<sup>(a)(p)</sup> |  | 400 | 362575 |
|  Shinhan Financial Group Co. Ltd., (5 year CMT + 2.06%), 2.88%<sup>(a)(p)</sup> |  | 500 | 368750 |
|  SK Hynix, Inc., 2.38%, 01/19/31 |  | 1000 | 703937 |
|  |  |  | 3384387 |
|  **Spain<sup>(c)</sup> — 0.0%** |  |  |  |
|  Banco Santander SA, (1 year UK Government Bond + 1.80%), 3.13%, 10/06/26<sup>(a)</sup> | GBP | 4000 | 4198405 |
|  Telefonica Emisiones SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 12/09/22 |  | 550 | 630797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/02/26 |  | 2200 | 2472565 |
|  |  |  | 7301767 |
|  **Sweden — 0.1%** |  |  |  |
|  Swedbank AB, (1 year UK Government Bond + 1.00%), 1.38%, 12/08/27<sup>(a)(c)</sup> |  | 1100 | 1049511 |
|  Verisure Holding AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/26<sup>(c)</sup> | EUR | 2087 | 1840200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/15/27<sup>(b)</sup> |  | 4248 | 4327201 |
|  Verisure Midholding AB, 5.25%, 02/15/29<sup>(c)</sup> |  | 1484 | 1123812 |
|  |  |  | 8340724 |
|  **Switzerland<sup>(a)(b)</sup> — 0.1%** |  |  |  |
|  UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 0.83%), 1.01%, 07/30/24 | USD | 20968 | 20179350 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 1.55%), 4.49%, 05/12/26 |  | 3026 | 2873095 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 2.05%), 4.70%, 08/05/27 |  | 2509 | 2331728 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25384173 |
|  **Thailand<sup>(c)</sup> — 0.0%** |  |  |  |
|  Bangkok Bank PCL<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 1.90%), 3.73%, 09/25/34 |  | 832 | 617916 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 4.73%), 5.00%<sup>(p)</sup> |  | 412 | 362869 |
|  GC Treasury Center Co. Ltd., 2.98%, 03/18/31 |  | 820 | 605673 |
|  Kasikornbank PCL, (5 year CMT + 1.70%), 3.34%, 10/02/31<sup>(a)</sup> |  | 369 | 302469 |
|  Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40%<sup>(a)(p)</sup> |  | 396 | 315389 |
|  Muang Thai Life Assurance PCL, (10 year CMT + 2.40%), 3.55%, 01/27/37<sup>(a)</sup> |  | 1000 | 790188 |
|  |  |  | 2994504 |
|  **Turkey — 0.1%** |  |  |  |
|  Bio City Development Co. B.V, 8.00%,<br>07/06/24<sup>(b)(d)(e)(f)(m)</sup> |  | 140850 | 13211730 |
|  **United Kingdom — 0.7%** |  |  |  |
|  AstraZeneca PLC, 2.13%, 08/06/50 |  | 4201 | 2320465 |
|  Barclays PLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/08/26 | GBP | 1100 | 1125044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/27 |  | 1100 | 1106113 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **United Kingdom (continued)** |  |  |  |
|  BCP V Modular Services Finance II PLC, 6.13%, 11/30/28<sup>(b)</sup> | GBP | 12036 | $11022123 |
|  BCP V Modular Services Finance PLC, 6.75%, 11/30/29<sup>(b)</sup> | EUR | 16262 | 11088933 |
|  BG Energy Capital PLC, 5.13%, 12/01/25<sup>(c)</sup> | GBP | 2009 | 2285148 |
|  Boparan Finance PLC, 7.63%, 11/30/25<sup>(c)</sup> |  | 11406 | 8894669 |
|  Constellation Automotive Financing PLC, 4.88%, 07/15/27<sup>(b)</sup> |  | 3529 | 2590115 |
|  Deuce Finco PLC, 5.50%, 06/15/27<sup>(b)</sup> |  | 25590 | 22419745 |
|  GlaxoSmithKline Capital PLC, 3.00%, 06/01/24 | USD | 6813 | 6614145 |
|  GSK Consumer Healthcare Co., 3.13%, 03/24/25<sup>(k)</sup> |  | 7283 | 6858875 |
|  HSBC Holdings PLC<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.53%), 0.73%, 08/17/24 |  | 6308 | 5981372 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.71%), 0.98%, 05/24/25 |  | 1870 | 1698219 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SONIA + 1.31%), 1.75%, 07/24/27 | GBP | 1300 | 1256569 |
|  Informa PLC, 3.13%, 07/05/26<sup>(c)</sup> |  | 1100 | 1119803 |
|  Inspired Entertainment Financing PLC, 7.88%, 06/01/26<sup>(b)</sup> |  | 7442 | 7776620 |
|  Kane Bidco Ltd.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 | EUR | 6662 | 5228711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/27 | GBP | 8008 | 7342265 |
|  Lloyds Bank PLC, 3.50%, 05/14/25 | USD | 402 | 380409 |
|  Lloyds Banking Group PLC, 2.25%, 10/16/24<sup>(c)</sup> | GBP | 2200 | 2369119 |
|  Market Bidco Finco PLC, 5.50%, 11/04/27<sup>(b)</sup> |  | 15517 | 13458274 |
|  NatWest Group PLC<sup>(a)(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year GBP Swap + 1.49%), 2.88%, 09/19/26 |  | 1100 | 1148249 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year GBP Swap + 2.01%), 3.13%, 03/28/27 |  | 1100 | 1131116 |
|  Santander U.K. Group Holdings PLC, 3.63%, 01/14/26<sup>(c)</sup> |  | 1100 | 1158517 |
|  Sky Ltd., 3.75%, 09/16/24<sup>(b)</sup> | USD | 1082 | 1051577 |
|  Vedanta Resources Finance II PLC, 8.00%, 04/23/23<sup>(c)</sup> |  | 524 | 486927 |
|  Vodafone Group PLC, 4.13%, 05/30/25 |  | 1850 | 1800608 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129713730 |
|  **United States — 6.9%** |  |  |  |
|  AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/24 |  | 7769 | 7382259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 |  | 6092 | 5876522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/14/25 |  | 14400 | 13817953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 |  | 202 | 188194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 |  | 8342 | 7618162 |
|  Aetna, Inc., 3.50%, 11/15/24 |  | 634 | 612335 |
|  Affinity Gaming, 6.88%, 12/15/27<sup>(b)</sup> |  | 1580 | 1318908 |
|  AIG Global Funding, 0.65%, 06/17/24<sup>(b)</sup> |  | 3058 | 2840956 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 03/15/29<sup>(b)</sup> |  | 11309 | 9358197 |
|  Allegiant Travel Co.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/05/24 |  | 19212 | 19067910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/27 |  | 2340 | 2199702 |
|  Alphabet, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/50 |  | 3250 | 1858394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/60 |  | 1402 | 765481 |
|  Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 |  | 2712 | 1610688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 |  | 1380 | 782806 |
|  American Express Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/30/24 |  | 4004 | 3806088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 |  | 171 | 158774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 |  | 4127 | 3964333 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  American International Group, Inc., 3.90%, 04/01/26 | USD | 1537 | $1464374 |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 |  | 8040 | 7791006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/26 |  | 3139 | 2991814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 |  | 1380 | 812453 |
|  Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/25 |  | 167 | 155664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/25 |  | 967 | 924317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/07/26<sup>(c)</sup> | GBP | 1100 | 1273476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 | USD | 8933 | 5502782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 |  | 1380 | 788985 |
| Amkor Technology, Inc., 6.63%, 09/15/27<sup>(b)</sup> |  | 825 | 814415 |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 02/01/26 |  | 7178 | 6874861 |
|  Aon Corp./Aon Global Holdings PLC, 2.90%, 08/23/51 |  | 4175 | 2429536 |
|  Apple, Inc., 2.40%, 08/20/50 |  | 6081 | 3609221 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28<sup>(b)</sup> |  | 716 | 587052 |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 |  | 5890 | 5194406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/04/26 | GBP | 2200 | 2283026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/27<sup>(c)</sup> |  | 1100 | 1252551 |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | USD | 199 | 185807 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.65%), 1.53%, 12/06/25<sup>(a)</sup> |  | 385 | 350640 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.67%), 1.84%, 02/04/25<sup>(a)</sup> |  | 3979 | 3770037 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.11%), 3.84%, 04/25/25<sup>(a)</sup> |  | 10415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10077700 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.33%), 3.38%, 04/02/26<sup>(a)</sup> |  | 6264 | 5884645 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.56%), 2.97%, 07/21/52<sup>(a)</sup> |  | 1380 | 819926 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.75%), 4.83%, 07/22/26<sup>(a)</sup> |  | 5145 | 5010420 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.81%), 3.37%, 01/23/26<sup>(a)</sup> |  | 1479 | 1393996 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.87%), 2.46%, 10/22/25<sup>(a)</sup> |  | 621 | 579452 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.97%), 3.46%, 03/15/25<sup>(a)</sup> |  | 257 | 247824 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.51%), 3.71%, 04/24/28<sup>(a)</sup> |  | 182 | 164646 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.58%), 3.82%, 01/20/28<sup>(a)</sup> |  | 427 | 389816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/27 |  | 4647 | 4256626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, (1 day SOFR + 0.91%), 1.66%, 03/11/27<sup>(a)</sup> |  | 187 | 161637 |
|  Bank of New York Mellon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24 |  | 3857 | 3643688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/26/29 |  | 8215 | 7383269 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.35%), 4.41%, 07/24/26<sup>(a)</sup> |  | 7435 | 7221389 |
|  Becton Dickinson and Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 06/06/24 |  | 4151 | 4029128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 |  | 12332 | 11431422 |
|  Berry Global, Inc., 4.88%, 07/15/26<sup>(b)</sup> |  | 396 | 372042 |
|  Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/27<sup>(b)</sup> |  | 1803 | 1611459 |
|  Boston Properties LP, 2.75%, 10/01/26 |  | 4358 | 3860047 |
|  Bristol-Myers Squibb Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/24 |  | 5808 | 5699038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 |  | 5740 | 5415251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 |  | 6592 | 3950932 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 |  | 7230 | 6644165 |
|  Broadcom, Inc., 3.15%, 11/15/25 |  | 5291 | 4932552 |
|  California Resources Corp., 7.13%, 02/01/26<sup>(b)</sup> |  | 875 | 858209 |
|  Capital One Financial Corp., 3.90%, 01/29/24 |  | 1784 | 1748552 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Cargill, Inc., 3.50%, 04/22/25<sup>(b)</sup> | USD | 3374 | $3252461 |
|  Carrols Restaurant Group, Inc., 5.88%, 07/01/29<sup>(b)</sup> . |  | 1580 | 1109950 |
|  Caterpillar Financial Services Corp., 0.60%,<br>09/13/24 |  | 3955 | 3652172 |
|  CDI Escrow Issuer, Inc., 5.75%, 04/01/30<sup>(b)</sup> |  | 3040 | 2743630 |
|  Charles Schwab Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 |  | 164 | 161535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 |  | 321 | 305233 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 04/01/51 |  | 1588 | 951935 |
|  Cheever Escrow Issuer LLC, 7.13%, 10/01/27<sup>(b)</sup> |  | 2600 | 2386800 |
|  Churchill Downs, Inc., 5.50%, 04/01/27<sup>(b)</sup> |  | 70 | 66905 |
|  Cigna Corp., 3.00%, 07/15/23 |  | 5655 | 5575587 |
|  Cisco Systems, Inc., 2.50%, 09/20/26 |  | 91 | 84006 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26 |  | 68 | 62990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/26 | GBP | 1677 | 1658526 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.67%), 0.98%, 05/01/25<sup>(a)</sup> | USD | 786 | 725601 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.37%), 4.14%, 05/24/25<sup>(a)</sup> |  | 2000 | 1944347 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.53%), 3.29%, 03/17/26<sup>(a)</sup> |  | 8186 | 7667389 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.55%), 5.61%, 09/29/26<sup>(a)</sup> |  | 4157 | 4101923 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25<sup>(a)</sup> |  | 1030 | 989030 |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 |  | 540 | 522139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 |  | 11311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 |  | 1380 | 753880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 |  | 4821 | 2787877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 |  | 964 | 503307 |
|  Conagra Brands, Inc., 4.30%, 05/01/24 |  | 313 | 308073 |
|  Covanta Holding Corp., 4.88%, 12/01/29<sup>(b)</sup> |  | 1832 | 1559856 |
|  Cox Communications, Inc., 3.85%, 02/01/25<sup>(b)</sup> |  | 5025 | 4829164 |
|  Crown Castle, Inc., 3.70%, 06/15/26 |  | 5302 | 4921700 |
|  CSX Corp., 2.50%, 05/15/51 |  | 1380 | 786355 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/20/25 |  | 2836 | 2736295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 |  | 6439 | 5922598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 |  | 5712 | 4730890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 |  | 4968 | 4661598 |
|  Danaher Corp., 2.80%, 12/10/51 |  | 3702 | 2303618 |
|  Deere & Co., 2.75%, 04/15/25 |  | 898 | 854444 |
|  Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/23 |  | 3648 | 3642066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 |  | 4932 | 4922937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51<sup>(b)</sup> |  | 1380 | 780858 |
|  Discovery Communications LLC, 3.80%, 03/13/24 |  | 3014 | 2927813 |
|  DocuSign, Inc., 0.00%, 01/15/24<sup>(n)(q)</sup> |  | 1335 | 1252898 |
|  Dollar General Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/20/24 |  | 2067 | 2030368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/27 |  | 5019 | 4712706 |
|  Earthstone Energy Holdings LLC, 8.00%,<br>04/15/27<sup>(b)</sup> |  | 8929 | 8447638 |
|  eBay, Inc., 1.90%, 03/11/25 |  | 1958 | 1810926 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 |  | 120 | 112767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 |  | 7143 | 6592257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 |  | 5120 | 3269246 |
|  Eli Lilly & Co., 2.25%, 05/15/50 |  | 1380 | 823343 |
|  Energy Transfer LP, 4.20%, 09/15/23 |  | 1982 | 1956430 |
|  Equinix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/15/25 |  | 7074 | 6300388 |

---

22 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Equinix, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/26 | USD | 4600 | $3953811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/50 |  | 690 | 399791 |
|  Fidelity National Information Services, Inc., 1.15%, 03/01/26 |  | 133 | 114542 |
|  Fifth Third Bancorp, (1 day SOFR + 1.36%), 4.06%, 04/25/28<sup>(a)</sup> |  | 3624 | 3316203 |
|  Fiserv, Inc., 3.20%, 07/01/26 |  | 1406 | 1290003 |
|  Flyr Convertible Notes, 8.00%, 07/20/23<sup>(d)</sup> |  | 12933 | 13682907 |
|  Flyr Secured Notes, 10.00%, 01/20/27<sup>(d)</sup> |  | 6580 | 6127954 |
|  Ford Motor Co., 6.10%, 08/19/32 |  | 8294 | 7591540 |
|  Freed Corp., 10.00%, 12/02/23<sup>(d)</sup> |  | 17175 | 16488000 |
|  Freedom Mortgage Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/15/24 |  | 5170 | 4548308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/25 |  | 4952 | 4233852 |
|  FreeWire Technologies, Inc., 13.00%, 03/31/25<sup>(a)(d)</sup>. |  | 8499 | 7585287 |
|  Frontier Communications Holdings LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 |  | 5850 | 5380983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 |  | 5269 | 4610375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 |  | 8484 | 6988695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 |  | 6673 | 6814801 |
|  Frontier Florida LLC, Series E, 6.86%, 02/01/28 |  | 7265 | 6762534 |
|  Frontier North, Inc., Series G, 6.73%, 02/15/28 |  | 5875 | 5375955 |
|  Full House Resorts, Inc., 8.25%, 02/15/28<sup>(b)</sup> |  | 349 | 303630 |
|  GATX Corp., 3.50%, 03/15/28 |  | 124 | 108935 |
|  GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> |  | 1436 | 1208968 |
|  General Motors Co., 4.88%, 10/02/23 |  | 16546 | 16386114 |
|  General Motors Financial Co., Inc., 2.90%,<br>02/26/25 |  | 6359 | 5928445 |
|  Georgia-Pacific LLC, 3.60%, 03/01/25<sup>(b)</sup> |  | 148 | 142516 |
|  Gilead Sciences, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/29/23 |  | 4724 | 4546620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/24 |  | 4737 | 4649611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 |  | 2087 | 1976009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/40 |  | 3560 | 2355888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/50 |  | 5473 | 3328198 |
|  GlaxoSmithKline Capital, Inc., 3.63%, 05/15/25 |  | 4149 | 4020794 |
|  Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/25 |  | 647 | 600326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 |  | 923 | 877010 |
|  Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24 |  | 4634 | 4549171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/24 |  | 9434 | 9120520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 |  | 5792 | 5487756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/10/28 | GBP | 1100 | 1330192 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.61%), 0.86%, 02/12/26<sup>(a)</sup> | USD | 234 | 207444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VAR, (1 day SOFR + 0.79%), 1.09%, 12/09/26<sup>(a)</sup> |  | 6909 | 5926450 |
|  GoTo Group, Inc., 5.50%, 09/01/27<sup>(b)</sup> |  | 4945 | 2866814 |
|  Green Plains SPE LLC, 11.75%, 02/09/26<sup>(b)(d)</sup> |  | 91561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85728564 |
|  Greenland Global Investment Ltd., 6.75%,<br>09/26/23<sup>(c)</sup> |  | 349 | 31410 |
|  GSK Consumer Healthcare Co.<sup>(k)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/24/24 |  | 1577 | 1521498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/27 |  | 10498 | 9494460 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24 |  | 416 | 412395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25 |  | 5572 | 5501653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/25 |  | 6007 | 5903606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 |  | 5798 | 5742015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 |  | 1380 | 859628 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Home Depot, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 | USD | 10310 | $5837031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 |  | 5199 | 3162424 |
|  Homes By West Bay LLC, 9.50%, 04/30/27<sup>(d)</sup> |  | 19399 | 17581314 |
|  Humana, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 08/03/23 |  | 14802 | 14298608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 |  | 106 | 88814 |
|  Huntington Bancshares, Inc., (1 day SOFR +<br>1.97%), 4.44%, 08/04/28<sup>(a)</sup> |  | 7729 | 7195061 |
|  Intel Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/25/25 |  | 1602 | 1548351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 |  | 262 | 148326 |
|  Intercontinental Exchange, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 |  | 4097 | 3883776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/60 |  | 1380 | 797679 |
|  International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 |  | 6271 | 5868814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 |  | 5981 | 5713267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/50 |  | 1380 | 832139 |
|  Johnson & Johnson, 2.25%, 09/01/50 |  | 1380 | 815663 |
|  JPMorgan Chase & Co.<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.61%), 1.56%, 12/10/25 |  | 952 | 868187 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.32%), 4.08%, 04/26/26 |  | 6548 | 6277533 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.56%), 4.32%, 04/26/28 |  | 6890 | 6409026 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.85%), 2.08%, 04/22/26 |  | 8526 | 7761464 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.99%), 4.85%, 07/25/28 |  | 5940 | 5646979 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SONIA + 0.68%), 0.99%, 04/28/26<sup>(c)</sup> | GBP | 2800 | 2877893 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.38%), 3.54%, 05/01/28 | USD | 1474 | 1325638 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. SOFR + 0.58%), 0.97%, 06/23/25 |  | 9121 | 8386213 |
|  Keurig Dr. Pepper, Inc., 0.75%, 03/15/24 |  | 2917 | 2748044 |
|  Kinder Morgan Energy Partners LP, 3.50%, 09/01/23 |  | 2773 | 2734244 |
|  Kinetik Holdings LP, 5.88%, 06/15/30<sup>(b)</sup> |  | 1996 | 1872594 |
|  Kraft Heinz Foods Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 |  | 8399 | 7751581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/27<sup>(c)</sup> | GBP | 670 | 710425 |
|  L3Harris Technologies, Inc., 3.85%, 12/15/26 | USD | 12346 | 11535330 |
|  Lam Research Corp., 3.75%, 03/15/26 |  | 723 | 693187 |
|  Level 3 Financing, Inc., 4.25%, 07/01/28<sup>(b)</sup> |  | 1045 | 862125 |
|  Lightning eMotors, Inc., 7.50%, 05/15/24<sup>(b)(q)</sup> |  | 3362 | 2118076 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29<sup>(b)</sup> |  | 2325 | 1764652 |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 |  | 125 | 121914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/25 |  | 2238 | 2193767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 |  | 3320 | 3070699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/28 |  | 4601 | 3762373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50 |  | 4416 | 2646059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 |  | 7108 | 5277802 |
|  Marsh & McLennan Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 |  | 4640 | 4556959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/14/26 |  | 3542 | 3371802 |
|  McDonald's Corp., 3.30%, 07/01/25 |  | 226 | 216908 |
|  MCM Trust, 1.00%, 01/01/59<sup>(a)(d)</sup> |  | 12051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11681615 |
|  Medline Borrower LP, 3.88%, 04/01/29<sup>(b)</sup> |  | 2198 | 1795766 |
|  Mercedes-Benz Finance North America LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/01/24 |  | 3887 | 3660932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/25 |  | 4206 | 3888961 |
|  Merck & Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/10/25 |  | 1625 | 1552504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 |  | 6012 | 3614395 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Meta Platforms, Inc., 3.50%, 08/15/27<sup>(b)</sup> | USD | 3108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853032 |
|  MetLife, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/13/25 |  | 3770 | 3603075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.37%, 09/15/23 |  | 4149 | 4122940 |
|  Metropolitan Life Global Funding I<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/11/27 |  | 81 | 70271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/19/27 |  | 3220 | 2872242 |
|  MGM Resorts International, 5.50%, 04/15/27 |  | 599 | 551709 |
|  Microsoft Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/12/25 |  | 7612 | 7309269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 |  | 13283 | 8332796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 |  | 1380 | 835958 |
|  Moody's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/18/60 |  | 337 | 172620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 |  | 1043 | 601926 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 |  | 7432 | 6782321 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.53%), 0.79%, 05/30/25<sup>(a)</sup> |  | 2022 | 1852613 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.86%), 1.51%, 07/20/27<sup>(a)</sup> |  | 198 | 167885 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.16%), 3.62%, 04/17/25<sup>(a)</sup> |  | 8567 | 8275639 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.61%), 4.21%, 04/20/28<sup>(a)</sup> |  | 8115 | 7513645 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.67%), 4.68%, 07/17/26<sup>(a)</sup> |  | 2325 | 2254035 |
|  Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 |  | 893 | 794770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 |  | 4584 | 3718128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 |  | 4013 | 3000662 |
|  New Home Co., Inc., 7.25%, 10/15/25<sup>(b)</sup> |  | 2144 | 1660563 |
|  NextEra Energy Capital Holdings, Inc., 2.94%, 03/21/24 |  | 6792 | 6575812 |
|  Northern Trust Corp., 4.00%, 05/10/27 |  | 4366 | 4178478 |
|  NortonLifeLock, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 |  | 6085 | 5998563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/30 |  | 1700 | 1671083 |
|  Novartis Capital Corp., 3.00%, 11/20/25 |  | 147 | 139466 |
|  Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/24 |  | 1919 | 1851459 |
|  ONEOK Partners LP, 4.90%, 03/15/25 |  | 9738 | 9507809 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/15/23 |  | 8506 | 8296598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 |  | 1059 | 1027333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/25 |  | 6630 | 6194431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 |  | 1380 | 849423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 4968 | 3250120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 |  | 3918 | 2366049 |
|  PACCAR Financial Corp., 4.95%, 10/03/25 |  | 3389 | 3384551 |
|  Pacific Gas and Electric Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/27 |  | 825 | 777910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/15/32 |  | 3900 | 3629027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 |  | 3468 | 2585686 |
|  Paramount Global, (5 year CMT + 4.00%), 6.38%, 03/30/62<sup>(a)</sup> |  | 1250 | 1056774 |
|  Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27<sup>(b)</sup> |  | 2506 | 2682677 |
|  PepsiCo, Inc., 2.38%, 10/06/26 |  | 296 | 270937 |
|  Periama Holdings LLC, 5.95%, 04/19/26<sup>(c)</sup> |  | 891 | 721320 |
|  Permian Resources Operating LLC, 5.38%, 01/15/26<sup>(b)</sup> |  | 375 | 346406 |
|  Pfizer, Inc., 2.70%, 05/28/50 |  | 3561 | 2316545 |
|  Picard Midco, Inc., 6.50%, 03/31/29<sup>(b)</sup> |  | 13298 | 11531796 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Pitney Bowes, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/27 | USD | 7658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/29 |  | 6205 | 3974675 |
|  Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup> |  | 2097 | 1746738 |
|  PNC Bank NA, 3.25%, 06/01/25 |  | 5655 | 5377831 |
|  PNC Financial Services Group, Inc., 3.50%, 01/23/24 |  | 2074 | 2032872 |
|  PPG Industries, Inc., 1.20%, 03/15/26 |  | 1782 | 1543580 |
|  Principal Life Global Funding II<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/12/24 |  | 125 | 116610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/16/26 |  | 116 | 98541 |
|  Prologis LP, 2.25%, 01/15/32<sup>(k)</sup> |  | 1372 | 1041040 |
|  Regions Financial Corp., 2.25%, 05/18/25 |  | 238 | 219587 |
|  Roche Holdings, Inc., 2.61%, 12/13/51<sup>(b)</sup> |  | 3718 | 2317949 |
|  Ryder System, Inc., 2.50%, 09/01/24 |  | 305 | 288345 |
|  S&P Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27<sup>(b)</sup> |  | 4296 | 3848716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/60 |  | 2087 | 1047589 |
|  Sabre Global, Inc., 9.25%, 04/15/25<sup>(b)</sup> |  | 5375 | 5205123 |
|  Salesforce, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/24 |  | 6856 | 6385716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/51 |  | 1380 | 888672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 |  | 4577 | 2788889 |
|  San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23 |  | 2306 | 2280117 |
|  Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/23 |  | 1814 | 1789511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 |  | 1995 | 1831969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25 |  | 2096 | 1854960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 |  | 4073 | 3971175 |
|  Sherwin-Williams Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/08/24 |  | 6506 | 6382995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/25 |  | 2952 | 2871798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/52 |  | 4225 | 2448954 |
|  SK Battery America, Inc., 2.13%, 01/26/26<sup>(c)</sup> |  | 1326 | 1091842 |
|  Splunk, Inc.<sup>(q)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/23 |  | 1405 | 1348800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/15/27 |  | 3565 | 3030250 |
|  Sprint Corp., 7.88%, 09/15/23 |  | 7209 | 7327249 |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 09/20/29 |  | 931 | 918107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/20/29 |  | 970 | 943881 |
|  Steel Dynamics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/25 |  | 7140 | 6599838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/26 |  | 428 | 412429 |
|  Stem, Inc., 0.50%, 12/01/28<sup>(b)(q)</sup> |  | 749 | 557106 |
|  Talen Energy Supply LLC<sup>(b)(e)(m)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/27 |  | 4306 | 4372947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 7664 | 7716805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 06/01/28 |  | 2995 | 3072734 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26<sup>(b)</sup> |  | 10358 | 9670858 |
|  Tenet Healthcare Corp., 6.13%, 06/15/30<sup>(b)</sup> |  | 4670 | 4311064 |
|  Texas Capital Bank NA, (3 mo. LIBOR US + 4.50%), 8.17%, 09/30/24<sup>(a)(b)</sup> |  | 11008 | 10669271 |
|  Thermo Fisher Scientific, Inc., 1.22%, 10/18/24 |  | 95 | 88329 |
|  T-Mobile USA, Inc., 3.50%, 04/15/25 |  | 11537 | 11006434 |
|  Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25 |  | 517 | 481797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 |  | 306 | 280164 |

