# EDGAR Filing Document

**Accession Number:** 0000834237
**File Stem:** 0001193125-25-154775
**Filing Date:** 2025-7
**Character Count:** 682736
**Document Hash:** 3c58063da38ec80a93abd46b07b50284
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154775.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154775

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK GLOBAL ALLOCATION FUND, INC.
- **CENTRAL INDEX KEY:** 0000834237

**ORGANIZATION NAME:**
- **EIN:** 222937779
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05576
- **FILM NUMBER:** 251100201

**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       |  |

?xml version='1.0' encoding='ASCII'? BlackRock Global Allocation Fund, Inc.

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., 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

4/30/2025

Date of reporting period:

4/30/2025

Item 1 — Report to Stockholders

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

![TSR - BLK Retail Logo](g938650images_4988.jpg)

### BlackRock Global Allocation Fund, Inc.

### Institutional Shares \| MALOX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Allocation Fund, Inc. (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $90 | 0.86% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Institutional Shares returned 10.25%. 

* For the same period, the FTSE World Index returned 12.34% and the Reference Benchmark (a custom blended benchmark consisting of 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), returned 10.79%. 

What contributed to performance?

In equities, holdings in the financials, information technology, industrials, consumer staples and communication services sectors contributed to absolute performance. Positions in high yield bonds, interest rate derivatives and securitized debt positively impacted returns in fixed income. Holdings in gold-related securities were additive, as well.

The Fund's weighting in cash and cash equivalents was 5% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.

What detracted from performance?

Holdings in energy and consumer discretionary stocks detracted.

The Fund used derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund's use of derivatives detracted from performance during the annual period.

 *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.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g938650chartimages_5972542.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 10.25% | 7.66% | 5.28% |
| FTSE World Index | 12.34 | 14.26 | 9.59 |
| Reference Benchmark | 10.79 | 7.80 | 6.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$15913581433 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2977 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$120628337 |
| Portfolio Turnover Rate | &nbsp;&nbsp;138% |

---

The Reference Benchmark is comprised of the returns of the S&P 500<sup>®</sup> Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).

Effective approximately one year from the date of the Fund's prospectus, the Fund will no longer compare its performance to the indices comprising the Reference Benchmark.

 **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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Ten largest holdings (equity investments)** | **Ten largest holdings (equity investments)** |
| *Security* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Microsoft Corp. | 2.2% |
| Apple, Inc. | 2.1% |
| NVIDIA Corp. | 1.8% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. | 1.5% |
| Eli Lilly & Co. | 1.2% |
| Meta Platforms, Inc. | 1.2% |
| Costco Wholesale Corp. | 0.9% |
| Walmart, Inc. | 0.8% |
| Bank of America Corp. | 0.8% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| *Country/Geographic Region* | *Long* | *Short* | *Total* |
| United States | 62.0% | 2.1% | 64.1% |
| United Kingdom | 6.1% | 0.1% | 6.2% |
| France | 3.1% | 0.2% | 3.3% |
| Japan | 2.0% | 0.7% | 2.7% |
| Italy | 2.5% | 0.1% | 2.6% |
| China | 1.9% | 0.3% | 2.2% |
| Germany | 1.9% | 0.1% | 2.0% |
| Netherlands | 1.9% | — %(c) | 1.9% |
| Spain | 1.8% | — %(c) | 1.8% |
| Canada | 1.7% | 0.1% | 1.8% |
| Other<sup>#</sup> | 10.8% | 0.6% | 11.4% |
|  | 95.7 | 4.3 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(c)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g938650images_4987.jpg)

BlackRock Global Allocation Fund, Inc.

Institutional Shares \| MALOX

Annual Shareholder Report — April 30, 2025

MALOX-04/25-AR

![TSR - BLK Retail Logo](g938650images_4988.jpg)

### BlackRock Global Allocation Fund, Inc.

### Investor A Shares \| MDLOX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Allocation Fund, Inc. (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $116 | 1.10% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Investor A Shares returned 10.03%. 

* For the same period, the FTSE World Index returned 12.34% and the Reference Benchmark (a custom blended benchmark consisting of 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), returned 10.79%. 

What contributed to performance?

In equities, holdings in the financials, information technology, industrials, consumer staples and communication services sectors contributed to absolute performance. Positions in high yield bonds, interest rate derivatives and securitized debt positively impacted returns in fixed income. Holdings in gold-related securities were additive, as well.

The Fund's weighting in cash and cash equivalents was 5% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.

What detracted from performance?

Holdings in energy and consumer discretionary stocks detracted.

The Fund used derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund's use of derivatives detracted from performance during the annual period.

 *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.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g938650chartimages_5972678.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 10.03% | 7.39% | 5.00% |
| Investor A Shares (with sales charge) | 4.25 | 6.24 | 4.43 |
| FTSE World Index | 12.34 | 14.26 | 9.59 |
| Reference Benchmark | 10.79 | 7.80 | 6.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$15913581433 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2977 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$120628337 |
| Portfolio Turnover Rate | &nbsp;&nbsp;138% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Reference Benchmark is comprised of the returns of the S&P 500<sup>®</sup> Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).

Effective approximately one year from the date of the Fund's prospectus, the Fund will no longer compare its performance to the indices comprising the Reference Benchmark..

 **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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Ten largest holdings (equity investments)** | **Ten largest holdings (equity investments)** |
| *Security* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Microsoft Corp. | 2.2% |
| Apple, Inc. | 2.1% |
| NVIDIA Corp. | 1.8% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. | 1.5% |
| Eli Lilly & Co. | 1.2% |
| Meta Platforms, Inc. | 1.2% |
| Costco Wholesale Corp. | 0.9% |
| Walmart, Inc. | 0.8% |
| Bank of America Corp. | 0.8% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| *Country/Geographic Region* | *Long* | *Short* | *Total* |
| United States | 62.0% | 2.1% | 64.1% |
| United Kingdom | 6.1% | 0.1% | 6.2% |
| France | 3.1% | 0.2% | 3.3% |
| Japan | 2.0% | 0.7% | 2.7% |
| Italy | 2.5% | 0.1% | 2.6% |
| China | 1.9% | 0.3% | 2.2% |
| Germany | 1.9% | 0.1% | 2.0% |
| Netherlands | 1.9% | — %(c) | 1.9% |
| Spain | 1.8% | — %(c) | 1.8% |
| Canada | 1.7% | 0.1% | 1.8% |
| Other<sup>#</sup> | 10.8% | 0.6% | 11.4% |
|  | 95.7 | 4.3 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(c)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g938650images_4987.jpg)

BlackRock Global Allocation Fund, Inc.

Investor A Shares \| MDLOX

Annual Shareholder Report — April 30, 2025

MDLOX-04/25-AR

![TSR - BLK Retail Logo](g938650images_4988.jpg)

### BlackRock Global Allocation Fund, Inc.

### Investor C Shares \| MCLOX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Allocation Fund, Inc. (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor C Shares | $199 | 1.90% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Investor C Shares returned 9.15%. 

* For the same period, the FTSE World Index returned 12.34% and the Reference Benchmark (a custom blended benchmark consisting of 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), returned 10.79%. 

What contributed to performance?

In equities, holdings in the financials, information technology, industrials, consumer staples and communication services sectors contributed to absolute performance. Positions in high yield bonds, interest rate derivatives and securitized debt positively impacted returns in fixed income. Holdings in gold-related securities were additive, as well.

The Fund's weighting in cash and cash equivalents was 5% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.

What detracted from performance?

Holdings in energy and consumer discretionary stocks detracted.

The Fund used derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund's use of derivatives detracted from performance during the annual period.

 *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.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g938650chartimages_5972629.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 9.15% | 6.56% | 4.37% |
| Investor C Shares (with sales charge) | 8.15 | 6.56 | 4.37 |
| FTSE World Index | 12.34 | 14.26 | 9.59 |
| Reference Benchmark | 10.79 | 7.80 | 6.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$15913581433 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2977 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$120628337 |
| Portfolio Turnover Rate | &nbsp;&nbsp;138% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Reference Benchmark is comprised of the returns of the S&P 500<sup>®</sup> Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).

Effective approximately one year from the date of the Fund's prospectus, the Fund will no longer compare its performance to the indices comprising the Reference Benchmark.

 **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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Ten largest holdings (equity investments)** | **Ten largest holdings (equity investments)** |
| *Security* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Microsoft Corp. | 2.2% |
| Apple, Inc. | 2.1% |
| NVIDIA Corp. | 1.8% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. | 1.5% |
| Eli Lilly & Co. | 1.2% |
| Meta Platforms, Inc. | 1.2% |
| Costco Wholesale Corp. | 0.9% |
| Walmart, Inc. | 0.8% |
| Bank of America Corp. | 0.8% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| *Country/Geographic Region* | *Long* | *Short* | *Total* |
| United States | 62.0% | 2.1% | 64.1% |
| United Kingdom | 6.1% | 0.1% | 6.2% |
| France | 3.1% | 0.2% | 3.3% |
| Japan | 2.0% | 0.7% | 2.7% |
| Italy | 2.5% | 0.1% | 2.6% |
| China | 1.9% | 0.3% | 2.2% |
| Germany | 1.9% | 0.1% | 2.0% |
| Netherlands | 1.9% | — %(c) | 1.9% |
| Spain | 1.8% | — %(c) | 1.8% |
| Canada | 1.7% | 0.1% | 1.8% |
| Other<sup>#</sup> | 10.8% | 0.6% | 11.4% |
|  | 95.7 | 4.3 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(c)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g938650images_4987.jpg)

BlackRock Global Allocation Fund, Inc.

Investor C Shares \| MCLOX

Annual Shareholder Report — April 30, 2025

MCLOX-04/25-AR

![TSR - BLK Retail Logo](g938650images_4988.jpg)

### BlackRock Global Allocation Fund, Inc.

### Class K Shares \| MKLOX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Allocation Fund, Inc. (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $80 | 0.76% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Class K Shares returned 10.38%. 

* For the same period, the FTSE World Index returned 12.34% and the Reference Benchmark (a custom blended benchmark consisting of 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), returned 10.79%. 

What contributed to performance?

In equities, holdings in the financials, information technology, industrials, consumer staples and communication services sectors contributed to absolute performance. Positions in high yield bonds, interest rate derivatives and securitized debt positively impacted returns in fixed income. Holdings in gold-related securities were additive, as well.

The Fund's weighting in cash and cash equivalents was 5% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.

What detracted from performance?

Holdings in energy and consumer discretionary stocks detracted.

The Fund used derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund's use of derivatives detracted from performance during the annual period.

 *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.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g938650chartimages_5972555.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 10.38% | 7.76% | 5.35% |
| FTSE World Index | 12.34 | 14.26 | 9.59 |
| Reference Benchmark | 10.79 | 7.80 | 6.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$15913581433 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2977 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$120628337 |
| Portfolio Turnover Rate | &nbsp;&nbsp;138% |

---

The Reference Benchmark is comprised of the returns of the S&P 500<sup>®</sup> Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).

Effective approximately one year from the date of the Fund's prospectus, the Fund will no longer compare its performance to the indices comprising the Reference Benchmark.

Performance shown prior to the Class K Shares inception date of June 8, 2016 is that of Institutional Shares. The performance of 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.

 **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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Ten largest holdings (equity investments)** | **Ten largest holdings (equity investments)** |
| *Security* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Microsoft Corp. | 2.2% |
| Apple, Inc. | 2.1% |
| NVIDIA Corp. | 1.8% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. | 1.5% |
| Eli Lilly & Co. | 1.2% |
| Meta Platforms, Inc. | 1.2% |
| Costco Wholesale Corp. | 0.9% |
| Walmart, Inc. | 0.8% |
| Bank of America Corp. | 0.8% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| *Country/Geographic Region* | *Long* | *Short* | *Total* |
| United States | 62.0% | 2.1% | 64.1% |
| United Kingdom | 6.1% | 0.1% | 6.2% |
| France | 3.1% | 0.2% | 3.3% |
| Japan | 2.0% | 0.7% | 2.7% |
| Italy | 2.5% | 0.1% | 2.6% |
| China | 1.9% | 0.3% | 2.2% |
| Germany | 1.9% | 0.1% | 2.0% |
| Netherlands | 1.9% | — %(c) | 1.9% |
| Spain | 1.8% | — %(c) | 1.8% |
| Canada | 1.7% | 0.1% | 1.8% |
| Other<sup>#</sup> | 10.8% | 0.6% | 11.4% |
|  | 95.7 | 4.3 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(c)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g938650images_4987.jpg)

BlackRock Global Allocation Fund, Inc.

Class K Shares \| MKLOX

Annual Shareholder Report — April 30, 2025

MKLOX-04/25-AR

![TSR - BLK Retail Logo](g938650images_4988.jpg)

### BlackRock Global Allocation Fund, Inc.

### Class R Shares \| MRLOX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Allocation Fund, Inc. (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class R Shares | $153 | 1.46% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Class R Shares returned 9.63%. 

* For the same period, the FTSE World Index returned 12.34% and the Reference Benchmark (a custom blended benchmark consisting of 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), returned 10.79%. 

What contributed to performance?

In equities, holdings in the financials, information technology, industrials, consumer staples and communication services sectors contributed to absolute performance. Positions in high yield bonds, interest rate derivatives and securitized debt positively impacted returns in fixed income. Holdings in gold-related securities were additive, as well.

The Fund's weighting in cash and cash equivalents was 5% of net assets at the close of the period. The cash position helped manage portfolio volatility, and it served as a source of funds for new investments and redemptions. Holdings in cash and cash equivalents contributed to performance.

What detracted from performance?

Holdings in energy and consumer discretionary stocks detracted.

The Fund used derivatives, which may include options, futures, swaps and forward contracts, in an effort to enhance returns and manage the risk of adverse market movements. The Fund's use of derivatives detracted from performance during the annual period.

 *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.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g938650chartimages_5972616.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class R Shares | 9.63% | 7.00% | 4.64% |
| FTSE World Index | 12.34 | 14.26 | 9.59 |
| Reference Benchmark | 10.79 | 7.80 | 6.25 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$15913581433 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2977 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$120628337 |
| Portfolio Turnover Rate | &nbsp;&nbsp;138% |

---

Average annual total returns reflect reductions for distribution and service fees.

The Reference Benchmark is comprised of the returns of the S&P 500<sup>®</sup> Index (36%), the FTSE World (ex U.S.) Index (24%), the ICE BofA Current 5-Year U.S. Treasury Index (24%) and the FTSE Non-U.S. Dollar World Government Bond Index (16%).

Effective approximately one year from the date of the Fund's prospectus, the Fund will no longer compare its performance to the indices comprising the Reference Benchmark.

 **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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Ten largest holdings (equity investments)** | **Ten largest holdings (equity investments)** |
| *Security* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Microsoft Corp. | 2.2% |
| Apple, Inc. | 2.1% |
| NVIDIA Corp. | 1.8% |
| Amazon.com, Inc. | 1.7% |
| Alphabet, Inc. | 1.5% |
| Eli Lilly & Co. | 1.2% |
| Meta Platforms, Inc. | 1.2% |
| Costco Wholesale Corp. | 0.9% |
| Walmart, Inc. | 0.8% |
| Bank of America Corp. | 0.8% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* | *Percent of Total<br> Investments<sup>(b)</sup>* |
| *Country/Geographic Region* | *Long* | *Short* | *Total* |
| United States | 62.0% | 2.1% | 64.1% |
| United Kingdom | 6.1% | 0.1% | 6.2% |
| France | 3.1% | 0.2% | 3.3% |
| Japan | 2.0% | 0.7% | 2.7% |
| Italy | 2.5% | 0.1% | 2.6% |
| China | 1.9% | 0.3% | 2.2% |
| Germany | 1.9% | 0.1% | 2.0% |
| Netherlands | 1.9% | — %(c) | 1.9% |
| Spain | 1.8% | — %(c) | 1.8% |
| Canada | 1.7% | 0.1% | 1.8% |
| Other<sup>#</sup> | 10.8% | 0.6% | 11.4% |
|  | 95.7 | 4.3 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(c)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g938650images_4987.jpg)

BlackRock Global Allocation Fund, Inc.

Class R Shares \| MRLOX

Annual Shareholder Report — April 30, 2025

MRLOX-04/25-AR

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (b) Not Applicable |
| Item 2 | – Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762. |
| Item 3 | – Audit Committee Financial Expert – The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Neil A. Cotty<br> &nbsp;&nbsp;&nbsp;&nbsp; Henry R. Keizer<br> &nbsp;&nbsp;&nbsp;&nbsp; Kenneth L. Urish |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors. |
| Item 4 | – Principal Accountant Fees and Services |
|  | &nbsp;&nbsp;&nbsp;&nbsp; The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund: |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related**<br>**Fees<sup>1</sup>** | **(b) Audit-Related**<br>**Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| <br>**Entity Name** | **Current <br>Fiscal**<br>**Year**<br>**End** | **Previous** <br>**Fiscal**<br>**Year**<br>**End** | **Current** <br>**Fiscal**<br>**Year**<br>**End** | **Previous** <br>**Fiscal**<br>**Year**<br>**End** | **Current** <br>**Fiscal**<br>**Year**<br>**End** | **Previous** <br>**Fiscal**<br>**Year**<br>**End** | **Current** <br>**Fiscal**<br>**Year**<br>**End** | **Previous** <br>**Fiscal**<br>**Year**<br>**End** |
|  BlackRock Global Allocation Fund, Inc | $83538 | $83130 | $0 | $0 | $29000 | $28960 | $407 | $407 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

------

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| (c) Tax Fees<sup>2</sup> | $0 | $0 |
| (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators. 

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis. 

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| **Entity Name** | **Current**<br>**Fiscal Year**<br>**End** | **Previous<br>Fiscal Year<br>End** |
|  BlackRock Global Allocation Fund, Inc | $29407 | $29367 |

---

------

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| **Current Fiscal Year End** | **Previous Fiscal Year End** |
| $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

---

| | |
|:---|:---|
| Item 5 | – Audit Committee of Listed Registrant – Not Applicable |
| Item 6 | – Investments |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form. |
|  | &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 | – Financial Statements and Financial Highlights for Open-End Management Investment Companies |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (a) The registrant's Financial Statements are attached herewith. |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (b) The registrant's Financial Highlights are attached herewith. |

---

------

![](g938650imgf2d070281.jpg)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

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

**BlackRock Global Allocation Fund, Inc.**<br>

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

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

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_RskDeriv-Footer-FundBookName-918_1)  | 3 |
| [Consolidated Schedule of Investments](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_SOI-Footer-FundBookName-918_1)  | 4 |
| [Consolidated Statement of Assets and Liabilities](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_FS-Footer-FundBookName-918_1)  | 66 |
| [Consolidated Statement of Operations](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_FS-Footer-FundBookName-918_4)  | 69 |
| [Consolidated Statements of Changes in Net Assets](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_FS-Footer-FundBookName-918_5)  | 70 |
| [Consolidated Financial Highlights](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_FIHI-Footer-FundBookName-918_1)  | 71 |
| [Notes to Consolidated Financial Statements](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_NTF-Footer-FundBookName-918_1)  | 76 |
| [Report of Independent Registered Public Accounting Firm](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_AUDIT-1-Footer-FundBookName-918_1)  | 91 |
| [Important Tax Information](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_TAX-1-Footer-FundBookName-918_1)  | 92 |
| [Additional Information](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_ADDInfo-Footer-FundBookName-918_1)  | 93 |
| [Glossary of Terms Used in these Financial Statements](#xx_381c3c21-4e9b-4457-bce8-d9127945dcbb_Terms-Footer-FundBookName-918_1)  | 95 |

---

------

Derivative Financial Instruments

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 under 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.

**BlackRock Global Allocation Fund, Inc.**

Derivative Financial Instruments

------

Consolidated Schedule of Investments

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| **Cayman Islands**<sup>(a)(b)</sup> **— 0.4%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.4%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.4%** |  |
| 720 East CLO VII Ltd., Series 2025-7A, Class A1, <br> (3-mo. CME Term SOFR + 1.06%), 5.34%, <br> 04/20/37<br>| USD | 2600 | &nbsp;&nbsp; $2563304 |
| AGL CLO Ltd., Series 2024-32A, Class A1, (3-mo. <br> CME Term SOFR + 1.38%), 5.65%, 07/21/37<br>|  | 500 | &nbsp;&nbsp; 500000 |
| Anchorage Capital CLO Ltd. |  |  |  |
| Series 2015-7A, Class AR3, (3-mo. CME Term <br> SOFR + 1.56%), 5.84%, 04/28/37<br>|  | 250 | &nbsp;&nbsp; 250000 |
| Series 2019-11A, Class C1R2, (3-mo. CME <br> Term SOFR + 2.40%), 6.67%, 07/22/37<br>|  | 730 | &nbsp;&nbsp; 729256 |
| Series 2021-17A, Class A1R, (3-mo. CME Term <br> SOFR + 1.23%), 5.49%, 02/15/38<br>|  | 750 | &nbsp;&nbsp; 744750 |
| Apidos CLO XX, Series 2015-20A, Class A2RR, <br> (3-mo. CME Term SOFR + 1.81%), 6.07%, <br> 07/16/31<br>|  | 400 | &nbsp;&nbsp; 400200 |
| Apidos CLO XXII, Series 2015-22A, Class A2R, <br> (3-mo. CME Term SOFR + 1.76%), 6.03%, <br> 04/20/31<br>|  | 500 | &nbsp;&nbsp; 500000 |
| Assurant CLO I Ltd., Series 2017-1A, Class CR, <br> (3-mo. CME Term SOFR + 2.41%), 6.68%, <br> 10/20/34<br>|  | 720 | &nbsp;&nbsp; 719096 |
| Bain Capital Credit CLO Ltd., Series 2021-4A, <br> Class BR, (3-mo. CME Term SOFR + 1.65%), <br> 5.92%, 10/20/34<br>|  | 500 | &nbsp;&nbsp; 497750 |
| Battalion CLO VIII Ltd., Series 2015-8A, <br> Class A1R2, (3-mo. CME Term SOFR + 1.33%), <br> 5.60%, 07/18/30<br>|  | 106 | &nbsp;&nbsp; 105960 |
| Battalion CLO X Ltd., Series 2016-10A, <br> Class A2R2, (3-mo. CME Term SOFR + 1.81%), <br> 6.09%, 01/25/35<br>|  | 1465 | &nbsp;&nbsp; 1463231 |
| Battalion CLO XI Ltd., Series 2017-11A, Class BR, <br> (3-mo. CME Term SOFR + 1.98%), 6.26%, <br> 04/24/34<br>|  | 712 | &nbsp;&nbsp; 709935 |
| BBAM U.S. CLO I Ltd., Series 2022-1A, Class AR, <br> (3-mo. CME Term SOFR + 1.20%), 5.46%, <br> 03/30/38<br>|  | 730 | &nbsp;&nbsp; 720447 |
| Benefit Street Partners CLO Ltd., Series 2015-<br> 6BR, Class A1R, (3-mo. CME Term SOFR + <br> 1.18%), 5.46%, 04/20/38<br>|  | 1000 | &nbsp;&nbsp; 991467 |
| Bethpage Park CLO Ltd., Series 2021-1A, Class A, <br> (3-mo. CME Term SOFR + 1.39%), 5.65%, <br> 01/15/35<br>|  | 730 | &nbsp;&nbsp; 729270 |
| BlueMountain CLO Ltd. |  |  |  |
| Series 2013-2A, Class BR, (3-mo. CME Term <br> SOFR + 1.86%), 6.13%, 10/22/30<br>|  | 500 | &nbsp;&nbsp; 500500 |
| Series 2014-2A, Class BR2, (3-mo. CME Term <br> SOFR + 2.01%), 6.28%, 10/20/30<br>|  | 465 | &nbsp;&nbsp; 464324 |
| BlueMountain CLO XXII Ltd., Series 2018-22A, <br> Class B, (3-mo. CME Term SOFR + 1.76%), <br> 6.02%, 07/15/31<br>|  | 1495 | &nbsp;&nbsp; 1497607 |
| BlueMountain CLO XXIX Ltd., Series 2020-29A, <br> Class BR, (3-mo. CME Term SOFR + 2.01%), <br> 6.29%, 07/25/34<br>|  | 625 | &nbsp;&nbsp; 625000 |
| Canyon Capital CLO Ltd., Series 2016-1A, <br> Class CR, (3-mo. CME Term SOFR + 2.16%), <br> 6.42%, 07/15/31<br>|  | 250 | &nbsp;&nbsp; 249245 |
| Cbam Ltd., Series 2018-7A, Class A, (3-mo. CME <br> Term SOFR + 1.36%), 5.63%, 07/20/31<br>|  | 124 | &nbsp;&nbsp; 123608 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |  |
| Cedar Funding V CLO Ltd., Series 2016-5A, <br> Class A1R, (3-mo. CME Term SOFR + 1.36%), <br> 5.64%, 07/17/31<br>| USD | 142 | &nbsp;&nbsp; $141787 |
| CIFC Funding II Ltd., Series 2025-2A, Class A, <br> (3-mo. CME Term SOFR + 1.13%), 5.41%, <br> 04/15/38<br>|  | 1500 | &nbsp;&nbsp; 1490250 |
| CIFC Funding III Ltd., Series 2024-3A, Class A1, <br> (3-mo. CME Term SOFR + 1.48%), 5.75%, <br> 07/21/37<br>|  | 700 | &nbsp;&nbsp; 700775 |
| CIFC Funding Ltd. |  |  |  |
| Series 2013-1A, Class A2R, (3-mo. CME Term <br> SOFR + 2.01%), 6.27%, 07/16/30<br>|  | 250 | &nbsp;&nbsp; 250475 |
| Series 2020-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.91%), 6.17%, 07/15/36<br>|  | 2475 | &nbsp;&nbsp; 2473020 |
| Series 2025-1A, Class A, (3-mo. CME Term <br> SOFR + 1.15%), 5.40%, 04/23/38<br>|  | 500 | &nbsp;&nbsp; 493297 |
| Diameter Capital CLO Ltd., Series 2025-9A, <br> Class A, (3-mo. CME Term SOFR + 1.17%), <br> 5.49%, 04/20/38<br>|  | 990 | &nbsp;&nbsp; 980672 |
| Dryden CLO Ltd. |  |  |  |
| Series 2018-55A, Class A1, (3-mo. CME Term <br> SOFR + 1.28%), 5.54%, 04/15/31<br>|  | 99 | &nbsp;&nbsp; 99049 |
| Series 2018-65A, Class B, (3-mo. CME Term <br> SOFR + 1.86%), 6.13%, 07/18/30<br>|  | 250 | &nbsp;&nbsp; 249625 |
| Elmwood CLO II Ltd. |  |  |  |
| Series 2019-2A, Class A1RR, (3-mo. CME Term <br> SOFR + 1.35%), 5.62%, 10/20/37<br>|  | 400 | &nbsp;&nbsp; 400000 |
| Series 2019-2A, Class BRR, (3-mo. CME Term <br> SOFR + 1.70%), 5.97%, 10/20/37<br>|  | 975 | &nbsp;&nbsp; 965543 |
| Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, <br> (3-mo. CME Term SOFR + 1.23%), 5.49%, <br> 10/15/30<br>|  | 11 | &nbsp;&nbsp; 10716 |
| Galaxy XXVII CLO Ltd., Series 2018-28A, <br> Class A1, (3-mo. CME Term SOFR + 1.36%), <br> 5.62%, 07/15/31<br>|  | 41 | &nbsp;&nbsp; 41557 |
| KKR CLO Ltd., Series 17, Class AR, (3-mo. CME <br> Term SOFR + 1.34%), 5.60%, 04/15/34<br>|  | 500 | &nbsp;&nbsp; 500000 |
| LCM 36 Ltd., Series 36A, Class A1R, (3-mo. CME <br> Term SOFR + 1.07%), 5.33%, 01/15/34<br>|  | 4870 | &nbsp;&nbsp; 4834111 |
| Madison Park Funding LXXI Ltd., Series 2025-71A, <br> Class A1, (3-mo. CME Term SOFR + 1.14%), <br> 5.41%, 04/23/38<br>|  | 730 | &nbsp;&nbsp; 725255 |
| Madison Park Funding XLII Ltd., Series 13A, <br> Class B, (3-mo. CME Term SOFR + 1.76%), <br> 6.04%, 11/21/30<br>|  | 600 | &nbsp;&nbsp; 600300 |
| Madison Park Funding XXXI Ltd., Series 2018-31A, <br> Class B1R, (3-mo. CME Term SOFR + 1.80%), <br> 6.08%, 07/23/37<br>|  | 250 | &nbsp;&nbsp; 248800 |
| Madison Park Funding XXXVII Ltd., Series 2019-<br> 37A, Class AR2, (3-mo. CME Term SOFR + <br> 1.53%), 5.79%, 04/15/37<br>|  | 750 | &nbsp;&nbsp; 750722 |
| Myers Park CLO Ltd., Series 2018-1A, Class B1, <br> (3-mo. CME Term SOFR + 1.86%), 6.13%, <br> 10/20/30<br>|  | 250 | &nbsp;&nbsp; 249500 |
| Neuberger Berman CLO XX Ltd., Series 2015-20A, <br> Class BR3, (3-mo. CME Term SOFR + 1.50%), <br> 5.82%, 04/15/39<br>|  | 250 | &nbsp;&nbsp; 247050 |
| Neuberger Berman Loan Advisers CLO Ltd., <br> Series 2021-46A, Class BR, (3-mo. CME Term <br> SOFR + 1.50%), 5.77%, 01/20/37<br>|  | 250 | &nbsp;&nbsp; 246825 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |  |
| New Mountain CLO Ltd., Series CLO-1A, <br> Class A1RR, (3-mo. CME Term SOFR + 1.25%), <br> 5.51%, 01/15/38<br>| USD | 1230 | &nbsp;&nbsp; $1217759 |
| Oak Hill Credit Partners X-R Ltd., Series 2014-<br> 10RA, Class AR2, (3-mo. CME Term SOFR + <br> 1.13%), 5.40%, 04/20/38<br>|  | 1350 | &nbsp;&nbsp; 1341225 |
| Oaktree CLO Ltd. |  |  |  |
| Series 2021-2A, Class AR, (3-mo. CME Term <br> SOFR + 0.97%), 5.23%, 01/15/35<br>|  | 730 | &nbsp;&nbsp; 722152 |
| Series 2024-27A, Class D1, (3-mo. CME Term <br> SOFR + 3.00%), 7.27%, 10/22/37<br>|  | 1000 | &nbsp;&nbsp; 995600 |
| OCP CLO Ltd. |  |  |  |
| Series 2014-5A, Class A2R, (3-mo. CME Term <br> SOFR + 1.66%), 5.94%, 04/26/31<br>|  | 450 | &nbsp;&nbsp; 449280 |
| Series 2014-7A, Class A2RR, (3-mo. CME Term <br> SOFR + 1.91%), 6.18%, 07/20/29<br>|  | 70 | &nbsp;&nbsp; 69850 |
| Octagon Investment Partners 37 Ltd., Series 2018-<br> 2A, Class A2, (3-mo. CME Term SOFR + <br> 1.84%), 6.12%, 07/25/30<br>|  | 250 | &nbsp;&nbsp; 250225 |
| Octagon Investment Partners 46 Ltd., Series 2020-<br> 2A, Class BR, (3-mo. CME Term SOFR + <br> 1.91%), 6.17%, 07/15/36<br>|  | 800 | &nbsp;&nbsp; 797440 |
| Octagon Investment Partners XV Ltd., Series 2013-<br> 1A, Class A2R, (3-mo. CME Term SOFR + <br> 1.61%), 5.88%, 07/19/30<br>|  | 487 | &nbsp;&nbsp; 487432 |
| Octagon Investment Partners XVII Ltd., <br> Series 2013-1A, Class A2R2, (3-mo. CME Term <br> SOFR + 1.36%), 5.64%, 01/25/31<br>|  | 300 | &nbsp;&nbsp; 299626 |
| OHA Credit Funding Ltd., Series 2020-7A, <br> Class AR, (3-mo. CME Term SOFR + 1.30%), <br> 5.57%, 02/24/37<br>|  | 575 | &nbsp;&nbsp; 575000 |
| OHA Loan Funding Ltd. |  |  |  |
| Series 2013-2A, Class AR, (3-mo. CME Term <br> SOFR + 1.30%), 5.63%, 05/23/31<br>|  | 302 | &nbsp;&nbsp; 301737 |
| Series 2016-1A, Class B1R2, (3-mo. CME Term <br> SOFR + 1.70%), 5.97%, 07/20/37<br>|  | 250 | &nbsp;&nbsp; 247775 |
| Palmer Square CLO Ltd., Series 2021-1A, <br> Class A1AR, (3-mo. CME Term SOFR + 1.15%), <br> 5.42%, 04/20/38<br>|  | 1310 | &nbsp;&nbsp; 1297559 |
| Palmer Square Loan Funding Ltd., Series 2022-3A, <br> Class A1BR, (3-mo. CME Term SOFR + 1.40%), <br> 5.66%, 04/15/31<br>|  | 730 | &nbsp;&nbsp; 729928 |
| Park Avenue Institutional Advisers CLO Ltd., <br> Series 2017-1A, Class A2R, (3-mo. CME Term <br> SOFR + 1.81%), 6.13%, 02/14/34<br>|  | 500 | &nbsp;&nbsp; 494450 |
| Pikes Peak CLO, Series 2019-4A, Class ARR, <br> (3-mo. CME Term SOFR + 1.21%), 5.47%, <br> 07/15/34<br>|  | 350 | &nbsp;&nbsp; 348459 |
| Recette CLO Ltd., Series 2015-1A, Class BRR, <br> (3-mo. CME Term SOFR + 1.66%), 5.93%, <br> 04/20/34<br>|  | 250 | &nbsp;&nbsp; 247350 |
| REESE PARK CLO Ltd., Series 2020-1A, <br> Class ARR, (3-mo. CME Term SOFR + 1.32%), <br> 5.58%, 01/15/38<br>|  | 730 | &nbsp;&nbsp; 728540 |
| Regatta 31 Funding Ltd., Series 2025-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.17%), <br> 5.40%, 03/25/38<br>|  | 1100 | &nbsp;&nbsp; 1094500 |
| Regatta VII Funding Ltd., Series 2016-1A, <br> Class A1R2, (3-mo. CME Term SOFR + 1.41%), <br> 5.72%, 06/20/34<br>|  | 450 | &nbsp;&nbsp; 450000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |  |
| Regatta XVIII Funding Ltd. |  |  |  |
| Series 2021-1A, Class A1R, (3-mo. CME Term <br> SOFR + 1.16%), 5.42%, 04/15/38<br>| USD | 1500 | &nbsp;&nbsp; $1492500 |
| Series 2021-1A, Class BR, (3-mo. CME Term <br> SOFR + 1.55%), 5.81%, 04/15/38<br>|  | 600 | &nbsp;&nbsp; 593880 |
| Regatta XX Funding Ltd., Series 2021-2A, <br> Class AR, (3-mo. CME Term SOFR + 1.18%), <br> 5.44%, 01/15/38<br>|  | 1730 | &nbsp;&nbsp; 1715571 |
| Rockford Tower CLO Ltd. |  |  |  |
| Series 2017-1A, Class BR2A, (3-mo. CME Term <br> SOFR + 1.91%), 6.18%, 04/20/34<br>|  | 500 | &nbsp;&nbsp; 497450 |
| Series 2017-2A, Class BR, (3-mo. CME Term <br> SOFR + 1.76%), 6.02%, 10/15/29<br>|  | 500 | &nbsp;&nbsp; 499300 |
| Series 2018-1A, Class A, (3-mo. CME Term <br> SOFR + 1.36%), 5.68%, 05/20/31<br>|  | 104 | &nbsp;&nbsp; 104428 |
| Romark CLO II Ltd., Series 2018-2A, Class A1R, <br> (3-mo. CME Term SOFR + 1.14%), 5.42%, <br> 07/25/31<br>|  | 150 | &nbsp;&nbsp; 149857 |
| RR Ltd. |  |  |  |
| Series 2023-26A, Class A1R, (3-mo. CME Term <br> SOFR + 1.12%), 5.38%, 04/15/38<br>|  | 2000 | &nbsp;&nbsp; 1983208 |
| Series 2024-28RA, Class A1R, (3-mo. CME <br> Term SOFR + 1.55%), 5.81%, 04/15/37<br>|  | 5718 | &nbsp;&nbsp; 5724337 |
| Series 2025-38A, Class A1A, (3-mo. CME Term <br> SOFR + 1.15%), 5.47%, 04/15/40<br>|  | 250 | &nbsp;&nbsp; 247327 |
| Signal Peak CLO Ltd., Series 2018-5A, Class A1R, <br> (3-mo. CME Term SOFR + 1.55%), 5.83%, <br> 04/25/37<br>|  | 300 | &nbsp;&nbsp; 299849 |
| Sixth Street CLO XIII Ltd., Series 2019-13A, <br> Class D1R2, (3-mo. CME Term SOFR + 2.60%), <br> 6.87%, 01/21/38<br>|  | 1000 | &nbsp;&nbsp; 983325 |
| Symphony CLO XXI Ltd., Series 2019-21A, <br> Class AR2, (3-mo. CME Term SOFR + 0.90%), <br> 5.16%, 07/15/32<br>|  | 740 | &nbsp;&nbsp; 735123 |
| TICP CLO VI Ltd. |  |  |  |
| Series 2016-6A, Class AR2, (3-mo. CME Term <br> SOFR + 1.38%), 5.64%, 01/15/34<br>|  | 500 | &nbsp;&nbsp; 498697 |
| Series 2016-6A, Class BR2, (3-mo. CME Term <br> SOFR + 1.76%), 6.02%, 01/15/34<br>|  | 500 | &nbsp;&nbsp; 497200 |
| TICP CLO XII Ltd., Series 2018-12A, Class BR, <br> (3-mo. CME Term SOFR + 1.91%), 6.17%, <br> 07/15/34<br>|  | 700 | &nbsp;&nbsp; 697830 |
| Trinitas CLO XIV Ltd. |  |  |  |
| Series 2020-14A, Class BR, (3-mo. CME Term <br> SOFR + 1.95%), 6.23%, 01/25/34<br>|  | 1070 | &nbsp;&nbsp; 1061226 |
| Series 2020-14A, Class CR, (3-mo. CME Term <br> SOFR + 2.40%), 6.68%, 01/25/34<br>|  | 940 | &nbsp;&nbsp; 935299 |
| Voya CLO Ltd. |  |  |  |
| Series 2013-3A, Class A1RR, (3-mo. CME Term <br> SOFR + 1.41%), 5.68%, 10/18/31<br>|  | 115 | &nbsp;&nbsp; 114576 |
| Series 2018-3A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.20%), 5.46%, 10/15/31<br>|  | 169 | &nbsp;&nbsp; 168437 |
| Series 2019-2A, Class AR, (3-mo. CME Term <br> SOFR + 1.20%), 5.47%, 07/20/32<br>|  | 903 | &nbsp;&nbsp; 901202 |
| Whitebox CLO I Ltd., Series 2019-1A, Class BRR, <br> (3-mo. CME Term SOFR + 1.75%), 6.03%, <br> 07/24/36<br>|  | 1200 | &nbsp;&nbsp; 1185840 |
|  |  |  | &nbsp;&nbsp; 66016628 |
| **Ireland**<sup>(a)</sup> **— 0.6%** | **Ireland**<sup>(a)</sup> **— 0.6%** | **Ireland**<sup>(a)</sup> **— 0.6%** |  |
| AB Carval Euro CLO II-C DAC, Series 2X, Class D, <br> (3-mo. EURIBOR + 3.75%), 6.31%, 02/15/37<sup>(c)</sup><br>| EUR | 2350 | &nbsp;&nbsp; 2647989 |