---

24 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Truist Bank |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 | USD | 713 | $655018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 |  | 822 | 764413 |
|  Truist Financial Corp.<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.61%), 1.27%, 03/02/27 |  | 3333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878531 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.46%), 4.26%, 07/28/26 |  | 4127 | 3979213 |
|  TWDC Enterprises 18 Corp., 3.15%, 09/17/25 |  | 202 | 192095 |
|  U.S. Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 |  | 261 | 242001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 10/21/26<sup>(a)</sup> |  | 2495 | 2501918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/26/28 |  | 4434 | 4129613 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.73%), 2.22%, 01/27/28<sup>(a)</sup> |  | 2264 | 1976423 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.66%), 4.55%, 07/22/28<sup>(a)</sup> |  | 10553 | 10032174 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26 |  | 430 | 404623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 |  | 1380 | 883752 |
|  Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/25<sup>(b)</sup> |  | 1205 | 1192956 |
|  Univision Communications, Inc., 7.38%, 06/30/30<sup>(b)</sup> |  | 3000 | 2902500 |
|  Ventas Realty LP, 3.50%, 02/01/25 |  | 4772 | 4530587 |
|  Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 06/18/24 | GBP | 291 | 328311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26 | USD | 4333 | 3940746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/03/28 | GBP | 1100 | 981449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 | USD | 4666 | 2753511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 |  | 9736 | 5602022 |
|  Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> |  | 4286 | 3728306 |
|  Viasat, Inc., 5.63%, 04/15/27<sup>(b)</sup> |  | 2373 | 2194028 |
|  Visa, Inc., 2.00%, 08/15/50 |  | 3627 | 2013225 |
|  Vistra Operations Co. LLC, 5.63%, 02/15/27<sup>(b)</sup> |  | 10588 | 10093329 |
|  VMware, Inc., 1.80%, 08/15/28 |  | 8304 | 6554525 |
|  Walt Disney Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/13/28 |  | 4429 | 3844411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/49 |  | 1380 | 854622 |
|  Warnermedia Holdings, Inc., 3.43%, 03/15/24<sup>(b)</sup> |  | 2196 | 2118107 |
|  Waste Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/25 |  | 1305 | 1151928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/27 |  | 4147 | 3779607 |
|  Wells Fargo & Co., (1 day SOFR + 1.56%), 4.54%, 08/15/26<sup>(a)</sup> |  | 12239 | 11773629 |
|  Welltower, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/24 |  | 4962 | 4900434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/24 |  | 4794 | 4658889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 |  | 4284 | 3789175 |
|  Western Digital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/24<sup>(q)</sup> |  | 3225 | 3068588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/26 |  | 1220 | 1127134 |
|  Workday, Inc., 3.50%, 04/01/27 |  | 8235 | 7596058 |
|  WRKCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 |  | 2292 | 2190310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 |  | 1536 | 1487140 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 |  | 2753 | 2605659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 599 | 521010 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Xerox Holdings Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 | USD | 7994 | $7217223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 |  | 3933 | 3107070 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284489222 |
|  **Vietnam — 0.0%** |  |  |  |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(c)</sup> |  | 862 | 597366 |
|  **Total Corporate Bonds — 10.6%<br>(Cost: $2,441,135,303)** |  |  | 1961358018 |
|  **Floating Rate Loan Interests<sup>(a)</sup>** |  |  |  |
|  **Australia<sup>(d)</sup> — 0.0%** |  |  |  |
|  Oceana Australian Fixed Income Trust, A Note Upsize |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/21/24 | AUD | 1940 | 1214551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/28/26 |  | 10036 | 6178795 |
|  |  |  | 7393346 |
|  **Belgium — 0.1%** |  |  |  |
|  Apollo Finco, 2021 EUR Term Loan B, (6 mo. EURIBOR + 4.88%), 5.08%, 10/31/28 | EUR | 20021 | 16026456 |
|  **Canada — 0.1%** |  |  |  |
|  KDC/ONE Development Corp., Inc., 2020 EUR Term Loan B, (1 mo. EURIBOR + 5.00%), 6.13%, 12/22/25 |  | 23064 | 21842922 |
|  Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE + 6.00%, 1.00% Floor), 8.94%, 12/22/26 | USD | 1914 | 1820395 |
|  |  |  | 23663317 |
|  **Cayman Islands — 0.1%** |  |  |  |
|  Vita Global Finco Ltd., EUR Term Loan B, (6 mo. EURIBOR + 7.00%), 7.00%, 07/06/27<sup>(d)</sup> | EUR | 8834 | 8348868 |
|  **France — 0.1%** |  |  |  |
|  Babilou Group, 2021 EUR Term Loan B, (3 mo. EURIBOR + 4.00%), 5.16%, 11/17/27 |  | 26693 | 25005513 |
|  **Germany — 0.1%** |  |  |  |
|  Iris BidCo GmbH, EUR Term Loan B, (3 mo. EURIBOR + 5.00%), 6.61%, 06/29/28 |  | 12289 | 10241906 |
|  **Jersey — 0.0%** |  |  |  |
|  Vita Global FinCo Ltd., GBP Incremental Term Loan, (1 week SONIA + 7.00%), 8.69%, 07/06/27<sup>(d)</sup> | GBP | 5301 | 5820285 |
|  **Luxembourg — 0.2%** |  |  |  |
|  Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.25%, 05/05/28 . | USD | 7624 | 7523571 |
|  Luxembourg Life Fund<sup>(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 1st Lien Term Loan, (3 mo. LIBOR + 9.25%), 12.92%, 05/27/26 |  | 12587 | 12320057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3 mo. LIBOR + 9.25%), 12.92%, 04/01/23 |  | 14678 | 14624087 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 25

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Luxembourg (continued)** |  |  |  |
|  Pronovias SL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan B1, (3 mo. EURIBOR + 4.50%), 4.80%, 10/02/24 | EUR | 3957 | $1486109 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Term Loan B3, (3 mo. EURIBOR + 4.50%), 4.80%, 10/02/24 |  | 9991 | 3751817 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39705641 |
|  **Netherlands — 0.3%** |  |  |  |
|  Median B V, 2021 EUR Term Loan B, (3 mo. EURIBOR + 5.00%), 5.23%, 10/14/27 |  | 14250 | 12118042 |
|  Ziggo BV, 2019 EUR Term Loan H, (6 mo. EURIBOR + 3.00%), 3.76%, 01/31/29 |  | 39843 | 36122691 |
|  |  |  | 48240733 |
|  **Spain — 0.1%** |  |  |  |
|  Promontoria Challenger I SA, EUR Term Loan, (1 mo. EURIBOR + 2.75%), 2.75%, 12/20/24<sup>(d)</sup> |  | 21709 | 21566458 |
|  **Sweden — 0.0%** |  |  |  |
|  OptiGroup, EUR Term Loan B1, (3 mo. EURIBOR + 5.25%), 6.24% |  | 9165 | 7152172 |
|  **United Kingdom — 0.2%** |  |  |  |
|  Constellation Automative Ltd., GBP 2nd Lien Term Loan B, (1 week SONIA + 7.50%), 9.19%, 07/27/29 | GBP | 4151 | 2669184 |
|  Mercia<sup>(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Term Loan A1, (1 week SONIA + 2.40%), 4.59%, 04/09/26 |  | 9465 | 10772655 |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Term Loan A2, (1 week SONIA + 2.40%), 4.59%, 04/09/26 |  | 19526 | 22223154 |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Term Loan B1, (1 week SONIA + 2.40%), 4.59%, 04/09/26 |  | 1099 | 1251263 |
|  |  |  | 36916256 |
|  **United States — 2.4%** |  |  |  |
|  ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%, 0.50% Floor), 7.33%, 05/17/28 | USD | 5795 | 4018829 |
|  Aimbridge Acquisition Co., Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.75%, 0.75% Floor), 8.24%, 02/02/26 |  | 9141 | 8340953 |
|  Altar Bidco, Inc., 2021 Term Loan, (6 mo. SOFRTE + 3.35%), 5.51%, 02/01/29 |  | 9501 | 8865843 |
|  American Auto Auction Group LLC, 2021 Term Loan B, (3 mo. SOFRTE + 5.00%, 0.75% Floor), 8.70%, 12/30/27 |  | 10951 | 9856121 |
|  Avaya, Inc., 2022 Term Loan, (1 mo. SOFR CME + 10.00%, 1.00% Floor), 13.38%, 12/15/27 |  | 1207 | 742305 |
|  City Brewing Co. LLC, Closing Date Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.81%, 04/05/28 |  | 2657 | 1796710 |
|  CML Hyatt Lost Pines, Term Loan, (1 mo. LIBOR + 3.43%), 6.73%, 09/09/26<sup>(d)</sup> |  | 16300 | 15912616 |
|  CML La Quinta Resort, Term Loan, 12/09/26<sup>(d)(o)</sup> |  | 15500 | 15000956 |
|  CML Lake Tahoe Resort Hotel, Term Loan, (2 mo. LIBOR + 3.01%), 4.27%, 10/25/26<sup>(d)</sup> |  | 7942 | 7679786 |
|  CML Paradise Plaza, Term Loan, (3 mo. LIBOR + 3.60%), 7.43%, 12/07/26<sup>(d)</sup> |  | 16800 | 16205243 |
|  CML ST Regis Aspen, Term Loan, (1 mo. LIBOR + 2.90%, 1.00% Floor), 5.84%, 02/09/27<sup>(d)</sup> |  | 16896 | 16166419 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  CML Trigrams, Term Loan, (3 mo. LIBOR + 2.25%), 4.65%, 09/15/24<sup>(d)</sup> | USD | 32839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36075435 |
|  Cypher Bidco, EUR Term Loan, (6 mo. EURIBOR + 4.50%), 6.61%, 03/01/28<sup>(d)</sup> | EUR | 19970 | 18205784 |
|  Digital Room Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 12/21/28 | USD | 3614 | 3138006 |
|  DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 8.75%, 08/02/27 |  | 5864 | 5575227 |
|  DS Parent, Inc., Term Loan, (3 mo. LIBOR + 5.75%, 0.75% Floor), 9.91%, 12/10/28 |  | 5670 | 5412099 |
|  ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.5%, 0.75% Floor), 11.17%, 05/01/28 |  | 6425 | 6376490 |
|  Emerald Electronics Manufacturing Services, Term Loan, (1 mo. SOFRTE + 6.25%, 1.00% Floor), 10.08%, 12/29/27 |  | 4326 | 4088294 |
|  Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.44%, 05/01/28 |  | 4262 | 4018061 |
|  Galaxy Universal LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.75%, 1.00% Floor), 9.07%, 11/12/26<sup>(d)</sup> |  | 18735 | 18857101 |
|  Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, 12/01/27<sup>(o)</sup> |  | 1516 | 1475403 |
|  GoTo Group, Inc., Term Loan B, (1 mo. LIBOR + 4.75%), 8.32%, 08/31/27 |  | 12466 | 7832769 |
|  Green Plains Operating Co. LLC, Term Loan, (3 mo. LIBOR + 8.00%), 10.51%, 07/20/26<sup>(d)</sup> |  | 15919 | 15740707 |
|  Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 5.34%, 06/22/26 |  | 19245 | 18890969 |
|  Hydrofarm Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 5.50%, -4.50% Floor), 8.38%, 09/27/28<sup>(d)</sup> |  | 2731 | 2376283 |
|  Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 6.56%, 10/27/28 |  | 8850 | 8603418 |
|  J&J Ventures Gaming LLC, Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.67%, 04/26/28 . |  | 4114 | 3874749 |
|  Jack Ohio Finance LLC, Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 8.50%, 10/04/28<sup>(d)</sup> |  | 2122 | 2058077 |
|  LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27 |  | 14911 | 12723131 |
|  Maverick Gaming LLC, Term Loan B, (3 mo. LIBOR + 7.50%, 1.00% Floor), 10.57%, 09/03/26 |  | 3526 | 3173742 |
|  Naked Juice LLC, 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 9.65%, 01/24/30 |  | 523 | 452887 |
|  Opendoor GP II LLC, Term Loan, 0.00%, 01/23/26<sup>(d)</sup> |  | 42036 | 39849984 |
|  OVG Business Services LLC, Initial Term Loan, (1 mo. LIBOR + 6.25%, 1.00% Floor), 9.83%, 10/13/28<sup>(d)</sup> |  | 7177 | 6710434 |
|  Profrac Services LLC, 2022 Term Loan, (3 mo. SOFRTE + 7.25%, 1.00% Floor), 11.10%, 03/04/25<sup>(d)</sup> |  | 5950 | 6098909 |
|  Project Ruby Ultimate Parent Corp., 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.00%, 03/10/28 |  | 9401 | 8832625 |
|  Redstone Holdco 2 LP 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 12.11%, 04/27/29 |  | 6772 | 4634012 |

---

26 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Redstone Holdco 2 LP (continued) 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.11%, 04/27/28 | USD | 12353 | $8828105 |
|  SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.41%, 03/16/27 |  | 5774 | 5421701 |
|  Sheraton Austin, CML Term Loan, (3 mo. LIBOR + 3.48%), 3.94%, 06/01/26<sup>(d)</sup> |  | 18180 | 17455194 |
|  Signal Parent, Inc., Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.25%, 04/03/28 |  | 4204 | 2874290 |
|  Sonder Secured Notes, 0.00%, 01/19/27<sup>(d)</sup> |  | 21213 | 19013014 |
|  Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 7.91%, 06/08/28 |  | 1257 | 1201291 |
|  Starwood Property Trust, Inc., 2021 Term Loan, (1 mo. LIBOR + 5.35%, 0.50% Floor), 8.65%, 06/09/26<sup>(d)</sup> |  | 19000 | 18344470 |
|  Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.60%, 10/06/28 |  | 2432 | 1882344 |
|  Talen Energy Supply LLC, 2022 DIP Term Loan, (3 mo. SOFR CME + 4.75%, 0.75% Floor), 7.63%, 11/10/23 |  | 10446 | 10440777 |
|  Vaco Holdings LLC, 2022 Term Loan, (1 mo. SOFR CME + 5.00%), 8.71%, 01/21/29 |  | 4293 | 4154385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439275948 |
|  **Floating Rate Loan Interests — 3.7%<br>(Cost: $782,348,458)** | **Floating Rate Loan Interests — 3.7%<br>(Cost: $782,348,458)** | **Floating Rate Loan Interests — 3.7%<br>(Cost: $782,348,458)** | 689356899 |
|  **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
|  **Argentina — 0.1%** |  |  |  |
|  Argentine Republic Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/29 |  | 3751 | 767013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 07/09/30<sup>(r)</sup> |  | 35805 | 7501197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/09/35<sup>(r)</sup> |  | 44033 | 8718668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/09/38<sup>(r)</sup> |  | 14865 | 3821162 |
|  |  |  | 20808040 |
|  **Brazil — 0.5%** |  |  |  |
|  Brazil Letras do Tesouro Nacional, 0.00%, 07/01/24<sup>(n)</sup> | BRL | 591234 | 94614410 |
|  **Canada — 0.5%** |  |  |  |
|  Canadian Government Bond, 0.25%, 03/01/26 | CAD | 142065 | 93205944 |
|  **Japan<sup>(s)</sup> — 8.8%** |  |  |  |
|  Japan Treasury Discount Bills |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.13%), 11/14/22 | JPY | 19032000 | 127998866 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.13%), 11/14/22 |  | 2220400 | 14933201 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.17%), 11/21/22 |  | 32208350 | 216622655 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.13%), 11/21/22 |  | 25420800 | 170971850 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.20%), 11/28/22 |  | 34777100 | 233908099 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.20%), 12/12/22 |  | 15712300 | 105686141 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.27%), 01/06/23 |  | 26636650 | 179184375 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.25%), 01/06/23 |  | 26734750 | 179844292 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.24%), 01/06/23 |  | 2641250 | 17767652 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.26%), 01/11/23 |  | 25069500 | 168645343 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Japan (continued)** |  |  |  |
|  Japan Treasury Discount Bills (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.25%), 01/11/23 | JPY | 13219500 | $88929062 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.20%), 01/11/23 |  | 18232000 | 122648712 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627140248 |
|  **Mongolia — 0.0%** |  |  |  |
|  Mongolia Government International Bond, 5.13%, 04/07/26<sup>(c)</sup> | USD | 289 | 220394 |
|  **Philippines — 0.0%** |  |  |  |
|  Philippines Government International Bond, 2.65%, 12/10/45 |  | 1200 | 724632 |
|  **Spain — 0.2%** |  |  |  |
|  Spain Government Bond, 3.45%, 07/30/66<sup>(b)(c)</sup> | EUR | 24603 | 22705786 |
|  **Total Foreign Agency Obligations — 10.1%<br>(Cost: $2,023,581,315)** | **Total Foreign Agency Obligations — 10.1%<br>(Cost: $2,023,581,315)** | **Total Foreign Agency Obligations — 10.1%<br>(Cost: $2,023,581,315)** | 1859419454 |
|  |  | *Shares* |  |
|  **Investment Companies** |  |  |  |
|  **United States — 1.1%** |  |  |  |
|  Industrial Select Sector SPDR Fund<sup>(h)</sup> |  | 112009 | 10568049 |
|  Invesco QQQ Trust, Series 1<sup>(h)</sup> |  | 152700 | 42442965 |
|  iShares 0-5 Year TIPS Bond ETF<sup>(f)</sup> |  | 190821 | 18549709 |
|  iShares Biotechnology ETF<sup>(f)</sup> |  | 19698 | 2532966 |
|  iShares China Large-Cap ETF<sup>(f)(h)</sup> |  | 363056 | 7606023 |
|  iShares iBoxx High Yield Corporate Bond ETF<sup>(f)(h)</sup> |  | 1361 | 99938 |
|  iShares Latin America 40 ETF<sup>(f)</sup> |  | 371046 | 9610091 |
|  iShares MSCI Brazil ETF<sup>(f)</sup> |  | 436853 | 14271988 |
|  iShares MSCI Emerging Markets ETF<sup>(f)</sup> |  | 56435 | 1929513 |
|  KraneShares Bosera MSCI China A 50 Connect Index ETF, Class A |  | 142472 | 3806852 |
|  KraneShares CSI China Internet ETF |  | 1052323 | 20204602 |
|  SPDR Bloomberg High Yield Bond ETF |  | 151972 | 13685079 |
|  SPDR Gold Shares, B Shares<sup>(e)(i)(j)</sup> |  | 274365 | 41678787 |
|  U.S. Oil Fund LP<sup>(e)(h)(j)</sup> |  | 218146 | 15603983 |
|  VanEck Semiconductor ETF |  | 29977 | 5672248 |
|  **Total Investment Companies — 1.1%<br>(Cost: $237,591,398)** | **Total Investment Companies — 1.1%<br>(Cost: $237,591,398)** | **Total Investment Companies — 1.1%<br>(Cost: $237,591,398)** | 208262793 |
|  |  | *Par*<br> *(000)* |  |
|  **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |  |
|  **United States — 3.7%** |  |  |  |
|  1211 Avenue of the Americas Trust, Series 2015- 1211, Class D, 4.14%, 08/10/35<sup>(a)(b)</sup> | USD | 4330 | 3765378 |
|  Alen Mortgage Trust, Series 2021-ACEN, Class D, (1 mo. LIBOR US + 3.10%), 6.51%,<br>04/15/34<sup>(a)(b)</sup> |  | 5222 | 4759611 |
|  Arbor Multifamily Mortgage Securities Trust, Series E, Class E, 1.75%, 05/15/53<sup>(b)(d)</sup> |  | 1650 | 1023918 |
|  BAMLL Commercial Mortgage Securities Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, (1 mo. LIBOR US + 0.85%), 4.26%, 09/15/34 |  | 2468 | 2403102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-200P, Class D, 3.60%, 04/14/33 |  | 730 | 628206 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Bank, Series 2017-BNK9, Class A4, 3.54%, 11/15/54 | USD | 1990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795440 |
|  Bayview Commercial Asset Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-3A, Class M6, (1 mo. LIBOR US + 1.05%), 4.64%, 11/25/35 |  | 356 | 313806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.51%), 4.10%, 10/25/36 |  | 405 | 375123 |
|  BBCMS Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DELC, Class E, (1 mo. LIBOR US + 2.63%), 6.04%, 08/15/36 |  | 1677 | 1580422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class C, (1 mo. LIBOR US + 1.12%), 4.53%, 03/15/37 |  | 4880 | 4403860 |
| Beast Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP, Class A, (1 mo. LIBOR US + 0.75%), 4.16%, 04/15/36 |  | 1955 | 1852364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP, Class B, (1 mo. LIBOR US + 1.10%), 4.51%, 04/15/36 |  | 4812 | 4490759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP, Class C, (1 mo. LIBOR US + 1.35%), 4.76%, 04/15/36 |  | 5803 | 5355753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP, Class D, (1 mo. LIBOR US + 1.60%), 5.01%, 04/15/36 |  | 5329 | 4857229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP, Class E, (1 mo. LIBOR US + 2.10%), 5.51%, 04/15/36 |  | 4614 | 4177356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP, Class F, (1 mo. LIBOR US + 2.90%), 6.31%, 04/15/36 |  | 4410 | 4039799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP, Class G, (1 mo. LIBOR US + 3.80%), 7.21%, 04/15/36 |  | 4993 | 4573253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SSCP, Class H, (1 mo. LIBOR US + 4.90%), 8.31%, 04/15/36 |  | 3541 | 3249277 |
|  Benchmark Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class XA, 1.27%, 02/15/54<sup>(a)</sup> |  | 54782 | 3738141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A5, 2.58%, 04/15/54 |  | 5050 | 3997689 |
|  BHMS Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-ATLS, Class A, (1 mo. LIBOR US + 1.25%), 4.66%, 07/15/35 |  | 6720 | 6462976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-ATLS, Class C, (1 mo. LIBOR US + 1.90%), 5.31%, 07/15/35 |  | 1583 | 1479740 |
|  BOCA Commercial Mortgage Trust, Series 2022- BOCA, Class A, (1 mo. SOFR + 1.78%), 5.15%, 05/15/39<sup>(a)(b)</sup> |  | 2411 | 2346418 |
|  BWAY Mortgage Trust, Series 2013-1515, Class D, 3.63%, 03/10/33<sup>(b)</sup> |  | 3735 | 3291706 |
|  BX Commercial Mortgage Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class A, (1 mo. LIBOR US + 0.92%), 4.33%, 10/15/36<sup>(a)</sup> |  | 2330 | 2283706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class G, (1 mo. LIBOR US + 2.30%), 5.71%, 10/15/36<sup>(a)</sup> |  | 8011 | 7610089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 6.06%, 10/15/36<sup>(a)</sup> |  | 13304 | 12712603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VIV4, Class A, 2.84%, 03/09/44 |  | 1425 | 1114478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-VKNG, Class G, (1 mo. LIBOR US + 3.25%), 6.66%, 10/15/37<sup>(a)</sup> |  | 1050 | 950880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-21M, Class E, (1 mo. LIBOR US + 2.17%), 5.58%, 10/15/36<sup>(a)</sup> |  | 8214 | 7430976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, (1 mo. LIBOR US + 2.82%), 6.23%, 12/15/38<sup>(a)</sup> |  | 13130 | 12078162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class A, (1 mo. LIBOR US + 0.91%), 4.32%, 02/15/33<sup>(a)</sup> |  | 18808 | 18410889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class B, (1 mo. LIBOR US + 2.15%), 5.56%, 02/15/33<sup>(a)</sup> |  | 11028 | 10713758 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  BX Commercial Mortgage Trust<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NWM, Class C, (1 mo. LIBOR US + 4.25%), 7.66%, 02/15/33<sup>(a)</sup> | USD | 7282 | $7054773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class G, (1 mo. LIBOR US + 2.80%), 6.21%, 06/15/38<sup>(a)</sup> |  | 15726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14504652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VINO, Class F, (1 mo. LIBOR US + 2.80%), 6.21%, 05/15/38<sup>(a)</sup> |  | 12592 | 11578034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2, Class A, (1 mo. LIBOR US + 0.69%), 4.10%, 10/15/38<sup>(a)</sup> |  | 2809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2, Class F, (1 mo. LIBOR US + 2.24%), 5.66%, 10/15/38<sup>(a)</sup> |  | 15203 | 14003676 |
|  BX Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class D, 3.94%, 12/09/41<sup>(d)</sup> | . | 8408 | 6994405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 3.94%, 12/09/41 |  | 11784 | 8721119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class E, (1 mo. LIBOR US + 2.24%), 5.66%, 10/15/36 |  | 9187 | 8282014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class E, (1 mo. LIBOR US + 2.25%), 5.66%, 01/15/34 |  | 3160 | 2906808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class F, (1 mo. LIBOR US + 3.00%), 6.41%, 01/15/34 |  | 4900 | 4484976 |
|  CAMB Commercial Mortgage Trust, Series 2019- LIFE, Class E, (1 mo. LIBOR US + 2.15%), 5.56%, 12/15/37<sup>(a)(b)</sup> |  | 2181 | 2072385 |
|  CD Mortgage Trust, Series 2017-CD6, Class B, 3.91%, 11/13/50<sup>(a)</sup> |  | 864 | 746840 |
|  CFCRE Commercial Mortgage Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TAN, Class C, 5.29%, 02/15/33 |  | 1060 | 1039411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TAN, Class E, 6.45%, 02/15/33<sup>(a)</sup> |  | 1178 | 1146384 |
|  Citigroup Commercial Mortgage Trust, Series 2018- C6, Class A4, 4.41%, 11/10/51 |  | 2000 | 1862118 |
|  Cold Storage Trust, Class A, (1 mo. LIBOR US + 0.90%), 4.31%, 11/15/37<sup>(a)(b)</sup> |  | 6007 | 5823359 |
|  Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR17, Class C, 4.78%, 05/10/47<sup>(a)</sup> | . | 1366 | 1245308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21, Class A3, 3.53%, 12/10/47 |  | 3956 | 3794273 |
|  CORE Mortgage Trust, Series 2019-CORE, Class F, (1 mo. LIBOR US + 2.35%), 5.76%, 12/15/31<sup>(a)(b)</sup> |  | 1606 | 1482385 |
|  Credit Suisse Mortgage Capital Certificates<sup>(a)(b)</sup> 3.95%, 02/15/27 |  | 11900 | 11626601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class B, (1 mo. LIBOR US + 1.23%), 4.64%, 05/15/36 |  | 1765 | 1727391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class C, (1 mo. LIBOR US + 1.43%), 4.84%, 05/15/36 |  | 1829 | 1779292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class D, (1 mo. LIBOR US + 1.60%), 5.01%, 05/15/36 |  | 5897 | 5714678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class E, (1 mo. LIBOR US + 2.15%), 5.56%, 05/15/36 |  | 5411 | 5194188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class F, (1 mo. LIBOR US + 2.65%), 6.06%, 05/15/36 |  | 8135 | 7802774 |
|  CSAIL Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class A3, 2.56%, 03/15/53 |  | 11759 | 9498390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Class C5, 4.64%, 11/15/48<sup>(a)</sup> |  | 1260 | 1137920 |
|  CSMC Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FACT, Class E, (1 mo. LIBOR US + 4.86%), 8.27%, 10/15/37<sup>(a)</sup> |  | 1935 | 1794367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NET, Class A, 2.26%, 08/15/37<br> DBGS Mortgage Trust<sup>(a)(b)</sup> |  | 3944 | 3469904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BIOD, Class A, (1 mo. LIBOR US + 0.80%), 4.12%, 05/15/35 |  | 786 | 764193 |

---

28 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  DBGS Mortgage Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BIOD, Class D, (1 mo. LIBOR US + 1.30%), 4.61%, 05/15/35 | USD | 1865 | $1781083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BIOD, Class F, (1 mo. LIBOR US + 2.00%), 5.31%, 05/15/35 |  | 7767 | 7347942 |
|  DBWF Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GLKS, Class B, (1 mo. LIBOR US + 1.35%), 4.83%, 12/19/30 |  | 2175 | 2071115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GLKS, Class C, (1 mo. LIBOR US + 1.75%), 5.23%, 12/19/30 |  | 1650 | 1567363 |
|  ELP Commercial Mortgage Trust, Series 2021-ELP, Class F, (1 mo. LIBOR US + 2.67%), 6.08%, 11/15/38<sup>(a)(b)</sup> |  | 6593 | 5926295 |
|  Extended Stay America Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 5.66%, 07/15/38 |  | 13923 | 13156453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ESH, Class E, (1 mo. LIBOR US + 2.85%), 6.26%, 07/15/38 |  | 9733 | 9172139 |
|  Federal Home Loan Mortgage Corp. STACR REMIC Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class B1, (30 day SOFR + 3.50%), 6.50%, 10/25/33 |  | 3309 | 2830307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B1, (30 day SOFR + 3.00%), 6.00%, 08/25/33 |  | 4104 | 3294823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA1, Class B2, (30 day SOFR + 5.00%), 8.00%, 08/25/33 |  | 1260 | 900663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class B1, (30 day SOFR + 3.40%), 6.40%, 01/25/42 |  | 2121 | 1833890 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2021- DNA2, Class B1, (30 day SOFR + 3.40%), 6.40%, 08/25/33<sup>(a)(b)</sup> |  | 2381 | 2053062 |
|  Federal National Mortgage Association Connecticut Avenue Securities<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, (30 day SOFR + 3.10%), 6.10%, 10/25/41 |  | 4028 | 3638159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, (30 day SOFR + 3.15%), 6.15%, 12/25/41 |  | 1823 | 1619234 |
|  GCT Commercial Mortgage Trust, Series 2021- GCT D, Class D, (1 mo. LIBOR US + 2.35%), 5.76%, 02/15/38<sup>(a)(b)</sup> |  | 810 | 736559 |
|  GS Mortgage Securities Corp. Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DM, Class E, (1 mo. LIBOR US + 2.94%), 6.35%, 11/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11791654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ROSS, Class A, (1 mo. LIBOR US + 1.15%), 4.56%, 05/15/26 |  | 1480 | 1373038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ECI, Class A, (1 mo. SOFR + 2.19%), 5.57%, 08/15/39 |  | 1358 | 1344840 |
|  GS Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class AS, 2.73%, 05/12/53 |  | 4426 | 3470274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class XA, 1.73%, 12/12/53<sup>(a)(b)</sup> |  | 2197 | 205669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class A, (1 mo. LIBOR US + 0.95%), 4.36%, 10/15/36<sup>(a)(b)</sup> |  | 1493 | 1386949 |
|  Hudson Yards Mortgage Trust, Series 2016-10HY, Class E, 2.98%, 08/10/38<sup>(a)(b)</sup> |  | 897 | 747115 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Independence Plaza Trust, Series 2018-INDP, Class B, 3.91%, 07/10/35<sup>(b)</sup> | USD | 2215 | $2044837 |
|  JP Morgan Chase Commercial Mortgage Securities Trust<sup>(a)(b)</sup><br>Class A, (1 mo. SOFR + 2.18%),<br> 5.55%, 08/15/39 |  | 1795 | 1772604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C, 3.45%, 01/05/39 |  | 3082 | 2454872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class DFL, (1 mo. LIBOR US + 2.50%), 5.67%, 07/05/33 |  | 1253 | 1181044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, (1 mo. LIBOR US + 3.00%), 6.41%, 07/15/36 |  | 6311 | 5807325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV5, Class F, (1 mo. LIBOR US + 2.95%), 6.36%, 04/15/38 |  | 3330 | 3071519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1 mo. LIBOR US + 2.45%), 5.86%, 04/15/38 |  | 7630 | 7117755 |
|  JP Morgan Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A2A, 2.50%, 12/25/51 |  | 71105 | 54820230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3A, 2.50%, 02/25/52 |  | 28318 | 24030670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A4A, 2.50%, 02/25/52 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10574 | 6862563 |
|  JPMCC Commercial Mortgage Securities Trust, Series 2019-COR4, Class A5, 4.03%, 03/10/52 |  | 4308 | 3878261 |
|  KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A, (1 mo. LIBOR US + 0.55%), 3.96%, 12/15/37<sup>(a)(b)</sup> |  | 1900 | 1810550 |
|  Life Mortgage Trust, Series 2021-BMR, Class F, (1 mo. LIBOR US + 2.35%), 5.76%, 03/15/38<sup>(a)(b)</sup> |  | 10227 | 9509836 |
|  LUXE Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TRIP, Class A, (1 mo. LIBOR US + 1.05%), 4.46%, 10/15/38 |  | 1622 | 1545870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TRIP, Class E, (1 mo. LIBOR US + 2.75%), 6.16%, 10/15/38 |  | 1215 | 1100255 |
|  MCM Trust, 3.00%, 08/25/28<sup>(d)</sup> |  | 6479 | 4328182 |
|  MED Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, (1 mo. LIBOR US + 0.95%), 4.36%, 11/15/38 |  | 1592 | 1516257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Class F, (1 mo. LIBOR US + 4.00%), 7.41%, 11/15/38 |  | 16410 | 15083668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Class G, (1 mo. LIBOR US + 5.25%), 8.66%, 11/15/38 |  | 17632 | 16038771 |
|  MF1 Trust, Series 2021-W10, Class F, (1 mo. SOFR + 3.37%), 6.75%, 12/15/34<sup>(a)(b)(d)</sup> |  | 8512 | 7895054 |
|  MHC Commercial Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class E, (1 mo. LIBOR US + 2.10%), 5.51%, 04/15/38 |  | 15980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14899563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, (1 mo. LIBOR US + 2.60%), 6.01%, 04/15/38 |  | 5025 | 4634941 |
|  MHP Trust, Series 2021-STOR, Class G, (1 mo. LIBOR US + 2.75%), 6.16%,<br>07/15/38<sup>(a)(b)</sup> |  | 3936 | 3581215 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class C, 4.33%, 05/15/48<sup>(a)</sup> |  | 647 | 585408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A4, 3.72%, 12/15/49 |  | 3377 | 3121662 |
|  Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP, Class A, 4.28%,<br>07/11/40<sup>(a)(b)</sup> |  | 2110 | 1838504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class A3, 2.70%, 02/15/53 |  | 2855 | 2323346 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 29

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  PKHL Commercial Mortgage Trust, Series 2021- MF, Class F, (1 mo. LIBOR US + 3.35%), 6.76%, 07/15/38<sup>(a)(b)</sup> | USD | 1881 | $1752983 |
|  RIAL Issuer Ltd., Series 2022-FL8, Class A, (1 mo. SOFR + 2.25%), 5.67%, 01/19/37<sup>(a)(b)</sup> |  | 7597 | 7350097 |
|  SREIT Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, (1 mo. LIBOR US + 0.73%), 4.14%, 11/15/38 |  | 1605 | 1523239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class F, (1 mo. LIBOR US + 2.62%), 6.04%, 11/15/38 |  | 9828 | 9015946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP2, Class F, (1 mo. LIBOR US + 2.62%), 6.03%, 11/15/36 |  | 4565 | 4244951 |
|  Starwood Trust, Series 2021-FLWR, Class E, (1 mo. LIBOR US + 1.92%), 5.34%,<br>07/15/36<sup>(a)(b)</sup> |  | 3290 | 3051098 |
|  TPGI Trust, Series 2021-DGWD, Class F, (1 mo. |  |  |  |
|  LIBOR US + 3.00%), 6.41%, 06/15/26<sup>(a)(b)</sup> |  | 3599 | 3338620 |
|  TVC DSCR, 0.00%, 02/01/51<sup>(d)(n)</sup> |  | 31702 | 30630419 |
|  UBS Commercial Mortgage Trust, Series 2019- C17, Class A4, 2.92%, 10/15/52 |  | 1175 | 978183 |
|  VNDO Trust, Series 2016-350P, Class D, 3.90%, 01/10/35<sup>(a)(b)</sup> |  | 2150 | 1777136 |
|  Wells Fargo Commercial Mortgage Trust<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C28, Class AS, 3.87%, 05/15/48 |  | 3230 | 3031165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class C, 3.90%, 07/15/50 |  | 1305 | 1090079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class B, 4.19%, 11/15/50 |  | 3149 | 2725945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 3.75%, 06/15/36<sup>(b)</sup> |  | 2162 | 1854703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class XA, 1.87%, 07/15/53 |  | 31447 | 3122001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class XA, 1.54%, 04/15/54 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24981 | 2106865 |
|  Western Alliance Bank, 9.14%, 12/30/24<sup>(a)(b)</sup> |  | 33610 | 33561668 |
|  **Total Non-Agency Mortgage-Backed Securities — 3.7%<br>(Cost: $769,956,544)** | **Total Non-Agency Mortgage-Backed Securities — 3.7%<br>(Cost: $769,956,544)** | **Total Non-Agency Mortgage-Backed Securities — 3.7%<br>(Cost: $769,956,544)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691434718 |
|  |  | *Benefical*<br> *Interest (000)* |  |
|  **Other Interests** |  |  |  |
|  **Canada — 0.2%** |  |  |  |
|  Sprott Private Resource Streaming<sup>(d)(t)</sup> | USD | 21280 | 27565653 |
|  **Total Other Interests — 0.2%<br>(Cost: $21,471,327)** |  |  | 27565653 |
|  |  | *Par<br>(000)* |  |
|  **Preferred Securities** |  |  |  |
|  **Capital Trusts — 0.1%<sup>(a)</sup>** |  |  |  |
|  **Philippines — 0.0%** |  |  |  |
|  Rizal Commercial Banking Corp., 6.50%<sup>(c)(p)</sup> | USD | 1395 | 1187755 |
|  **Thailand<sup>(c)(p)</sup> — 0.0%** |  |  |  |
|  Kasikornbank PCL, 5.28% |  | 300 | 262463 |
|  TMBThanachart Bank PCL, 4.90% |  | 396 | 344965 |
|  |  |  | 607428 |
|  **United States — 0.1%** |  |  |  |
|  NWD Finance BVI Ltd., 4.13%<sup>(c)(p)</sup> |  | 856 | 517880 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **United States (continued)** |  |  |  |
|  Prudential Financial, Inc., 5.63%, 06/15/43 | USD | 5623 | $5559741 |
|  USB Capital IX, 5.10%<sup>(p)</sup> |  | 3935 | 2921655 |
|  Vistra Corp., 7.00%<sup>(b)(p)</sup> |  | 2990 | 2644969 |
|  |  |  | 11644245 |
|  |  |  | 13439428 |
|  |  | *Shares* |  |
|  **Preferred Stocks — 3.1%** |  |  |  |
|  **Brazil — 0.1%** |  |  |  |
|  Neon Pagamentos SA<sup>(d)</sup> |  | 39435 | 17261883 |
|  Petroleo Brasileiro SA, Preference Shares |  | 330893 | 1909577 |
|  |  |  | 19171460 |
|  **Germany — 0.2%** |  |  |  |
|  Dr Ing hc F Porsche AG<sup>(e)</sup> |  | 212050 | 21689289 |
|  Porsche Automobil Holding SE, Preference Shares . |  | 19343 | 1080737 |
|  Volocopter GMBH, (Acquired 03/03/21, Cost: $22,418,516)<sup>(d)(g)</sup> |  | 4218 | 23485392 |
|  |  |  | 46255418 |
|  **India — 0.1%** |  |  |  |
|  Think & Learn Private Ltd., Series F, (Acquired 12/11/20, Cost: $13,030,114)<sup>(d)(g)</sup> |  | 4047 | 11556292 |
|  **Sweden — 0.0%** |  |  |  |
|  Volta<sup>(d)</sup> |  | 30817 | 1434425 |
|  **United Kingdom — 0.1%** |  |  |  |
|  10X Future Technologies Holdings Ltd., (Acquired 05/13/21, Cost: $24,142,699)<sup>(d)(g)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637808 | 9413606 |
|  **United States — 2.6%** |  |  |  |
|  2020 Cash Mandatory Exchangeable Trust, 06/01/23<sup>(b)</sup> |  | 34289 | 42586938 |
|  Aptiv PLC, Series A, 06/15/23 |  | 132372 | 14147919 |
|  Becton Dickinson and Co., Series B, 06/01/23<sup>(h)</sup> |  | 509265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24821576 |
|  Boston Scientific Corp., Series A, 06/01/23 |  | 88689 | 9759338 |
|  Breeze Aviation Group, Inc., Series B, (Acquired 07/30/21, Cost: $17,069,096)<sup>(d)(g)</sup> |  | 31603 | 9352592 |
|  ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $34,233,056)<sup>(d)(g)</sup> |  | 312419 | 49650084 |
|  Caresyntax, Inc.<sup>(d)</sup> |  | 39141 | 2061556 |
|  Cruise, Series G, (Acquired 03/25/21, Cost: $9,841,593)<sup>(d)(g)</sup> |  | 373495 | 5408208 |
|  Databricks, Inc.<sup>(d)(g)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, (Acquired 10/22/19, Cost: $11,769,837) |  | 822138 | 48539028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (Acquired 02/01/21, Cost: $13,141,188) |  | 222270 | 13122821 |
|  Deep Instinct Ltd.<sup>(d)(g)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-2, (Acquired 03/19/21, Cost: $11,638,040) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914819 | 13499474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D-4, (Acquired 09/20/22, Cost: $10,933,893) |  | 1550832 | 10933366 |
|  Dream Finders Homes, Inc.<sup>(d)</sup> |  | 38156 | 34388095 |
|  Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $8,339,244)<sup>(d)(g)</sup> |  | 1423565 | 5267191 |
|  Farmer's Business Network, Inc.<sup>(d)(g)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, (Acquired 07/31/20, Cost: $8,907,002) |  | 269447 | 13159791 |

---

30 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
|  **United States (continued)** |  |  |
|  Farmer's Business Network,<br>Inc.<sup>(d)(g)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, (Acquired 09/15/21, Cost: $2,533,428) | 40758 | $1990621 |
|  Jumpcloud, Inc.<sup>(d)(g)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E-1, (Acquired 10/30/20, Cost: $11,778,091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6458349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25187561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, (Acquired 09/03/21, Cost: $2,543,928) | 424788 | 1656673 |
|  Lesson Nine GmbH, Series B<sup>(d)</sup>  | 841086 | 5929656 |
|  Loadsmart, Inc.<sup>(d)(g)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (Acquired 10/05/20, Cost: $10,694,460) | 1250814 | 19037389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (Acquired 01/27/22, Cost: $2,628,040) | 131402 | 1999938 |
|  Lookout, Inc., Series F, (Acquired 09/19/14, Cost: $50,945,689)<sup>(d)(g)</sup>  | 4459883 | 33003134 |
|  MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $7,559,970)<sup>(d)(g)</sup>  | 329191 | 4282775 |
|  Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $6,129,221)<sup>(d)(g)</sup>  | 892159 | 4246677 |
|  Noodle Partners, Inc., Series C, (Acquired 08/26/21, Cost: $9,816,152)<sup>(d)(g)</sup>  | 1099886 | 6049373 |
|  PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $5,269,814)<sup>(d)(g)</sup>  | 200937 | 5083706 |
|  Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $9,126,025)<sup>(d)(g)</sup>  | 399649 | 6526268 |
|  SambaNova Systems, Inc.<sup>(d)(g)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, (Acquired 02/19/20, Cost: $11,739,902) | 220503 | 14052656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (Acquired 04/09/21, Cost: $6,878,356) | 72390 | 4613415 |
|  Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $3,799,839)<sup>(d)(g)</sup>  | 252991 | 2264269 |
|  Ursa Major Technologies Inc., Series D, (Acquired 10/14/22, Cost: $1,326,169)<sup>(d)(g)</sup>  | 200098 | 1326650 |
|  Ursa Major Technologies, Inc., Series C, (Acquired 09/13/21, Cost: $9,742,600)<sup>(d)(g)</sup>  | 1633349 | 10829104 |
|  Verge Genomics, Inc., Series B, (Acquired 11/05/21, Cost: $9,084,160)<sup>(d)(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705369 | 8953187 |
|  Versa Networks Inc., Series E, (Acquired 10/14/22, Cost: $5,641,940)<sup>(d)(g)</sup>  | 1933359 | 5641940 |
|  Zero Mass Water, Inc.<sup>(d)(g)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, (Acquired 05/07/20, Cost: $8,796,956) | 558055 | 20313202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, (Acquired 07/05/22, Cost: $1,648,279) | 40240 | 1647828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481333999 |
|  |  | 569165200 |
|  **Trust Preferreds — 0.1%** |  |  |
|  **United States — 0.1%** |  |  |
|  Citigroup Capital XIII, 10.83%, 10/30/40<sup>(a)</sup>  | 629905 | 17290892 |
|  Wells Fargo & Co., Series L,<br>7.50%<sup>(p)(q)</sup>  | 5825 | 6789212 |
|  |  | 24080104 |
|  **Total Preferred Securities — 3.3%<br>(Cost: $573,206,299)** |  | 606684732 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
|  **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |  |
|  Freddie Mac STACR REMIC Trust, Series 2020- DNA6, Class B1, (30 day SOFR + 3.00%), 6.00%, 12/25/50<sup>(a)(b)</sup>  | USD | 2200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018593 |
|  **Mortgage-Backed Securities — 2.0%** | **Mortgage-Backed Securities — 2.0%** | **Mortgage-Backed Securities — 2.0%** |  |
|  Fannie Mae, Series 2018-M13, Class A2, 3.74%, 09/25/30<sup>(a)</sup>  |  | 1817 | 1705828 |
|  Freddie Mac Multifamily Structured Pass Through Certificates<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K116, Class X1, 1.43%, 07/25/30 |  | 7768 | 626998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KL06, Class XFX, 1.36%, 12/25/29 |  | 8414 | 559706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KW09, Class X1, 0.81%, 05/25/29 |  | 58030 | 2243628 |
|  Freddie Mac Structured Pass-Through Certificates<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K105, Class X1, 1.52%, 01/25/30 |  | 35967 | 3021912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K109, Class X1, 1.58%, 04/25/30 |  | 15120 | 1321600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X1, 1.70%, 04/25/30 |  | 8660 | 805689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K120, Class X1, 1.04%, 10/25/30 |  | 50226 | 3048856 |
|  Uniform Mortgage-Backed Securities, 4.50%,<br>11/14/52 - 12/13/52<sup>(u)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;378820 | 355172907 |
|  |  |  | 368507124 |
|  **Total U.S. Government Sponsored Agency Securities — 2.0%<br>(Cost: $375,869,808)** | **Total U.S. Government Sponsored Agency Securities — 2.0%<br>(Cost: $375,869,808)** |  | 370525717 |
|  **U.S. Treasury Obligations** |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 |  | 31131 | 22730494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/42<sup>(v)</sup>  |  | 74241 | 62768192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/42 |  | 41131 | 35481483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/52<sup>(v)(w)</sup>  |  | 168715 | 135103328 |
|  U.S. Treasury Inflation-Indexed Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/24 - 07/15/32<sup>(v)</sup>  |  | 499227 | 485525149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/24 |  | 234471 | 229564240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/27 |  | 51524 | 48047956 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/24 |  | 515753 | 503987385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/31/24 |  | 186040 | 185647571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32<sup>(v)</sup>  |  | 66037 | 54914225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/32<sup>(v)</sup>  |  | 105237 | 95354588 |
|  **Total U.S. Treasury Obligations — 10.0%<br>(Cost: $1,916,479,910)** | **Total U.S. Treasury Obligations — 10.0%<br>(Cost: $1,916,479,910)** | **Total U.S. Treasury Obligations — 10.0%<br>(Cost: $1,916,479,910)** | 1859124611 |
|  |  | *Shares* |  |
|  **Warrants** |  |  |  |
|  **Israel — 0.0%** |  |  |  |
|  Deep Instinct Ltd., (Acquired 09/20/22, Cost: $0), (1 Share for 1 Warrant, Expires<br>09/20/32) <sup>(d)(g)</sup>  |  | 109339 | 649474 |
|  Innovid Corp., (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)<sup>(e)</sup>  |  | 49253 | 24646 |
|  |  |  | 674120 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 31