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Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| Arbour CLO VI DAC, Series 6X, Class DR, (3-mo. <br> EURIBOR + 3.20%), 5.76%, 11/15/37<sup>(c)</sup><br>| EUR | 2720 | &nbsp;&nbsp; $3010884 |
| Arcano Euro CLO I DAC, Series 1X, Class D, (3-<br> mo. EURIBOR + 3.40%), 5.59%, 04/25/39<sup>(c)</sup><br>|  | 3200 | &nbsp;&nbsp; 3526760 |
| Arini European CLO IV DAC, Series 4X, Class D, <br> (3-mo. EURIBOR + 3.50%), 6.27%, 01/15/38<sup>(c)</sup><br>|  | 3920 | &nbsp;&nbsp; 4373538 |
| Arini European CLO V DAC, Series 5X, Class D, <br> (3-mo. EURIBOR + 2.80%), 5.17%, 01/15/39<sup>(c)</sup><br>|  | 2080 | &nbsp;&nbsp; 2287646 |
| Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 04/15/38<sup>(c)</sup><br>|  | 1440 | &nbsp;&nbsp; 1572212 |
| Avoca CLO XV DAC, Series 15X, Class B2R, (3-<br> mo. EURIBOR + 1.05%), 3.33%, 04/15/31<sup>(c)</sup><br>|  | 134 | &nbsp;&nbsp; 150941 |
| Avoca CLO XVIII DAC, Series 18X, Class DR, <br> (3-mo. EURIBOR + 3.05%), 5.71%, 01/15/38<sup>(c)</sup><br>|  | 1560 | &nbsp;&nbsp; 1733423 |
| Avoca Static CLO I DAC, Series 1X, Class DR, <br> (3-mo. EURIBOR + 2.90%), 5.18%, 01/15/35<sup>(c)</sup><br>|  | 1360 | &nbsp;&nbsp; 1515502 |
| Capital Four CLO VIII DAC, Series 8X, Class D, <br> (3-mo. EURIBOR + 3.25%), 5.41%, 10/25/37<sup>(c)</sup><br>|  | 3200 | &nbsp;&nbsp; 3558956 |
| CIFC European Funding CLO II DAC, Series 2X, <br> Class B1, (3-mo. EURIBOR + 1.60%), 3.88%, <br> 04/15/33<sup>(c)</sup><br>|  | 593 | &nbsp;&nbsp; 666551 |
| Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br> EURIBOR + 3.10%), 5.38%, 10/15/37<sup>(c)</sup><br>|  | 2030 | &nbsp;&nbsp; 2230211 |
| Contego CLO VII DAC, Series 7X, Class DR, (3-<br> mo. EURIBOR + 3.45%), 5.63%, 01/23/38<sup>(c)</sup><br>|  | 2640 | &nbsp;&nbsp; 2940562 |
| Contego CLO XI DAC, Series 11X, Class DR, (3-<br> mo. EURIBOR + 3.20%), 5.94%, 11/20/38<sup>(c)</sup><br>|  | 2000 | &nbsp;&nbsp; 2215946 |
| CVC Cordatus Opportunity Loan Fund-R DAC, <br> Series 1X, Class DR, (3-mo. EURIBOR + <br> 2.80%), 5.21%, 08/15/33<sup>(c)</sup><br>|  | 6410 | &nbsp;&nbsp; 7121780 |
| Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br> Class DR, (3-mo. EURIBOR + 2.70%), 5.26%, <br> 02/15/38<sup>(c)</sup><br>|  | 2720 | &nbsp;&nbsp; 2983070 |
| Harvest CLO XXXII DAC, Series 2032X, Class D, <br> (3-mo. EURIBOR + 3.60%), 5.76%, 07/25/37<sup>(c)</sup><br>|  | 2002 | &nbsp;&nbsp; 2215229 |
| Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br> EURIBOR + 2.60%), 4.96%, 04/25/39<sup>(c)</sup><br>|  | 3140 | &nbsp;&nbsp; 3447139 |
| Henley CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.10%), 5.88%, 01/15/38<sup>(c)</sup><br>|  | 1980 | &nbsp;&nbsp; 2210745 |
| Holland Park CLO DAC, Series 1X, Class A1RR, <br> (3-mo. EURIBOR + 0.92%), 3.47%, 11/14/32<sup>(c)</sup><br>|  | 300 | &nbsp;&nbsp; 339554 |
| Jubilee CLO DAC, Series 2024-29X, Class D, (3-<br> mo. EURIBOR + 3.20%), 5.48%, 01/15/39<sup>(c)</sup><br>|  | 3370 | &nbsp;&nbsp; 3752727 |
| Palmer Square European Loan Funding DAC<sup>(c)</sup> <br>|  |  |  |
| Series 2024-2X, Class D, (3-mo. EURIBOR + <br> 3.15%), 5.71%, 05/15/34<br>|  | 2400 | &nbsp;&nbsp; 2675918 |
| Series 2024-3X, Class D, (3-mo. EURIBOR + <br> 3.05%), 5.74%, 05/15/34<br>|  | 1980 | &nbsp;&nbsp; 2200777 |
| Penta CLO DAC, Series 2024-17X, Class D, (3-<br> mo. EURIBOR + 3.25%), 5.81%, 08/15/38<sup>(c)</sup><br>|  | 2210 | &nbsp;&nbsp; 2440555 |
| Prodigy Finance DAC<sup>(b)</sup> <br>|  |  |  |
| Series 2021-1A, Class B, (1 mo. Term SOFR + <br> 2.61%), 6.94%, 07/25/51<br>| USD | 385 | &nbsp;&nbsp; 389208 |
| Series 2021-1A, Class C, (1 mo. Term SOFR + <br> 3.86%), 8.19%, 07/25/51<br>|  | 223 | &nbsp;&nbsp; 228424 |
| Series 2021-1A, Class D, (1 mo. Term SOFR + <br> 6.01%), 10.34%, 07/25/51<br>|  | 146 | &nbsp;&nbsp; 150278 |
| Providus CLO II DAC, Series 2X, Class DRR, (3-<br> mo. EURIBOR + 3.20%), 5.48%, 10/15/38<sup>(c)</sup><br>| EUR | 2160 | &nbsp;&nbsp; 2391251 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |  |
| Rockford Tower Europe CLO DAC, Series 2025-<br> 1X, Class D, (3-mo. EURIBOR + 3.00%), 5.21%, <br> 10/25/27<sup>(c)</sup><br>| EUR | 2640 | &nbsp;&nbsp; $2935756 |
| Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.49%, 04/20/37<sup>(c)</sup><br>|  | 4300 | &nbsp;&nbsp; 4743779 |
| Texas Debt Capital Euro CLO DAC, Series 2025-<br> 1X, Class D, (3-mo. EURIBOR + 3.00%), 5.20%, <br> 04/16/39<sup>(c)</sup><br>|  | 3200 | &nbsp;&nbsp; 3625122 |
| Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.49%, 10/20/38<sup>(c)</sup><br>|  | 3828 | &nbsp;&nbsp; 4269889 |
| Victory Street CLO I DAC, Series 1X, Class D, <br> (3-mo. EURIBOR + 3.45%), 6.23%, 01/15/38<sup>(c)</sup><br>|  | 2960 | &nbsp;&nbsp; 3317558 |
|  |  |  | &nbsp;&nbsp; 83869880 |
| **Jersey**<sup>(a)(b)</sup> **— 0.0%** | **Jersey**<sup>(a)(b)</sup> **— 0.0%** | **Jersey**<sup>(a)(b)</sup> **— 0.0%** |  |
| Bayswater Park CLO Ltd., Series 2023-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.73%), <br> 6.00%, 01/20/37<br>| USD | 750 | &nbsp;&nbsp; 751385 |
| Milford Park CLO Ltd., Series 2022-1A, Class AR, <br> (3-mo. CME Term SOFR + 1.16%), 5.43%, <br> 01/20/38<br>|  | 1500 | &nbsp;&nbsp; 1488750 |
|  |  |  | &nbsp;&nbsp; 2240135 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(c)</sup><br>| GBP | 3106 | &nbsp;&nbsp; 4322574 |
| Zilch Finance Ltd., (1-day SONIA + 4.00%), 8.46%, <br> 10/26/27<sup>(a)(d)</sup><br>|  | 9450 | &nbsp;&nbsp; 12594022 |
|  |  |  | &nbsp;&nbsp; 16916596 |
| **United States — 1.4%** | **United States — 1.4%** | **United States — 1.4%** |  |
| AccessLex Institute, Series 2007-A, Class A3, (3-<br> mo. CME Term SOFR + 0.56%), 4.88%, <br> 05/25/36<sup>(a)</sup><br>| USD | 812 | &nbsp;&nbsp; 803114 |
| Apidos CLO XV, Series 2013-15A, Class A1RR, <br> (3-mo. CME Term SOFR + 1.27%), 5.54%, <br> 04/20/31<sup>(a)(b)</sup><br>|  | 481 | &nbsp;&nbsp; 480772 |
| Bankers Healthcare Group Securitization Trust, <br> Series 2020-A, Class C, 5.17%, 09/17/31<sup>(b)</sup><br>|  | 730 | &nbsp;&nbsp; 727858 |
| College Avenue Student Loans LLC, <br> Series 2021-B, Class D, 3.78%, 06/25/52<sup>(b)</sup><br>|  | 148 | &nbsp;&nbsp; 137622 |
| Concord Music Royalties LLC, Series 2024-1A, <br> Class A, 5.64%, 10/20/74<sup>(b)</sup><br>|  | 2999 | &nbsp;&nbsp; 2954578 |
| Cook Park CLO Ltd., Series 2018-1A, Class B, <br> (3-mo. CME Term SOFR + 1.66%), 5.94%, <br> 04/17/30<sup>(a)(b)</sup><br>|  | 1148 | &nbsp;&nbsp; 1146149 |
| FNA 8 LLC, Series 2025-1, Class A, 5.62%, <br> 03/15/45<sup>(a)(b)</sup><br>|  | 7035 | &nbsp;&nbsp; 7080251 |
| GoodLeap Home Improvement Solutions Trust, <br> Series 2024-1A, Class A, 5.35%, 10/20/46<sup>(b)</sup><br>|  | 11550 | &nbsp;&nbsp; 11633506 |
| GoodLeap Sustainable Home Solutions Trust, <br> Series 2021-3CS, Class A, 2.10%, 05/20/48<sup>(b)</sup><br>|  | 2963 | &nbsp;&nbsp; 2267235 |
| GreenSky Home Improvement Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-1, Class A4, 5.67%, 06/25/59 |  | 7941 | &nbsp;&nbsp; 8060848 |
| Series 2024-1, Class B, 5.87%, 06/25/59 |  | 997 | &nbsp;&nbsp; 1013532 |
| Het 24 A Abs, 0.00%, 12/06/44<sup>(b)(d)</sup> |  | 11100 | &nbsp;&nbsp; 11318670 |
| Huntington Bank Auto Credit-Linked Notes, <br> Series 2024-1, Class B2, (30-day Avg SOFR + <br> 1.40%), 5.75%, 05/20/32<sup>(a)(b)</sup><br>|  | 4312 | &nbsp;&nbsp; 4301018 |
| Lendmark Funding Trust, Series 2021-2A, Class D, <br> 4.46%, 04/20/32<sup>(b)</sup><br>|  | 2210 | &nbsp;&nbsp; 1971251 |
| Lyra Music Assets Delaware LP, Series 2024-2A, <br> Class A2, 5.76%, 12/22/64<sup>(b)</sup><br>|  | 7275 | &nbsp;&nbsp; 7161535 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| Mariner Finance Issuance Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2024-AA, Class A, 5.13%, 09/22/36 | USD | 5203 | &nbsp;&nbsp; $5280128 |
| Series 2024-AA, Class D, 6.77%, 09/22/36 |  | 861 | &nbsp;&nbsp; 884324 |
| Navient Private Education Refi Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-DA, Class A, (Prime - 1.99%), <br> 5.51%, 04/15/60<sup>(a)</sup><br>|  | 5378 | &nbsp;&nbsp; 5319763 |
| Series 2021-DA, Class B, 2.61%, 04/15/60 |  | 1502 | &nbsp;&nbsp; 1343320 |
| Series 2021-DA, Class C, 3.48%, 04/15/60 |  | 3950 | &nbsp;&nbsp; 3646369 |
| Series 2024-A, Class A, 5.66%, 10/15/72 |  | 12583 | &nbsp;&nbsp; 12841037 |
| Nelnet Student Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-A, Class B1, 2.85%, 04/20/62 |  | 6099 | &nbsp;&nbsp; 5343635 |
| Series 2021-A, Class D, 4.93%, 04/20/62 |  | 6030 | &nbsp;&nbsp; 5349267 |
| Series 2021-BA, Class C, 3.57%, 04/20/62 |  | 6450 | &nbsp;&nbsp; 5505396 |
| Series 2021-CA, Class C, 3.36%, 04/20/62 |  | 850 | &nbsp;&nbsp; 724010 |
| Series 2025-AA, Class A1B, (30-day Avg SOFR <br> + 1.10%), 5.44%, 03/15/57<sup>(a)</sup><br>|  | 12059 | &nbsp;&nbsp; 11943370 |
| Pagaya AI Debt Selection Trust, Series 2021-2, <br> Class A, 3.00%, 01/25/29<sup>(b)</sup><br>|  | 529 | &nbsp;&nbsp; 523228 |
| PFS Financing Corp., Series 2022-E, Class B, <br> 5.54%, 10/30/26<sup>(b)(d)</sup><br>|  | 10000 | &nbsp;&nbsp; 10030000 |
| Progress Residential, Series 2021-SFR3, Class F, <br> 3.44%, 05/17/26<sup>(b)</sup><br>|  | 2736 | &nbsp;&nbsp; 2676033 |
| Regional Management Issuance Trust, <br> Series 2021-3, Class A, 3.88%, 10/17/33<sup>(b)(d)</sup><br>|  | 27070 | &nbsp;&nbsp; 25751691 |
| Republic Finance Issuance Trust, Series 2024-A, <br> Class A, 5.91%, 08/20/32<sup>(b)</sup><br>|  | 8036 | &nbsp;&nbsp; 8164640 |
| Sesac Finance LLC, Series 2019-1, Class A2, <br> 5.22%, 07/25/49<sup>(b)</sup><br>|  | 941 | &nbsp;&nbsp; 931427 |
| SLM Private Education Loan Trust, Series 2010-C, <br> Class A5, (1 mo. Term SOFR + 4.86%), 9.19%, <br> 10/15/41<sup>(a)(b)</sup><br>|  | 9232 | &nbsp;&nbsp; 9692898 |
| SMB Private Education Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-A, Class B, 2.31%, 01/15/53 |  | 1743 | &nbsp;&nbsp; 1683616 |
| Series 2021-A, Class C, 2.99%, 01/15/53 |  | 10776 | &nbsp;&nbsp; 9287043 |
| Series 2021-C, Class B, 2.30%, 01/15/53 |  | 1185 | &nbsp;&nbsp; 1147216 |
| Series 2021-C, Class C, 3.00%, 01/15/53 |  | 706 | &nbsp;&nbsp; 616371 |
| Series 2021-C, Class D, 3.93%, 01/15/53 |  | 206 | &nbsp;&nbsp; 184386 |
| Series 2024-D, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.45%, 07/15/53<sup>(a)</sup><br>|  | 7230 | &nbsp;&nbsp; 7154153 |
| SoFi Personal Loan Term<sup>(b)</sup> <br>|  |  |  |
| Series 2023-1, Class R1, 1.00%, 10/12/30 |  | 163 | &nbsp;&nbsp; 7581228 |
| Series 2023-1A, Class A, 6.00%, 11/12/30 |  | 5134 | &nbsp;&nbsp; 5199498 |
| Series 2024-1, Class R1, 0.00%, 02/12/31 |  | 148 | &nbsp;&nbsp; 4229912 |
| Series 2024-1A, Class A, 6.06%, 02/12/31 |  | 5920 | &nbsp;&nbsp; 5956490 |
| Subway Funding LLC, Series 2024-1A, Class A2II, <br> 6.27%, 07/30/54<sup>(b)</sup><br>|  | 5203 | &nbsp;&nbsp; 5290304 |
|  |  |  | &nbsp;&nbsp; 225338692 |
| **Total Asset-Backed Securities — 2.5%** <br>**(Cost: $397,738,664)** | **Total Asset-Backed Securities — 2.5%** <br>**(Cost: $397,738,664)** | **Total Asset-Backed Securities — 2.5%** <br>**(Cost: $397,738,664)** | &nbsp;&nbsp; 394381931 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.3%** | **Australia — 0.3%** |  |
| BHP Group Ltd., Class DI | 485481 | &nbsp;&nbsp; 11570785 |
| Brambles Ltd. | 131172 | &nbsp;&nbsp; 1723817 |
| Fortescue Ltd | 395310 | &nbsp;&nbsp; 4082638 |
| IREN Ltd.<sup>(e)(f)</sup> | 250421 | &nbsp;&nbsp; 1530072 |
| Macquarie Group Ltd. | 25833 | &nbsp;&nbsp; 3192314 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Australia (continued)** | **Australia (continued)** |  |
| Quintis HoldCo. Pty. Ltd.<sup>(d)(e)(g)</sup> | 43735802 | &nbsp;&nbsp; $280 |
| Santos Ltd. | 769280 | &nbsp;&nbsp; 2957392 |
| Steadfast Group Ltd. | 597287 | &nbsp;&nbsp; 2244523 |
| Telix Pharmaceuticals Ltd.<sup>(e)</sup> | 47114 | &nbsp;&nbsp; 819022 |
| Transurban Group | 649166 | &nbsp;&nbsp; 5849877 |
| Woolworths Group Ltd. | 339262 | &nbsp;&nbsp; 6847201 |
|  |  | &nbsp;&nbsp; 40817921 |
| **Austria — 0.0%** | **Austria — 0.0%** |  |
| Raiffeisen Bank International AG | 14931 | &nbsp;&nbsp; 398826 |
| **Belgium — 0.0%** | **Belgium — 0.0%** |  |
| Elia Group SA/NV | 20971 | &nbsp;&nbsp; 2273666 |
| KBC Group NV | 24508 | &nbsp;&nbsp; 2259852 |
|  |  | &nbsp;&nbsp; 4533518 |
| **Brazil — 0.3%** | **Brazil — 0.3%** |  |
| B3 SA - Brasil Bolsa Balcao | 3726794 | &nbsp;&nbsp; 8858700 |
| Banco do Brasil SA | 1086932 | &nbsp;&nbsp; 5540813 |
| BB Seguridade Participacoes SA | 614643 | &nbsp;&nbsp; 4632174 |
| Lojas Renner SA | 1647221 | &nbsp;&nbsp; 4240575 |
| MercadoLibre, Inc.<sup>(e)</sup> | 7664 | &nbsp;&nbsp; 17863634 |
|  |  | &nbsp;&nbsp; 41135896 |
| **Cambodia — 0.0%** | **Cambodia — 0.0%** |  |
| NagaCorp Ltd.<sup>(e)</sup> | 970000 | &nbsp;&nbsp; 412017 |
| **Canada — 1.1%** | **Canada — 1.1%** |  |
| Agnico Eagle Mines Ltd. | 45651 | &nbsp;&nbsp; 5365466 |
| Algoma Steel Group, Inc. | 547037 | &nbsp;&nbsp; 2798094 |
| Alimentation Couche-Tard, Inc. | 119614 | &nbsp;&nbsp; 6243598 |
| Bank of Nova Scotia | 86557 | &nbsp;&nbsp; 4330989 |
| Barrick Gold Corp. | 478886 | &nbsp;&nbsp; 9132390 |
| Cameco Corp. | 997019 | &nbsp;&nbsp; 45015408 |
| Canadian National Railway Co. | 95364 | &nbsp;&nbsp; 9235491 |
| Canadian Natural Resources Ltd. | 202334 | &nbsp;&nbsp; 5806132 |
| Cenovus Energy, Inc. | 426357 | &nbsp;&nbsp; 5019421 |
| Constellation Software, Inc./Canada | 2261 | &nbsp;&nbsp; 8148440 |
| Franco-Nevada Corp. | 23822 | &nbsp;&nbsp; 4093769 |
| Lionsgate Studios Corp.<sup>(e)(f)</sup> | 259351 | &nbsp;&nbsp; 1895856 |
| Power Corp. of Canada | 104352 | &nbsp;&nbsp; 3949722 |
| Suncor Energy, Inc. | 694435 | &nbsp;&nbsp; 24526360 |
| TC Energy Corp. | 341655 | &nbsp;&nbsp; 17261186 |
| Thomson Reuters Corp. | 77457 | &nbsp;&nbsp; 14413205 |
|  |  | &nbsp;&nbsp; 167235527 |
| **Chile — 0.0%** | **Chile — 0.0%** |  |
| Wom New Holdco<sup>(d)(e)</sup> | 5047 | &nbsp;&nbsp; 141316 |
| **China — 1.5%** | **China — 1.5%** |  |
| Airtac International Group | 34000 | &nbsp;&nbsp; 933851 |
| Alibaba Group Holding Ltd. | 4664 | &nbsp;&nbsp; 69634 |
| Alibaba Group Holding Ltd., ADR | 71385 | &nbsp;&nbsp; 8525511 |
| BYD Co. Ltd., Class H | 1809247 | &nbsp;&nbsp; 85932371 |
| Contemporary Amperex Technology Co. Ltd., <br> Class A<br>| 711999 | &nbsp;&nbsp; 22745912 |
| Eastroc Beverage Group Co. Ltd., Class A | 192100 | &nbsp;&nbsp; 7557192 |
| Geely Automobile Holdings Ltd. | 1366000 | &nbsp;&nbsp; 2867646 |
| Great Wall Motor Co. Ltd., Class A | 2811441 | &nbsp;&nbsp; 8734231 |
| Great Wall Motor Co. Ltd., Class H | 1284000 | &nbsp;&nbsp; 1834824 |
| Haidilao International Holding Ltd.<sup>(b)</sup> | 793000 | &nbsp;&nbsp; 1785483 |
| JD.com, Inc., Class A | 414350 | &nbsp;&nbsp; 6746208 |
| Lenovo Group Ltd. | 1246000 | &nbsp;&nbsp; 1441094 |
| NetEase, Inc. | 521700 | &nbsp;&nbsp; 11214647 |
| Nongfu Spring Co. Ltd., Class H<sup>(b)</sup> | 804737 | &nbsp;&nbsp; 3699529 |
| NXP Semiconductors NV | 69188 | &nbsp;&nbsp; 12752040 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| PDD Holdings, Inc., ADR<sup>(e)</sup> | 709 | &nbsp;&nbsp; $74849 |
| Prosus NV | 130579 | &nbsp;&nbsp; 6122143 |
| Tencent Holdings Ltd. | 636294 | &nbsp;&nbsp; 38973607 |
| Trip.com Group Ltd., ADR | 278 | &nbsp;&nbsp; 16399 |
| Weichai Power Co. Ltd., Class H | 2065000 | &nbsp;&nbsp; 4028608 |
| Xiaomi Corp., Class B<sup>(b)(e)</sup> | 426400 | &nbsp;&nbsp; 2729898 |
| Yum China Holdings, Inc. | 60426 | &nbsp;&nbsp; 2617050 |
|  |  | &nbsp;&nbsp; 231402727 |
| **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| Bancolombia SA, ADR, Preference Shares | 15621 | &nbsp;&nbsp; 629839 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |  |
| Komercni Banka A/S | 15324 | &nbsp;&nbsp; 744774 |
| Moneta Money Bank A/S<sup>(b)</sup> | 92327 | &nbsp;&nbsp; 570722 |
|  |  | &nbsp;&nbsp; 1315496 |
| **Denmark — 0.6%** | **Denmark — 0.6%** |  |
| AP Moller - Maersk A/S, Class B<sup>(f)</sup> | 747 | &nbsp;&nbsp; 1286248 |
| Carlsberg A/S, Class B | 24310 | &nbsp;&nbsp; 3312326 |
| DSV A/S | 167874 | &nbsp;&nbsp; 35582523 |
| Genmab A/S<sup>(e)</sup> | 13800 | &nbsp;&nbsp; 2926133 |
| Novo Nordisk A/S, Class B | 637624 | &nbsp;&nbsp; 42632504 |
| Vestas Wind Systems A/S | 535614 | &nbsp;&nbsp; 7140913 |
|  |  | &nbsp;&nbsp; 92880647 |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Elisa OYJ | 57397 | &nbsp;&nbsp; 3062016 |
| Kone OYJ, Class B | 69530 | &nbsp;&nbsp; 4306119 |
| Sampo OYJ, Class A | 167570 | &nbsp;&nbsp; 1678818 |
|  |  | &nbsp;&nbsp; 9046953 |
| **France — 2.0%** | **France — 2.0%** |  |
| Accor SA | 535095 | &nbsp;&nbsp; 26365407 |
| Airbus SE | 26858 | &nbsp;&nbsp; 4557548 |
| AXA SA | 111757 | &nbsp;&nbsp; 5285647 |
| BNP Paribas SA | 45517 | &nbsp;&nbsp; 3856632 |
| Bouygues SA | 135830 | &nbsp;&nbsp; 5970449 |
| Carrefour SA | 368936 | &nbsp;&nbsp; 5690362 |
| Cie de Saint-Gobain SA | 408857 | &nbsp;&nbsp; 44450112 |
| Dassault Systemes SE | 246250 | &nbsp;&nbsp; 9228499 |
| Edenred SE | 135288 | &nbsp;&nbsp; 4219221 |
| Eiffage SA | 51841 | &nbsp;&nbsp; 7054147 |
| EssilorLuxottica SA | 157473 | &nbsp;&nbsp; 45376315 |
| Hermes International SCA | 26830 | &nbsp;&nbsp; 73787328 |
| L'Oreal SA | 8275 | &nbsp;&nbsp; 3656438 |
| LVMH Moet Hennessy Louis Vuitton SE | 38767 | &nbsp;&nbsp; 21474178 |
| Orange SA | 486619 | &nbsp;&nbsp; 7059889 |
| Sanofi SA | 455958 | &nbsp;&nbsp; 49878080 |
| SES-imagotag SA | 1528 | &nbsp;&nbsp; 306435 |
| Sodexo SA | 54856 | &nbsp;&nbsp; 3482084 |
| Vivendi SE | 767840 | &nbsp;&nbsp; 2394478 |
|  |  | &nbsp;&nbsp; 324093249 |
| **Georgia — 0.0%** | **Georgia — 0.0%** |  |
| Bank of Georgia Group PLC | 7853 | &nbsp;&nbsp; 629912 |
| **Germany — 0.7%** | **Germany — 0.7%** |  |
| Allianz SE, Registered Shares | 32191 | &nbsp;&nbsp; 13313448 |
| Commerzbank AG | 235332 | &nbsp;&nbsp; 6228658 |
| Evonik Industries AG | 249290 | &nbsp;&nbsp; 5602256 |
| Fresenius Medical Care AG | 37953 | &nbsp;&nbsp; 1930881 |
| Heidelberg Materials AG | 8120 | &nbsp;&nbsp; 1623297 |
| Infineon Technologies AG, Class N | 57237 | &nbsp;&nbsp; 1895864 |
| Merck KGaA | 44560 | &nbsp;&nbsp; 6203647 |
| Northern Data AG<sup>(e)(f)</sup> | 45011 | &nbsp;&nbsp; 1264846 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** |  |
| Rational AG | 3448 | &nbsp;&nbsp; $2958501 |
| Rheinmetall AG | 32 | &nbsp;&nbsp; 54498 |
| RWE AG | 428615 | &nbsp;&nbsp; 16644898 |
| SAP SE | 130721 | &nbsp;&nbsp; 38247489 |
| Siemens Energy AG<sup>(e)</sup> | 101075 | &nbsp;&nbsp; 7801339 |
| Symrise AG | 61623 | &nbsp;&nbsp; 7107070 |
|  |  | &nbsp;&nbsp; 110876692 |
| **Greece — 0.0%** | **Greece — 0.0%** |  |
| Athens International Airport SA | 103978 | &nbsp;&nbsp; 1077249 |
| OPAP SA, Class R | 26346 | &nbsp;&nbsp; 585387 |
|  |  | &nbsp;&nbsp; 1662636 |
| **Hong Kong — 0.2%** | **Hong Kong — 0.2%** |  |
| AIA Group Ltd. | 2946203 | &nbsp;&nbsp; 22075639 |
| Orient Overseas International Ltd. | 49000 | &nbsp;&nbsp; 684455 |
| Prudential PLC | 575560 | &nbsp;&nbsp; 6119800 |
| Techtronic Industries Co. Ltd. | 492500 | &nbsp;&nbsp; 4956511 |
|  |  | &nbsp;&nbsp; 33836405 |
| **Hungary — 0.0%** | **Hungary — 0.0%** |  |
| OTP Bank Nyrt | 28886 | &nbsp;&nbsp; 2133751 |
| **India — 0.1%** | **India — 0.1%** |  |
| Axis Bank Ltd. | 22224 | &nbsp;&nbsp; 311738 |
| Eicher Motors Ltd. | 10127 | &nbsp;&nbsp; 666877 |
| GAIL India Ltd. | 206215 | &nbsp;&nbsp; 461002 |
| Hindustan Aeronautics Ltd. | 36136 | &nbsp;&nbsp; 1916238 |
| Hindustan Petroleum Corp. Ltd. | 65449 | &nbsp;&nbsp; 292910 |
| ICICI Bank Ltd. | 20956 | &nbsp;&nbsp; 352255 |
| Infosys Ltd. | 157206 | &nbsp;&nbsp; 2779077 |
| JSW Energy Ltd., Class A | 35954 | &nbsp;&nbsp; 204020 |
| Tata Consultancy Services Ltd. | 165671 | &nbsp;&nbsp; 6762670 |
| Think & Learn Private Ltd., (Acquired 12/11/20, <br> Cost: $8,580,000)<sup>(d)(e)(h)</sup><br>| 5720 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 13746787 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** |  |
| Astra International Tbk PT | 3722000 | &nbsp;&nbsp; 1075754 |
| Bank Mandiri Persero Tbk PT | 5636800 | &nbsp;&nbsp; 1664589 |
| Bank Syariah Indonesia Tbk PT | 2813570 | &nbsp;&nbsp; 483912 |
| Ciputra Development Tbk PT | 17330700 | &nbsp;&nbsp; 960705 |
| Crown PropTech Acquisitions, Class A<sup>(e)</sup> | 108245 | &nbsp;&nbsp; 1192860 |
| Mitra Adiperkasa Tbk PT | 6880100 | &nbsp;&nbsp; 566457 |
| Telkom Indonesia Persero Tbk PT | 5781800 | &nbsp;&nbsp; 911320 |
|  |  | &nbsp;&nbsp; 6855597 |
| **Ireland — 0.0%** | **Ireland — 0.0%** |  |
| Kingspan Group PLC | 67558 | &nbsp;&nbsp; 5700842 |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Deep Instinct Ltd.<sup>(d)(e)</sup> | 346564 | &nbsp;&nbsp; 20794 |
| **Italy — 1.4%** | **Italy — 1.4%** |  |
| BPER Banca SpA | 792116 | &nbsp;&nbsp; 6433633 |
| Ferrari NV | 35672 | &nbsp;&nbsp; 16329955 |
| FinecoBank Banca Fineco SpA | 64547 | &nbsp;&nbsp; 1291645 |
| Intesa Sanpaolo SpA | 18278916 | &nbsp;&nbsp; 97578063 |
| Prysmian SpA | 254365 | &nbsp;&nbsp; 13972832 |
| UniCredit SpA | 1520890 | &nbsp;&nbsp; 88486687 |
| Wizz Air Holdings PLC<sup>(b)(e)(f)</sup> | 49846 | &nbsp;&nbsp; 1087374 |
|  |  | &nbsp;&nbsp; 225180189 |
| **Japan — 1.7%** | **Japan — 1.7%** |  |
| Asahi Intecc Co. Ltd. | 194100 | &nbsp;&nbsp; 2984248 |
| Canon, Inc. | 104400 | &nbsp;&nbsp; 3221755 |
| Chugai Pharmaceutical Co. Ltd. | 47400 | &nbsp;&nbsp; 2730691 |
| Dai-ichi Life Holdings, Inc. | 785500 | &nbsp;&nbsp; 5671661 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** |  |
| Daiichi Sankyo Co. Ltd. | 613227 | &nbsp;&nbsp; $15686721 |
| Daikin Industries Ltd. | 121521 | &nbsp;&nbsp; 13844064 |
| Daiwa Securities Group, Inc. | 234000 | &nbsp;&nbsp; 1538766 |
| Ebara Corp. | 180900 | &nbsp;&nbsp; 2717440 |
| FANUC Corp. | 71964 | &nbsp;&nbsp; 1826422 |
| Fast Retailing Co. Ltd. | 10600 | &nbsp;&nbsp; 3486815 |
| FUJIFILM Holdings Corp. | 498609 | &nbsp;&nbsp; 10212694 |
| GMO Payment Gateway, Inc. | 53000 | &nbsp;&nbsp; 3319564 |
| Hoya Corp. | 44300 | &nbsp;&nbsp; 5212607 |
| Isetan Mitsukoshi Holdings Ltd. | 246800 | &nbsp;&nbsp; 3172483 |
| J Front Retailing Co. Ltd. | 144400 | &nbsp;&nbsp; 1767477 |
| Japan Exchange Group, Inc. | 473600 | &nbsp;&nbsp; 5269161 |
| Japan Post Bank Co. Ltd. | 1112600 | &nbsp;&nbsp; 11439690 |
| Kakaku.com, Inc. | 148400 | &nbsp;&nbsp; 2624582 |
| Kansai Paint Co. Ltd. | 111286 | &nbsp;&nbsp; 1677446 |
| Kawasaki Kisen Kaisha Ltd. | 292400 | &nbsp;&nbsp; 4010063 |
| KDDI Corp. | 100800 | &nbsp;&nbsp; 1786540 |
| Keyence Corp. | 11100 | &nbsp;&nbsp; 4640816 |
| Kuraray Co. Ltd. | 233500 | &nbsp;&nbsp; 2727627 |
| LY Corp. | 1185000 | &nbsp;&nbsp; 4481694 |
| Mazda Motor Corp. | 471900 | &nbsp;&nbsp; 2821400 |
| MISUMI Group, Inc. | 157100 | &nbsp;&nbsp; 2200854 |
| Mitsubishi Chemical Group Corp. | 388100 | &nbsp;&nbsp; 1886770 |
| Mitsubishi Corp. | 166900 | &nbsp;&nbsp; 3168860 |
| Mitsubishi Electric Corp. | 497779 | &nbsp;&nbsp; 9629731 |
| Mitsubishi UFJ Financial Group, Inc. | 1011749 | &nbsp;&nbsp; 12747148 |
| Mitsui & Co. Ltd. | 207700 | &nbsp;&nbsp; 4199927 |
| MS&AD Insurance Group Holdings, Inc. | 127200 | &nbsp;&nbsp; 2891230 |
| Murata Manufacturing Co. Ltd. | 280300 | &nbsp;&nbsp; 3993310 |
| Nexon Co. Ltd. | 408600 | &nbsp;&nbsp; 6410801 |
| NIDEC Corp. | 639800 | &nbsp;&nbsp; 11370091 |
| Nikon Corp. | 221800 | &nbsp;&nbsp; 2132706 |
| Nippon Paint Holdings Co. Ltd. | 575096 | &nbsp;&nbsp; 4381522 |
| Nippon Yusen KK | 62300 | &nbsp;&nbsp; 2035522 |
| Nissan Chemical Corp. | 103600 | &nbsp;&nbsp; 3030157 |
| Nomura Holdings, Inc. | 437600 | &nbsp;&nbsp; 2438990 |
| Obayashi Corp. | 207900 | &nbsp;&nbsp; 3225605 |
| Rakus Co. Ltd. | 150095 | &nbsp;&nbsp; 2280664 |
| Rakuten Group, Inc.<sup>(e)</sup> | 521200 | &nbsp;&nbsp; 3073166 |
| Rohto Pharmaceutical Co. Ltd. | 128200 | &nbsp;&nbsp; 2144426 |
| Ryohin Keikaku Co. Ltd. | 600 | &nbsp;&nbsp; 20280 |
| Santen Pharmaceutical Co. Ltd. | 195607 | &nbsp;&nbsp; 1981183 |
| Shimizu Corp. | 350900 | &nbsp;&nbsp; 3748695 |
| Socionext, Inc. | 839600 | &nbsp;&nbsp; 9030378 |
| Sojitz Corp. | 117500 | &nbsp;&nbsp; 2779795 |
| Sumitomo Mitsui Financial Group, Inc. | 460300 | &nbsp;&nbsp; 10981475 |
| Suzuki Motor Corp. | 594100 | &nbsp;&nbsp; 7119491 |
| Tokio Marine Holdings, Inc. | 275100 | &nbsp;&nbsp; 11026655 |
| Tokyo Electron Ltd. | 22100 | &nbsp;&nbsp; 3290653 |
| TOTO Ltd. | 59600 | &nbsp;&nbsp; 1571560 |
| Toyota Motor Corp. | 154900 | &nbsp;&nbsp; 2958499 |
| Toyota Tsusho Corp. | 272600 | &nbsp;&nbsp; 5417304 |
| Trend Micro, Inc./Japan | 42338 | &nbsp;&nbsp; 3037777 |
| Unicharm Corp. | 525500 | &nbsp;&nbsp; 4879340 |
| Yamaha Motor Co. Ltd. | 543099 | &nbsp;&nbsp; 4265355 |
|  |  | &nbsp;&nbsp; 274222347 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |  |
| Halyk Savings Bank of Kazakhstan JSC, GDR | 28078 | &nbsp;&nbsp; 682106 |
| Kaspi.KZ JSC, ADR | 16409 | &nbsp;&nbsp; 1442187 |
|  |  | &nbsp;&nbsp; 2124293 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Macau — 0.0%** | **Macau — 0.0%** |  |
| Wynn Macau Ltd. | 5034601 | &nbsp;&nbsp; $3351625 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** |  |
| CIMB Group Holdings Bhd | 249900 | &nbsp;&nbsp; 412811 |
| Frontken Corp. Bhd. | 949200 | &nbsp;&nbsp; 772355 |
|  |  | &nbsp;&nbsp; 1185166 |
| **Mexico — 0.1%** | **Mexico — 0.1%** |  |
| Cemex SAB de CV | 7231163 | &nbsp;&nbsp; 4461746 |
| Fresnillo PLC | 215798 | &nbsp;&nbsp; 2892246 |
| Grupo Aeroportuario del Sureste SAB de C.V., <br> Class B<br>| 28062 | &nbsp;&nbsp; 888932 |
| Grupo Financiero Banorte SAB de CV, Class O | 1264282 | &nbsp;&nbsp; 10864425 |
|  |  | &nbsp;&nbsp; 19107349 |
| **Netherlands — 0.8%** | **Netherlands — 0.8%** |  |
| Adyen NV<sup>(b)(e)</sup> | 6346 | &nbsp;&nbsp; 10269179 |
| Argenx SE<sup>(e)</sup> | 9429 | &nbsp;&nbsp; 6095370 |
| Argenx SE, ADR<sup>(e)</sup> | 6424 | &nbsp;&nbsp; 4144379 |
| ASML Holding NV | 139172 | &nbsp;&nbsp; 93167566 |
| ING Groep NV | 472496 | &nbsp;&nbsp; 9175551 |
| Koninklijke KPN NV | 2149658 | &nbsp;&nbsp; 9999894 |
| Koninklijke Vopak NV | 29704 | &nbsp;&nbsp; 1228280 |
|  |  | &nbsp;&nbsp; 134080219 |
| **Norway — 0.1%** | **Norway — 0.1%** |  |
| DNB Bank ASA | 281591 | &nbsp;&nbsp; 7039241 |
| Equinor ASA | 199856 | &nbsp;&nbsp; 4523865 |
| Kongsberg Gruppen ASA | 35219 | &nbsp;&nbsp; 5674087 |
| Telenor ASA | 250508 | &nbsp;&nbsp; 3762626 |
|  |  | &nbsp;&nbsp; 20999819 |
| **Peru — 0.1%** | **Peru — 0.1%** |  |
| Credicorp Ltd. | 40663 | &nbsp;&nbsp; 8221652 |
| **Philippines — 0.0%** | **Philippines — 0.0%** |  |
| Ayala Land, Inc. | 1692300 | &nbsp;&nbsp; 759164 |
| Bloomberry Resorts Corp. | 2810000 | &nbsp;&nbsp; 171553 |
| DigiPlus Interactive Corp. | 978700 | &nbsp;&nbsp; 698403 |
| International Container Terminal Services, Inc. | 95460 | &nbsp;&nbsp; 583851 |
| Metropolitan Bank & Trust Co. | 544950 | &nbsp;&nbsp; 750753 |
|  |  | &nbsp;&nbsp; 2963724 |
| **Poland — 0.1%** | **Poland — 0.1%** |  |
| LPP SA | 454 | &nbsp;&nbsp; 1858110 |
| Powszechny Zaklad Ubezpieczen SA | 422351 | &nbsp;&nbsp; 6589013 |
|  |  | &nbsp;&nbsp; 8447123 |
| **Portugal — 0.0%** | **Portugal — 0.0%** |  |
| Jeronimo Martins SGPS SA | 41646 | &nbsp;&nbsp; 1007932 |
| **Romania — 0.0%** | **Romania — 0.0%** |  |
| Banca Transilvania SA | 106777 | &nbsp;&nbsp; 687217 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |  |
| Al Rajhi Bank | 96187 | &nbsp;&nbsp; 2498741 |
| Elm Co. | 2653 | &nbsp;&nbsp; 734142 |
| Etihad Etisalat Co. | 98839 | &nbsp;&nbsp; 1654805 |
| Saudi Basic Industries Corp. | 30178 | &nbsp;&nbsp; 490771 |
| Saudi National Bank | 39569 | &nbsp;&nbsp; 377014 |
| Yanbu National Petrochemical Co. | 71965 | &nbsp;&nbsp; 613558 |
|  |  | &nbsp;&nbsp; 6369031 |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| Sea Ltd., Class A, ADR<sup>(e)</sup> | 48243 | &nbsp;&nbsp; 6466974 |
| STMicroelectronics NV | 356972 | &nbsp;&nbsp; 8115084 |
| UOL Group Ltd. | 184154 | &nbsp;&nbsp; 814638 |
|  |  | &nbsp;&nbsp; 15396696 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **South Africa — 0.1%** | **South Africa — 0.1%** |  |
| FirstRand Ltd. | 427159 | &nbsp;&nbsp; $1672473 |
| Harmony Gold Mining Co. Ltd. | 357104 | &nbsp;&nbsp; 5610951 |
| Kumba Iron Ore Ltd. | 58550 | &nbsp;&nbsp; 1018261 |
| Mr. Price Group Ltd. | 187882 | &nbsp;&nbsp; 2401295 |
|  |  | &nbsp;&nbsp; 10702980 |
| **South Korea — 0.3%** | **South Korea — 0.3%** |  |
| Fila Holdings Corp. | 20577 | &nbsp;&nbsp; 535088 |
| GS Engineering & Construction Corp. | 86904 | &nbsp;&nbsp; 1117142 |
| HD Hyundai MIPO | 24713 | &nbsp;&nbsp; 2903116 |
| KakaoBank Corp. | 92334 | &nbsp;&nbsp; 1447265 |
| KB Financial Group, Inc. | 107171 | &nbsp;&nbsp; 6773067 |
| Kia Corp. | 62702 | &nbsp;&nbsp; 3984917 |
| Krafton, Inc.<sup>(e)</sup> | 17281 | &nbsp;&nbsp; 4524201 |
| KT&G Corp. | 41021 | &nbsp;&nbsp; 3310980 |
| NAVER Corp. | 32849 | &nbsp;&nbsp; 4622038 |
| Samsung C&T Corp. | 21775 | &nbsp;&nbsp; 1873943 |
| Samsung Electronics Co. Ltd. | 169171 | &nbsp;&nbsp; 6600635 |
| Samsung Life Insurance Co. Ltd. | 27038 | &nbsp;&nbsp; 1641683 |
| SK Hynix, Inc. | 27983 | &nbsp;&nbsp; 3491525 |
|  |  | &nbsp;&nbsp; 42825600 |
| **Spain — 0.6%** | **Spain — 0.6%** |  |
| Banco Bilbao Vizcaya Argentaria SA | 1526213 | &nbsp;&nbsp; 20945806 |
| Banco de Sabadell SA | 2143691 | &nbsp;&nbsp; 6254826 |
| Bankinter SA | 559990 | &nbsp;&nbsp; 6523288 |
| CaixaBank SA | 1995348 | &nbsp;&nbsp; 15292758 |
| Cellnex Telecom SA<sup>(b)</sup> | 998376 | &nbsp;&nbsp; 40403627 |
| Industria de Diseno Textil SA | 110286 | &nbsp;&nbsp; 5930628 |
| Repsol SA | 357135 | &nbsp;&nbsp; 4365499 |
|  |  | &nbsp;&nbsp; 99716432 |
| **Sweden — 0.2%** | **Sweden — 0.2%** |  |
| Atlas Copco AB, Class A | 283416 | &nbsp;&nbsp; 4386910 |
| Boliden AB<sup>(e)</sup> | 111005 | &nbsp;&nbsp; 3401197 |
| Evolution AB<sup>(b)</sup> | 80584 | &nbsp;&nbsp; 5582424 |
| SSAB AB, A Shares | 199977 | &nbsp;&nbsp; 1263621 |
| SSAB AB, B Shares | 384213 | &nbsp;&nbsp; 2388226 |
| Volta Trucks, Series C, (Acquired 02/22/22, Cost: <br> $3,635,023)<sup>(d)(e)(h)</sup><br>| 30817 | &nbsp;&nbsp; 1 |
| Volvo AB, Class B | 297985 | &nbsp;&nbsp; 8100282 |
|  |  | &nbsp;&nbsp; 25122661 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** |  |
| ABB Ltd., Class N, Registered Shares | 112847 | &nbsp;&nbsp; 5959534 |
| Alcon AG | 67172 | &nbsp;&nbsp; 6526464 |
| Belimo Holding AG, Registered Shares | 4886 | &nbsp;&nbsp; 4151446 |
| Galderma Group AG | 117541 | &nbsp;&nbsp; 13651871 |
| Geberit AG, Registered Shares | 17490 | &nbsp;&nbsp; 12115678 |
| Kuehne and Nagel International AG, Registered <br> Shares<br>| 34780 | &nbsp;&nbsp; 8009730 |
| Logitech International SA, Registered Shares | 101435 | &nbsp;&nbsp; 7708053 |
| Partners Group Holding AG | 3114 | &nbsp;&nbsp; 4080185 |
| SGS SA, Registered Shares | 32501 | &nbsp;&nbsp; 3174086 |
| TE Connectivity PLC | 26070 | &nbsp;&nbsp; 3816127 |
| Zurich Insurance Group AG | 1865 | &nbsp;&nbsp; 1322789 |
|  |  | &nbsp;&nbsp; 70515963 |
| **Taiwan — 0.9%** | **Taiwan — 0.9%** |  |
| ASMedia Technology, Inc. | 44000 | &nbsp;&nbsp; 2326456 |
| Compal Electronics, Inc. | 1390896 | &nbsp;&nbsp; 1198497 |
| Elite Material Co. Ltd. | 60000 | &nbsp;&nbsp; 1044206 |
| Genius Electronic Optical Co. Ltd. | 328713 | &nbsp;&nbsp; 3860932 |
| Global Unichip Corp. | 100000 | &nbsp;&nbsp; 3212519 |
| MediaTek, Inc. | 244200 | &nbsp;&nbsp; 10376807 |
| Quanta Computer, Inc. | 421046 | &nbsp;&nbsp; 3163187 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| Realtek Semiconductor Corp. | 517208 | &nbsp;&nbsp; $8502415 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3509000 | &nbsp;&nbsp; 99425940 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 24000 | &nbsp;&nbsp; 4000560 |
| Wan Hai Lines Ltd. | 627000 | &nbsp;&nbsp; 1629681 |
| Yang Ming Marine Transport Corp. | 1577000 | &nbsp;&nbsp; 3369225 |
|  |  | &nbsp;&nbsp; 142110425 |
| **Thailand — 0.0%** | **Thailand — 0.0%** |  |
| CP ALL PCL | 896900 | &nbsp;&nbsp; 1382738 |
| True Corp. PCL, NVDR<sup>(e)</sup> | 1974800 | &nbsp;&nbsp; 714946 |
|  |  | &nbsp;&nbsp; 2097684 |
| **Turkey — 0.0%** | **Turkey — 0.0%** |  |
| Akbank TAS, Class A | 435141 | &nbsp;&nbsp; 552942 |
| Eldorado Gold Corp.<sup>(e)</sup> | 75012 | &nbsp;&nbsp; 1413226 |
| Turkiye Is Bankasi A/S, Class C | 3726072 | &nbsp;&nbsp; 1003227 |
|  |  | &nbsp;&nbsp; 2969395 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| Abu Dhabi Commercial Bank PJSC | 175230 | &nbsp;&nbsp; 555277 |
| Air Arabia PJSC | 690487 | &nbsp;&nbsp; 656984 |
| Aldar Properties PJSC | 333052 | &nbsp;&nbsp; 750018 |
| Borouge PLC | 1045131 | &nbsp;&nbsp; 734747 |
| Emaar Development PJSC | 138231 | &nbsp;&nbsp; 503745 |
| Emaar Properties PJSC | 674383 | &nbsp;&nbsp; 2409740 |
| Jawbone Health Hub, Inc., (Acquired 01/24/17, <br> Cost: $0)<sup>(d)(e)(h)</sup><br>| 303 | &nbsp;&nbsp; — |
| NMC Health PLC<sup>(d)(e)</sup> | 1077976 | &nbsp;&nbsp; 14 |
|  |  | &nbsp;&nbsp; 5610525 |
| **United Kingdom — 3.6%** | **United Kingdom — 3.6%** |  |
| Admiral Group PLC | 154249 | &nbsp;&nbsp; 6708669 |
| Auto Trader Group PLC<sup>(b)</sup> | 403779 | &nbsp;&nbsp; 4536399 |
| BAE Systems PLC | 4790609 | &nbsp;&nbsp; 111058951 |
| British American Tobacco PLC | 349434 | &nbsp;&nbsp; 15220767 |
| Compass Group PLC | 2225251 | &nbsp;&nbsp; 75023941 |
| Flutter Entertainment PLC<sup>(e)</sup> | 77296 | &nbsp;&nbsp; 18627563 |
| Genius Sports Ltd.<sup>(e)(f)</sup> | 635957 | &nbsp;&nbsp; 6861976 |
| Imperial Brands PLC | 113413 | &nbsp;&nbsp; 4653682 |
| J Sainsbury PLC | 1793702 | &nbsp;&nbsp; 6375020 |
| Lloyds Banking Group PLC | 3886179 | &nbsp;&nbsp; 3818084 |
| Marks & Spencer Group PLC | 1004560 | &nbsp;&nbsp; 5220240 |
| National Grid PLC | 6856765 | &nbsp;&nbsp; 98971236 |
| NatWest Group PLC | 1240131 | &nbsp;&nbsp; 7976880 |
| RELX PLC | 1856415 | &nbsp;&nbsp; 101314112 |
| Rolls-Royce Holdings PLC | 1460067 | &nbsp;&nbsp; 14779486 |
| Shell PLC | 2745012 | &nbsp;&nbsp; 89296620 |
| Teya Services Ltd., (Acquired 11/16/21, Cost: <br> $10,172,087)<sup>(d)(e)(h)</sup><br>| 5237 | &nbsp;&nbsp; 1265102 |
|  |  | &nbsp;&nbsp; 571708728 |
| **United States — 42.8%** | **United States — 42.8%** |  |
| AbbVie, Inc. | 54600 | &nbsp;&nbsp; 10652460 |
| Accenture PLC, Class A | 22950 | &nbsp;&nbsp; 6865493 |
| Adobe, Inc.<sup>(e)(i)</sup> | 130515 | &nbsp;&nbsp; 48940515 |
| AES Corp. | 518808 | &nbsp;&nbsp; 5188080 |
| Agilent Technologies, Inc. | 47109 | &nbsp;&nbsp; 5068928 |
| Air Products and Chemicals, Inc. | 105617 | &nbsp;&nbsp; 28631713 |
| Airbnb, Inc., Class A<sup>(e)</sup> | 87836 | &nbsp;&nbsp; 10708965 |
| Alphabet, Inc., Class C | 1424794 | &nbsp;&nbsp; 229235107 |
| Altria Group, Inc. | 246278 | &nbsp;&nbsp; 14567344 |
| Amazon.com, Inc.<sup>(e)(i)</sup> | 1425913 | &nbsp;&nbsp; 262966875 |
| AMC Networks, Inc., Class A<sup>(e)</sup> | 90448 | &nbsp;&nbsp; 578867 |
| Amcor PLC | 743405 | &nbsp;&nbsp; 6839326 |
| Amentum Holdings, Inc.<sup>(e)</sup> | 270225 | &nbsp;&nbsp; 5896310 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| American Express Co. | 87047 | &nbsp;&nbsp; $23190191 |
| Amphenol Corp., Class A | 62474 | &nbsp;&nbsp; 4807374 |
| ANSYS, Inc.<sup>(e)</sup> | 48089 | &nbsp;&nbsp; 15478887 |
| Aon PLC, Class A | 6742 | &nbsp;&nbsp; 2391994 |
| Apollo Global Management, Inc. | 327011 | &nbsp;&nbsp; 44630461 |
| Apple, Inc. | 1506265 | &nbsp;&nbsp; 320081312 |
| Applied Materials, Inc. | 70537 | &nbsp;&nbsp; 10630631 |
| Arista Networks, Inc.<sup>(e)</sup> | 164009 | &nbsp;&nbsp; 13493020 |
| ARM Holdings PLC, ADR<sup>(e)(f)</sup> | 47819 | &nbsp;&nbsp; 5453757 |
| AT&T, Inc. | 285069 | &nbsp;&nbsp; 7896411 |
| Atlassian Corp., Class A<sup>(e)</sup> | 23054 | &nbsp;&nbsp; 5263459 |
| Autodesk, Inc.<sup>(e)</sup> | 29953 | &nbsp;&nbsp; 8214610 |
| Automatic Data Processing, Inc. | 38479 | &nbsp;&nbsp; 11566787 |
| Avaya Holdings Corp.<sup>(e)</sup> | 1123 | &nbsp;&nbsp; 6177 |
| Bank of America Corp. | 3027553 | &nbsp;&nbsp; 120738814 |
| Berkshire Hathaway, Inc., Class B<sup>(e)</sup> | 6457 | &nbsp;&nbsp; 3443195 |
| Boeing Co.<sup>(e)</sup> | 472655 | &nbsp;&nbsp; 86609302 |
| Booking Holdings, Inc. | 2385 | &nbsp;&nbsp; 12161783 |
| Boston Scientific Corp.<sup>(e)</sup> | 973947 | &nbsp;&nbsp; 100189928 |
| BP PLC | 726231 | &nbsp;&nbsp; 3353292 |
| Broadcom, Inc. | 613623 | &nbsp;&nbsp; 118104019 |
| Brown-Forman Corp., Class B | 44623 | &nbsp;&nbsp; 1554665 |
| Cadence Design Systems, Inc.<sup>(e)</sup> | 84358 | &nbsp;&nbsp; 25116751 |
| Caesars Entertainment, Inc.<sup>(e)</sup> | 83482 | &nbsp;&nbsp; 2259023 |
| Capital One Financial Corp. | 631475 | &nbsp;&nbsp; 113829683 |
| CarMax, Inc.<sup>(e)</sup> | 152343 | &nbsp;&nbsp; 9852022 |
| Carrier Global Corp. | 62178 | &nbsp;&nbsp; 3888612 |
| Cheniere Energy, Inc. | 60130 | &nbsp;&nbsp; 13896644 |
| Chevron Corp. | 255420 | &nbsp;&nbsp; 34752445 |
| Cintas Corp. | 29737 | &nbsp;&nbsp; 6294728 |
| Citigroup, Inc. | 1639010 | &nbsp;&nbsp; 112075504 |
| Clorox Co. | 43086 | &nbsp;&nbsp; 6131138 |
| Comcast Corp., Class A | 214092 | &nbsp;&nbsp; 7321946 |
| Comerica, Inc. | 11752 | &nbsp;&nbsp; 631670 |
| CommScope Holding Co., Inc.<sup>(e)</sup> | 592552 | &nbsp;&nbsp; 2216144 |
| Confluent, Inc., Class A<sup>(e)</sup> | 1545274 | &nbsp;&nbsp; 36792974 |
| ConocoPhillips | 101234 | &nbsp;&nbsp; 9021974 |
| Consolidated Edison, Inc. | 58806 | &nbsp;&nbsp; 6630377 |
| Coreweave, Inc., Class A<sup>(e)(f)</sup> | 44509 | &nbsp;&nbsp; 1838222 |
| Coreweave, Inc., (Acquired 10/03/24, Cost: <br> $5,187,989)<sup>(e)(h)</sup><br>| 110400 | &nbsp;&nbsp; 4559520 |
| Corpay, Inc.<sup>(e)</sup> | 10229 | &nbsp;&nbsp; 3328210 |
| Costco Wholesale Corp. | 141910 | &nbsp;&nbsp; 141129495 |
| Coterra Energy, Inc. | 89692 | &nbsp;&nbsp; 2202836 |
| Crescent Midstream Operating LLC<sup>(e)(j)</sup> | 5696000 | &nbsp;&nbsp; 5696000 |
| CRH PLC | 697533 | &nbsp;&nbsp; 66558599 |
| Crowdstrike Holdings, Inc., Class A<sup>(e)</sup> | 33538 | &nbsp;&nbsp; 14383442 |
| Crown PropTech Acquisitions<sup>(d)(e)</sup> | 186720 | &nbsp;&nbsp; 250205 |
| Crown PropTech Acquisitions Unvested<sup>(d)(e)</sup> | 94715 | &nbsp;&nbsp; 1 |
| CSL Ltd. | 26590 | &nbsp;&nbsp; 4268039 |
| CSX Corp. | 359156 | &nbsp;&nbsp; 10081509 |
| CyberArk Software Ltd.<sup>(e)</sup> | 154510 | &nbsp;&nbsp; 54412242 |
| D.R. Horton, Inc. | 137280 | &nbsp;&nbsp; 17343955 |
| Danaher Corp. | 93392 | &nbsp;&nbsp; 18615827 |
| Davidson Kempner Merchant Co-Investment Fund <br> LP, (Acquired 06/30/21, Cost: $0)<sup>(e)(h)(j)</sup><br>| — <br><sup>(k)</sup><br>| &nbsp;&nbsp; 23068689 |
| Deckers Outdoor Corp.<sup>(e)</sup> | 12003 | &nbsp;&nbsp; 1330292 |
| Delta Air Lines, Inc. | 471227 | &nbsp;&nbsp; 19617180 |
| Dexcom, Inc.<sup>(e)</sup> | 130649 | &nbsp;&nbsp; 9325726 |
| DF Residential III LP<sup>(d)(e)</sup> | 7791330 | &nbsp;&nbsp; 8336723 |
| Digital Realty Trust, Inc. | 11529 | &nbsp;&nbsp; 1850866 |
| Discover Financial Services | 64766 | &nbsp;&nbsp; 11830805 |
| DoorDash, Inc., Class A<sup>(e)</sup> | 60044 | &nbsp;&nbsp; 11581887 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Duke Energy Corp. | 109400 | &nbsp;&nbsp; $13348988 |
| DuPont de Nemours, Inc. | 104600 | &nbsp;&nbsp; 6902554 |
| Edison International | 80450 | &nbsp;&nbsp; 4304880 |
| Edwards Lifesciences Corp.<sup>(e)</sup> | 43242 | &nbsp;&nbsp; 3264339 |
| Electronic Arts, Inc. | 57500 | &nbsp;&nbsp; 8342675 |
| Eli Lilly & Co. | 213645 | &nbsp;&nbsp; 192056173 |
| Enterprise Products Partners LP | 142671 | &nbsp;&nbsp; 4265863 |
| EOG Resources, Inc. | 120685 | &nbsp;&nbsp; 13315176 |
| EPAM Systems, Inc.<sup>(e)</sup> | 6073 | &nbsp;&nbsp; 952914 |
| Epic Games, Inc., (Acquired 07/02/20, Cost: <br> $33,724,034)<sup>(d)(e)(h)</sup><br>| 61803 | &nbsp;&nbsp; 39777029 |
| EQT Corp. | 806373 | &nbsp;&nbsp; 39867081 |
| Erie Indemnity Co., Class A | 9220 | &nbsp;&nbsp; 3306476 |
| Eversource Energy | 94197 | &nbsp;&nbsp; 5602838 |
| Expeditors International of Washington, Inc. | 42598 | &nbsp;&nbsp; 4681946 |
| Experian PLC | 79053 | &nbsp;&nbsp; 3932969 |
| Fair Isaac Corp.<sup>(e)</sup> | 4186 | &nbsp;&nbsp; 8328800 |
| Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: <br> $40,652,984)<sup>(d)(e)(h)</sup><br>| 599248 | &nbsp;&nbsp; 34750392 |
| Farmer's Business Network, Inc.<sup>(d)(e)</sup> | 310205 | &nbsp;&nbsp; 393960 |
| Fifth Third Bancorp | 124538 | &nbsp;&nbsp; 4475896 |
| First Citizens BancShares, Inc., Class A | 2099 | &nbsp;&nbsp; 3734415 |
| First Horizon Corp. | 65871 | &nbsp;&nbsp; 1190948 |
| Flagstar Financial, Inc.<sup>(f)</sup> | 1082570 | &nbsp;&nbsp; 12676895 |
| Flowco Holdings, Inc., Class A<sup>(e)(f)</sup> | 306734 | &nbsp;&nbsp; 5926101 |
| Fluid Quip Technologies LLC<sup>(d)(e)</sup> | 2439185 | &nbsp;&nbsp; 3975872 |
| Formentera Partners Fund II LP<sup>(d)(j)</sup> | — <br><sup>(k)</sup><br>| &nbsp;&nbsp; 10770291 |
| Fox Corp., Class A | 249794 | &nbsp;&nbsp; 12437243 |
| Freeport-McMoRan, Inc. | 1000400 | &nbsp;&nbsp; 36044412 |
| Freewire Equity<sup>(d)(e)</sup> | 166 | &nbsp;&nbsp; — |
| Garmin Ltd. | 30672 | &nbsp;&nbsp; 5731677 |
| GE HealthCare Technologies, Inc.<sup>(e)</sup> | 121588 | &nbsp;&nbsp; 8551284 |
| GE Vernova, Inc. | 27740 | &nbsp;&nbsp; 10286547 |
| General Electric Co. | 68729 | &nbsp;&nbsp; 13851643 |
| General Motors Co. | 153299 | &nbsp;&nbsp; 6935247 |
| Gilead Sciences, Inc. | 30840 | &nbsp;&nbsp; 3285694 |
| Global Payments, Inc. | 87490 | &nbsp;&nbsp; 6676362 |
| Grand Rounds, Inc., (Acquired 02/11/22, Cost: <br> $31,181,561)<sup>(d)(e)(h)</sup><br>| 11562554 | &nbsp;&nbsp; 7862537 |
| GSK PLC | 462226 | &nbsp;&nbsp; 9144076 |
| Healthpeak Properties, Inc. | 415859 | &nbsp;&nbsp; 7418925 |
| Hess Corp. | 166066 | &nbsp;&nbsp; 21430817 |
| Hewlett Packard Enterprise Co. | 103094 | &nbsp;&nbsp; 1672185 |
| Hilton Worldwide Holdings, Inc. | 67755 | &nbsp;&nbsp; 15277397 |
| Holcim AG | 62143 | &nbsp;&nbsp; 6944349 |
| Home Depot, Inc. | 193164 | &nbsp;&nbsp; 69633690 |
| Honeywell International, Inc. | 18318 | &nbsp;&nbsp; 3855939 |
| Howmet Aerospace, Inc. | 102128 | &nbsp;&nbsp; 14152898 |
| HP, Inc. | 823320 | &nbsp;&nbsp; 21052292 |
| IDEXX Laboratories, Inc.<sup>(e)</sup> | 15688 | &nbsp;&nbsp; 6787413 |
| iHeartMedia, Inc., Class A<sup>(e)</sup> | 10778 | &nbsp;&nbsp; 11101 |
| Intuit, Inc. | 149125 | &nbsp;&nbsp; 93571464 |
| Intuitive Surgical, Inc.<sup>(e)</sup> | 147514 | &nbsp;&nbsp; 76087721 |
| Invesco Ltd. | 499507 | &nbsp;&nbsp; 6958133 |
| Jabil, Inc. | 61224 | &nbsp;&nbsp; 8972989 |
| James Hardie Industries PLC<sup>(e)</sup> | 178543 | &nbsp;&nbsp; 4190796 |
| JPMorgan Chase & Co. | 465325 | &nbsp;&nbsp; 113827801 |
| Karman Holdings, Inc.<sup>(e)</sup> | 194471 | &nbsp;&nbsp; 6952338 |
| Lam Research Corp. | 173113 | &nbsp;&nbsp; 12407009 |
| Landsea Homes Corp.<sup>(e)</sup> | 305374 | &nbsp;&nbsp; 1862781 |
| Latch, Inc.<sup>(e)</sup> | 520854 | &nbsp;&nbsp; 72920 |
| Leidos Holdings, Inc. | 10275 | &nbsp;&nbsp; 1512275 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(e)</sup> | 34538 | &nbsp;&nbsp; 2469812 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Lions Gate Entertainment Corp., Class A<sup>(e)</sup> | 321585 | &nbsp;&nbsp; $2855675 |
| Lions Gate Entertainment Corp., Class B<sup>(e)</sup> | 82318 | &nbsp;&nbsp; 656898 |
| Live Nation Entertainment, Inc.<sup>(e)</sup> | 362819 | &nbsp;&nbsp; 48055377 |
| Lockheed Martin Corp. | 48618 | &nbsp;&nbsp; 23227249 |
| Lookout, Inc., (Acquired 03/04/15, Cost: <br> $2,002,652)<sup>(d)(e)(h)</sup><br>| 175316 | &nbsp;&nbsp; 2 |
| Lululemon Athletica, Inc.<sup>(e)</sup> | 26758 | &nbsp;&nbsp; 7245264 |
| Lumen Technologies, Inc.<sup>(e)</sup> | 709491 | &nbsp;&nbsp; 2511598 |
| LyondellBasell Industries NV, Class A | 75885 | &nbsp;&nbsp; 4417266 |
| Marathon Petroleum Corp. | 30332 | &nbsp;&nbsp; 4167920 |
| MarketAxess Holdings, Inc. | 20870 | &nbsp;&nbsp; 4624583 |
| Marriott International, Inc., Class A | 23431 | &nbsp;&nbsp; 5590168 |
| Marsh & McLennan Cos., Inc. | 498076 | &nbsp;&nbsp; 112301196 |
| Marvell Technology, Inc. | 241667 | &nbsp;&nbsp; 14106103 |
| Masimo Corp.<sup>(e)(f)</sup> | 132445 | &nbsp;&nbsp; 21318347 |
| Mastercard, Inc., Class A | 185682 | &nbsp;&nbsp; 101764877 |
| Match Group, Inc. | 308248 | &nbsp;&nbsp; 9142636 |
| McKesson Corp. | 116825 | &nbsp;&nbsp; 83271692 |
| Medtronic PLC | 754742 | &nbsp;&nbsp; 63971932 |
| Melange Secondaries<sup>(d)(e)(j)</sup> | — <br><sup>(k)</sup><br>| &nbsp;&nbsp; 6937382 |
| Merck & Co., Inc. | 181637 | &nbsp;&nbsp; 15475472 |
| Meta Platforms, Inc., Class A | 342084 | &nbsp;&nbsp; 187804116 |
| Mettler-Toledo International, Inc.<sup>(e)</sup> | 5260 | &nbsp;&nbsp; 5631198 |
| Microchip Technology, Inc. | 125100 | &nbsp;&nbsp; 5764608 |
| Micron Technology, Inc. | 700541 | &nbsp;&nbsp; 53906630 |
| Microsoft Corp. | 867359 | &nbsp;&nbsp; 342832318 |
| Molson Coors Beverage Co., Class B | 109676 | &nbsp;&nbsp; 6309660 |
| Morgan Stanley | 111404 | &nbsp;&nbsp; 12858250 |
| Mosaic Co. | 63408 | &nbsp;&nbsp; 1927603 |
| MSCI, Inc., Class A | 35474 | &nbsp;&nbsp; 19337232 |
| Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: <br> $6,129,222)<sup>(d)(e)(h)</sup><br>| 8922 | &nbsp;&nbsp; — |
| NetApp, Inc. | 47415 | &nbsp;&nbsp; 4255496 |
| Netflix, Inc.<sup>(e)</sup> | 87352 | &nbsp;&nbsp; 98858005 |
| NextEra Energy, Inc. | 1071990 | &nbsp;&nbsp; 71694691 |
| Northern Trust Corp. | 46846 | &nbsp;&nbsp; 4402587 |
| Northrop Grumman Corp. | 4128 | &nbsp;&nbsp; 2008272 |
| NRG Energy, Inc. | 91453 | &nbsp;&nbsp; 10021420 |
| Nucor Corp. | 44769 | &nbsp;&nbsp; 5344076 |
| Nutanix, Inc., Class A<sup>(e)</sup> | 53157 | &nbsp;&nbsp; 3651886 |
| NVIDIA Corp.<sup>(i)</sup> | 2627465 | &nbsp;&nbsp; 286183488 |
| Omnicom Group, Inc. | 35014 | &nbsp;&nbsp; 2666666 |
| Opendoor Technologies, Inc.<sup>(e)(f)</sup> | 744088 | &nbsp;&nbsp; 564242 |
| Oracle Corp. | 674351 | &nbsp;&nbsp; 94894673 |
| Palladyne AI Corp<sup>(e)(f)</sup> | 27356 | &nbsp;&nbsp; 166324 |
| Palo Alto Networks, Inc.<sup>(e)</sup> | 64738 | &nbsp;&nbsp; 12101474 |
| Paramount Global, Class B | 90045 | &nbsp;&nbsp; 1057128 |
| PepsiCo, Inc. | 164965 | &nbsp;&nbsp; 22365955 |
| Philip Morris International, Inc. | 39922 | &nbsp;&nbsp; 6841034 |
| Phillips 66 | 23914 | &nbsp;&nbsp; 2488491 |
| Playstudios, Inc., Class A<sup>(e)</sup> | 831348 | &nbsp;&nbsp; 1055812 |
| PNC Financial Services Group, Inc. | 133764 | &nbsp;&nbsp; 21494537 |
| Principal Financial Group, Inc. | 36910 | &nbsp;&nbsp; 2736877 |
| Procter & Gamble Co. | 68026 | &nbsp;&nbsp; 11058987 |
| Progressive Corp. | 338615 | &nbsp;&nbsp; 95401390 |
| QUALCOMM, Inc. | 38455 | &nbsp;&nbsp; 5709029 |
| Regeneron Pharmaceuticals, Inc. | 4061 | &nbsp;&nbsp; 2431564 |
| ResMed, Inc. | 18960 | &nbsp;&nbsp; 4485746 |
| Roche Holding AG | 25922 | &nbsp;&nbsp; 8476140 |
| Rockwell Automation, Inc. | 25290 | &nbsp;&nbsp; 6263827 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Royal Caribbean Cruises Ltd. | 19128 | &nbsp;&nbsp; $4110798 |
| RTX Corp. | 16987 | &nbsp;&nbsp; 2142570 |
| S&P Global, Inc. | 36742 | &nbsp;&nbsp; 18372837 |
| SailPoint, Inc.<sup>(e)</sup> | 278959 | &nbsp;&nbsp; 4786936 |
| Salesforce, Inc. | 250198 | &nbsp;&nbsp; 67230705 |
| Samsara, Inc., Class A<sup>(e)</sup> | 85548 | &nbsp;&nbsp; 3392834 |
| Sarcos Technology & Robotics Corp.<sup>(e)</sup> | 607934 | &nbsp;&nbsp; 3696240 |
| Schneider Electric SE | 10155 | &nbsp;&nbsp; 2372673 |
| Screaming Eagle Acquisition Crop., (Acquired <br> 05/14/24, Cost: $2,667,489)<sup>(e)(h)</sup><br>| 262419 | &nbsp;&nbsp; 1918283 |
| ServiceTitan, Inc., Class A<sup>(e)(f)</sup> | 50433 | &nbsp;&nbsp; 5830559 |
| Snorkel AI, Inc., (Acquired 06/30/21, Cost: <br> $1,060,929)<sup>(d)(e)(h)</sup><br>| 70636 | &nbsp;&nbsp; 604644 |
| Snowflake, Inc., Class A<sup>(e)</sup> | 111417 | &nbsp;&nbsp; 17769897 |
| Solaris Energy Infrastructure, Inc., Class A | 543677 | &nbsp;&nbsp; 11493332 |
| Sonder Holdings, Inc., Class A<sup>(e)</sup> | 103334 | &nbsp;&nbsp; 227335 |
| Source Global PBC<sup>(d)(e)</sup> | 139669 | &nbsp;&nbsp; 11174 |
| Space Exploration Technologies Corp., Class A, <br> (Acquired 08/21/23, Cost: $8,130,699)<sup>(d)(e)(h)</sup><br>| 100379 | &nbsp;&nbsp; 18570115 |
| Space Exploration Technologies Corp., Class C, <br> (Acquired 08/21/23, Cost: $8,726,616)<sup>(d)(e)(h)</sup><br>| 107736 | &nbsp;&nbsp; 19931160 |
| Spotify Technology SA<sup>(e)</sup> | 20715 | &nbsp;&nbsp; 12718596 |
| Starbucks Corp. | 21162 | &nbsp;&nbsp; 1694018 |
| State Street Corp. | 146861 | &nbsp;&nbsp; 12938454 |
| Stellantis NV | 320881 | &nbsp;&nbsp; 2985935 |
| Stryker Corp. | 203099 | &nbsp;&nbsp; 75942778 |
| Synchrony Financial | 163849 | &nbsp;&nbsp; 8511956 |
| T Rowe Price Group, Inc. | 121281 | &nbsp;&nbsp; 10739433 |
| Take-Two Interactive Software, Inc.<sup>(e)</sup> | 40352 | &nbsp;&nbsp; 9414929 |
| Tenaris SA | 229095 | &nbsp;&nbsp; 3820145 |
| Tesla, Inc.<sup>(e)</sup> | 175896 | &nbsp;&nbsp; 49630815 |
| Texas Instruments, Inc. | 62078 | &nbsp;&nbsp; 9935584 |
| Textron, Inc. | 47476 | &nbsp;&nbsp; 3340886 |
| Thermo Fisher Scientific, Inc. | 31707 | &nbsp;&nbsp; 13602303 |
| TJX Cos., Inc. | 497117 | &nbsp;&nbsp; 63969016 |
| T-Mobile U.S., Inc. | 48944 | &nbsp;&nbsp; 12086721 |
| Toll Brothers, Inc. | 137382 | &nbsp;&nbsp; 13857722 |
| Trane Technologies PLC | 199549 | &nbsp;&nbsp; 76489127 |
| TransDigm Group, Inc. | 76204 | &nbsp;&nbsp; 107681586 |
| U.S. Steel Corp. | 153861 | &nbsp;&nbsp; 6725264 |
| Uber Technologies, Inc.<sup>(e)</sup> | 332076 | &nbsp;&nbsp; 26901477 |
| Ulta Beauty, Inc.<sup>(e)</sup> | 35901 | &nbsp;&nbsp; 14203872 |
| Union Pacific Corp. | 324529 | &nbsp;&nbsp; 69987924 |
| United Airlines Holdings, Inc.<sup>(e)</sup> | 238249 | &nbsp;&nbsp; 16396296 |
| UnitedHealth Group, Inc. | 168559 | &nbsp;&nbsp; 69351915 |
| Universal Health Services, Inc., Class B | 36186 | &nbsp;&nbsp; 6407455 |
| Valero Energy Corp. | 345714 | &nbsp;&nbsp; 40133938 |
| Ventas, Inc. | 67322 | &nbsp;&nbsp; 4717926 |
| Venture Global, Inc., Class A | 112575 | &nbsp;&nbsp; 944504 |
| Verizon Communications, Inc. | 457847 | &nbsp;&nbsp; 20172739 |
| Vertex Pharmaceuticals, Inc.<sup>(e)</sup> | 13348 | &nbsp;&nbsp; 6800806 |
| Vertiv Holdings Co., Class A | 612842 | &nbsp;&nbsp; 52324450 |
| Viper Energy, Inc., Class A | 111087 | &nbsp;&nbsp; 4480139 |
| Visa, Inc., Class A | 59507 | &nbsp;&nbsp; 20559668 |
| Vistra Corp. | 391918 | &nbsp;&nbsp; 50804330 |
| Walmart, Inc. | 1252452 | &nbsp;&nbsp; 121800957 |
| Walt Disney Co. | 669631 | &nbsp;&nbsp; 60902939 |
| Warner Bros Discovery, Inc., Class A<sup>(e)</sup> | 231587 | &nbsp;&nbsp; 2007859 |
| Waste Management, Inc. | 29599 | &nbsp;&nbsp; 6907223 |
| Waters Corp.<sup>(e)</sup> | 9652 | &nbsp;&nbsp; 3356290 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Wells Fargo & Co. | 1397981 | &nbsp;&nbsp; $99270631 |