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Shares* | *Value* |
|  **Switzerland — 0.0%** |  |  |  |
|  Cie Financiere Richemont SA, (Issued 11/27/20, Exercisable 11/22/23, 0.01 Share for 1 Warrant, Expires 11/22/23, Strike Price CHF 67.00)<sup>(e)</sup>  |  | 4654 | $2277 |
|  **United Kingdom<sup>(e)</sup> — 0.0%** |  |  |  |
|  Genius Sports Ltd., (Issued/Exercisable 03/30/21, 1 Share for 1 Warrant, Expires 12/31/28, Strike Price USD 11.50) |  | 157776 | 149887 |
|  Hedosophia European Growth, (Issued 05/13/21, Exercisable 05/13/22, 1 Share for 1 Warrant, Expires 05/13/27, Strike Price EUR 11.50) |  | 260415 | 2574 |
|  |  |  | 152461 |
|  **United States — 0.1%** |  |  |  |
|  Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 1 Share for 1 Warrant, Expires 06/03/26, Strike Price USD 11.50)<sup>(e)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268681 | 236413 |
|  Crown PropTech Acquisitions, (Issued 02/05/21, 1 Share for 1 Warrant, Expires 02/01/26, Strike Price USD 11.50)<sup>(d)</sup>  |  | 271336 | 5427 |
|  Embark Technology, Inc., (Issued/Exercisable 12/28/20, 0.05 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 230.00)<sup>(e)</sup>  |  | 126570 | 5227 |
|  EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50)<sup>(e)</sup>  |  | 146070 | 260005 |
|  Flyr Warrants, (Issued 05/10/22, 1 Share for 1 Warrant, Expires 05/10/32, Strike Price USD 3.95)<sup>(d)</sup>  |  | 35428 | 502723 |
|  FreeWire Technologies, Inc., (Issued 04/27/22, 1 Share for 1 Warrant, Expires 04/26/27, Strike Price USD 3.35)<sup>(d)</sup>  |  | 927998 | 844478 |
|  Gores Holdings VIII, Inc., Class A, (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)<sup>(e)</sup>  |  | 49055 | 40225 |
|  Green Plains, Inc., (Issued 02/05/21, 1 Share for 1 Warrant, Expires 04/28/26, Strike Price USD 22.00) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22748968 |
|  Highland Transcend Partners I Corp., (Issued/Exercisable 01/15/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)<sup>(e)</sup>  |  | 213969 | 7617 |
|  Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, 0.04 Share for 1 Warrant, Expires 08/02/26, Strike Price USD 287.50)<sup>(e)</sup>  |  | 123393 | 6774 |
|  Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)<sup>(e)(h)</sup>  |  | 111795 | 12298 |
|  Lightning eMotors, Inc., (Issued/Exercisable 05/13/20, 1 Share for 1 Warrant, Expires 05/18/25, Strike Price USD 11.50) |  | 292348 | 178461 |
|  Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50)<sup>(e)</sup>  |  | 226443 | 24909 |
|  Proof Acquisition Corp. I, (1 Share for 1 Warrant, Expires 12/23/28, Strike Price USD 11.50)<sup>(d)</sup>  |  | 271282 | 16277 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Shares* | *Value* |
|  **United States (continued)** |  |  |  |
|  Rotor Acquisition Corp., (Issued/Exercisable 01/14/21, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 11.50) |  | 92406 | $13861 |
|  Sarcos Technology & Robotics Corp., Class A, (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 09/24/26, Strike Price<br>USD 11.50)<sup>(e)</sup>  |  | 254485 | 42830 |
|  Sonder Holdings, Inc., (Issued 11/19/20, Exercisable 01/19/21, 1 Share for 1 Warrant, Expires 11/19/26, Strike Price<br>USD 12.50)<sup>(d)</sup>  |  | 295710 | 5914 |
|  TPB Acquisition Corp. I, Class A, (Issued 02/19/21, Exercisable 02/19/22, 1 Share for 1 Warrant, Expires 02/19/23, Strike Price USD 11.50)<sup>(e)</sup>  |  | 1023673 | 57414 |
|  Versa Networks Inc., (Acquired 10/14/22, Cost: $0), (1 Share for 1 Warrant, Expires 10/07/32) <sup>(g)</sup>  |  | 238291 | 2 |
|  Volta, Inc., Series C, (Issued/Exercisable 10/22/20, 1 Share for 1 Warrant, Expires 08/26/26, Strike Price<br>USD 11.50)<sup>(e)</sup>  |  | 150460 | 37630 |
|  |  |  | 25047453 |
|  **Total Warrants — 0.1%** |  |  |  |
| **(Cost: $5,453,098)** |  |  | 25876311 |
|  **Total Long-Term Investments — 98.7%** | **Total Long-Term Investments — 98.7%** | **Total Long-Term Investments — 98.7%** |  |
| **(Cost: $17,254,807,691)** | **(Cost: $17,254,807,691)** | **(Cost: $17,254,807,691)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18268558132 |
| **Short-Term Securities** |  |  |  |
|  |  | *Par*<br> *(000)* |  |
|  **Certificates of Deposit — 0.1%** | **Certificates of Deposit — 0.1%** | **Certificates of Deposit — 0.1%** |  |
|  **United States — 0.1%** |  |  |  |
|  Citibank N.A., 5.00%, 09/21/23 | USD | 29540 | 29427284 |
|  |  | *Shares* |  |
|  **Money Market Funds — 1.8%** |  |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(f)(x)(y)</sup>  |  | 113614940 | 113614940 |
|  SL Liquidity Series, LLC, Money Market Series, 3.37%<sup>(f)(x)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227679285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227519909 |
|  |  |  | 341134849 |
|  |  | *Par*<br> *(000)* |  |
|  **Time Deposits — 0.1%** |  |  |  |
|  **Australia — 0.0%** |  |  |  |
|  Australia & New Zealand Banking Group Ltd., 6.87%, 11/01/22 | AUD | 6335 | 4052182 |
|  **Canada — 0.0%** |  |  |  |
|  Royal Bank of Canada, 1.19%, 11/01/22 | CAD | 4517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315928 |
|  **Hong Kong — 0.0%** |  |  |  |
|  Brown Brothers Harriman & Co., 0.04%, 11/01/22 | HKD | 998 | 127197 |

---

32 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | | *Par*<br> *(000)* | *Value* |
|  **Japan — 0.0%** |  |  |  |
|  Sumitomo Bank Tokyo, 0.67%, 11/01/22 | JPY | 52560 | $353475 |
|  **United Kingdom — 0.0%** |  |  |  |
|  ING Bank NV, 0.14%, 11/01/22 | GBP | 836 | 958691 |
|  **United States — 0.1%** |  |  |  |
|  Citibank, 0.03%, 11/01/22 | EUR | 435 | 429571 |
|  Citibank NA, New York, 0.20%, 11/01/22 | USD | 4018 | 4017992 |
|  |  |  | 4447563 |
|  |  |  | 13255036 |
|  **U.S. Treasury Obligations — 1.8%** | **U.S. Treasury Obligations — 1.8%** | **U.S. Treasury Obligations — 1.8%** |  |
|  U.S. Treasury Bills, 4.02%, 09/07/23<sup>(s)</sup>  |  | 92350 | 88921539 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/30/22<sup>(j)</sup>  |  | 60000 | 59833898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/30/23 |  | 184720 | 179459810 |
|  |  |  | 328215247 |
|  **Total Short-Term Securities — 3.8%** | **Total Short-Term Securities — 3.8%** | **Total Short-Term Securities — 3.8%** |  |
| **(Cost: $713,602,023)** | **(Cost: $713,602,023)** | **(Cost: $713,602,023)** | 712032416 |
|  **Options Purchased — 0.6%** |  |  |  |
| **(Cost: $139,845,472)** | **(Cost: $139,845,472)** | **(Cost: $139,845,472)** | 111268372 |
|  **Total Investments Before TBA Sale Commitments and Options Written — 103.1%** | **Total Investments Before TBA Sale Commitments and Options Written — 103.1%** | **Total Investments Before TBA Sale Commitments and Options Written — 103.1%** |  |
| **(Cost: $18,108,255,186)** | **(Cost: $18,108,255,186)** |  | 19091858920 |
|  |  | *Shares* |  |
| <br> **Investments Sold Short** |  |  |  |
|  **Common Stocks** |  |  |  |
|  **France — (0.0)%** |  |  |  |
|  Pernod Ricard SA |  | (31333) | (5499291) |
|  **United Kingdom — (0.0)%** |  |  |  |
|  Diageo PLC |  | (133863) | (5508792) |
|  **United States — (0.1)%** |  |  |  |
|  JM Smucker Co |  | (51256) | (7722229) |
|  **Total Investments Sold Short — (0.1)%<br>(Proceeds: $(18201877))** | **Total Investments Sold Short — (0.1)%<br>(Proceeds: $(18201877))** | **Total Investments Sold Short — (0.1)%<br>(Proceeds: $(18201877))** | (18730312) |
|  |  | *Par*<br> *(000)* |  |
|  **TBA Sale Commitments** |  |  |  |
|  **United States — (0.9)%** |  |  |  |
|  Uniform Mortgage-Backed Securities, 4.50%, 11/14/52<sup>(u)</sup>  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172700 | (161987203) |
|  **Total TBA Sale Commitments — (0.9)%<br>(Proceeds: $(161894244))** | **Total TBA Sale Commitments — (0.9)%<br>(Proceeds: $(161894244))** | **Total TBA Sale Commitments — (0.9)%<br>(Proceeds: $(161894244))** | (161987203) |
|  **Options Written — (1.1)%<br>(Premiums Received: $(105619970))** | **Options Written — (1.1)%<br>(Premiums Received: $(105619970))** | **Options Written — (1.1)%<br>(Premiums Received: $(105619970))** | (222787647) |
|  **Total Investments, Net of TBA Sale Commitments and Options Written — 101.0%<br>(Cost: $17,822,539,095)** | **Total Investments, Net of TBA Sale Commitments and Options Written — 101.0%<br>(Cost: $17,822,539,095)** | **Total Investments, Net of TBA Sale Commitments and Options Written — 101.0%<br>(Cost: $17,822,539,095)** | 18688353758 |
|  **Liabilities in Excess of Other Assets — (1.0)%** | **Liabilities in Excess of Other Assets — (1.0)%** | **Liabilities in Excess of Other Assets — (1.0)%** | (178532822) |
|  **Net Assets — 100.0%** |  |  | $18509820936 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

<sup>(c)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $537,885,148, representing 2.9% of its net assets as of period end, and an original cost of $495,209,999. 

<sup>(h)</sup> All or a portion of this security is on loan.

<sup>(i)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

<sup>(j)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

<sup>(k)</sup> When-issued security.

<sup>(l)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

<sup>(m)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(n)</sup> Zero-coupon bond.

<sup>(o)</sup> Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

<sup>(p)</sup> Perpetual security with no stated maturity date.

<sup>(q)</sup> Convertible security.

<sup>(r)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

<sup>(s)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(t)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

<sup>(u)</sup> Represents or includes a TBA transaction.

<sup>(v)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

<sup>(w)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

<sup>(x)</sup> Annualized 7-day yield as of period end.

<sup>(y)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 33

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net*<br> *Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Par/Shares<br>Held at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  Bio City Development Co. BV | $10394730 | $— | $— | $— | $2817000 | $13211730 | 140850000 | $— | $— |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | 4077927563 |  | (3964312623)<sup>(a)</sup> |  |  | 113614940 | 113614940 | 14062679 |  |
|  iShares 0-5 Year TIPS Bond ETF |  | 18823538 |  |  | (273829) | 18549709 | 190821 |  |  |
|  iShares Biotechnology ETF | 2297772 |  |  |  | 235194 | 2532966 | 19698 | 3725 |  |
|  iShares China Large-Cap ETF | 11232953 |  |  |  | (3626930) | 7606023 | 363056 | 52981 |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF | 106879 | 97240839 | (94723698) | (2520235) | (3847) | 99938 | 1361 | 534089 |  |
|  iShares iBoxx $ Investment Grade Corporate Bonds ETF<sup>(b)</sup>  | 3056977 | 378104579 | (360795019) | (20144718) | (221819) |  |  | 1752733 |  |
|  iShares JP Morgan USD Emerging Markets Bond ETF<sup>(b)</sup>  |  | 144504439 | (130368402) | (14136037) |  |  |  | 1211335 |  |
|  iShares Latin America 40 ETF | 9684301 |  |  |  | (74210) | 9610091 | 371046 | 407436 |  |
|  iShares MSCI Brazil ETF | 14315673 |  |  |  | (43685) | 14271988 | 436853 | 654896 |  |
|  iShares MSCI Emerging Markets ETF | 2391715 |  |  |  | (462202) | 1929513 | 56435 | 20422 |  |
|  iShares Russell 2000 ETF<sup>(b)</sup>  |  | 130483272 | (138192351) | 7709079 |  |  |  |  |  |
|  Quintis Australia Pty. Ltd. | 92389186 |  |  |  | 9431 | 92389186 | 92389186 |  |  |
|  Quintis Australia Pty. Ltd. | 82684528 |  |  |  | (12923290) | 69628641 | 82684528 |  |  |
|  Quintis HoldCo Pty. Ltd. | 6458420 |  |  |  | (6458140) | 280 | 43735802 |  |  |
|  SL Liquidity Series, LLC, Money Market Series | 174301878 | 53305168 <sup>(a)</sup> |  | 9779 | (96916) | 227519909 | 227679285 | 1590072 <sup>(c)</sup> |  |
|  |  |  |  | $(29082132) | $(21123243) | $570964914 |  | $20290368 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> As of period end, the entity is no longer held.

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro BOBL | 20 | 12/08/22 | $2365 | $(59903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Bund | 1703 | 12/08/22 | 232993 | (11409211) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | 3434 | 12/15/22 | 260252 | (2861764) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | 611 | 12/16/22 | 26077 | (4199232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 52 | 12/16/22 | 4818 | (96475) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 5640 | 12/20/22 | 624278 | (36805215) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 606 | 12/20/22 | 73250 | (9143755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 4679 | 12/20/22 | 599936 | (62001252) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 16361 | 12/30/22 | 3344674 | (11293080) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SONIA Index | 2838 | 09/19/23 | 774395 | (886338) |
|  |  |  |  | (138756225) |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | 91 | 12/08/22 | 12970 | 1694288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro BTP | 559 | 12/08/22 | 63336 | (2000366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Schatz | 1208 | 12/08/22 | 127660 | 1347274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Yen-Denominated | 27 | 12/08/22 | 2501 | (23499) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | 187 | 12/13/22 | 187094 | (389758) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPI 200 Index | 35 | 12/15/22 | 3842 | 16591 |

---

34 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Futures Contracts (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 50 Index | 3501 | 12/16/22 | $125011 | $(553289) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE 100 Index | 73 | 12/16/22 | 5955 | 341066 |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 1775 | 12/16/22 | 406377 | 27930776 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 535 | 12/16/22 | 103870 | (3673372) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | 18805 | 12/20/22 | 2185787 | 122713944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Gilt | 289 | 12/28/22 | 33848 | 2621636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 2384 | 12/30/22 | 254231 | 1367885 |
|  |  |  |  | 151393176 |
|  |  |  |  | $12636951 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
| USD | 158436940 | JPY | 21252400000 | HSBC Bank PLC | 11/14/22 | $15322419 |
| AUD | 148222962 | USD | 93521574 | UBS AG | 11/18/22 | 1331964 |
| USD | 186206355 | EUR | 185636081 | UBS AG | 11/18/22 | 2545502 |
| USD | 87611568 | HKD | 687356555 | Citibank N.A. | 11/18/22 | 17985 |
| USD | 90779610 | HKD | 710699886 | JPMorgan Chase Bank N.A. | 11/18/22 | 211260 |
| USD | 187320524 | JPY | 25420800000 | HSBC Bank PLC | 11/21/22 | 16001298 |
| USD | 240287444 | JPY | 32208350000 | HSBC Bank PLC | 11/21/22 | 23224661 |
| USD | 256451268 | JPY | 34777100000 | HSBC Bank PLC | 11/28/22 | 21892490 |
| BRL | 352474704 | USD | 67007852 | JPMorgan Chase Bank N.A. | 12/02/22 | 806705 |
| USD | 44908685 | BRL | 232501243 | Goldman Sachs International | 12/02/22 | 176485 |
| USD | 112985343 | JPY | 15712300000 | Morgan Stanley & Co. International PLC | 12/12/22 | 6802918 |
| DKK | 420986419 | USD | 54359055 | JPMorgan Chase Bank N.A. | 12/15/22 | 1723188 |
| GBP | 34636159 | EUR | 39732942 | UBS AG | 12/15/22 | 375205 |
| SEK | 205722776 | USD | 18066142 | Deutsche Bank AG | 12/15/22 | 630505 |
| SGD | 17578227 | USD | 12191862 | Citibank N.A. | 12/15/22 | 228863 |
| SGD | 17315865 | USD | 12036232 | HSBC Bank PLC | 12/15/22 | 199109 |
| SGD | 17578226 | USD | 12162337 | Morgan Stanley & Co. International PLC | 12/15/22 | 258387 |
| USD | 86902014 | INR | 6973625911 | Citibank N.A. | 12/15/22 | 3093338 |
| USD | 48393034 | SEK | 512038122 | Citibank N.A. | 12/15/22 | 1857611 |
| BRL | 180948247 | USD | 33955385 | Bank of America N.A. | 12/21/22 | 718192 |
| EUR | 36517656 | USD | 36136777 | Bank of America N.A. | 12/21/22 | 99296 |
| EUR | 96365000 | USD | 94119021 | HSBC Bank PLC | 12/21/22 | 1502920 |
| EUR | 9621238 | USD | 9520689 | Morgan Stanley & Co. International PLC | 12/21/22 | 26360 |
| JPY | 5813110103 | USD | 38553333 | Citibank N.A. | 12/21/22 | 784975 |
| JPY | 972126227 | USD | 6446849 | HSBC Bank PLC | 12/21/22 | 131695 |
| USD | 12715741 | CNH | 90882580 | Bank of America N.A. | 12/21/22 | 292042 |
| USD | 18150996 | CNH | 129748765 | Bank of America N.A. | 12/21/22 | 414268 |
| USD | 19259413 | CNH | 139139629 | Bank of America N.A. | 12/21/22 | 238949 |
| USD | 77687044 | CNH | 543770557 | BNP Paribas S.A. | 12/21/22 | 3353308 |
| USD | 156812 | CNH | 1133503 | Deutsche Bank AG | 12/21/22 | 1861 |
| USD | 8798025 | CNH | 63866457 | Goldman Sachs International | 12/21/22 | 67445 |
| USD | 4249891 | CNH | 30271506 | HSBC Bank PLC | 12/21/22 | 111759 |
| USD | 26796478 | CNH | 195841845 | HSBC Bank PLC | 12/21/22 | 24790 |
| USD | 90811274 | CNH | 653377312 | HSBC Bank PLC | 12/21/22 | 1494235 |
| USD | 24746940 | CNH | 176146244 | JPMorgan Chase Bank N.A. | 12/21/22 | 667651 |
| USD | 19294485 | CNH | 140037443 | Morgan Stanley & Co. International PLC | 12/21/22 | 151289 |
| USD | 186373515 | JPY | 26636650000 | Bank of America N.A. | 01/06/23 | 5685637 |
| USD | 209574597 | JPY | 29376000000 | Bank of America N.A. | 01/06/23 | 10304527 |
| USD | 123853218 | JPY | 18232000000 | Bank of America N.A. | 01/11/23 | 94853 |
| USD | 92533121 | JPY | 13219500000 | HSBC Bank PLC | 01/11/23 | 2799482 |
| USD | 173802028 | JPY | 25069500000 | UBS AG | 01/11/23 | 3630882 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Forward Foreign Currency Exchange Contracts (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
| CAD | 188400975 | USD | 137227976 | HSBC Bank PLC | 01/20/23 | $1213759 |
| MXN | 1903296407 | USD | 93398721 | JPMorgan Chase Bank N.A. | 01/20/23 | 1313239 |
|  |  |  |  |  |  | 131823307 |
| AUD | 323689844 | USD | 227420924 | Barclays Bank PLC | 11/18/22 | (20279421) |
| CHF | 289501557 | USD | 307035755 | JPMorgan Chase Bank N.A. | 11/18/22 | (17429940) |
| EUR | 629010460 | USD | 632746782 | BNP Paribas S.A. | 11/18/22 | (10429195) |
| EUR | 93615209 | USD | 95803764 | Deutsche Bank AG | 11/18/22 | (3184651) |
| GBP | 54885915 | USD | 66369377 | JPMorgan Chase Bank N.A. | 11/18/22 | (3399071) |
| JPY | 12584047883 | USD | 88225433 | HSBC Bank PLC | 11/18/22 | (3445903) |
| JPY | 34949545646 | USD | 261732044 | HSBC Bank PLC | 11/18/22 | (26274735) |
| JPY | 104685834335 | USD | 730604497 | UBS AG | 11/18/22 | (25329382) |
| NOK | 888489746 | CHF | 86618623 | UBS AG | 11/18/22 | (1143221) |
| KRW | 103093912718 | USD | 77833454 | UBS AG | 11/23/22 | (5602155) |
| CHF | 38338864 | USD | 39421821 | Citibank N.A. | 12/15/22 | (938195) |
| DKK | 107114986 | USD | 14516489 | Morgan Stanley & Co. International PLC | 12/15/22 | (247029) |
| NZD | 17986755 | USD | 10842378 | Deutsche Bank AG | 12/15/22 | (377877) |
| PLN | 45268803 | USD | 9501807 | HSBC Bank PLC | 12/15/22 | (82619) |
| ZAR | 163043150 | USD | 9301119 | Morgan Stanley & Co. International PLC | 12/15/22 | (454567) |
| CNH | 705361011 | USD | 97704268 | HSBC Bank PLC | 12/21/22 | (1281028) |
| CNH | 186365222 | USD | 26483242 | JPMorgan Chase Bank N.A. | 12/21/22 | (1007013) |
| CNH | 136118842 | USD | 19477269 | Morgan Stanley & Co. International PLC | 12/21/22 | (869748) |
| EUR | 19098904 | USD | 19004364 | Barclays Bank PLC | 12/21/22 | (52730) |
| EUR | 28042809 | USD | 28056690 | Barclays Bank PLC | 12/21/22 | (230116) |
| EUR | 22863739 | USD | 22976686 | Citibank N.A. | 12/21/22 | (289246) |
| EUR | 4683140 | USD | 4699227 | Deutsche Bank AG | 12/21/22 | (52198) |
| EUR | 2804 | USD | 2806 | HSBC Bank PLC | 12/21/22 | (24) |
| EUR | 17865853 | USD | 17878486 | HSBC Bank PLC | 12/21/22 | (150394) |
| EUR | 28648356 | USD | 28506203 | JPMorgan Chase Bank N.A. | 12/21/22 | (78751) |
| EUR | 36909925 | USD | 37340959 | JPMorgan Chase Bank N.A. | 12/21/22 | (715642) |
| EUR | 45911465 | USD | 46108425 | Morgan Stanley & Co. International PLC | 12/21/22 | (550978) |
| GBP | 23909836 | USD | 27691064 | HSBC Bank PLC | 12/21/22 | (224412) |
| USD | 28026395 | EUR | 28588240 | BNP Paribas S.A. | 12/21/22 | (341404) |
| USD | 63051299 | EUR | 63868820 | BNP Paribas S.A. | 12/21/22 | (325036) |
| USD | 1645189 | EUR | 1674195 | Deutsche Bank AG | 12/21/22 | (16096) |
| USD | 27820349 | EUR | 28438779 | JPMorgan Chase Bank N.A. | 12/21/22 | (399142) |
| USD | 16542615 | EUR | 16836753 | Morgan Stanley & Co. International PLC | 12/21/22 | (164312) |
| USD | 26798059 | GBP | 25014523 | Bank of America N.A. | 12/21/22 | (1937614) |
| USD | 27008185 | GBP | 24548191 | HSBC Bank PLC | 12/21/22 | (1191784) |
| USD | 223748 | GBP | 209009 | Morgan Stanley & Co. International PLC | 12/21/22 | (16353) |
| IDR | 319636186715 | USD | 20656339 | Citibank N.A. | 01/12/23 | (258564) |
| JPY | 18196860146 | EUR | 124445950 | HSBC Bank PLC | 01/20/23 | (135904) |
| USD | 42930217 | NOK | 451754056 | Morgan Stanley & Co. International PLC | 01/20/23 | (644368) |
|  |  |  |  |  |  | (129550818) |
|  |  |  |  |  |  | $2272489 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | 8154 | 11/04/22 | USD | 295.00 | USD | 226640 | $228312 |
| &nbsp;&nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | 3270 | 11/04/22 | USD | 280.00 | USD | 90890 | 1231155 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Volatility Index | 695 | 11/16/22 | USD | 50.00 | USD | 1799 | 7645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1046 | 11/18/22 | USD | 110.00 | USD | 10349 | 9937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1819 | 11/18/22 | USD | 117.50 | USD | 17219 | 11824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1981 | 11/18/22 | USD | 107.50 | USD | 18752 | 44573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1244 | 11/18/22 | USD | 170.00 | USD | 19075 | 40430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot Oil & Gas Corp. | 4278 | 11/18/22 | USD | 31.00 | USD | 13317 | 556140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delphi Automotive PLC | 699 | 11/18/22 | USD | 100.00 | USD | 6366 | 89122 |

---

36 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Exchange-Traded Options Purchased (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 1175 | 11/18/22 | USD | 45.00 | USD | 4141 | $32313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1374 | 11/18/22 | USD | 360.00 | USD | 49751 | 1913295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. | 428 | 11/18/22 | USD | 300.00 | USD | 4961 | 6420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lions Gate Entertainment Corp., Non-Voting Shares | 421 | 11/18/22 | USD | 12.50 | USD | 320 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica Inc. | 657 | 11/18/22 | USD | 350.00 | USD | 21618 | 353137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 750 | 11/18/22 | USD | 280.00 | USD | 17410 | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup>  | 2378 | 11/18/22 | USD | 170.00 | USD | 36124 | 8323 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 2706 | 11/18/22 | USD | 410.00 | USD | 104508 | 424842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 307 | 11/18/22 | USD | 320.00 | USD | 6985 | 4452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 353 | 11/18/22 | USD | 300.00 | USD | 8032 | 9884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 466 | 11/18/22 | USD | 310.00 | USD | 10603 | 9553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 900 | 11/18/22 | USD | 120.00 | USD | 9589 | 59850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 752 | 11/18/22 | USD | 65.00 | USD | 2585 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. | 242 | 12/16/22 | USD | 310.00 | USD | 7708 | 605000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1639 | 12/16/22 | USD | 115.00 | USD | 15515 | 52448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 1525 | 12/16/22 | USD | 135.00 | USD | 15622 | 31263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1233 | 12/16/22 | USD | 165.00 | USD | 18907 | 311949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot Oil & Gas Corp. | 1971 | 12/16/22 | USD | 33.00 | USD | 6136 | 211882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 1394 | 12/16/22 | USD | 80.00 | USD | 11106 | 536690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG | 4712 | 12/16/22 | EUR | 9.00 | EUR | 3815 | 102446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A | 406 | 12/16/22 | USD | 195.00 | USD | 6545 | 123627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 234 | 12/16/22 | USD | 370.00 | USD | 7774 | 76050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 562 | 12/16/22 | USD | 370.00 | USD | 20349 | 822206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 2061 | 12/16/22 | USD | 90.00 | USD | 18549 | 989280 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 1511 | 12/16/22 | USD | 43.00 | USD | 5931 | 153366 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 597 | 12/16/22 | USD | 230.00 | USD | 12983 | 331335 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 13422 | 12/16/22 | USD | 30.00 | USD | 28119 | 46977 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 187 | 12/16/22 | EUR | 640.00 | EUR | 11949 | 499429 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 176 | 12/16/22 | EUR | 680.00 | EUR | 11246 | 188716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 761 | 12/16/22 | USD | 270.00 | USD | 17665 | 74197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. | 406 | 12/16/22 | USD | 190.00 | USD | 6967 | 164430 |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 1287 | 12/16/22 | USD | 165.00 | USD | 20925 | 1248390 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP Investor Relations, ADR | 742 | 12/16/22 | USD | 100.00 | USD | 7128 | 200340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 1626 | 12/16/22 | USD | 55.00 | USD | 8460 | 350403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 3513 | 12/16/22 | USD | 55.00 | USD | 19543 | 939727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | 1635 | 12/16/22 | EUR | 110.00 | EUR | 18090 | 981591 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup>  | 2021 | 12/16/22 | USD | 170.00 | USD | 30701 | 51536 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 3838 | 12/16/22 | USD | 435.00 | USD | 148227 | 343501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 837 | 12/16/22 | USD | 300.00 | USD | 19045 | 133501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 699 | 12/16/22 | USD | 210.00 | USD | 14480 | 505027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 493 | 12/16/22 | USD | 195.00 | USD | 10213 | 824542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 897 | 12/16/22 | USD | 120.00 | USD | 9557 | 141277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1753 | 01/20/23 | USD | 115.00 | USD | 17344 | 90279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1060 | 01/20/23 | USD | 105.00 | USD | 10488 | 259700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. | 192 | 01/20/23 | USD | 480.00 | USD | 6115 | 7104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. | 269 | 01/20/23 | USD | 240.00 | USD | 5227 | 123740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1760 | 01/20/23 | USD | 125.00 | USD | 16660 | 57200 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 1264 | 01/20/23 | USD | 62.50 | USD | 7434 | 216144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 64 | 01/20/23 | USD | 2000.00 | USD | 11965 | 597120 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 1364 | 01/20/23 | USD | 95.00 | USD | 12917 | 719510 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 1142 | 01/20/23 | USD | 97.50 | USD | 10815 | 459655 |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc. | 1288 | 01/20/23 | USD | 100.00 | USD | 15556 | 3252200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 1180 | 01/20/23 | USD | 45.00 | USD | 4158 | 106200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 373 | 01/20/23 | USD | 340.00 | USD | 13506 | 1372640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 371 | 01/20/23 | USD | 320.00 | USD | 13434 | 1932910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 1493 | 01/20/23 | USD | 87.00 | USD | 13437 | 1127215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 3504 | 01/20/23 | USD | 35.00 | USD | 11104 | 665760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore International PLC | 1180 | 01/20/23 | GBP | 5.68 | GBP | 6071 | 181197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 179 | 01/20/23 | USD | 500.00 | USD | 9990 | 1312965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 289 | 01/20/23 | USD | 550.00 | USD | 16129 | 1069300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 199 | 01/20/23 | USD | 450.00 | USD | 8507 | 482575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 3565 | 01/20/23 | USD | 32.00 | USD | 10855 | 818167 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Exchange-Traded Options Purchased (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 341 | 01/20/23 | USD | 400.00 | USD | 13278 | $574585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 1035 | 01/20/23 | USD | 95.00 | USD | 10474 | 874575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1238 | 01/20/23 | USD | 85.00 | USD | 8745 | 27855 |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 649 | 01/20/23 | USD | 200.00 | USD | 10552 | 136614 |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 648 | 01/20/23 | USD | 210.00 | USD | 10536 | 74520 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. | 223 | 01/20/23 | USD | 550.00 | USD | 9383 | 79165 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 2748 | 01/20/23 | USD | 430.00 | USD | 106131 | 824400 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 819 | 01/20/23 | USD | 135.00 | USD | 10011 | 204750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 468 | 01/20/23 | USD | 210.00 | USD | 10285 | 912600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 819 | 01/20/23 | USD | 210.00 | USD | 16966 | 833332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 1343 | 01/20/23 | USD | 120.00 | USD | 14308 | 371339 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics, Inc. | 825 | 01/20/23 | USD | 57.50 | USD | 4269 | 210375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 697 | 06/16/23 | USD | 40.00 | USD | 1982 | 35547 |
|  |  |  |  |  |  |  | 36107611 |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note Future | 107 | 11/04/22 | USD | 109.00 | USD | 11844 | 13375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note Future | 104 | 11/04/22 | USD | 105.50 | USD | 11091 | 9750 |
| &nbsp;&nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | 17188 | 11/04/22 | USD | 275.00 | USD | 477740 | 5560318 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 1034 | 11/11/22 | USD | 135.00 | USD | 15138 | 32571 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 5944 | 11/11/22 | USD | 375.00 | USD | 229563 | 2059596 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 651 | 11/18/22 | GBP | 21.83 | GBP | 15167 | 1070095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corporation | 544 | 11/18/22 | USD | 55.00 | USD | 3844 | 9520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. | 963 | 11/18/22 | USD | 5.00 | USD | 872 | 2408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Select Sector SPDR Fund | 8794 | 11/18/22 | USD | 65.00 | USD | 63968 | 114322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent Inc. | 545 | 11/18/22 | USD | 20.00 | USD | 1276 | 14988 |
| &nbsp;&nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | 6427 | 11/18/22 | USD | 245.00 | USD | 178638 | 379193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Senior Loan ETF | 1632 | 11/18/22 | USD | 19.00 | USD | 3382 | 12240 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 3993 | 11/18/22 | USD | 20.00 | USD | 8365 | 179685 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 718 | 11/18/22 | USD | 69.00 | USD | 5272 | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 783 | 11/18/22 | USD | 70.00 | USD | 5750 | 20750 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | 457 | 11/18/22 | USD | 97.00 | USD | 4632 | 15310 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | 261 | 11/18/22 | USD | 95.00 | USD | 2645 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Germany ETF | 423 | 11/18/22 | USD | 20.00 | USD | 923 | 5288 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | 342 | 11/18/22 | USD | 160.00 | USD | 6270 | 10602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | 224 | 11/18/22 | GBP | 45.62 | GBP | 10610 | 388870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp. | 107 | 11/18/22 | USD | 5.00 | USD | 62 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 3932 | 11/18/22 | USD | 360.00 | USD | 151858 | 638950 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 698 | 11/18/22 | USD | 365.00 | USD | 26957 | 164030 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 595 | 11/18/22 | USD | 300.00 | USD | 22979 | 5058 |
| &nbsp;&nbsp;&nbsp;&nbsp; VanEck Vectors Semiconductor ETF | 301 | 11/18/22 | USD | 140.00 | USD | 5696 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; VanEck Vectors Semiconductor ETF | 422 | 11/18/22 | USD | 155.00 | USD | 7985 | 12027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. | 168 | 11/18/22 | USD | 7.50 | USD | 240 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 590 | 11/18/22 | USD | 27.50 | USD | 2028 | 6785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note Future | 34 | 11/25/22 | USD | 106.50 | USD | 3763 | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 918 | 12/16/22 | USD | 140.00 | USD | 13440 | 257958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 1037 | 12/16/22 | USD | 20.00 | USD | 2858 | 15555 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc. | 583 | 12/16/22 | USD | 10.00 | USD | 772 | 16033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. | 1028 | 12/16/22 | USD | 80.00 | USD | 7446 | 863520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 884 | 12/16/22 | USD | 8.00 | USD | 1182 | 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent Inc. | 581 | 12/16/22 | USD | 20.00 | USD | 1361 | 27598 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 327 | 12/16/22 | USD | 70.00 | USD | 2401 | 26814 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 521 | 12/16/22 | USD | 62.00 | USD | 3826 | 10941 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 261 | 12/16/22 | USD | 63.00 | USD | 1917 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., Class A | 337 | 12/16/22 | USD | 22.50 | USD | 1197 | 15165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp. | 324 | 12/16/22 | USD | 5.00 | USD | 188 | 10368 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 3722 | 12/16/22 | USD | 350.00 | USD | 143747 | 1259897 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 583 | 12/16/22 | USD | 365.00 | USD | 22516 | 362917 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 493 | 12/16/22 | USD | 345.00 | USD | 19040 | 135575 |
| &nbsp;&nbsp;&nbsp;&nbsp; VanEck Vectors Semiconductor ETF | 376 | 12/16/22 | USD | 110.00 | USD | 7115 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 440 | 12/16/22 | USD | 27.50 | USD | 1512 | 18260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 707 | 12/16/22 | USD | 11.00 | USD | 1034 | 7070 |

---

38 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Exchange-Traded Options Purchased (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 916 | 01/20/23 | USD | 140.00 | USD | 13410 | $416780 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 1445 | 01/20/23 | USD | 70.00 | USD | 18220 | 46240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 2461 | 01/20/23 | USD | 65.00 | USD | 22149 | 131663 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 2461 | 01/20/23 | USD | 35.00 | USD | 10297 | 442980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 963 | 01/20/23 | USD | 75.00 | USD | 10671 | 37076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 433 | 01/20/23 | USD | 210.00 | USD | 11103 | 227325 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | 7393 | 01/20/23 | USD | 60.00 | USD | 47278 | 1885215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 844 | 01/20/23 | USD | 90.00 | USD | 10596 | 113518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 570 | 01/20/23 | USD | 10.00 | USD | 834 | 8550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Senior Loan ETF | 783 | 04/21/23 | USD | 19.00 | USD | 1622 | 33278 |
|  |  |  |  |  |  |  | 17131246 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;53238857 |

---

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Barrier*<br> *Price/Range* | *Barrier*<br> *Price/Range* | *Notional*<br> *Amount<br>(000)* | *Notional*<br> *Amount<br>(000)* | *Value* |
|  Put |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | One Touch | HSBC Bank PLC |  | 12/23/22 | USD | 1.00 | USD | 1.00 | GBP | 3558 | $24653 |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | One Touch | HSBC Bank PLC |  | 12/23/22 | USD | 1.03 | USD | 1.03 | GBP | 3558 | 138227 |
|  |  |  |  |  |  |  |  |  |  |  | $162880 |

---

**OTC Options Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Goldman Sachs International |  | 11/11/22 | CNH | 7.00 | USD | 118216 | $5347873 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | Barclays Bank PLC | 18478 | 12/16/22 | USD | 3849.00 | USD | 71546 | 2726098 |
|  |  |  |  |  |  |  |  | 8073971 |
| Put |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | Citibank N.A. |  | 11/01/22 | USD | 1.06 | GBP | 38798 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency<sup>(a)</sup>  | Citibank N.A. |  | 11/14/22 | JPY | 140.00 | USD | 37518 | 309414 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency<sup>(a)</sup>  | Citibank N.A. |  | 11/15/22 | JPY | 140.00 | USD | 33767 | 301873 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. |  | 11/23/22 | USD | 0.97 | EUR | 112968 | 544247 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | JPMorgan Chase Bank N.A. |  | 11/25/22 | CHF | 0.94 | EUR | 85216 | 28296 |
|  |  |  |  |  |  |  |  | 1183875 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;9257846 |

---

<sup>(a)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

**OTC Dual Binary Options Purchased** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Description<sup>(a)</sup>* | *Counterparty* | *Units* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Put |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.357 | Citibank N.A. | 4025157 | 03/17/23 | USD | 14841317 | $519246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.342 | Citibank N.A. | 4025157 | 04/21/23 | USD | 14841317 | 519245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.330 | Citibank N.A. | 4025157 | 05/19/23 | USD | 14841317 | 519245 |
|  |  |  |  |  |  | $1557736 |

---

<sup>(a)</sup> Option only pays if both terms are met on the expiration date.

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  | *Expiration* | *Credit* | *Exercise* | *Notional* | *Notional* |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Date* | *Rating<sup>(a)</sup>* | *Price* | *Amount (000)<sup>(b)</sup>* | *Amount (000)<sup>(b)</sup>* | *Value* |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buy |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protection 5-  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Credit |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Default Swap, |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bought Protection on |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/27 | 90.00% | 5-Year | Quarterly | Goldman Sachs International | 11/16/22 | NR | USD 0.90 | USD | 10890 | $6076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buy |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protection 5- |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Credit |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Default Swap, |  | Bought Protection on |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/27 | 90.00% | 5-Year | Quarterly | Barclays Bank PLC | 11/16/22 | NR | USD 0.90 | USD | 13925 | 8354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buy |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protection 5- |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Credit |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Default Swap, |  | Bought Protection on |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/27 | 90.00% | 5-Year | Quarterly | Goldman Sachs International | 11/16/22 | NR | USD 0.90 | USD | 6805 | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buy |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protection 5- |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Credit |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Default Swap, |  | Bought Protection on |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/27 | 91.00% | 5-Year | Quarterly | Goldman Sachs International | 11/16/22 | NR | USD 0.91 | USD | 10065 | 6703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buy |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protection 5- |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Credit |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Default Swap, |  | Bought Protection on |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/27 | 93.50% | 5-Year | Quarterly | Morgan Stanley & Co. International PLC | 11/16/22 | NR | USD 0.94 | USD | 9830 | 9654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buy |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protection 5- |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year Credit |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Default Swap, |  | Bought Protection on |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/27 | 94.00% | 5-Year | Quarterly | Barclays Bank PLC | 11/16/22 | NR | USD 0.94 | USD | 7160 | 7924 |
|  |  |  |  |  |  |  |  |  |  | 42794 |

---

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. 

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Expiration* | *Exercise* | *Notional* | *Notional* |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Date* | *Rate* | *Amount (000)* | *Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 03/18/24 | 3-Month<br>LIBOR, 4.46% | Quarterly | 0.80% | Semi-Annual | Morgan Stanley & Co. International PLC | 03/16/23 | 0.80% | USD | 1362004 | $6851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 10/26/33 | 1-Day SOFR,<br>3.06% | Quarterly | 3.05% | Semi-Annual | Citibank N.A. | 10/24/23 | 3.05 | USD | 113447 | 2068749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/01/33 | 1-Day SOFR,<br>3.06% | Quarterly | 2.90% | Semi-Annual | JPMorgan Chase Bank N.A. | 10/30/23 | 2.90 | USD | 113447 | 1725608 |
|  |  |  |  |  |  |  |  |  |  | 3801208 |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 02/11/24 | 3.75% | Semi-Annual | 1-Day SOFR,<br>3.06% | Quarterly | Goldman Sachs International | 02/09/23 | 3.75 | USD | 951741 | 10744511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 04/03/24 | 2.47% | Annual | 1-Day SONIA,<br>2.18% | Annual | Goldman Sachs International | 04/03/23 | 2.47 | GBP | 512248 | 13454373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/04/24 | 1.00% | Annual | 6-Month<br>EURIBOR,<br>2.13% | Semi-Annual | Goldman Sachs International | 05/02/23 | 1.00 | EUR | 706928 | 14469489 |

---

40 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**OTC Interest Rate Swaptions Purchased (continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  | *Expiration* | *Exercise* | *Notional* | *Notional* |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Date* | *Rate* | *Amount (000)* | *Amount (000)* | *Value* |
| Put (continued) | Put (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 10/26/33 | 4.55% | Semi-Annual | 1-Day SOFR,<br> 3.06% | Quarterly | Citibank N.A. | 10/24/23 | 4.55% | USD | 113447 | $2095286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/01/33 | 4.40% | Semi-Annual | 1-Day SOFR,<br>3.06% | Quarterly | JPMorgan Chase Bank N.A. | 10/30/23 | 4.40 | USD | 113447 | 2443392 |
|  |  |  |  |  |  |  |  |  |  | 43207051 |
|  |  |  |  |  |  |  |  |  |  | $47008259 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 1034 | 11/11/22 | USD | 150.00 | USD | 15138 | $(133903) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Volatility Index | 695 | 11/16/22 | USD | 75.00 | USD | 1799 | (3475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1819 | 11/18/22 | USD | 130.00 | USD | 17219 | (4548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1244 | 11/18/22 | USD | 185.00 | USD | 19075 | (4354) |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 325 | 11/18/22 | GBP | 26.00 | GBP | 7572 | (25091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | 3022 | 11/18/22 | USD | 45.00 | USD | 13028 | (105769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 687 | 11/18/22 | USD | 380.00 | USD | 24876 | (376132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 750 | 11/18/22 | USD | 305.00 | USD | 17410 | (2625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | 112 | 11/18/22 | GBP | 56.00 | GBP | 5305 | (12068) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup>  | 2378 | 11/18/22 | USD | 185.00 | USD | 36124 | (2378) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 2706 | 11/18/22 | USD | 430.00 | USD | 104508 | (58179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 353 | 11/18/22 | USD | 350.00 | USD | 8032 | (2295) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 466 | 11/18/22 | USD | 360.00 | USD | 10603 | (2563) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 918 | 12/16/22 | USD | 155.00 | USD | 13440 | (191862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 1964 | 12/16/22 | USD | 45.00 | USD | 7665 | (307366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1639 | 12/16/22 | USD | 150.00 | USD | 15515 | (8195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 1525 | 12/16/22 | USD | 150.00 | USD | 15622 | (10675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1233 | 12/16/22 | USD | 180.00 | USD | 18907 | (54252) |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc. | 1163 | 12/16/22 | USD | 110.00 | USD | 14047 | (1785205) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. | 1028 | 12/16/22 | USD | 100.00 | USD | 7446 | (25700) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 703 | 12/16/22 | USD | 390.00 | USD | 25455 | (534280) |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 3053 | 12/16/22 | USD | 48.00 | USD | 12774 | (419787) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 13422 | 12/16/22 | USD | 34.00 | USD | 28119 | (40266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 761 | 12/16/22 | USD | 295.00 | USD | 17665 | (17884) |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 1287 | 12/16/22 | USD | 185.00 | USD | 20925 | (366151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 3513 | 12/16/22 | USD | 65.00 | USD | 19543 | (52695) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold Shares<sup>(a)</sup>  | 2021 | 12/16/22 | USD | 185.00 | USD | 30701 | (8084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 837 | 12/16/22 | USD | 350.00 | USD | 19045 | (33899) |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 1367 | 12/16/22 | USD | 75.00 | USD | 9856 | (298006) |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 372 | 12/16/22 | USD | 600.00 | USD | 20652 | (151590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 493 | 12/16/22 | USD | 215.00 | USD | 10213 | (245267) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 916 | 01/20/23 | USD | 165.00 | USD | 13410 | (104424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 1421 | 01/20/23 | USD | 110.00 | USD | 13781 | (174783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. PLC, Class A | 131 | 01/20/23 | USD | 250.00 | USD | 2656 | (119865) |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 1141 | 01/20/23 | USD | 125.00 | USD | 12124 | (410760) |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 1539 | 01/20/23 | USD | 150.00 | USD | 19405 | (340119) |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 821 | 01/20/23 | USD | 85.00 | USD | 6312 | (248352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog Inc., Class A | 1037 | 01/20/23 | USD | 100.00 | USD | 8349 | (409615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 1331 | 01/20/23 | USD | 40.00 | USD | 4690 | (259545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 373 | 01/20/23 | USD | 430.00 | USD | 13506 | (107051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 1493 | 01/20/23 | USD | 97.00 | USD | 13437 | (452379) |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 2461 | 01/20/23 | USD | 50.00 | USD | 10297 | (449132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 1927 | 01/20/23 | USD | 95.00 | USD | 21353 | (3444512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 386 | 01/20/23 | USD | 320.00 | USD | 11431 | (283710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 179 | 01/20/23 | USD | 640.00 | USD | 9990 | (100240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 1730 | 01/20/23 | USD | 100.00 | USD | 17508 | (882300) |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc. | 192 | 01/20/23 | USD | 220.00 | USD | 3514 | (247680) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Exchange-Traded Options Written (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 1367 | 01/20/23 | USD | 80.00 | USD | 9856 | $(203683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 1687 | 01/20/23 | USD | 120.00 | USD | 21180 | (2306972) |
|  |  |  |  |  |  |  | (15829666) |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | 3270 | 11/04/22 | USD | 245.00 | USD | 90890 | (8175) |
| &nbsp;&nbsp;&nbsp;&nbsp; InvesCo QQQ Trust, Series 1 | 17188 | 11/04/22 | USD | 265.00 | USD | 477740 | (1220348) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 5944 | 11/11/22 | USD | 360.00 | USD | 229563 | (537932) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1046 | 11/18/22 | USD | 95.00 | USD | 10349 | (108784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1819 | 11/18/22 | USD | 95.00 | USD | 17219 | (577532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1981 | 11/18/22 | USD | 90.00 | USD | 18752 | (264463) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1244 | 11/18/22 | USD | 135.00 | USD | 19075 | (55358) |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 651 | 11/18/22 | GBP | 19.60 | GBP | 15167 | (230353) |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Select Sector SPDR Fund | 8794 | 11/18/22 | USD | 60.00 | USD | 63968 | (61558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Delphi Automotive PLC | 699 | 11/18/22 | USD | 82.50 | USD | 6366 | (104850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 1175 | 11/18/22 | USD | 35.00 | USD | 4141 | (252625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. | 38 | 11/18/22 | USD | 220.00 | USD | 440 | (395960) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 3993 | 11/18/22 | USD | 17.00 | USD | 8365 | (23958) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 718 | 11/18/22 | USD | 63.00 | USD | 5272 | (22258) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 783 | 11/18/22 | USD | 65.00 | USD | 5750 | (3524) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | 457 | 11/18/22 | USD | 90.00 | USD | 4632 | (4113) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | 261 | 11/18/22 | USD | 89.00 | USD | 2645 | (19575) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | 342 | 11/18/22 | USD | 140.00 | USD | 6270 | (1539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica Inc. | 657 | 11/18/22 | USD | 290.00 | USD | 21618 | (156038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 750 | 11/18/22 | USD | 220.00 | USD | 17410 | (205875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 205 | 11/18/22 | USD | 430.00 | USD | 11255 | (31775) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC, ADR | 224 | 11/18/22 | GBP | 41.65 | GBP | 10610 | (101911) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 1646 | 11/18/22 | USD | 340.00 | USD | 63570 | (66663) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 3639 | 11/18/22 | USD | 330.00 | USD | 140542 | (92795) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 589 | 11/18/22 | USD | 350.00 | USD | 22748 | (45648) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 595 | 11/18/22 | USD | 250.00 | USD | 22979 | (893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 773 | 11/18/22 | USD | 240.00 | USD | 17589 | (1435847) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 353 | 11/18/22 | USD | 220.00 | USD | 8032 | (289460) |
| &nbsp;&nbsp;&nbsp;&nbsp; VanEck Vectors Semiconductor ETF | 301 | 11/18/22 | USD | 110.00 | USD | 5696 | (2107) |
| &nbsp;&nbsp;&nbsp;&nbsp; VanEck Vectors Semiconductor ETF | 422 | 11/18/22 | USD | 130.00 | USD | 7985 | (1477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 1803 | 11/18/22 | USD | 95.00 | USD | 19209 | (161369) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 918 | 12/16/22 | USD | 125.00 | USD | 13440 | (55539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. | 242 | 12/16/22 | USD | 260.00 | USD | 7708 | (79255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 398 | 12/16/22 | USD | 220.00 | USD | 9966 | (98505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 1108 | 12/16/22 | USD | 30.00 | USD | 4325 | (75898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1639 | 12/16/22 | USD | 90.00 | USD | 15515 | (443349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 1525 | 12/16/22 | USD | 100.00 | USD | 15622 | (735812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 1491 | 12/16/22 | USD | 105.00 | USD | 15274 | (1069792) |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1233 | 12/16/22 | USD | 130.00 | USD | 18907 | (142412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot Oil & Gas Corp. | 1971 | 12/16/22 | USD | 26.00 | USD | 6136 | (103478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 1394 | 12/16/22 | USD | 65.00 | USD | 11106 | (75973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG | 4712 | 12/16/22 | EUR | 7.20 | EUR | 3815 | (100118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 333 | 12/16/22 | USD | 440.00 | USD | 16700 | (167333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A | 406 | 12/16/22 | USD | 150.00 | USD | 6545 | (354235) |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 234 | 12/16/22 | USD | 290.00 | USD | 7774 | (85410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. | 1028 | 12/16/22 | USD | 70.00 | USD | 7446 | (264710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 2061 | 12/16/22 | USD | 75.00 | USD | 18549 | (150453) |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 3053 | 12/16/22 | USD | 35.00 | USD | 12774 | (335830) |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 1511 | 12/16/22 | USD | 33.00 | USD | 5931 | (80839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 586 | 12/16/22 | USD | 260.00 | USD | 17353 | (208030) |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 187 | 12/16/22 | EUR | 520.00 | EUR | 11949 | (61447) |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 176 | 12/16/22 | EUR | 550.00 | EUR | 11246 | (117404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 750 | 12/16/22 | USD | 215.00 | USD | 17410 | (326250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 761 | 12/16/22 | USD | 220.00 | USD | 17665 | (439477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. | 406 | 12/16/22 | USD | 150.00 | USD | 6967 | (150220) |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 1287 | 12/16/22 | USD | 130.00 | USD | 20925 | (194337) |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP Investor Relations, ADR | 742 | 12/16/22 | USD | 80.00 | USD | 7128 | (42665) |

---

42 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Exchange-Traded Options Written (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger NV | 1626 | 12/16/22 | USD | 45.00 | USD | 8460 | $(172356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 3513 | 12/16/22 | USD | 45.00 | USD | 19543 | (96608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG, Registered Shares | 1635 | 12/16/22 | EUR | 88.00 | EUR | 18090 | (147845) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 3838 | 12/16/22 | USD | 370.00 | USD | 148227 | (2899609) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 583 | 12/16/22 | USD | 340.00 | USD | 22516 | (130009) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 493 | 12/16/22 | USD | 315.00 | USD | 19040 | (40180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 837 | 12/16/22 | USD | 220.00 | USD | 19045 | (1188540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. | 686 | 12/16/22 | USD | 200.00 | USD | 15609 | (526505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 699 | 12/16/22 | USD | 170.00 | USD | 14480 | (55571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 493 | 12/16/22 | USD | 175.00 | USD | 10213 | (52258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 897 | 12/16/22 | USD | 95.00 | USD | 9557 | (181194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1753 | 01/20/23 | USD | 95.00 | USD | 17344 | (556577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1060 | 01/20/23 | USD | 90.00 | USD | 10488 | (201400) |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 916 | 01/20/23 | USD | 125.00 | USD | 13410 | (135110) |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. | 60 | 01/20/23 | USD | 400.00 | USD | 1911 | (493500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. | 269 | 01/20/23 | USD | 180.00 | USD | 5227 | (318765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 2440 | 01/20/23 | USD | 80.00 | USD | 23097 | (381860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet Inc., Class C | 1760 | 01/20/23 | USD | 100.00 | USD | 16660 | (1496000) |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 1264 | 01/20/23 | USD | 47.50 | USD | 7434 | (53088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 64 | 01/20/23 | USD | 1700.00 | USD | 11965 | (481920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 3500 | 01/20/23 | USD | 30.00 | USD | 11109 | (448000) |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 1364 | 01/20/23 | USD | 82.50 | USD | 12917 | (182094) |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 1142 | 01/20/23 | USD | 80.00 | USD | 10815 | (113058) |
| &nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc. | 1288 | 01/20/23 | USD | 80.00 | USD | 15556 | (135240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 1180 | 01/20/23 | USD | 35.00 | USD | 4158 | (395300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 371 | 01/20/23 | USD | 260.00 | USD | 13434 | (56392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 1493 | 01/20/23 | USD | 70.00 | USD | 13437 | (134370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 963 | 01/20/23 | USD | 65.00 | USD | 10671 | (16371) |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 3504 | 01/20/23 | USD | 25.00 | USD | 11104 | (269808) |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore International PLC | 1180 | 01/20/23 | GBP | 4.41 | GBP | 6071 | (202104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 289 | 01/20/23 | USD | 440.00 | USD | 16129 | (60690) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 199 | 01/20/23 | USD | 370.00 | USD | 8507 | (245765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 3565 | 01/20/23 | USD | 25.00 | USD | 10855 | (336892) |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 335 | 01/20/23 | USD | 360.00 | USD | 13044 | (313225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 1035 | 01/20/23 | USD | 77.50 | USD | 10474 | (23805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 3231 | 01/20/23 | USD | 47.50 | USD | 17480 | (720513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1238 | 01/20/23 | USD | 65.00 | USD | 8745 | (194985) |
| &nbsp;&nbsp;&nbsp;&nbsp; salesforce.com, Inc. | 1297 | 01/20/23 | USD | 160.00 | USD | 21088 | (1410487) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. | 223 | 01/20/23 | USD | 450.00 | USD | 9383 | (1097160) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | 7393 | 01/20/23 | USD | 50.00 | USD | 47278 | (295720) |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 819 | 01/20/23 | USD | 110.00 | USD | 10011 | (260032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 844 | 01/20/23 | USD | 75.00 | USD | 10596 | (44732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 819 | 01/20/23 | USD | 180.00 | USD | 16966 | (227273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 1343 | 01/20/23 | USD | 100.00 | USD | 14308 | (587562) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics, Inc. | 825 | 01/20/23 | USD | 45.00 | USD | 4269 | (158813) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Semiconductor ETF | 290 | 03/17/23 | USD | 290.00 | USD | 9468 | (445150) |
|  |  |  |  |  |  |  | (30427970) |
|  |  |  |  |  |  |  | $(46257636) |

---

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

**OTC Barrier Options Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Price* | *Exercise<br>Price* | *Barrier<br>Price/Range* | *Barrier<br>Price/Range* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | Down-and-in | Citibank N.A. | 11/01/22 | USD | 1.03 | USD | 0.98 | GBP | 38798 | $(45) |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | One Touch | HSBC Bank PLC | 12/23/22 | USD | 1.00 | USD | 1.00 | GBP | 3558 | (69407) |
|  |  |  |  |  |  |  |  |  |  | $(69452) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 43

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**OTC Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Goldman Sachs International | 11/11/22 | CNH | 7.15 | USD | 118216 | $(3043245) |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. | 11/23/22 | USD | 0.95 | EUR | 112968 | (152277) |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | JPMorgan Chase Bank N.A. | 11/25/22 | CHF | 0.91 | EUR | 85216 | (3200) |
|  |  |  |  |  |  |  | (155477) |
|  |  |  |  |  |  |  | $(3198722) |

---

**OTC Credit Default Swaptions Written** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Paid by the Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Received by the Fund*  |  | *Counterparty* | *Expiration<br>Date* | *Credit<br>Rating<sup>(a)</sup>* | *Exercise<br>Price* | *Notional <br>Amount (000)*<sup>(b)</sup> | *Value* |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Expiration<br>Date* | *Credit<br>Rating<sup>(a)</sup>* | *Exercise<br>Price* | *Notional <br>Amount (000)*<sup>(b)</sup> | *Value* |
|  Put |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold Protection 5-Year Credit Default Swap, 06/20/27 | Sold Protection on 5-Year | 85.00% | Quarterly | Goldman Sachs International | 11/16/22 | NR | USD 0.85 | USD 10,890 | $(4224) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sold Protection 5-Year Credit Default Swap, 12/20/27 | Sold Protection on 5-Year | 85.00% | Quarterly | Barclays Bank PLC | 11/16/22 | NR | USD 0.85 | USD 13,925 | (5364) |
|  |  |  |  |  |  |  |  |  | (9588) |

---

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. 