| Williams Cos., Inc. | 467435 | &nbsp;&nbsp; 27377668 |
| Zoetis, Inc., Class A | 102352 | &nbsp;&nbsp; 16007853 |
|  |  | &nbsp;&nbsp; 6802856483 |
| **Total Common Stocks — 60.3%** <br>**(Cost: $6,966,968,504)** | **Total Common Stocks — 60.3%** <br>**(Cost: $6,966,968,504)** | &nbsp;&nbsp; 9589088606 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Angola — 0.0%** | **Angola — 0.0%** | **Angola — 0.0%** | **Angola — 0.0%** |
| Azule Energy Finance PLC, 8.13%, 01/23/30<sup>(b)</sup> | USD | 636 | &nbsp;&nbsp; 608970 |
| **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** | **Australia — 0.3%** |
| AngloGold Ashanti Holdings PLC, 3.75%, <br> 10/01/30<br>|  | 1237 | &nbsp;&nbsp; 1145598 |
| CIMIC Finance USA Pty. Ltd., 7.00%, 03/25/34<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 208365 |
| Insurance Australia Group Ltd., 5.80%, <br> 06/15/37<sup>(a)(c)</sup><br>| AUD | 440 | &nbsp;&nbsp; 273922 |
| Mineral Resources Ltd.<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 10/01/28 | USD | 799 | &nbsp;&nbsp; 755625 |
| 8.50%, 05/01/30 |  | 2257 | &nbsp;&nbsp; 2050268 |
| NSW Electricity Networks Finance Pty. Ltd., 6.16%, <br> 03/11/55<sup>(a)(c)</sup><br>| AUD | 470 | &nbsp;&nbsp; 298566 |
| Oceana Australian Fixed Income Trust, A Note <br> Upsize<sup>(d)</sup> <br>|  |  |  |
| 12.00%, 07/31/25 |  | 6515 | &nbsp;&nbsp; 4183617 |
| 12.50%, 07/31/26 |  | 9773 | &nbsp;&nbsp; 6424737 |
| 12.50%, 07/31/27 |  | 16288 | &nbsp;&nbsp; 10916342 |
| 10.50%, 07/31/28 |  | 13715 | &nbsp;&nbsp; 8840492 |
| Pacific National Finance Pty. Ltd., 7.75%, <br> 12/11/54<sup>(a)(c)</sup><br>|  | 480 | &nbsp;&nbsp; 300586 |
| Quintis Australia Pty. Ltd.<sup>(b)(d)(e)(g)(l)(m)</sup> <br>|  |  |  |
| (12.00% PIK), 12.00%, 10/01/28 | USD | 82685 | &nbsp;&nbsp; 8 |
| (7.50% Cash or 8.00% PIK), 7.50%, 10/01/26 |  | 92389 | &nbsp;&nbsp; 10855729 |
| Scentre Group Trust 1, 6.13%, 03/31/55<sup>(a)(c)</sup> | AUD | 400 | &nbsp;&nbsp; 252236 |
|  |  |  | &nbsp;&nbsp; 46506091 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| ams-OSRAM AG, 2.13%, 11/03/27<sup>(c)(n)</sup> | EUR | 4700 | &nbsp;&nbsp; 4618915 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Anheuser-Busch InBev SA/NV, 4.00%, 09/24/25<sup>(c)</sup> | GBP | 733 | &nbsp;&nbsp; 973394 |
| KBC Group NV, (1-year UK Government Bond + <br> 0.92%), 1.25%, 09/21/27<sup>(a)(c)</sup><br>|  | 700 | &nbsp;&nbsp; 888726 |
| Ontex Group NV, 5.25%, 04/15/30<sup>(c)</sup> | EUR | 561 | &nbsp;&nbsp; 645856 |
| Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>| USD | 5400 | &nbsp;&nbsp; 5264762 |
|  |  |  | &nbsp;&nbsp; 7772738 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| 3R Lux SARL, 9.75%, 02/05/31<sup>(b)</sup> |  | 343 | &nbsp;&nbsp; 336998 |
| Braskem Netherlands Finance BV, 8.00%, <br> 10/15/34<sup>(b)</sup><br>|  | 1215 | &nbsp;&nbsp; 1077401 |
| LD Celulose International GmbH, 7.95%, <br> 01/26/32<sup>(b)</sup><br>|  | 680 | &nbsp;&nbsp; 696490 |
| MC Brazil Downstream Trading SARL |  |  |  |
| 7.25%, 06/30/31<sup>(b)</sup> |  | 586 | &nbsp;&nbsp; 452851 |
| 7.25%, 06/30/31<sup>(c)</sup> |  | 407 | &nbsp;&nbsp; 314554 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** | **Brazil (continued)** |
| Raizen Fuels Finance SA<sup>(b)</sup> <br>|  |  |  |
| 6.45%, 03/05/34 | USD | 935 | &nbsp;&nbsp; $926351 |
| 6.95%, 03/05/54 |  | 475 | &nbsp;&nbsp; 448875 |
| Samarco Mineracao SA<sup>(m)</sup> <br>|  |  |  |
| (9.00% PIK), 9.50%, 06/30/31<sup>(c)</sup> |  | 422 | &nbsp;&nbsp; 395659 |
| (9.00% PIK), 9.50%, 06/30/31<sup>(b)</sup> |  | 193 | &nbsp;&nbsp; 181416 |
| Suzano Austria GmbH, 3.13%, 01/15/32 |  | 654 | &nbsp;&nbsp; 557764 |
| Trident Energy Finance PLC, 12.50%, 11/30/29<sup>(c)</sup> |  | 562 | &nbsp;&nbsp; 531967 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 676 | &nbsp;&nbsp; 650292 |
|  |  |  | &nbsp;&nbsp; 6570618 |
| **Canada — 0.4%** | **Canada — 0.4%** | **Canada — 0.4%** | **Canada — 0.4%** |
| Air Canada Pass-Through Trust, Series 2020-1, <br> Class C, 10.50%, 07/15/26<sup>(b)</sup><br>|  | 5740 | &nbsp;&nbsp; 6027000 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 02/15/28 |  | 319 | &nbsp;&nbsp; 315461 |
| 7.50%, 02/01/29 |  | 209 | &nbsp;&nbsp; 215289 |
| 7.25%, 07/01/31 |  | 741 | &nbsp;&nbsp; 758677 |
| 7.00%, 06/01/32 |  | 496 | &nbsp;&nbsp; 501819 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC, 4.88%, 02/15/30<sup>(b)</sup><br>|  | 1127 | &nbsp;&nbsp; 981110 |
| Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 01/15/28 |  | 100 | &nbsp;&nbsp; 96810 |
| 4.00%, 10/15/30 |  | 2140 | &nbsp;&nbsp; 1947469 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 02/15/27 |  | 111 | &nbsp;&nbsp; 109101 |
| 7.75%, 02/15/28 |  | 813 | &nbsp;&nbsp; 839225 |
| HR Ottawa LP, 11.00%, 03/31/31<sup>(b)</sup> |  | 49069 | &nbsp;&nbsp; 52323767 |
| Husky Injection Molding Systems Ltd./Titan Co-<br> Borrower LLC, 9.00%, 02/15/29<sup>(b)</sup><br>|  | 746 | &nbsp;&nbsp; 757287 |
| Toronto-Dominion Bank, 2.88%, 04/05/27<sup>(c)</sup> | GBP | 733 | &nbsp;&nbsp; 943392 |
|  |  |  | &nbsp;&nbsp; 65816407 |
| **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** |
| Al Rajhi Sukuk Ltd., (6 year USD CMT + 1.59%), <br> 6.25%<sup>(a)(c)(o)</sup><br>| USD | 1942 | &nbsp;&nbsp; 1957779 |
| **Chile**<sup>(b)</sup> **— 0.1%** | **Chile**<sup>(b)</sup> **— 0.1%** | **Chile**<sup>(b)</sup> **— 0.1%** | **Chile**<sup>(b)</sup> **— 0.1%** |
| AES Andes SA |  |  |  |
| 6.30%, 03/15/29 |  | 481 | &nbsp;&nbsp; 488216 |
| (5-year CMT + 3.84%), 8.15%, 06/10/55<sup>(a)</sup> |  | 990 | &nbsp;&nbsp; 1011780 |
| Banco de Credito e Inversiones SA, (5-year CMT + <br> 4.94%), 8.75%<sup>(a)(o)</sup><br>|  | 420 | &nbsp;&nbsp; 435225 |
| Empresa Nacional del Petroleo, 5.95%, 07/30/34 |  | 605 | &nbsp;&nbsp; 609537 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(m)(n)</sup><br>|  | 2673 | &nbsp;&nbsp; 2666184 |
| WOM Mobile SA, (11.00% PIK), 11.00%, <br> 04/01/31<sup>(m)</sup><br>|  | 1524 | &nbsp;&nbsp; 1539502 |
|  |  |  | &nbsp;&nbsp; 6750444 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| Alibaba Group Holding Ltd., 0.50%, 06/01/31<sup>(b)(n)</sup> |  | 4238 | &nbsp;&nbsp; 5568732 |
| CFAMC III Co. Ltd., (5-year CMT + 6.98%), <br> 4.25%<sup>(a)(c)(o)</sup><br>|  | 300 | &nbsp;&nbsp; 297000 |
| Fantasia Holdings Group Co. Ltd.<sup>(c)(e)(l)</sup> <br>|  |  |  |
| 11.75%, 04/17/22 |  | 2110 | &nbsp;&nbsp; 52750 |
| 7.95%, 07/05/22 |  | 510 | &nbsp;&nbsp; 12750 |
| 10.88%, 01/09/23 |  | 3132 | &nbsp;&nbsp; 86130 |
| 9.25%, 07/28/23 |  | 902 | &nbsp;&nbsp; 22550 |
| 9.88%, 10/19/23 |  | 481 | &nbsp;&nbsp; 12025 |
| Far East Horizon Ltd.<sup>(c)</sup> <br>|  |  |  |
| 6.63%, 04/16/27 |  | 430 | &nbsp;&nbsp; 431251 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **China (continued)** | **China (continued)** | **China (continued)** | **China (continued)** |
| Far East Horizon Ltd.<sup>(c)</sup> (continued) |  |  |  |
| 5.88%, 03/05/28 | USD | 500 | &nbsp;&nbsp; $492655 |
| 6.00%, 10/01/28 |  | 830 | &nbsp;&nbsp; 817550 |
| Fortune Star BVI Ltd., 3.95%, 10/02/26<sup>(c)</sup> | EUR | 1500 | &nbsp;&nbsp; 1613751 |
| GLP China Holdings Ltd., 2.95%, 03/29/26<sup>(c)</sup> | USD | 230 | &nbsp;&nbsp; 212608 |
|  |  |  | &nbsp;&nbsp; 9619752 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| ABRA Global Finance, (6.00% Cash & 8.00% PIK), <br> 14.00%, 10/22/29<sup>(b)(m)</sup><br>|  | 876 | &nbsp;&nbsp; 592004 |
| Bancolombia SA, (5-year CMT + 4.32%), 8.63%, <br> 12/24/34<sup>(a)</sup><br>|  | 583 | &nbsp;&nbsp; 603376 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 1323 | &nbsp;&nbsp; 1323807 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(b)</sup> |  | 1019 | &nbsp;&nbsp; 797368 |
| SierraCol Energy Andina LLC, 6.00%, 06/15/28<sup>(c)</sup> |  | 315 | &nbsp;&nbsp; 289485 |
|  |  |  | &nbsp;&nbsp; 3606040 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |
| Liberty Costa Rica Senior Secured Finance, <br> 10.88%, 01/15/31<sup>(b)</sup><br>|  | 637 | &nbsp;&nbsp; 672232 |
| **Cyprus — 0.0%** | **Cyprus — 0.0%** | **Cyprus — 0.0%** | **Cyprus — 0.0%** |
| ASG Finance Designated Activity Co., 9.75%, <br> 05/15/29<sup>(b)</sup><br>|  | 690 | &nbsp;&nbsp; 648600 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| Allwyn Entertainment Financing U.K. PLC, 7.25%, <br> 04/30/30<sup>(c)</sup><br>| EUR | 4000 | &nbsp;&nbsp; 4769301 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| SGL Group ApS, (3-mo. EURIBOR + 4.25%), <br> 6.78%, 02/24/31<sup>(a)(c)</sup><br>|  | 1337 | &nbsp;&nbsp; 1471917 |
| **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** | **Finland**<sup>(c)</sup> **— 0.0%** |
| Citycon Treasury BV |  |  |  |
| 2.38%, 01/15/27 |  | 538 | &nbsp;&nbsp; 591738 |
| 5.00%, 03/11/30 |  | 575 | &nbsp;&nbsp; 651863 |
|  |  |  | &nbsp;&nbsp; 1243601 |
| **France — 0.6%** | **France — 0.6%** | **France — 0.6%** | **France — 0.6%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(c)</sup> |  | 2674 | &nbsp;&nbsp; 3137432 |
| Altice France SA<sup>(c)</sup> <br>|  |  |  |
| 3.38%, 01/15/28 |  | 870 | &nbsp;&nbsp; 792160 |
| 4.13%, 01/15/29 |  | 733 | &nbsp;&nbsp; 669789 |
| 4.25%, 10/15/29 |  | 730 | &nbsp;&nbsp; 667580 |
| Atos SE, 1.00%, 12/18/32<sup>(c)(p)</sup> |  | 2357 | &nbsp;&nbsp; 1014502 |
| Bertrand Franchise Finance SAS, (3-mo. <br> EURIBOR + 3.75%), 5.99%, 07/18/30<sup>(a)(c)</sup><br>|  | 2919 | &nbsp;&nbsp; 3294803 |
| BNP Paribas SA<sup>(c)</sup> <br>|  |  |  |
| 3.38%, 01/23/26 | GBP | 733 | &nbsp;&nbsp; 968257 |
| 1.88%, 12/14/27 |  | 700 | &nbsp;&nbsp; 865775 |
| Elior Group SA, 5.63%, 03/15/30<sup>(c)</sup> | EUR | 1030 | &nbsp;&nbsp; 1181421 |
| ELO SACA, 2.88%, 01/29/26<sup>(c)</sup> |  | 1400 | &nbsp;&nbsp; 1558236 |
| Eutelsat SA<sup>(c)</sup> <br>|  |  |  |
| 2.25%, 07/13/27 |  | 700 | &nbsp;&nbsp; 737669 |
| 1.50%, 10/13/28 |  | 2000 | &nbsp;&nbsp; 1869839 |
| Forvia SE, 2.75%, 02/15/27<sup>(c)</sup> |  | 12215 | &nbsp;&nbsp; 13351786 |
| Goldstory SAS |  |  |  |
| 6.75%, 02/01/30<sup>(b)</sup> |  | 3678 | &nbsp;&nbsp; 4265581 |
| 6.75%, 02/01/30<sup>(c)</sup> |  | 226 | &nbsp;&nbsp; 262105 |
| (3-mo. EURIBOR + 4.00%), 6.18%, <br> 02/01/30<sup>(a)(b)</sup><br>|  | 3297 | &nbsp;&nbsp; 3735008 |
| Iliad Holding SASU |  |  |  |
| 5.63%, 10/15/28<sup>(c)</sup> |  | 8356 | &nbsp;&nbsp; 9631756 |
| 7.00%, 10/15/28<sup>(b)</sup> | USD | 2306 | &nbsp;&nbsp; 2334115 |
| 6.88%, 04/15/31<sup>(c)</sup> | EUR | 510 | &nbsp;&nbsp; 616061 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| Iliad Holding SASU (continued) |  |  |  |
| 8.50%, 04/15/31<sup>(b)</sup> | USD | 1024 | &nbsp;&nbsp; $1080148 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.95%, 07/01/29<sup>(a)(c)</sup><br>| EUR | 2837 | &nbsp;&nbsp; 3205862 |
| Loxam SAS, 6.38%, 05/31/29<sup>(c)</sup> |  | 5924 | &nbsp;&nbsp; 7046557 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(c)</sup> |  | 2284 | &nbsp;&nbsp; 1789053 |
| Nova Alexandre III SAS, (3-mo. EURIBOR + <br> 5.25%), 7.53%, 07/15/29<sup>(a)(b)</sup><br>|  | 2643 | &nbsp;&nbsp; 3022328 |
| Paprec Holding SA, 7.25%, 11/17/29<sup>(c)</sup> |  | 2460 | &nbsp;&nbsp; 2936681 |
| RCI Banque SA<sup>(a)(c)</sup> <br>|  |  |  |
| (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>|  | 1700 | &nbsp;&nbsp; 1906187 |
| (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 3600 | &nbsp;&nbsp; 4231197 |
| Sabena technics SAS, (3-mo. EURIBOR + 5.00%), <br> (Acquired 10/28/22, Cost: $7,115,850), 7.36%, <br> 09/30/29<sup>(a)(d)(h)</sup><br>|  | 7222 | &nbsp;&nbsp; 8180747 |
| Seche Environnement SACA, 4.50%, 03/25/30<sup>(c)</sup> |  | 412 | &nbsp;&nbsp; 472569 |
| Tereos Finance Groupe I SA, 5.75%, 04/30/31<sup>(c)</sup> |  | 964 | &nbsp;&nbsp; 1095387 |
| TotalEnergies Capital International SA, 1.66%, <br> 07/22/26<sup>(c)</sup><br>| GBP | 700 | &nbsp;&nbsp; 903333 |
| Worldline SA/France, 0.00%, 07/30/26<sup>(c)(n)(q)</sup> | EUR | 4689 | &nbsp;&nbsp; 5142589 |
|  |  |  | &nbsp;&nbsp; 91966513 |
| **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** | **Germany — 0.7%** |
| Adler Pelzer Holding GmbH, 9.50%, 04/01/27<sup>(b)</sup> |  | 1695 | &nbsp;&nbsp; 1795370 |
| ADLER Real Estate GmbH, 3.00%, 04/27/26<sup>(c)</sup> |  | 3200 | &nbsp;&nbsp; 3538688 |
| alstria office REIT-AG, 5.50%, 03/20/31<sup>(c)</sup> |  | 1700 | &nbsp;&nbsp; 1848831 |
| APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), <br> 6.40%, 04/15/31<sup>(a)(c)</sup><br>|  | 1864 | &nbsp;&nbsp; 2114537 |
| Aroundtown Finance SARL<sup>(a)(o)</sup> <br>|  |  |  |
| (5-year EURIBOR ICE Swap + 4.51%), 7.13% |  | 2492 | &nbsp;&nbsp; 2796569 |
| (5-year UK Government Bond + 4.49%), 8.63% | GBP | 3123 | &nbsp;&nbsp; 4048609 |
| Commerzbank AG<sup>(a)(c)(o)</sup> <br>|  |  |  |
| (5-year EUR Swap + 4.39%), 4.25% | EUR | 1600 | &nbsp;&nbsp; 1721933 |
| (5-year EURIBOR ICE Swap + 5.13%), 7.88% |  | 2000 | &nbsp;&nbsp; 2441293 |
| Deutsche Bank AG<sup>(a)(c)(o)</sup> <br>|  |  |  |
| (5-year EURIBOR ICE Swap + 4.55%), 4.50% |  | 800 | &nbsp;&nbsp; 865661 |
| (5-year EURIBOR ICE Swap + 4.75%), 4.63% |  | 8000 | &nbsp;&nbsp; 8402379 |
| Deutsche Lufthansa AG, (5-year EURIBOR ICE <br> Swap + 2.86%), 5.25%, 01/15/55<sup>(a)(c)</sup><br>|  | 3900 | &nbsp;&nbsp; 4335763 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(c)</sup> |  | 1173 | &nbsp;&nbsp; 1337406 |
| Envalior Deutschland GmbH, (6-mo. EURIBOR at <br> 0.00% Floor + 9.50%, 13.41% Cash or 13.41% <br> PIK), 11.88%, 04/01/31<sup>(a)(d)(m)</sup><br>|  | 12470 | &nbsp;&nbsp; 12643007 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(c)</sup> |  | 1606 | &nbsp;&nbsp; 1833067 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(c)</sup> |  | 778 | &nbsp;&nbsp; 863766 |
| IHO Verwaltungs GmbH<sup>(c)(m)</sup> <br>|  |  |  |
| (8.75% Cash or 9.50% PIK), 8.75%, 05/15/28 |  | 4042 | &nbsp;&nbsp; 4782094 |
| Series MAR, (7.00% PIK), 7.00%, 11/15/31 |  | 2501 | &nbsp;&nbsp; 2920028 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(b)</sup> |  | 4782 | &nbsp;&nbsp; 5311654 |
| Mercer International, Inc., 5.13%, 02/01/29 | USD | 901 | &nbsp;&nbsp; 741114 |
| PCF GmbH<sup>(c)</sup> <br>|  |  |  |
| 4.75%, 04/15/29 | EUR | 2173 | &nbsp;&nbsp; 1898993 |
| (3-mo. EURIBOR + 4.75%), 7.03%, 04/15/29<sup>(a)</sup> |  | 1977 | &nbsp;&nbsp; 1726277 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 6.03%, 07/01/29<sup>(a)(c)</sup><br>|  | 2141 | &nbsp;&nbsp; 2427575 |
| ProGroup AG<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 04/15/29 |  | 1403 | &nbsp;&nbsp; 1553358 |
| 5.38%, 04/15/31 |  | 1805 | &nbsp;&nbsp; 1973452 |
| Schaeffler AG<sup>(c)</sup> <br>|  |  |  |
| 4.25%, 04/01/28 |  | 800 | &nbsp;&nbsp; 906169 |
| 5.38%, 04/01/31 |  | 600 | &nbsp;&nbsp; 676312 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(c)(m)</sup><br>| EUR | 4826 | &nbsp;&nbsp; $4366873 |
| TK Elevator Holdco GmbH, 6.63%, 07/15/28<sup>(c)</sup> |  | 3250 | &nbsp;&nbsp; 3681945 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(c)</sup> |  | 10325 | &nbsp;&nbsp; 11665054 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 1896 | &nbsp;&nbsp; 1866986 |
| TUI Cruises GmbH |  |  |  |
| 6.25%, 04/15/29<sup>(b)</sup> | EUR | 3244 | &nbsp;&nbsp; 3808313 |
| 5.00%, 05/15/30<sup>(c)</sup> |  | 994 | &nbsp;&nbsp; 1126057 |
| Volkswagen Financial Services NV, 4.25%, <br> 10/09/25<sup>(c)</sup><br>| GBP | 300 | &nbsp;&nbsp; 397371 |
|  |  |  | &nbsp;&nbsp; 102416504 |
| **Greece**<sup>(a)(c)</sup> **— 0.0%** | **Greece**<sup>(a)(c)</sup> **— 0.0%** | **Greece**<sup>(a)(c)</sup> **— 0.0%** | **Greece**<sup>(a)(c)</sup> **— 0.0%** |
| Eurobank SA, (1-year EURIBOR ICE Swap + <br> 1.70%), 4.00%, 02/07/36<br>| EUR | 2676 | &nbsp;&nbsp; 2972697 |
| National Bank of Greece SA, (5-year EURIBOR <br> ICE Swap + 3.15%), 5.88%, 06/28/35<br>|  | 2357 | &nbsp;&nbsp; 2840242 |
|  |  |  | &nbsp;&nbsp; 5812939 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| AIA Group Ltd.<sup>(c)</sup> <br>|  |  |  |
| 5.40%, 09/30/54 | USD | 1500 | &nbsp;&nbsp; 1375785 |
| (5-year CMT + 1.76%), 2.70%<sup>(a)(o)</sup> |  | 1000 | &nbsp;&nbsp; 972550 |
| Celestial Dynasty Ltd., 6.38%, 08/22/28<sup>(c)</sup> |  | 400 | &nbsp;&nbsp; 380000 |
| Elect Global Investments Ltd., 4.85%<sup>(c)(o)</sup> |  | 200 | &nbsp;&nbsp; 127223 |
| FWD Group Holdings Ltd., 8.40%, 04/05/29<sup>(c)</sup> |  | 14300 | &nbsp;&nbsp; 14672247 |
| HKT Capital No. 6 Ltd., 3.00%, 01/18/32<sup>(c)</sup> |  | 900 | &nbsp;&nbsp; 786843 |
| Melco Resorts Finance Ltd. |  |  |  |
| 4.88%, 06/06/25<sup>(c)</sup> |  | 300 | &nbsp;&nbsp; 299400 |
| 5.38%, 12/04/29<sup>(c)</sup> |  | 1234 | &nbsp;&nbsp; 1110477 |
| 7.63%, 04/17/32<sup>(b)</sup> |  | 495 | &nbsp;&nbsp; 475200 |
| MTR Corp. Ltd., 5.25%, 04/01/55<sup>(c)</sup> |  | 1250 | &nbsp;&nbsp; 1214875 |
|  |  |  | &nbsp;&nbsp; 21414600 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| MVM Energetika Zrt, 7.50%, 06/09/28<sup>(c)</sup> |  | 524 | &nbsp;&nbsp; 546616 |
| **India — 0.2%** | **India — 0.2%** | **India — 0.2%** | **India — 0.2%** |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(c)</sup> |  | 475 | &nbsp;&nbsp; 462531 |
| Clean Renewable Power Mauritius Pte. Ltd., <br> 4.25%, 03/25/27<sup>(c)</sup><br>|  | 805 | &nbsp;&nbsp; 772639 |
| Continuum Energy Aura Pte. Ltd., 9.50%, <br> 02/24/27<sup>(c)</sup><br>|  | 1000 | &nbsp;&nbsp; 1018130 |
| Continuum Green Energy India Pvt./Co-Issuers |  |  |  |
| 7.50%, 06/26/33<sup>(b)</sup> |  | 563 | &nbsp;&nbsp; 563768 |
| 7.50%, 06/26/33<sup>(c)</sup> |  | 317 | &nbsp;&nbsp; 318099 |
| Diamond II Ltd. |  |  |  |
| 7.95%, 07/28/26<sup>(c)</sup> |  | 1000 | &nbsp;&nbsp; 997500 |
| 7.95%, 07/28/26<sup>(b)</sup> |  | 600 | &nbsp;&nbsp; 598500 |
| Flourishing Trade & Investment Ltd., (11.04% PIK), <br> 11.04%, 04/02/28<sup>(b)(d)(m)</sup><br>|  | 24463 | &nbsp;&nbsp; 24707630 |
| Greenko Dutch BV, 3.85%, 03/29/26<sup>(c)</sup> |  | 440 | &nbsp;&nbsp; 425832 |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(c)</sup><br>|  | 200 | &nbsp;&nbsp; 192500 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(c)</sup> |  | 790 | &nbsp;&nbsp; 765313 |
| India Green Power Holdings, 4.00%, 02/22/27<sup>(c)</sup> |  | 520 | &nbsp;&nbsp; 493962 |
| IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/32<sup>(c)</sup><br>|  | 500 | &nbsp;&nbsp; 488280 |
| Muthoot Finance Ltd., 6.38%, 04/23/29<sup>(c)</sup> |  | 500 | &nbsp;&nbsp; 482750 |
| Network i2i Ltd., (5-year CMT + 3.39%), <br> 3.98%<sup>(a)(c)(o)</sup><br>|  | 1000 | &nbsp;&nbsp; 980625 |
| Periama Holdings LLC, 5.95%, 04/19/26<sup>(c)</sup> |  | 891 | &nbsp;&nbsp; 885431 |
| Piramal Finance Ltd., 7.80%, 01/29/28<sup>(c)</sup> |  | 315 | &nbsp;&nbsp; 306338 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** | **India (continued)** |
| Power Finance Corp. Ltd., 1.84%, 09/21/28<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; $106489 |
| REI Agro Ltd.<sup>(d)(e)(l)</sup> <br>|  |  |  |
| 5.50%, 11/13/14<sup>(a)(c)</sup> | USD | 8271 | &nbsp;&nbsp; 1 |
| 5.50%, 11/13/14<sup>(b)</sup> |  | 44430 | &nbsp;&nbsp; — |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(c)</sup> |  | 347 | &nbsp;&nbsp; 339626 |
| TML Holdings Pte. Ltd., 4.35%, 06/09/26<sup>(c)</sup> |  | 239 | &nbsp;&nbsp; 234093 |
| Varanasi Aurangabad Nh-2 Tollway Pvt Ltd., <br> 5.90%, 02/28/34<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 201380 |
| Vedanta Resources Finance II PLC |  |  |  |
| 10.88%, 09/17/29<sup>(c)</sup> |  | 1500 | &nbsp;&nbsp; 1449075 |
| 10.88%, 09/17/29<sup>(b)</sup> |  | 706 | &nbsp;&nbsp; 682031 |
| 11.25%, 12/03/31<sup>(b)</sup> |  | 292 | &nbsp;&nbsp; 282510 |
|  |  |  | &nbsp;&nbsp; 37755033 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Bank Negara Indonesia Persero Tbk PT, 3.75%, <br> 03/30/26<sup>(c)</sup><br>|  | 722 | &nbsp;&nbsp; 703138 |
| Freeport Indonesia PT<sup>(c)</sup> <br>|  |  |  |
| 4.76%, 04/14/27 |  | 620 | &nbsp;&nbsp; 617749 |
| 6.20%, 04/14/52 |  | 1000 | &nbsp;&nbsp; 964690 |
| Indofood CBP Sukses Makmur Tbk. PT, 4.75%, <br> 06/09/51<sup>(c)</sup><br>|  | 456 | &nbsp;&nbsp; 364230 |
| Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 196000 |
| Medco Maple Tree Pte Ltd., 8.96%, 04/27/29<sup>(b)</sup> |  | 550 | &nbsp;&nbsp; 561347 |
| Medco Maple Tree Pte. Ltd., 8.96%, 04/27/29<sup>(c)</sup> |  | 1500 | &nbsp;&nbsp; 1530945 |
| Minejesa Capital BV<sup>(c)</sup> <br>|  |  |  |
| 4.63%, 08/10/30 |  | 547 | &nbsp;&nbsp; 532284 |
| 5.63%, 08/10/37 |  | 500 | &nbsp;&nbsp; 465500 |
| Perusahaan Perseroan Persero PT Perusahaan <br> Listrik Negara, 1.88%, 11/05/31<sup>(c)</sup><br>| EUR | 1000 | &nbsp;&nbsp; 974603 |
| Project Midnights, 5.67%, 08/22/26<sup>(c)(d)</sup> |  | 7782 | &nbsp;&nbsp; 8800964 |
| Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(c)</sup><br>| USD | 200 | &nbsp;&nbsp; 185000 |
| Star Energy Geothermal Wayang Windu Ltd., <br> 6.75%, 04/24/33<sup>(c)</sup><br>|  | 331 | &nbsp;&nbsp; 328896 |
|  |  |  | &nbsp;&nbsp; 16225346 |
| **Ireland**<sup>(c)</sup> **— 0.1%** | **Ireland**<sup>(c)</sup> **— 0.1%** | **Ireland**<sup>(c)</sup> **— 0.1%** | **Ireland**<sup>(c)</sup> **— 0.1%** |
| AIB Group PLC, (5-year EURIBOR ICE Swap + <br> 3.71%), 6.00%<sup>(a)(o)</sup><br>| EUR | 2775 | &nbsp;&nbsp; 3020259 |
| Bank of Ireland Group PLC, (5-year EUR Swap + <br> 6.43%), 6.00%<sup>(a)(o)</sup><br>|  | 2659 | &nbsp;&nbsp; 3023545 |
| Dell Bank International DAC, 0.50%, 10/27/26 |  | 1880 | &nbsp;&nbsp; 2068269 |
|  |  |  | &nbsp;&nbsp; 8112073 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| 1.88%, 03/31/27<sup>(c)</sup> |  | 2046 | &nbsp;&nbsp; 2247246 |
| 3.75%, 05/09/27 |  | 3652 | &nbsp;&nbsp; 4153078 |
| 7.38%, 09/15/29 |  | 1114 | &nbsp;&nbsp; 1411857 |
| 7.88%, 09/15/31 |  | 4258 | &nbsp;&nbsp; 5710028 |
|  |  |  | &nbsp;&nbsp; 13522209 |
| **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** |
| A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), <br> 5.00%<sup>(a)(c)(o)</sup><br>|  | 1073 | &nbsp;&nbsp; 1238223 |
| Agrifarma SpA, 4.50%, 10/31/28<sup>(b)</sup> |  | 9506 | &nbsp;&nbsp; 10698664 |
| Bubbles Bidco SpA<sup>(c)</sup> <br>|  |  |  |
| 6.50%, 09/30/31 |  | 1618 | &nbsp;&nbsp; 1831426 |
| (3-mo. EURIBOR + 4.25%), 6.61%, 09/30/31<sup>(a)</sup> |  | 2195 | &nbsp;&nbsp; 2472930 |
| Continuum Energy Pte. Ltd., (12.85% Cash or <br> 7.85% PIK), 5.00%, 09/11/27<sup>(b)(d)(m)</sup><br>| USD | 7476 | &nbsp;&nbsp; 7363875 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), <br> 6.40%, 07/15/31<sup>(a)(c)</sup><br>| EUR | 2737 | &nbsp;&nbsp; $3099719 |
| Engineering - Ingegneria Informatica - SpA, <br> 11.13%, 05/15/28<sup>(c)</sup><br>|  | 4426 | &nbsp;&nbsp; 5292524 |
| Eni SpA, (5-year EUR Swap + 2.40%), <br> 4.88%<sup>(a)(c)(o)</sup><br>|  | 1900 | &nbsp;&nbsp; 2103909 |
| Fiber Bidco SpA, 6.13%, 06/15/31<sup>(c)</sup> |  | 4100 | &nbsp;&nbsp; 4499541 |
| Fiber Midco SpA, (10.75% PIK), 10.75%, <br> 06/15/29<sup>(c)(m)</sup><br>|  | 1711 | &nbsp;&nbsp; 1779549 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, <br> 08/01/27<sup>(c)</sup><br>|  | 2032 | &nbsp;&nbsp; 2300019 |
| IMA Industria Macchine Automatiche SpA<sup>(a)</sup> <br>|  |  |  |
| (3-mo. EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(b)</sup> |  | 3211 | &nbsp;&nbsp; 3630904 |
| (3-mo. EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(c)</sup> |  | 1719 | &nbsp;&nbsp; 1943795 |
| Intesa Sanpaolo SpA<sup>(c)</sup> <br>|  |  |  |
| 8.51%, 09/20/32 | GBP | 1458 | &nbsp;&nbsp; 2201363 |
| (5-year EUR Swap + 5.85%), 5.50%<sup>(a)(o)</sup> | EUR | 905 | &nbsp;&nbsp; 1031689 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 6.25%, <br> 12/15/29<sup>(a)(c)</sup><br>|  | 1874 | &nbsp;&nbsp; 2112347 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(c)</sup> |  | 596 | &nbsp;&nbsp; 670199 |
| Lottomatica Group SpA<sup>(c)</sup> <br>|  |  |  |
| 5.38%, 06/01/30 |  | 847 | &nbsp;&nbsp; 991914 |
| 01/31/31<sup>(r)</sup> |  | 1600 | &nbsp;&nbsp; 1827483 |
| (3-mo. EURIBOR + 3.25%), 5.74%, 06/01/31<sup>(a)</sup> |  | 1257 | &nbsp;&nbsp; 1424000 |
| Marcolin SpA, 6.13%, 11/15/26<sup>(b)</sup> |  | 6031 | &nbsp;&nbsp; 6831956 |
| Nexi SpA, 0.00%, 02/24/28<sup>(c)(n)(q)</sup> |  | 3200 | &nbsp;&nbsp; 3283908 |
| Pachelbel Bidco SpA<sup>(c)</sup> <br>|  |  |  |
| 7.13%, 05/17/31 |  | 1244 | &nbsp;&nbsp; 1487073 |
| (3-mo. EURIBOR + 4.25%), 6.44%, 05/17/31<sup>(a)</sup> |  | 1135 | &nbsp;&nbsp; 1284662 |
| Rossini SARL<sup>(c)</sup> <br>|  |  |  |
| 6.75%, 12/31/29 |  | 1331 | &nbsp;&nbsp; 1568831 |
| (3-mo. EURIBOR + 3.88%), 6.23%, 12/31/29<sup>(a)</sup> |  | 775 | &nbsp;&nbsp; 879098 |
| Taurus Law 130 Securities Srl, (Acquired 07/14/23, <br> Cost: $7,879,467), 5.77%, 08/15/27<sup>(a)(c)(d)(h)</sup><br>|  | 7166 | &nbsp;&nbsp; 8034201 |
| TeamSystem SpA, (3-mo. EURIBOR + 3.50%), <br> 5.78%, 07/31/31<sup>(a)(c)</sup><br>|  | 1989 | &nbsp;&nbsp; 2246390 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(c)</sup> |  | 1100 | &nbsp;&nbsp; 1278847 |
|  |  |  | &nbsp;&nbsp; 85409039 |
| **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** |
| Petroleos Mexicanos, 7.50%, 03/31/26<sup>(b)</sup> | USD | 25612 | &nbsp;&nbsp; 25099760 |
| Rakuten Group, Inc., 9.75%, 04/15/29<sup>(c)</sup> |  | 260 | &nbsp;&nbsp; 274251 |
| SoftBank Group Corp.<sup>(c)</sup> <br>|  |  |  |
| 5.38%, 01/08/29 | EUR | 5211 | &nbsp;&nbsp; 5957004 |
| 3.38%, 07/06/29 |  | 265 | &nbsp;&nbsp; 280584 |
| 7.00%, 07/08/31 | USD | 500 | &nbsp;&nbsp; 507967 |
| 5.75%, 07/08/32 | EUR | 4788 | &nbsp;&nbsp; 5356287 |
| (5-year USD ICE Swap + 4.85%), 6.88%<sup>(a)(o)</sup> | USD | 300 | &nbsp;&nbsp; 283755 |
| Takeda Pharmaceutical Co. Ltd., 2.25%, <br> 11/21/26<sup>(c)</sup><br>| EUR | 3388 | &nbsp;&nbsp; 3828137 |
|  |  |  | &nbsp;&nbsp; 41587745 |
| **Jersey — 0.2%** | **Jersey — 0.2%** | **Jersey — 0.2%** | **Jersey — 0.2%** |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| 10.00%, 03/31/29<sup>(b)</sup> | USD | 3583 | &nbsp;&nbsp; 3078466 |
| 10.38%, 03/31/29<sup>(c)</sup> | GBP | 3601 | &nbsp;&nbsp; 4213331 |
| TER Finance Jersey Ltd., Series 22, 0.00%, <br> 10/02/25<sup>(b)(q)</sup><br>| USD | 17266 | &nbsp;&nbsp; 16694927 |
|  |  |  | &nbsp;&nbsp; 23986724 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** | **Kuwait — 0.0%** |
| EQUATE Petrochemical Co. KSC, 4.25%, <br> 11/03/26<sup>(c)</sup><br>| USD | 653 | &nbsp;&nbsp; $646470 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |
| Adler Financing SARL<sup>(m)</sup> <br>|  |  |  |
| Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 1569 | &nbsp;&nbsp; 1811214 |
| Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 3948 | &nbsp;&nbsp; 4583960 |
| Ambipar Lux SARL, 10.88%, 02/05/33<sup>(b)</sup> | USD | 495 | &nbsp;&nbsp; 483565 |
| Cidron Aida Finco SARL<sup>(c)</sup> <br>|  |  |  |
| 7.00%, 10/27/31 | EUR | 1116 | &nbsp;&nbsp; 1248458 |
| 9.13%, 10/27/31 | GBP | 1119 | &nbsp;&nbsp; 1476406 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)</sup> | USD | 792 | &nbsp;&nbsp; 690826 |
| Herens Midco SARL, 5.25%, 05/15/29<sup>(b)</sup> | EUR | 7240 | &nbsp;&nbsp; 6057057 |
| INEOS Finance PLC |  |  |  |
| 6.63%, 05/15/28<sup>(b)</sup> |  | 3871 | &nbsp;&nbsp; 4407190 |
| 5.63%, 08/15/30<sup>(c)</sup> |  | 888 | &nbsp;&nbsp; 964475 |
| ION Trading Technologies SARL<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 05/15/28 | USD | 2490 | &nbsp;&nbsp; 2240125 |
| 9.50%, 05/30/29 |  | 456 | &nbsp;&nbsp; 441610 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp; 102233 |
| Matterhorn Telecom SA, 3.13%, 09/15/26<sup>(c)</sup> |  | 10219 | &nbsp;&nbsp; 11534345 |
| Summer BC Holdco B SARL<sup>(c)</sup> <br>|  |  |  |
| 5.88%, 02/15/30 |  | 777 | &nbsp;&nbsp; 858983 |
| (3-mo. EURIBOR + 4.25%), 6.79%, 02/15/30<sup>(a)</sup> |  | 1500 | &nbsp;&nbsp; 1671648 |
| Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(c)(m)</sup><br>|  | 4441 | &nbsp;&nbsp; 4841386 |
|  |  |  | &nbsp;&nbsp; 43413481 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| MGM China Holdings Ltd.<sup>(c)</sup> <br>|  |  |  |
| 5.88%, 05/15/26 | USD | 796 | &nbsp;&nbsp; 790293 |
| 4.75%, 02/01/27 |  | 200 | &nbsp;&nbsp; 195100 |
| Sands China Ltd. |  |  |  |
| 5.13%, 08/08/25 |  | 400 | &nbsp;&nbsp; 399200 |
| 3.80%, 01/08/26 |  | 311 | &nbsp;&nbsp; 307112 |
| 5.40%, 08/08/28 |  | 914 | &nbsp;&nbsp; 899193 |
| 4.38%, 06/18/30 |  | 1000 | &nbsp;&nbsp; 923120 |
| Studio City Co. Ltd., 7.00%, 02/15/27<sup>(c)</sup> |  | 1200 | &nbsp;&nbsp; 1195800 |
| Studio City Finance Ltd.<sup>(c)</sup> <br>|  |  |  |
| 6.00%, 07/15/25 |  | 500 | &nbsp;&nbsp; 498750 |
| 5.00%, 01/15/29 |  | 1822 | &nbsp;&nbsp; 1598040 |
| Wynn Macau Ltd.<sup>(c)</sup> <br>|  |  |  |
| 5.50%, 01/15/26 |  | 300 | &nbsp;&nbsp; 298407 |
| 5.63%, 08/26/28 |  | 1300 | &nbsp;&nbsp; 1237522 |
|  |  |  | &nbsp;&nbsp; 8342537 |
| **Malaysia**<sup>(c)</sup> **— 0.0%** | **Malaysia**<sup>(c)</sup> **— 0.0%** | **Malaysia**<sup>(c)</sup> **— 0.0%** | **Malaysia**<sup>(c)</sup> **— 0.0%** |
| CIMB Bank Bhd, 2.13%, 07/20/27 |  | 700 | &nbsp;&nbsp; 669158 |
| Dua Capital Ltd., 2.78%, 05/11/31 |  | 1000 | &nbsp;&nbsp; 902940 |
| Gohl Capital Ltd., 4.25%, 01/24/27 |  | 1362 | &nbsp;&nbsp; 1333480 |
|  |  |  | &nbsp;&nbsp; 2905578 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |
| Banco Mercantil del Norte SA, (5-year CMT + <br> 4.07%), 8.38%<sup>(a)(b)(o)</sup><br>|  | 872 | &nbsp;&nbsp; 857176 |
| Orbia Advance Corp. SAB de CV, 05/13/30<sup>(b)(r)</sup> |  | 800 | &nbsp;&nbsp; 799464 |
| Petroleos Mexicanos |  |  |  |
| 8.75%, 06/02/29 |  | 1469 | &nbsp;&nbsp; 1442028 |
| 5.95%, 01/28/31 |  | 1816 | &nbsp;&nbsp; 1500743 |
| 6.70%, 02/16/32 |  | 946 | &nbsp;&nbsp; 810154 |
| 10.00%, 02/07/33 |  | 965 | &nbsp;&nbsp; 962732 |
|  |  |  | &nbsp;&nbsp; 6372297 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| OCP SA, 7.50%, 05/02/54<sup>(b)</sup> | USD | 1104 | &nbsp;&nbsp; $1081092 |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| ABN AMRO Bank NV, (5-year EUR Swap + <br> 3.90%), 6.38%<sup>(a)(c)(o)</sup><br>| EUR | 500 | &nbsp;&nbsp; 565009 |
| Boels Topholding BV |  |  |  |
| 6.25%, 02/15/29<sup>(c)</sup> |  | 5924 | &nbsp;&nbsp; 6947234 |
| 5.75%, 05/15/30<sup>(b)</sup> |  | 1023 | &nbsp;&nbsp; 1195238 |
| Citycon Treasury BV, 5.38%, 07/08/31<sup>(c)</sup> |  | 725 | &nbsp;&nbsp; 824673 |
| Cooperatieve Rabobank UA, (1-year UK <br> Government Bond + 1.05%), 1.88%, <br> 07/12/28<sup>(a)(c)</sup><br>| GBP | 700 | &nbsp;&nbsp; 879373 |
| ING Groep NV, 3.00%, 02/18/26<sup>(c)</sup> |  | 700 | &nbsp;&nbsp; 920035 |
| IPD 3 BV, 06/15/31<sup>(c)(r)</sup> | EUR | 1999 | &nbsp;&nbsp; 2264568 |
| Nobian Finance BV, Class B, 3.63%, 07/15/26<sup>(c)</sup> |  | 2869 | &nbsp;&nbsp; 3243810 |
| Q-Park Holding I BV, 5.13%, 02/15/30<sup>(c)</sup> |  | 4179 | &nbsp;&nbsp; 4835612 |
| Sigma Holdco BV, 5.75%, 05/15/26<sup>(c)</sup> |  | 968 | &nbsp;&nbsp; 1087665 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)</sup> | USD | 5820 | &nbsp;&nbsp; 5336940 |
| Sunrise HoldCo IV BV, 5.50%, 01/15/28<sup>(b)</sup> |  | 1569 | &nbsp;&nbsp; 1537546 |
| Trivium Packaging Finance BV<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 08/15/26 |  | 1017 | &nbsp;&nbsp; 1007009 |
| 8.50%, 08/15/27 |  | 1101 | &nbsp;&nbsp; 1088209 |
| VZ Secured Financing BV, 5.00%, 01/15/32<sup>(b)</sup> |  | 1703 | &nbsp;&nbsp; 1486116 |
| VZ Vendor Financing II BV, 2.88%, 01/15/29<sup>(c)</sup> | EUR | 5928 | &nbsp;&nbsp; 6107782 |
| Wintershall Dea Finance 2 BV<sup>(c)(o)(r)</sup> |  | 3566 | &nbsp;&nbsp; 4039705 |
| Ziggo Bond Co. BV |  |  |  |
| 5.13%, 02/28/30<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 177305 |
| 6.13%, 11/15/32<sup>(c)</sup> | EUR | 1760 | &nbsp;&nbsp; 1888643 |
|  |  |  | &nbsp;&nbsp; 45432472 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| IHS Holding Ltd., 6.25%, 11/29/28<sup>(b)</sup> | USD | 947 | &nbsp;&nbsp; 895536 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
| Aeropuerto Internacional de Tocumen SA, 5.13%, <br> 08/11/61<sup>(b)</sup><br>|  | 629 | &nbsp;&nbsp; 424182 |
| **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** | **Peru**<sup>(b)</sup> **— 0.0%** |
| Petroleos del Peru SA, 4.75%, 06/19/32 |  | 969 | &nbsp;&nbsp; 714032 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, <br> 6.24%, 07/03/36<br>|  | 714 | &nbsp;&nbsp; 727030 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30 |  | 1239 | &nbsp;&nbsp; 1166596 |
|  |  |  | &nbsp;&nbsp; 2607658 |
| **Philippines**<sup>(c)(o)</sup> **— 0.0%** | **Philippines**<sup>(c)(o)</sup> **— 0.0%** | **Philippines**<sup>(c)(o)</sup> **— 0.0%** | **Philippines**<sup>(c)(o)</sup> **— 0.0%** |
| ACEN Finance Ltd., 4.00% |  | 266 | &nbsp;&nbsp; 171570 |
| Globe Telecom, Inc., (5-year CMT + 5.53%), <br> 4.20%<sup>(a)</sup><br>|  | 400 | &nbsp;&nbsp; 389460 |
| Petron Corp., (5-year CMT + 7.57%), 5.95%<sup>(a)</sup> |  | 245 | &nbsp;&nbsp; 239733 |
| San Miguel Corp., (5-year CMT + 10.24%), <br> 5.50%<sup>(a)</sup><br>|  | 289 | &nbsp;&nbsp; 286110 |
| San Miguel Global Power Holdings Corp., (1-year <br> CMT + 6.40%), 8.13%<sup>(a)</sup><br>|  | 1500 | &nbsp;&nbsp; 1432035 |
|  |  |  | &nbsp;&nbsp; 2518908 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| ORLEN SA, 6.00%, 01/30/35<sup>(b)</sup> |  | 681 | &nbsp;&nbsp; 686108 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| EDP SA, (5-year EURIBOR ICE Swap + 2.40%), <br> 4.63%, 09/16/54<sup>(a)(c)</sup><br>| EUR | 2200 | &nbsp;&nbsp; 2509926 |
| **Republic of Korea — 0.0%** | **Republic of Korea — 0.0%** | **Republic of Korea — 0.0%** | **Republic of Korea — 0.0%** |
| Hanwha Life Insurance Co. Ltd., (5-year CMT + <br> 1.85%), 3.38%, 02/04/32<sup>(c)</sup><br>| USD | 1000 | &nbsp;&nbsp; 968160 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** | **Republic of Korea (continued)** |
| LG Energy Solution Ltd., (1-day SOFR + 1.70%), <br> 6.08%, 04/02/30<sup>(a)(c)</sup><br>| USD | 500 | &nbsp;&nbsp; $494378 |
| POSCO<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 01/17/28 |  | 441 | &nbsp;&nbsp; 452466 |
| 5.88%, 01/17/33 |  | 200 | &nbsp;&nbsp; 205008 |
|  |  |  | &nbsp;&nbsp; 2120012 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |
| Ma'aden Sukuk Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 02/13/30 |  | 1155 | &nbsp;&nbsp; 1170881 |
| 5.50%, 02/13/35 |  | 930 | &nbsp;&nbsp; 943369 |
| Riyad T1 Sukuk Ltd., (5-year CMT + 1.91%), <br> 5.50%<sup>(a)(c)(o)</sup><br>|  | 500 | &nbsp;&nbsp; 488905 |
|  |  |  | &nbsp;&nbsp; 2603155 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |
| Puma International Financing SA, 7.75%, <br> 04/25/29<sup>(c)</sup><br>|  | 435 | &nbsp;&nbsp; 431872 |
| **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** | **Slovenia — 0.0%** |
| United Group BV |  |  |  |
| 6.50%, 10/31/31<sup>(c)</sup> | EUR | 957 | &nbsp;&nbsp; 1105821 |
| (3-mo. EURIBOR + 4.25%), 6.81%, <br> 02/15/31<sup>(a)(b)</sup><br>|  | 4006 | &nbsp;&nbsp; 4515508 |
|  |  |  | &nbsp;&nbsp; 5621329 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32<sup>(c)</sup> |  | 1425 | &nbsp;&nbsp; 1588483 |
| Sasol Financing USA LLC |  |  |  |
| 4.38%, 09/18/26 | USD | 414 | &nbsp;&nbsp; 396405 |
| 6.50%, 09/27/28 |  | 1051 | &nbsp;&nbsp; 969810 |
|  |  |  | &nbsp;&nbsp; 2954698 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |
| LG Electronics, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 04/24/27 |  | 1606 | &nbsp;&nbsp; 1634394 |
| 5.63%, 04/24/29 |  | 577 | &nbsp;&nbsp; 594445 |
| LG Energy Solution Ltd., 5.38%, 04/02/30<sup>(c)</sup> |  | 500 | &nbsp;&nbsp; 496125 |
| SK Battery America, Inc., 2.13%, 01/26/26<sup>(c)</sup> |  | 1326 | &nbsp;&nbsp; 1285729 |
| Tongyang Life Insurance Co. Ltd., 05/07/35<sup>(a)(c)(r)</sup> |  | 1000 | &nbsp;&nbsp; 997761 |
|  |  |  | &nbsp;&nbsp; 5008454 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| Arena Luxembourg Finance SARL, (3-mo. <br> EURIBOR + 2.50%), 4.82%, 05/01/30<sup>(a)(c)</sup><br>| EUR | 1912 | &nbsp;&nbsp; 2159308 |
| Banco Bilbao Vizcaya Argentaria SA<sup>(a)(o)</sup> <br>|  |  |  |
| (5-year CMT + 3.25%), 7.75% | USD | 4227 | &nbsp;&nbsp; 4136718 |
| (5-year EUR Swap + 4.27%), 6.88%<sup>(c)</sup> | EUR | 2400 | &nbsp;&nbsp; 2831211 |
| (5-year EURIBOR ICE Swap + 5.54%), <br> 8.38%<sup>(c)</sup><br>|  | 1000 | &nbsp;&nbsp; 1239112 |
| Banco Santander SA, (1-year UK Government <br> Bond + 1.80%), 3.13%, 10/06/26<sup>(a)(c)</sup><br>| GBP | 2700 | &nbsp;&nbsp; 3564468 |
| Bankinter SA, (5-year EURIBOR ICE Swap + <br> 4.71%), 7.38%<sup>(a)(c)(o)</sup><br>| EUR | 2000 | &nbsp;&nbsp; 2381863 |
| CaixaBank SA, (5-year EURIBOR ICE Swap + <br> 3.94%), 6.25%<sup>(a)(c)(o)</sup><br>|  | 1200 | &nbsp;&nbsp; 1349735 |
| Cellnex Telecom SA, Series CLNX, 0.75%, <br> 11/20/31<sup>(c)(n)</sup><br>|  | 7900 | &nbsp;&nbsp; 7967618 |
| Cirsa Finance International SARL, 7.88%, <br> 07/31/28<sup>(c)</sup><br>|  | 4003 | &nbsp;&nbsp; 4755246 |
| Grifols SA, 7.13%, 05/01/30<sup>(c)</sup> |  | 2190 | &nbsp;&nbsp; 2557716 |
| Iberdrola Finanzas SA, Series IBE, 1.50%, <br> 03/27/30<sup>(c)(n)</sup><br>|  | 1800 | &nbsp;&nbsp; 2137159 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(c)</sup> | EUR | 1841 | &nbsp;&nbsp; $2105495 |
| Telefonica Emisiones SA, 5.38%, 02/02/26<sup>(c)</sup> | GBP | 1472 | &nbsp;&nbsp; 1969380 |
|  |  |  | &nbsp;&nbsp; 39155029 |
| **Sweden — 0.2%** | **Sweden — 0.2%** | **Sweden — 0.2%** | **Sweden — 0.2%** |
| Heimstaden Bostad Treasury BV |  |  |  |
| 0.63%, 07/24/25<sup>(c)</sup> | EUR | 3001 | &nbsp;&nbsp; 3366504 |
| 1.38%, 03/03/27 |  | 1286 | &nbsp;&nbsp; 1395221 |
| Intrum AB<sup>(c)(e)(l)</sup> <br>|  |  |  |
| 3.00%, 09/15/27 |  | 3274 | &nbsp;&nbsp; 2855894 |
| 9.25%, 03/15/28 |  | 1527 | &nbsp;&nbsp; 1390810 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(c)</sup> |  | 1551 | &nbsp;&nbsp; 1834039 |
| Stena International SA, 7.25%, 01/15/31<sup>(c)</sup> | USD | 8600 | &nbsp;&nbsp; 8488899 |
| Swedbank AB, (1-year UK Government Bond + <br> 1.00%), 1.38%, 12/08/27<sup>(a)(c)</sup><br>| GBP | 733 | &nbsp;&nbsp; 927602 |
| Verisure Holding AB |  |  |  |
| 3.25%, 02/15/27<sup>(c)</sup> | EUR | 3016 | &nbsp;&nbsp; 3373798 |
| 9.25%, 10/15/27<sup>(b)</sup> |  | 3399 | &nbsp;&nbsp; 4033364 |
| Verisure Midholding AB, 5.25%, 02/15/29<sup>(c)</sup> |  | 5268 | &nbsp;&nbsp; 5995088 |
|  |  |  | &nbsp;&nbsp; 33661219 |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** | **Switzerland — 0.0%** |
| Julius Baer Group Ltd., (5-year EUR Swap + <br> 3.85%), 6.63%<sup>(a)(c)(o)</sup><br>|  | 897 | &nbsp;&nbsp; 1018707 |
| UBS AG, (1-day SOFR + 0.72%), 4.86%, <br> 01/10/28<sup>(a)</sup><br>| USD | 830 | &nbsp;&nbsp; 835666 |
| VistaJet Malta Finance PLC/Vista Management <br> Holding, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.50%, 06/01/28 |  | 261 | &nbsp;&nbsp; 254943 |
| 6.38%, 02/01/30 |  | 285 | &nbsp;&nbsp; 246059 |
|  |  |  | &nbsp;&nbsp; 2355375 |
| **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** |
| Bangkok Bank PCL/Hong Kong |  |  |  |
| 5.30%, 09/21/28<sup>(b)</sup> |  | 1257 | &nbsp;&nbsp; 1281939 |
| (5-year CMT + 1.90%), 3.73%, 09/25/34<sup>(a)(c)</sup> |  | 832 | &nbsp;&nbsp; 767258 |
| Kasikornbank PCL/Hong Kong, (5-year CMT + <br> 1.70%), 3.34%, 10/02/31<sup>(a)(c)</sup><br>|  | 500 | &nbsp;&nbsp; 482980 |
| Minor International PCL, (5-year CMT + 7.92%), <br> 2.70%<sup>(a)(c)(o)</sup><br>|  | 1000 | &nbsp;&nbsp; 965340 |
| Muang Thai Life Assurance PCL, (10-year CMT + <br> 2.40%), 3.55%, 01/27/37<sup>(a)(c)</sup><br>|  | 251 | &nbsp;&nbsp; 244499 |
| Muangthai Capital PCL, 6.88%, 09/30/28<sup>(c)</sup> |  | 1000 | &nbsp;&nbsp; 982500 |
|  |  |  | &nbsp;&nbsp; 4724516 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Turkiye Varlik Fonu Yonetimi A/S, 8.25%, <br> 02/14/29<sup>(c)</sup><br>|  | 520 | &nbsp;&nbsp; 530238 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| VF Ukraine PAT via VFU Funding PLC, 9.63%, <br> 02/11/27<sup>(b)</sup><br>|  | 543 | &nbsp;&nbsp; 522794 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| Abu Dhabi National Energy Co. PJSC, 4.70%, <br> 04/24/33<sup>(b)</sup><br>|  | 433 | &nbsp;&nbsp; 425263 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(c)</sup> |  | 920 | &nbsp;&nbsp; 925750 |
| DP World Salaam, (5-year CMT + 5.75%), <br> 6.00%<sup>(a)(c)(o)</sup><br>|  | 1090 | &nbsp;&nbsp; 1087956 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |
| Emirates NBD Bank PJSC, (6 year USD CMT + <br> 1.84%), 6.25%<sup>(a)(c)(o)</sup><br>| USD | 1486 | &nbsp;&nbsp; $1523150 |
| MDGH GMTN RSC Ltd., 4.38%, 11/22/33<sup>(b)</sup> |  | 789 | &nbsp;&nbsp; 752706 |
|  |  |  | &nbsp;&nbsp; 4714825 |
| **United Kingdom — 1.4%** | **United Kingdom — 1.4%** | **United Kingdom — 1.4%** | **United Kingdom — 1.4%** |
| 10X Future Technologies Service Ltd., (15.00% <br> PIK), (Acquired 12/19/23, Cost: $7,715,255), <br> 15.00%, 06/19/26<sup>(d)(h)(m)</sup><br>| GBP | 6181 | &nbsp;&nbsp; 8834371 |
| AA Bond Co. Ltd., 6.50%, 01/31/26<sup>(c)</sup> |  | 5866 | &nbsp;&nbsp; 7798588 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(c)</sup> | EUR | 4811 | &nbsp;&nbsp; 5681775 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(b)</sup> |  | 10232 | &nbsp;&nbsp; 11728829 |
| Barclays PLC<sup>(c)</sup> <br>|  |  |  |
| 3.00%, 05/08/26 | GBP | 733 | &nbsp;&nbsp; 959767 |
| 3.25%, 02/12/27 |  | 733 | &nbsp;&nbsp; 949635 |
| BCP V Modular Services Finance II PLC |  |  |  |
| 6.13%, 11/30/28<sup>(b)</sup> |  | 9756 | &nbsp;&nbsp; 12319362 |
| 6.13%, 11/30/28<sup>(c)</sup> |  | 1110 | &nbsp;&nbsp; 1401649 |
| BCP V Modular Services Finance PLC, 6.75%, <br> 11/30/29<sup>(b)</sup><br>| EUR | 6807 | &nbsp;&nbsp; 6922869 |
| Bellis Finco PLC, 4.00%, 02/16/27<sup>(c)</sup> | GBP | 5881 | &nbsp;&nbsp; 7432173 |
| Bracken MidCo1 PLC, (6.75% Cash or 7.50% PIK), <br> 6.75%, 11/01/27<sup>(c)(m)</sup><br>|  | 1133 | &nbsp;&nbsp; 1474852 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(c)</sup><br>| EUR | 1873 | &nbsp;&nbsp; 2158596 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(c)</sup> | GBP | 749 | &nbsp;&nbsp; 1018168 |
| CK Hutchison Group Telecom Finance SA, 2.63%, <br> 10/17/34<sup>(c)</sup><br>|  | 2497 | &nbsp;&nbsp; 2417766 |
| Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.00%, 09/15/29<sup>(b)</sup><br>| USD | 3144 | &nbsp;&nbsp; 2941113 |
| ContourGlobal Power Holdings SA, 5.00%, <br> 02/28/30<sup>(c)</sup><br>| EUR | 1602 | &nbsp;&nbsp; 1824028 |
| CPUK Finance Ltd., 7.88%, 08/28/29<sup>(c)</sup> | GBP | 657 | &nbsp;&nbsp; 883325 |
| Deuce Finco PLC |  |  |  |
| 5.50%, 06/15/27<sup>(b)</sup> |  | 8081 | &nbsp;&nbsp; 10634935 |
| 5.50%, 06/15/27<sup>(c)</sup> |  | 5085 | &nbsp;&nbsp; 6692073 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(c)</sup> |  | 3888 | &nbsp;&nbsp; 5255377 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(b)</sup> | USD | 4257 | &nbsp;&nbsp; 4681989 |
| Gatwick Airport Finance PLC, 4.38%, 04/07/26<sup>(c)</sup> | GBP | 1834 | &nbsp;&nbsp; 2398797 |
| Global Auto Holdings Ltd./AAG FH UK Ltd.<sup>(b)</sup> <br>|  |  |  |
| 8.38%, 01/15/29 | USD | 200 | &nbsp;&nbsp; 176492 |
| 8.75%, 01/15/32 |  | 445 | &nbsp;&nbsp; 356461 |
| Global Switch Finance BV, 1.38%, 10/07/30<sup>(c)</sup> | EUR | 2578 | &nbsp;&nbsp; 2756649 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(c)</sup> | GBP | 5468 | &nbsp;&nbsp; 7080714 |
| Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC, 7.25%, <br> 02/15/31<sup>(b)</sup><br>| USD | 758 | &nbsp;&nbsp; 778480 |
| HSBC Holdings PLC<sup>(a)</sup> <br>|  |  |  |
| 5.98%, 03/11/35<sup>(c)</sup> | AUD | 300 | &nbsp;&nbsp; 189119 |
| (1-day SONIA GBP 1.31%), 1.75%, 07/24/27 | GBP | 870 | &nbsp;&nbsp; 1114999 |
| (5-year CMT + 2.64%), 6.95%<sup>(o)</sup> | USD | 396 | &nbsp;&nbsp; 387726 |
| INEOS Quattro Finance 2 PLC<sup>(c)</sup> <br>|  |  |  |
| 8.50%, 03/15/29 | EUR | 2099 | &nbsp;&nbsp; 2278935 |
| 6.75%, 04/15/30 |  | 1358 | &nbsp;&nbsp; 1382693 |
| Informa PLC, 3.13%, 07/05/26<sup>(c)</sup> | GBP | 736 | &nbsp;&nbsp; 961873 |
| Kane Bidco Ltd., 6.50%, 02/15/27<sup>(b)</sup> |  | 6412 | &nbsp;&nbsp; 8470506 |
| Lloyds Banking Group PLC, Series ., (5-year UK <br> Government Bond + 3.44%), 7.50%<sup>(a)(o)</sup><br>|  | 1025 | &nbsp;&nbsp; 1320373 |
| Market Bidco Finco PLC<sup>(c)</sup> <br>|  |  |  |
| 4.75%, 11/04/27 | EUR | 2406 | &nbsp;&nbsp; 2624449 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Market Bidco Finco PLC<sup>(c)</sup> (continued) |  |  |  |
| 5.50%, 11/04/27 | GBP | 5079 | &nbsp;&nbsp; $6447270 |
| Mobico Group PLC, (5-year UK Government Bond <br> + 4.14%), 4.25%<sup>(a)(c)(o)</sup><br>|  | 539 | &nbsp;&nbsp; 631049 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(c)</sup> | EUR | 1826 | &nbsp;&nbsp; 2008122 |
| National Grid PLC, 0.16%, 01/20/28<sup>(c)</sup> |  | 4956 | &nbsp;&nbsp; 5251683 |
| Nationwide Building Society, (5-year UK <br> Government Bond + 5.63%), 5.75%<sup>(a)(c)(o)</sup><br>| GBP | 1332 | &nbsp;&nbsp; 1717074 |
| NatWest Group PLC<sup>(a)(c)</sup> <br>|  |  |  |
| (1-year GBP Swap + 1.49%), 2.88%, 09/19/26 |  | 736 | &nbsp;&nbsp; 971310 |
| (1-year GBP Swap + 2.01%), 3.13%, 03/28/27 |  | 733 | &nbsp;&nbsp; 961652 |
| Pinewood Finco PLC, 6.00%, 03/27/30<sup>(b)</sup> |  | 5425 | &nbsp;&nbsp; 7192451 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(c)</sup> |  | 1687 | &nbsp;&nbsp; 2385231 |
| Punch Finance PLC, 6.13%, 06/30/26<sup>(c)</sup> |  | 7003 | &nbsp;&nbsp; 9243774 |
| Santander U.K. Group Holdings PLC, 3.63%, <br> 01/14/26<sup>(c)</sup><br>|  | 733 | &nbsp;&nbsp; 968947 |
| Stonegate Pub Co. Financing PLC<sup>(c)</sup> <br>|  |  |  |
| 10.75%, 07/31/29 |  | 3619 | &nbsp;&nbsp; 4943620 |
| (3-mo. EURIBOR + 6.63%), 9.18%, 07/31/29<sup>(a)</sup> | EUR | 1155 | &nbsp;&nbsp; 1322770 |
| Thames Water Super Senior Issuer PLC, 9.75%, <br> 10/10/27<sup>(b)</sup><br>| GBP | 132 | &nbsp;&nbsp; 194491 |
| Thames Water Utilities Finance PLC, 4.00%, <br> 06/19/27<sup>(c)</sup><br>|  | 5048 | &nbsp;&nbsp; 5205435 |
| Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(b)(q)</sup> |  | 38 | &nbsp;&nbsp; 42699 |
| Vedanta Resources Finance II PLC |  |  |  |
| 9.48%, 07/24/30<sup>(c)</sup> | USD | 260 | &nbsp;&nbsp; 239364 |
| 9.85%, 04/24/33<sup>(b)</sup> |  | 478 | &nbsp;&nbsp; 430200 |
| Virgin Media Secured Finance PLC<sup>(c)</sup> <br>|  |  |  |
| 4.25%, 01/15/30 | GBP | 4880 | &nbsp;&nbsp; 5842816 |
| 4.13%, 08/15/30 |  | 5975 | &nbsp;&nbsp; 7031341 |
| Virgin Media Vendor Financing Notes III DAC, <br> 4.88%, 07/15/28<sup>(c)</sup><br>|  | 8538 | &nbsp;&nbsp; 10690194 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.50%, 07/15/31<sup>(c)</sup> |  | 6302 | &nbsp;&nbsp; 7269301 |
| 4.75%, 07/15/31<sup>(b)</sup> | USD | 1425 | &nbsp;&nbsp; 1252400 |
| Vodafone Group PLC<sup>(a)</sup> <br>|  |  |  |
| (5-year CMT + 2.77%), 4.13%, 06/04/81 |  | 545 | &nbsp;&nbsp; 484182 |
| (5-year UK Government Bond + 3.84%), 8.00%, <br> 08/30/86<sup>(c)</sup><br>| GBP | 1528 | &nbsp;&nbsp; 2189603 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(c)</sup> | EUR | 3321 | &nbsp;&nbsp; 3974761 |
|  |  |  | &nbsp;&nbsp; 225181246 |
| **United States — 6.1%** | **United States — 6.1%** | **United States — 6.1%** | **United States — 6.1%** |
| Acadia Healthcare Co., Inc., 5.00%, 04/15/29<sup>(b)</sup> | USD | 1240 | &nbsp;&nbsp; 1172248 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 02/15/29 |  | 1566 | &nbsp;&nbsp; 1463457 |
| 7.50%, 11/06/30 |  | 386 | &nbsp;&nbsp; 393222 |
| Adient Global Holdings Ltd.<sup>(b)</sup> <br>|  |  |  |
| 8.25%, 04/15/31 |  | 538 | &nbsp;&nbsp; 532591 |
| 7.50%, 02/15/33 |  | 360 | &nbsp;&nbsp; 341128 |
| Aethon United BR LP/Aethon United Finance <br> Corp., 7.50%, 10/01/29<sup>(b)</sup><br>|  | 624 | &nbsp;&nbsp; 626523 |
| Affinity Interactive, 6.88%, 12/15/27<sup>(b)</sup> |  | 1580 | &nbsp;&nbsp; 1132813 |
| AG Issuer LLC, 6.25%, 03/01/28<sup>(b)</sup> |  | 399 | &nbsp;&nbsp; 393088 |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(b)</sup> |  | 2591 | &nbsp;&nbsp; 2750969 |
| Allegiant Travel Co., 7.25%, 08/15/27<sup>(b)</sup> |  | 2340 | &nbsp;&nbsp; 2161309 |
| Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co-Issuer<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 04/15/28 |  | 538 | &nbsp;&nbsp; 541874 |
| 6.50%, 10/01/31 |  | 1132 | &nbsp;&nbsp; 1129679 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)</sup> |  | 1379 | &nbsp;&nbsp; 1408456 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp., 9.75%, 07/15/27<sup>(b)</sup><br>| USD | 1589 | &nbsp;&nbsp; $1594643 |
| Allied Universal Holdco LLC/Allied Universal <br> Finance Corp./Atlas Luxco 4 SARL<br>|  |  |  |
| 4.63%, 06/01/28<sup>(b)</sup> |  | 227 | &nbsp;&nbsp; 217364 |
| 4.88%, 06/01/28<sup>(c)</sup> | GBP | 11939 | &nbsp;&nbsp; 15135447 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> | USD | 941 | &nbsp;&nbsp; 958984 |
| AMC Networks, Inc. |  |  |  |
| 10.25%, 01/15/29<sup>(b)</sup> |  | 4908 | &nbsp;&nbsp; 5042603 |
| 4.25%, 02/15/29 |  | 4997 | &nbsp;&nbsp; 3679141 |
| 4.25%, 02/15/29<sup>(b)(n)</sup> |  | 1994 | &nbsp;&nbsp; 1656483 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(b)</sup> |  | 558 | &nbsp;&nbsp; 567619 |
| American Axle & Manufacturing, Inc., 5.00%, <br> 10/01/29<br>|  | 1182 | &nbsp;&nbsp; 1036609 |
| American Tower Corp., 0.45%, 01/15/27 | EUR | 8700 | &nbsp;&nbsp; 9517410 |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |  |
| 5.88%, 08/20/26 | USD | 736 | &nbsp;&nbsp; 727065 |
| 5.75%, 05/20/27 |  | 383 | &nbsp;&nbsp; 366047 |
| 9.38%, 06/01/28<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 99382 |
| Amgen, Inc., 5.50%, 12/07/26<sup>(c)</sup> | GBP | 736 | &nbsp;&nbsp; 993279 |
| Amkor Technology, Inc., 6.63%, 09/15/27<sup>(b)</sup> | USD | 1730 | &nbsp;&nbsp; 1728345 |
| Ap Grange Holdings LLC, (Acquired 07/21/24, <br> Cost: $6,992,457), 6.50%, 03/20/45<sup>(d)(h)</sup><br>|  | 6992 | &nbsp;&nbsp; 6765202 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)</sup> |  | 235 | &nbsp;&nbsp; 231208 |
| Arcosa, Inc., 6.88%, 08/15/32<sup>(b)</sup> |  | 600 | &nbsp;&nbsp; 611394 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 2.00%, <br> 09/01/28<sup>(c)</sup><br>| EUR | 7850 | &nbsp;&nbsp; 8186693 |
| Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA, Inc.<br>|  |  |  |
| 2.13%, 08/15/26<sup>(c)</sup> |  | 5335 | &nbsp;&nbsp; 5355978 |
| 4.13%, 08/15/26<sup>(b)</sup> | USD | 18334 | &nbsp;&nbsp; 16174988 |
| AT&T, Inc. |  |  |  |
| 2.90%, 12/04/26 | GBP | 1490 | &nbsp;&nbsp; 1930942 |
| 5.50%, 03/15/27<sup>(c)</sup> |  | 750 | &nbsp;&nbsp; 1011680 |
| ATI, Inc., 7.25%, 08/15/30 | USD | 779 | &nbsp;&nbsp; 810183 |
| Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 03/01/29 |  | 1040 | &nbsp;&nbsp; 957262 |
| 8.00%, 02/15/31 |  | 167 | &nbsp;&nbsp; 165899 |
| Bank of America Corp., (3-mo. EURIBOR + <br> 0.91%), 1.95%, 10/27/26<sup>(a)(c)</sup><br>| EUR | 3529 | &nbsp;&nbsp; 3984565 |
| Bank of New York Mellon Corp., (5-year CMT + <br> 2.30%), 6.30%<sup>(a)(o)</sup><br>| USD | 397 | &nbsp;&nbsp; 398757 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 2066 | &nbsp;&nbsp; 2146161 |
| Becton Dickinson Euro Finance SARL, 3.55%, <br> 09/13/29<br>| EUR | 5830 | &nbsp;&nbsp; 6777557 |
| BG Energy Capital PLC, 5.13%, 12/01/25<sup>(c)</sup> | GBP | 1344 | &nbsp;&nbsp; 1792977 |
| Blue Racer Midstream LLC/Blue Racer Finance <br> Corp., 7.25%, 07/15/32<sup>(b)</sup><br>| USD | 1355 | &nbsp;&nbsp; 1389383 |
| Boyd Gaming Corp. |  |  |  |
| 4.75%, 12/01/27 |  | 137 | &nbsp;&nbsp; 134187 |
| 4.75%, 06/15/31<sup>(b)</sup> |  | 1213 | &nbsp;&nbsp; 1130862 |
| Brand Industrial Services, Inc., 10.38%, <br> 08/01/30<sup>(b)</sup><br>|  | 667 | &nbsp;&nbsp; 633601 |
| Breeze Aviation Group, Inc., (20.00% PIK), <br> (Acquired 01/26/24, Cost: $13,357,640), <br> 20.00%, 01/30/28<sup>(d)(h)(m)</sup><br>|  | 13358 | &nbsp;&nbsp; 12155452 |
| Brookfield Property REIT, Inc./BPR Cumulus <br> LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, <br> 04/01/27<sup>(b)</sup><br>|  | 542 | &nbsp;&nbsp; 525862 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Caesars Entertainment, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 10/15/29 | USD | 1186 | &nbsp;&nbsp; $1094860 |
| 6.00%, 10/15/32 |  | 920 | &nbsp;&nbsp; 867324 |
| California Resources Corp., 8.25%, 06/15/29<sup>(b)</sup> |  | 2222 | &nbsp;&nbsp; 2118468 |
| Calpine Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 03/15/28 |  | 1065 | &nbsp;&nbsp; 1054892 |
| 5.00%, 02/01/31 |  | 1471 | &nbsp;&nbsp; 1414941 |
| Camelot Return Merger Sub, Inc., 8.75%, <br> 08/01/28<sup>(b)</sup><br>|  | 172 | &nbsp;&nbsp; 149160 |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.75%, 02/01/32<sup>(b)</sup><br>|  | 1163 | &nbsp;&nbsp; 1052469 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>|  | 930 | &nbsp;&nbsp; 797517 |
| Chemours Co.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 11/15/29 |  | 455 | &nbsp;&nbsp; 381007 |
| 8.00%, 01/15/33 |  | 600 | &nbsp;&nbsp; 540671 |
| Churchill Downs, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 04/01/27 |  | 1199 | &nbsp;&nbsp; 1187394 |
| 5.75%, 04/01/30 |  | 417 | &nbsp;&nbsp; 407818 |
| Cinemark USA, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/28 |  | 100 | &nbsp;&nbsp; 98192 |
| 7.00%, 08/01/32 |  | 956 | &nbsp;&nbsp; 977581 |
| Citigroup, Inc. |  |  |  |
| 1.75%, 10/23/26 | GBP | 1146 | &nbsp;&nbsp; 1462268 |
| (3-mo. EURIBOR + 1.66%), 1.25%, <br> 07/06/26<sup>(a)(c)</sup><br>| EUR | 3503 | &nbsp;&nbsp; 3957621 |
| Civitas Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.38%, 07/01/28 | USD | 2743 | &nbsp;&nbsp; 2694837 |
| 8.63%, 11/01/30 |  | 2265 | &nbsp;&nbsp; 2183002 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 05/15/28 |  | 484 | &nbsp;&nbsp; 491560 |
| 6.75%, 02/15/30 |  | 705 | &nbsp;&nbsp; 717197 |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 08/15/27 |  | 123 | &nbsp;&nbsp; 119591 |
| 9.00%, 09/15/28 |  | 309 | &nbsp;&nbsp; 319832 |
| 7.88%, 04/01/30 |  | 322 | &nbsp;&nbsp; 322144 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 03/31/29 |  | 7401 | &nbsp;&nbsp; 7403656 |
| 9.00%, 09/30/29 |  | 1588 | &nbsp;&nbsp; 1599798 |
| 8.25%, 06/30/32 |  | 2746 | &nbsp;&nbsp; 2864402 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 04/15/29 |  | 1270 | &nbsp;&nbsp; 1279321 |
| 8.75%, 04/15/30 |  | 2393 | &nbsp;&nbsp; 2465563 |
| Comcast Corp., 0.25%, 09/14/29 | EUR | 2056 | &nbsp;&nbsp; 2087884 |
| CommScope LLC, 9.50%, 12/15/31<sup>(b)</sup> | USD | 1155 | &nbsp;&nbsp; 1181533 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(b)</sup> |  | 1346 | &nbsp;&nbsp; 1278234 |
| Consolidated Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 10/01/28 |  | 646 | &nbsp;&nbsp; 613396 |
| 6.50%, 10/01/28 |  | 1207 | &nbsp;&nbsp; 1184900 |
| Constellium SE, 5.38%, 08/15/32<sup>(c)</sup> | EUR | 1179 | &nbsp;&nbsp; 1316598 |
| Core Scientific, Inc., 0.00%, 06/15/31<sup>(b)(n)(q)</sup> | USD | 894 | &nbsp;&nbsp; 757449 |
| Cornerstone Building Brands, Inc., 9.50%, <br> 08/15/29<sup>(b)</sup><br>|  | 637 | &nbsp;&nbsp; 554199 |
| Crescent Energy Finance LLC, 7.38%, 01/15/33<sup>(b)</sup> |  | 2265 | &nbsp;&nbsp; 2004564 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 6480 | &nbsp;&nbsp; 6021086 |
| 11.25%, 05/15/28 |  | 1398 | &nbsp;&nbsp; 1366566 |
| 11.75%, 01/31/29 |  | 3068 | &nbsp;&nbsp; 2900543 |
| CVR Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 02/15/28 |  | 320 | &nbsp;&nbsp; 292041 |
| 8.50%, 01/15/29 |  | 223 | &nbsp;&nbsp; 204914 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Dana Financing Luxembourg SARL, 8.50%, <br> 07/15/31<sup>(c)</sup><br>| EUR | 2883 | &nbsp;&nbsp; $3527494 |
| DISH Network Corp.<sup>(n)</sup> <br>|  |  |  |
| 0.00%, 12/15/25<sup>(q)</sup> | USD | 5722 | &nbsp;&nbsp; 5149801 |
| 3.38%, 08/15/26 |  | 1604 | &nbsp;&nbsp; 1331321 |
| Encino Acquisition Partners Holdings LLC, 8.50%, <br> 05/01/28<sup>(b)</sup><br>|  | 584 | &nbsp;&nbsp; 584416 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)</sup> |  | 851 | &nbsp;&nbsp; 884814 |
| Energizer Holdings, Inc., 4.38%, 03/31/29<sup>(b)</sup> |  | 675 | &nbsp;&nbsp; 629767 |
| EQT Corp., 7.50%, 06/01/30 |  | 865 | &nbsp;&nbsp; 930112 |
| EquipmentShare.com, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.00%, 05/15/28 |  | 886 | &nbsp;&nbsp; 901773 |
| 8.63%, 05/15/32 |  | 356 | &nbsp;&nbsp; 363451 |
| Excelerate Energy LP, 05/15/30<sup>(b)(r)</sup> |  | 2961 | &nbsp;&nbsp; 3007864 |
| EXO Imaging, Inc., (Acquired 08/14/24, Cost: <br> $403,846), 8.00%, 08/14/25<sup>(d)(h)</sup><br>|  | 404 | &nbsp;&nbsp; 438617 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 4.63%, 01/15/29<sup>(b)</sup><br>|  | 713 | &nbsp;&nbsp; 660509 |
| Fidelity National Information Services, Inc., 1.50%, <br> 05/21/27<br>| EUR | 3673 | &nbsp;&nbsp; 4045901 |
| First Citizens BancShares, Inc., (5-year CMT + <br> 1.97%), 6.25%, 03/12/40<sup>(a)</sup><br>| USD | 14717 | &nbsp;&nbsp; 14030904 |
| FLYR, Inc., (1-mo. CME Term SOFR at 0.50% <br> Floor + 5.00%, 9.44% Cash and 3.75% PIK), <br> 9.34%, 05/10/27<sup>(a)(d)(m)</sup><br>|  | 6834 | &nbsp;&nbsp; 6679967 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 567 | &nbsp;&nbsp; 570392 |
| Freedom Mortgage Corp.<sup>(b)</sup> <br>|  |  |  |
| 12.00%, 10/01/28 |  | 134 | &nbsp;&nbsp; 143660 |
| 12.25%, 10/01/30 |  | 428 | &nbsp;&nbsp; 470918 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 9.13%, 05/15/31 |  | 100 | &nbsp;&nbsp; 101108 |
| 8.38%, 04/01/32 |  | 757 | &nbsp;&nbsp; 740369 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.00%, 05/01/28<sup>(b)</sup> |  | 3065 | &nbsp;&nbsp; 3033366 |
| 6.75%, 05/01/29<sup>(b)</sup> |  | 3740 | &nbsp;&nbsp; 3755693 |
| 5.88%, 11/01/29 |  | 350 | &nbsp;&nbsp; 350175 |
| 6.00%, 01/15/30<sup>(b)</sup> |  | 355 | &nbsp;&nbsp; 356258 |
| 8.75%, 05/15/30<sup>(b)</sup> |  | 10024 | &nbsp;&nbsp; 10493474 |
| 8.63%, 03/15/31<sup>(b)</sup> |  | 7790 | &nbsp;&nbsp; 8261380 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/28 |  | 7885 | &nbsp;&nbsp; 8072111 |
| Frontier North, Inc., Series G, 6.73%, 02/15/28 |  | 5085 | &nbsp;&nbsp; 5148563 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(b)</sup> |  | 262 | &nbsp;&nbsp; 245200 |
| General Motors Financial Co., Inc., 4.30%, <br> 02/15/29<sup>(c)</sup><br>| EUR | 2332 | &nbsp;&nbsp; 2735507 |
| GFL Environmental, Inc., 4.38%, 08/15/29<sup>(b)</sup> | USD | 295 | &nbsp;&nbsp; 281563 |
| Global Partners LP/GLP Finance Corp. |  |  |  |
| 7.00%, 08/01/27 |  | 256 | &nbsp;&nbsp; 254138 |
| 8.25%, 01/15/32<sup>(b)</sup> |  | 1046 | &nbsp;&nbsp; 1064849 |
| Global Payments, Inc., 4.88%, 03/17/31 | EUR | 1697 | &nbsp;&nbsp; 2010322 |
| Goldman Sachs Group, Inc. |  |  |  |
| 0.25%, 01/26/28<sup>(c)</sup> |  | 4022 | &nbsp;&nbsp; 4289324 |
| 7.25%, 04/10/28 | GBP | 748 | &nbsp;&nbsp; 1063736 |
| 0.88%, 05/09/29<sup>(c)</sup> | EUR | 3676 | &nbsp;&nbsp; 3840238 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 5.25%, 04/30/31 | USD | 190 | &nbsp;&nbsp; 177005 |
| 5.63%, 04/30/33 |  | 880 | &nbsp;&nbsp; 812923 |
| GoTo Group, Inc., 5.50%, 05/01/28<sup>(b)</sup> |  | 2330 | &nbsp;&nbsp; 1346787 |
| Gray Media, Inc., 10.50%, 07/15/29<sup>(b)</sup> |  | 593 | &nbsp;&nbsp; 608704 |
| Green Plains SPE LLC, 11.75%, 02/08/26<sup>(b)(d)</sup> |  | 91561 | &nbsp;&nbsp; 90187585 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(a)</sup> |  | 26850 | &nbsp;&nbsp; 27732022 |
| H&E Equipment Services, Inc., 3.88%, 12/15/28<sup>(b)</sup> |  | 698 | &nbsp;&nbsp; 695041 |
| Hanesbrands, Inc., 9.00%, 02/15/31<sup>(b)</sup> |  | 1393 | &nbsp;&nbsp; 1443142 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Helios Software Holdings, Inc./ION Corporate <br> Solutions Finance SARL, 7.88%, 05/01/29<sup>(b)</sup><br>| EUR | 5180 | &nbsp;&nbsp; $5852322 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 06/01/29 | USD | 200 | &nbsp;&nbsp; 184917 |
| 4.88%, 07/01/31 |  | 822 | &nbsp;&nbsp; 715310 |
| Howard Midstream Energy Partners LLC, 7.38%, <br> 07/15/32<sup>(b)</sup><br>|  | 301 | &nbsp;&nbsp; 308100 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(b)</sup> |  | 2024 | &nbsp;&nbsp; 2099380 |
| Hyundai Capital America<sup>(a)(c)</sup> <br>|  |  |  |
| (1-day SOFR + 1.04%), 5.41%, 06/24/27 |  | 335 | &nbsp;&nbsp; 333158 |
| (1-day SOFR + 1.35%), 5.73%, 03/27/30 |  | 1000 | &nbsp;&nbsp; 990150 |
| International Business Machines Corp., 3.38%, <br> 02/06/27<br>| EUR | 3354 | &nbsp;&nbsp; 3854051 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)</sup> | USD | 572 | &nbsp;&nbsp; 522270 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., <br> 5.00%, 08/15/28<sup>(b)</sup><br>|  | 732 | &nbsp;&nbsp; 681124 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>|  | 586 | &nbsp;&nbsp; 539781 |
| JetBlue Pass-Through Trust, Series 2019-1, <br> Class AA, 2.75%, 11/15/33<br>|  | 1014 | &nbsp;&nbsp; 876535 |
| JPMorgan Chase & Co.<sup>(a)</sup> <br>|  |  |  |
| (3-mo. EURIBOR + 0.60%), 3.67%, 06/06/28<sup>(c)</sup> | EUR | 3099 | &nbsp;&nbsp; 3579320 |
| (3-mo. EURIBOR + 0.76%), 1.09%, 03/11/27<sup>(c)</sup> |  | 3647 | &nbsp;&nbsp; 4077519 |
| Series OO, (5-year CMT + 2.15%), 6.50%<sup>(o)</sup> | USD | 410 | &nbsp;&nbsp; 409694 |
| KeHE Distributors LLC/KeHE Finance <br> Corp./NextWave Distribution, Inc., 9.00%, <br> 02/15/29<sup>(b)</sup><br>|  | 424 | &nbsp;&nbsp; 433752 |
| Kraft Heinz Foods Co., 4.13%, 07/01/27<sup>(c)</sup> | GBP | 440 | &nbsp;&nbsp; 581887 |
| Kronos International, Inc., 9.50%, 03/15/29<sup>(c)</sup> | EUR | 869 | &nbsp;&nbsp; 1039527 |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 11/01/28 | USD | 428 | &nbsp;&nbsp; 353955 |
| 8.63%, 10/01/31 |  | 308 | &nbsp;&nbsp; 251790 |
| Lamar Media Corp., 3.75%, 02/15/28 |  | 765 | &nbsp;&nbsp; 729697 |
| Landsea Homes Corp., 11.00%, 07/17/28<sup>(d)</sup> |  | 40108 | &nbsp;&nbsp; 40208270 |
| LCM Investments Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 05/01/29 |  | 842 | &nbsp;&nbsp; 796004 |
| 8.25%, 08/01/31 |  | 167 | &nbsp;&nbsp; 174663 |
| Lessen LLC, (3-mo. CME Term SOFR + 8.50%), <br> 12.77%, 01/05/28<sup>(a)(b)(d)</sup><br>|  | 20905 | &nbsp;&nbsp; 19284574 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| 10.50%, 04/15/29 |  | 1013 | &nbsp;&nbsp; 1121629 |
| 11.00%, 11/15/29 |  | 289 | &nbsp;&nbsp; 322958 |
| 10.50%, 05/15/30 |  | 334 | &nbsp;&nbsp; 361077 |
| 10.75%, 12/15/30 |  | 198 | &nbsp;&nbsp; 219206 |
| 10.00%, 10/15/32 |  | 2667 | &nbsp;&nbsp; 2660659 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(b)</sup> |  | 3669 | &nbsp;&nbsp; 3384653 |
| Light & Wonder International, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 05/15/28 |  | 213 | &nbsp;&nbsp; 213048 |
| 7.25%, 11/15/29 |  | 910 | &nbsp;&nbsp; 927747 |
| Lions Gate Capital Holdings 1, Inc., 5.50%, <br> 04/15/29<sup>(b)</sup><br>|  | 17943 | &nbsp;&nbsp; 16193557 |
| Lions Gate Capital Holdings LLC, 5.50%, <br> 04/15/29<sup>(b)</sup><br>|  | 796 | &nbsp;&nbsp; 610588 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(b)</sup> |  | 1042 | &nbsp;&nbsp; 1019916 |
| Magnera Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 11/15/29 |  | 750 | &nbsp;&nbsp; 653554 |
| 7.25%, 11/15/31 |  | 558 | &nbsp;&nbsp; 527662 |
| Mauser Packaging Solutions Holding Co., 7.88%, <br> 04/15/27<sup>(b)</sup><br>|  | 3212 | &nbsp;&nbsp; 3220480 |
| McGraw-Hill Education, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 08/01/28 |  | 100 | &nbsp;&nbsp; 97961 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| McGraw-Hill Education, Inc.<sup>(b)</sup> (continued) |  |  |  |
| 7.38%, 09/01/31 | USD | 728 | &nbsp;&nbsp; $743841 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(b)</sup> |  | 2201 | &nbsp;&nbsp; 2090152 |
| MGM Resorts International, 6.50%, 04/15/32 |  | 492 | &nbsp;&nbsp; 484821 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, <br> 04/15/31<sup>(b)</sup><br>|  | 170 | &nbsp;&nbsp; 167888 |
| Morgan Stanley<sup>(a)</sup> <br>|  |  |  |
| (3-mo. EURIBOR + 0.83%), 1.34%, 10/23/26 | EUR | 4468 | &nbsp;&nbsp; 5028974 |
| (3-mo. EURIBOR + 1.30%), 4.66%, 03/02/29 |  | 2963 | &nbsp;&nbsp; 3511219 |
| MPT Operating Partnership LP/MPT Finance <br> Corp., 7.00%, 02/15/32<sup>(c)</sup><br>|  | 2030 | &nbsp;&nbsp; 2333906 |
| Nasdaq, Inc., 4.50%, 02/15/32 |  | 2445 | &nbsp;&nbsp; 2944097 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 02/01/26 | USD | 408 | &nbsp;&nbsp; 406091 |
| 6.00%, 01/15/27 |  | 938 | &nbsp;&nbsp; 938411 |
| 5.50%, 08/15/28 |  | 554 | &nbsp;&nbsp; 550646 |
| 5.13%, 12/15/30 |  | 286 | &nbsp;&nbsp; 285645 |
| 5.75%, 11/15/31 |  | 418 | &nbsp;&nbsp; 419551 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 02/15/29 |  | 282 | &nbsp;&nbsp; 291036 |
| 6.75%, 02/01/32 |  | 1117 | &nbsp;&nbsp; 1090683 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(b)</sup> |  | 3975 | &nbsp;&nbsp; 4276599 |
| NCR Voyix Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 10/01/28 |  | 844 | &nbsp;&nbsp; 818045 |
| 5.13%, 04/15/29 |  | 124 | &nbsp;&nbsp; 119230 |
| Netflix, Inc., 3.63%, 05/15/27 | EUR | 6616 | &nbsp;&nbsp; 7670710 |
| New Generation Gas Gathering LLC, (3-mo. CME <br> Term SOFR at 2.00% Floor + 5.75%), 10.05%, <br> 09/30/29<sup>(a)(b)(d)</sup><br>| USD | 10563 | &nbsp;&nbsp; 10404528 |
| Nexstar Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 07/15/27 |  | 417 | &nbsp;&nbsp; 413102 |
| 4.75%, 11/01/28 |  | 214 | &nbsp;&nbsp; 201516 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp., 8.38%, 02/15/32<sup>(b)</sup><br>|  | 772 | &nbsp;&nbsp; 703855 |
| Northern Oil & Gas, Inc., 8.75%, 06/15/31<sup>(b)</sup> |  | 844 | &nbsp;&nbsp; 810856 |
| Occidental Petroleum Corp., 5.20%, 08/01/29 |  | 1690 | &nbsp;&nbsp; 1665017 |
| Olympus Water U.S. Holding Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 10/01/28 |  | 954 | &nbsp;&nbsp; 881336 |
| 9.75%, 11/15/28 |  | 2426 | &nbsp;&nbsp; 2527790 |
| OneMain Finance Corp., 7.13%, 11/15/31 |  | 700 | &nbsp;&nbsp; 702891 |
| Organon & Co./Organon Foreign Debt Co-Issuer <br> BV<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 04/30/31 |  | 1325 | &nbsp;&nbsp; 1112140 |
| 7.88%, 05/15/34 |  | 471 | &nbsp;&nbsp; 433799 |
| OT Midco Ltd., 10.00%, 02/15/30<sup>(b)</sup> |  | 5082 | &nbsp;&nbsp; 4134943 |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 08/15/27 |  | 315 | &nbsp;&nbsp; 308666 |
| 4.25%, 01/15/29 |  | 644 | &nbsp;&nbsp; 598120 |
| 4.63%, 03/15/30 |  | 368 | &nbsp;&nbsp; 340068 |
| Owens-Brockway Glass Container, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 05/13/27 |  | 162 | &nbsp;&nbsp; 161592 |
| 7.25%, 05/15/31 |  | 978 | &nbsp;&nbsp; 971200 |
| Palomino Funding Trust I, 7.23%, 05/17/28<sup>(b)</sup> |  | 665 | &nbsp;&nbsp; 701756 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> |  | 1563 | &nbsp;&nbsp; 1601286 |
| Paramount Global, 7.88%, 07/30/30 |  | 1830 | &nbsp;&nbsp; 2005323 |
| Park Intermediate Holdings LLC/PK Domestic <br> Property LLC/PK Finance Co-Issuer<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 10/01/28 |  | 876 | &nbsp;&nbsp; 854853 |
| 4.88%, 05/15/29 |  | 341 | &nbsp;&nbsp; 319233 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Performance Food Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 08/01/29 | USD | 1249 | &nbsp;&nbsp; $1182120 |
| 6.13%, 09/15/32 |  | 634 | &nbsp;&nbsp; 634188 |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 01/15/26 |  | 284 | &nbsp;&nbsp; 282344 |
| 8.00%, 04/15/27 |  | 2126 | &nbsp;&nbsp; 2163345 |
| PetSmart, Inc./PetSmart Finance Corp., 4.75%, <br> 02/15/28<sup>(b)</sup><br>|  | 342 | &nbsp;&nbsp; 326867 |
| Pike Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 09/01/28 |  | 440 | &nbsp;&nbsp; 432116 |
| 8.63%, 01/31/31 |  | 313 | &nbsp;&nbsp; 328363 |
| Pioneer Midco LLC, (10.50% Cash or 11.63% PIK), <br> 10.50%, 11/18/30<sup>(a)(b)(d)(m)</sup><br>|  | 16933 | &nbsp;&nbsp; 16743676 |
| Pitney Bowes, Inc., 6.88%, 03/15/27<sup>(b)</sup> |  | 6618 | &nbsp;&nbsp; 6595918 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 12/15/29 |  | 519 | &nbsp;&nbsp; 509400 |
| 4.50%, 09/15/31 |  | 100 | &nbsp;&nbsp; 91004 |
| 6.38%, 03/01/33 |  | 437 | &nbsp;&nbsp; 432087 |
| 6.25%, 10/15/34 |  | 1101 | &nbsp;&nbsp; 1091861 |
| PPG Industries, Inc., 1.88%, 06/01/25 | EUR | 3378 | &nbsp;&nbsp; 3824825 |
| Prestige Brands, Inc., 3.75%, 04/01/31<sup>(b)</sup> | USD | 1612 | &nbsp;&nbsp; 1455316 |
| Prime Security Services Borrower LLC/Prime <br> Finance, Inc., 6.25%, 01/15/28<sup>(b)</sup><br>|  | 1932 | &nbsp;&nbsp; 1930408 |
| Procter & Gamble Co., 4.88%, 05/11/27 | EUR | 2314 | &nbsp;&nbsp; 2753863 |
| Quikrete Holdings, Inc., 6.75%, 03/01/33<sup>(b)</sup> | USD | 1894 | &nbsp;&nbsp; 1901085 |
| Resort Communities LoanCo. LP, 12.50%, <br> 11/30/28<sup>(b)(d)</sup><br>|  | 54565 | &nbsp;&nbsp; 54291843 |
| Reworld Holding Corp. |  |  |  |
| 4.88%, 12/01/29<sup>(b)</sup> |  | 566 | &nbsp;&nbsp; 528858 |
| 5.00%, 09/01/30 |  | 320 | &nbsp;&nbsp; 293857 |
| RingCentral, Inc., 8.50%, 08/15/30<sup>(b)</sup> |  | 8317 | &nbsp;&nbsp; 8743487 |
| RR Donnelley & Sons Co.<sup>(b)</sup> <br>|  |  |  |
| 9.50%, 08/01/29 |  | 582 | &nbsp;&nbsp; 554158 |
| 10.88%, 08/01/29 |  | 266 | &nbsp;&nbsp; 252381 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.63%, 06/01/27 |  | 3262 | &nbsp;&nbsp; 3123365 |
| 10.75%, 11/15/29 |  | 10689 | &nbsp;&nbsp; 10181273 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(b)</sup> |  | 566 | &nbsp;&nbsp; 542229 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.00%, 04/01/31 |  | 281 | &nbsp;&nbsp; 246100 |
| 4.38%, 02/01/32 |  | 825 | &nbsp;&nbsp; 718776 |
| Seagate HDD Cayman |  |  |  |
| 8.25%, 12/15/29<sup>(b)</sup> |  | 5827 | &nbsp;&nbsp; 6247645 |
| 8.50%, 07/15/31<sup>(b)</sup> |  | 3134 | &nbsp;&nbsp; 3352471 |
| 9.63%, 12/01/32 |  | 5055 | &nbsp;&nbsp; 5705189 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(b)</sup> |  | 4486 | &nbsp;&nbsp; 4454390 |
| Service Properties Trust |  |  |  |
| 8.38%, 06/15/29 |  | 10529 | &nbsp;&nbsp; 10296415 |
| 8.63%, 11/15/31<sup>(b)</sup> |  | 1357 | &nbsp;&nbsp; 1439877 |
| 8.88%, 06/15/32 |  | 11777 | &nbsp;&nbsp; 11379114 |
| Sinclair Television Group, Inc., 4.38%, 12/31/32<sup>(b)</sup> |  | 585 | &nbsp;&nbsp; 353956 |
| Six Flags Entertainment Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 1097 | &nbsp;&nbsp; 1085121 |
| 7.25%, 05/15/31 |  | 100 | &nbsp;&nbsp; 101373 |
| Six Flags Entertainment Corp./Canada's <br> Wonderland Co./ Magnum Management Corp.<br>|  |  |  |
| 5.25%, 07/15/29 |  | 435 | &nbsp;&nbsp; 413559 |
| 5.38%, 04/15/27 |  | 483 | &nbsp;&nbsp; 480649 |
| SM Energy Co., 6.75%, 08/01/29<sup>(b)</sup> |  | 950 | &nbsp;&nbsp; 886948 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 606 | &nbsp;&nbsp; 605234 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Sonder Holdings, Inc., (13.59% PIK), 7.00%, <br> 12/10/27<sup>(d)(m)</sup><br>| USD | 24772 | &nbsp;&nbsp; $24367116 |
| Spirit AeroSystems, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.38%, 11/30/29 |  | 5300 | &nbsp;&nbsp; 5640159 |
| 9.75%, 11/15/30 |  | 14151 | &nbsp;&nbsp; 15663835 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| Class A, 3.65%, 08/15/31<sup>(e)(l)</sup> |  | 4575 | &nbsp;&nbsp; 3948345 |
| Series 2015-1A, Class A, 4.10%, 10/01/29 |  | 148 | &nbsp;&nbsp; 135563 |
| Series 2017-1AA, Class AA, 3.38%, 08/15/31 |  | 1743 | &nbsp;&nbsp; 1546135 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(b)</sup> |  | 1531 | &nbsp;&nbsp; 1552039 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 632 | &nbsp;&nbsp; 596367 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 348 | &nbsp;&nbsp; 352114 |
| Station Casinos LLC<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 02/15/28 |  | 271 | &nbsp;&nbsp; 261484 |
| 4.63%, 12/01/31 |  | 617 | &nbsp;&nbsp; 557751 |
| 6.63%, 03/15/32 |  | 262 | &nbsp;&nbsp; 260480 |
| Stem, Inc., 0.50%, 12/01/28<sup>(b)(n)</sup> |  | 749 | &nbsp;&nbsp; 181633 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> |  | 1308 | &nbsp;&nbsp; 1328376 |
| Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(b)</sup><br>|  | 865 | &nbsp;&nbsp; 790692 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(b)</sup> |  | 2955 | &nbsp;&nbsp; 3155837 |
| Tallgrass Energy Partners LP/Tallgrass Energy <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 03/01/27 |  | 215 | &nbsp;&nbsp; 212229 |
| 7.38%, 02/15/29 |  | 431 | &nbsp;&nbsp; 429430 |
| 6.00%, 12/31/30 |  | 185 | &nbsp;&nbsp; 172261 |
| 6.00%, 09/01/31 |  | 107 | &nbsp;&nbsp; 98640 |
| Talos Production, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.00%, 02/01/29 |  | 597 | &nbsp;&nbsp; 572308 |
| 9.38%, 02/01/31 |  | 176 | &nbsp;&nbsp; 165480 |
| Tenet Healthcare Corp., 6.13%, 10/01/28 |  | 3607 | &nbsp;&nbsp; 3598373 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 6077 | &nbsp;&nbsp; 5805442 |
| Texas Capital Bancshares, Inc., (5-year CMT + <br> 3.15%), 4.00%, 05/06/31<sup>(a)</sup><br>|  | 7458 | &nbsp;&nbsp; 7094862 |
| Thermo Fisher Scientific, Inc., 1.38%, 09/12/28 | EUR | 3674 | &nbsp;&nbsp; 3989907 |
| TransDigm, Inc. |  |  |  |
| 5.50%, 11/15/27 | USD | 1706 | &nbsp;&nbsp; 1697878 |
| 4.63%, 01/15/29 |  | 815 | &nbsp;&nbsp; 783893 |
| 4.88%, 05/01/29 |  | 943 | &nbsp;&nbsp; 910008 |
| Transocean, Inc., 8.25%, 05/15/29<sup>(b)</sup> |  | 3021 | &nbsp;&nbsp; 2435683 |
| Tronox, Inc., 4.63%, 03/15/29<sup>(b)</sup> |  | 948 | &nbsp;&nbsp; 767382 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)</sup> |  | 1822 | &nbsp;&nbsp; 1874463 |
| United Airlines Pass-Through Trust, Series 2019-2, <br> Class A, 2.90%, 11/01/29<br>|  | 724 | &nbsp;&nbsp; 669972 |
| United Wholesale Mortgage LLC, 5.50%, <br> 04/15/29<sup>(b)</sup><br>|  | 425 | &nbsp;&nbsp; 411527 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<sup>(b)</sup> <br>|  |  |  |
| 10.50%, 02/15/28 |  | 8847 | &nbsp;&nbsp; 9393612 |
| 4.75%, 04/15/28 |  | 200 | &nbsp;&nbsp; 191413 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/01/27 |  | 1280 | &nbsp;&nbsp; 1238508 |
| 4.50%, 05/01/29 |  | 1304 | &nbsp;&nbsp; 1118201 |
| 8.50%, 07/31/31 |  | 287 | &nbsp;&nbsp; 271007 |
| USA Compression Partners LP/USA Compression <br> Finance Corp.<br>|  |  |  |
| 6.88%, 09/01/27 |  | 237 | &nbsp;&nbsp; 234989 |
| 7.13%, 03/15/29<sup>(b)</sup> |  | 1037 | &nbsp;&nbsp; 1047050 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> |  | 2475 | &nbsp;&nbsp; 2447446 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 676 | &nbsp;&nbsp; 633404 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Vantage Drilling International Ltd., 9.50%, <br> 02/15/28<sup>(b)</sup><br>| USD | 369 | &nbsp;&nbsp; $368078 |
| Venture Global LNG, Inc., 7.00%, 01/15/30<sup>(b)</sup> |  | 2257 | &nbsp;&nbsp; 2126094 |
| Verizon Communications, Inc. |  |  |  |
| 1.13%, 11/03/28 | GBP | 733 | &nbsp;&nbsp; 867099 |
| 4.25%, 10/31/30 | EUR | 3192 | &nbsp;&nbsp; 3822652 |
| Viking Cruises Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 09/15/27 | USD | 785 | &nbsp;&nbsp; 783407 |
| 7.00%, 02/15/29 |  | 1406 | &nbsp;&nbsp; 1411052 |
| Vistra Operations Co. LLC, 5.63%, 02/15/27<sup>(b)</sup> |  | 10588 | &nbsp;&nbsp; 10581153 |
| Vital Energy, Inc. |  |  |  |
| 9.75%, 10/15/30 |  | 584 | &nbsp;&nbsp; 494747 |
| 7.88%, 04/15/32<sup>(b)</sup> |  | 111 | &nbsp;&nbsp; 86235 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)</sup> |  | 658 | &nbsp;&nbsp; 677861 |
| Weekley Homes LLC/Weekley Finance Corp., <br> 4.88%, 09/15/28<sup>(b)</sup><br>|  | 68 | &nbsp;&nbsp; 63600 |
| Wells Fargo & Co.<sup>(c)</sup> <br>|  |  |  |
| 1.38%, 10/26/26 | EUR | 3666 | &nbsp;&nbsp; 4087325 |
| 1.50%, 05/24/27 |  | 5570 | &nbsp;&nbsp; 6163643 |
| 0.63%, 03/25/30 |  | 3652 | &nbsp;&nbsp; 3641951 |
| Westbay, 11.00%, 02/06/30<sup>(d)</sup> | USD | 38780 | &nbsp;&nbsp; 38151764 |
| Wildfire Intermediate Holdings LLC, 7.50%, <br> 10/15/29<sup>(b)</sup><br>|  | 1770 | &nbsp;&nbsp; 1619550 |
| Wolfspeed, Inc., 1.75%, 05/01/26<sup>(n)</sup> |  | 1295 | &nbsp;&nbsp; 928515 |
| Xerox Corp., 10.25%, 10/15/30<sup>(b)</sup> |  | 2313 | &nbsp;&nbsp; 2356943 |
| Xerox Holdings Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 08/15/28 |  | 743 | &nbsp;&nbsp; 475977 |
| 8.88%, 11/30/29 |  | 154 | &nbsp;&nbsp; 92207 |
| Xerox Issuer Corp., 13.50%, 04/15/31<sup>(b)</sup> |  | 2455 | &nbsp;&nbsp; 2332358 |
| Zayo Group Holdings, Inc., 4.00%, 03/01/27<sup>(b)</sup> |  | 879 | &nbsp;&nbsp; 809551 |
|  |  |  | &nbsp;&nbsp; 961817798 |
| **Uzbekistan**<sup>(b)</sup> **— 0.0%** | **Uzbekistan**<sup>(b)</sup> **— 0.0%** | **Uzbekistan**<sup>(b)</sup> **— 0.0%** | **Uzbekistan**<sup>(b)</sup> **— 0.0%** |
| Navoi Mining & Metallurgical Combinat |  |  |  |
| 6.70%, 10/17/28 |  | 499 | &nbsp;&nbsp; 506922 |
| 6.95%, 10/17/31 |  | 631 | &nbsp;&nbsp; 634773 |
|  |  |  | &nbsp;&nbsp; 1141695 |
| **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** | **Vietnam — 0.0%** |
| Mong Duong Finance Holdings BV, 5.13%, <br> 05/07/29<sup>(c)</sup><br>|  | 762 | &nbsp;&nbsp; 728856 |
| **Zambia**<sup>(b)</sup> **— 0.0%** | **Zambia**<sup>(b)</sup> **— 0.0%** | **Zambia**<sup>(b)</sup> **— 0.0%** | **Zambia**<sup>(b)</sup> **— 0.0%** |
| First Quantum Minerals Ltd. |  |  |  |
| 6.88%, 10/15/27 |  | 2040 | &nbsp;&nbsp; 2011950 |
| 9.38%, 03/01/29 |  | 2816 | &nbsp;&nbsp; 2960320 |
|  |  |  | &nbsp;&nbsp; 4972270 |
| **Total Corporate Bonds — 12.7%** <br>**(Cost: $2,199,126,839)** | **Total Corporate Bonds — 12.7%** <br>**(Cost: $2,199,126,839)** | **Total Corporate Bonds — 12.7%** <br>**(Cost: $2,199,126,839)** | &nbsp;&nbsp; 2027470372 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Aspen Owner LLC, Term Loan, 7.27%, 02/09/27<sup>(d)</sup> |  | 18600 | &nbsp;&nbsp; 18742033 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Clover Holdings SPV III LLC, 2024 USD Term <br> Loan, 15.00%, 12/09/27<sup>(d)</sup><br>| USD | 1219 | &nbsp;&nbsp; $1188438 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 1707 | &nbsp;&nbsp; 1663967 |
| **Total Fixed Rate Loan Interests — 0.1%** <br>**(Cost: $21,404,319)** | **Total Fixed Rate Loan Interests — 0.1%** <br>**(Cost: $21,404,319)** | **Total Fixed Rate Loan Interests — 0.1%** <br>**(Cost: $21,404,319)** | &nbsp;&nbsp; 21594438 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Finco Utilitas BV, EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.88%, <br> 09/26/30<br>| EUR | 2600 | &nbsp;&nbsp; 2938961 |
| United Petfood Finance BV, 2025 EUR Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + 2.75%), <br> 5.17%, 02/26/32<br>|  | 5977 | &nbsp;&nbsp; 6701491 |
|  |  |  | &nbsp;&nbsp; 9640452 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Garda World Security Corp., 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.29%, 02/01/29<br>| USD | 1755 | &nbsp;&nbsp; 1735529 |
| **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** | **Czech Republic — 0.0%** |
| AI Sirona Luxembourg Acquisition SARL, <br> 2024 EUR Term Loan B, (1-mo. EURIBOR at <br> 0.00% Floor + 3.50%), 5.65%, 09/30/28<br>| EUR | 4000 | &nbsp;&nbsp; 4525194 |
| **Finland — 0.0%** | **Finland — 0.0%** | **Finland — 0.0%** | **Finland — 0.0%** |
| Mehilainen Yhtiot OYJ, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.90%), <br> 6.26%, 08/05/31<br>|  | 7188 | &nbsp;&nbsp; 8134048 |
| **France — 0.4%** | **France — 0.4%** | **France — 0.4%** | **France — 0.4%** |
| Atos SE |  |  |  |
| EUR PIK 1.5 Lien Term Loan, (3-mo. EURIBOR <br> + 2.60%), 4.96%, 12/17/30<br>|  | 6781 | &nbsp;&nbsp; 5588108 |
| EUR Term Loan B, 12/17/29<sup>(s)</sup> |  | 5236 | &nbsp;&nbsp; 5946434 |
| Banijay Entertainment S.A.S, 2025 EUR Term <br> Loan B (2032), 02/10/32<sup>(s)</sup><br>|  | 5593 | &nbsp;&nbsp; 6288760 |
| Cegid Group SASU, 2025 EUR Term Loan B3, <br> (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.44%, 01/31/30<br>|  | 6000 | &nbsp;&nbsp; 6760670 |
| Hestiafloor 2 SASU, 2024 EUR Term Loan B, (3-<br> mo. EURIBOR at 0.00% Floor + 3.75%), 6.11%, <br> 02/27/30<br>|  | 2941 | &nbsp;&nbsp; 3318952 |
| Holding Socotec SAS, 2025 EUR Term Loan B, <br> 06/02/28<sup>(s)</sup><br>|  | 3955 | &nbsp;&nbsp; 4458022 |
| HomeVi SASU, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 5.00%), 7.19%, <br> 10/31/29<br>|  | 7000 | &nbsp;&nbsp; 7877457 |
| Obol France 2.5 SAS, 2024 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 5.00%), <br> 7.19%, 12/31/28<br>|  | 6000 | &nbsp;&nbsp; 6466968 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| Parts Europe SA, 1st Lien EUR Term Loan B, (3-<br> mo. EURIBOR at 0.00% Floor + 3.25%), 5.49%, <br> 02/03/31<br>| EUR | 8296 | &nbsp;&nbsp; $9357775 |
| Ramsay Generale de Sante SA, 2025 EUR Term <br> Loan B4, (3-mo. EURIBOR at 0.00% Floor + <br> 3.25%), 5.49%, 08/13/31<br>|  | 3000 | &nbsp;&nbsp; 3373504 |
|  |  |  | &nbsp;&nbsp; 59436650 |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Aenova Holding GmbH, 2025 EUR Repriced Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 3.00%), 5.50%, 08/22/31<br>|  | 5660 | &nbsp;&nbsp; 6350931 |
| Apleona Holding GmbH, 2024 EUR Term Loan B3, <br> (3-mo. EURIBOR at 0.00% Floor + 3.75%), <br> 5.94%, 04/28/28<br>|  | 7201 | &nbsp;&nbsp; 8138862 |
| AVIV Group GmbH, EUR Term Loan B, 02/16/32<sup>(s)</sup> |  | 6879 | &nbsp;&nbsp; 7751087 |
| Ctec III GmbH, 2022 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 6.00%, <br> 03/16/29<br>|  | 3000 | &nbsp;&nbsp; 3340708 |
| IFCO Management GmbH, 2024 EUR 1st Lien <br> Term Loan B, (6-mo. EURIBOR at 0.00% Floor <br> + 3.75%), 6.34%, 11/29/29<br>|  | 5000 | &nbsp;&nbsp; 5651395 |
| KP Germany Erste GmbH, 2021 EUR Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + 4.73%), <br> 7.11%, 02/12/26<br>|  | 4266 | &nbsp;&nbsp; 4331344 |
| Minimax GmbH, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 2.50%), 4.65%, <br> 03/17/32<br>|  | 1500 | &nbsp;&nbsp; 1688655 |
| Nidda Healthcare Holding GmbH, 2024 EUR Term <br> Loan B2, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.54%, 02/21/30<br>|  | 7677 | &nbsp;&nbsp; 8689412 |
| Schoen Klinik SE, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 5.36%, <br> 01/12/31<br>|  | 2667 | &nbsp;&nbsp; 2988460 |
| Software GmbH, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.11%, <br> 09/16/30<br>|  | 6089 | &nbsp;&nbsp; 6874359 |
| Speedster Bidco GmbH, 2024 EUR Term Loan B, <br> (6-mo. EURIBOR at 0.00% Floor + 3.75%), <br> 6.13%, 12/10/31<br>|  | 6330 | &nbsp;&nbsp; 7151009 |
| Tele Columbus AG, 2024 EUR Term Loan B, (6-<br> mo. EURIBOR at 6.00% Floor + 0.50%), 0.50%, <br> 01/01/29<br>|  | 3494 | &nbsp;&nbsp; 3017716 |
| TK Elevator Midco GmbH, 2025 EUR Term Loan <br> B1, (3-mo. EURIBOR at 0.00% Floor + 3.25%), <br> 5.85%, 04/30/30<br>|  | 7948 | &nbsp;&nbsp; 8918282 |
|  |  |  | &nbsp;&nbsp; 74892220 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| Applegreen Finance Ireland DAC, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 5.00%), 7.19%, 01/30/32<br>|  | 4272 | &nbsp;&nbsp; 4842759 |
| ION Trading Finance Ltd, 2021 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.25%), <br> 6.61%, 04/03/28<br>|  | 5000 | &nbsp;&nbsp; 5422615 |
|  |  |  | &nbsp;&nbsp; 10265374 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Jersey**<sup>(d)</sup> **— 0.1%** | **Jersey**<sup>(d)</sup> **— 0.1%** | **Jersey**<sup>(d)</sup> **— 0.1%** | **Jersey**<sup>(d)</sup> **— 0.1%** |
| Vita Global FinCo Ltd. |  |  |  |
| EUR Term Loan B, (6-mo. EURIBOR at 0.00% <br> Floor + 7.00%), 9.66%, 07/06/27<br>| EUR | 7985 | &nbsp;&nbsp; $7588014 |
| GBP Incremental Term Loan, (1-mo. SONIA at <br> 0.00% Floor + 8.00%), 12.45%, 09/23/27<br>| GBP | 4889 | &nbsp;&nbsp; 5514159 |
|  |  |  | &nbsp;&nbsp; 13102173 |
| **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| Atlas Luxco 4 SARL, 2021 EUR Term Loan, (1-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.90%, <br> 05/12/28<br>| EUR | 3969 | &nbsp;&nbsp; 4466734 |
| INEOS Finance PLC, 2024 EUR 1st Lien Term <br> Loan B, (1-mo. EURIBOR at 0.00% Floor + <br> 3.50%), 5.65%, 06/23/31<br>|  | 7860 | &nbsp;&nbsp; 8345768 |
| Matterhorn Telecom SA, EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 2.50%), 5.34%, <br> 01/30/32<br>|  | 4085 | &nbsp;&nbsp; 4593709 |
| Rainbow Finco SARL, EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.71%, <br> 02/23/29<br>|  | 4102 | &nbsp;&nbsp; 4583687 |
| Speed Midco 3 SARL<sup>(d)</sup> <br>|  |  |  |
| 2024 EUR Term Loan B2, (6-mo. EURIBOR at <br> 0.00% Floor + 4.95%), 7.33%, 05/16/29<br>|  | 24222 | &nbsp;&nbsp; 27406542 |
| 2024 GBP Term Loan B2, (1-day SONIA + <br> 4.95%), 9.41%, 05/16/29<br>| GBP | 2184 | &nbsp;&nbsp; 2906620 |
| Tackle SARL |  |  |  |
| 2025 EUR Add on Term Loan B3, 05/22/28<sup>(s)</sup> | EUR | 2078 | &nbsp;&nbsp; 2342434 |
| 2025 EUR Repriced Term Loan B2, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.78%, <br> 05/22/28<br>|  | 5297 | &nbsp;&nbsp; 5967864 |
| Traviata BV, 2025 EUR PIK Term Loan, (3-mo. <br> EURIBOR), 2.18%, 01/22/33<br>|  | 7800 | &nbsp;&nbsp; 8659509 |
|  |  |  | &nbsp;&nbsp; 69272867 |
| **Netherlands — 0.7%** | **Netherlands — 0.7%** | **Netherlands — 0.7%** | **Netherlands — 0.7%** |
| Cuppa Bidco BV, GBP Term Loan B2, (1-day <br> SONIA at 0.00% Floor + 5.63%), 10.33%, <br> 07/30/29<br>| GBP | 1000 | &nbsp;&nbsp; 1185437 |
| Cypher Bidco BV, EUR Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 4.25%), 6.41%, <br> 12/30/28<sup>(d)</sup><br>| EUR | 19970 | &nbsp;&nbsp; 21860541 |
| Flora Food Management BV, 2024 GBP Term Loan <br> B11, (1-day SONIA at 0.00% Floor + 5.29%), <br> 9.99%, 01/03/28<br>| GBP | 5449 | &nbsp;&nbsp; 7178157 |
| Fugue Finance B.V., 2025 EUR Term Loan B, (3-<br> mo. EURIBOR at 0.00% Floor + 3.25%), 5.95%, <br> 01/09/32<br>| EUR | 2135 | &nbsp;&nbsp; 2399238 |
| Median BV, 2021 EUR Term Loan B1, (3-mo. <br> EURIBOR at 0.00% Floor + 4.93%), 7.28%, <br> 10/14/27<br>|  | 6355 | &nbsp;&nbsp; 7135761 |
| Nobian Finance B.V., 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.77%, 07/31/30<br>|  | 6316 | &nbsp;&nbsp; 6968819 |
| Peer Holding III B.V., 2025 EUR Term Loan B6B, <br> (3-mo. EURIBOR at 0.00% Floor + 2.75%), <br> 5.11%, 07/01/31<br>|  | 8000 | &nbsp;&nbsp; 9017490 |
| Pegasus BidCo BV, 2024 EUR Term Loan B2, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 6.02%, 07/12/29<br>|  | 3333 | &nbsp;&nbsp; 3759666 |
| Stage Entertainment B.V., 2024 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), <br> 6.54%, 06/02/29<br>|  | 4000 | &nbsp;&nbsp; 4523472 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Unit4 Group Holding BV, 2021 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.86%, 06/29/28<br>| EUR | 5686 | &nbsp;&nbsp; $6403910 |
| Ziggo BV, 2019 EUR Term Loan H, (1-mo. <br> EURIBOR at 0.00% Floor + 3.00%), 5.30%, <br> 01/31/29<br>|  | 41843 | &nbsp;&nbsp; 45856829 |
|  |  |  | &nbsp;&nbsp; 116289320 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| FNZ NZ Finco Ltd., 2024 GBP Term Loan B, (1-<br> mo. SONIA at 0.00% Floor + 6.00%), 10.46%, <br> 11/05/31<sup>(d)</sup><br>| GBP | 8500 | &nbsp;&nbsp; 10591639 |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |
| Sector Alarm Holding AS, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 6.00%, 06/14/29<br>| EUR | 3255 | &nbsp;&nbsp; 3668695 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| Aernnova Aerospace SAU, 2024 EUR Term Loan <br> B, (3-mo. EURIBOR at 0.00% Floor + 4.00%), <br> 6.32%, 02/27/30<br>|  | 7818 | &nbsp;&nbsp; 8740930 |
| Cervantes Bidco SL, 2024 EUR 1st Lien Term <br> Loan B, (6-mo. EURIBOR at 0.00% Floor + <br> 3.75%), 6.46%, 10/30/31<br>|  | 3708 | &nbsp;&nbsp; 4201486 |
| Galapagos SA, 2023 EUR Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.90%), 6.14%, <br> 03/01/26<sup>(d)</sup><br>|  | 12962 | &nbsp;&nbsp; 14684355 |
| HBX Group International PLC, EUR Term Loan B, <br> 02/18/32<sup>(s)</sup><br>|  | 8761 | &nbsp;&nbsp; 9782138 |
| PAX Holdco Spain SL, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 4.00%), <br> 6.52%, 12/31/29<br>|  | 7199 | &nbsp;&nbsp; 8077762 |
|  |  |  | &nbsp;&nbsp; 45486671 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Eleda Management AB, EUR Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 4.00%), 6.36%, <br> 04/03/31<br>|  | 4167 | &nbsp;&nbsp; 4716527 |
| IGT HOLDING IV AB, 2024 EUR Term Loan B4, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.86%, 08/29/31<br>|  | 4000 | &nbsp;&nbsp; 4503081 |
| Platea BC Bidco AB, EUR Delayed Draw Term <br> Loan, (3-mo. EURIBOR at 0.00% Floor + <br> 4.00%), 6.36%, 04/03/31<br>|  | 327 | &nbsp;&nbsp; 369924 |
| Quimper AB, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 6.08%, <br> 03/29/30<br>|  | 5043 | &nbsp;&nbsp; 5699965 |
|  |  |  | &nbsp;&nbsp; 15289497 |
| **United Kingdom — 1.0%** | **United Kingdom — 1.0%** | **United Kingdom — 1.0%** | **United Kingdom — 1.0%** |
| Acuris Finance U.S., Inc., 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 6.03%, 02/16/28<br>|  | 1000 | &nbsp;&nbsp; 1094141 |
| Bellis Acquisition Co. PLC, 2024 EUR Term Loan <br> B, (6-mo. EURIBOR at 0.00% Floor + 4.00%), <br> 6.31%, 05/14/31<br>|  | 5819 | &nbsp;&nbsp; 6158453 |
| Belron U.K. Finance PLC, 2024 EUR Incremental <br> Term Loan B, (3-mo. EURIBOR at 0.00% Floor <br> + 3.00%), 5.53%, 10/16/31<br>|  | 6627 | &nbsp;&nbsp; 7476588 |
| CD&R Firefly Bidco PLC |  |  |  |
| 2025 EUR Term Loan, 04/29/29<sup>(s)</sup> |  | 1500 | &nbsp;&nbsp; 1678748 |
| 2025 GBP Term Loan, 04/29/29<sup>(s)</sup> | GBP | 4375 | &nbsp;&nbsp; 5746781 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| CD&R Firefly Bidco PLC (continued) |  |  |  |
| 2024 GBP Term Loan B8, (3-mo. SONIA at <br> 0.00% Floor + 5.25%), 9.71%, 04/29/29<sup>(d)</sup><br>| GBP | 8014 | &nbsp;&nbsp; $10440349 |
| CML Project Horizons, GBP Term Loan, (3-mo. <br> SONIA + 3.75%), 8.20%, 04/12/28<sup>(d)</sup><br>|  | 15221 | &nbsp;&nbsp; 20284460 |
| Eagle Bidco Ltd., 2021 GBP Term Loan B, (1-mo. <br> SONIA + 4.28%), 8.74%, 03/20/28<br>|  | 3000 | &nbsp;&nbsp; 3964798 |
| Edge Finco PLC, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 6.02%, <br> 08/22/31<br>| EUR | 2905 | &nbsp;&nbsp; 3263182 |
| Entain PLC, 2024 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.62%, <br> 06/30/28<br>|  | 6028 | &nbsp;&nbsp; 6824503 |
| Froneri Lux FinCo SARL, 2024 EUR Term Loan <br> B3, (6-mo. EURIBOR at 0.00% Floor + 2.50%), <br> 5.10%, 09/30/31<br>|  | 7550 | &nbsp;&nbsp; 8476557 |
| INEOS Quattro Holdings U.K. Ltd., 2023 EUR 1st <br> Lien Term Loan B, (1-mo. EURIBOR at 0.00% <br> Floor + 4.50%), 6.65%, 04/02/29<br>|  | 7550 | &nbsp;&nbsp; 7706082 |
| Inspired Finco Holdings Ltd.<sup>(s)</sup> <br>|  |  |  |
| 2025 EUR Term Loan B6, 02/28/31 |  | 1916 | &nbsp;&nbsp; 2148270 |
| 2025 EUR Term Loan B6, 02/28/31 |  | 722 | &nbsp;&nbsp; 810206 |
| 2025 EUR Term Loan B6 (B) (1), 02/28/31 |  | 958 | &nbsp;&nbsp; 1074135 |
| International Entertainment JJCO 3 Ltd., GBP Term <br> Loan B, 04/19/32<sup>(d)(s)</sup><br>| GBP | 7647 | &nbsp;&nbsp; 10165763 |
| Leased & Tenanted Pubs 1 Ltd., GBP 2nd Lien <br> Term Loan, (1-day SONIA at 3.00% Floor + <br> 9.37%), 13.83%, 03/31/28<sup>(d)</sup><br>|  | 2564 | &nbsp;&nbsp; 3348073 |
| Market Bidco Ltd. |  |  |  |
| 2024 EUR Term Loan B, (3-mo. EURIBOR at <br> 0.00% Floor + 4.50%), 7.06%, 11/04/30<br>| EUR | 2705 | &nbsp;&nbsp; 2966151 |
| 2024 GBP Term Loan B, (3-mo. SONIA at <br> 0.00% Floor + 5.36%), 9.81%, 11/04/30<br>| GBP | 1596 | &nbsp;&nbsp; 2061862 |
| Masorange Finco PLC, 2025 EUR Term Loan B, <br> (3-mo. EURIBOR at 0.00% Floor + 2.75%), <br> 5.22%, 03/25/31<br>| EUR | 8072 | &nbsp;&nbsp; 9033502 |
| Mercia<sup>(d)</sup> <br>|  |  |  |
| GBP Term Loan A1, (3-mo. SONIA + 2.40%), <br> 6.85%, 04/09/26<br>| GBP | 6259 | &nbsp;&nbsp; 8341797 |
| GBP Term Loan A2, (3-mo. SONIA + 2.40%), <br> 6.85%, 04/09/26<br>|  | 19085 | &nbsp;&nbsp; 25435048 |
| GBP Term Loan B1, (3-mo. SONIA + 2.40%), <br> 6.85%, 04/09/26<br>|  | 1099 | &nbsp;&nbsp; 1465143 |
| Modulaire Group Holdings Ltd., 2024 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + <br> 4.18%), 6.53%, 12/15/28<br>| EUR | 3000 | &nbsp;&nbsp; 3334047 |
| OCS Group Holdings Ltd, GBP Term Loan B, (1-<br> day SONIA at 0.00% Floor + 5.75%), 10.45%, <br> 11/27/31<br>| GBP | 3810 | &nbsp;&nbsp; 5048423 |
| Zegona Holdco Ltd., EUR Term Loan B, <br> 07/17/29<sup>(s)</sup><br>| EUR | 3226 | &nbsp;&nbsp; 3634789 |
|  |  |  | &nbsp;&nbsp; 161981851 |
| **United States — 2.1%** | **United States — 2.1%** | **United States — 2.1%** | **United States — 2.1%** |
| Allied Universal Holdco LLC, 2021 USD <br> Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.85%), 8.17%, <br> 05/12/28<br>| USD | 2639 | &nbsp;&nbsp; 2635474 |
| Alorica, Inc., 2022 Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 6.88%), 11.20%, <br> 12/21/27<sup>(d)</sup><br>|  | 10177 | &nbsp;&nbsp; 9986638 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12-<br> mo. CME Term SOFR at 0.50% Floor + 5.60%), <br> 9.75%, 02/01/30<br>| USD | 14590 | &nbsp;&nbsp; $13781528 |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 09/29/31<br>|  | 5601 | &nbsp;&nbsp; 5522213 |
| American Auto Auction Group LLC, 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.50%), 8.80%, 12/30/27<sup>(d)</sup><br>|  | 1686 | &nbsp;&nbsp; 1685972 |
| Arctera U.S. Holdings LLC, 2024 Priority Term <br> Loan, (3-mo. CME Term SOFR at 2.50% Floor + <br> 12.50%), 16.80%, 12/09/29<br>|  | 1845 | &nbsp;&nbsp; 1804819 |
| Arsenal AIC Parent LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 08/19/30<br>|  | 607 | &nbsp;&nbsp; 597421 |
| Avaya, Inc., 2023 Exit Term Loan, (1-mo. CME <br> Term SOFR + 7.50%), 11.82%, 08/01/28<br>|  | 41 | &nbsp;&nbsp; 32086 |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.51%), 7.78%, <br> 10/02/28<br>|  | 4091 | &nbsp;&nbsp; 3528733 |
| Bausch & Lomb Corp., Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.35%), 7.67%, <br> 05/10/27<br>|  | 4374 | &nbsp;&nbsp; 4317750 |
| Belron Finance LLC, 2024 USD Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 7.05%, 10/16/31<br>|  | 4724 | &nbsp;&nbsp; 4705221 |
| BMC Software, Inc., 2025 EUR Term Loan B, (1-<br> mo. EURIBOR at 0.00% Floor + 3.50%), 5.65%, <br> 07/30/31<br>| EUR | 5983 | &nbsp;&nbsp; 6705767 |
| Boost Newco Borrower LLC, 2025 USD Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.30%, 01/31/31<br>| USD | 5403 | &nbsp;&nbsp; 5389506 |
| Caesars Entertainment, Inc., 2024 Term Loan B1, <br> (3-mo. CME Term SOFR + 2.25%), 6.56%, <br> 02/06/31<br>|  | 8359 | &nbsp;&nbsp; 8214155 |
| Charter Communications Operating LLC, <br> 2024 Term Loan B5, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 12/15/31<br>|  | 890 | &nbsp;&nbsp; 886858 |
| Clarios Global LP, 2025 EUR Term Loan B, (1-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.40%, <br> 01/28/32<br>| EUR | 5000 | &nbsp;&nbsp; 5582857 |
| Cloud Software Group, Inc., 2024 1st Lien Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor <br> + 3.50%), 7.80%, 03/29/29<br>| USD | 3899 | &nbsp;&nbsp; 3849374 |
| Clydesdale Acquisition Holdings, Inc., Term Loan <br> B, (1-mo. CME Term SOFR + 3.18%), 7.50%, <br> 04/13/29<br>|  | 5320 | &nbsp;&nbsp; 5279327 |
| CML Hilton Motto Chelsea, Term Loan, (1-mo. <br> CME Term SOFR at 2.00% Floor + 3.25%), <br> 7.57%, 10/17/28<sup>(d)</sup><br>|  | 8000 | &nbsp;&nbsp; 8004000 |
| CML La Quinta Resort, Term Loan, 12/09/26<sup>(d)(s)</sup> |  | 16454 | &nbsp;&nbsp; 16453718 |
| CML Lake Tahoe Resort Hotel, Term Loan, (1-mo. <br> CME Term SOFR + 3.01%), 7.33%, 10/25/26<sup>(d)</sup><br>|  | 11574 | &nbsp;&nbsp; 11621453 |
| CML Terranea Resort, Term Loan, (1-mo. CME <br> Term SOFR + 4.35%), 8.67%, 01/01/28<sup>(d)</sup><br>|  | 7900 | &nbsp;&nbsp; 7900000 |
| ConnectWise LLC, 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.06%, <br> 09/29/28<br>|  | 3766 | &nbsp;&nbsp; 3753268 |
| CPPIB OVM Member US LLC, Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.05%, 08/20/31<br>|  | 4827 | &nbsp;&nbsp; 4788521 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 9.00%, 04/15/27<br>| USD | 1822 | &nbsp;&nbsp; $1752015 |
| CVR CHC LP, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 12/30/27<br>|  | 6357 | &nbsp;&nbsp; 6309389 |
| Digital Room Holdings, Inc., 2021 Term Loan, (1-<br> mo. CME Term SOFR at 0.50% Floor + 5.35%), <br> 9.67%, 12/21/28<br>|  | 3523 | &nbsp;&nbsp; 3476818 |
| Directv Financing LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.82%, 02/15/31<br>|  | 6956 | &nbsp;&nbsp; 6430284 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.26%), 9.54%, <br> 08/02/27<br>|  | 721 | &nbsp;&nbsp; 720392 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.50%), 7.82%, 08/31/30<br>|  | 10858 | &nbsp;&nbsp; 10749086 |
| Emerald Electronics Manufacturing Services, Term <br> Loan, (1-mo. CME Term SOFR at 1.00% Floor + <br> 6.35%), 10.67%, 12/29/27<sup>(d)</sup><br>|  | 4052 | &nbsp;&nbsp; 2796173 |
| Fertitta Entertainment LLC/NV, 2022 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.50%), 7.82%, 01/27/29<br>|  | 6033 | &nbsp;&nbsp; 5870673 |
| First Brands Group LLC, 2023 EUR Incremental <br> Term Loan, (3-mo. EURIBOR at 1.00% Floor + <br> 5.00%), 7.19%, 03/30/27<br>| EUR | 6160 | &nbsp;&nbsp; 6507800 |
| Galaxy Universal LLC, 1st Lien Term Loan, (6-mo. <br> CME Term SOFR at 1.00% Floor + 6.50%), <br> 10.94%, 11/12/26<sup>(d)</sup><br>| USD | 18263 | &nbsp;&nbsp; 18263147 |
| GoTo Group, Inc. |  |  |  |
| 2024 First Out Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.85%), 9.18%, <br> 04/28/28<br>|  | 1473 | &nbsp;&nbsp; 1329817 |
| 2024 Second Out Term Loan, (1-mo. CME Term <br> SOFR + 4.85%), 9.18%, 04/28/28<br>|  | 975 | &nbsp;&nbsp; 395613 |
| HLP Hotel LLC, Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 3.66%), 7.86%, <br> 09/09/26<sup>(d)</sup><br>|  | 16300 | &nbsp;&nbsp; 16300000 |
| Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.76%), <br> 10.04%, 10/25/28<br>|  | 2620 | &nbsp;&nbsp; 2095843 |
| Icon Parent, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 11/13/31<br>|  | 12384 | &nbsp;&nbsp; 12302761 |
| ION Corporate Solutions Finance SARL, <br> 2025 EUR Term Loan B, (3-mo. EURIBOR at <br> 0.00% Floor + 3.25%), 5.71%, 03/13/28<br>| EUR | 1000 | &nbsp;&nbsp; 1088749 |
| J&J Ventures Gaming LLC, 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.75% Floor <br> + 3.50%), 7.82%, 04/26/30<br>| USD | 4020 | &nbsp;&nbsp; 3828136 |
| Jack Ohio Finance LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 4.00%), <br> 8.32%, 01/28/32<br>|  | 1664 | &nbsp;&nbsp; 1649440 |
| Maverick Gaming LLC |  |  |  |
| 2024 PIK Term Loan, (3-mo. CME Term SOFR + <br> 7.50%), 11.78%, 06/03/28<br>|  | 1943 | &nbsp;&nbsp; 1748447 |
| 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 7.50%), 11.78%, <br> 06/03/28<br>|  | 3412 | &nbsp;&nbsp; 2055581 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Mavis Tire Express Services Topco Corp., <br> 2025 Repriced Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 3.00%), 7.31%, <br> 05/04/28<br>| USD | 1837 | &nbsp;&nbsp; $1811753 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.32%, 03/01/29<br>|  | 7248 | &nbsp;&nbsp; 6785589 |
| Medline Borrower LP, 2024 USD Add-on Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor <br> + 2.25%), 6.57%, 10/23/28<br>|  | 10464 | &nbsp;&nbsp; 10386560 |
| NGP XI Midstream Holdings LLC, Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.50%), 7.80%, 07/25/31<br>|  | 2496 | &nbsp;&nbsp; 2458309 |
| Nielsen Consumer, Inc., 2025 EUR Term Loan, <br> (1-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.65%, 03/06/28<br>| EUR | 8676 | &nbsp;&nbsp; 9707592 |
| Pitney Bowes, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), <br> 8.07%, 03/19/32<br>| USD | 5660 | &nbsp;&nbsp; 5556252 |
| Polaris Newco LLC |  |  |  |
| EUR Term Loan B, (1-mo. EURIBOR at 0.00% <br> Floor + 3.75%), 5.90%, 06/02/28<br>| EUR | 6001 | &nbsp;&nbsp; 6312487 |
| GBP Term Loan B, 06/02/28<sup>(s)</sup> | GBP | 981 | &nbsp;&nbsp; 1195392 |
| Redstone Holdco 2 LP |  |  |  |
| 2021 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 8.01%), 12.29%, <br> 04/27/29<br>| USD | 6772 | &nbsp;&nbsp; 2124715 |
| 2021 Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 5.01%), 9.29%, 04/27/28<br>|  | 9535 | &nbsp;&nbsp; 5062888 |
| Solaris Oilfield Infrastructure, Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 6.00%), <br> 10.30%, 09/11/29<sup>(d)</sup><br>|  | 18770 | &nbsp;&nbsp; 18629225 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.32%, 03/14/31<br>|  | 3383 | &nbsp;&nbsp; 3354136 |
| TransDigm, Inc., 2023 Term Loan J, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.80%, <br> 02/28/31<br>|  | 2306 | &nbsp;&nbsp; 2280885 |
| Vaco Holdings LLC, 2022 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.15%), 9.45%, <br> 01/21/29<br>|  | 4184 | &nbsp;&nbsp; 3711094 |
| Verifone Systems, Inc., 2025 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.93%), <br> 10.21%, 08/18/28<br>|  | 7590 | &nbsp;&nbsp; 6714439 |
| X Corp., Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.65%), 10.95%, 10/26/29<br>|  | 1681 | &nbsp;&nbsp; 1626499 |
|  |  |  | &nbsp;&nbsp; 330414638 |
| **Total Floating Rate Loan Interests — 5.9%** <br>**(Cost: $931,168,084)** | **Total Floating Rate Loan Interests — 5.9%** <br>**(Cost: $931,168,084)** | **Total Floating Rate Loan Interests — 5.9%** <br>**(Cost: $931,168,084)** | &nbsp;&nbsp; 934726818 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |  |
| Bahrain Government International Bond, 5.45%, <br> 09/16/32<sup>(c)</sup><br>|  | 890 | &nbsp;&nbsp; 821025 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |  |
| Benin Government International Bond, 7.96%, <br> 02/13/38<sup>(b)</sup><br>| USD | 396 | &nbsp;&nbsp; $355410 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |  |
| Brazil Letras do Tesouro Nacional, 0.00%, <br> 01/01/26<sup>(q)</sup><br>| BRL | 16 | &nbsp;&nbsp; 2485205 |