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 02/17/25 | 1.40% | Semi-Annual | 1-Day SOFR,<br>3.06% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International PLC | 02/15/23 | 1.40% | USD | 526237 | $(14208) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 03/18/24 | 0.40% | Semi-Annual | 3-Month<br>LIBOR, 4.46% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International PLC | 03/16/23 | 0.40 | USD | 1362004 | (4345) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 03/18/24 | 0.60% | Semi-Annual | 3-Month<br> LIBOR, 4.46% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International PLC | 03/16/23 | 0.60 | USD | 1362004 | (5434) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 10/26/25 | 3.09% | Semi-Annual | 1-Day SOFR,<br>3.06% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A. | 10/24/23 | 3.09 | USD | 453789 | (1832407) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 11/01/25 | 2.95% | Semi-Annual | 1-Day SOFR,<br>3.06% | Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A. | 10/30/23 | 2.95 | USD | 453789 | (1623791) |
|  |  |  |  |  |  |  |  |  |  | (3480185) |
| Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/04/32 | 1-Day SOFR,<br>3.06% | Quarterly | 2.92% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 11/02/22 | 2.92 | USD | 121431 | (9246910) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/12/32 | 1-Day SOFR,<br> 3.06% | Quarterly | 2.90% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 11/10/22 | 2.90 | USD | 193694 | (15050927) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/25/32 | 1-Day SOFR,<br> 3.06% | Quarterly | 3.20% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 11/23/22 | 3.20 | USD | 115865 | (6226191) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 02/11/24 | 1-Day SOFR,<br> 3.06% | Quarterly | 4.40% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 02/09/23 | 4.40 | USD | 1903481 | (11266417) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 02/17/25 | 1-Day SOFR,<br> 3.06% | Quarterly | 2.60% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International PLC | 02/15/23 | 2.60 | USD | 526237 | (19044872) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 02/17/25 | 1-Day SOFR,<br>3.06% | Quarterly | 2.70% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International PLC | 02/15/23 | 2.70 | USD | 526237 | (18082010) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 03/09/24 | 1-Day SOFR,<br> 3.06% | Quarterly | 4.50% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 03/07/23 | 4.50 | USD | 935485 | (5106532) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 03/10/25 | 1-Day SOFR,<br> 3.06% | Quarterly | 4.03% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 03/08/23 | 4.03 | USD | 945671 | (11355273) |

---

44 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**OTC Interest Rate Swaptions Written (continued)** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| | *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration<br>Date* | *Exercise<br>Rate* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  | Put (continued) |  |  |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/25/33 | 1-Day SOFR,<br>3.06% | Quarterly | 3.27% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 03/23/23 | 3.27% | USD | 195107 | $(10832584) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 04/03/24 | 1-Day SONIA,<br>2.18% | Annual | 3.22% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 04/03/23 | 3.22 | GBP | 1024497 | (18993661) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/08/33 | 1-Day SOFR,<br>3.06% | Quarterly | 3.40% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International PLC | 04/06/23 | 3.40 | USD | 129333 | (6288953) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/20/33 | 1-Day SOFR,<br>3.06%<br>6-Month | Quarterly | 3.45% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley & Co. International PLC | 04/18/23 | 3.45 | USD | 126946 | (5911155) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/04/24 | EURIBOR,<br>2.13% | Semi-Annual | 1.75% | Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 05/02/23 | 1.75 | EUR | 1413856 | (19060947) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 05/07/33 | 1-Day SOFR,<br>3.06% | Quarterly | 3.75% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A. | 05/05/23 | 3.75 | USD | 123769 | (4151579) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 05/13/33 | 1-Day SOFR,<br>3.06% | Quarterly | 3.57% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International | 05/11/23 | 3.57 | USD | 117509 | (4895071) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 10/26/25 | 1-Day SOFR,<br>3.06% | Quarterly | 5.09% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A. | 10/24/23 | 5.09 | USD | 453789 | (1983791) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 11/01/25 | 1-Day SOFR,<br>3.06% | Quarterly | 4.95% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A. | 10/30/23 | 4.95 | USD | 453789 | (2275191) |
|  |  |  |  |  |  |  |  |  |  |  | (169772064) |
|  |  |  |  |  |  |  |  |  |  |  | $(173252249) |

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Paid<br>by the Fund* | *Payment<br>Frequency* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| AVIS Budget Group Inc. | 5.00% | Quarterly | 12/20/26 | USD | 12271 | $(651732) | $(1469161) | $817429 |
| CDX.NA.HY.37.V2 | 5.00 | Quarterly | 12/20/26 | USD | 157445 | (4157787) | (9205366) | 5047579 |
| iTraxx.XO.36.V1 | 5.00 | Quarterly | 12/20/26 | EUR | 44909 | (284431) | (2283878) | 1999447 |
| CDX.NA.IG.39.V1 | 1.00 | Quarterly | 12/20/27 | USD | 18263 | (101704) | (26533) | (75171) |
|  |  |  |  |  |  | $(5195654) | $(12984938) | $7789284 |

---

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | <br> **<br>| *Financing*<br> *Rate Received<br>by the Fund* | *Payment Frequency* | *Termination<br>Date* | *Credit <br>Rating<sup>(a)</sup>* | *Notional<br>Amount (000)* | *<br><sup>(b)</sup>* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  CDX.NA.HY.39.V1 |  | 5.00% | Quarterly | 12/20/27 | B+ | USD 13,728 |  | $(24167) | $(579544) | $555377 |
|  iTraxx.XO.38.V1 |  | 5.00 | Quarterly | 12/20/27 | B | EUR 54,621 |  | (856696) | (1935149) | 1078453 |
|  |  |  |  |  |  |  |  | $(880863) | $(2514693) | $1633830 |

---

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. 

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination<br>Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination<br>Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Eurostat Eurozone HICP ex Tobacco NSA | Monthly | 2.69% | Monthly | 08/15/32 | EUR | 14565 | $(24958) | $303 | $(25261) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 45

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective<br>Date* | *Termination<br>Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| | *Rate* | *Frequency* | <br> *Rate* | *Frequency* | *Effective<br>Date* | *Termination<br>Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  | 1-Month MXIBOR, 9.60% | Monthly | 4.42% | Monthly | N/A | 02/28/23 | MXN | 958091 | $(1094783) | $50 | $(1094833) |
|  | 1-Month MXIBOR, 9.60% | Monthly | 4.50% | Monthly | N/A | 03/03/23 | MXN | 957790 | (1085280) | 51 | (1085331) |
|  | 1-Month MXIBOR, 9.60% | Monthly | 4.68% | Monthly | N/A | 02/27/24 | MXN | 679790 | (2620048) | 109 | (2620157) |
|  | 1-Month MXIBOR, 9.60% | Monthly | 4.86% | Monthly | N/A | 03/01/24 | MXN | 679790 | (2540779) | 109 | (2540888) |
|  | 1-Day SOFR, 3.06% | Annual | 2.65% | Annual | N/A | 05/02/24 | USD | 1549701 | (40042944) | 253810 | (40296754) |
|  | 0.53% | Semi-Annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 06/06/24 | USD | 204209 | 14421555 | 1276 | 14420279 |
|  | 1-Day SONIA, 2.18% | Monthly | 4.26% | Monthly | N/A | 09/06/24 | GBP | 521418 | (3344463) | 1651 | (3346114) |
|  | 2.00% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 02/17/25 | USD | 148033 | 6964370 | 655 | 6963715 |
|  | 2.72% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 05/02/25 | USD | 1840036 | 66045305 | (441724) | 66487029 |
|  | 1-Month MXIBOR, 9.60% | Monthly | 6.48% | Monthly | N/A | 08/12/26 | MXN | 580343 | (2757047) | 275 | (2757322) |
|  | 1-Month MXIBOR, 9.60% | Monthly | 6.43% | Monthly | N/A | 08/13/26 | MXN | 801213 | (3869939) | 380 | (3870319) |
|  | 1-Month MXIBOR, 9.60% | Monthly | 6.47% | Monthly | N/A | 08/13/26 | MXN | 796887 | (3800466) | 377 | (3800843) |
|  | 1-Month MXIBOR, 9.60% | Monthly | 6.42% | Monthly | N/A | 08/14/26 | MXN | 649632 | (3149667) | 306 | (3149973) |
|  | 1-Month MXIBOR, 9.60% | Monthly | 6.44% | Monthly | N/A | 08/14/26 | MXN | 394136 | (1894910) | 186 | (1895096) |
|  | 1-Month MXIBOR, 9.60% | Monthly | 6.42% | Monthly | N/A | 08/17/26 | MXN | 585216 | (2829115) | 271 | (2829386) |
|  | 1-Day SOFR, 3.06% | Annual | 2.67% | Annual | N/A | 05/02/27 | USD | 205746 | (11011593) | (139586) | (10872007) |
|  | 1-Day SOFR, 3.06% | Annual | 2.91% | Annual | N/A | 10/06/27 | USD | 259533 | (12879230) | 2348 | (12881578) |
|  | 1.08% | Semi-Annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 08/17/30 | USD | 26559 | 5520410 | 3435272 | 2085138 |
|  | 0.02% | Annual | 6-Month EURIBOR, 2.13% | Semi-Annual | N/A | 08/26/31 | EUR | 103788 | 23535083 | 2106 | 23532977 |
|  | 1-Day SOFR, 3.06% | Annual | 2.65% | Annual | N/A | 05/02/32 | USD | 839546 | (75355880) | 750633 | (76106513) |
|  | 2.58% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 05/24/32 | USD | 159068 | 15466115 | (150681) | 15616796 |
|  | 2.60% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 05/26/32 | USD | 26061 | 2494082 | 399 | 2493683 |
|  | 1-Day SOFR, 3.06% | Annual | 3.47% | Annual | N/A | 10/04/32 | USD | 111214 | (3262734) | 1724 | (3264458) |
|  | 1-Day SOFR, 3.06% | Annual | 3.42% | Annual | N/A | 10/05/32 | USD | 53594 | (1802932) | 857 | (1803789) |
|  | 1-Day SOFR, 3.06% | Annual | 3.05% | Annual | N/A | 10/28/32 | USD | 118850 | (7636194) | 1910 | (7638104) |
|  | 1-Day SOFR, 3.06% | Annual | 2.88% | Annual | N/A | 11/02/32 | USD | 120735 | (9449010) | 1942 | (9450952) |
|  | 2.61% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 05/02/42 | USD | 19667 | 2955447 | 47522 | 2907925 |
|  | 2.43% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 05/02/52 | USD | 577068 | 104021902 | (1258018) | 105279920 |
|  |  |  |  |  |  |  |  |  | $50997255 | $2514210 | $48483045 |

---

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing<br>Rate Paid*<br> *by the Fund* | *Payment<br>Frequency* | *Counterparty* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Bombardier, Inc. | 5.00% | Quarterly | Barclays Bank PLC | 06/20/23 | USD | 8698 | $(206109) | $310113 | $(516222) |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/24 | USD | 410 | 67429 | 45057 | 22372 |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Goldman Sachs<br>International | 06/20/24 | USD | 410 | 67429 | 45111 | 22318 |
|  Staples Inc. | 5.00 | Quarterly | Barclays Bank PLC | 06/20/24 | USD | 790 | 89894 | 75412 | 14482 |
|  Pitney Bowes, Inc. | 1.00 | Quarterly | Goldman Sachs<br>International | 06/20/25 | USD | 800 | 201820 | 220081 | (18261) |
|  Ford Motor Company | 5.00 | Quarterly | Citibank N.A. | 06/20/27 | USD | 745 | (46672) | (33830) | (12842) |
|  General Electric Co. | 1.00 | Quarterly | Goldman Sachs<br>International | 06/20/27 | USD | 3320 | 14071 | 63402 | (49331) |
|  Borgwarner Inc. | 1.00 | Quarterly | BNP Paribas S.A. | 12/20/27 | USD | 1330 | 13290 | 19010 | (5720) |
|  Ford Motor Company | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 2870 | (178757) | (169370) | (9387) |
|  Ford Motor Company | 5.00 | Quarterly | Goldman Sachs<br>International | 12/20/27 | USD | 830 | (51696) | (26123) | (25573) |
|  Ford Motor Company | 5.00 | Quarterly | Morgan Stanley & Co.<br>International PLC | 12/20/27 | USD | 1695 | (105572) | (74674) | (30898) |
|  |  |  |  |  |  |  | $(134873) | $474189 | $(609062) |

---

46 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  1-Day BZDIOVER, 0.05% | Monthly | 9.39% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A. | N/A | 01/02/25 | BRL | 289615 | $(3495811) | $— | $(3495811) |
|  1-Day BZDIOVER, 0.05% | Monthly | 9.42% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A. | N/A | 01/02/25 | BRL | 315948 | (3751676) |  | (3751676) |
|  1-Day BZDIOVER, 0.05% | Monthly | 9.54% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A. | N/A | 01/02/25 | BRL | 314783 | (3492487) |  | (3492487) |
|  |  |  |  |  |  |  |  |  | $(10739974) | $— | $(10739974) |

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| | *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  | 1-Day SOFR minus 1.70%, 3.06% | Monthly | iShares iBoxx $ High<br>Yield Corporate<br>Bond ETF | Monthly | BNP Paribas S.A. | N/A | 12/16/22 | USD | 13478 | $(284364) | $— | $(284364) |
|  | 1-Day SOFR minus 1.25%, 3.06% | Quarterly | iShares iBoxx $ High Yield<br>Corporate Bond ETF | Quarterly | Goldman Sachs International | N/A | 12/16/22 | USD | 39282 | (668537) |  | (668537) |
|  | 1-Day SOFR minus 1.70%, 3.06% | Quarterly | iShares iBoxx $ High Yield<br>Corporate Bond ETF | Quarterly | JPMorgan Chase Bank N.A. | N/A | 12/16/22 | USD | 18918 | (222175) |  | (222175) |
|  | 1-Day SOFR minus 1.80%, 3.06% | Monthly | iShares iBoxx $ High<br>Yield Corporate Bond ETF | Monthly | Merrill Lynch International | N/A | 12/16/22 | USD | 31168 | (453014) |  | (453014) |
|  | 1-Day SOFR minus 0.45%, 3.06% | Quarterly | SPDR Bloomberg<br>High Yield Bond ETF | Quarterly | Barclays Bank PLC | N/A | 12/16/22 | USD | 9161 | (208035) |  | (208035) |
|  | 1-Day SOFR minus 0.20%, 3.06% | Monthly | SPDR Bloomberg<br>High Yield Bond ETF | Monthly | BNP Paribas S.A. | N/A | 12/16/22 | USD | 42316 | (1168017) |  | (1168017) |
|  | 1-Day SOFR plus 0.15%, 3.06% | Quarterly | SPDR Bloomberg<br>High Yield Bond ETF | Monthly | Citibank N.A. | N/A | 12/16/22 | USD | 16443 | (330007) |  | (330007) |
|  | 1-Day SOFR minus 0.25%, 3.06% | Quarterly | SPDR Bloomberg<br>High Yield Bond ETF | Monthly | Goldman Sachs International | N/A | 12/16/22 | USD | 3782 | (84041) |  | (84041) |
|  | Pitney Bowes, Inc. | Quarterly | 1-Day SOFR minus<br>0.25%, 3.06% | Quarterly | Citibank N.A. | N/A | 12/27/22 | USD | 54 | (15509) |  | (15509) |
|  |  |  |  |  |  |  |  |  |  | $(3433699) | $— | $(3433699) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 47

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment <br>Frequency* | *Counterparty<sup>(a)</sup>* | *Termination*<br> *Date* | *Net Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of*<br> *Reference*<br> *Entity* | *Gross*<br> *Notional*<br> *Amount*<br> *Net Asset*<br> *Percentage* |
|  Equity Securities Short | Monthly | Citibank N.A.<sup>(b)</sup> | 02/24/23 – 02/27/23 | $(76629661) | $(1496171)<sup>(c)</sup> | $(78167508) | 0.4% |
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(d)</sup> | 02/08/23 | (94813054) | (3627893)<sup>(e)</sup> | (98603207) | 0.5 |
|  |  |  |  |  | $(5124064) | $(176770715) |  |

---

<sup>(a)</sup> The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. 

<sup>(c)</sup> Amount includes $41,676 of net dividends and financing fees. 

<sup>(e)</sup> Amount includes $162,260 of net dividends and financing fees. 

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

---

| | | |
|:---|:---|:---|
|  | (b) | (d) |
| **Range:** | 15-112 basis points | 15-275 basis points |
| **Benchmarks:** | USD - 1D Overnight Bank Funding Rate (OBFR01) | USD - 1D Overnight Bank Funding Rate (OBFR01) |

---

The following table represents the individual short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination dates February 24, 2023 and February 27, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil** |  |  |  |
|  Cia de Saneamento Basico do Estado de Sao Paulo | (48254) | $(561430) | 0.7% |
| **China** |  |  |  |
|  Bilibili, Inc., Class Z | (179980) | (1603873) | 2 |
|  China Vanke Co., Ltd., Class H | (1367022) | (1754336) | 2.2 |
|  Kuaishou Technology | (142400) | (588092) | 0.8 |
|  Longfor Group Holdings Ltd. | (406000) | (517319) | 0.7 |
|  |  | (4463620) |  |
| **Germany** |  |  |  |
|  Beiersdorf AG | (27971) | (2685081) | 3.4 |
|  Covestro AG | (59383) | (2015816) | 2.6 |
|  Siemens Healthineers AG | (55225) | (2529998) | 3.2 |
|  |  | (7230895) |  |
| **Hong Kong** |  |  |  |
|  China Overseas Land & Investment Ltd. | (799500) | (1527780) | 2 |
| **Italy** |  |  |  |
|  Leonardo SpA | (83826) | (673466) | 0.8 |
|  Nexi SpA | (87343) | (755122) | 1 |
|  |  | (1428588) |  |
| **Japan** |  |  |  |
|  ENEOS Holdings, Inc. | (341400) | (1126161) | 1.4 |
|  Lasertec Corp. | (4200) | (590146) | 0.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Money Forward, Inc. | (65400) | $(1850234) | 2.4% |
|  Open House Co. Ltd. | (33300) | (1184461) | 1.5 |
|  |  | (4751002) |  |
| **Netherlands** |  |  |  |
|  Just Eat Takeaway.com NV | (149783) | (2570288) | 3.3 |
|  Prosus NV | (34836) | (1506367) | 1.9 |
|  |  | (4076655) |  |
| **South Korea** |  |  |  |
|  HYBE Co. Ltd. | (7881) | (667107) | 0.9 |
|  Kakao Corp. | (44805) | (1589447) | 2 |
|  Ncsoft Corp. | (4910) | (1341311) | 1.7 |
|  |  | (3597865) |  |
| **Spain** |  |  |  |
|  Ferrovial SA | (34733) | (848817) | 1.1 |
| **Sweden** |  |  |  |
|  Electrolux AB, Class B | (142646) | (1759849) | 2.2 |
|  Fastighets AB Balder, B Shares | (610076) | (2290007) | 2.9 |
|  Saab AB, Class B | (11027) | (389628) | 0.5 |
|  Sagax AB, Class B | (23960) | (441519) | 0.6 |
|  Sweco AB, B Shares | (15920) | (119617) | 0.2 |
|  |  | (5000620) |  |
| **Switzerland** |  |  |  |
|  Adecco Group AG, Registered Shares | (42429) | (1327856) | 1.7 |
| **United States** |  |  |  |
|  Allstate Corp. | (16052) | (2026563) | 2.6 |
|  Caesars Entertainment, Inc. | (42175) | (1844313) | 2.4 |
|  CarMax, Inc. | (12796) | (806276) | 1 |
|  Coinbase Global, Inc., Class A | (66528) | (4407480) | 5.6 |
|  EPAM Systems, Inc. | (1419) | (496650) | 0.6 |
|  Etsy, Inc. | (17551) | (1648214) | 2.1 |
|  Ford Motor Co. | (61783) | (826039) | 1.1 |

---

48 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Illumina, Inc. | (14879) | $(3404613) | 4.4% |
|  Lamb Weston Holdings, Inc. | (27601) | (2379758) | 3.1 |
|  Las Vegas Sands Corp. | (49513) | (1881989) | 2.4 |
|  Lennar Corp., Class A | (26119) | (2107803) | 2.7 |
|  Norwegian Cruise Line Holdings Ltd. | (89275) | (1507855) | 1.9 |
|  Paramount Global, Class B | (161495) | (2958588) | 3.8 |
|  PPG Industries, Inc. | (21975) | (2509106) | 3.2 |
|  PulteGroup, Inc. | (84464) | (3377715) | 4.3 |
|  Quanta Services, Inc. | (12149) | (1725644) | 2.2 |
|  Snap, Inc., Class A | (54829) | (543355) | 0.7 |
|  Take-Two Interactive Software, Inc. | (26233) | (3108086) | 4.0 |
|  Teledyne Technologies, Inc. | (10958) | (4361065) | 5.6 |
|  Viatris, Inc. | (141290) | (1431268) | 1.8 |
|  |  | (43352380) |  |
|  **Net Value of Reference Entity — Citibank N.A** | **Net Value of Reference Entity — Citibank N.A** | $(78167508) |  |