| Brazil Notas do Tesouro Nacional, 10.00%, <br> 01/01/27<br>|  | 93 | &nbsp;&nbsp; 15581912 |
|  |  |  | &nbsp;&nbsp; 18067117 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |  |
| Bulgaria Government International Bond, 5.00%, <br> 03/05/37<sup>(c)</sup><br>| USD | 852 | &nbsp;&nbsp; 822981 |
| **Cameroon, United Republic Of — 0.0%** | **Cameroon, United Republic Of — 0.0%** | **Cameroon, United Republic Of — 0.0%** |  |
| Republic of Cameroon International Bond, 9.50%, <br> 07/31/31<sup>(c)</sup><br>|  | 851 | &nbsp;&nbsp; 748420 |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |  |
| Canadian Government Bond, 2.75%, 03/01/30 | CAD | 44128 | &nbsp;&nbsp; 32123238 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| Chile Government International Bond |  |  |  |
| 3.75%, 01/14/32 | EUR | 1713 | &nbsp;&nbsp; 1973563 |
| 4.34%, 03/07/42 | USD | 1499 | &nbsp;&nbsp; 1286142 |
|  |  |  | &nbsp;&nbsp; 3259705 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |  |
| China Government Bond, 2.11%, 08/25/34 | CNY | 17600 | &nbsp;&nbsp; 2509176 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |  |
| Colombia Government International Bond |  |  |  |
| 8.00%, 04/20/33 | USD | 1005 | &nbsp;&nbsp; 1021080 |
| 8.00%, 11/14/35 |  | 355 | &nbsp;&nbsp; 349320 |
| 7.75%, 11/07/36 |  | 702 | &nbsp;&nbsp; 670059 |
| 8.75%, 11/14/53 |  | 350 | &nbsp;&nbsp; 335300 |
| Colombian TES |  |  |  |
| Series B, 5.75%, 11/03/27 | COP | 35288700 | &nbsp;&nbsp; 7630935 |
| Series B, 6.00%, 04/28/28 |  | 72211300 | &nbsp;&nbsp; 15326810 |
| Series B, 7.75%, 09/18/30 |  | 23935300 | &nbsp;&nbsp; 4913863 |
|  |  |  | &nbsp;&nbsp; 30247367 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |  |
| Costa Rica Government International Bond |  |  |  |
| 6.55%, 04/03/34<sup>(c)</sup> | USD | 540 | &nbsp;&nbsp; 551003 |
| 7.30%, 11/13/54<sup>(b)</sup> |  | 544 | &nbsp;&nbsp; 551752 |
|  |  |  | &nbsp;&nbsp; 1102755 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |  |
| Czech Republic Government Bond |  |  |  |
| Series 150, 5.00%, 09/30/30 | CZK | 148300 | &nbsp;&nbsp; 7175397 |
| Series 154, 4.50%, 11/11/32 |  | 79530 | &nbsp;&nbsp; 3761402 |
|  |  |  | &nbsp;&nbsp; 10936799 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |  |
| Dominican Republic International Bond |  |  |  |
| 5.95%, 01/25/27<sup>(c)</sup> | USD | 1371 | &nbsp;&nbsp; 1375284 |
| 4.50%, 01/30/30<sup>(b)</sup> |  | 1565 | &nbsp;&nbsp; 1457602 |
| 7.05%, 02/03/31<sup>(b)</sup> |  | 1157 | &nbsp;&nbsp; 1193445 |
| 4.88%, 09/23/32<sup>(b)</sup> |  | 1264 | &nbsp;&nbsp; 1136412 |
| 10.75%, 06/01/36<sup>(b)</sup> | DOP | 112450 | &nbsp;&nbsp; 1924021 |
| 6.95%, 03/15/37<sup>(b)</sup> | USD | 743 | &nbsp;&nbsp; 738171 |
|  |  |  | &nbsp;&nbsp; 7824935 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |  |
| Egypt Government Bond |  |  |  |
| Series 3Y, 24.46%, 10/01/27 | EGP | 27476 | &nbsp;&nbsp; $552109 |
| Series 3Y, 21.38%, 02/04/28 |  | 41862 | &nbsp;&nbsp; 803839 |
| Egypt Government International Bond |  |  |  |
| 5.63%, 04/16/30<sup>(c)</sup> | EUR | 749 | &nbsp;&nbsp; 728221 |
| 7.63%, 05/29/32<sup>(c)</sup> | USD | 1567 | &nbsp;&nbsp; 1319414 |
| 9.45%, 02/04/33<sup>(b)</sup> |  | 713 | &nbsp;&nbsp; 653286 |
| 8.50%, 01/31/47<sup>(b)</sup> |  | 655 | &nbsp;&nbsp; 474548 |
| 7.50%, 02/16/61<sup>(b)</sup> |  | 768 | &nbsp;&nbsp; 496988 |
|  |  |  | &nbsp;&nbsp; 5028405 |
| **France — 0.1%** | **France — 0.1%** | **France — 0.1%** |  |
| French Republic Government Bond OAT, 3.20%, <br> 05/25/35<sup>(b)(c)</sup><br>| EUR | 7811 | &nbsp;&nbsp; 8866906 |
| **Gabon — 0.0%** | **Gabon — 0.0%** | **Gabon — 0.0%** |  |
| Gabon Government International Bond, Series 4Y, <br> 9.50%, 02/18/29<sup>(c)</sup><br>| USD | 1585 | &nbsp;&nbsp; 1365081 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |  |
| Guatemala Government Bond |  |  |  |
| 5.25%, 08/10/29<sup>(c)</sup> |  | 1369 | &nbsp;&nbsp; 1346411 |
| 5.25%, 08/10/29<sup>(b)</sup> |  | 642 | &nbsp;&nbsp; 631407 |
| 7.05%, 10/04/32<sup>(b)</sup> |  | 1184 | &nbsp;&nbsp; 1242016 |
| 6.60%, 06/13/36<sup>(b)</sup> |  | 516 | &nbsp;&nbsp; 515484 |
|  |  |  | &nbsp;&nbsp; 3735318 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| Hungary Government Bond, 7.00%, 10/24/35 | HUF | 864490 | &nbsp;&nbsp; 2447563 |
| Hungary Government International Bond |  |  |  |
| 5.25%, 06/16/29<sup>(b)</sup> | USD | 1454 | &nbsp;&nbsp; 1450728 |
| 5.50%, 03/26/36<sup>(b)</sup> |  | 475 | &nbsp;&nbsp; 449350 |
| Series 10Y, 5.38%, 09/12/33<sup>(c)</sup> | EUR | 1134 | &nbsp;&nbsp; 1340406 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(c)</sup> |  | 1147 | &nbsp;&nbsp; 1390343 |
|  |  |  | &nbsp;&nbsp; 7078390 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |  |
| Indonesia Government International Bond |  |  |  |
| 4.65%, 09/20/32 | USD | 2878 | &nbsp;&nbsp; 2802453 |
| 3.88%, 01/15/33 | EUR | 1310 | &nbsp;&nbsp; 1484034 |
| Indonesia Treasury Bond |  |  |  |
| Series 103, 6.75%, 07/15/35 | IDR | 48336000 | &nbsp;&nbsp; 2884781 |
| Series FR59, 7.00%, 05/15/27 |  | 81925000 | &nbsp;&nbsp; 4987573 |
| Series FR72, 8.25%, 05/15/36 |  | 39180000 | &nbsp;&nbsp; 2589184 |
| Series FR98, 7.13%, 06/15/38 |  | 115750000 | &nbsp;&nbsp; 7052927 |
|  |  |  | &nbsp;&nbsp; 21800952 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |  |
| Ireland Government Bond, 2.60%, 10/18/34<sup>(c)</sup> | EUR | 95043 | &nbsp;&nbsp; 105952183 |
| **Italy**<sup>(c)</sup> **— 0.6%** | **Italy**<sup>(c)</sup> **— 0.6%** | **Italy**<sup>(c)</sup> **— 0.6%** |  |
| Italy Buoni Poliennali Del Tesoro |  |  |  |
| Series 10Y, 3.65%, 08/01/35<sup>(b)</sup> |  | 23133 | &nbsp;&nbsp; 26435116 |
| Series 5Y, 2.95%, 07/01/30 |  | 54173 | &nbsp;&nbsp; 62084625 |
|  |  |  | &nbsp;&nbsp; 88519741 |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |  |
| Ivory Coast Government International Bond |  |  |  |
| 6.38%, 03/03/28<sup>(c)</sup> | USD | 602 | &nbsp;&nbsp; 591278 |
| 5.88%, 10/17/31<sup>(c)</sup> | EUR | 1587 | &nbsp;&nbsp; 1631534 |
| 8.08%, 04/01/36<sup>(b)</sup> | USD | 830 | &nbsp;&nbsp; 760488 |
| 8.25%, 01/30/37<sup>(b)</sup> |  | 484 | &nbsp;&nbsp; 444070 |
|  |  |  | &nbsp;&nbsp; 3427370 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Jordan — 0.0%** | **Jordan — 0.0%** | **Jordan — 0.0%** |  |
| Jordan Government International Bond, 4.95%, <br> 07/07/25<sup>(c)</sup><br>| USD | 452 | &nbsp;&nbsp; $450165 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |  |
| Development Bank of Kazakhstan JSC, 13.49%, <br> 05/23/28<sup>(b)</sup><br>| KZT | 371000 | &nbsp;&nbsp; 651215 |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |  |
| Republic of Kenya Government International Bond, <br> 9.75%, 02/16/31<sup>(b)</sup><br>| USD | 852 | &nbsp;&nbsp; 809400 |
| **Malaysia — 0.2%** | **Malaysia — 0.2%** | **Malaysia — 0.2%** |  |
| Malaysia Government Bond |  |  |  |
| 3.83%, 07/05/34 | MYR | 40095 | &nbsp;&nbsp; 9404159 |
| Series 0219, 3.89%, 08/15/29 |  | 76890 | &nbsp;&nbsp; 18192548 |
| Series 0318, 4.64%, 11/07/33 |  | 38367 | &nbsp;&nbsp; 9520796 |
|  |  |  | &nbsp;&nbsp; 37117503 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |  |
| Mexican Bonos |  |  |  |
| Series M, 7.00%, 09/03/26 | MXN | 1894 | &nbsp;&nbsp; 9517380 |
| Series M, 8.50%, 03/01/29 |  | 724 | &nbsp;&nbsp; 3668666 |
| Series M, 8.50%, 05/31/29 |  | 303 | &nbsp;&nbsp; 1533129 |
| Series M, 7.50%, 05/26/33 |  | 2336 | &nbsp;&nbsp; 10735645 |
| Series M, 7.75%, 11/13/42 |  | 258 | &nbsp;&nbsp; 1073372 |
| Mexico Government International Bond |  |  |  |
| 3.75%, 01/11/28 | USD | 1347 | &nbsp;&nbsp; 1314840 |
| 6.35%, 02/09/35 |  | 1238 | &nbsp;&nbsp; 1228715 |
| 6.34%, 05/04/53 |  | 385 | &nbsp;&nbsp; 338030 |
| 7.38%, 05/13/55 |  | 1972 | &nbsp;&nbsp; 1950555 |
|  |  |  | &nbsp;&nbsp; 31360332 |
| **Mongolia — 0.0%** | **Mongolia — 0.0%** | **Mongolia — 0.0%** |  |
| City of Ulaanbaatar Mongolia, 7.75%, 08/21/27<sup>(c)</sup> |  | 777 | &nbsp;&nbsp; 770201 |
| **Montenegro — 0.0%** | **Montenegro — 0.0%** | **Montenegro — 0.0%** |  |
| Montenegro Government International Bond, <br> 2.88%, 12/16/27<sup>(c)</sup><br>| EUR | 663 | &nbsp;&nbsp; 730895 |
| **Morocco**<sup>(b)</sup> **— 0.0%** | **Morocco**<sup>(b)</sup> **— 0.0%** | **Morocco**<sup>(b)</sup> **— 0.0%** |  |
| Morocco Government International Bond |  |  |  |
| 5.95%, 03/08/28 | USD | 550 | &nbsp;&nbsp; 558766 |
| 4.75%, 04/02/35 | EUR | 1355 | &nbsp;&nbsp; 1524267 |
|  |  |  | &nbsp;&nbsp; 2083033 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |  |
| Nigeria Government International Bond |  |  |  |
| 8.38%, 03/24/29<sup>(b)</sup> | USD | 539 | &nbsp;&nbsp; 503561 |
| 10.38%, 12/09/34<sup>(b)</sup> |  | 847 | &nbsp;&nbsp; 800203 |
| 7.63%, 11/28/47<sup>(c)</sup> |  | 784 | &nbsp;&nbsp; 554680 |
|  |  |  | &nbsp;&nbsp; 1858444 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |  |
| Oman Government International Bond, 6.75%, <br> 01/17/48<sup>(c)</sup><br>|  | 1646 | &nbsp;&nbsp; 1658345 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |  |
| Panama Government International Bond |  |  |  |
| 7.50%, 03/01/31 |  | 1246 | &nbsp;&nbsp; 1297709 |
| 8.00%, 03/01/38 |  | 526 | &nbsp;&nbsp; 546514 |
|  |  |  | &nbsp;&nbsp; 1844223 |
| **Paraguay**<sup>(c)</sup> **— 0.0%** | **Paraguay**<sup>(c)</sup> **— 0.0%** | **Paraguay**<sup>(c)</sup> **— 0.0%** |  |
| Paraguay Government International Bond |  |  |  |
| 2.74%, 01/29/33 |  | 812 | &nbsp;&nbsp; 684719 |
| 5.60%, 03/13/48 |  | 482 | &nbsp;&nbsp; 422111 |
|  |  |  | &nbsp;&nbsp; 1106830 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |  |
| Corp. Financiera de Desarrollo SA |  |  |  |
| 4.75%, 07/15/25<sup>(c)</sup> | USD | 1457 | &nbsp;&nbsp; $1454188 |
| 05/06/30<sup>(b)</sup> |  | 680 | &nbsp;&nbsp; 681673 |
| Peruvian Government International Bond |  |  |  |
| 2.78%, 01/23/31 |  | 1351 | &nbsp;&nbsp; 1198337 |
| 1.86%, 12/01/32 |  | 1287 | &nbsp;&nbsp; 1014478 |
|  |  |  | &nbsp;&nbsp; 4348676 |
| **Poland — 0.2%** | **Poland — 0.2%** | **Poland — 0.2%** |  |
| Republic of Poland Government Bond |  |  |  |
| 2.00%, 08/25/36 | PLN | 4322 | &nbsp;&nbsp; 1033182 |
| Series 0429, 5.75%, 04/25/29 |  | 41345 | &nbsp;&nbsp; 11369013 |
| Series 0729, 4.75%, 07/25/29 |  | 23419 | &nbsp;&nbsp; 6217743 |
| Series 1034, 5.00%, 10/25/34 |  | 13317 | &nbsp;&nbsp; 3468265 |
| Republic of Poland Government International Bond |  |  |  |
| 4.88%, 10/04/33 | USD | 581 | &nbsp;&nbsp; 574609 |
| 5.50%, 04/04/53 |  | 889 | &nbsp;&nbsp; 833500 |
|  |  |  | &nbsp;&nbsp; 23496312 |
| **Republic of North Macedonia — 0.0%** | **Republic of North Macedonia — 0.0%** | **Republic of North Macedonia — 0.0%** |  |
| North Macedonia Government International Bond, <br> 6.96%, 03/13/27<sup>(c)</sup><br>| EUR | 538 | &nbsp;&nbsp; 632079 |
| **Romania — 0.0%** | **Romania — 0.0%** | **Romania — 0.0%** |  |
| Romanian Government International Bond |  |  |  |
| 5.25%, 11/25/27<sup>(b)</sup> | USD | 722 | &nbsp;&nbsp; 716766 |
| 2.12%, 07/16/31<sup>(c)</sup> | EUR | 874 | &nbsp;&nbsp; 805703 |
| 5.88%, 07/11/32<sup>(b)</sup> |  | 1514 | &nbsp;&nbsp; 1688877 |
| 6.25%, 09/10/34<sup>(b)</sup> |  | 1375 | &nbsp;&nbsp; 1523790 |
|  |  |  | &nbsp;&nbsp; 4735136 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |  |
| Saudi Government International Bond |  |  |  |
| 4.50%, 04/17/30<sup>(c)</sup> | USD | 1688 | &nbsp;&nbsp; 1676403 |
| 5.00%, 01/18/53<sup>(b)</sup> |  | 1283 | &nbsp;&nbsp; 1086945 |
|  |  |  | &nbsp;&nbsp; 2763348 |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |  |
| Serbia International Bond |  |  |  |
| 6.50%, 09/26/33<sup>(c)</sup> |  | 669 | &nbsp;&nbsp; 689488 |
| 6.00%, 06/12/34<sup>(b)</sup> |  | 784 | &nbsp;&nbsp; 774200 |
|  |  |  | &nbsp;&nbsp; 1463688 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |  |
| Republic of South Africa Government Bond |  |  |  |
| Series 2030, 8.00%, 01/31/30 | ZAR | 459258 | &nbsp;&nbsp; 23928279 |
| Series 2040, 9.00%, 01/31/40 |  | 42818 | &nbsp;&nbsp; 1884156 |
| Series R213, 7.00%, 02/28/31 |  | 179861 | &nbsp;&nbsp; 8685191 |
| Republic of South Africa Government International <br> Bond<br>|  |  |  |
| 7.10%, 11/19/36<sup>(b)</sup> | USD | 843 | &nbsp;&nbsp; 800644 |
| 5.00%, 10/12/46 |  | 920 | &nbsp;&nbsp; 607522 |
| 5.75%, 09/30/49 |  | 1509 | &nbsp;&nbsp; 1070771 |
| 7.95%, 11/19/54<sup>(b)</sup> |  | 1080 | &nbsp;&nbsp; 975510 |
|  |  |  | &nbsp;&nbsp; 37952073 |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |  |
| Spain Government Bond |  |  |  |
| 2.70%, 01/31/30 | EUR | 28680 | &nbsp;&nbsp; 32963599 |
| 3.15%, 04/30/35<sup>(b)(c)</sup> |  | 58397 | &nbsp;&nbsp; 66293997 |
|  |  |  | &nbsp;&nbsp; 99257596 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |  |
| Sri Lanka Government International Bond, 3.60%, <br> 06/15/35<sup>(c)(p)</sup><br>| USD | 500 | &nbsp;&nbsp; 321000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |  |
| Thailand Government Bond, 2.50%, 11/17/29 | THB | 347610 | &nbsp;&nbsp; $10790949 |
| **Trinidad And Tobago — 0.0%** | **Trinidad And Tobago — 0.0%** | **Trinidad And Tobago — 0.0%** |  |
| Trinidad & Tobago Government International Bond, <br> 6.40%, 06/26/34<sup>(b)</sup><br>| USD | 801 | &nbsp;&nbsp; 760149 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |  |
| Turkiye Government Bond |  |  |  |
| Series 5Y, 31.08%, 11/08/28 | TRY | 30386 | &nbsp;&nbsp; 700749 |
| Series 5Y, 30.00%, 09/12/29 |  | 17800 | &nbsp;&nbsp; 397636 |
| Turkiye Government International Bond, Series 7Y, <br> 7.13%, 02/12/32<br>| USD | 1442 | &nbsp;&nbsp; 1407392 |
|  |  |  | &nbsp;&nbsp; 2505777 |
| **Ukraine**<sup>(b)(p)</sup> **— 0.0%** | **Ukraine**<sup>(b)(p)</sup> **— 0.0%** | **Ukraine**<sup>(b)(p)</sup> **— 0.0%** |  |
| Ukraine Government International Bond |  |  |  |
| 1.75%, 02/01/29 |  | 279 | &nbsp;&nbsp; 169342 |
| 3.00%, 02/01/30 |  | 26 | &nbsp;&nbsp; 12366 |
| 1.75%, 02/01/34 |  | 186 | &nbsp;&nbsp; 91860 |
| 3.00%, 02/01/34 |  | 95 | &nbsp;&nbsp; 35621 |
| 3.00%, 02/01/35 |  | 80 | &nbsp;&nbsp; 39936 |
| 3.00%, 02/01/36 |  | 67 | &nbsp;&nbsp; 33113 |
|  |  |  | &nbsp;&nbsp; 382238 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| Emirate of Dubai Government International Bonds, <br> 3.90%, 09/09/50<sup>(c)</sup><br>|  | 1036 | &nbsp;&nbsp; 731675 |
| Republic of Armenia International Bond, 6.75%, <br> 03/12/35<sup>(b)</sup><br>|  | 651 | &nbsp;&nbsp; 611940 |
|  |  |  | &nbsp;&nbsp; 1343615 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |  |
| United Kingdom Gilt, 4.38%, 03/07/30<sup>(c)</sup> | GBP | 50234 | &nbsp;&nbsp; 68247383 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 | USD | 1181 | &nbsp;&nbsp; 1064045 |
| Uruguay Government International Bond |  |  |  |
| 9.75%, 07/20/33 | UYU | 25092 | &nbsp;&nbsp; 599097 |
| 5.75%, 10/28/34 | USD | 1493 | &nbsp;&nbsp; 1559677 |
|  |  |  | &nbsp;&nbsp; 3222819 |
| **Uzbekistan**<sup>(b)</sup> **— 0.0%** | **Uzbekistan**<sup>(b)</sup> **— 0.0%** | **Uzbekistan**<sup>(b)</sup> **— 0.0%** |  |
| Republic of Uzbekistan International Bond |  |  |  |
| 5.38%, 05/29/27 | EUR | 782 | &nbsp;&nbsp; 903058 |
| 7.85%, 10/12/28 | USD | 524 | &nbsp;&nbsp; 550986 |
|  |  |  | &nbsp;&nbsp; 1454044 |
| **Total Foreign Agency Obligations — 4.4%** <br>**(Cost: $688,625,957)** | **Total Foreign Agency Obligations — 4.4%** <br>**(Cost: $688,625,957)** | **Total Foreign Agency Obligations — 4.4%** <br>**(Cost: $688,625,957)** | &nbsp;&nbsp; 698710742 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Grantor Trust** | **Grantor Trust** | **Grantor Trust** |
| **United States — 0.2%** | **United States — 0.2%** |  |
| iShares Bitcoin Trust<sup>(e)(g)(i)(j)</sup> | 723332 | &nbsp;&nbsp; 38705495 |
| **Total Grantor Trust — 0.2%** <br>**(Cost: $29,989,463)** | **Total Grantor Trust — 0.2%** <br>**(Cost: $29,989,463)** | &nbsp;&nbsp; 38705495 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 3.2%** | **United States — 3.2%** |  |
| Invesco QQQ Trust, Series 1 | 1200 | &nbsp;&nbsp; 570564 |
| iShares 0-5 Year TIPS Bond ETF<sup>(g)</sup> | 190821 | &nbsp;&nbsp; 19749974 |
| iShares AAA CLO Active ETF<sup>(g)</sup> | 300000 | &nbsp;&nbsp; 15498000 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| iShares Broad USD High Yield Corporate Bond <br> ETF<sup>(f)(g)</sup><br>| 505031 | &nbsp;&nbsp; $18484135 |
| iShares China Large-Cap ETF<sup>(f)(g)</sup> | 472267 | &nbsp;&nbsp; 15990961 |
| iShares Core S&P Small-Cap ETF<sup>(g)</sup> | 76782 | &nbsp;&nbsp; 7688182 |
| iShares MSCI Brazil ETF<sup>(f)(g)</sup> | 262112 | &nbsp;&nbsp; 7087508 |
| KraneShares CSI China Internet ETF<sup>(f)</sup> | 494900 | &nbsp;&nbsp; 15886290 |
| SPDR Blackstone Senior Loan ETF<sup>(f)</sup> | 203395 | &nbsp;&nbsp; 8294448 |
| SPDR Gold Shares<sup>(e)(i)(j)</sup> | 1212716 | &nbsp;&nbsp; 368386739 |
| SPDR S&P Homebuilders ETF<sup>(f)</sup> | 76392 | &nbsp;&nbsp; 7234322 |
| SPDR S&P Regional Banking ETF<sup>(f)</sup> | 103519 | &nbsp;&nbsp; 5603484 |
| VanEck J.P. Morgan EM Local Currency Bond <br> ETF<br>| 531633 | &nbsp;&nbsp; 13009060 |
| VanEck Semiconductor ETF<sup>(e)(f)</sup> | 59954 | &nbsp;&nbsp; 12667081 |
| **Total Investment Companies — 3.2%** <br>**(Cost: $477,206,533)** | **Total Investment Companies — 3.2%** <br>**(Cost: $477,206,533)** | &nbsp;&nbsp; 516150748 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |  |
| Maricopa County Industrial Development Authority, <br> RB, 7.38%, 10/01/29<sup>(b)</sup><br>| USD | 3435 | &nbsp;&nbsp; 3578805 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |  |
| Port of Beaumont Navigation District, Refunding <br> ARB, Series B, 10.00%, 07/01/26<sup>(b)</sup><br>|  | 8300 | &nbsp;&nbsp; 8534586 |
| **Total Municipal Bonds — 0.1%** <br>**(Cost: $11,735,000)** | **Total Municipal Bonds — 0.1%** <br>**(Cost: $11,735,000)** | **Total Municipal Bonds — 0.1%** <br>**(Cost: $11,735,000)** | &nbsp;&nbsp; 12113391 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| RIAL Issuer Ltd., Series 2022-FL8, Class A, (1 mo. <br> Term SOFR + 2.25%), 6.57%, 01/19/37<sup>(a)(b)</sup><br>|  | 4557 | &nbsp;&nbsp; 4536338 |
| **Cayman Islands**<sup>(a)(b)</sup> **— 0.0%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.0%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.0%** | **Cayman Islands**<sup>(a)(b)</sup> **— 0.0%** |
| FS Rialto, Series 2021-FL3, Class A, (1 mo. Term <br> SOFR + 1.36%), 5.69%, 11/16/36<br>|  | 67 | &nbsp;&nbsp; 66810 |
| Greystone CRE Notes Ltd., Series 2021-FL3, <br> Class A, (1 mo. Term SOFR + 1.13%), 5.46%, <br> 07/15/39<br>|  | 2253 | &nbsp;&nbsp; 2236226 |
| MF1 Ltd., Series 2021-FL6, Class A, (1 mo. Term <br> SOFR + 1.21%), 5.53%, 07/16/36<br>|  | 850 | &nbsp;&nbsp; 844772 |
| MF1 Trust, Series 2021-W10, Class F, (1 mo. Term <br> SOFR + 3.37%), 7.69%, 12/15/34<br>|  | 4602 | &nbsp;&nbsp; 4427630 |
|  |  |  | &nbsp;&nbsp; 7575438 |
| **United States — 3.0%** | **United States — 3.0%** | **United States — 3.0%** | **United States — 3.0%** |
| 1211 Avenue of the Americas Trust, Series 2015-<br> 1211, Class D, 4.28%, 08/10/35<sup>(a)(b)</sup><br>|  | 4330 | &nbsp;&nbsp; 4081458 |
| Ajax Mortgage Loan Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-E, Class A1, 1.74%, 12/25/60 |  | 18915 | &nbsp;&nbsp; 16576469 |
| Series 2021-E, Class A2, 2.69%, 12/25/60 |  | 3304 | &nbsp;&nbsp; 2490294 |
| Series 2021-E, Class B1, 3.73%, 12/25/60 |  | 2184 | &nbsp;&nbsp; 1381086 |
| Series 2021-E, Class M1, 2.94%, 12/25/60 |  | 1332 | &nbsp;&nbsp; 947026 |
| Alen Mortgage Trust, Series 2021-ACEN, Class D, <br> (1 mo. Term SOFR + 3.21%), 7.54%, <br> 04/15/34<sup>(a)(b)</sup><br>|  | 1627 | &nbsp;&nbsp; 789095 |
| Arbor Multifamily Mortgage Securities Trust, <br> Series 2020-MF1, Class E, 1.75%, 05/15/53<sup>(b)</sup><br>|  | 1650 | &nbsp;&nbsp; 1263255 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| AREIT Ltd., Series 2025-CRE10, Class A, (1 mo. <br> Term SOFR + 1.39%), 5.72%, 12/17/29<sup>(a)(b)</sup><br>| USD | 5880 | &nbsp;&nbsp; $5820935 |
| BAHA Trust, Series 2024-MAR, Class C, 7.77%, <br> 12/10/41<sup>(a)(b)</sup><br>|  | 5180 | &nbsp;&nbsp; 5308647 |
| BAMLL Trust, Series 2025-ASHF, Class E, (1 mo. <br> Term SOFR + 5.25%), 9.57%, 02/15/42<sup>(a)(b)</sup><br>|  | 7688 | &nbsp;&nbsp; 7509920 |
| Bayview Commercial Asset Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2005-3A, Class M6, (1 mo. Term SOFR + <br> 1.16%), 5.49%, 11/25/35<br>|  | 237 | &nbsp;&nbsp; 247171 |
| Series 2006-3A, Class M1, (1 mo. Term SOFR + <br> 0.62%), 4.95%, 10/25/36<br>|  | 227 | &nbsp;&nbsp; 214806 |
| BBCMS Mortgage Trust, Series 2018-TALL, <br> Class C, (1 mo. Term SOFR + 1.32%), 5.64%, <br> 03/15/37<sup>(a)(b)</sup><br>|  | 4880 | &nbsp;&nbsp; 4229910 |
| Benchmark Mortgage Trust, Series 2021-B23, <br> Class XA, 1.36%, 02/15/54<sup>(a)</sup><br>|  | 54128 | &nbsp;&nbsp; 2810158 |
| BHMS<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2018-ATLS, Class A, (1 mo. Term SOFR <br> + 1.55%), 5.87%, 07/15/35<br>|  | 6720 | &nbsp;&nbsp; 6715814 |
| Series 2018-ATLS, Class C, (1 mo. Term SOFR <br> + 2.20%), 6.52%, 07/15/35<br>|  | 1583 | &nbsp;&nbsp; 1578842 |
| BMP, Series 2024-MF23, Class E, (1 mo. Term <br> SOFR + 3.39%), 7.71%, 06/15/41<sup>(a)(b)</sup><br>|  | 2352 | &nbsp;&nbsp; 2323972 |
| BWAY Mortgage Trust, Series 2013-1515, Class D, <br> 3.63%, 03/10/33<sup>(b)</sup><br>|  | 3735 | &nbsp;&nbsp; 3367393 |
| BX Commercial Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2020-VIV4, Class A, 2.84%, 03/09/44 |  | 1425 | &nbsp;&nbsp; 1291427 |
| Series 2021-NWM, Class A, (1 mo. Term SOFR <br> + 1.02%), 5.35%, 02/15/33<sup>(a)</sup><br>|  | 18808 | &nbsp;&nbsp; 18651249 |
| Series 2021-NWM, Class B, (1 mo. Term SOFR <br> + 2.26%), 6.59%, 02/15/33<sup>(a)</sup><br>|  | 11028 | &nbsp;&nbsp; 10956801 |
| Series 2021-NWM, Class C, (1 mo. Term SOFR <br> + 4.36%), 8.69%, 02/15/33<sup>(a)</sup><br>|  | 7282 | &nbsp;&nbsp; 7263381 |
| Series 2021-SOAR, Class G, (1 mo. Term <br> SOFR + 2.91%), 7.24%, 06/15/38<sup>(a)</sup><br>|  | 8070 | &nbsp;&nbsp; 7924162 |
| Series 2021-VINO, Class F, (1 mo. Term SOFR <br> + 2.92%), 7.24%, 05/15/38<sup>(a)</sup><br>|  | 5710 | &nbsp;&nbsp; 5602839 |
| Series 2021-XL2, Class A, (1 mo. Term SOFR + <br> 0.80%), 5.12%, 10/15/38<sup>(a)</sup><br>|  | 1231 | &nbsp;&nbsp; 1225053 |
| Series 2021-XL2, Class F, (1 mo. Term SOFR + <br> 2.36%), 6.68%, 10/15/38<sup>(a)</sup><br>|  | 11484 | &nbsp;&nbsp; 11347133 |
| Series 2024-BRBK, Class C, (1 mo. Term SOFR <br> + 4.87%), 9.19%, 10/15/41<sup>(a)</sup><br>|  | 2000 | &nbsp;&nbsp; 1969961 |
| Series 2024-BRBK, Class D, (1 mo. Term SOFR <br> + 5.97%), 10.29%, 10/15/41<sup>(a)</sup><br>|  | 2573 | &nbsp;&nbsp; 2521473 |
| Series 2024-GPA3, Class B, (1 mo. Term SOFR <br> + 1.64%), 5.96%, 12/15/39<sup>(a)</sup><br>|  | 9450 | &nbsp;&nbsp; 9367592 |
| Series 2024-KING, Class A, (1 mo. Term SOFR <br> + 1.54%), 5.86%, 05/15/34<sup>(a)</sup><br>|  | 3020 | &nbsp;&nbsp; 3018352 |
| Series 2024-XL5, Class A, (1 mo. Term SOFR + <br> 1.39%), 5.71%, 03/15/41<sup>(a)</sup><br>|  | 5015 | &nbsp;&nbsp; 5009010 |
| BX Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-OC11, Class D, 4.08%, 12/09/41 |  | 8408 | &nbsp;&nbsp; 7797088 |
| Series 2019-OC11, Class E, 4.08%, 12/09/41 |  | 11784 | &nbsp;&nbsp; 10625116 |
| Series 2021-MFM1, Class E, (1 mo. Term SOFR <br> + 2.36%), 6.69%, 01/15/34<br>|  | 2212 | &nbsp;&nbsp; 2194028 |
| Series 2021-MFM1, Class F, (1 mo. Term SOFR <br> + 3.11%), 7.44%, 01/15/34<br>|  | 3430 | &nbsp;&nbsp; 3398137 |
| Series 2024-CNYN, Class A, (1 mo. Term SOFR <br> + 1.44%), 5.76%, 04/15/41<br>|  | 5390 | &nbsp;&nbsp; 5387001 |
| Series 2024-VLT4, Class E, (1 mo. Term SOFR <br> + 2.89%), 7.21%, 07/15/29<br>|  | 2571 | &nbsp;&nbsp; 2468057 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| BX Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| Series 2024-VLT4, Class F, (1 mo. Term SOFR <br> + 3.94%), 8.26%, 07/15/29<br>| USD | 6427 | &nbsp;&nbsp; $6153408 |
| Series 2025-ROIC, Class E, (1 mo. Term SOFR <br> + 2.94%), 7.26%, 03/15/30<br>|  | 4554 | &nbsp;&nbsp; 4372011 |
| CAMB Commercial Mortgage Trust, Series 2019-<br> LIFE, Class E, (1 mo. Term SOFR + 2.45%), <br> 6.77%, 12/15/37<sup>(a)(b)</sup><br>|  | 1358 | &nbsp;&nbsp; 1348173 |
| CD Mortgage Trust, Series 2017-CD6, Class B, <br> 3.91%, 11/13/50<sup>(a)</sup><br>|  | 864 | &nbsp;&nbsp; 814021 |
| CFSP Mortgage Trust, Series 2024-AHP1, Class A, <br> 6.50%, 04/15/37<br>|  | 5098 | &nbsp;&nbsp; 4909669 |
| Commercial Mortgage Trust, Series 2024-WCL1, <br> Class E, (1 mo. Term SOFR + 4.49%), 8.81%, <br> 06/15/41<sup>(a)(b)</sup><br>|  | 3030 | &nbsp;&nbsp; 2975498 |
| CONE Trust, Series 2024-DFW1, Class E, (1 mo. <br> Term SOFR + 3.89%), 8.21%, 08/15/41<sup>(a)(b)</sup><br>|  | 2960 | &nbsp;&nbsp; 2915726 |
| CSAIL Commercial Mortgage Trust, Series 2016-<br> C5, Class C, 4.78%, 11/15/48<sup>(a)</sup><br>|  | 640 | &nbsp;&nbsp; 621902 |
| CSMC<sup>(b)</sup> <br>|  |  |  |
| Series 2020-FACT, Class E, (1 mo. Term SOFR <br> + 5.48%), 9.80%, 10/15/37<sup>(a)</sup><br>|  | 1103 | &nbsp;&nbsp; 992700 |
| Series 2020-NET, Class A, 2.26%, 08/15/37 |  | 1543 | &nbsp;&nbsp; 1522495 |
| Series 2022-LION, Class A, (1 mo. Term SOFR <br> + 3.44%), 7.76%, 02/15/27<sup>(a)(d)</sup><br>|  | 11900 | &nbsp;&nbsp; 11752012 |
| DBGS, Series 2024-SBL, Class A, (1 mo. Term <br> SOFR + 1.88%), 6.20%, 08/15/34<sup>(a)(b)</sup><br>|  | 1300 | &nbsp;&nbsp; 1294310 |
| ELM Trust, Series 2024-ELM, Class E10, 8.05%, <br> 06/10/39<sup>(a)(b)</sup><br>|  | 5730 | &nbsp;&nbsp; 5760988 |
| ELP Commercial Mortgage Trust, Series 2021-<br> ELP, Class F, (1 mo. Term SOFR + 2.78%), <br> 7.10%, 11/15/38<sup>(a)(b)</sup><br>|  | 6585 | &nbsp;&nbsp; 6527713 |
| Extended Stay America Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-ESH, Class D, (1 mo. Term SOFR <br> + 2.36%), 6.69%, 07/15/38<br>|  | 12259 | &nbsp;&nbsp; 12205142 |
| Series 2021-ESH, Class E, (1 mo. Term SOFR + <br> 2.96%), 7.29%, 07/15/38<br>|  | 7821 | &nbsp;&nbsp; 7782169 |
| Freddie Mac STACR REMIC Trust, Series 2022-<br> DNA1, Class B1, (30-day Avg SOFR + 3.40%), <br> 7.75%, 01/25/42<sup>(a)(b)</sup><br>|  | 2121 | &nbsp;&nbsp; 2165945 |
| FS Rialto Issuer LLC, Series 2025-FL10, Class A, <br> (1 mo. Term SOFR + 1.39%), 5.71%, <br> 08/19/42<sup>(a)(b)</sup><br>|  | 5070 | &nbsp;&nbsp; 5011264 |
| GS Mortgage Securities Corp. Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-DM, Class E, (1 mo. Term SOFR + <br> 3.05%), 7.37%, 11/15/36<br>|  | 8556 | &nbsp;&nbsp; 8408779 |
| Series 2021-IP, Class A, (1 mo. Term SOFR + <br> 1.06%), 5.39%, 10/15/36<br>|  | 1493 | &nbsp;&nbsp; 1479137 |
| Series 2021-ROSS, Class A, (1 mo. Term SOFR <br> + 1.41%), 5.74%, 05/15/26<br>|  | 1480 | &nbsp;&nbsp; 1391240 |
| Series 2022-ECI, Class A, (1 mo. Term SOFR + <br> 2.19%), 6.52%, 08/15/39<br>|  | 1358 | &nbsp;&nbsp; 1357659 |
| GS Mortgage Securities Trust |  |  |  |
| Series 2020-GC47, Class AS, 2.73%, 05/12/53 |  | 4426 | &nbsp;&nbsp; 3884963 |
| Series 2020-GSA2, Class XA, 1.77%, <br> 12/12/53<sup>(a)(b)</sup><br>|  | 2078 | &nbsp;&nbsp; 145703 |
| Series 2025-800D, Class A, (1 mo. Term SOFR <br> + 2.65%), 6.97%, 11/25/41<sup>(a)(b)</sup><br>|  | 9085 | &nbsp;&nbsp; 9050299 |
| HILT Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-ORL, Class A, (1 mo. Term SOFR + <br> 1.54%), 5.86%, 05/15/37<br>|  | 5135 | &nbsp;&nbsp; 5112534 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| HILT Commercial Mortgage Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| Series 2024-ORL, Class D, (1 mo. Term SOFR <br> + 3.19%), 7.51%, 05/15/37<br>| USD | 5979 | &nbsp;&nbsp; $5866894 |
| Hudson Yards Mortgage Trust, Series 2016-10HY, <br> Class E, 3.08%, 08/10/38<sup>(a)(b)</sup><br>|  | 897 | &nbsp;&nbsp; 856143 |
| Independence Plaza Trust, Series 2018-INDP, <br> Class B, 3.91%, 07/10/35<sup>(b)</sup><br>|  | 2215 | &nbsp;&nbsp; 2187351 |
| JP Morgan Chase Commercial Mortgage <br> Securities Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2018-WPT, Class DFL, (1 mo. Term <br> SOFR + 2.49%), 6.81%, 07/05/33<br>|  | 1253 | &nbsp;&nbsp; 930745 |
| Series 2021-INV5, Class F, (1 mo. Term SOFR + <br> 3.31%), 7.64%, 04/15/38<br>|  | 3330 | &nbsp;&nbsp; 3305025 |
| Series 2021-MHC, Class E, (1 mo. Term SOFR <br> + 2.81%), 7.14%, 04/15/38<br>|  | 7106 | &nbsp;&nbsp; 7057146 |
| Series 2022-OPO, Class C, 3.56%, 01/05/39 |  | 3082 | &nbsp;&nbsp; 2605155 |
| JP Morgan Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-INV7, Class A2A, 2.50%, 12/25/51 |  | 14953 | &nbsp;&nbsp; 12219421 |
| Series 2021-INV7, Class A3A, 2.50%, 02/25/52 |  | 22102 | &nbsp;&nbsp; 19847464 |
| Series 2021-INV7, Class A4A, 2.50%, 02/25/52 |  | 10574 | &nbsp;&nbsp; 7087487 |
| JW Commercial Mortgage Trust, Series 2024-<br> MRCO, Class D, (1 mo. Term SOFR + 3.19%), <br> 7.51%, 06/15/39<sup>(a)(b)</sup><br>|  | 2120 | &nbsp;&nbsp; 2084814 |
| KSL Commercial Mortgage Trust, Series 2024-<br> HT2, Class A, (1 mo. Term SOFR + 1.54%), <br> 5.86%, 12/15/39<sup>(a)(b)</sup><br>|  | 3900 | &nbsp;&nbsp; 3863438 |
| LBA Trust, Series 2024-BOLT, Class F, (1 mo. Term <br> SOFR + 4.44%), 8.76%, 06/15/39<sup>(a)(b)</sup><br>|  | 929 | &nbsp;&nbsp; 912646 |
| LoanCore, Series 2025-CRE8, Class A, (1 mo. <br> Term SOFR + 1.39%), 5.71%, 08/17/42<sup>(a)(b)</sup><br>|  | 5220 | &nbsp;&nbsp; 5160075 |
| MCM Trust<sup>(d)</sup> <br>|  |  |  |
| 0.00%, 09/25/31<sup>(q)</sup> |  | 9861 | &nbsp;&nbsp; 6339709 |
| 2.50%, 09/25/31<sup>(b)</sup> |  | 7941 | &nbsp;&nbsp; 7630203 |
| MCR Mortgage Trust, Series 2024-TWA, Class E, <br> 8.73%, 06/12/39<sup>(b)</sup><br>|  | 1974 | &nbsp;&nbsp; 1990520 |
| MHC Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-MHC, Class E, (1 mo. Term SOFR <br> + 2.22%), 6.54%, 04/15/38<br>|  | 7877 | &nbsp;&nbsp; 7827570 |
| Series 2021-MHC, Class F, (1 mo. Term SOFR <br> + 2.72%), 7.04%, 04/15/38<br>|  | 902 | &nbsp;&nbsp; 894838 |
| MHP Trust, Series 2021-STOR, Class G, (1 mo. <br> Term SOFR + 2.86%), 7.19%, 07/15/38<sup>(a)(b)</sup><br>|  | 3936 | &nbsp;&nbsp; 3881880 |
| Morgan Stanley Capital I Trust, Series 2018-MP, <br> Class A, 4.42%, 07/11/40<sup>(a)(b)</sup><br>|  | 2110 | &nbsp;&nbsp; 1972575 |
| PKHL Commercial Mortgage Trust, Series 2021-<br> MF, Class F, (1 mo. Term SOFR + 3.46%), <br> 7.79%, 07/15/38<sup>(a)(b)</sup><br>|  | 929 | &nbsp;&nbsp; 531184 |
| PRKCM Trust, Series 2025-PRM5, Class D, <br> 5.81%, 03/10/33<sup>(a)(b)</sup><br>|  | 5600 | &nbsp;&nbsp; 5587352 |
| Ready Capital Mortgage Financing LLC, <br> Series 2022-FL10, Class A, (1 mo. Term SOFR <br> + 2.55%), 6.88%, 10/25/39<sup>(a)(b)</sup><br>|  | 6901 | &nbsp;&nbsp; 6886191 |
| SCG Commercial Mortgage Trust, Series 2025-<br> DLFN, Class E, (1 mo. Term SOFR + 2.95%), <br> 7.27%, 03/15/35<sup>(a)(b)</sup><br>|  | 2965 | &nbsp;&nbsp; 2742340 |
| SREIT Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-MFP, Class A, (1 mo. Term SOFR + <br> 0.85%), 5.17%, 11/15/38<br>|  | 1346 | &nbsp;&nbsp; 1340361 |
| Series 2021-MFP, Class F, (1 mo. Term SOFR + <br> 2.74%), 7.06%, 11/15/38<br>|  | 8244 | &nbsp;&nbsp; 8032878 |
| Series 2021-MFP2, Class F, (1 mo. Term SOFR <br> + 2.73%), 7.05%, 11/15/36<br>|  | 2325 | &nbsp;&nbsp; 2304656 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Starwood Trust, Series 2021-FLWR, Class E, <br> (1 mo. Term SOFR + 2.04%), 6.36%, <br> 07/15/36<sup>(a)(b)</sup><br>| USD | 2632 | &nbsp;&nbsp; $2612260 |
| TVC DSCR<sup>(d)</sup> <br>|  |  |  |
| Series 2021-1, 0.00%, 02/01/51 |  | 6340 | &nbsp;&nbsp; 5455938 |
| Series 2021-1, Class A, 2.38%, 02/01/51<sup>(b)</sup> |  | 13365 | &nbsp;&nbsp; 12263486 |
| UBS Commercial Mortgage Trust, Series 2019-<br> C17, Class A4, 2.92%, 10/15/52<br>|  | 1175 | &nbsp;&nbsp; 1086912 |
| VEGAS<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-GCS, Class C, 6.42%, 07/10/36 |  | 6220 | &nbsp;&nbsp; 6089692 |
| Series 2024-GCS, Class D, 6.42%, 07/10/36 |  | 7010 | &nbsp;&nbsp; 6558525 |
| VNDO Trust, Series 2016-350P, Class D, 4.03%, <br> 01/10/35<sup>(a)(b)</sup><br>|  | 2150 | &nbsp;&nbsp; 2080891 |
| Wells Fargo Commercial Mortgage Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2015-C28, Class AS, 3.87%, 05/15/48 |  | 2322 | &nbsp;&nbsp; 2313506 |
| Series 2018-1745, Class A, 3.87%, 06/15/36<sup>(b)</sup> |  | 1376 | &nbsp;&nbsp; 1271612 |
| Series 2020-C58, Class XA, 1.92%, 07/15/53 |  | 29576 | &nbsp;&nbsp; 2197316 |
| Series 2021-C59, Class XA, 1.63%, 04/15/54 |  | 24461 | &nbsp;&nbsp; 1563650 |
| Series 2024-1CHI, Class A, 5.48%, 07/15/35<sup>(b)</sup> |  | 2620 | &nbsp;&nbsp; 2633203 |
|  |  |  | &nbsp;&nbsp; 473702623 |
| **Total Non-Agency Mortgage-Backed Securities — 3.0%** <br>**(Cost: $513,517,919)** | **Total Non-Agency Mortgage-Backed Securities — 3.0%** <br>**(Cost: $513,517,919)** | **Total Non-Agency Mortgage-Backed Securities — 3.0%** <br>**(Cost: $513,517,919)** | &nbsp;&nbsp; 485814399 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.4%**<sup>(a)</sup> | **Capital Trusts — 0.4%**<sup>(a)</sup> | **Capital Trusts — 0.4%**<sup>(a)</sup> | **Capital Trusts — 0.4%**<sup>(a)</sup> |
| **France**<sup>(o)</sup> **— 0.1%** | **France**<sup>(o)</sup> **— 0.1%** | **France**<sup>(o)</sup> **— 0.1%** |  |
| BNP Paribas SA, 4.63%<sup>(b)</sup> |  | 848 | &nbsp;&nbsp; 801330 |
| Credit Agricole SA, 5.88%<sup>(c)</sup> | EUR | 1300 | &nbsp;&nbsp; 1411883 |
| Electricite de France SA<sup>(c)</sup> <br>|  |  |  |
| 3.38% |  | 1600 | &nbsp;&nbsp; 1689724 |
| 5.13% |  | 600 | &nbsp;&nbsp; 688750 |
| 5.63% |  | 600 | &nbsp;&nbsp; 693284 |
| 7.38% | GBP | 1200 | &nbsp;&nbsp; 1613634 |
| Societe Generale SA, 8.13%<sup>(b)</sup> | USD | 2601 | &nbsp;&nbsp; 2567507 |
|  |  |  | &nbsp;&nbsp; 9466112 |
| **Germany**<sup>(c)(o)</sup> **— 0.0%** | **Germany**<sup>(c)(o)</sup> **— 0.0%** | **Germany**<sup>(c)(o)</sup> **— 0.0%** |  |
| Commerzbank AG, 6.50% | EUR | 4000 | &nbsp;&nbsp; 4664734 |
| Deutsche Bank AG, 7.13% |  | 1600 | &nbsp;&nbsp; 1750254 |
|  |  |  | &nbsp;&nbsp; 6414988 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |  |
| Axis Bank Ltd., 4.10%<sup>(c)(o)</sup> | USD | 500 | &nbsp;&nbsp; 478125 |
| **Indonesia — 0.0%** | **Indonesia — 0.0%** | **Indonesia — 0.0%** |  |
| Bank Negara Indonesia Persero Tbk PT, <br> 4.30%<sup>(c)(o)</sup><br>|  | 1250 | &nbsp;&nbsp; 1176950 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |  |
| BPER Banca SpA, 6.50%<sup>(c)(o)</sup> | EUR | 1367 | &nbsp;&nbsp; 1560221 |
| **Japan**<sup>(o)</sup> **— 0.0%** | **Japan**<sup>(o)</sup> **— 0.0%** | **Japan**<sup>(o)</sup> **— 0.0%** |  |
| Rakuten Group, Inc. |  |  |  |
| 4.25%<sup>(c)</sup> |  | 200 | &nbsp;&nbsp; 207878 |
| 8.13%<sup>(b)</sup> | USD | 1573 | &nbsp;&nbsp; 1479566 |
| Sumitomo Mitsui Financial Group, Inc., 6.45% |  | 1676 | &nbsp;&nbsp; 1594421 |
|  |  |  | &nbsp;&nbsp; 3281865 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |  |
| Banco Mercantil del Norte SA, 5.88%<sup>(b)(o)</sup> |  | 607 | &nbsp;&nbsp; 584565 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Netherlands**<sup>(o)</sup> **— 0.1%** | **Netherlands**<sup>(o)</sup> **— 0.1%** | **Netherlands**<sup>(o)</sup> **— 0.1%** |  |
| ING Groep NV |  |  |  |
| 3.88% | USD | 2400 | &nbsp;&nbsp; $2162588 |
| 7.25%<sup>(c)</sup> |  | 2850 | &nbsp;&nbsp; 2828625 |
| NN Group NV, 5.75%<sup>(c)</sup> | EUR | 1650 | &nbsp;&nbsp; 1775401 |
|  |  |  | &nbsp;&nbsp; 6766614 |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |  |
| Rizal Commercial Banking Corp., 6.50%<sup>(c)(o)</sup> | USD | 1000 | &nbsp;&nbsp; 992500 |
| **South Korea — 0.0%** | **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| Shinhan Financial Group Co. Ltd., 2.88%<sup>(c)(o)</sup> |  | 1000 | &nbsp;&nbsp; 965930 |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |  |
| CaixaBank SA, 5.88%<sup>(c)(o)</sup> | EUR | 2000 | &nbsp;&nbsp; 2296854 |
| **Switzerland**<sup>(b)(o)</sup> **— 0.1%** | **Switzerland**<sup>(b)(o)</sup> **— 0.1%** | **Switzerland**<sup>(b)(o)</sup> **— 0.1%** |  |
| UBS Group AG |  |  |  |
| 4.88% | USD | 886 | &nbsp;&nbsp; 847093 |
| 6.85% |  | 4500 | &nbsp;&nbsp; 4416348 |
| 7.00% |  | 1470 | &nbsp;&nbsp; 1420460 |
| 7.13% |  | 1047 | &nbsp;&nbsp; 1001332 |
|  |  |  | &nbsp;&nbsp; 7685233 |
| **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** |  |
| Krung Thai Bank PCL/Cayman Islands, 4.40%<sup>(c)(o)</sup> |  | 596 | &nbsp;&nbsp; 576630 |
| **United Arab Emirates**<sup>(c)(o)</sup> **— 0.0%** | **United Arab Emirates**<sup>(c)(o)</sup> **— 0.0%** | **United Arab Emirates**<sup>(c)(o)</sup> **— 0.0%** |  |
| Abu Dhabi Commercial Bank PJSC, 8.00% |  | 555 | &nbsp;&nbsp; 590209 |
| MAF Global Securities Ltd., 6.38% |  | 629 | &nbsp;&nbsp; 628409 |
|  |  |  | &nbsp;&nbsp; 1218618 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| Barclays PLC<sup>(o)</sup> <br>|  |  |  |
| 4.38% |  | 848 | &nbsp;&nbsp; 760048 |
| 7.63% |  | 609 | &nbsp;&nbsp; 582598 |
| British Telecommunications PLC, 4.88%, <br> 11/23/81<sup>(b)</sup><br>|  | 2800 | &nbsp;&nbsp; 2528159 |
| Centrica PLC, 6.50%, 05/21/55<sup>(c)</sup> | GBP | 3321 | &nbsp;&nbsp; 4437406 |
| HSBC Holdings PLC, 4.75%<sup>(c)(o)</sup> | EUR | 2882 | &nbsp;&nbsp; 3159805 |
| Nationwide Building Society, 7.50%<sup>(c)(o)</sup> | GBP | 3488 | &nbsp;&nbsp; 4552851 |
| NatWest Group PLC, 7.50%<sup>(o)</sup> |  | 1325 | &nbsp;&nbsp; 1695160 |
|  |  |  | &nbsp;&nbsp; 17716027 |
| **United States**<sup>(o)</sup> **— 0.0%** | **United States**<sup>(o)</sup> **— 0.0%** | **United States**<sup>(o)</sup> **— 0.0%** |  |
| Citigroup, Inc., Series FF, 6.95% | USD | 464 | &nbsp;&nbsp; 454545 |
| Venture Global LNG, Inc., 9.00%<sup>(b)</sup> |  | 3017 | &nbsp;&nbsp; 2593217 |
|  |  |  | &nbsp;&nbsp; 3047762 |
|  |  |  | &nbsp;&nbsp; 64228994 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 3.0%** | **Preferred Stocks — 3.0%** | **Preferred Stocks — 3.0%** |
| **Brazil — 0.2%** | **Brazil — 0.2%** |  |
| Banco Bradesco SA | 1507575 | &nbsp;&nbsp; 3647305 |
| Gerdau SA | 938986 | &nbsp;&nbsp; 2480181 |
| Itau Unibanco Holding SA | 1629428 | &nbsp;&nbsp; 10215598 |
| Neon Pagamentos SA, Series C<sup>(d)(e)</sup> | 39435 | &nbsp;&nbsp; 16087903 |
|  |  | &nbsp;&nbsp; 32430987 |
| **China — 0.4%** | **China — 0.4%** |  |
| ByteDance Ltd., Series E-1, (Acquired 11/11/20, <br> Cost: $33,821,714)<sup>(d)(e)(h)</sup><br>| 308665 | &nbsp;&nbsp; 61362602 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Finland — 0.0%** | **Finland — 0.0%** |  |
| Aiven, Series D<sup>(d)(e)</sup> | 86562 | &nbsp;&nbsp; $4038983 |
| **Germany — 0.1%** | **Germany — 0.1%** |  |
| Henkel AG & Co. KGaA | 90196 | &nbsp;&nbsp; 7005195 |
| Volocopter GmbH, Series D, (Acquired 03/03/21, <br> Cost: $22,418,516)<sup>(d)(e)(h)</sup><br>| 4218 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 7005195 |
| **India — 0.0%** | **India — 0.0%** |  |
| Think & Learn Private Ltd., Series F, (Acquired <br> 12/11/20, Cost: $13,030,114)<sup>(d)(e)(h)</sup><br>| 4047 | &nbsp;&nbsp; — |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| 10X Future Technologies Service Ltd., Series D, <br> (Acquired 12/19/23, Cost: $21,869,474)<sup>(d)(e)(h)</sup><br>| 637808 | &nbsp;&nbsp; 9095077 |
| **United States — 2.2%** | **United States — 2.2%** |  |
| Anduril Industries, Inc.<sup>(d)(e)</sup> | 306011 | &nbsp;&nbsp; 12509730 |
| Breeze Aviation Group, Inc., Series B, (Acquired <br> 07/30/21, Cost: $10,090,875)<sup>(d)(e)(h)</sup><br>| 18683 | &nbsp;&nbsp; 1855969 |
| Bright Machines, Inc.<sup>(d)(e)</sup> <br>|  |  |
| Series C | 927532 | &nbsp;&nbsp; 2541438 |
| Series C-1 | 1932080 | &nbsp;&nbsp; 3303857 |
| Caresyntax, Inc.<sup>(d)(e)</sup> <br>|  |  |
| Series C-2 | 75157 | &nbsp;&nbsp; 60877 |
| Series C-3 | 9724 | &nbsp;&nbsp; 7877 |
| CW Opportunity 2 LP, 10.00%, 03/25/49<sup>(d)</sup> | 9812000 | &nbsp;&nbsp; 12068760 |
| Databricks, Inc.<sup>(d)(e)(h)</sup> <br>|  |  |
| Series F, (Acquired 10/22/19, Cost: <br> $11,769,837)<br>| 822138 | &nbsp;&nbsp; 76047765 |
| Series G, (Acquired 02/01/21, Cost: <br> $13,141,188)<br>| 222270 | &nbsp;&nbsp; 20559975 |
| Davidson Homes, Inc., 12.00%, 04/01/49<sup>(d)(e)</sup> | 33520 | &nbsp;&nbsp; 33583018 |
| Dream Finders Homes, Inc., 9.00%, 12/31/49<sup>(d)</sup> | 38156 | &nbsp;&nbsp; 37154405 |
| Exo Imaging, Inc., Series C, (Acquired 06/24/21, <br> Cost: $8,339,244)<sup>(d)(e)(h)</sup><br>| 1423565 | &nbsp;&nbsp; 4555 |
| FLYR, Inc., Series D-2<sup>(d)(e)</sup> | 2491076 | &nbsp;&nbsp; 14622616 |
| GM Cruise Holdings LLCClass G, (Acquired <br> 03/25/21, Cost: $9,841,593)<sup>(d)(e)(h)</sup><br>| 373495 | &nbsp;&nbsp; 373495 |
| HawkEye 360, Inc., Series D1<sup>(d)(e)</sup> | 561818 | &nbsp;&nbsp; 6983398 |
| Insight M, Inc., Series D<sup>(d)(e)</sup> | 6123315 | &nbsp;&nbsp; 1265689 |
| Jumpcloud, Inc.<sup>(d)(e)(h)</sup> <br>|  |  |
| Series E-1, (Acquired 10/30/20, Cost: <br> $11,778,091)<br>| 6458349 | &nbsp;&nbsp; 13368782 |
| Series F, (Acquired 09/03/21, Cost: $2,543,928) | 424788 | &nbsp;&nbsp; 879311 |
| Lessen Holdings, Series BX<sup>(d)(e)</sup> | 841086 | &nbsp;&nbsp; 2027017 |
| Lessen Holdings, Inc., Series CX<sup>(d)(e)</sup> | 259727 | &nbsp;&nbsp; 836321 |
| Loadsmart, Inc.<sup>(d)(e)(h)</sup> <br>|  |  |
| Series C, (Acquired 10/05/20, Cost: <br> $10,694,460)<br>| 1250814 | &nbsp;&nbsp; 7392311 |
| Series D, (Acquired 01/27/22, Cost: <br> $2,628,040)<br>| 131402 | &nbsp;&nbsp; 1208898 |
| Lookout, Inc., Series F, (Acquired 09/19/14, Cost: <br> $50,945,689)<sup>(d)(e)(h)</sup><br>| 4459883 | &nbsp;&nbsp; 3969296 |
| MNTN Digital, Inc., Series D, (Acquired 11/05/21, <br> Cost: $7,559,970)<sup>(d)(e)(h)</sup><br>| 329191 | &nbsp;&nbsp; 4081968 |
| Noodle Partners, Inc., Series C, (Acquired <br> 08/26/21, Cost: $9,816,152)<sup>(d)(e)(h)</sup><br>| 1099886 | &nbsp;&nbsp; 1286867 |
| PsiQuantum Corp., Series D, (Acquired 05/21/21, <br> Cost: $5,269,814)<sup>(d)(e)(h)</sup><br>| 200937 | &nbsp;&nbsp; 7521072 |
| RapidSOS, Inc., Series C-1<sup>(d)(e)</sup> | 5162136 | &nbsp;&nbsp; 4749165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Relativity Space, Inc., Series E, (Acquired <br> 05/27/21, Cost: $9,126,025)<sup>(d)(e)(h)</sup><br>| 399649 | &nbsp;&nbsp; $3997 |
| SambaNova Systems, Inc.<sup>(d)(e)(h)</sup> <br>|  |  |
| Series C, (Acquired 02/19/20, Cost: <br> $11,739,902)<br>| 220503 | &nbsp;&nbsp; 9501474 |
| Series D, (Acquired 04/09/21, Cost: <br> $6,878,356)<br>| 72390 | &nbsp;&nbsp; 3728809 |
| SCI PH Parent, Inc., Series A, (Acquired 02/10/23, <br> Cost: $3,949,000), 12.50%, 12/31/79<sup>(a)(d)(e)(h)</sup><br>| 3949 | &nbsp;&nbsp; 4779001 |
| Snorkel AI, Inc., Series C, (Acquired 06/30/21, <br> Cost: $3,799,839)<sup>(d)(e)(h)</sup><br>| 252991 | &nbsp;&nbsp; 2165603 |
| Ursa Major Technologies, Inc.<sup>(d)(e)(h)</sup> <br>|  |  |
| Series C, (Acquired 09/13/21, Cost: <br> $9,742,600)<br>| 1633349 | &nbsp;&nbsp; 3740369 |
| Series D, (Acquired 10/14/22, Cost: <br> $1,326,169)<br>| 200098 | &nbsp;&nbsp; 478234 |
| Verge Genomics, Inc.<sup>(d)(e)(h)</sup> <br>|  |  |
| Series B, (Acquired 11/05/21, Cost: $9,084,160) | 1705369 | &nbsp;&nbsp; 9498905 |
| Series C, (Acquired 09/06/23, Cost: <br> $1,451,493)<br>| 201843 | &nbsp;&nbsp; 1273629 |
| Veritas Kapital Assurance PLC<sup>(e)</sup> <br>|  |  |
| Series G, 12/31/49 | 36275 | &nbsp;&nbsp; 834325 |
| Series G-1, 12/31/49<sup>(a)</sup> | 25062 | &nbsp;&nbsp; 513771 |
| Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $5,641,940), 12.00%, 10/07/32<sup>(d)(e)(h)</sup><br>| 1933359 | &nbsp;&nbsp; 9492793 |
| X.Ai Holdings Corp., Series C<sup>(d)(e)</sup> | 1161348 | &nbsp;&nbsp; 38521913 |
|  |  | &nbsp;&nbsp; 354797255 |
|  |  | &nbsp;&nbsp; 468730099 |
| **Trust Preferreds — 0.1%** | **Trust Preferreds — 0.1%** | **Trust Preferreds — 0.1%** |
| **United States — 0.1%** | **United States — 0.1%** |  |
| Citigroup Capital XIII, 10.91%, 10/30/40<sup>(a)</sup> | 437061 | &nbsp;&nbsp; 13024418 |
| Wells Fargo & Co., Series L, 7.50%<sup>(n)(o)</sup> | 5825 | &nbsp;&nbsp; 6768650 |
|  |  | &nbsp;&nbsp; 19793068 |
| **Total Preferred Securities — 3.5%** <br>**(Cost: $608,843,556)** | **Total Preferred Securities — 3.5%** <br>**(Cost: $608,843,556)** | &nbsp;&nbsp; 552752161 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Commercial Mortgage-Backed Securities**<sup>(a)</sup> **— 0.1%** | **Commercial Mortgage-Backed Securities**<sup>(a)</sup> **— 0.1%** | **Commercial Mortgage-Backed Securities**<sup>(a)</sup> **— 0.1%** |  |
| Fannie Mae-Aces, Series 2018-M13, Class A2, <br> 3.87%, 09/25/30<br>| USD | 1597 | &nbsp;&nbsp; 1565109 |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates<br>|  |  |  |
| Series K105, Class X1, 1.64%, 01/25/30 |  | 11701 | &nbsp;&nbsp; 687103 |
| Series K109, Class X1, 1.69%, 04/25/30 |  | 14889 | &nbsp;&nbsp; 938190 |
| Series K110, Class X1, 1.76%, 04/25/30 |  | 8151 | &nbsp;&nbsp; 527565 |
| Series K116, Class X1, 1.52%, 07/25/30 |  | 7665 | &nbsp;&nbsp; 449954 |
| Series K120, Class X1, 1.13%, 10/25/30 |  | 49473 | &nbsp;&nbsp; 2199780 |
| Series KL06, Class XFX, 1.46%, 12/25/29 |  | 8362 | &nbsp;&nbsp; 340839 |
| Series KW09, Class X1, 0.92%, 05/25/29 |  | 54474 | &nbsp;&nbsp; 1275072 |
|  |  |  | &nbsp;&nbsp; 7983612 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities — 0.7%** | **Mortgage-Backed Securities — 0.7%** | **Mortgage-Backed Securities — 0.7%** |  |
| Uniform Mortgage-Backed Securities, 3.50%, <br> 05/13/26<sup>(t)</sup><br>| USD | 126286 | &nbsp;&nbsp; $113958929 |
| **Total U.S. Government Sponsored Agency Securities — 0.8%** <br>**(Cost: $122,074,041)** | **Total U.S. Government Sponsored Agency Securities — 0.8%** <br>**(Cost: $122,074,041)** | **Total U.S. Government Sponsored Agency Securities — 0.8%** <br>**(Cost: $122,074,041)** | &nbsp;&nbsp; 121942541 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds, 4.63%, 02/15/55<sup>(u)</sup> |  | 6471 | &nbsp;&nbsp; 6403158 |
| U.S. Treasury Notes<sup>(u)</sup> <br>|  |  |  |
| 4.13%, 02/28/27 |  | 8495 | &nbsp;&nbsp; 8566878 |
| 4.00%, 03/31/30 |  | 10000 | &nbsp;&nbsp; 10124219 |
| **Total U.S. Treasury Obligations — 0.2%** <br>**(Cost: $24,973,219)** | **Total U.S. Treasury Obligations — 0.2%** <br>**(Cost: $24,973,219)** | **Total U.S. Treasury Obligations — 0.2%** <br>**(Cost: $24,973,219)** | &nbsp;&nbsp; 25094255 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| Lavoro Ltd., (Issued 12/27/22, Exercisable <br> 12/27/23, 1 Share for 1 Warrant, Expires <br> 12/27/27, Strike Price USD 11.50)<sup>(e)</sup><br>| 95675 | &nbsp;&nbsp; 6793 |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Deep Instinct Ltd., Series D, (Acquired 09/20/22, <br> Cost: $0), (Exercisable 09/20/22, 1 Share for <br> 1 Warrant, Expires 09/20/32, Strike Price USD <br> 0.01)<sup>(d)(e)(h)</sup><br>| 109339 | &nbsp;&nbsp; 1093 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| 10X Future Technologies Service Ltd., (Acquired <br> 12/19/23, Cost: $0), (Issued 12/19/23, Expires <br> 11/17/30, Strike Price GBP 0.01)<sup>(d)(e)(h)</sup><br>| 768436 | &nbsp;&nbsp; 563252 |
| **United States**<sup>(e)</sup> **— 0.1%** | **United States**<sup>(e)</sup> **— 0.1%** |  |
| Crown PropTech Acquisitions, (Issued 02/05/21, <br> 1 Share for 1 Warrant, Expires 02/01/26, Strike <br> Price USD 11.50)<sup>(d)</sup><br>| 271336 | &nbsp;&nbsp; 70249 |
| Crown PropTech Acquisitions, (Issued/Exercisable <br> 01/25/21, 1 Share for 1 Warrant, Expires <br> 12/31/27, Strike Price USD 11.50)<sup>(d)</sup><br>| 162368 | &nbsp;&nbsp; 2 |
| Davidson Homes, Inc., (Issued 05/16/24, Expires <br> 05/16/34, Strike Price USD 8.47)<sup>(d)</sup><br>| 232643 | &nbsp;&nbsp; 1128319 |
| EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share <br> for 1 Warrant, Expires 09/15/25, Strike Price <br> USD 11.50)<br>| 146070 | &nbsp;&nbsp; 29214 |
| Flagstar Financial, Inc., (Acquired 04/10/24, Cost: <br> $0), (Issued/Exercisable 03/11/24, 1,000 Shares <br> for 1 Warrant, Expires 03/11/31, Strike Price <br> USD 2.50)<sup>(d)(h)</sup><br>| 1717 | &nbsp;&nbsp; 3901882 |
| FLYR, Inc., (Expires 12/29/33, Strike Price USD <br> 3.95)<sup>(d)</sup><br>| 35428 | &nbsp;&nbsp; 154466 |
| Green Plains, Inc., (Issued 02/05/21, 1 Share for <br> 1 Warrant, Expires 04/28/26, Strike Price USD <br> 22.00)<br>| 1464976 | &nbsp;&nbsp; 73586 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| HawkEye 360, Inc., (Issued 07/07/23, 1 Share for <br> 1 Warrant, Expires 07/07/33, Strike Price USD <br> 11.17)<sup>(d)</sup><br>| 27300 | &nbsp;&nbsp; $122304 |
| HawkEye 360, Inc., (Issued 07/07/23, 1 Share for <br> 1 Warrant, Expires 07/07/33, Strike Price USD <br> 0.01)<sup>(d)</sup><br>| 240240 | &nbsp;&nbsp; 1864262 |
| Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, <br> 0.04 Shares for 1 Warrant, Expires 08/02/26, <br> Strike Price USD 287.50)<br>| 123393 | &nbsp;&nbsp; 642 |
| Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(d)</sup><br>| 6344820 | &nbsp;&nbsp; 308993 |
| Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share <br> for 1 Warrant, Expires 06/04/26, Strike Price <br> USD 11.50)<sup>(d)</sup><br>| 111795 | &nbsp;&nbsp; 11 |
| Lightning eMotors, Inc., (Issued/Exercisable <br> 05/13/20, 1 Share for 1 Warrant, Expires <br> 05/18/25, Strike Price USD 11.50)<sup>(l)</sup><br>| 292348 | &nbsp;&nbsp; — |
| Offerpad Solutions, Inc., (Issued/Exercisable <br> 10/13/20, 1 Share for 1 Warrant, Expires <br> 09/01/26, Strike Price USD 11.50)<br>| 226443 | &nbsp;&nbsp; 1155 |
| Palladyne AI Corp., (Issued/Exercisable 12/21/20, <br> 1 Share for 1 Warrant, Expires 09/24/26, Strike <br> Price USD 11.50)<br>| 254485 | &nbsp;&nbsp; 58506 |
| RapidSOS, Inc., (Issued 12/13/23, Expires <br> 12/13/33, Strike Price USD 0.01)<sup>(d)</sup><br>| 2862231 | &nbsp;&nbsp; 2604630 |
| Sarcos Technology & Robotics Corp., (Issued <br> 01/15/21, 1 Share for 1 Warrant, Expires <br> 06/15/27, Strike Price USD 69.00)<br>| 92406 | &nbsp;&nbsp; 21244 |
| Sonder Holdings, Inc., (Expires 04/11/30, Strike <br> Price USD 1.00)<sup>(d)</sup><br>| 612553 | &nbsp;&nbsp; 931081 |
| Sonder Holdings, Inc., (Expires 12/30/29, Strike <br> Price USD 0.01)<sup>(d)</sup><br>| 61404 | &nbsp;&nbsp; 134475 |
| Versa Networks, Inc., Series E, (Acquired <br> 10/14/22, Cost: $0), (Exercisable 10/14/22, <br> 1 Share for 1 Warrant, Expires 10/07/32, Strike <br> Price USD 0.01)<sup>(d)(h)</sup><br>| 238291 | &nbsp;&nbsp; 936484 |
| Volato Group, Inc., (Acquired 12/03/23, Cost: <br> $181,758), (Issued 12/04/23, Expires 12/03/28, <br> Strike Price USD 11.50)<sup>(h)</sup><br>| 181758 | &nbsp;&nbsp; 3817 |
|  |  | &nbsp;&nbsp; 12345322 |
| **Total Warrants — 0.1%** <br>**(Cost: $2,553,478)** | **Total Warrants — 0.1%** <br>**(Cost: $2,553,478)** | &nbsp;&nbsp; 12916460 |
| **Total Long-Term Investments — 97.0%** <br>**(Cost: $12,995,925,576)** | **Total Long-Term Investments — 97.0%** <br>**(Cost: $12,995,925,576)** | &nbsp;&nbsp; 15431462357 |

---

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Foreign Agency Obligations — 0.0%** | **Foreign Agency Obligations — 0.0%** | **Foreign Agency Obligations — 0.0%** |  |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |  |
| Egypt Treasury Bills<sup>(v)</sup> <br>|  |  |  |
| 26.37%, 11/18/25 | EGP | 39875 | &nbsp;&nbsp; $687340 |
| 26.90%, 12/16/25 |  | 90825 | &nbsp;&nbsp; 1531678 |
|  |  |  | &nbsp;&nbsp; 2219018 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Money Market Funds — 1.3%** | **Money Market Funds — 1.3%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(g)(w)(x)</sup><br>| 64357698 | &nbsp;&nbsp; 64383441 |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.21%<sup>(g)(w)</sup><br>| 146947412 | &nbsp;&nbsp; 146947412 |
|  |  | &nbsp;&nbsp; 211330853 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Time Deposits — 0.0%** | **Time Deposits — 0.0%** | **Time Deposits — 0.0%** |  |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| BNP Paribas, 1.57%, 05/01/25 | CAD | 128 | &nbsp;&nbsp; 92937 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |  |
| Hongkong & Shanghai Banking Corp. Ltd., <br> 2.90%, 05/01/25<br>| HKD | 1179 | &nbsp;&nbsp; 151965 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| Brown Brothers Harriman & Co., 5.46%, <br> 05/01/25<br>| ZAR | 1039 | &nbsp;&nbsp; 55871 |
|  |  |  | &nbsp;&nbsp; 300773 |
| **Total Short-Term Securities — 1.3%** <br>**(Cost: $213,872,513)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $213,872,513)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $213,872,513)** | &nbsp;&nbsp; 213850644 |
| **Options Purchased — 0.4%** <br>**(Cost: $61,239,100)** | **Options Purchased — 0.4%** <br>**(Cost: $61,239,100)** | **Options Purchased — 0.4%** <br>**(Cost: $61,239,100)** | &nbsp;&nbsp; 70700109 |
| **Total Investments Before Options Written — 98.7%** <br>**(Cost: $13,271,037,189)** | **Total Investments Before Options Written — 98.7%** <br>**(Cost: $13,271,037,189)** | **Total Investments Before Options Written — 98.7%** <br>**(Cost: $13,271,037,189)** | &nbsp;&nbsp; 15716013110 |
| **Options Written — (0.3)%** <br>**(Premiums Received: $(45703538))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(45703538))** | **Options Written — (0.3)%** <br>**(Premiums Received: $(45703538))** | &nbsp;&nbsp; (55516850)<br>|
| **Total Investments, Net of Options Written — 98.4%** <br>**(Cost: $13,225,333,651)** | **Total Investments, Net of Options Written — 98.4%** <br>**(Cost: $13,225,333,651)** | **Total Investments, Net of Options Written — 98.4%** <br>**(Cost: $13,225,333,651)** | &nbsp;&nbsp; 15660496260 |
| **Other Assets Less Liabilities — 1.6%** | **Other Assets Less Liabilities — 1.6%** | **Other Assets Less Liabilities — 1.6%** | &nbsp;&nbsp; 253085173 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $15913581433 |

---

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

<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> All or a portion of this security is on loan.

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

<sup>(h)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $455,793,349, representing 2.9% of its net assets as of period end, and an original cost of $513,795,741. 

<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> Investment does not issue shares.

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

<sup>(m)</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>(n)</sup> Convertible security.

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

<sup>(p)</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>(q)</sup> Zero-coupon bond.

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

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

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

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

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

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Par/Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| Bio City Development Co. B.V, 8.00%, <br> 07/06/24<sup>(a)</sup><br>| &nbsp;&nbsp; $5634000 | $— | $(5774768)<br>| &nbsp;&nbsp; $(135075232)<br>| $135216000 | $— |  | $— | &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; 167467226 |  | (103160890 )<sup>(b)</sup><br>| &nbsp;&nbsp; 59514 | 17591 | 64383441 | 64357698 | 737920 <br><sup>(c)</sup><br>| &nbsp;&nbsp; — |
| BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares<br>| &nbsp;&nbsp; 351977140 |  | (205029728 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 146947412 | 146947412 | 14499687 | &nbsp;&nbsp; — |
| iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp; 18925627 |  |  | &nbsp;&nbsp; — | 824347 | 19749974 | 190821 | 656222 | &nbsp;&nbsp; — |
| iShares AAA CLO Active ETF | &nbsp;&nbsp; — | 15547000 |  | &nbsp;&nbsp; — | (49000)<br>| 15498000 | 300000 | 472437 | &nbsp;&nbsp; — |
| iShares Biotechnology ETF<sup>(a)</sup> | &nbsp;&nbsp; — | 17885548 | (16597421)<br>| &nbsp;&nbsp; (1288127)<br>|  |  |  | 48001 | &nbsp;&nbsp; — |
| iShares Bitcoin Trust | &nbsp;&nbsp; 1443510 | 68223337 | (34093362)<br>| &nbsp;&nbsp; (5932554)<br>| 9064564 | 38705495 | 723332 |  | &nbsp;&nbsp; — |
| iShares Broad USD High Yield Corporate <br> Bond ETF<br>| &nbsp;&nbsp; — | 63103507 | (44535111)<br>| &nbsp;&nbsp; 135427 | (219688)<br>| 18484135 | 505031 | 1115695 | &nbsp;&nbsp; — |
| iShares China Large-Cap ETF | &nbsp;&nbsp; — | 16564175 |  | &nbsp;&nbsp; — | (573214)<br>| 15990961 | 472267 |  | &nbsp;&nbsp; — |
| iShares Core S&P Small-Cap ETF | &nbsp;&nbsp; — | 8926721 |  | &nbsp;&nbsp; — | (1238539)<br>| 7688182 | 76782 | 151691 | &nbsp;&nbsp; — |
| iShares iBoxx $ High Yield Corporate Bond <br> ETF<sup>(a)</sup><br>| &nbsp;&nbsp; — | 179031788 | (178588361)<br>| &nbsp;&nbsp; (443427)<br>|  |  |  | 601589 | &nbsp;&nbsp; — |
| iShares iBoxx $ Investment Grade <br> Corporate Bond ETF<sup>(a)</sup><br>| &nbsp;&nbsp; 12215901 |  | (13126580)<br>| &nbsp;&nbsp; 459229 | 451450 |  |  | 231885 | &nbsp;&nbsp; — |
| iShares JP Morgan USD Emerging Markets <br> Bond ETF<sup>(a)</sup><br>| &nbsp;&nbsp; 10305836 |  | (10994951)<br>| &nbsp;&nbsp; 493062 | 196053 |  |  | 265978 | &nbsp;&nbsp; — |
| iShares Latin America 40 ETF<sup>(a)</sup> | &nbsp;&nbsp; 10159239 |  | (9025702)<br>| &nbsp;&nbsp; (667636)<br>| (465901)<br>|  |  | 444671 | &nbsp;&nbsp; — |
| iShares MSCI Brazil ETF | &nbsp;&nbsp; 13555549 |  | (4928573)<br>| &nbsp;&nbsp; (2164793)<br>| 625325 | 7087508 | 262112 | 685657 | &nbsp;&nbsp; — |
| iShares MSCI Emerging Markets ETF<sup>(a)</sup> | &nbsp;&nbsp; 2313271 |  | (2526079)<br>| &nbsp;&nbsp; 7046 | 205762 |  |  | 57407 | &nbsp;&nbsp; — |
| iShares Russell Mid-Cap Growth ETF<sup>(a)</sup> | &nbsp;&nbsp; 5196443 |  | (5469531)<br>| &nbsp;&nbsp; 857731 | (584643)<br>|  |  | 14366 | &nbsp;&nbsp; — |
| Quintis Australia Pty. Ltd., 12.00%, <br> 10/01/28<br>| &nbsp;&nbsp; 8 |  |  | &nbsp;&nbsp; — | 122311 | 8 | 82684528 |  | &nbsp;&nbsp; — |
| Quintis Australia Pty. Ltd., 7.50%, 10/01/26 | &nbsp;&nbsp; 20325621 |  |  | &nbsp;&nbsp; — | (9458352)<br>| 10855729 | 92389186 |  | &nbsp;&nbsp; — |
| Quintis HoldCo. Pty. Ltd. | &nbsp;&nbsp; 283 |  |  | &nbsp;&nbsp; — | (3)<br>| 280 | 43735802 |  | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(143559760)<br>| $134134063 | $345391125 |  | $19983206 | &nbsp;&nbsp; $— |

---

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

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| NSE IFSC Nifty 50 Index | &nbsp;&nbsp; 1579 | &nbsp;&nbsp;&nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; $76930 | &nbsp;&nbsp;&nbsp;&nbsp; $(260759)<br>|
| Exchange Traded Bitcoin Futures<sup>(a)</sup> | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 05/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp;&nbsp; 12617 |
| Euro BOBL | &nbsp;&nbsp; 4736 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 641836 | &nbsp;&nbsp;&nbsp;&nbsp; 6266616 |
| Euro BTP | &nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 38156 | &nbsp;&nbsp;&nbsp;&nbsp; 218613 |
| Euro Bund | &nbsp;&nbsp; 4254 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 635067 | &nbsp;&nbsp;&nbsp;&nbsp; 3381493 |
| Euro OAT | &nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 97355 | &nbsp;&nbsp;&nbsp;&nbsp; 572694 |
| Euro-Schatz | &nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 71167 | &nbsp;&nbsp;&nbsp;&nbsp; 422885 |
| Nikkei 225 Index | &nbsp;&nbsp; 1078 | &nbsp;&nbsp;&nbsp;&nbsp; 06/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 272085 | &nbsp;&nbsp;&nbsp;&nbsp; (4835664)<br>|
| 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 4689 | &nbsp;&nbsp;&nbsp;&nbsp; 06/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 345323 | &nbsp;&nbsp;&nbsp;&nbsp; 8957734 |
| CBOE Volatility Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 684 |
| U.S. Long Bond | &nbsp;&nbsp; 963 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 112400 | &nbsp;&nbsp;&nbsp;&nbsp; 1370671 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 342648 | &nbsp;&nbsp;&nbsp;&nbsp; (1230263)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts (continued) |  |  |  |  |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; $23047 | &nbsp;&nbsp;&nbsp;&nbsp; $(720247)<br>|
| Euro Stoxx 50 Index | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 | &nbsp;&nbsp;&nbsp;&nbsp; 169538 |
| Euro Stoxx Banks Index | &nbsp;&nbsp; 3851 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 39834 | &nbsp;&nbsp;&nbsp;&nbsp; 27538 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 145262 | &nbsp;&nbsp;&nbsp;&nbsp; 4473091 |
| Long Gilt | &nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp; 06/26/25 | &nbsp;&nbsp;&nbsp;&nbsp; 68175 | &nbsp;&nbsp;&nbsp;&nbsp; 491395 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 7376 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 806520 | &nbsp;&nbsp;&nbsp;&nbsp; 7595347 |
| CBOE Volatility Index | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; (3770)<br>|
| CBOE Volatility Index | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 10/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 11262 |
| CBOE Volatility Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 11/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 2597 |
| CBOE Volatility Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; (2976)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26921096 |
| Short Contracts  |  |  |  |  |
| CAC 40 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp;&nbsp; (2605)<br>|
| CBOE Volatility Index | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 05/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 54768 |
| 30-Year Euro Buxl Bond | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11809 | &nbsp;&nbsp;&nbsp;&nbsp; 203565 |
| 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 06/13/25 | &nbsp;&nbsp;&nbsp;&nbsp; 75745 | &nbsp;&nbsp;&nbsp;&nbsp; (1502698)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 7881 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 885874 | &nbsp;&nbsp;&nbsp;&nbsp; (10070321)<br>|
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 13831 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1589701 | &nbsp;&nbsp;&nbsp;&nbsp; (37701875)<br>|
| FTSE 100 Index | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 8260 | &nbsp;&nbsp;&nbsp;&nbsp; 237857 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 677825 | &nbsp;&nbsp;&nbsp;&nbsp; 7773764 |
| Exchange Traded Bitcoin Futures | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 06/27/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2859 | &nbsp;&nbsp;&nbsp;&nbsp; (105745)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 16039 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3339871 | &nbsp;&nbsp;&nbsp;&nbsp; (16683904)<br>|
| CBOE Volatility Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; (4076)<br>|
| CBOE Volatility Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 08/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 1537 |
| 3-Month SOFR | &nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 239853 | &nbsp;&nbsp;&nbsp;&nbsp; (1577151)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (59376884)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(32455788)<br>|

---

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

<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.