---

The following table represents the individual short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date February 8, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket<br>Value* |
|  **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** |
|  **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  Allkem Ltd. | (91430) | $(844782) | 0.8% |
|  AMP Ltd. | (2985211) | (2407357) | 2.4 |
|  IDP Education Ltd. | (71475) | (1348504) | 1.4 |
|  OZ Minerals Ltd. | (100864) | (1561781) | 1.6 |
|  Pilbara Minerals Ltd. | (574086) | (1865922) | 1.9 |
|  |  | (8028346) |  |
| **Brazil** |  |  |  |
|  Localiza Rent a Car SA | (173417) | (2368180) | 2.4 |
|  Magazine Luiza SA | (3189862) | (2760368) | 2.8 |
|  |  | (5128548) |  |
| **Canada** |  |  |  |
|  Shaw Communications, Inc., Class B | (162713) | (4179049) | 4.2 |
| **China** |  |  |  |
|  China Southern Airlines Co., Ltd., Class H | (1358000) | (701059) | 0.7 |
|  Country Garden Holdings Co., Ltd. | (2267230) | (292227) | 0.3 |
|  Fuyao Glass Industry Group Co., Ltd., Class H | (113600) | (407109) | 0.4 |
|  Geely Automobile Holdings Ltd. | (451000) | (485358) | 0.5 |
|  Li Ning Co. Ltd. | (250000) | (1293230) | 1.3 |
|  Xiaomi Corp., Class B | (4658200) | (5231496) | 5.3 |
|  Zhuzhou CRRC Times Electric Co., Ltd. | (354000) | (1535830) | 1.6 |
|  |  | (9946309) |  |
| **Comoros** |  |  |  |
|  Shandong Gold Mining Co. Ltd., Class H | (1073750) | (1706641) | 1.7 |
| **Finland** |  |  |  |
|  Orion OYJ, Class B | (43607) | (2006716) | 2.0 |
| **France** |  |  |  |
|  Alstom SA | (63672) | (1310448) | 1.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket<br>Value* |
| **Germany** |  |  |  |
|  Delivery Hero SE | (56495) | $(1859188) | 1.9% |
|  Vonovia SE | (64897) | (1434912) | 1.4 |
|  |  | (3294100) |  |
| **Hong Kong** |  |  |  |
|  CK Asset Holdings Ltd. | (265500) | (1467834) | 1.5 |
| **Japan** |  |  |  |
|  Hitachi Metals Ltd. | (58900) | (860188) | 0.9 |
|  Olympus Corp. | (117600) | (2479536) | 2.5 |
|  Tokyo Electric Power Co. Holdings, Inc. | (231000) | (752497) | 0.8 |
|  |  | (4092221) |  |
| **Netherlands** |  |  |  |
|  Aegon NV | (565837) | (2619348) | 2.7 |
| **Poland** |  |  |  |
|  Inpost SA | (254388) | (1621627) | 1.7 |
| **South Korea** |  |  |  |
|  Iljin Materials Co., Ltd. | (20659) | (876611) | 0.9 |
|  Posco Chemical Co., Ltd. | (30234) | (4221539) | 4.3 |
|  |  | (5098150) |  |
| **Sweden** |  |  |  |
|  Swedish Match AB | (179024) | (1841242) | 1.9 |
| **Switzerland** |  |  |  |
|  Bachem Holding AG | (25155) | (1803766) | 1.8 |
| **United Kingdom** |  |  |  |
|  Ocado Group PLC | (256670) | (1391484) | 1.4 |
| **United States** |  |  |  |
|  Advanced Micro Devices, Inc. | (21060) | (1264860) | 1.3 |
|  DISH Network Corp., Class A | (221864) | (3307992) | 3.4 |
|  Dollar Tree, Inc. | (15943) | (2526966) | 2.6 |
|  DXC Technology Co. | (100194) | (2880578) | 2.9 |
|  Electronic Arts, Inc. | (16275) | (2049999) | 2.1 |
|  Fiserv, Inc. | (17785) | (1827231) | 1.8 |
|  International Business Machines Corp. | (36205) | (5006789) | 5.1 |
|  Marvell Technology, Inc. | (58712) | (2329692) | 2.4 |
|  Mohawk Industries, Inc. | (12613) | (1195082) | 1.2 |
|  PACCAR, Inc. | (32299) | (3127512) | 3.2 |
|  Paypal Holdings, Inc. | (14994) | (1253199) | 1.3 |
|  PerkinElmer, Inc. | (27567) | (3682400) | 3.7 |
|  Ross Stores, Inc. | (50520) | (4834259) | 4.9 |
|  STERIS PLC | (23738) | (4096704) | 4.1 |
|  Wynn Resorts Ltd. | (27462) | (1754822) | 1.8 |
|  Zoom Video Communications, Inc., Class A | (23097) | (1927214) | 1.9 |
|  |  | (43065299) |  |
|  |  | (98601128) |  |
| **Rights** |  |  |  |
| **Brazil** |  |  |  |
|  Localiza Rent a Car SA, (Expires 10/26/22, Strike Price BRL 50.35) | (532) | (2079) | 0.0 |
|  **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | $(98603207) |  |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 49

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Balances Reported in the Consolidated Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums*<br> *Paid* | *Swap*<br> *Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* | *Value* |
|  Centrally Cleared Swaps<sup>(a)</sup>  | $4504522 | $(17489640) | $249285747 | $(191404849) | $— |
|  OTC Swaps | 778186 | (303997) | 59172 | (19965971) |  |
|  Options Written | N/A | N/A | 31750152 | (148917829) | (222787647) |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $28288433 | $— | $129745027 | $— | $158033460 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 131823307 |  |  | 131823307 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup>  |  | 42794 | 55938111 | 6694628 | 47035103 | 1557736 | 111268372 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup>  |  | 9498285 |  |  | 239787462 |  | 249285747 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  | 837358 |  |  |  |  | 837358 |
|  | $— | $10378437 | $84226544 | $138517935 | $416567592 | $1557736 | $651248244 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $— | $— | $8545867 | $— | $136850642 | $— | $145396509 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 129550818 |  |  | 129550818 |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value |  | 9588 | 46257636 | 3268174 | 173252249 |  | 222787647 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup>  |  | 75171 |  |  | 191304417 | 25261 | 191404849 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  | 972231 | 8557763 |  | 10739974 |  | 20269968 |
|  | $— | $1056990 | $63361266 | $132818992 | $512147282 | $25261 | $709409791 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

<sup>(b)</sup> Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $76060851 | $— | $(12852917) | $— | $63207934 |
|  Forward foreign currency exchange contracts |  |  |  | (294899845) |  |  | (294899845) |
|  Options purchased<sup>(a)</sup>  |  | (229257) | (29141717) | 10760760 | (11392145) |  | (30002359) |

---

50 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  Options written | $— | $501645 | $57513086 | $889046 | $(15471510) | $— | $43432267 |
|  Swaps |  | (16215279) | 32981672 |  | 16830730 | (2) | 33597121 |
|  | $— | $(15942891) | $137413892 | $(283250039) | $(22885842) | $(2) | $(184664882) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $771723 | $— | $(18560658) | $— | $(117094009) | $— | $(134882944) |
| Forward foreign currency exchange contracts |  |  |  | 177322172 |  |  | 177322172 |
|  Options purchased<sup>(b)</sup>  |  | (434794) | (33223704) | (12460333) | 30119605 |  | (15999226) |
|  Options written |  | 70909 | 34868278 | 4655232 | (99186243) |  | (59591824) |
|  Swaps |  | 4897595 | (19101354) |  | 20420588 | (25261) | 6191568 |
|  | $771723 | $4533710 | $(36017438) | $169517071 | $(165740059) | $(25261) | $(26960254) |

---

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $5342267282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $3931950258 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $2705277002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $3911013347 |
| Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $69262962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $50261145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | $3183905552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | $11156178805 |
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | $276699868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $230678633 |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $3111159970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $3779156344 |
|  Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $7196929 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $187690097 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $15603566 | $11486551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 131823307 | 129550818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options | 111268372 <sup>(a)</sup> | 222787647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared |  | 9224381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup>  | 837358 | 20269968 |
|  Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | 259532603 | 393319365 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (68842423) | (66968568) |
|  Total derivative assets and liabilities subject to an MNA | $190690180 | $326350797 |

---

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Consolidated Statement of Assets and Liabilities and reported in the Consolidated Schedule of Investments.

<sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Consolidated Statement of Assets and Liabilities.

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 51

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

The following table presents the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | <br>| *Derivatives*<br> *Available*<br> *for Offset* | *Non-Cash*<br> *Collateral*<br> *Received* | *Cash*<br> *Collateral*<br> *Received* | <br>| *Net Amount*<br> *of Derivative*<br> *Assets* | <br>*<sup>(b)(c)</sup>*  |
|  Bank of America N.A. | $18392011 |  | $(2089891) | $— | $— |  | $16302120 |  |
|  Barclays Bank PLC | 3209812 |  | (3209812) |  |  |  |  |  |
|  BNP Paribas S.A. | 3372318 |  | (3372318) |  |  |  |  |  |
|  Citibank N.A. | 12315875 |  | (11520943) |  |  |  | 794932 |  |
|  Deutsche Bank AG | 632366 |  | (632366) |  |  |  |  |  |
|  Goldman Sachs International | 44627950 |  | (44627950) |  |  |  |  |  |
|  HSBC Bank PLC | 84081497 |  | (32856210) |  |  |  | 51225287 |  |
|  JPMorgan Chase Bank N.A. | 8919339 |  | (8919339) |  |  |  |  |  |
|  Morgan Stanley & Co. International PLC | 7255459 |  | (7255459) |  |  |  |  |  |
| UBS AG | 7883553 |  | (7883553) |  |  |  |  |  |
|  | $190690180 |  | $(122367841 | $— | $— |  | $68322339 |  |
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | <br>| *Derivatives*<br> *Available*<br> *for Offset* | *Non-Cash*<br> *Collateral*<br> *Pledged* | *Cash*<br> *Collateral*<br> *Pledged* | <br>| *Net Amount*<br> *of Derivative*<br> *Liabilities* | <br>*<sup>(b)(e)</sup>*  |
|  Bank of America N.A. | $2089891 |  | $(2089891) | $— | $— |  | $— |  |
|  Barclays Bank PLC | 21291888 |  | (3209812) |  |  |  | 18082076 |  |
|  BNP Paribas S.A. | 12553736 |  | (3372318) | (31460) |  |  | 9149958 |  |
|  Citibank N.A. | 11520943 |  | (11520943) |  |  |  |  |  |
|  Deutsche Bank AG | 3630822 |  | (632366) |  |  |  | 2998456 |  |
|  Goldman Sachs International | 115953848 |  | (44627950) | (797326) |  |  | 70528572 |  |
|  HSBC Bank PLC | 32856210 |  | (32856210) |  |  |  |  |  |
|  JPMorgan Chase Bank N.A. | 41521783 |  | (8919339) | (98917) |  |  | 32503527 |  |
|  Merrill Lynch International | 453014 |  |  | (7820) |  |  | 445194 |  |
|  Morgan Stanley & Co. International PLC | 52403904 |  | (7255459) | (515994) |  |  | 44632451 |  |
|  UBS AG | 32074758 |  | (7883553) | (121292) |  |  | 24069913 |  |
|  | $326350797 |  | $(122367841) | $(1572809) | $— |  | $202410147 |  |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(d)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(e)</sup> Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Consolidated Statement of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269985018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23009500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292994518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 2728302 |  |  | 2728302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia |  | 125402114 | 280 | 125402394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 3712874 |  | 3712874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 8495597 |  |  | 8495597 |

---

52 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201605207 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201605207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6076858 | 6076858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile | 5336856 |  |  | 5336856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 7766110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198987264 |  | 206753374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 34659170 |  | 34659170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 5804525 | 9689750 | 15494275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 321716942 |  | 321716942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 452063030 |  | 452063030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 34685190 |  | 34685190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 3386518 | 16333577 | 19720095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 10706587 | 6228888 |  | 16935475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 50323319 |  |  | 50323319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 46470829 |  | 46470829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 174529417 |  | 174529417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jordan |  | 704396 |  | 704396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 6201328 |  |  | 6201328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 38681152 | 286163563 |  | 324844715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 8499818 |  | 8499818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 742789 |  | 742789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 430886 |  | 430886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa |  | 19404283 |  | 19404283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 109511700 |  | 109511700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 60991117 |  | 60991117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 69654747 |  | 69654747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 49471737 | 106294829 |  | 155766566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 58879027 |  | 58879027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 68708029 | 344080318 |  | 412788347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 6499172550 | 103834038 | 100503232 | 6703509820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 1614282031 | 347075987 | 1961358018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 313286314 | 376070585 | 689356899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 1859419454 |  | 1859419454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 208262793 |  |  | 208262793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities |  | 640562740 | 50871978 | 691434718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  | 27565653 | 27565653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  | 13439428 |  | 13439428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1909577 |  | 17261883 | 19171460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 21689289 | 1080737 | 23485392 | 46255418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 48728833 | 42586938 | 390018228 | 481333999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  |  | 11556292 | 11556292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  |  | 9413606 | 9413606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  |  | 1434425 | 1434425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Preferreds | 24080104 |  |  | 24080104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 370525717 |  | 370525717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 1859124611 |  | 1859124611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 24646 |  | 649474 | 674120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 2277 |  |  | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 152461 |  |  | 152461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 731342 | 22941292 | 1374819 | 25047453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 29427284 |  | 29427284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 113614940 |  |  | 113614940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 13255036 |  | 13255036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 328215247 |  | 328215247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | 42794 |  | 42794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 53212013 | 2726098 |  | 55938111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 6669975 | 24653 | 6694628 |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 53

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $26844 | $47008259 | $— | $47035103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | 1557736 |  | 1557736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup>  |  |  |  |  |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments Sold Short |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | (5499291) |  | (5499291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | (5508792) |  | (5508792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | (7722229) |  |  | (7722229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments |  | (161987203) |  | (161987203) |
|  | $7413909664 | $9839979695 | $1412416200 | 18666305559 |
|  Investments Valued at NAV<sup>(b)</sup>  |  |  |  | 244835846 |
|  |  |  |  | $18911141405 |
|  Derivative Financial Instruments<sup>(c)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $9557457 | $— | $9557457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 27930776 | 357657 |  | 28288433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 131823307 |  | 131823307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 129745027 | 239787462 |  | 369532489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (752993) |  | (752993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (54250214) | (9111052) |  | (63361266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (132818992) |  | (132818992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (136850642) | (375296640) |  | (512147282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | (25261) |  | (25261) |
|  | $(33425053) | $(136479055) | $— | $(169904108) |

---

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

<sup>(c)</sup> Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. 

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Asset-Backed<br>Securities* | *Common<br>Stocks* | *Corporate<br>Bonds* | *Floating<br>Rate Loan<br>Interests* | *Non-Agency<br>Mortgage-Backed<br>Securities* | *Options<br>Purchased* | *Other*<br> *Interests* |
|  **Assets** |  |  |  |  |  |  |  |
|  Opening balance, as of April 30, 2022 | $25242775 | $148923964 | $361125370 | $415107251 | $80994599 | $— | $27182620 |
|  Transfers into Level 3 |  |  |  | 6960545 | 17191378 |  |  |
|  Transfers out of Level 3 |  |  |  | (5642842) | (43509060) |  |  |
|  Accrued discounts/premiums |  |  | (6535) | 358894 | 96538 |  |  |
|  Net realized gain (loss) |  |  | (2102365) | (22877) |  |  |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup>  | (2233275) | (26040996) | (19638905) | (16011038) | (3901477) | (57913) | 383033 |
|  Purchases |  | 9720757 | 27961127 | 67525838 |  | 82566 |  |
|  Sales |  |  | (20262705) | (92205186) |  |  |  |
|  Closing balance, as of October 31, 2022 | $23009500 | $132603725 | $347075987 | $376070585 | $50871978 | $24653 | $27565653 |
|  Net change in unrealized appreciation (depreciation) on investments still held at October 31, 2022<sup>(b)</sup>  | $(2233275) | $(26040996) | $(20853139) | $(16431397) | $(3901477) | $(57913) | $383034 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Preferred*<br> *Stocks* | *U.S.*<br> *Government*<br> *Sponsored*<br> *Agency*<br> *Securities* | *Unfunded*<br> *Floating Rate*<br> *Loan*<br> *Interests* | *Unfunded<br>SPAC PIPE<br>Commitments* | *Warrants* | *Total* |
|  **Assets** |  |  |  |  |  |  |
|  Opening balance, as of April 30, 2022 | $516568839 | $2062614 | $(73694) | $— | $263058 | $1577397396 |
|  Transfers into Level 3 |  |  |  |  |  | 24151923 |
|  Transfers out of Level 3 |  | (2062614) |  |  |  | (51214516) |
|  Accrued discounts/premiums |  |  |  |  |  | 448897 |
|  Net realized gain (loss) |  |  |  |  |  | (2125242) |

---

54 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Allocation Fund, Inc.** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Preferred*<br> *Stocks* | *U.S.*<br> *Government*<br> *Sponsored*<br> *Agency*<br> *Securities* | *Unfunded*<br> *Floating Rate*<br> *Loan*<br> *Interests* | *Unfunded<br>SPAC PIPE<br>Commitments* | *Warrants* | *Total* |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup>  | $(82949295) | $– $| 73694 | $– $| 1761234 | $(148614938) |
|  Purchases | 19550282 | – |  | – | 1 | 124840571 |
|  Sales |  | – |  | – |  | (112467891) |
|  Closing balance, as of October 31, 2022 | $453169826 | $– $|  | $– $| 2024293 | $1412416200 |
|  Net change in unrealized appreciation (depreciation) on investments still held at October 31, 2022<sup>(b)</sup>  | $(82949295) | $– $|  | $– $| 1761234 | $(150323224) |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at October 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the "Valuation Committee") to determine the value of certain of the Fund's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted pricing information in the amount of $108,636,221. A significant change in the information could result in a significantly lower or higher value of such Level 3 investments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | *Value* | *Valuation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Approach* | *Unobservable*<br> *Inputs* | *Range of<br>Unobservable<br>Inputs<br>Utilized* | *<br><sup>(a)</sup>* | *Weighted*<br> *Average of*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Unobservable*<br> *Inputs Based*<br> *on Fair Value* |
|  | **Assets** |  |  |  |  |  |  |
|  | Common Stocks | $132440934 | Market | Revenue Multiple | 2.75x - 17.19x |  | 6.64x |
|  |  |  |  | Time to Exit | 1.3 - 1.6 years |  | 1.5 years |
|  |  |  |  | Volatility | 48% - 72% |  | 60% |
|  |  |  | Income | Discount Rate | 16% - 16% |  | 16% |
|  | Corporate Bonds | 335394331 | Income | Discount Rate | 9% - 35% |  | 16% |
|  |  |  | Market | Estimated Recovery Value | 31% |  |  |
|  | Floating Rate Loan Interests<sup>(b)(c)</sup>  | 358826882 | Income | Discount Rate | 5% - 16% |  | 11% |
|  |  |  |  | Credit Spread | 263 - 468 |  | 358 |
|  | Other Interests | 27565653 | Income | Discount Rate | 6% |  |  |
|  | Preferred Stocks<sup>(c)</sup>  | 447527886 | Income | Discount Rate | 12% |  |  |
|  |  |  | Market | Revenue Multiple | 0.07x - 31.00x |  | 13.42x |
|  |  |  |  | EBITDA Multiple | 3.60x |  |  |
|  |  |  |  | Time to Exit | 1.5 - 5.0 years |  | 3.7 years |
|  |  |  |  | Volatility | 50% - 90% |  | 67% |
|  |  |  |  | Market Adjustment Multiple | 1.00x |  |  |
|  | Warrants | 2024293 | Market | Revenue Multiple | 12.75x - 18.47x |  | 15.24x |
|  |  |  |  | Time to Exit | 0.4 - 5.0 years |  | 4.9 years |
|  |  |  |  | Volatility | 40% - 63% |  | 59% |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;1303779979 |  |  |  |  |  |

---

<sup>(a)</sup> A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

<sup>(b)</sup> For the period end October 31, 2022, the valuation technique for investments classified as Floating Rate Loan Interests amounting to $6,178,795 changed to Discount Cash Flow approach. The investments were previously valued utilizing a prior recent transaction. The change was due to consideration of the information that was available at the time the investments were valued. 

<sup>(c)</sup> The fund valued certain of its Level 3 investments using recent prior transaction prices as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction, for which inputs are unobservable, is $68,507,185 as of October 31, 2022. 

*See notes to financial statements.* 

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 55

------

Consolidated Statement of Assets and Liabilities (unaudited)

October 31, 2022

---

| | |
|:---|:---|
| | BlackRock Global<br> Allocation Fund, Inc. |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $18520894006 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 570964914 |
|  Cash | 20680106 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 99622000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 53266000 |
|  Foreign currency, at value<sup>(d)</sup>  | 9642282 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 586641642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 7174328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 254880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 17061559 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments | 161894244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 9271257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 9386402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 777158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 47896879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 15603566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax reclaims | 2428279 |
|  Swap premiums paid | 778186 |
|  Unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 131823307 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 59172 |
|  Prepaid expenses | 259162 |
|  Total assets | 20266379329 |
|  **LIABILITIES** |  |
|  Investments sold short, at value<sup>(e)</sup>  | 18730312 |
|  Collateral on securities loaned | 227706450 |
|  Options written, at value<sup>(f)</sup>  | 222787647 |
|  TBA sale commitments, at value<sup>(g)</sup>  | 161987203 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 890529174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 4759613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 1023304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 26679006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1282999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | 1026347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends on short sales | 148544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 11136027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 39397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 11096146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 153887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 507913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 2546540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 3886166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 11486551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 9224381 |
|  Swap premiums received | 303997 |
|  Unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 129550818 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 19965971 |
|  Total liabilities | 1756558393 |
|  NET ASSETS | $18509820936 |

---

56 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Consolidated Statement of Assets and Liabilities (unaudited) (continued)

October 31, 2022

---

| | |
|:---|:---|
| | BlackRock Global<br> Allocation Fund, Inc. |
|  **NET ASSETS CONSIST OF** |  |
|  Paid-in capital | $18877789526 |
|  Accumulated loss | (367968590) |
|  NET ASSETS | $18509820936 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $17356778164 |
|  <sup>(b) </sup>Securities loaned, at value | $219352374 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $751477022 |
|  <sup>(d) </sup>Foreign currency, at cost | $9269022 |
|  <sup>(e) </sup>Proceeds received from investments sold short | $18201877 |
|  <sup>(f)</sup> Premiums received | $105619970 |
|  <sup>(g) </sup>Proceeds from TBA sale commitments | $161894244 |

---

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 57

------

Consolidated Statement of Assets and Liabilities (unaudited) (continued)

October 31, 2022

---

| | |
|:---|:---|
|  | BlackRock Global<br> Allocation Fund, Inc. |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $7229626930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 447289705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $16.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $9132304536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 570529356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $16.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $586987775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 42208038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $13.91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $1271693355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 78704867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $16.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $289208340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 19360937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $14.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 2 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |

---

*See notes to consolidated financial statements.* 

58 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Consolidated Statement of Operations (unaudited)

Six Months Ended October 31, 2022

---

| | |
|:---|:---|
|  | BlackRock Global<br> Allocation Fund, Inc. |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $137086251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 18700296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 129536517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 1590072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 4893318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax claims | 7473105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (6885413) |
|  Total investment income | 292394146 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 76275331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 16587795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 7998446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 1515700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 955253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 798591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 196188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 133992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 447528 |
|  Total expenses excluding dividend expense | 104908824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends expense — unaffiliated | 254755 |
|  Total expenses | 105163579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid indirectly | (2397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (4981162) |
|  Total expenses after fees waived and/or reimbursed | 100180020 |
|  Net investment income | 192214126 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup>  | (328103542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (29082132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (294899845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 38840880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 63207934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 43432267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short sales — unaffiliated | 766640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 33597121 |
|  | (472240677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(b)</sup>  | (1250059233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (21123243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 177322172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (931687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (134882944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (59591824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short sales — unaffiliated | 751714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 6191568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | 73694 |
|  | (1282249783) |
|  Net realized and unrealized loss | (1754490460) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(1562276334) |
|  <sup>(a) </sup>Net of foreign capital gain tax and capital gain tax refund, if applicable of | $10 |
|  <sup>(b) </sup>Net of reduction in deferred foreign capital gain tax of | $1731691 |

---

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 59

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock Global Allocation Fund, Inc. | BlackRock Global Allocation Fund, Inc. |
|  | Six Months Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $192214126 | $278264475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (472240677) | 1495191769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1282249783) | (4454303117) |
|  Net decrease in net assets resulting from operations | (1562276334) | (2680846873) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (450892290) | (980540274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (553935119) | (1242711893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (41577309) | (107675473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (77509183) | (177923588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (17982109) | (39866949) |
|  Decrease in net assets resulting from distributions to shareholders | (1141896010) | (2548718177) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (760857751) | 141980707 |
|  *NET ASSETS* |  |  |
|  Total decrease in net assets | (3465030095) | (5087584343) |
|  Beginning of period | 21974851031 | 27062435374 |
|  End of period | $18509820936 | $21974851031 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to consolidated financial statements.* 

60 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Consolidated Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Allocation Fund, Inc. | BlackRock Global Allocation Fund, Inc. | BlackRock Global Allocation Fund, Inc. | BlackRock Global Allocation Fund, Inc. | BlackRock Global Allocation Fund, Inc. | BlackRock Global Allocation Fund, Inc. | BlackRock Global Allocation Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br>11/01/20<br>to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $18.50 | $22.84 | $19.93 | $19.36 | $18.81 | $20.39 | $18.43 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup>  | 0.18 | 0.27 | 0.11 | 0.17 | 0.30 | 0.28 | 0.25 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized<br> gain (loss) | (1.52) | (2.45) | 3.82 | 1.75 | 1.45 | (0.84) | 2.12 |
|  Net increase (decrease) from investment operations | (1.34) | (2.18) | 3.93 | 1.92 | 1.75 | (0.56) | 2.37 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.27) | (0.14) | (0.12) | (0.22) | (0.32) | (0.26) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (1.00) | (1.89) | (0.88) | (1.23) | (0.98) | (0.70) | (0.15) |
|  Total distributions | (1.00) | (2.16) | (1.02) | (1.35) | (1.20) | (1.02) | (0.41) |
|  **Net asset value, end of period** | $16.16 | $18.50 | $22.84 | $19.93 | $19.36 | $18.81 | $20.39 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (7.29)%<sup>(d)</sup> | (10.58)% | 20.07 %<sup>(d)</sup> | 10.23 %<sup>(e)</sup> | 9.96% | (2.94)% | 13.10% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.87 %<sup>(g)</sup> | 0.88% | 0.86 %<sup>(g)</sup> | 0.86% | 0.85% | 0.87% | 0.90% |
|  Total expenses after fees waived and/or reimbursed | 0.82 %<sup>(g)</sup> | 0.83% | 0.80 %<sup>(g)</sup> | 0.81% | 0.80% | 0.80% | 0.82% |
|  Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | 0.81 %<sup>(g)</sup> | 0.81% | 0.80 %<sup>(g)</sup> | 0.81% | 0.80% | 0.79% | 0.80% |
|  Net investment income | 2.06 %<sup>(g)</sup> | 1.25% | 1.04 %<sup>(g)</sup> | 0.91% | 1.59% | 1.43% | 1.28% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $7229627 | $8836844 | $9749544 | $7907317 | $8617256 | $12963106 | $16164754 |
|  Portfolio turnover rate<sup>(h)</sup>  | 60% | 124% | 58% | 193% | 156% | 154% | 110% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br>11/01/20<br> to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% |

---

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 61

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br> 11/01/20<br> to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $18.34 | $22.65 | $19.75 | $19.23 | $18.68 | $20.26 | $18.29 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment<br> income<sup>(a)</sup>  | 0.15 | 0.21 | 0.08 | 0.12 | 0.24 | 0.23 | 0.19 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and<br> unrealized gain (loss) | (1.50) | (2.42) | 3.80 | 1.72 | 1.46 | (0.85) | 2.11 |
|  Net increase (decrease) from investment operations | (1.35) | (2.21) | 3.88 | 1.84 | 1.70 | (0.62) | 2.30 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment<br> income |  | (0.21) | (0.10) | (0.09) | (0.17) | (0.26) | (0.18) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.98) | (1.89) | (0.88) | (1.23) | (0.98) | (0.70) | (0.15) |
|  Total distributions | (0.98) | (2.10) | (0.98) | (1.32) | (1.15) | (0.96) | (0.33) |
|  **Net asset value, end of period** | $16.01 | $18.34 | $22.65 | $19.75 | $19.23 | $18.68 | $20.26 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (7.39)%<sup>(d)</sup> | (10.78)% | 19.95 %<sup>(d)</sup> | 9.87 %<sup>(e)</sup> | 9.71% | (3.24)% | 12.77% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.12 %<sup>(g)</sup> | 1.13% | 1.12 %<sup>(g)</sup> | 1.13% | 1.13% | 1.14% | 1.18% |
|  Total expenses after fees waived and/or reimbursed | 1.08 %<sup>(g)</sup> | 1.08% | 1.06 %<sup>(g)</sup> | 1.08% | 1.08% | 1.07% | 1.10% |
|  Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | 1.06 %<sup>(g)</sup> | 1.06% | 1.05 %<sup>(g)</sup> | 1.08% | 1.08% | 1.07% | 1.07% |
|  Net investment income | 1.80 %<sup>(g)</sup> | 0.98% | 0.78 %<sup>(g)</sup> | 0.63% | 1.29% | 1.14% | 1.00% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $9132305 | $10557693 | $13806271 | $11184639 | $10601653 | $10547464 | $12809356 |
|  Portfolio turnover rate<sup>(h)</sup>  | 60% | 124% | 58% | 193% | 156% | 154% | 110% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. <sup></sup>

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br>11/01/20<br> to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% |

---

*See notes to consolidated financial statements.* 

62 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br> 11/01/20<br>to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $16.08 | $20.11 | $17.43 | $17.17 | $16.82 | $18.33 | $16.57 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup>  | 0.08 | 0.04 | (0.00)<sup>(b)</sup> | (0.02) | 0.09 | 0.07 | 0.04 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.32) | (2.13) | 3.36 | 1.53 | 1.30 | (0.76) | 1.91 |
|  Net increase (decrease) from investment operations | (1.24) | (2.09) | 3.36 | 1.51 | 1.39 | (0.69) | 1.95 |
|  **Distributions<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.05) | (0.00)<sup>(b)</sup> | (0.02) | (0.06) | (0.12) | (0.04) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.93) | (1.89) | (0.68) | (1.23) | (0.98) | (0.70) | (0.15) |
|  Total distributions | (0.93) | (1.94) | (0.68) | (1.25) | (1.04) | (0.82) | (0.19) |
|  **Net asset value, end of period** | $13.91 | $16.08 | $20.11 | $17.43 | $17.17 | $16.82 | $18.33 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (7.75)%<sup>(e)</sup> | (11.50)% | 19.50 %<sup>(e)</sup> | 9.06 %<sup>(f)</sup> | 8.88% | (3.95)% | 11.92% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.92 %<sup>(h)</sup> | 1.90% | 1.90 %<sup>(h)</sup> | 1.89% | 1.88% | 1.88% | 1.92% |
|  Total expenses after fees waived and/or reimbursed | 1.87 %<sup>(h)</sup> | 1.85% | 1.84 %<sup>(h)</sup> | 1.85% | 1.83% | 1.81% | 1.84% |
|  Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | 1.85 %<sup>(h)</sup> | 1.84% | 1.83 %<sup>(h)</sup> | 1.84% | 1.82% | 1.81% | 1.82% |
|  Net investment income (loss) | 1.02 %<sup>(h)</sup> | 0.21% | (0.01)%<sup>(h)</sup> | (0.13)% | 0.56% | 0.38% | 0.27% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $586988 | $780451 | $1213559 | $1547011 | $3143501 | $5402163 | $7545249 |
|  Portfolio turnover rate<sup>(i)</sup>  | 60% | 124% | 58% | 193% | 156% | 154% | 110% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Amount is greater than $(0.005) per share. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br>11/01/20<br> to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% |

---

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 63

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br> 11/01/20<br> to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $18.50 | $22.84 | $19.93 | $19.36 | $18.80 | $20.39 | $18.44 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup>  | 0.18 | 0.28 | 0.12 | 0.19 | 0.31 | 0.30 | 0.27 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized<br> gain (loss) | (1.51) | (2.44) | 3.83 | 1.73 | 1.46 | (0.85) | 2.12 |
|  Net increase (decrease) from investment operations | (1.33) | (2.16) | 3.95 | 1.92 | 1.77 | (0.55) | 2.39 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.29) | (0.16) | (0.12) | (0.23) | (0.34) | (0.29) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (1.01) | (1.89) | (0.88) | (1.23) | (0.98) | (0.70) | (0.15) |
|  Total distributions | (1.01) | (2.18) | (1.04) | (1.35) | (1.21) | (1.04) | (0.44) |
|  **Net asset value, end of period** | $16.16 | $18.50 | $22.84 | $19.93 | $19.36 | $18.80 | $20.39 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (7.26)%<sup>(d)</sup> | (10.51)% | 20.16 %<sup>(d)</sup> | 10.28 %<sup>(e)</sup> | 10.10% | (2.91)% | 13.20% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 0.80 %<sup>(g)</sup> | 0.80% | 0.78 %<sup>(g)</sup> | 0.78% | 0.78% | 0.80% | 0.82% |
|  Total expenses after fees waived and/or reimbursed | 0.75 %<sup>(g)</sup> | 0.75% | 0.72 %<sup>(g)</sup> | 0.74% | 0.73% | 0.73% | 0.74% |
|  Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | 0.73 %<sup>(g)</sup> | 0.73% | 0.71 %<sup>(g)</sup> | 0.73% | 0.72% | 0.72% | 0.72% |
|  Net investment income | 2.12 %<sup>(g)</sup> | 1.31% | 1.13 %<sup>(g)</sup> | 0.98% | 1.67% | 1.53% | 1.39% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1271693 | $1470032 | $1849652 | $1329363 | $1146295 | $1326617 | $1341925 |
|  Portfolio turnover rate<sup>(h)</sup>  | 60% | 124% | 58% | 193% | 156% | 154% | 110% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br> 11/01/20<br> to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% |

---

*See notes to consolidated financial statements.* 

64 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) | BlackRock Global Allocation Fund, Inc. (continued) |
|  | Class R | Class R | Class R | Class R | Class R | Class R | Class R |
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br>11/01/20<br> to 04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  **Net asset value, beginning of period** | $17.19 | $21.37 | $18.64 | $18.24 | $17.77 | $19.32 | $17.46 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup>  | 0.11 | 0.12 | 0.04 | 0.06 | 0.17 | 0.15 | 0.13 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain<br> (loss) | (1.40) | (2.28) | 3.58 | 1.63 | 1.38 | (0.80) | 2.01 |
|  Net increase (decrease) from investment operations | (1.29) | (2.16) | 3.62 | 1.69 | 1.55 | (0.65) | 2.14 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.13) | (0.01) | (0.06) | (0.10) | (0.20) | (0.13) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.96) | (1.89) | (0.88) | (1.23) | (0.98) | (0.70) | (0.15) |
|  Total distributions | (0.96) | (2.02) | (0.89) | (1.29) | (1.08) | (0.90) | (0.28) |
|  **Net asset value, end of period** | $14.94 | $17.19 | $21.37 | $18.64 | $18.24 | $17.77 | $19.32 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (7.56)%<sup>(d)</sup> | (11.15)% | 19.74 %<sup>(d)</sup> | 9.54 %<sup>(e)</sup> | 9.35% | (3.56)% | 12.42% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.50 %<sup>(g)</sup> | 1.50% | 1.47 %<sup>(g)</sup> | 1.47% | 1.46% | 1.47% | 1.50% |
|  Total expenses after fees waived and/or reimbursed | 1.45 %<sup>(g)</sup> | 1.46% | 1.41 %<sup>(g)</sup> | 1.42% | 1.41% | 1.40% | 1.42% |
|  Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | 1.44 %<sup>(g)</sup> | 1.44% | 1.40 %<sup>(g)</sup> | 1.41% | 1.40% | 1.39% | 1.40% |
|  Net investment income | 1.42 %<sup>(g)</sup> | 0.62% | 0.43 %<sup>(g)</sup> | 0.31% | 0.98% | 0.81% | 0.68% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $289208 | $329831 | $443409 | $405400 | $603073 | $785653 | $1060273 |
|  Portfolio turnover rate<sup>(h)</sup>  | 60% | 124% | 58% | 193% | 156% | 154% | 110% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Period from<br>11/01/20 to<br>04/30/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 | Year Ended<br>10/31/17 |
|  Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110% |

---

*See notes to consolidated financial statements.* 

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 65

------

Notes to Consolidated Financial Statements (unaudited)

***1.***  ***ORGANIZATION*** 

BlackRock Global Allocation Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund is organized as a Maryland corporation. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
|  Institutional, Class K and Class R Shares | No | No |  |
|  Investor A Shares | Yes | No <sup>(a)</sup> |  |
|  Investor C Shares | No | Yes <sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. 

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

**Basis of Consolidation:** The accompanying consolidated financial statements of the Fund include the account of BlackRock Cayman Global Allocation Fund I, Ltd. (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $126,301,474, which is 0.7% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

66 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Consolidated Financial Statements (unaudited) (continued)

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Consolidated Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Fund are recorded on the ex-dividend dates. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund's ordinary income and/or capital gains for that year.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Fund may incur charges on overdrafts, subject to certain conditions.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the consolidated financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Fund (the "Board") has approved the designation of the Fund's Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a
third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade
at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers),
market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider
the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be
used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are
valued at that day's published net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund values its investment in SL Liquidity Series, LLC, Money Market Series (the "Money Market Series") at
fair value, which is ordinarily based upon its pro rata ownership in the underlying fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as
of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in
which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is
determined that the prior day's price no longer reflects the fair value of the option. Over-the-counter ("OTC") options and options on swaps
("swaptions") are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

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Notes to Consolidated Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are
derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

---

| | |
|:---|:---|
| | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
|  Market approach | (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;<br> (ii) recapitalizations and other transactions across the capital structure; and<br> (iii) market multiples of comparable issuers. |
|  Income approach | (i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;<br> (ii) quoted prices for similar investments or assets in active markets; and<br> (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
|  Cost approach | (i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;<br> (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;<br> (iii) relevant news and other public sources; and<br> (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company. |

---

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Consolidated Financial Statements (unaudited) (continued)

As of October 31, 2022, certain investments of the Fund were fair valued using NAV per share (or its equivalent) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**Inflation-Indexed Bonds:** Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in the IOs may not fully recoup.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 69

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Notes to Consolidated Financial Statements (unaudited) (continued)

coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate ("LIBOR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, the fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Consolidated Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | *Commitment<br>Amount* | *Value* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  BlackRock Global Allocation Fund, Inc. | Opendoor Mezz Commitment | $21050152 | $21050152 | $21050152 | $— |

---

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund's maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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Notes to Consolidated Financial Statements (unaudited) (continued)

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Consolidated Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Commitments:** Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of October 31, 2022, the Fund had outstanding commitments of $7,520,000. These commitments are not included in the net assets of the Fund as of October 31, 2022.

**Short Sale Transactions:** In short sale transactions, a fund sells a security it does not hold in anticipation of a decline in the market price of that security. When a fund makes a short sale, it will borrow the security sold short from a broker/counterparty and deliver the security to the purchaser. To close out a short position, a fund delivers the same security to the broker and records a liability to reflect the obligation to return the security to the broker. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A fund maintains a segregated account of securities or deposits cash with the broker-dealer as collateral for the short sales. Cash deposited with the broker is recorded as an asset in the Consolidated Statement of Assets and Liabilities. Securities segregated as collateral are denoted in the Consolidated Schedule of Investments. A fund may pay a financing fee for the difference between the market value of the short position and the cash collateral deposited with the broker which would be recorded as interest expense. A fund is required to repay the counterparty any dividends received on the security sold short, which, if applicable, is shown as dividend expense in the Consolidated Statement of Operations. A fund may pay a fee on the assets borrowed from the counterparty, which, if applicable, is shown as broker fees and expenses on short sales in the Consolidated Statement of Operations. A fund is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a fund sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a fund will be able to close out a short position at a particular time or at an acceptable price.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Consolidated Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund's Consolidated Schedule of Investments. The market value of any securities on loan and the value of any related collateral are shown separately in the Consolidated Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 71

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Notes to Consolidated Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the Fund's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Securities* |  | *Cash Collateral* | *Non-Cash Collateral* | *Net* |
|  *Counterparty* | *Loaned at Value* | | *Received* *<sup>(a)</sup>* | *Received, at Fair Value* *<sup>(a)</sup>* | *Amount* |
|  Barclays Capital, Inc. | $39454899 |  | $(39454899) | $— | $— |
|  BofA Securities, Inc. | 42295251 |  | (42295251) |  |  |
|  Citigroup Global Markets, Inc. | 7262827 |  | (7262827) |  |  |
|  Credit Suisse Securities (USA) LLC | 16429115 |  | (16429115) |  |  |
|  Goldman Sachs & Co. LLC | 8205683 |  | (8205683) |  |  |
|  J.P. Morgan Securities LLC | 42629787 |  | (42629787) |  |  |
|  Jefferies LLC | 6308437 |  | (6308437) |  |  |
|  Mizuho Securities USA LLC | 1303030 |  | (1303030) |  |  |
|  Morgan Stanley | 55158257 |  | (55158257) |  |  |
|  Toronto-Dominion Bank | 305088 |  | (305088) |  |  |
|  | $219352374 |  | $(219352374) | $— | $— |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Consolidated Statement of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedule of Investments. These contracts may be transacted on an exchange or OTC.

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk), foreign currencies (foreign currency exchange rate risk) or bitcoin (commodity risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. The Fund may invest in cash-settled bitcoin futures that are traded on commodity exchanges registered with the Commodity Futures Trading Commission. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities. 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 market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Consolidated Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Consolidated Statement of Assets and Liabilities. A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

72 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Consolidated Financial Statements (unaudited) (continued)

**Options:** The Fund may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Consolidated Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Consolidated Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Consolidated Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered," meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;• Swaptions — The Fund may purchase and write options on swaps ("swaptions") primarily to preserve a return
or spread on a particular investment or portion of the Fund's holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a
swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign currency options — The Fund may purchase and write foreign currency options, foreign currency futures and
options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before
the expiration of the option.

&nbsp;&nbsp;&nbsp;&nbsp;• Barrier options – The Fund may purchase and write a variety of options with non-standard payout structures or other features ("barrier options") that are generally traded OTC.

The Fund may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, instant one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option's expiration date. One-touch options and instant one-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

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

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. 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 market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statement of Operations, including those at termination.

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 73

------

Notes to Consolidated Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of
the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

&nbsp;&nbsp;&nbsp;&nbsp;• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning
such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest
rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Consolidated Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage
duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

&nbsp;&nbsp;&nbsp;&nbsp;• Currency swaps — Currency swaps are entered into to gain or reduce exposure to foreign currencies (foreign currency
exchange rate risk).

Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.

&nbsp;&nbsp;&nbsp;&nbsp;• Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an
inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

74 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Consolidated Financial Statements (unaudited) (continued)

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities.

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory:** The Fund entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 0.75% of the average daily value of the Fund's net assets.

The Manager provides investment management and other services to the Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund's net assets, which includes the assets of the Subsidiary.

The Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited ("BSL"), an affiliate of the Manager. The Manager pays BSL for services it provides for that portion of the Fund for which BSL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** The Fund entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% |
|  Class R | 0.25 | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates/reimburses BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended October 31, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Class R* | *Total* |
|  Service and distribution fees — class specific | $12397703 | $3414783 | $775309 | $16587795 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended October 31, 2022, the Fund paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Consolidated Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Total* |
|  Amounts paid to affiliates | $23020 | $512 | $23532 |

---

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended October 31, 2022, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Reimbursed amounts | $13346 | $108232 | $17898 | $2073 | $1215 | $142764 |

---

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 75

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Notes to Consolidated Financial Statements (unaudited) (continued)

For the six months ended October 31, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Class R* | *Total* |
|  Transfer agent fees — class specific | $3125045 | $4091435 | $421528 | $34890 | $325548 | $7998446 |

---

**Other Fees:** For the six months ended October 31, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $28,699.

For the six months ended October 31, 2022, affiliates received CDSCs as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Total* |
|  CDSC | $131582 | $29066 | $160648 |

---

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive a portion of its investment advisory fees payable by the Fund through June 30, 2024, so that the Manager receives such fee as a percentage of average daily net assets of the Fund as follows:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment*<br> *Advisory Fees* |
|  First $10 billion | 0.75% |
|  $10 billion — $15 billion | 0.69 |
|  $15 billion — $20 billion | 0.68 |
|  $20 billion — $25 billion | 0.67 |
|  $25 billion — $30 billion | 0.65 |
|  $30 billion — $40 billion | 0.63 |
|  $40 billion — $60 billion | 0.62 |
|  $60 billion — $80 billion | 0.61 |
|  Greater than $80 billion | 0.60 |

---

The contractual agreement may be terminated upon 90 days' notice by a majority of the directors who are not "interested persons" of the Fund, as defined in the 1940 Act ("Independent Directors"), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended October 31, 2022, the Manager waived $3,366,857 pursuant to this agreement.

The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended October 31, 2022, the amounts waived were $810,554.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended October 31, 2022, the Manager waived $803,751 in investment advisory fees pursuant to this arrangement.

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan (the "collateral investment expenses"). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Fund. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company's weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. The Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

76 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Consolidated Financial Statements (unaudited) (continued)

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the six months ended October 31, 2022, the Fund paid BIM $346,053 for securities lending agent services.

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, the Fund may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. The Fund is currently permitted to borrow under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended October 31, 2022, the Fund did not participate in the Interfund Lending Program.

**Directors and Officers:** Certain directors and/or officers of the Fund are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Fund's Chief Compliance Officer, which is included in Directors and Officer in the Consolidated Statement of Operations.

**Other Transactions:** The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended October 31, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  BlackRock Global Allocation Fund, Inc. | $– $| 5659268 | $(1262468) |

---

***7.***  ***PURCHASES AND SALES*** 

For the six months ended October 31, 2022, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls, excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | Other Securities | Other Securities |
| *Fund Name* | *Purchases* | *Sales* | *Purchases* | *Sales* |
|  BlackRock Global Allocation Fund, Inc. | $2331867022 | $476716428 | $8535721126 | $9528406354 |

---

For the six months ended October 31, 2022, purchases and sales related to mortgage dollar rolls were $565,161,329 and $565,816,188, respectively.

***8.***  ***INCOME TAX INFORMATION*** 

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

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's consolidated financial statements.

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  BlackRock Global Allocation Fund, Inc. | $18250617585 | $3369454935 | $(2593119132) | $776335803 |

---

***9.***  ***BANK BORROWINGS*** 

The Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 77

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Notes to Consolidated Financial Statements (unaudited) (continued)

of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended October 31, 2022, the Fund did not borrow under the credit agreement.

***10.***  ***PRINCIPAL RISKS*** 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

**Market Risk:** The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

78 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Consolidated Financial Statements (unaudited) (continued)

For OTC options purchased, the Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. The Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Consolidated Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact The Fund performance.

The Fund invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Consolidated Schedule of Investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

***11.***  ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/22 | Six Months Ended<br> 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  BlackRock Global Allocation Fund, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 28422489 | $485865335 | 112206208 | $2425678802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 25463597 | 415056569 | 42161228 | 897692084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (84155912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1441214239) | (103640373) | (2170736899) |
|  | (30269826) | $(540292335) | 50727063 | $1152633987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold and automatic conversion of shares | 18466675 | $314889046 | 56283602 | $1200338507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 31713293 | 512169489 | 54435080 | 1152860845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (55276699) | (936594174) | (144523875) | (3082883351) |
|  | (5096731) | $(109535639) | (33805193) | $(729683999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1183145 | $17587052 | 5027108 | $95141109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2912778 | 40982792 | 5676334 | 106059115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (10418296) | (154732205) | (22527616) | (420506402) |
|  | (6322373) | $(96162361) | (11824174) | $(219306178) |

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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 79

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Notes to Consolidated Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/22 | Six Months Ended<br> 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Fund Name / Share Class (continued)* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  BlackRock Global Allocation Fund, Inc. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7525633 | $129703951 | 23427639 | $506528605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 4736355 | 77155219 | 8273872 | 176619803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (13028573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223182048) | (33229989) | (713022978) |
|  | (766585) | $(16322878) | (1528478) | $(29874570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 901756 | $14357083 | 2027790 | $39703840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 1190477 | 17964297 | 2002426 | 39833702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1915989) | (30865918) | (5597411) | (111326075) |
|  | 176244 | $1455462 | (1567195) | $(31788533) |
|  | (42279271) | $(760857751) | 2002023 | $141980707 |

---

***12.***  ***SUBSEQUENT EVENTS*** 

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

80 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Directors (the "Board," the members of which are referred to as "Board Members") of BlackRock Global Allocation Fund, Inc. (the "Fund") met on April 20, 2022 (the "April Meeting") and May 10-11, 2022 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Fund and BlackRock Advisors, LLC (the "Manager" or "BlackRock"), the Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Sub-Advisory Agreement") between the Manager and BlackRock (Singapore) Limited (the "Sub-Advisor") with respect to the Fund. The Manager and the Sub-Advisor are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for the Fund on an annual basis. The Board members who are not "interested persons" of the Fund, as defined in the 1940 Act, are considered independent Board members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B - A D V I S O R Y A G R E E M E N T 81

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

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock's business continuity plans, including in light of the ongoing COVID-19 pandemic.

***B. The Investment Performance of the Fund and BlackRock***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2021, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, the Fund ranked in the fourth, first and first quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable period.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

82 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock's expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Fund's Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints, in the form of an advisory fee waiver that adjusts the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board noted that if the size of the Fund were to decrease, the Fund could lose the benefit of one or more breakpoints.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

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

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion** 

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Fund for a one-year term ending June 30, 2023, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a one-year term ending June 30, 2023. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B - A D V I S O R Y A G R E E M E N T 83

------

Additional Information

**General Information** 

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Householding** 

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

**Availability of Quarterly Schedule of Investments** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at **sec.gov**. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/ fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to securities held in the Fund's portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**BlackRock's Mutual Fund Family** 

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges** 

**Account Information** 

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans** 

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans** 

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans** 

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

**BlackRock Privacy Principles** 

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

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

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

84 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Additional Information (continued)

**BlackRock Privacy Principles (continued)** 

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

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

---

| | |
|:---|:---|
| **Fund and Service Providers** |  |
| **Investment Adviser** | **Distributor** |
| BlackRock Advisors, LLC | BlackRock Investments, LLC |
| Wilmington, DE 19809 | New York, NY 10022 |
| **Sub-Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock (Singapore) Limited | Deloitte & Touche LLP |
| 079912 Singapore | Boston, MA 02116 |
| **Accounting Agent** | **Legal Counsel** |
| State Street Bank and Trust Company | Sidley Austin LLP |
| Boston, MA 02111 | New York, NY 10019 |
| **Custodian** | **Address of the Fund** |
| Brown Brothers Harriman & Co. | 100 Bellevue Parkway |
| Boston, MA 02109 | Wilmington, DE 19809 |
| **Transfer Agent** |  |
| BNY Mellon Investment Servicing (US) Inc. |  |
| Wilmington, DE 19809 |  |

---

A D D I T I O N A L I N F O R M A T I O N 85

------

Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNH | Chinese Yuan |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| BZDIOVER | Overnight Brazil CETIP — Interbank Rate |
| CDI | CREST Depository Interest |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Company |
| DIP | Debtor-In-Possession |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FTSE | Financial Times Stock Exchange |
| LIBOR | London Interbank Offered Rate |
| MSCI | Morgan Stanley Capital International |
| MTN | Medium-Term Note |
| MXIBOR | Mexico Interbank Offered Rate |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| REMIC | Real Estate Mortgage Investment Conduit |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes |
| SAP | Subject to Appropriations |
| SOFR | Secured Overnight Financing Rate |
| SOFR CME | Secured Overnight Financing Rate Chicago Mercantile Exchange |
| SOFRTE | Term Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt |
| ST | Special Tax |
| STACR | Structured Agency Credit Risk |
| TAN | Tax Anticipation Notes |
| TBA | To-Be-Announced |

---

86 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

**Want to know more?** 

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied 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.

GA-10/22-SAR

---

| | |
|:---|:---|
| ![LOGO](g425214g42l24.jpg)  | ![LOGO](g425214leaf.jpg) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

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

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

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

---

| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.  |

---

Item 11 – Controls and Procedures

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

[(a)(2) Section 302 Certifications are attached](d425214dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

**2** 

------

(a)(4) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d425214dex99906cert.htm)

**3** 

------

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

---

Date: December 21, 2022

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

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Global Allocation Fund, Inc. |
| Date: December 21, 2022 | Date: December 21, 2022 |

---

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Global Allocation Fund, Inc. |
| Date: December 21, 2022 | Date: December 21, 2022 |

---

**4**

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

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

1. I have reviewed this report on Form N-CSR of BlackRock Global Allocation 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: December 21, 2022

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Global Allocation Fund, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Global Allocation Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Global Allocation 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: December 21, 2022

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Global Allocation Fund, Inc.

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Global Allocation Fund, Inc. (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: December 21, 2022

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Global Allocation Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Global Allocation Fund, Inc. (the "registrant"), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: December 21, 2022

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Global Allocation Fund, Inc.

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