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| KRW | 6127620000 | USD | 4197000 | Standard Chartered Bank | 05/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113672 |
| BRL | 213626211 | USD | 36360361 | BNP Paribas SA | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282029 |
| BRL | 7655375 | USD | 1346000 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2929 |
| BRL | 15178671 | USD | 2567000 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107585 |
| BRL | 15118565 | USD | 2569000 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94994 |
| BRL | 136376553 | USD | 23759147 | HSBC Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271329 |
| USD | 37737813 | BRL | 213626211 | BNP Paribas SA | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95423 |
| USD | 1352349 | BRL | 7655375 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3420 |
| USD | 2681365 | BRL | 15178671 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6780 |
| USD | 2670747 | BRL | 15118565 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6753 |
| USD | 5034400 | BRL | 28498730 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12730 |
| USD | 13710933 | BRL | 77768412 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7610 |
| USD | 2816617 | BRL | 15944304 | HSBC Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7122 |
| USD | 24091392 | BRL | 136376553 | HSBC Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60917 |
| TRY | 13514432 | USD | 348326 | Barclays Bank PLC | 05/06/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2328 |
| TRY | 13338136 | USD | 342003 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3666 |
| TRY | 20586104 | USD | 527847 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5657 |
| TRY | 144200288 | USD | 3727478 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9584 |
| TRY | 163353430 | USD | 4211150 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22281 |
| TRY | 172955573 | USD | 4453772 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28506 |
| TRY | 42089471 | USD | 1088068 | BNP Paribas SA | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2714 |
| TRY | 55460816 | USD | 1418000 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19310 |
| TRY | 15758184 | USD | 403079 | UBS AG | 05/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2406 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| TRY | 55380611 | USD | 1417000 | Barclays Bank PLC | 05/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6333 |
| BRL | 23482077 | USD | 4066653 | JPMorgan Chase Bank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55516 |
| BRL | 248654913 | USD | 43101909 | Morgan Stanley & Co. International PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548307 |
| CNH | 4117798 | USD | 561693 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5345 |
| COP | 9051648070 | USD | 2114624 | BNP Paribas SA | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22823 |
| COP | 27985270486 | USD | 6490091 | Citibank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118324 |
| CZK | 55695175 | USD | 2448039 | Nomura International PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81213 |
| EUR | 233770 | USD | 258457 | Morgan Stanley & Co. International PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6609 |
| HUF | 203617640 | USD | 555153 | Goldman Sachs International | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14767 |
| IDR | 10798823472 | USD | 634255 | Citibank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17799 |
| IDR | 55204035560 | USD | 3242337 | Citibank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90988 |
| MXN | 120548001 | USD | 6010031 | Goldman Sachs International | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124394 |
| PLN | 19527056 | USD | 5073196 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90499 |
| THB | 37458941 | USD | 1104169 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18359 |
| THB | 72714415 | USD | 2147185 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31841 |
| THB | 190904306 | USD | 5627246 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93566 |
| THB | 370578946 | USD | 10942830 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162274 |
| THB | 40976256 | USD | 1204475 | JPMorgan Chase Bank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23456 |
| THB | 40982530 | USD | 1204660 | JPMorgan Chase Bank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23460 |
| USD | 3082324 | CNH | 22234078 | Royal Bank of Canada | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20601 |
| USD | 38912224 | COP | 161402067025 | Morgan Stanley & Co. International PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798896 |
| USD | 29722 | EUR | 25853 | Societe Generale | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 |
| USD | 3618832 | IDR | 59417605422 | JPMorgan Chase Bank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31083 |
| USD | 10975917 | IDR | 180213573255 | JPMorgan Chase Bank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94276 |
| USD | 3166230 | ZAR | 58073840 | Credit Agricole Corporate and Investment Bank | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47861 |
| USD | 43241359 | ZAR | 795896128 | Morgan Stanley & Co. International PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504435 |
| UYU | 5820859 | USD | 136544 | Citibank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686 |
| ZAR | 151342645 | USD | 7908342 | HSBC Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218245 |
| ZAR | 35056831 | USD | 1769153 | UBS AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113280 |
| EGP | 71260802 | USD | 1345084 | Societe Generale | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42362 |
| TRY | 29100120 | USD | 707000 | Barclays Bank PLC | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29445 |
| TRY | 53893000 | USD | 1354164 | Barclays Bank PLC | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9722 |
| TRY | 119894837 | USD | 2911129 | State Street Bank and Trust Co. | 05/27/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123084 |
| CAD | 12298265 | USD | 8930317 | Toronto-Dominion Bank | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2497 |
| CNH | 145518079 | USD | 20019428 | HSBC Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31151 |
| COP | 24918620082 | USD | 5744927 | Morgan Stanley & Co. International PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132201 |
| IDR | 212869565660 | USD | 12603066 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246721 |
| IDR | 22774840000 | USD | 1355000 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19794 |
| IDR | 129999323408 | USD | 7719904 | Morgan Stanley & Co. International PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127453 |
| INR | 524273886 | USD | 6105366 | JPMorgan Chase Bank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80804 |
| INR | 894136846 | USD | 10346890 | Morgan Stanley & Co. International PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203478 |
| MXN | 614472182 | USD | 31127908 | Goldman Sachs International | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107441 |
| MYR | 91845710 | USD | 20959291 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346320 |
| PEN | 10058776 | USD | 2696000 | Deutsche Bank AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45608 |
| USD | 4023030 | CZK | 88212774 | JPMorgan Chase Bank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16297 |
| USD | 3344927 | EUR | 2937401 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12669 |
| USD | 3001776 | PLN | 11326310 | State Street Bank and Trust Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7337 |
| USD | 1800707 | RON | 7874721 | Societe Generale | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10473 |
| USD | 6086992 | ZAR | 113217223 | Bank of America N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11412 |
| ZAR | 340567210 | USD | 18176962 | Standard Chartered Bank | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98910 |
| TRY | 27873026 | USD | 677797 | Barclays Bank PLC | 06/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22643 |
| USD | 4989736 | BRL | 28498730 | Goldman Sachs International | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5037 |
| AUD | 356399306 | USD | 225005574 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3403733 |
| CAD | 138016381 | USD | 96420621 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3934580 |
| CAD | 171573209 | USD | 119863999 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4891220 |
| CHF | 343781041 | USD | 393891753 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24856347 |
| CNH | 1572204 | USD | 213617 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3365 |
| CNH | 558268243 | USD | 76846703 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200542 |
| CNH | 18035834 | USD | 2489014 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| DKK | 451742987 | USD | 66355689 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2427925 |
| EUR | 802060 | USD | 867214 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43854 |
| EUR | 14167730 | USD | 15671039 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422233 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| EUR | 34647037 | USD | 37939615 | Credit Agricole Corporate and Investment Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1416317 |
| EUR | 802059 | USD | 870790 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40278 |
| EUR | 28889974 | USD | 31638566 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177857 |
| EUR | 7525427 | USD | 8524059 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24152 |
| EUR | 21481509 | USD | 23529834 | Standard Chartered Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871237 |
| EUR | 244324895 | USD | 267840677 | The Bank of New York Mellon | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9690521 |
| EUR | 6194728 | USD | 6791373 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245283 |
| EUR | 43573324 | USD | 47651439 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1843955 |
| EUR | 55278481 | USD | 61122887 | Wells Fargo Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1668517 |
| GBP | 8803502 | USD | 11379856 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354667 |
| GBP | 7695590 | USD | 9795892 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461853 |
| GBP | 42843269 | USD | 55553582 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553843 |
| HUF | 6627631263 | USD | 17995930 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527511 |
| JPY | 3357421305 | USD | 23071794 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534311 |
| JPY | 3486343024 | USD | 23520265 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992292 |
| JPY | 132663509568 | USD | 904964233 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27795914 |
| JPY | 201527464 | USD | 1389872 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27072 |
| JPY | 293183984 | USD | 2004443 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56940 |
| JPY | 2124170320 | USD | 14749869 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185221 |
| JPY | 3495651852 | USD | 23475009 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102999 |
| JPY | 4662811120 | USD | 31635657 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148674 |
| JPY | 4669233159 | USD | 31635657 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193827 |
| JPY | 3497400078 | USD | 23686184 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904115 |
| JPY | 2890963936 | USD | 20276176 | The Bank of New York Mellon | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50257 |
| JPY | 417671851 | USD | 2846580 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90080 |
| KRW | 109123529624 | USD | 75554091 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254925 |
| MXN | 68811775 | USD | 3393941 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94299 |
| MXN | 260816578 | USD | 12748838 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472602 |
| NZD | 15081861 | USD | 8653912 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317464 |
| PLN | 113668465 | USD | 29433386 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602745 |
| SEK | 600898821 | USD | 59981040 | Credit Agricole Corporate and Investment Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2354659 |
| SGD | 44742757 | USD | 33751719 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589351 |
| TWD | 2444810699 | USD | 74500570 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2378079 |
| USD | 213617 | CNH | 1536195 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605 |
| USD | 2489014 | CNH | 17899376 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18700 |
| USD | 12885432 | EUR | 11285087 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66584 |
| USD | 10444614 | EUR | 9149158 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51991 |
| USD | 21375062 | EUR | 18676931 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159741 |
| USD | 102279146 | EUR | 88780822 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1432085 |
| USD | 37508708 | GBP | 28013273 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168750 |
| USD | 331304 | IDR | 5473333891 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1169 |
| USD | 9310649 | JPY | 1321537081 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18891 |
| USD | 483094 | EUR | 424179 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 |
| USD | 692087 | EUR | 607669 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601 |
| USD | 692783 | EUR | 608296 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 |
| USD | 777502 | EUR | 682678 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662 |
| USD | 877325 | EUR | 770326 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 747 |
| USD | 888841 | EUR | 780444 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749 |
| USD | 1355363 | EUR | 1190072 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1142 |
| USD | 1487723 | EUR | 1306280 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1267 |
| USD | 1532025 | EUR | 1345190 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1291 |
| USD | 1719261 | EUR | 1509619 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1418 |
| USD | 1815436 | EUR | 1593996 | Credit Agricole Corporate and Investment Bank | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111404957 |
| USD | 4259729 | KRW | 6127620000 | Standard Chartered Bank | 05/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50943)<br>|
| BRL | 11559226 | USD | 2041977 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5163)<br>|
| BRL | 15917499 | USD | 2811882 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7110)<br>|
| BRL | 28498730 | USD | 5034400 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12730)<br>|
| BRL | 7727045 | USD | 1365009 | BNP Paribas SA | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3451)<br>|
| BRL | 8217887 | USD | 1451718 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3671)<br>|
| BRL | 16254000 | USD | 2871326 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7260)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 28498729 | USD | 5024459 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2789)<br>|
| BRL | 77768412 | USD | 13738060 | Goldman Sachs International | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34738)<br>|
| BRL | 15944304 | USD | 2823000 | HSBC Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13505)<br>|
| BRL | 246137147 | USD | 43480983 | Morgan Stanley & Co. International PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109945)<br>|
| BRL | 15706400 | USD | 2774590 | Societe Generale | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7016)<br>|
| USD | 1990955 | BRL | 11559226 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45859)<br>|
| USD | 2694000 | BRL | 15917499 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110771)<br>|
| USD | 4908606 | BRL | 28498730 | Barclays Bank PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113064)<br>|
| USD | 1284500 | BRL | 7727045 | BNP Paribas SA | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77058)<br>|
| USD | 1417000 | BRL | 8217887 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31047)<br>|
| USD | 2800000 | BRL | 16254000 | Citibank N.A. | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64065)<br>|
| USD | 42819120 | BRL | 246137147 | Morgan Stanley & Co. International PLC | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (551918)<br>|
| USD | 2708000 | BRL | 15706400 | Societe Generale | 05/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59574)<br>|
| USD | 6307204 | TRY | 245034866 | Barclays Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43065)<br>|
| USD | 1390108 | TRY | 53967473 | HSBC Bank PLC | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8501)<br>|
| USD | 1342260 | TRY | 52058767 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6883)<br>|
| USD | 3305705 | TRY | 127986830 | UBS AG | 05/07/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11173)<br>|
| USD | 4003000 | TWD | 128896600 | Standard Chartered Bank | 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29450)<br>|
| CZK | 19430485 | USD | 886171 | Deutsche Bank AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3786)<br>|
| IDR | 240943290944 | USD | 14674663 | JPMorgan Chase Bank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126045)<br>|
| USD | 59432890 | BRL | 349370298 | Goldman Sachs International | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1897445)<br>|
| USD | 13948507 | CZK | 320929652 | Toronto-Dominion Bank | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (625680)<br>|
| USD | 1361002 | EUR | 1249216 | Deutsche Bank AG | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55455)<br>|
| USD | 2926171 | HUF | 1079502815 | State Street Bank and Trust Co. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95323)<br>|
| USD | 12590169 | IDR | 212595068093 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246729)<br>|
| USD | 8948420 | IDR | 151228302740 | Nomura International PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183034)<br>|
| USD | 27071612 | MXN | 548365289 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (833503)<br>|
| USD | 762842 | MXN | 15014872 | Goldman Sachs International | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1232)<br>|
| USD | 4335793 | MXN | 87673093 | JPMorgan Chase Bank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125699)<br>|
| USD | 177774 | MYR | 779556 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3025)<br>|
| USD | 9218875 | MYR | 40807351 | Credit Agricole Corporate and Investment Bank | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (245369)<br>|
| USD | 16321216 | MYR | 72139776 | Goldman Sachs International | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (409800)<br>|
| USD | 10611200 | MYR | 46901503 | Royal Bank of Canada | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (266430)<br>|
| USD | 28782140 | PLN | 111130720 | State Street Bank and Trust Co. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (605041)<br>|
| USD | 3212470 | THB | 109657650 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73631)<br>|
| USD | 3212470 | THB | 109657650 | Barclays Bank PLC | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73631)<br>|
| USD | 3215096 | THB | 109641202 | BNP Paribas SA | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70512)<br>|
| USD | 3215096 | THB | 109641202 | BNP Paribas SA | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70512)<br>|
| USD | 3278208 | THB | 110173356 | BNP Paribas SA | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23347)<br>|
| USD | 16706933 | THB | 561483252 | BNP Paribas SA | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118983)<br>|
| USD | 1105397 | UYU | 47543125 | Citibank N.A. | 05/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23625)<br>|
| AUD | 2142384 | USD | 1376438 | Bank of America N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3767)<br>|
| CZK | 306467215 | USD | 14111994 | Natwest Markets PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191874)<br>|
| EUR | 7911949 | USD | 9134666 | The Bank of New York Mellon | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (159161)<br>|
| GBP | 2023000 | USD | 2711443 | Bank of America N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15162)<br>|
| HUF | 2946753555 | USD | 8320237 | Standard Chartered Bank | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75753)<br>|
| JPY | 377319940 | USD | 2692753 | Societe Generale | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46054)<br>|
| PLN | 12556276 | USD | 3327488 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7871)<br>|
| PLN | 43393278 | USD | 11695962 | Deutsche Bank AG | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (223688)<br>|
| RON | 17996603 | USD | 4164825 | Goldman Sachs International | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (73488)<br>|
| SGD | 391386 | USD | 301000 | Bank of America N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (953)<br>|
| THB | 548435645 | USD | 16634384 | Morgan Stanley & Co. International PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189691)<br>|
| THB | 134210065 | USD | 4037000 | Standard Chartered Bank | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12748)<br>|
| USD | 2761385 | AUD | 4336000 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16782)<br>|
| USD | 8930317 | CAD | 12389341 | State Street Bank and Trust Co. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68651)<br>|
| USD | 1318528 | CLP | 1277074798 | HSBC Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29911)<br>|
| USD | 1506743 | CNH | 10948953 | HSBC Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1886)<br>|
| USD | 1333910 | COP | 5719806080 | Morgan Stanley & Co. International PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15123)<br>|
| USD | 4049868 | HUF | 1460213521 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35546)<br>|
| USD | 4652611 | IDR | 78662624699 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95827)<br>|
| USD | 2248520 | INR | 192699063 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25233)<br>|
| USD | 9186028 | MXN | 181001496 | Goldman Sachs International | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14787)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 4496803 | MYR | 19592571 | Morgan Stanley & Co. International PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(48120)<br>|
| USD | 2696000 | PEN | 9941500 | Citibank N.A. | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13643)<br>|
| USD | 2693000 | SGD | 3530967 | Barclays Bank PLC | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13936)<br>|
| USD | 4204992 | THB | 140606522 | BNP Paribas SA | 05/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11056)<br>|
| BRL | 15739776 | USD | 2761000 | Bank of America N.A. | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7963)<br>|
| BRL | 78309582 | USD | 13710933 | Goldman Sachs International | 06/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13841)<br>|
| BRL | 357257184 | EUR | 55185082 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (398926)<br>|
| CNH | 1332526315 | USD | 185193990 | Standard Chartered Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1290493)<br>|
| DKK | 53898451 | USD | 8244467 | Credit Agricole Corporate and Investment Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37743)<br>|
| EUR | 79293414 | CHF | 75778496 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2233015)<br>|
| EUR | 20208090 | USD | 23053523 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98942)<br>|
| EUR | 19908121 | USD | 23060273 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446431)<br>|
| EUR | 26467484 | USD | 30319323 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (254632)<br>|
| EUR | 33149716 | USD | 37663713 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8604)<br>|
| EUR | 13218992 | USD | 15259359 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243768)<br>|
| EUR | 19908121 | USD | 23041181 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427339)<br>|
| GBP | 28513550 | EUR | 33719925 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (296018)<br>|
| JPY | 15559890109 | EUR | 96837813 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (597142)<br>|
| MXN | 1231663368 | EUR | 54983013 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19704)<br>|
| NOK | 883516008 | CHF | 72480575 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3359108)<br>|
| USD | 36097278 | BRL | 213201356 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1073539)<br>|
| USD | 1069413 | CAD | 1529234 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42532)<br>|
| USD | 31437643 | CAD | 43379578 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104745)<br>|
| USD | 44217938 | EUR | 39368190 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (500800)<br>|
| USD | 17769273 | EUR | 15986175 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (389590)<br>|
| USD | 23579388 | EUR | 21251595 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (560520)<br>|
| USD | 35589223 | EUR | 31972351 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (728504)<br>|
| USD | 23021500 | EUR | 20782029 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (585023)<br>|
| USD | 15639209 | EUR | 14345794 | Deutsche Bank AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (656328)<br>|
| USD | 116930 | EUR | 106809 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4396)<br>|
| USD | 1756120 | EUR | 1604119 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66016)<br>|
| USD | 38762889 | EUR | 35740000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1834550)<br>|
| USD | 32457598 | EUR | 28574244 | Natwest Markets PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184)<br>|
| USD | 1864716 | EUR | 1674306 | Royal Bank of Canada | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37145)<br>|
| USD | 91098209 | EUR | 83100000 | The Bank of New York Mellon | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3295949)<br>|
| USD | 14742346 | EUR | 13214553 | Toronto-Dominion Bank | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (268203)<br>|
| USD | 106927876 | EUR | 98411085 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4858303)<br>|
| USD | 35545928 | GBP | 26759177 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (122398)<br>|
| USD | 54554689 | GBP | 42072917 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1525904)<br>|
| USD | 232906245 | GBP | 179618750 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6514426)<br>|
| USD | 162706103 | HKD | 1261972941 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108772)<br>|
| USD | 3279180 | INR | 287641801 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109457)<br>|
| USD | 6240895 | JPY | 913065592 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178890)<br>|
| USD | 7619314 | JPY | 1116116767 | JPMorgan Chase Bank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (228129)<br>|
| USD | 19281632 | JPY | 2817273712 | Societe Generale | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (526684)<br>|
| USD | 11846289 | JPY | 1697964339 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92137)<br>|
| USD | 3393941 | MXN | 68387911 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72812)<br>|
| USD | 31068497 | MXN | 639209471 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1334618)<br>|
| USD | 70620772 | NOK | 750389956 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1509665)<br>|
| ZAR | 754183885 | EUR | 37286153 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1948198)<br>|
| ZAR | 342836064 | USD | 18556819 | State Street Bank and Trust Co. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189317)<br>|
| USD | 1417000 | TRY | 62192130 | Barclays Bank PLC | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43226)<br>|
| USD | 35230000 | HKD | 273226265 | HSBC Bank PLC | 08/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51955)<br>|
| NGN | 812890848 | USD | 511896 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36370)<br>|
| NGN | 812890848 | USD | 511896 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36370)<br>|
| NGN | 841590750 | USD | 510055 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17740)<br>|
| USD | 1418000 | TRY | 65844830 | UBS AG | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34780)<br>|
| USD | 1370000 | TRY | 64345475 | Barclays Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9240)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48410381)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62994576 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 3001 | &nbsp;&nbsp;&nbsp; 05/02/25 | USD | 500.00 | USD | 142689 | &nbsp;&nbsp;&nbsp; $49517 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1999 | &nbsp;&nbsp;&nbsp; 05/09/25 | USD | 555.00 | USD | 110853 | &nbsp;&nbsp;&nbsp; 1814092 |
| Citigroup, Inc. | &nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 75.00 | USD | 5607 | &nbsp;&nbsp;&nbsp; 7790 |
| Euro Stoxx Banks | &nbsp;&nbsp; 3074 | &nbsp;&nbsp;&nbsp; 05/16/25 | EUR | 200.00 | EUR | 28410 | &nbsp;&nbsp;&nbsp; 108824 |
| InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 1109 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 505.00 | USD | 52730 | &nbsp;&nbsp;&nbsp; 169677 |
| InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 1892 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 485.00 | USD | 89959 | &nbsp;&nbsp;&nbsp; 1456840 |
| KraneShares CSI China Internet ETF | &nbsp;&nbsp; 7725 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 41.00 | USD | 24797 | &nbsp;&nbsp;&nbsp; 50213 |
| Lam Research Corp. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 85.00 | USD | 5382 | &nbsp;&nbsp;&nbsp; 4131 |
| Marvell Technology, Inc. | &nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 140.00 | USD | 7483 | &nbsp;&nbsp;&nbsp; 3205 |
| NVIDIA Corp. | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 105.00 | USD | 1797 | &nbsp;&nbsp;&nbsp; 112200 |
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 282.00 | USD | 98725 | &nbsp;&nbsp;&nbsp; 7336875 |
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 2002 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 310.00 | USD | 60815 | &nbsp;&nbsp;&nbsp; 620620 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 2698 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 575.00 | USD | 149615 | &nbsp;&nbsp;&nbsp; 717668 |
| Union Pacific Corp. | &nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 260.00 | USD | 11279 | &nbsp;&nbsp;&nbsp; 22228 |
| Williams Cos., Inc. | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 60.00 | USD | 17571 | &nbsp;&nbsp;&nbsp; 360000 |
| 10-Year U.S. Treasury Note Future | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 05/23/25 | USD | 113.00 | USD | 7306 | &nbsp;&nbsp;&nbsp; 39609 |
| U.S. Long Bond Future | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 05/23/25 | USD | 126.00 | USD | 9921 | &nbsp;&nbsp;&nbsp; 6641 |
| Nikkei 225 Index | &nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; 06/13/25 | JPY | 37500.00 | JPY | 24546904 | &nbsp;&nbsp;&nbsp; 2238565 |
| Boston Scientific Corp. | &nbsp;&nbsp; 1923 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 105.00 | USD | 19782 | &nbsp;&nbsp;&nbsp; 591322 |
| Sabre Corp. | &nbsp;&nbsp; 1147 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 6.00 | USD | 272 | &nbsp;&nbsp;&nbsp; 4015 |
| Sabre Corp. | &nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 5.50 | USD | 136 | &nbsp;&nbsp;&nbsp; 5453 |
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 4998 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 285.00 | USD | 151824 | &nbsp;&nbsp;&nbsp; 11095560 |
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 7505 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 295.00 | USD | 227979 | &nbsp;&nbsp;&nbsp; 10919775 |
| Uber Technologies, Inc. | &nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 80.00 | USD | 12500 | &nbsp;&nbsp;&nbsp; 941230 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 620.00 | USD | 16458 | &nbsp;&nbsp;&nbsp; 22000 |
| Warner Bros Discovery Inc., Series A | &nbsp;&nbsp; 827 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 14.00 | USD | 717 | &nbsp;&nbsp;&nbsp; 11165 |
| Informatica Inc., Class A | &nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 07/18/25 | USD | 25.00 | USD | 503 | &nbsp;&nbsp;&nbsp; 7343 |
| UniCredit SpA | &nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 54.00 | EUR | 127 | &nbsp;&nbsp;&nbsp; 813129 |
| Euro Stoxx Banks | &nbsp;&nbsp; 3296 | &nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 200.00 | EUR | 30462 | &nbsp;&nbsp;&nbsp; 910132 |
| Informatica Inc., Class A | &nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 35.00 | USD | 539 | &nbsp;&nbsp;&nbsp; 11440 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; 40451259 |
| Put  |  |  |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 05/09/25 | USD | 540.00 | USD | 1054 | &nbsp;&nbsp;&nbsp; 5928 |
| American Airlines Group, Inc. | &nbsp;&nbsp; 754 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 9.00 | USD | 750 | &nbsp;&nbsp;&nbsp; 11687 |
| American Airlines Group, Inc. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 8.00 | USD | 747 | &nbsp;&nbsp;&nbsp; 3380 |
| Dow Inc. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 26.00 | USD | 2297 | &nbsp;&nbsp;&nbsp; 15396 |
| Euro Stoxx Banks | &nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; 05/16/25 | EUR | 160.00 | EUR | 3475 | &nbsp;&nbsp;&nbsp; 7987 |
| FedEx Corp. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 185.00 | USD | 6310 | &nbsp;&nbsp;&nbsp; 16800 |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 74.00 | USD | 5588 | &nbsp;&nbsp;&nbsp; 7110 |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 76.00 | USD | 11397 | &nbsp;&nbsp;&nbsp; 15225 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 18889 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 106.00 | USD | 203963 | &nbsp;&nbsp;&nbsp; 4769472 |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 185.00 | USD | 7541 | &nbsp;&nbsp;&nbsp; 60952 |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 180.00 | USD | 8165 | &nbsp;&nbsp;&nbsp; 37920 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 200.00 | USD | 17123 | &nbsp;&nbsp;&nbsp; 16800 |
| Netflix, Inc. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 850.00 | USD | 6338 | &nbsp;&nbsp;&nbsp; 3360 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 3762 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 555.00 | USD | 208618 | &nbsp;&nbsp;&nbsp; 3528756 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 535.00 | USD | 221816 | &nbsp;&nbsp;&nbsp; 1676000 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 545.00 | USD | 2163 | &nbsp;&nbsp;&nbsp; 24473 |
| Wells Fargo & Co. | &nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 55.00 | USD | 12427 | &nbsp;&nbsp;&nbsp; 5250 |
| Adobe, Inc. | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 350.00 | USD | 2025 | &nbsp;&nbsp;&nbsp; 59940 |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 260.00 | USD | 2277 | &nbsp;&nbsp;&nbsp; 61740 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 748 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 155.00 | USD | 12035 | &nbsp;&nbsp;&nbsp; 327250 |
| Amazon.com, Inc. | &nbsp;&nbsp; 796 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 175.00 | USD | 14680 | &nbsp;&nbsp;&nbsp; 517400 |
| Apollo Global Management, Inc. | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 130.00 | USD | 2443 | &nbsp;&nbsp;&nbsp; 120825 |
| Apple, Inc. | &nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 200.00 | USD | 17829 | &nbsp;&nbsp;&nbsp; 480327 |
| Boeing Co. | &nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 175.00 | USD | 5772 | &nbsp;&nbsp;&nbsp; 185062 |
| Boston Scientific Corp. | &nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 100.00 | USD | 6573 | &nbsp;&nbsp;&nbsp; 127800 |
| Broadcom, Inc. | &nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 180.00 | USD | 6371 | &nbsp;&nbsp;&nbsp; 297900 |
| Capital One Financial Corp. | &nbsp;&nbsp; 391 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 175.00 | USD | 7048 | &nbsp;&nbsp;&nbsp; 299115 |
| Chevron Corp. | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 135.00 | USD | 3061 | &nbsp;&nbsp;&nbsp; 134437 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 940.00 | USD | 8354 | &nbsp;&nbsp;&nbsp; 178710 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| Eli Lilly & Co. | &nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 850.00 | USD | 10158 | &nbsp;&nbsp;&nbsp; $285042 |
| EQT Corp. | &nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 50.00 | USD | 2571 | &nbsp;&nbsp;&nbsp; 163800 |
| Ford Motor Co. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 7.85 | USD | 752 | &nbsp;&nbsp;&nbsp; 7135 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 35.00 | USD | 2684 | &nbsp;&nbsp;&nbsp; 131120 |
| Home Depot, Inc. | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 340.00 | USD | 4867 | &nbsp;&nbsp;&nbsp; 116775 |
| Intuit, Inc. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 590.00 | USD | 5271 | &nbsp;&nbsp;&nbsp; 136080 |
| Intuitive Surgical, Inc. | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 490.00 | USD | 4333 | &nbsp;&nbsp;&nbsp; 111300 |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 170.00 | USD | 7522 | &nbsp;&nbsp;&nbsp; 59830 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 230.00 | USD | 7632 | &nbsp;&nbsp;&nbsp; 145080 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 510.00 | USD | 6577 | &nbsp;&nbsp;&nbsp; 102300 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 525.00 | USD | 9827 | &nbsp;&nbsp;&nbsp; 395142 |
| Micron Technology, Inc. | &nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 75.00 | USD | 3178 | &nbsp;&nbsp;&nbsp; 203402 |
| Microsoft Corp. | &nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 375.00 | USD | 18419 | &nbsp;&nbsp;&nbsp; 463670 |
| Netflix, Inc. | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1060.00 | USD | 2829 | &nbsp;&nbsp;&nbsp; 69937 |
| NVIDIA Corp. | &nbsp;&nbsp; 1256 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 105.00 | USD | 13680 | &nbsp;&nbsp;&nbsp; 791280 |
| Oracle Corp. | &nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 135.00 | USD | 6558 | &nbsp;&nbsp;&nbsp; 328530 |
| Salesforce, Inc. | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 250.00 | USD | 4810 | &nbsp;&nbsp;&nbsp; 166917 |
| TJX Cos., Inc. | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 120.00 | USD | 4761 | &nbsp;&nbsp;&nbsp; 73630 |
| Toll Brothers Inc. | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 95.00 | USD | 1453 | &nbsp;&nbsp;&nbsp; 53280 |
| Walmart, Inc. | &nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 90.00 | USD | 8130 | &nbsp;&nbsp;&nbsp; 161348 |
| Walt Disney Co. | &nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 85.00 | USD | 2583 | &nbsp;&nbsp;&nbsp; 73272 |
| WTI Crude Oil Future<sup>(a)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 07/17/25 | USD | 68.00 | USD | 34 | &nbsp;&nbsp;&nbsp; 704400 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; 17740272 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $58191531 |

---

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

<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* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | One Touch | HSBC Bank PLC | 05/16/25 | CAD | 1.48 | CAD | 1.48 | USD | 214 | &nbsp;&nbsp; $101 |
| AUD Currency | One Touch | UBS AG | 06/16/25 | USD | 0.67 | USD | 0.67 | AUD | 664 | &nbsp;&nbsp; 73172 |
| USD Currency | Up-and-out | HSBC Bank PLC | 07/02/25 | CNH | 7.35 | CNH | 7.74 | USD | 5441 | &nbsp;&nbsp; 10779 |
| USD Currency | One Touch | UBS AG | 07/18/25 | CAD | 1.52 | CAD | 1.53 | USD | 426 | &nbsp;&nbsp; 2119 |
| USD Currency | One Touch | Standard Chartered Bank | 08/29/25 | TWD | 34.60 | TWD | 34.60 | USD | 393 | &nbsp;&nbsp; 9704 |
| USD Currency | One Touch | HSBC Bank PLC | 09/29/25 | CNH | 7.50 | CNH | 7.50 | USD | 421 | &nbsp;&nbsp; 44570 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 140445 |
| Put  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | Down-and-out | UBS AG | 05/19/25 | JPY | 147.00 | JPY | 142.50 | USD | 2687 | &nbsp;&nbsp; 14773 |
| USD Currency | Down-and-out | Bank of America N.A. | 05/30/25 | KRW | 1390.00 | KRW | 1353.00 | USD | 4046 | &nbsp;&nbsp; 4883 |
| USD Currency | Down-and-out | UBS AG | 06/05/25 | JPY | 150.00 | JPY | 142.00 | USD | 2655 | &nbsp;&nbsp; 37698 |
| EUR Currency | One Touch | HSBC Bank PLC | 06/06/25 | CZK | 24.50 | CZK | 24.50 | EUR | 604 | &nbsp;&nbsp; 31111 |
| USD Currency | Down-and-out | UBS AG | 06/17/25 | MXN | 19.90 | MXN | 19.45 | USD | 4242 | &nbsp;&nbsp; 9952 |
| USD Currency | One Touch | Deutsche Bank AG | 06/23/25 | CNH | 7.05 | CNH | 7.05 | USD | 404 | &nbsp;&nbsp; 31039 |
| EUR Currency | One Touch | Goldman Sachs International | 07/14/25 | USD | 1.09 | USD | 1.09 | EUR | 469 | &nbsp;&nbsp; 70722 |
| USD Currency | One Touch | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 07/24/25 | CAD | 1.34 | CAD | 1.34 | USD | 407 | &nbsp;&nbsp; 69299 |
| USD Currency | Down-and-out | UBS AG | 08/07/25 | JPY | 144.00 | JPY | 136.00 | USD | 8600 | &nbsp;&nbsp; 72197 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 341674 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; $482119 |

---

**OTC Currency Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| EUR Currency | BNP Paribas SA | &nbsp;&nbsp; 05/05/25 | &nbsp;&nbsp; USD | 1.08 | EUR | 3028 | $161130 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**OTC Currency Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/08/25 | &nbsp;&nbsp; NOK | 11.80 | EUR | 1978 | $13176 |
| USD Currency | BNP Paribas SA | &nbsp;&nbsp; 05/12/25 | &nbsp;&nbsp; MXN | 21.20 | USD | 3982 | 677 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/14/25 | &nbsp;&nbsp; CAD | 1.41 | USD | 6671 | 2902 |
| EUR Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 05/16/25 | &nbsp;&nbsp; USD | 1.12 | EUR | 30334 | 538113 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp; CNH | 7.25 | USD | 3876 | 20909 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp; MXN | 22.00 | USD | 4205 | 1648 |
| EUR Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 06/05/25 | &nbsp;&nbsp; USD | 1.12 | EUR | 2539 | 55691 |
| USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 06/24/25 | &nbsp;&nbsp; JPY | 155.00 | USD | 94711 | 34096 |
|  |  |  |  |  |  |  | 828342 |
| Put  |  |  |  |  |  |  |  |
| EUR Currency | Goldman Sachs International | &nbsp;&nbsp; 05/08/25 | &nbsp;&nbsp; NOK | 11.55 | EUR | 3956 | 2478 |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 05/09/25 | &nbsp;&nbsp; SGD | 1.33 | USD | 3980 | 61451 |
| USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 05/15/25 | &nbsp;&nbsp; JPY | 140.00 | USD | 4044 | 17401 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp; CNH | 7.25 | USD | 3876 | 21347 |
| USD Currency | Goldman Sachs International | &nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp; TRY | 40.00 | USD | 1427 | 25476 |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 06/24/25 | &nbsp;&nbsp; JPY | 145.00 | USD | 94711 | 2828449 |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.02 | EUR | 11696 | 2624 |
| EUR Currency | UBS AG | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.06 | EUR | 7797 | 6987 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 07/18/25 | &nbsp;&nbsp; BRL | 5.80 | USD | 3690 | 101980 |
|  |  |  |  |  |  |  | 3068193 |
|  |  |  |  |  |  |  | $3896535 |

---

**OTC Dual Binary Options Purchased** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Description*<sup>(a)</sup> <br>| *Counterparty* | *Units* | *Expiration* <br>*Date*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |
| Dual Binary Option payout at expiry if USD JPY ˂ 148.00 and <br> EUR USD ˂= 1.02<br>| UBS AG | &nbsp;&nbsp; — | 07/15/25 | USD | 484 | &nbsp;&nbsp; $375306 |

---

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

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

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Credit* <br>*Rating*<br>| *Exercise* <br>*Price*<br>| *Notional* <br>*Amount (000)*<sup>(a)</sup>  | *Notional* <br>*Amount (000)*<sup>(a)</sup>  | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Bought Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| 5.00% | CDX.NA.HY.44.V1 | Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| 05/21/25 |  | USD 1.02 | USD | 18090 | $73695 |

---

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

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, <br> 07/12/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.50% | Annual | Deutsche Bank AG | 07/10/25 | 3.50<br> % <br>| USD | 182098 | $2078359 |
| 1-Year Interest Rate Swap, <br> 04/22/27<br>| &nbsp;&nbsp; 1-day SONIA, <br> 4.46%<br>| Annual | 3.50% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 3.50 | GBP | 914097 | 5542199 |
|  |  |  |  |  |  |  |  |  |  | 7620558 |
| Put  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, <br> 06/29/35<br>| 2.95% | Annual | 6-mo. <br> EURIBOR, <br> 2.13%<br>| Semi-Annual | Citibank N.A. | 06/27/25 | 2.95 | EUR | 94873 | 60365 |
|  |  |  |  |  |  |  |  |  |  | $7680923 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| Euro Stoxx Banks | &nbsp;&nbsp; 4610 | &nbsp;&nbsp;&nbsp; 05/16/25 | EUR | 215.00 | EUR | 42606 | &nbsp;&nbsp;&nbsp; $(26112)<br>|
| KraneShares CSI China Internet ETF | &nbsp;&nbsp; 7725 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 48.00 | USD | 24797 | &nbsp;&nbsp;&nbsp; (270375)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 3250 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 295.00 | USD | 98725 | &nbsp;&nbsp;&nbsp; (3615625)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 2698 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 590.00 | USD | 149615 | &nbsp;&nbsp;&nbsp; (133551)<br>|
| United States Steel Corporation | &nbsp;&nbsp; 1990 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 45.00 | USD | 8698 | &nbsp;&nbsp;&nbsp; (397005)<br>|
| 2-Year U.S. Treasury Note Future | &nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 05/23/25 | USD | 104.25 | USD | 52475 | &nbsp;&nbsp;&nbsp; (94500)<br>|
| Nikkei 225 Index | &nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; 06/13/25 | JPY | 39500.00 | JPY | 24546904 | &nbsp;&nbsp;&nbsp; (471527)<br>|
| Adobe, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 420.00 | USD | 2400 | &nbsp;&nbsp;&nbsp; (42720)<br>|
| Air Products & Chemicals, Inc. | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 300.00 | USD | 2846 | &nbsp;&nbsp;&nbsp; (34650)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 994 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 180.00 | USD | 15992 | &nbsp;&nbsp;&nbsp; (132202)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 210.00 | USD | 19549 | &nbsp;&nbsp;&nbsp; (236380)<br>|
| Apollo Global Management, Inc. | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 155.00 | USD | 3303 | &nbsp;&nbsp;&nbsp; (38115)<br>|
| Apple, Inc. | &nbsp;&nbsp; 1116 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 230.00 | USD | 23715 | &nbsp;&nbsp;&nbsp; (390600)<br>|
| Bank of America Corp. | &nbsp;&nbsp; 3022 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 42.00 | USD | 12052 | &nbsp;&nbsp;&nbsp; (231183)<br>|
| Boeing Co. | &nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 200.00 | USD | 7568 | &nbsp;&nbsp;&nbsp; (135257)<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 850 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 110.00 | USD | 8744 | &nbsp;&nbsp;&nbsp; (104125)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 220.00 | USD | 8372 | &nbsp;&nbsp;&nbsp; (217500)<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 200.00 | USD | 9283 | &nbsp;&nbsp;&nbsp; (136475)<br>|
| Chevron Corp. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 150.00 | USD | 4082 | &nbsp;&nbsp;&nbsp; (30300)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 72.50 | USD | 11713 | &nbsp;&nbsp;&nbsp; (208129)<br>|
| Costco Wholesale Corp. | &nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1025.00 | USD | 13127 | &nbsp;&nbsp;&nbsp; (390390)<br>|
| Costco Wholesale Corp. | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1060.00 | USD | 10442 | &nbsp;&nbsp;&nbsp; (179025)<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1000.00 | USD | 13484 | &nbsp;&nbsp;&nbsp; (172125)<br>|
| EQT Corp. | &nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 60.00 | USD | 3387 | &nbsp;&nbsp;&nbsp; (18838)<br>|
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 986 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 45.00 | USD | 3553 | &nbsp;&nbsp;&nbsp; (21199)<br>|
| Home Depot, Inc. | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 390.00 | USD | 6309 | &nbsp;&nbsp;&nbsp; (62038)<br>|
| Intuit, Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 680.00 | USD | 6902 | &nbsp;&nbsp;&nbsp; (107800)<br>|
| Intuitive Surgical, Inc. | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 580.00 | USD | 5416 | &nbsp;&nbsp;&nbsp; (40425)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 255.00 | USD | 11130 | &nbsp;&nbsp;&nbsp; (244562)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 265.00 | USD | 9883 | &nbsp;&nbsp;&nbsp; (93728)<br>|
| Mastercard, Inc., Class A | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 565.00 | USD | 10961 | &nbsp;&nbsp;&nbsp; (250500)<br>|
| Mastercard, Inc., Class A | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 590.00 | USD | 8769 | &nbsp;&nbsp;&nbsp; (68400)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 630.00 | USD | 12956 | &nbsp;&nbsp;&nbsp; (214760)<br>|
| Micron Technology, Inc. | &nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 95.00 | USD | 4240 | &nbsp;&nbsp;&nbsp; (57580)<br>|
| Microsoft Corp. | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 435.00 | USD | 24506 | &nbsp;&nbsp;&nbsp; (176700)<br>|
| Netflix, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 1260.00 | USD | 3508 | &nbsp;&nbsp;&nbsp; (46113)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 1669 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 130.00 | USD | 18179 | &nbsp;&nbsp;&nbsp; (312103)<br>|
| Oracle Corp. | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 165.00 | USD | 8725 | &nbsp;&nbsp;&nbsp; (137950)<br>|
| Salesforce, Inc. | &nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 300.00 | USD | 6342 | &nbsp;&nbsp;&nbsp; (126850)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 7505 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 310.00 | USD | 227979 | &nbsp;&nbsp;&nbsp; (5047112)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 9975 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 300.00 | USD | 303011 | &nbsp;&nbsp;&nbsp; (11371500)<br>|
| TJX Cos., Inc. | &nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 135.00 | USD | 6228 | &nbsp;&nbsp;&nbsp; (110110)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| Toll Brothers Inc. | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 115.00 | USD | 1846 | &nbsp;&nbsp;&nbsp; $(29280)<br>|
| Uber Technologies, Inc. | &nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 100.00 | USD | 12500 | &nbsp;&nbsp;&nbsp; (81008)<br>|
| Walmart, Inc. | &nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 100.00 | USD | 13712 | &nbsp;&nbsp;&nbsp; (437100)<br>|
| Walmart, Inc. | &nbsp;&nbsp; 1104 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 105.00 | USD | 10736 | &nbsp;&nbsp;&nbsp; (155664)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 105.00 | USD | 3402 | &nbsp;&nbsp;&nbsp; (28798)<br>|
| UniCredit SpA | &nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 62.00 | EUR | 16871 | &nbsp;&nbsp;&nbsp; (169324)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (27097313)<br>|
| Put  |  |  |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp; 05/09/25 | USD | 495.00 | USD | 55343 | &nbsp;&nbsp;&nbsp; (26946)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 05/09/25 | USD | 520.00 | USD | 1054 | &nbsp;&nbsp;&nbsp; (1777)<br>|
| American Airlines Group, Inc. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 5.00 | USD | 747 | &nbsp;&nbsp;&nbsp; (3004)<br>|
| Bank of America Corp. | &nbsp;&nbsp; 4612 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 38.00 | USD | 18393 | &nbsp;&nbsp;&nbsp; (221376)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; 2972 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 65.00 | USD | 20323 | &nbsp;&nbsp;&nbsp; (260050)<br>|
| Dow Inc. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 22.00 | USD | 2297 | &nbsp;&nbsp;&nbsp; (42807)<br>|
| Euro Stoxx Banks | &nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; 05/16/25 | EUR | 140.00 | EUR | 3475 | &nbsp;&nbsp;&nbsp; (6389)<br>|
| FedEx Corp. | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 160.00 | USD | 6310 | &nbsp;&nbsp;&nbsp; (24900)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 11184 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 77.00 | USD | 96788 | &nbsp;&nbsp;&nbsp; (335520)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 73.00 | USD | 8882 | &nbsp;&nbsp;&nbsp; (46330)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 72.00 | USD | 11397 | &nbsp;&nbsp;&nbsp; (58000)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 68.00 | USD | 5588 | &nbsp;&nbsp;&nbsp; (51192)<br>|
| iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 18889 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 101.00 | USD | 203963 | &nbsp;&nbsp;&nbsp; (132223)<br>|
| iShares Russell 2000 ETF | &nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 155.00 | USD | 8165 | &nbsp;&nbsp;&nbsp; (5447)<br>|
| iShares Russell 2000 ETF | &nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 165.00 | USD | 7541 | &nbsp;&nbsp;&nbsp; (8514)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 230.00 | USD | 17564 | &nbsp;&nbsp;&nbsp; (110931)<br>|
| Lam Research Corp. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 72.00 | USD | 5382 | &nbsp;&nbsp;&nbsp; (212157)<br>|
| Netflix, Inc. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 750.00 | USD | 6338 | &nbsp;&nbsp;&nbsp; (1260)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 2002 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 280.00 | USD | 60815 | &nbsp;&nbsp;&nbsp; (61061)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 3762 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 525.00 | USD | 208618 | &nbsp;&nbsp;&nbsp; (1051479)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 510.00 | USD | 221816 | &nbsp;&nbsp;&nbsp; (612000)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 515.00 | USD | 2163 | &nbsp;&nbsp;&nbsp; (7254)<br>|
| Union Pacific Corp. | &nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp; 05/16/25 | USD | 225.00 | USD | 11279 | &nbsp;&nbsp;&nbsp; (512540)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 5002 | &nbsp;&nbsp;&nbsp; 05/30/25 | USD | 265.00 | USD | 151946 | &nbsp;&nbsp;&nbsp; (105042)<br>|
| Adobe, Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 315.00 | USD | 4125 | &nbsp;&nbsp;&nbsp; (44550)<br>|
| Air Products & Chemicals, Inc. | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 230.00 | USD | 4636 | &nbsp;&nbsp;&nbsp; (43178)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 1501 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 140.00 | USD | 24150 | &nbsp;&nbsp;&nbsp; (228902)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 165.00 | USD | 29507 | &nbsp;&nbsp;&nbsp; (636000)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 1591 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 160.00 | USD | 29341 | &nbsp;&nbsp;&nbsp; (473322)<br>|
| Apollo Global Management, Inc. | &nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 115.00 | USD | 4900 | &nbsp;&nbsp;&nbsp; (76288)<br>|
| Apple, Inc. | &nbsp;&nbsp; 2056 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 180.00 | USD | 43690 | &nbsp;&nbsp;&nbsp; (441012)<br>|
| Apple, Inc. | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 190.00 | USD | 34000 | &nbsp;&nbsp;&nbsp; (564000)<br>|
| Boeing Co. | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 155.00 | USD | 11544 | &nbsp;&nbsp;&nbsp; (113400)<br>|
| Boston Scientific Corp. | &nbsp;&nbsp; 3203 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 90.00 | USD | 32949 | &nbsp;&nbsp;&nbsp; (232217)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 140.00 | USD | 23096 | &nbsp;&nbsp;&nbsp; (191400)<br>|
| Broadcom, Inc. | &nbsp;&nbsp; 661 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 165.00 | USD | 12722 | &nbsp;&nbsp;&nbsp; (325542)<br>|
| Capital One Financial Corp. | &nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 155.00 | USD | 14042 | &nbsp;&nbsp;&nbsp; (190855)<br>|
| Chevron Corp. | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 120.00 | USD | 6123 | &nbsp;&nbsp;&nbsp; (68175)<br>|
| Costco Wholesale Corp. | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 840.00 | USD | 17006 | &nbsp;&nbsp;&nbsp; (107730)<br>|
| Delta Air Lines, Inc. | &nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 34.00 | USD | 10416 | &nbsp;&nbsp;&nbsp; (186399)<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 750.00 | USD | 20766 | &nbsp;&nbsp;&nbsp; (163432)<br>|
| EQT Corp. | &nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 45.00 | USD | 5142 | &nbsp;&nbsp;&nbsp; (135200)<br>|
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 1489 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 30.00 | USD | 5365 | &nbsp;&nbsp;&nbsp; (72217)<br>|
| Home Depot, Inc. | &nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 305.00 | USD | 9769 | &nbsp;&nbsp;&nbsp; (65989)<br>|
| Intuit, Inc. | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 500.00 | USD | 10730 | &nbsp;&nbsp;&nbsp; (58140)<br>|
| Intuitive Surgical, Inc. | &nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 435.00 | USD | 8820 | &nbsp;&nbsp;&nbsp; (67545)<br>|
| iShares Russell 2000 ETF | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 130.00 | USD | 7522 | &nbsp;&nbsp;&nbsp; (5211)<br>|
| JPMorgan Chase & Co. | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 210.00 | USD | 15166 | &nbsp;&nbsp;&nbsp; (111290)<br>|
| Mastercard, Inc., Class A | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 460.00 | USD | 13263 | &nbsp;&nbsp;&nbsp; (65945)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 480.00 | USD | 6863 | &nbsp;&nbsp;&nbsp; (133438)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 500.00 | USD | 31842 | &nbsp;&nbsp;&nbsp; (827950)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 470.00 | USD | 19709 | &nbsp;&nbsp;&nbsp; (311432)<br>|
| Micron Technology, Inc. | &nbsp;&nbsp; 829 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 60.00 | USD | 6379 | &nbsp;&nbsp;&nbsp; (82900)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| Microsoft Corp. | &nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 335.00 | USD | 36759 | &nbsp;&nbsp;&nbsp; $(290160)<br>|
| Netflix, Inc. | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 950.00 | USD | 5659 | &nbsp;&nbsp;&nbsp; (47500)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 5515 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 85.00 | USD | 60069 | &nbsp;&nbsp;&nbsp; (761070)<br>|
| Oracle Corp. | &nbsp;&nbsp; 930 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 110.00 | USD | 13087 | &nbsp;&nbsp;&nbsp; (143685)<br>|
| Salesforce, Inc. | &nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 220.00 | USD | 9647 | &nbsp;&nbsp;&nbsp; (102495)<br>|
| SPDR Gold Shares<sup>(a)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 250.00 | USD | 75943 | &nbsp;&nbsp;&nbsp; (51250)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 405.00 | USD | 39317 | &nbsp;&nbsp;&nbsp; (49985)<br>|
| TJX Cos., Inc. | &nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 110.00 | USD | 9535 | &nbsp;&nbsp;&nbsp; (49647)<br>|
| Toll Brothers Inc. | &nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 85.00 | USD | 2925 | &nbsp;&nbsp;&nbsp; (46400)<br>|
| Uber Technologies, Inc. | &nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 60.00 | USD | 12500 | &nbsp;&nbsp;&nbsp; (62492)<br>|
| United Airlines Holdings, Inc. | &nbsp;&nbsp; 1995 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 55.00 | USD | 13730 | &nbsp;&nbsp;&nbsp; (269325)<br>|
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 480.00 | USD | 16458 | &nbsp;&nbsp;&nbsp; (2815000)<br>|
| Walmart, Inc. | &nbsp;&nbsp; 1669 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 80.00 | USD | 16231 | &nbsp;&nbsp;&nbsp; (105982)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp; 06/20/25 | USD | 75.00 | USD | 5193 | &nbsp;&nbsp;&nbsp; (47964)<br>|
| UniCredit SpA | &nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 42.00 | EUR | 16871 | &nbsp;&nbsp;&nbsp; (295852)<br>|
| Euro Stoxx Banks | &nbsp;&nbsp; 3296 | &nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 165.00 | EUR | 30462 | &nbsp;&nbsp;&nbsp; (1185505)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (16246170)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(43343483)<br>|

---

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

<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 Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| EUR Currency | BNP Paribas SA | 05/05/25 | USD | 1.10 | EUR | 6056 | &nbsp;&nbsp;&nbsp; $(201364)<br>|
| EUR Currency | Goldman Sachs International | 05/08/25 | NOK | 12.00 | EUR | 3956 | &nbsp;&nbsp;&nbsp; (6261)<br>|
| EUR Currency | JPMorgan Chase Bank N.A. | 05/14/25 | USD | 1.15 | EUR | 2351 | &nbsp;&nbsp;&nbsp; (8139)<br>|
| EUR Currency | Bank of America N.A. | 05/15/25 | USD | 1.15 | EUR | 108428 | &nbsp;&nbsp;&nbsp; (402154)<br>|
| EUR Currency | JPMorgan Chase Bank N.A. | 05/16/25 | USD | 1.12 | EUR | 121338 | &nbsp;&nbsp;&nbsp; (2152450)<br>|
| USD Currency | Bank of America N.A. | 05/23/25 | CLP | 950.00 | USD | 5690 | &nbsp;&nbsp;&nbsp; (72229)<br>|
| AUD Currency | Bank of America N.A. | 05/28/25 | USD | 0.64 | AUD | 6189 | &nbsp;&nbsp;&nbsp; (60028)<br>|
| USD Currency | Barclays Bank PLC | 05/29/25 | JPY | 142.53 | USD | 3876 | &nbsp;&nbsp;&nbsp; (52236)<br>|
| USD Currency | Citibank N.A. | 05/29/25 | MXN | 22.00 | USD | 4205 | &nbsp;&nbsp;&nbsp; (1648)<br>|
| USD Currency | Goldman Sachs International | 05/29/25 | TRY | 48.00 | USD | 713 | &nbsp;&nbsp;&nbsp; (1912)<br>|
| EUR Currency | BNP Paribas SA | 06/05/25 | USD | 1.12 | EUR | 2539 | &nbsp;&nbsp;&nbsp; (55691)<br>|
| USD Currency | Morgan Stanley & Co. International PLC | 06/16/25 | JPY | 148.00 | USD | 4044 | &nbsp;&nbsp;&nbsp; (13604)<br>|
| USD Currency | Bank of America N.A. | 06/24/25 | JPY | 155.00 | USD | 94711 | &nbsp;&nbsp;&nbsp; (34096)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (3061812)<br>|
| Put |  |  |  |  |  |  |  |
| USD Currency | BNP Paribas SA | 05/12/25 | MXN | 20.00 | USD | 3982 | &nbsp;&nbsp;&nbsp; (86282)<br>|
| USD Currency | Goldman Sachs International | 05/16/25 | TRY | 39.50 | USD | 2832 | &nbsp;&nbsp;&nbsp; (35530)<br>|
| USD Currency | UBS AG | 05/28/25 | MXN | 20.10 | USD | 2833 | &nbsp;&nbsp;&nbsp; (78177)<br>|
| USD Currency | Barclays Bank PLC | 05/29/25 | JPY | 142.53 | USD | 3876 | &nbsp;&nbsp;&nbsp; (54329)<br>|
| USD Currency | Citibank N.A. | 05/29/25 | CLP | 930.00 | USD | 5178 | &nbsp;&nbsp;&nbsp; (40797)<br>|
| USD Currency | Morgan Stanley & Co. International PLC | 05/29/25 | BRL | 5.75 | USD | 5637 | &nbsp;&nbsp;&nbsp; (103518)<br>|
| USD Currency | Bank of America N.A. | 06/24/25 | JPY | 140.00 | USD | 94711 | &nbsp;&nbsp;&nbsp; (1212869)<br>|
| EUR Currency | UBS AG | 07/15/25 | USD | 1.02 | EUR | 11696 | &nbsp;&nbsp;&nbsp; (2623)<br>|
| USD Currency | Barclays Bank PLC | 07/18/25 | BRL | 5.65 | USD | 5535 | &nbsp;&nbsp;&nbsp; (83178)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (1697303)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(4759115)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**OTC Credit Default Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Exercise* <br>*Price*<br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Sold Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| CDX.NA.HY.44.V1 | 5.00% | Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| 05/21/25 | N\R | USD 0.97 | USD | 18090 | $(20424)<br>|

---

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

<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** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 5-Year Interest Rate Swap, <br> 06/28/30<br>| 3.70% | Annual | 6-mo. <br> PRIBOR, <br> 3.52%<br>| Semi-Annual | Morgan Stanley & Co. <br> International PLC<br>| 06/26/25 | 3.70<br> % <br>| CZK | 115576 | $(112321)<br>|
| 10-Year Interest Rate Swap, <br> 04/08/36<br>| 3.46% | Annual | 1-day SOFR, <br> 4.41%<br>| Annual | BNP Paribas SA | 04/06/26 | 3.46 | USD | 15069 | (373971)<br>|
| 1-Year Interest Rate Swap, <br> 04/24/27<br>| 3.10% | Annual | 1-day SONIA, <br> 4.46%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 3.10 | GBP | 914097 | (3454136)<br>|
|  |  |  |  |  |  |  |  |  |  | (3940428)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, <br> 06/06/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.05% | Annual | Goldman Sachs <br> International<br>| 06/04/25 | 4.05 | USD | 115697 | (163410)<br>|
| 10-Year Interest Rate Swap, <br> 06/11/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.25% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 06/09/25 | 4.25 | USD | 117055 | (71826)<br>|
| 5-Year Interest Rate Swap, <br> 06/29/30<br>| &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.13%<br>| Semi-Annual | 2.74% | Annual | Citibank N.A. | 06/27/25 | 2.74 | EUR | 189746 | (31822)<br>|
| 10-Year Interest Rate Swap, <br> 07/09/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.75% | Annual | Goldman Sachs <br> International<br>| 07/07/25 | 3.75 | USD | 74414 | (775603)<br>|
| 10-Year Interest Rate Swap, <br> 07/12/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 4.30% | Annual | Deutsche Bank AG | 07/10/25 | 4.30 | USD | 182098 | (290463)<br>|
| 10-Year Interest Rate Swap, <br> 04/08/36<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.41%<br>| Annual | 3.46% | Annual | BNP Paribas SA | 04/06/26 | 3.46 | USD | 15069 | (615350)<br>|
| 1-Year Interest Rate Swap, <br> 04/24/27<br>| &nbsp;&nbsp; 1-day SONIA, <br> 4.46%<br>| Annual | 4.20% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 4.20 | GBP | 914097 | (1504926)<br>|
|  |  |  |  |  |  |  |  |  |  | (3453400)<br>|
|  |  |  |  |  |  |  |  |  |  | $(7393828)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AVIS Budget Car Rental LLC | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/26 | USD | 12271 | &nbsp;&nbsp;&nbsp; $(577259)<br>| &nbsp;&nbsp;&nbsp; $(589103)<br>| &nbsp;&nbsp;&nbsp; $11844 |
| CDX.NA.IG.39.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/27 | USD | 5479 | &nbsp;&nbsp;&nbsp; (82311)<br>| &nbsp;&nbsp;&nbsp; (4233)<br>| &nbsp;&nbsp;&nbsp; (78078)<br>|
| CDX.NA.HY.44.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 5620 | &nbsp;&nbsp;&nbsp; (236158)<br>| &nbsp;&nbsp;&nbsp; (90753)<br>| &nbsp;&nbsp;&nbsp; (145405)<br>|
| iTraxx.XO.43.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | EUR | 9273 | &nbsp;&nbsp;&nbsp; (735793)<br>| &nbsp;&nbsp;&nbsp; (668540)<br>| &nbsp;&nbsp;&nbsp; (67253)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(1631521)<br>| &nbsp;&nbsp;&nbsp; $(1352629)<br>| &nbsp;&nbsp;&nbsp; $(278892)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.39.V4 | 5.00<br> % <br>| Quarterly | 12/20/27 | B | USD | 21615 | &nbsp;&nbsp;&nbsp; $1114963 | &nbsp;&nbsp;&nbsp; $(35400)<br>| &nbsp;&nbsp;&nbsp; $1150363 |
| CDX.NA.HY.41.V2 | 5.00 | Quarterly | 12/20/28 | B | USD | 31965 | &nbsp;&nbsp;&nbsp; 1637703 | &nbsp;&nbsp;&nbsp; 906844 | &nbsp;&nbsp;&nbsp; 730859 |
| iTraxx.XO.42.V2 | 5.00 | Quarterly | 12/20/29 | B+ | EUR | 96318 | &nbsp;&nbsp;&nbsp; 7681928 | &nbsp;&nbsp;&nbsp; 8622290 | &nbsp;&nbsp;&nbsp; (940362)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $10434594 | &nbsp;&nbsp;&nbsp; $9493734 | &nbsp;&nbsp;&nbsp; $940860 |

---

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

<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 | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 2.69% | At Termination | 08/15/32 | EUR | 14565 | &nbsp;&nbsp; $642141 | &nbsp;&nbsp; $303 | &nbsp;&nbsp; $641838 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective* <br>*Date* | &nbsp;&nbsp; *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* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 9.31% | Monthly | 1-day TIIEFONDEO, <br> 9.08%<br>| Monthly | N/A | 01/09/26 | MXN | 273906 | $(133292)<br>| $12 | $(133304)<br>|
| 1-day TIIEFONDEO, <br> 9.08%<br>| Monthly | 8.47% | Monthly | N/A | 02/25/26 | MXN | 484352 | 121579 | 26 | 121553 |
| 0.28% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | N/A | 03/09/26 | JPY | 26882219 | 503610 | 380 | 503230 |
| 8.02% | Quarterly | 3-mo. JIBAR, 7.54% | Quarterly | N/A | 03/26/26 | ZAR | 199538 | (85271)<br>| 26 | (85297)<br>|
| 1-day SOFR, 4.41% | Annual | 4.93% | Annual | N/A | 04/26/26 | USD | 1080090 | 12441469 | 104398 | 12337071 |
| 8.15% | Quarterly | 3-mo. JIBAR, 7.54% | Quarterly | 05/07/25 <br><sup>(a)</sup><br>| 05/07/26 | ZAR | 281532 | (143211)<br>| 42 | (143253)<br>|
| 1-day SOFR, 4.41% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 238166 | 814507 | 556 | 813951 |
| 1-day SOFR, 4.41% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 102378 | 548630 | 282 | 548348 |
| 5.24% | Annual | 6-mo. WIBOR, 5.10% | Semi-Annual | N/A | 09/19/26 | PLN | 44287 | (117643)<br>| 48 | (117691)<br>|
| 6.92% | Quarterly | 3-mo. JIBAR, 7.54% | Quarterly | 09/23/25 <br><sup>(a)</sup><br>| 09/23/26 | ZAR | 28851 | 1086 | 5 | 1081 |
| 1-day SOFR, 4.41% | Annual | 4.00% | Annual | N/A | 10/28/26 | USD | 370972 | 1697274 | 1262 | 1696012 |
| 1-day TIIEFONDEO, <br> 9.08%<br>| Monthly | 9.26% | Monthly | N/A | 11/18/26 | MXN | 2409360 | 3118285 | 417 | 3117868 |
| 1-day SOFR, 4.41% | Annual | 4.07% | Annual | N/A | 01/14/27 | USD | 341295 | 3234870 | 1330 | 3233540 |
| 5.13% | Annual | 6-mo. WIBOR, 5.10% | Semi-Annual | N/A | 03/19/27 | PLN | 21980 | (91476)<br>| 23 | (91499)<br>|
| 5.14% | Annual | 6-mo. WIBOR, 5.10% | Semi-Annual | N/A | 03/19/27 | PLN | 36634 | (154841)<br>| 40 | (154881)<br>|
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.50% | Annual | N/A | 03/19/27 | HUF | 1223390 | 33130 | 14 | 33116 |
| 7.25% | Quarterly | 3-mo. JIBAR, 7.54% | Quarterly | N/A | 03/19/27 | ZAR | 108319 | (16940)<br>| 28 | (16968)<br>|
| 3.88% | Annual | 1-day SOFR, 4.41% | Annual | N/A | 03/20/27 | USD | 8495 | (71523)<br>| 1004 | (72527)<br>|
| 1-day MIBOR, 6.00% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/27 | INR | 5510027 | 973756 | 436 | 973320 |
| 1-day SOFR, 4.41% | Annual | 4.73% | Annual | N/A | 04/26/27 | USD | 1289442 | 33651591 | 480842 | 33170749 |
| 1-day SOFR, 4.41% | Annual | 4.10% | Annual | 05/30/25 <br><sup>(a)</sup><br>| 05/30/27 | USD | 282111 | 4273649 | 1262 | 4272387 |
| 1-day SOFR, 4.41% | Annual | 4.15% | Annual | 05/30/25 <br><sup>(a)</sup><br>| 05/30/27 | USD | 282111 | 4543795 | 1262 | 4542533 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 5.76% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | HUF | 2570000 | 12373 | 35 | 12338 |
| 1-day SOFR, 4.41% | Annual | 4.20% | Annual | 10/23/25 <br><sup>(a)</sup><br>| 10/23/27 | USD | 95676 | 1992711 | 435 | 1992276 |
| 3.45% | Annual | 1-day SOFR, 4.41% | Annual | N/A | 01/26/28 | USD | 228623 | (1671839)<br>| 989 | (1672828)<br>|
| 1-day SOFR, 4.41% | Annual | 4.00% | Annual | N/A | 01/26/28 | USD | 228623 | 4038374 | 989 | 4037385 |
| 3.27% | Annual | 1-day SOFR, 4.41% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 230190 | (928255)<br>| 996 | (929251)<br>|
| 1-day SONIA, 4.46% | At Termination | 3.18% | At Termination | 02/10/27 <br><sup>(a)</sup><br>| 02/10/28 | GBP | 849941 | (2872449)<br>| 4686 | (2877135)<br>|
| China Fixing Repo Rates <br> 7-day, 1.83%<br>| Quarterly | 1.58% | Quarterly | N/A | 03/19/28 | CNY | 49008 | 32303 | 66 | 32237 |
| 1-day SONIA, 4.46% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 62860 | 3140186 | (105)<br>| 3140291 |
| 1-day SONIA, 4.46% | Annual | 4.12% | Annual | N/A | 11/17/28 | GBP | 57731 | 1210572 | 2024 | 1208548 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *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* | *Effective*<br> *Date* | &nbsp;&nbsp; *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 SONIA, 4.46% | Annual | 4.12% | Annual | N/A | 11/21/28 | GBP | 57649 | $1218838 | $2049 | $1216789 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 148633 | 6137595 | 1243 | 6136352 |
| 1-day MIBOR, 6.00% | Semi-Annual | 6.26% | Semi-Annual | N/A | 03/20/29 | INR | 1575211 | 448836 | 212 | 448624 |
| 1-day MIBOR, 6.00% | Semi-Annual | 6.30% | Semi-Annual | N/A | 03/20/29 | INR | 1925258 | 579093 | 259 | 578834 |
| 1-day SOFR, 4.41% | Annual | 4.50% | Annual | N/A | 04/26/29 | USD | 1720423 | 76879190 | 1586847 | 75292343 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 165249 | 6184130 | 1412 | 6182718 |
| 1-day SOFR, 4.41% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 235522 | 3951158 | 1796 | 3949362 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 119586 | 6288941 | 1072 | 6287869 |
| 1-day SOFR, 4.41% | Annual | 3.66% | Annual | N/A | 10/10/29 | USD | 115310 | 1031323 | 971 | 1030352 |
| 1-day TIIEFONDEO, <br> 9.08%<br>| Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 831130 | 2286817 | 352 | 2286465 |
| 8.97% | Monthly | 1-day TIIEFONDEO, <br> 9.08%<br>| Monthly | N/A | 12/14/29 | MXN | 57803 | (151741)<br>| 24 | (151765)<br>|
| 1-day SONIA, 4.46% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 128988 | 2587792 | 4321 | 2583471 |
| 1-day SOFR, 4.41% | Annual | 4.00% | Annual | N/A | 01/23/30 | USD | 128988 | 3602737 | 1158 | 3601579 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.42% | Annual | N/A | 01/31/30 | EUR | 2181 | 32491 | 604 | 31887 |
| 6-mo. EURIBOR, 2.13% | Semi-Annual | 2.43% | Annual | N/A | 02/03/30 | EUR | 4385 | 69008 | 10540 | 58468 |
| 8.65% | Monthly | 1-day TIIEFONDEO, <br> 9.08%<br>| Monthly | N/A | 02/07/30 | MXN | 62093 | (124319)<br>| 27 | (124346)<br>|
| 1-day SOFR, 4.41% | Annual | 3.23% | Annual | N/A | 02/19/30 | USD | 128318 | (940340)<br>| 1168 | (941508)<br>|
| 1-day SOFR, 4.41% | Annual | 3.90% | Annual | N/A | 02/24/30 | USD | 111573 | 2678195 | 1018 | 2677177 |
| 6-mo. PRIBOR, 3.52% | Semi-Annual | 3.46% | Annual | N/A | 03/19/30 | CZK | 114863 | 44967 | 52 | 44915 |
| 6-mo. WIBOR, 5.10% | Semi-Annual | 4.88% | Annual | N/A | 03/19/30 | PLN | 8649 | 87218 | 23 | 87195 |
| 6-mo. WIBOR, 5.10% | Semi-Annual | 4.91% | Annual | N/A | 03/19/30 | PLN | 9855 | 101938 | 27 | 101911 |
| 6-mo. WIBOR, 5.10% | Semi-Annual | 4.94% | Annual | N/A | 03/19/30 | PLN | 14416 | 155084 | 39 | 155045 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.55% | Annual | N/A | 03/19/30 | HUF | 490037 | 38343 | 14 | 38329 |
| 7.94% | Quarterly | 3-mo. JIBAR, 7.54% | Quarterly | N/A | 03/19/30 | ZAR | 202269 | (213676)<br>| 118 | (213794)<br>|
| 6-mo. PRIBOR, 3.52% | Semi-Annual | 3.56% | Annual | 06/18/25 <br><sup>(a)</sup><br>| 06/18/30 | CZK | 29039 | 18747 | 14 | 18733 |
| 6-mo. PRIBOR, 3.52% | Semi-Annual | 3.66% | Annual | 06/18/25 <br><sup>(a)</sup><br>| 06/18/30 | CZK | 46231 | 39643 | 5519 | 34124 |
| 0.02% | Annual | 6-mo. EURIBOR, 2.13% | Semi-Annual | N/A | 08/26/31 | EUR | 103788 | 15754391 | 1595 | 15752796 |
| 1-day ESTR, 1,802.13% | Annual | 2.34% | Annual | 01/19/28 <br><sup>(a)</sup><br>| 01/19/33 | EUR | 74318 | (202056)<br>| 1041 | (203097)<br>|
| 3-mo. JIBAR, 7.54% | Quarterly | 9.90% | Quarterly | N/A | 09/20/33 | ZAR | 276671 | 1456525 | 237 | 1456288 |
| 3-mo. JIBAR, 7.54% | Quarterly | 9.90% | Quarterly | N/A | 09/20/33 | ZAR | 138336 | 728732 | 118 | 728614 |
| 3-mo. JIBAR, 7.54% | Quarterly | 9.92% | Quarterly | N/A | 09/20/33 | ZAR | 138336 | 738820 | 119 | 738701 |
| 1-day MIBOR, 6.00% | Semi-Annual | 6.34% | Semi-Annual | N/A | 03/20/34 | INR | 1013451 | 501946 | 210 | 501736 |
| 1-day MIBOR, 6.00% | Semi-Annual | 6.35% | Semi-Annual | N/A | 03/20/34 | INR | 1013451 | 510195 | 210 | 509985 |
| 1-day SOFR, 4.41% | Annual | 4.35% | Annual | N/A | 04/26/34 | USD | 1281638 | 76394953 | 2197351 | 74197602 |
| 1-day SOFR, 4.41% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 77654 | (36804)<br>| 1221 | (38025)<br>|
| 1-day SOFR, 4.41% | Annual | 3.67% | Annual | N/A | 12/26/34 | USD | 133331 | 267139 | 2135 | 265004 |
| 1-day SOFR, 4.41% | Annual | 3.70% | Annual | N/A | 01/06/35 | USD | 104391 | 489607 | 1676 | 487931 |
| 1-day SOFR, 4.41% | Annual | 3.75% | Annual | N/A | 03/27/35 | USD | 103294 | 1055257 | 1697 | 1053560 |
| 3.46% | Annual | 1-day SOFR, 4.41% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 46302 | 1078560 | 766 | 1077794 |
| 4.25% | Annual | 1-day SOFR, 4.41% | Annual | N/A | 09/29/43 | USD | 16230 | (775745)<br>| 10510 | (786255)<br>|
| 3.65% | Annual | 1-day SOFR, 4.41% | Annual | N/A | 11/03/53 | USD | 50072 | 1796057 | 1570 | 1794487 |
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 1.45% | Annual | N/A | 03/06/54 | JPY | 2733675 | (1796282)<br>| 638 | (1796920)<br>|
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 1.45% | Annual | N/A | 03/11/54 | JPY | 2733675 | (1791418)<br>| 642 | (1792060)<br>|
| 1-day SOFR, 4.41% | Annual | 4.07% | Annual | N/A | 04/26/54 | USD | 49926 | 2130866 | 213174 | 1917692 |
| 3.65% | Annual | 1-day SOFR, 4.41% | Annual | N/A | 11/02/54 | USD | 464907 | 15997768 | 146621 | 15851147 |
| 1-day SONIA, 4.46% | Annual | 4.10% | Annual | N/A | 11/07/54 | GBP | 47000 | (2858058)<br>| 223063 | (3081121)<br>|
| 3.99% | Annual | 1-day SOFR, 4.41% | Annual | N/A | 02/19/55 | USD | 4612 | (139175)<br>| 148 | (139323)<br>|
| 3.96% | Annual | 1-day SOFR, 4.41% | Annual | N/A | 04/16/55 | USD | 1153 | (29536)<br>| 37 | (29573)<br>|
|  |  |  |  |  |  |  |  | $294400760 | $5029468 | $289371292 |

---

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

<sup>(a)</sup> Forward Swap.

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Pitney Bowes, Inc. | 1.00<br> % <br>| Quarterly | Citibank N.A. | 06/20/25 | USD | 1210 | $(1313)<br>| $15108 | $(16421)<br>|
| Community Health Systems Inc. | 5.00 | Quarterly | Goldman Sachs International | 06/20/26 | USD | 320 | 2809 | 13358 | (10549)<br>|
| Community Health Systems Inc. | 5.00 | Quarterly | Goldman Sachs International | 06/20/26 | USD | 475 | 4169 | 25695 | (21526)<br>|
| Borgwarner Inc. | 1.00 | Quarterly | BNP Paribas SA | 12/20/27 | USD | 1330 | (17302)<br>| 10111 | (27413)<br>|
| Pitney Bowes, Inc. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 480 | 10219 | 68600 | (58381)<br>|
| Pitney Bowes, Inc. | 1.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 270 | 5748 | 40562 | (34814)<br>|
| Pitney Bowes, Inc. | 1.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 400 | 8516 | 61886 | (53370)<br>|
| Pitney Bowes, Inc. | 1.00 | Quarterly | Goldman Sachs International | 12/20/27 | USD | 490 | 10432 | 70065 | (59633)<br>|
| Pitney Bowes, Inc. | 1.00 | Quarterly | Goldman Sachs International | 12/20/27 | USD | 675 | 14371 | 99045 | (84674)<br>|
| Xerox Corp. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | USD | 790 | 187713 | 50808 | 136905 |
| Paramount Global Class B | 1.00 | Quarterly | Barclays Bank PLC | 06/20/28 | USD | 425 | (3992)<br>| 11697 | (15689)<br>|
| Paramount Global Class B | 1.00 | Quarterly | Barclays Bank PLC | 06/20/28 | USD | 395 | (3713)<br>| 10878 | (14591)<br>|
| Paramount Global Class B | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | USD | 1955 | (18374)<br>| 56449 | (74823)<br>|
| Simon Property Group., LP | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | USD | 4065 | (64676)<br>| 60800 | (125476)<br>|
| UBS Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 7200 | (161354)<br>| 161608 | (322962)<br>|
| Boeing, Co. | 1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 8100 | (81631)<br>| (29576)<br>| (52055)<br>|
| Boeing, Co. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 8100 | (77463)<br>| 82052 | (159515)<br>|
| DXC Technology Co. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 1385 | (205481)<br>| (147958)<br>| (57523)<br>|
| DXC Technology Co. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 692 | (102667)<br>| (65365)<br>| (37302)<br>|
| Deutsche Bank AG | 1.00 | Quarterly | BNP Paribas SA | 12/20/29 | EUR | 3917 | (24744)<br>| (23781)<br>| (963)<br>|
| Intesa Sanpaolo S.p.A. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/29 | EUR | 3779 | 30994 |  | 30994 |
| TIM S.p.A. | 1.00 | Quarterly | Goldman Sachs International | 12/20/29 | EUR | 1700 | 36691 | 78595 | (41904)<br>|
| Ally Financial Inc. | 5.00 | Quarterly | Goldman Sachs International | 06/20/30 | USD | 2355 | (339826)<br>| (353300)<br>| 13474 |
| Intesa Sanpaolo S.p.A. | 1.00 | Quarterly | BNP Paribas SA | 06/20/30 | EUR | 4187 | (102673)<br>| (91793)<br>| (10880)<br>|
| Occidental Petroleum Corporation | 1.00 | Quarterly | Deutsche Bank AG | 06/20/30 | USD | 1430 | 31648 | (3901)<br>| 35549 |
| Simon Property Group., LP | 1.00 | Quarterly | BNP Paribas SA | 06/20/30 | USD | 1130 | (12937)<br>| (6206)<br>| (6731)<br>|
| Southwest Airlines, Co. | 1.00 | Quarterly | Goldman Sachs International | 06/20/30 | USD | 5680 | 155351 | 35767 | 119584 |
|  |  |  |  |  |  |  | $(719485)<br>| $231204 | $(950689)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Vistra Operations Company LLC | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | BB+ | USD | 2125 | $71571 | $25072 | $46499 |
| Virgin Media Finance PLC | 5.00 | Quarterly | Bank of America N.A. | 06/20/29 | B- | EUR | 2073 | 159681 | 71637 | 88044 |
| Virgin Media Finance PLC | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | B- | EUR | 381 | 29303 | 12865 | 16438 |
| Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | B- | EUR | 1886 | 145246 | 72608 | 72638 |
| Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | CC | EUR | 2841 | (600012)<br>| (511152)<br>| (88860)<br>|
| Eutelsat S.A. | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | B | EUR | 979 | (91612)<br>| (93006)<br>| 1394 |
| Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 12/20/29 | BB- | EUR | 992 | 37853 | 67351 | (29498)<br>|
| Hannover Rueck SE | 1.00 | Quarterly | BNP Paribas SA | 12/20/29 | A | EUR | 1959 | 6862 | 11548 | (4686)<br>|
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B+ | EUR | 6562 | 720908 | 820526 | (99618)<br>|
| Muenchener Rueckversicherungs-<br> Gesellschaft AG<br>| 1.00 | Quarterly | BNP Paribas SA | 12/20/29 | A+ | EUR | 1958 | 9346 | 11994 | (2648)<br>|
| Swedbank AB | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/29 | NR | EUR | 3779 | (34209)<br>| (10598)<br>| (23611)<br>|
| Vistra Operations Company LLC | 5.00 | Quarterly | Citibank N.A. | 12/20/29 | BB+ | USD | 735 | 118038 | 122998 | (4960)<br>|
| Vistra Operations Company LLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/29 | BB+ | USD | 385 | 61829 | 60940 | 889 |
| AXA SA | 1.00 | Quarterly | BNP Paribas SA | 06/20/30 | A+ | EUR | 4187 | 107069 | 89460 | 17609 |
|  |  |  |  |  |  |  |  | $741873 | $752243 | $(10370)<br>|

---

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

<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.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**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 |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 9.73% | At Termination | 1-day COOIS, <br> 8.95%<br>| At Termination | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 05/12/25 | COP | 26062959 | $25681 | $— | $25681 |
| 9.81% | At Termination | 1-day COOIS, <br> 8.95%<br>| At Termination | JPMorgan Chase <br> Bank N.A.<br>| N/A | &nbsp;&nbsp; 05/12/25 | COP | 41703969 | 33001 |  | 33001 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.98% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 71907 | (149597)<br>|  | (149597)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 11.83% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 5201 | (5973)<br>|  | (5973)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 12.16% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 71491 | (64888)<br>|  | (64888)<br>|
| 14.18% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/26 | BRL | 34502 | (11022)<br>|  | (11022)<br>|
| 7.25% | Quarterly | 1-day COOIS, <br> 8.95%<br>| Quarterly | Barclays Bank PLC | N/A | &nbsp;&nbsp; 09/25/26 | COP | 1325382 | 4717 |  | 4717 |
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.03% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 122264 | (2116717)<br>|  | (2116717)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.12% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 928 | (15589)<br>|  | (15589)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.16% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 173308 | (2911140)<br>|  | (2911140)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.12% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 166280 | (2790480)<br>|  | (2790480)<br>|
| 11.49% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 44017 | 320342 |  | 320342 |
| 11.57% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 27367 | 183980 |  | 183980 |
| 12.21% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 5941 | 27872 |  | 27872 |
| 15.41% | At Termination | 1-day BZDIOVER, <br> 0.05%<br>| At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 17486 | (98578)<br>|  | (98578)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 9.77% | At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 29794 | (468941)<br>|  | (468941)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 10.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 138239 | (2382904)<br>|  | (2382904)<br>|
| 1-day BZDIOVER, <br> 0.05%<br>| At Termination | 14.03% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 14208 | 61044 |  | 61044 |
| 8.64% | Quarterly | 1-day COOIS, <br> 8.95%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 04/04/30 | COP | 24294865 | (74796)<br>|  | (74796)<br>|
| 8.34% | Quarterly | 1-day COOIS, <br> 8.95%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 09/17/30 | COP | 23438136 | (6102)<br>|  | (6102)<br>|
|  |  |  |  |  |  |  |  |  | $(10440090)<br>| $— | $(10440090)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Invesco Senior <br> Loan ETF<br>| At Termination | 1-day SOFR minus <br> 0.10%, 4.41%<br>| At Termination | BNP Paribas SA | N/A | 05/14/25 | USD | 3345 | $27413 | $— | $27413 |
| Invesco Senior <br> Loan ETF<br>| At Termination | 1-day SOFR minus <br> 0.20%, 4.41%<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 05/30/25 | USD | 1721 | 8642 |  | 8642 |
| Invesco Senior <br> Loan ETF<br>| At Termination | 1-day SOFR minus <br> 0.50%, 4.41%<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 06/06/25 | USD | 3025 | (20030)<br>|  | (20030)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| iShares iBoxx $ Investment <br> Grade Corporate <br> Bond ETF<br>| At Termination | 1-day SOFR minus <br> 1.30%, 4.41%<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 06/13/25 | USD | 55453 | $591017 | $— | $591017 |
| 1-day SOFR minus <br> 0.80%, 4.41%<br>| At Termination | iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| At Termination | JPMorgan Chase <br> Bank N.A.<br>| N/A | 06/17/25 | USD | 7931 | (106015)<br>|  | (106015)<br>|
| iShares iBoxx $ Investment <br> Grade Corporate <br> Bond ETF<br>| At Termination | 1-day SOFR minus <br> 0.65%, 4.41%<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 06/17/25 | USD | 33140 | 422572 |  | 422572 |
| iShares iBoxx $ Investment <br> Grade Corporate <br> Bond ETF<br>| At Termination | 1-day SOFR minus <br> 0.65%, 4.41%<br>| At Termination | JPMorgan Chase <br> Bank N.A.<br>| N/A | 06/17/25 | USD | 88483 | 1128255 |  | 1128255 |
| 1-day SOFR minus <br> 0.05%, 4.41%<br>| At Termination | iShares Broad USD <br> High Yield <br> Corporate Bond <br> ETF<br>| At Termination | BNP Paribas SA | N/A | 06/17/25 | USD | 6331 | (97734)<br>|  | (97734)<br>|
| 1-day SOFR minus <br> 0.95%, 4.41%<br>| Quarterly | iShares iBoxx $ High Yield <br> Corporate Bond <br> ETF<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 06/20/25 | USD | 21186 | (279599)<br>|  | (279599)<br>|
| 1-day SOFR plus <br> 0.05%, 4.41%<br>| Quarterly | iShares Broad USD <br> High Yield <br> Corporate Bond <br> ETF<br>| Quarterly | JPMorgan Chase <br> Bank N.A.<br>| N/A | 06/20/25 | USD | 23861 | (371101)<br>|  | (371101)<br>|
| Fixed, 0.00% | Quarterly | Citi Equity US 1W <br> Volatility Carry <br> Index<br>| Quarterly | Citibank N.A. | N/A | 12/19/25 | USD | 1225 | (92895)<br>|  | (92895)<br>|
| Fixed, 0.00% | Quarterly | DB Variable <br> Notional Long-<br> Short Cross <br> Currency Carry <br> Index v8<br>| Quarterly | Deutsche Bank AG | N/A | 12/19/25 | USD | 803 | 4579 |  | 4579 |
| Fixed, 0.00% | Quarterly | Goldman Sachs <br> Systematic Skew <br> Index<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 12/19/25 | USD | 741 | (160521)<br>|  | (160521)<br>|
| Fixed, 0.00% | Quarterly | Goldman Sachs TY <br> Weekly Volatility <br> Carry Index<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | 12/19/25 | USD | 718 | (27177)<br>|  | (27177)<br>|
| Fixed, 0.00% | Quarterly | J.P. Morgan EM FX <br> Volatility Carry <br> Index<br>| Quarterly | JPMorgan Chase <br> Bank N.A.<br>| N/A | 12/19/25 | USD | 822 | (20873)<br>|  | (20873)<br>|
|  |  |  |  |  |  |  |  |  | $1006533 | $— | $1006533 |

---

**OTC Total Return Swaps** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Net Notional* | &nbsp;&nbsp; *Net Value of* <br>*Reference* <br>*Entity*<br>| &nbsp;&nbsp; *Gross* <br>*Notional* <br>*Amount* <br>*Net Asset* <br>*Percentage*<br>|
| Equity Securities Long/Short | Monthly | Barclays Bank PLC<sup>(b)</sup> <br>| 07/25/25 | &nbsp;&nbsp; $(6062035)<br>&nbsp;&nbsp; $(360193 )<sup>(c)</sup><br>| &nbsp;&nbsp; $(6426687)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> % <br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**OTC Total Return Swaps (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Counterparty*<sup>(a)</sup> | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Net Notional* | &nbsp;&nbsp; *Accrued*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| &nbsp;&nbsp; *Net Value of*<br> *Reference*<br> *Entity*<br>| &nbsp;&nbsp; *Gross*<br> *Notional*<br> *Amount*<br> *Net Asset*<br> *Percentage*<br>|
| Equity Securities Long/Short <br> (continued)<br>| Monthly | Citibank N.A.<sup>(d)</sup> <br>| 02/25/26 – 02/24/28 | &nbsp;&nbsp; $(541946829)<br>| &nbsp;&nbsp; $(10862451 )<sup>(e)</sup><br>| &nbsp;&nbsp; $(554164253)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.4<br> % <br>|
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(f)</sup> <br>| 02/09/26 – 02/11/26 | &nbsp;&nbsp; (110650347)<br>| &nbsp;&nbsp; (10842640 )<sup>(g)</sup><br>| &nbsp;&nbsp; (121357259)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
|  |  |  |  |  | &nbsp;&nbsp; $(22065284)<br>| &nbsp;&nbsp; $(681948199)<br>|  |

---

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

<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 $4,459 of net dividends and financing fees.

<sup>(e)</sup> Amount includes $1,354,973 of net dividends and financing fees.

<sup>(g)</sup> Amount includes $(135728) of net dividends and financing fees.

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

---

| | | | |
|:---|:---|:---|:---|
| The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: |
|  | (b) | (d) | (f) |
| Range: <br>Benchmarks:<br>| 20-175 basis points <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 0-1,600 basis points <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 15-1,500 basis points <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>|

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination date 07/25/25:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **United States** |  |  |  |
| AMC Networks, Inc. | 82133 | $525651 | (8.2)% <br>|
| **Total Reference Entity — Long** |  | 525651 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **United States** |  |  |  |
| Karman Holdings Inc. | (194471)<br>| (6952338)<br>| 108.2 |
| **Total Reference Entity — Short** |  | (6952338)<br>|  |
| **Net Value of Reference Entity — Barclays Bank PLC** | **Net Value of Reference Entity — Barclays Bank PLC** | $(6426687)<br>|  |

---

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 02/25/26 – 02/24/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Brazil** |  |  |  |
| Marfrig Global Foods SA | (378573)<br>| $(1432869)<br>| 0.2<br> % <br>|
| Natura & Co Holding SA | (283249)<br>| (474648)<br>| 0.1 |
| Nu Holdings Ltd. | (657900)<br>| (8177697)<br>| 1.5 |
|  |  | (10085214)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada** |  |  |  |
| Brookfield Asset Management Ltd. | (228556)<br>| $(12195401)<br>| 2.2<br> % <br>|
| Canadian Pacific Kansas City Ltd. | (61160)<br>| (4442152)<br>| 0.8 |
| Restaurant Brands International, Inc. | (55624)<br>| (3584129)<br>| 0.7 |
|  |  | (20221682)<br>|  |
| **China** |  |  |  |
| Anhui Conch Cement Co., Ltd. | (529000)<br>| (1490224)<br>| 0.3 |
| China International Capital Corp., Ltd. | (3469200)<br>| (5967672)<br>| 1.1 |
| China Overseas Land & Investment Ltd. | (1241000)<br>| (2201719)<br>| 0.4 |
| China Railway Group Ltd. | (4714000)<br>| (2028273)<br>| 0.4 |
| China Resources Power Holdings Co., Ltd. | (2548525)<br>| (6148103)<br>| 1.1 |
| CRRC Corp Ltd. | (3278000)<br>| (2023017)<br>| 0.4 |
| JD Health International, Inc. | (1054850)<br>| (5005473)<br>| 0.9 |
| Kuaishou Technology | (605000)<br>| (3993176)<br>| 0.7 |
| Li Auto Inc. | (256200)<br>| (3121713)<br>| 0.6 |
| Meituan | (229300)<br>| (3796620)<br>| 0.7 |
| MMG, Ltd. | (7784000)<br>| (2356121)<br>| 0.4 |
| New Oriental Education & Technology Group Inc. | (723700)<br>| (3545541)<br>| 0.6 |
| NIO Inc. | (249260)<br>| (998397)<br>| 0.2 |
| Postal Savings Bank of China Co., Ltd. | (7250000)<br>| (4457168)<br>| 0.8 |
| Xinyi Glass Holdings Ltd. | (1520000)<br>| (1423148)<br>| 0.2 |
|  |  | (48556365)<br>|  |
| **Denmark** |  |  |  |
| Novozymes A/S | (13850)<br>| (899659)<br>| 0.2 |
| Zehnder Group AG | (42422)<br>| (3000343)<br>| 0.5 |
|  |  | (3900002)<br>|  |
| **Finland** |  |  |  |
| Neste OYJ | (389685)<br>| (4042332)<br>| 0.7 |
| **France** |  |  |  |
| Alstom SA | (189000)<br>| (4564192)<br>| 0.8 |
| Kering SA | (21247)<br>| (4322758)<br>| 0.8 |
| Pernod Ricard SA | (60977)<br>| (6609630)<br>| 1.2 |
| Renault SA | (62820)<br>| (3336445)<br>| 0.6 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **France (continued)** |  |  |  |
| Societe Generale SA | (145961)<br>| $(7610256)<br>| 1.4<br> % <br>|
| Teleperformance SE | (28334)<br>| (3106966)<br>| 0.5 |
|  |  | (29550247)<br>|  |
| **Germany** |  |  |  |
| BASF SE | (134386)<br>| (6863021)<br>| 1.2 |
| Deutsche Telekom AG | (44768)<br>| (1607956)<br>| 0.3 |
|  |  | (8470977)<br>|  |
| **Italy** |  |  |  |
| DiaSorin SpA | (24668)<br>| (2818978)<br>| 0.5 |
| Nexi SpA | (701904)<br>| (4099862)<br>| 0.8 |
|  |  | (6918840)<br>|  |
| **Japan** |  |  |  |
| Aeon Co., Ltd. | (58600)<br>| (1732871)<br>| 0.3 |
| Dentsu Group Inc. | (165900)<br>| (3478279)<br>| 0.6 |
| DMG Mori Co. Ltd. | (213151)<br>| (3704929)<br>| 0.7 |
| Harmonic Drive Systems, Inc. | (122100)<br>| (2870283)<br>| 0.5 |
| Hoshizaki Corp. | (65500)<br>| (2784805)<br>| 0.5 |
| IHI Corp. | (91100)<br>| (7136058)<br>| 1.3 |
| Kadokawa Corp. | (55500)<br>| (1492554)<br>| 0.3 |
| Kawasaki Heavy Industries Ltd. | (99500)<br>| (5935340)<br>| 1.1 |
| Kobayashi Pharmaceutical Co., Ltd. | (84800)<br>| (3235113)<br>| 0.6 |
| Kobe Bussan Co., Ltd. | (121600)<br>| (3716111)<br>| 0.7 |
| Lasertec Corp. | (60200)<br>| (5596814)<br>| 1.0 |
| MatsukiyoCocokara & Co. | (252600)<br>| (4636883)<br>| 0.8 |
| Mercari, Inc. | (419586)<br>| (6799496)<br>| 1.2 |
| MonotaRO Co., Ltd. | (93500)<br>| (1798273)<br>| 0.3 |
| NEC Corp. | (248600)<br>| (6051625)<br>| 1.1 |
| Nippon Express Holdings, Inc | (6800)<br>| (121433)<br>| 0.0 |
| NTT Data Group Corp. | (258300)<br>| (5129938)<br>| 0.9 |
| Oji Holdings Corp. | (671900)<br>| (3171726)<br>| 0.6 |
| Ono Pharmaceutical Co. Ltd. | (271400)<br>| (3124066)<br>| 0.6 |
| Rakuten Bank Ltd. | (88100)<br>| (3705283)<br>| 0.7 |
| Rohm Co. Ltd. | (153600)<br>| (1398526)<br>| 0.3 |
| Seibu Holdings Inc. | (97400)<br>| (2354030)<br>| 0.4 |
| Sharp Corp. | (57500)<br>| (340885)<br>| 0.1 |
| Shimano, Inc. | (14800)<br>| (2085103)<br>| 0.4 |
| SoftBank Group Corp. | (61000)<br>| (3084747)<br>| 0.6 |
| Square Enix Holdings Co. Ltd. | (13686)<br>| (791366)<br>| 0.1 |
| SUMCO Corp. | (507000)<br>| (3496316)<br>| 0.6 |
| Sumitomo Metal Mining Co., Ltd. | (186800)<br>| (4144535)<br>| 0.7 |
| Tokyo Electric Power Co Holdings, Inc. | (422900)<br>| (1293716)<br>| 0.2 |
|  |  | (95211104)<br>|  |
| **Mexico** |  |  |  |
| Alfa SAB de CV | (576130)<br>| (420996)<br>| 0.1 |
| **Netherlands** |  |  |  |
| ABN AMRO Bank NV | (210090)<br>| (4353662)<br>| 0.8 |
| BE Semiconductor Industries NV | (11627)<br>| (1259247)<br>| 0.2 |
|  |  | (5612909)<br>|  |
| **Poland** |  |  |  |
| ORLEN SA | (260407)<br>| (4702520)<br>| 0.9 |
| **Singapore** |  |  |  |
| Seatrium Ltd. | (1682300)<br>| (2470541)<br>| 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **South Korea** |  |  |  |
| LG Energy Solution Ltd. | (8491)<br>| $(1937232)<br>| 0.3<br> % <br>|
| POSCO Future M Co. Ltd. | (11255)<br>| (988122)<br>| 0.2 |
|  |  | (2925354)<br>|  |
| **Spain** |  |  |  |
| Grifols SA | (506514)<br>| (4795990)<br>| 0.9 |
| **Sweden** |  |  |  |
| Beijer Ref AB | (21900)<br>| (334048)<br>| 0.1 |
| **Switzerland** |  |  |  |
| Clariant AG | (194383)<br>| (2175734)<br>| 0.4 |
| Dufry AG | (60783)<br>| (2769745)<br>| 0.5 |
| Georg Fischer AG | (23780)<br>| (1719406)<br>| 0.3 |
| Sandoz Group AG | (145608)<br>| (6315699)<br>| 1.2 |
| Swatch Group AG | (23219)<br>| (4029476)<br>| 0.7 |
| Temenos AG | (63190)<br>| (4526323)<br>| 0.8 |
|  |  | (21536383)<br>|  |
| **Taiwan** |  |  |  |
| Chailease Holding Co., Ltd. | (668092)<br>| (2403859)<br>| 0.4 |
| Formosa Chemicals & Fibre Corp. | (1443000)<br>| (1127640)<br>| 0.2 |
| Formosa Plastics Corp. | (1923000)<br>| (2048828)<br>| 0.4 |
| Fubon Financial Holding Co., Ltd. | (865840)<br>| (2294848)<br>| 0.4 |
| Innolux Corp. | (8614000)<br>| (3689025)<br>| 0.7 |
| Shin Kong Financial Holding Co., Ltd. | (6797000)<br>| (2508192)<br>| 0.4 |
|  |  | (14072392)<br>|  |
| **United Kingdom** |  |  |  |
| Entain PLC | (114499)<br>| (978842)<br>| 0.1 |
| JD Sports Fashion PLC | (3081500)<br>| (3244220)<br>| 0.6 |
| Rentokil Initial PLC | (830116)<br>| (3803004)<br>| 0.7 |
|  |  | (8026066)<br>|  |
| **United States** |  |  |  |
| Abbott Laboratories | (48454)<br>| (6335360)<br>| 1.1 |
| Albemarle Corp. | (174980)<br>| (10245079)<br>| 1.9 |
| Amerisourcebergen Corp. | (16758)<br>| (4904564)<br>| 0.9 |
| APA Corp. | (451394)<br>| (7014663)<br>| 1.3 |
| AppLovin Corp. | (35852)<br>| (9655302)<br>| 1.7 |
| Axon Enterprise Inc. | (8894)<br>| (5454690)<br>| 1.0 |
| Ceridian HCM Holding, Inc. | (20351)<br>| (1177712)<br>| 0.2 |
| CH Robinson Worldwide, Inc. | (70409)<br>| (6281891)<br>| 1.1 |
| Charter Communications, Inc. | (12584)<br>| (4931166)<br>| 0.9 |
| Chesapeake Energy Corp. | (72735)<br>| (7557166)<br>| 1.4 |
| Coinbase Global, Inc. | (16880)<br>| (3424783)<br>| 0.6 |
| CoStar Group, Inc. | (34846)<br>| (2584528)<br>| 0.5 |
| Dell Technologies, Inc. | (55167)<br>| (5062124)<br>| 0.9 |
| Diamondback Energy, Inc. | (58563)<br>| (7730902)<br>| 1.4 |
| Dollar Tree, Inc. | (130593)<br>| (10678590)<br>| 1.9 |
| Enphase Energy, Inc. | (61724)<br>| (2752273)<br>| 0.5 |
| Equifax, Inc. | (13019)<br>| (3386632)<br>| 0.6 |
| Fastenal Co. | (89309)<br>| (7231350)<br>| 1.3 |
| First Solar Inc. | (59907)<br>| (7537499)<br>| 1.4 |
| Flowco Holdings, Inc. | (129911)<br>| (2509881)<br>| 0.5 |
| Intel Corp. | (224566)<br>| (4513777)<br>| 0.8 |
| International Business Machines Corp. | (31131)<br>| (7528098)<br>| 1.4 |
| International Paper Co. | (209455)<br>| (9567904)<br>| 1.7 |
| Kenvue, Inc. | (552431)<br>| (13037372)<br>| 2.4 |
| Lamb Weston Holdings, Inc. | (112798)<br>| (5956862)<br>| 1.1 |
| Las Vegas Sands Corp. | (63408)<br>| (2325171)<br>| 0.4 |
| LKQ Corp. | (279809)<br>| (10691502)<br>| 1.9 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| McDonald's Corp. | (17996)<br>| $(5752421)<br>| 1.0<br> % <br>|
| Molina Healthcare, Inc. | (9572)<br>| (3130140)<br>| 0.6 |
| Norfolk Southern Corp. | (18233)<br>| (4085104)<br>| 0.7 |
| O'Reilly Automotive, Inc. | (2837)<br>| (4014922)<br>| 0.7 |
| Parker-Hannifin Corp. | (13146)<br>| (7954119)<br>| 1.4 |
| Paycom Software, Inc. | (5581)<br>| (1263483)<br>| 0.2 |
| Smurfit WestRock PLC | (346841)<br>| (14574259)<br>| 2.6 |
| Solventum Corp. | (60197)<br>| (3980226)<br>| 0.7 |
| Super Micro Computer Inc. | (274335)<br>| (8740313)<br>| 1.6 |
| TKO Group Holdings, Inc., Class A | (17201)<br>| (2802215)<br>| 0.5 |
| Western Digital Corp. | (138697)<br>| (6083250)<br>| 1.1 |
|  |  | (232457293)<br>|  |
| **Exchange Traded Funds**  |  |  |  |
| **United States** |  |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | (189664)<br>| (14907591)<br>| 2.7 |
| SPDR S&P Oil & Gas Exploration & Production <br> ETF<br>| (134996)<br>| (14945407)<br>| 2.7 |
| **Rights**  |  |  |  |
| **Italy** |  |  |  |
| DiaSorin SpA | (24668)<br>| (0)<br>| 0.0 |
| **Net Value of Reference Entity — Citibank N.A.** | **Net Value of Reference Entity — Citibank N.A.** | $(554164253)<br>|  |

---

The following table represents the individual long and 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 dates 02/09/26 – 02/11/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Saudi Arabia** |  |  |  |
| Derayah Financial Co. | 88652 | $696038 | (0.6)% <br>|
| Dr. Soliman Abdul Kader Fake | 64030 | 786434 | (0.6)<br>|
| Nice One Beauty Digital Marketing Co. | 42264 | 403060 | (0.3)<br>|
| Rasan Information Technology | 181059 | 4132071 | (3.4)<br>|
| United International Holding Co. | 2137 | 97387 | (0.1)<br>|
|  |  | 6114990 |  |
| **United Arab Emirates** |  |  |  |
| Talabat Holding PLC | 11380878 | 4384934 | (3.6)<br>|
| **United States** |  |  |  |
| AMC Networks, Inc. | 176496 | 1129587 | (0.9)<br>|
| Eagle Bancorp, Inc. | 32278 | 579390 | (0.5)<br>|
| Informatica, Inc. | 102000 | 1920660 | (1.6)<br>|
| New York Community Bancorp Inc. | 290478 | 3401497 | (2.8)<br>|
| Paramount Global | 20266 | 237923 | (0.2)<br>|
|  |  | 7269057 |  |
| **Total Reference Entity — Long** |  | 17768981 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Dexus | (516737)<br>| (2487377)<br>| 2.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Australia (continued)** |  |  |  |
| Lynas Rare Earths Ltd. | (732752)<br>| $(4005774)<br>| 3.3<br> % <br>|
| Mineral Resources Ltd. | (345008)<br>| (4537195)<br>| 3.8 |
| NEXTDC Ltd. | (213760)<br>| (1622937)<br>| 1.3 |
| SGH Ltd. | (92745)<br>| (3033194)<br>| 2.5 |
| Telstra Group Ltd. | (799817)<br>| (2308349)<br>| 1.9 |
| Treasury Wine Estates Ltd. | (645146)<br>| (3687646)<br>| 3.0 |
|  |  | (21682472)<br>|  |
| **Brazil** |  |  |  |
| Cosan SA | (1476312)<br>| (2021258)<br>| 1.7 |
| Localiza Rent a Car SA | (451730)<br>| (3419526)<br>| 2.8 |
| Marfrig Global Foods SA | (486052)<br>| (1839669)<br>| 1.5 |
| Natura & Co Holding SA | (523013)<br>| (876427)<br>| 0.7 |
|  |  | (8156880)<br>|  |
| **Canada** |  |  |  |
| Power Corp. of Canada | (21250)<br>| (804312)<br>| 0.7 |
| **China** |  |  |  |
| China International Capital Corp., Ltd. | (44400)<br>| (76376)<br>| 0.1 |
| China Resources Power Holdings Co., Ltd. | (16798)<br>| (40524)<br>| 0.0 |
| NIO Inc. | (8380)<br>| (33566)<br>| 0.0 |
| PICC Property & Casualty Co. Ltd. | (1044000)<br>| (1922463)<br>| 1.6 |
| Shandong Gold Mining Co. Ltd. | (576500)<br>| (1698358)<br>| 1.4 |
| Xinyi Glass Holdings Ltd. | (19000)<br>| (17789)<br>| 0.0 |
|  |  | (3789076)<br>|  |
| **Denmark** |  |  |  |
| Zehnder Group AG | (11767)<br>| (832234)<br>| 0.7 |
| **France** |  |  |  |
| Sartorius Stedim Biotech | (17643)<br>| (4163588)<br>| 3.4 |
| **Italy** |  |  |  |
| Telecom Italia SpA | (5589938)<br>| (2213807)<br>| 1.8 |
| **Japan** |  |  |  |
| Harmonic Drive Systems, Inc. | (13200)<br>| (310301)<br>| 0.2 |
| Mercari, Inc. | (61)<br>| (988)<br>| 0.0 |
| Rakuten Group, Inc. | (13)<br>| (77)<br>| 0.0 |
| Sapporo Holdings Ltd. | (51900)<br>| (2882189)<br>| 2.4 |
| Sharp Corp. | (387200)<br>| (2295494)<br>| 1.9 |
| Square Enix Holdings Co. Ltd. | (74751)<br>| (4322328)<br>| 3.6 |
| SUMCO Corp. | (6900)<br>| (47583)<br>| 0.0 |
|  |  | (9858960)<br>|  |
| **Mexico** |  |  |  |
| Alfa SAB de CV | (1468687)<br>| (1073215)<br>| 0.9 |
| **Poland** |  |  |  |
| Inpost SA | (105643)<br>| (1784509)<br>| 1.5 |
| **Singapore** |  |  |  |
| SATS Ltd. | (780300)<br>| (1682726)<br>| 1.4 |
| Seatrium Ltd. | (959800)<br>| (1409514)<br>| 1.1 |
|  |  | (3092240)<br>|  |
| **South Africa** |  |  |  |
| Impala Platinum Holdings Ltd. | (794466)<br>| (4724789)<br>| 3.9 |
| **South Korea** |  |  |  |
| POSCO Future M Co. Ltd. | (14546)<br>| (1277052)<br>| 1.0 |
| POSCO Holdings, Inc. | (1846)<br>| (337362)<br>| 0.3 |
|  |  | (1614414)<br>|  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Sweden** |  |  |  |
| Beijer Ref AB | (102649)<br>| $(1565741)<br>| 1.3<br> % <br>|
| **Switzerland** |  |  |  |
| Bachem Holding AG | (20716)<br>| (1269544)<br>| 1.0 |
| Clariant AG | (31283)<br>| (350151)<br>| 0.3 |
| Dufry AG | (12035)<br>| (548408)<br>| 0.5 |
| Georg Fischer AG | (12211)<br>| (882913)<br>| 0.7 |
|  |  | (3051016)<br>|  |
| **Taiwan** |  |  |  |
| Chailease Holding Co., Ltd. | (715)<br>| (2573)<br>| 0.0 |
| Formosa Chemicals & Fibre Corp. | (18000)<br>| (14066)<br>| 0.0 |
|  |  | (16639)<br>|  |
| **United Kingdom** |  |  |  |
| JD Sports Fashion PLC | (343627)<br>| (361773)<br>| 0.3 |
| St James's Place PLC | (105235)<br>| (1326535)<br>| 1.1 |
|  |  | (1688308)<br>|  |
| **United States** |  |  |  |
| Atlantic Union Bankshares Corp. | (14435)<br>| (399849)<br>| 0.3 |
| Brandywine Realty Trust | (5149)<br>| (20390)<br>| 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Community Bank System, Inc. | (13952)<br>| $(761640)<br>| 0.6<br> % <br>|
| CVB Financial Corp. | (34967)<br>| (648288)<br>| 0.5 |
| Enphase Energy, Inc. | (1103)<br>| (49183)<br>| 0.1 |
| International Paper Co. | (92680)<br>| (4216090)<br>| 3.5 |
| Lamb Weston Holdings, Inc. | (9309)<br>| (491608)<br>| 0.4 |
| Provident Financial Services, Inc. | (49500)<br>| (810315)<br>| 0.7 |
| Servisfirst Bancshares Inc. | (11863)<br>| (844883)<br>| 0.7 |
|  |  | (8242246)<br>|  |
| **Exchange Traded Funds**  |  |  |  |
| **United States** |  |  |  |
| iShares iBoxx $ Investment Grade Corporate <br> Bond ETF<br>| (203215)<br>| (21943156)<br>| 18.1 |
| SPDR S&P Retail ETF | (337500)<br>| (23186250)<br>| 19.1 |
| Vanguard Intermediate-Term Corporate Bond <br> ETF<br>| (191274)<br>| (15642388)<br>| 12.9 |
| **Total Reference Entity — Short** |  | (139126240)<br>|  |
| **Net Value of Reference Entity — JPMorgan** <br> **Chase Bank N.A.**<br>|  | $(121357259)<br>|  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $14559010 | &nbsp;&nbsp;&nbsp; $(1388134)<br>| &nbsp;&nbsp;&nbsp; $307498617 | &nbsp;&nbsp;&nbsp; $(16823519)<br>| &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; 2320083 | &nbsp;&nbsp;&nbsp; (1336636)<br>| &nbsp;&nbsp;&nbsp; 3419132 | &nbsp;&nbsp;&nbsp; (35879032)<br>| &nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (45703538)<br>| &nbsp;&nbsp;&nbsp; 9970422 | &nbsp;&nbsp;&nbsp; (19783734)<br>| &nbsp;&nbsp;&nbsp; (55516850)<br>|

---

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

<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*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12752636 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29481013 | &nbsp;&nbsp; $12617 | &nbsp;&nbsp; $42246266 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111404957 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111404957 |
| Options purchased <br>Investments at value — unaffiliated<sup>(b)</sup><br>| &nbsp;&nbsp; 704400 | &nbsp;&nbsp; 73695 | &nbsp;&nbsp; 57440881 | &nbsp;&nbsp; 4753960 | &nbsp;&nbsp; 7727173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70700109 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1893066 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 304963713 | &nbsp;&nbsp; 641838 | &nbsp;&nbsp; 307498617 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2900100 | &nbsp;&nbsp; 2177899 | &nbsp;&nbsp; 4579 | &nbsp;&nbsp; 656637 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5739215 |
|  | &nbsp;&nbsp; $704400 | &nbsp;&nbsp; $4866861 | &nbsp;&nbsp; $72371416 | &nbsp;&nbsp; $116163496 | &nbsp;&nbsp; $342828536 | &nbsp;&nbsp; $654455 | &nbsp;&nbsp; $537589164 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5830097 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68766212 | &nbsp;&nbsp; $105745 | &nbsp;&nbsp; $74702054 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48410381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 48410381 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| Options written <br>Options written at value<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $20424 | &nbsp;&nbsp; $43248983 | &nbsp;&nbsp; $4759115 | &nbsp;&nbsp; $7488328 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $55516850 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1231098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15592421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16823519 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums <br> received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2877712 | &nbsp;&nbsp; 23193179 | &nbsp;&nbsp; 20873 | &nbsp;&nbsp; 11123904 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37215668 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4129234 | &nbsp;&nbsp; $72272259 | &nbsp;&nbsp; $53190369 | &nbsp;&nbsp; $102970865 | &nbsp;&nbsp; $105745 | &nbsp;&nbsp; $232668472 |

---

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

<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 April 30, 2025, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $11519577 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5781840 | &nbsp;&nbsp; $739327 | &nbsp;&nbsp; $(43949849)<br>| &nbsp;&nbsp; $(16453498)<br>| &nbsp;&nbsp; $(42362603)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (99918198)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (99918198)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; (960149)<br>| &nbsp;&nbsp; (1582352)<br>| &nbsp;&nbsp; (54709953)<br>| &nbsp;&nbsp; (9523768)<br>| &nbsp;&nbsp; (21487901)<br>| &nbsp;&nbsp; (266125)<br>| &nbsp;&nbsp; (88530248)<br>|
| Options written | &nbsp;&nbsp; 48832 | &nbsp;&nbsp; 299848 | &nbsp;&nbsp; 94327617 | &nbsp;&nbsp; 6882364 | &nbsp;&nbsp; 34174558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 135733219 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 6253862 | &nbsp;&nbsp; 68181234 | &nbsp;&nbsp; 1181 | &nbsp;&nbsp; (57127154)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17309123 |
|  | &nbsp;&nbsp; $10608260 | &nbsp;&nbsp; $4971358 | &nbsp;&nbsp; $113580738 | &nbsp;&nbsp; $(101819094)<br>| &nbsp;&nbsp; $(88390346)<br>| &nbsp;&nbsp; $(16719623)<br>| &nbsp;&nbsp; $(77768707)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** <br> **on:**<br>|  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $4108914 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5482206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(74534990)<br>| &nbsp;&nbsp; $(93128)<br>| &nbsp;&nbsp; $(65036998)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 133169702 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 133169702 |
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; 433304 | &nbsp;&nbsp; 539081 | &nbsp;&nbsp; 45477834 | &nbsp;&nbsp; 2979213 | &nbsp;&nbsp; 10803434 | &nbsp;&nbsp; (2100820)<br>| &nbsp;&nbsp; 58132046 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; (37375)<br>| &nbsp;&nbsp; (12788801)<br>| &nbsp;&nbsp; (2356215)<br>| &nbsp;&nbsp; 16705912 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1523521 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (6712066)<br>| &nbsp;&nbsp; (35966026)<br>| &nbsp;&nbsp; (16294)<br>| &nbsp;&nbsp; 280711594 | &nbsp;&nbsp; 617311 | &nbsp;&nbsp; 238634519 |
|  | &nbsp;&nbsp; $4542218 | &nbsp;&nbsp; $(6210360)<br>| &nbsp;&nbsp; $2205213 | &nbsp;&nbsp; $133776406 | &nbsp;&nbsp; $233685950 | &nbsp;&nbsp; $(1576637)<br>| &nbsp;&nbsp; $366422790 |

---

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

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <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: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4444148506 |
| Average notional value of contracts — short | &nbsp;&nbsp; 7525586395 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 2142845071 |
| Average amounts sold — in USD | &nbsp;&nbsp; 3853789948 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 67050816 |
| Average value of option contracts written | &nbsp;&nbsp; 33725016 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; 1139635052 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 4044186530 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 104605158 |
| Average notional value — sell protection | &nbsp;&nbsp; 154191074 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 1477586005 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 11530656912 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

**Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)**

---

| | |
|:---|:---|
| Inflation swaps: |  |
| Average notional value — receives fixed rate | &nbsp;&nbsp; $15803938 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; (465949100)<br>|

---

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 |  |  |
| Futures contracts | &nbsp;&nbsp; $7857101 | &nbsp;&nbsp;&nbsp;&nbsp; $10912060 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 111404957 | &nbsp;&nbsp;&nbsp;&nbsp; 48410381 |
| Options | &nbsp;&nbsp; 70700109 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 55516850 |
| Swaps — centrally cleared | &nbsp;&nbsp; 21109863 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 5739215 | &nbsp;&nbsp;&nbsp;&nbsp; 37215668 |
| Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | &nbsp;&nbsp; 216811245 | &nbsp;&nbsp;&nbsp;&nbsp; 152054959 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (87158495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54255543)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $129652750 | &nbsp;&nbsp;&nbsp;&nbsp; $97799416 |

---

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

<sup>(a)</sup> Includes options purchased at value as reported in the Consolidated Schedule of Investments. <br> <sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Consolidated Statement of Assets and Liabilities.

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*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $3065876 | &nbsp;&nbsp; $(3065876)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 1418460 | &nbsp;&nbsp; (1418460)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 33461829 | &nbsp;&nbsp; (9706435)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23755394 |
| Citibank N.A. | &nbsp;&nbsp; 4559257 | &nbsp;&nbsp; (4559257)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp; 3829282 | &nbsp;&nbsp; (283112)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3546170 |
| Deutsche Bank AG | &nbsp;&nbsp; 2582291 | &nbsp;&nbsp; (2016874)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (565417)<br>| &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 2038228 | &nbsp;&nbsp; (2038228)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 6950176 | &nbsp;&nbsp; (1859191)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2450000)<br>| &nbsp;&nbsp; 2640985 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 4665544 | &nbsp;&nbsp; (4665544)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 11052849 | &nbsp;&nbsp; (8523987)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1568000)<br>| &nbsp;&nbsp; 960862 |
| Natwest Markets PLC | &nbsp;&nbsp; 724122 | &nbsp;&nbsp; (592821)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 131301 |
| Nomura International PLC | &nbsp;&nbsp; 81213 | &nbsp;&nbsp; (81213)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 20601 | &nbsp;&nbsp; (20601)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 33735390 | &nbsp;&nbsp; (639328)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33096062 |
| Standard Chartered Bank | &nbsp;&nbsp; 1093523 | &nbsp;&nbsp; (1093523)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 2343424 | &nbsp;&nbsp; (2343424)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The Bank of New York Mellon | &nbsp;&nbsp; 9740778 | &nbsp;&nbsp; (3455110)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6285668 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 464350 | &nbsp;&nbsp; (464350)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 6157040 | &nbsp;&nbsp; (6157040)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1668517 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1668517 |
|  | &nbsp;&nbsp; $129652750 | &nbsp;&nbsp; $(52984374)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4583417)<br>| &nbsp;&nbsp; $72084959 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $7103265 | &nbsp;&nbsp; $(3065876)<br>| &nbsp;&nbsp; $(4037389)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Liabilities*<sup>(c)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $5251963 | &nbsp;&nbsp; $(1418460)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3833503 |
| BNP Paribas SA | &nbsp;&nbsp; 9706435 | &nbsp;&nbsp; (9706435)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 15482526 | &nbsp;&nbsp; (4559257)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10923269 |
| Credit Agricole Corporate and Investment Bank | &nbsp;&nbsp; 283112 | &nbsp;&nbsp; (283112)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 2016874 | &nbsp;&nbsp; (2016874)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 4499217 | &nbsp;&nbsp; (2038228)<br>| &nbsp;&nbsp; (2460989)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1859191 | &nbsp;&nbsp; (1859191)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 15436124 | &nbsp;&nbsp; (4665544)<br>| &nbsp;&nbsp; (2517562)<br>| &nbsp;&nbsp; (3460000)<br>| &nbsp;&nbsp; 4793018 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 8523987 | &nbsp;&nbsp; (8523987)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Natwest Markets PLC | &nbsp;&nbsp; 592821 | &nbsp;&nbsp; (592821)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp; 183034 | &nbsp;&nbsp; (81213)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 101821 |
| Royal Bank of Canada | &nbsp;&nbsp; 303575 | &nbsp;&nbsp; (20601)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 282974 |
| Societe Generale | &nbsp;&nbsp; 639328 | &nbsp;&nbsp; (639328)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 1459387 | &nbsp;&nbsp; (1093523)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 365864 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 6357775 | &nbsp;&nbsp; (2343424)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4014351 |
| The Bank of New York Mellon | &nbsp;&nbsp; 3455110 | &nbsp;&nbsp; (3455110)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 893883 | &nbsp;&nbsp; (464350)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 429533 |
| UBS AG | &nbsp;&nbsp; 13751809 | &nbsp;&nbsp; (6157040)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7594769 |
|  | &nbsp;&nbsp; $97799416 | &nbsp;&nbsp; $(52984374)<br>| &nbsp;&nbsp; $(9015940)<br>| &nbsp;&nbsp; $(3460000)<br>| &nbsp;&nbsp; $32339102 |

---

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

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

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

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

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

<sup>(e)</sup> Net amount represents the net amount payable due to the 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 at the measurement date. 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 |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $334687548 | &nbsp;&nbsp;&nbsp;&nbsp; $59694383 | &nbsp;&nbsp;&nbsp;&nbsp; $394381931 |
| Common Stocks  |  |  |  |  |
| Australia | &nbsp;&nbsp; 1530072 | &nbsp;&nbsp;&nbsp;&nbsp; 39287569 | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 40817921 |
| Austria | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 398826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 398826 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4533518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4533518 |
| Brazil | &nbsp;&nbsp; 41135896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41135896 |
| Cambodia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 412017 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 412017 |
| Canada | &nbsp;&nbsp; 167235527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167235527 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141316 | &nbsp;&nbsp;&nbsp;&nbsp; 141316 |
| China | &nbsp;&nbsp; 23985849 | &nbsp;&nbsp;&nbsp;&nbsp; 207416878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 231402727 |
| Colombia | &nbsp;&nbsp; 629839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 629839 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1315496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1315496 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92880647 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92880647 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9046953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9046953 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 324093249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 324093249 |
| Georgia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 629912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 629912 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110876692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110876692 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1662636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1662636 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33836405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33836405 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2133751 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2133751 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| India | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13746787 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13746787 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6855597 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6855597 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5700842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5700842 |
| Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20794 | &nbsp;&nbsp;&nbsp;&nbsp; 20794 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 225180189 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 225180189 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274222347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 274222347 |
| Kazakhstan | &nbsp;&nbsp; 1442187 | &nbsp;&nbsp;&nbsp;&nbsp; 682106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2124293 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3351625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3351625 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1185166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1185166 |
| Mexico | &nbsp;&nbsp; 16215103 | &nbsp;&nbsp;&nbsp;&nbsp; 2892246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19107349 |
| Netherlands | &nbsp;&nbsp; 4144379 | &nbsp;&nbsp;&nbsp;&nbsp; 129935840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134080219 |
| Norway | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20999819 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20999819 |
| Peru | &nbsp;&nbsp; 8221652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8221652 |
| Philippines | &nbsp;&nbsp; 171553 | &nbsp;&nbsp;&nbsp;&nbsp; 2792171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2963724 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8447123 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8447123 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1007932 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1007932 |
| Romania | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 687217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 687217 |
| Saudi Arabia | &nbsp;&nbsp; 2145576 | &nbsp;&nbsp;&nbsp;&nbsp; 4223455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6369031 |
| Singapore | &nbsp;&nbsp; 6466974 | &nbsp;&nbsp;&nbsp;&nbsp; 8929722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15396696 |
| South Africa | &nbsp;&nbsp; 1018261 | &nbsp;&nbsp;&nbsp;&nbsp; 9684719 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10702980 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42825600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42825600 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99716432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99716432 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25122660 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 25122661 |
| Switzerland | &nbsp;&nbsp; 3816127 | &nbsp;&nbsp;&nbsp;&nbsp; 66699836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70515963 |
| Taiwan | &nbsp;&nbsp; 4000560 | &nbsp;&nbsp;&nbsp;&nbsp; 138109865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142110425 |
| Thailand | &nbsp;&nbsp; 1382738 | &nbsp;&nbsp;&nbsp;&nbsp; 714946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2097684 |
| Turkey | &nbsp;&nbsp; 1413226 | &nbsp;&nbsp;&nbsp;&nbsp; 1556169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2969395 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5610511 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 5610525 |
| United Kingdom | &nbsp;&nbsp; 25489539 | &nbsp;&nbsp;&nbsp;&nbsp; 544954087 | &nbsp;&nbsp;&nbsp;&nbsp; 1265102 | &nbsp;&nbsp;&nbsp;&nbsp; 571708728 |
| United States | &nbsp;&nbsp; 6560895606 | &nbsp;&nbsp;&nbsp;&nbsp; 66720701 | &nbsp;&nbsp;&nbsp;&nbsp; 152171487 | &nbsp;&nbsp;&nbsp;&nbsp; 6779787794 |
| Corporate Bonds  |  |  |  |  |
| Angola | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608970 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608970 |
| Australia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5285166 | &nbsp;&nbsp;&nbsp;&nbsp; 41220925 | &nbsp;&nbsp;&nbsp;&nbsp; 46506091 |
| Austria | &nbsp;&nbsp; 4618915 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4618915 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7772738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7772738 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6570618 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6570618 |
| Canada | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65816407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65816407 |
| Cayman Islands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1957779 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1957779 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6750444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6750444 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9619752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9619752 |
| Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3606040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3606040 |
| Costa Rica | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 672232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 672232 |
| Cyprus | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 648600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 648600 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4769301 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4769301 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1471917 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1471917 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1243601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1243601 |
| France | &nbsp;&nbsp; 5142589 | &nbsp;&nbsp;&nbsp;&nbsp; 78643177 | &nbsp;&nbsp;&nbsp;&nbsp; 8180747 | &nbsp;&nbsp;&nbsp;&nbsp; 91966513 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89773497 | &nbsp;&nbsp;&nbsp;&nbsp; 12643007 | &nbsp;&nbsp;&nbsp;&nbsp; 102416504 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5812939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5812939 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21414600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21414600 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546616 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13047402 | &nbsp;&nbsp;&nbsp;&nbsp; 24707631 | &nbsp;&nbsp;&nbsp;&nbsp; 37755033 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7424382 | &nbsp;&nbsp;&nbsp;&nbsp; 8800964 | &nbsp;&nbsp;&nbsp;&nbsp; 16225346 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8112073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8112073 |
| Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13522209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13522209 |
| Italy | &nbsp;&nbsp; 3283908 | &nbsp;&nbsp;&nbsp;&nbsp; 66727055 | &nbsp;&nbsp;&nbsp;&nbsp; 15398076 | &nbsp;&nbsp;&nbsp;&nbsp; 85409039 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41587745 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41587745 |
| Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23986724 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23986724 |
| Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 646470 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 646470 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43413481 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43413481 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8342537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8342537 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2905578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2905578 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Corporate Bonds (continued) |  |  |  |  |
| Mexico | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6372297 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6372297 |
| Morocco | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1081092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1081092 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45432472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45432472 |
| Nigeria | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 895536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 895536 |
| Panama | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 424182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 424182 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2607658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2607658 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2518908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2518908 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 686108 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 686108 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2509926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2509926 |
| Republic of Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2120012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2120012 |
| Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2603155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2603155 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 431872 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 431872 |
| Slovenia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5621329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5621329 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2954698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2954698 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5008454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5008454 |
| Spain | &nbsp;&nbsp; 7967618 | &nbsp;&nbsp;&nbsp;&nbsp; 31187411 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39155029 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33661219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33661219 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2355375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2355375 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4724516 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4724516 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 530238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 530238 |
| Ukraine | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 522794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 522794 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4714825 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4714825 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 216346875 | &nbsp;&nbsp;&nbsp;&nbsp; 8834371 | &nbsp;&nbsp;&nbsp;&nbsp; 225181246 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 642139204 | &nbsp;&nbsp;&nbsp;&nbsp; 319678594 | &nbsp;&nbsp;&nbsp;&nbsp; 961817798 |
| Uzbekistan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1141695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1141695 |
| Vietnam | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 728856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 728856 |
| Zambia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4972270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4972270 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1663967 | &nbsp;&nbsp;&nbsp;&nbsp; 19930471 | &nbsp;&nbsp;&nbsp;&nbsp; 21594438 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 653053989 | &nbsp;&nbsp;&nbsp;&nbsp; 281672829 | &nbsp;&nbsp;&nbsp;&nbsp; 934726818 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 698710742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 698710742 |
| Grantor Trust | &nbsp;&nbsp; 38705495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38705495 |
| Investment Companies | &nbsp;&nbsp; 516150748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 516150748 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12113391 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12113391 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 442373051 | &nbsp;&nbsp;&nbsp;&nbsp; 43441348 | &nbsp;&nbsp;&nbsp;&nbsp; 485814399 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64228994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64228994 |
| Preferred Stocks  |  |  |  |  |
| Brazil | &nbsp;&nbsp; 16343084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16087903 | &nbsp;&nbsp;&nbsp;&nbsp; 32430987 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7005195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7005195 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1348096 | &nbsp;&nbsp;&nbsp;&nbsp; 353449159 | &nbsp;&nbsp;&nbsp;&nbsp; 354797255 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61362602 | &nbsp;&nbsp;&nbsp;&nbsp; 61362602 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4038983 | &nbsp;&nbsp;&nbsp;&nbsp; 4038983 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9095077 | &nbsp;&nbsp;&nbsp;&nbsp; 9095077 |
| Trust Preferreds | &nbsp;&nbsp; 19793068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19793068 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121942541 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121942541 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25094255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25094255 |
| Warrants  |  |  |  |  |
| Brazil | &nbsp;&nbsp; 6793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6793 |
| Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1093 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 563252 | &nbsp;&nbsp;&nbsp;&nbsp; 563252 |
| United States | &nbsp;&nbsp; 89517 | &nbsp;&nbsp;&nbsp;&nbsp; 98647 | &nbsp;&nbsp;&nbsp;&nbsp; 12157158 | &nbsp;&nbsp;&nbsp;&nbsp; 12345322 |
| Short-Term Securities  |  |  |  |  |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2219018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2219018 |
| Money Market Funds | &nbsp;&nbsp; 211330853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211330853 |
| Time Deposits | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300773 |
| Options Purchased  |  |  |  |  |
| Commodity Contracts | &nbsp;&nbsp; 704400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 704400 |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73695 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73695 |
| Equity Contracts | &nbsp;&nbsp; 57440881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57440881 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4753960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4753960 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Interest Rate Contracts | &nbsp;&nbsp; $46250 | &nbsp;&nbsp;&nbsp;&nbsp; $7680923 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7727173 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29590 | &nbsp;&nbsp;&nbsp;&nbsp; 2576 | &nbsp;&nbsp;&nbsp;&nbsp; 32166 |
|  | &nbsp;&nbsp; $7752964783 | &nbsp;&nbsp;&nbsp;&nbsp; $6485451661 | &nbsp;&nbsp;&nbsp;&nbsp; $1454560143 | &nbsp;&nbsp;&nbsp;&nbsp; 15692976587 |
| Investments Valued at NAV<sup>(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23068689 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $15716045276 |
| Derivative Financial Instruments<sup>(c)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2473083 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2473083 |
| Equity Contracts | &nbsp;&nbsp; 12317703 | &nbsp;&nbsp;&nbsp;&nbsp; 2612832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14930535 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111409536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111409536 |
| Interest Rate Contracts | &nbsp;&nbsp; 29481013 | &nbsp;&nbsp;&nbsp;&nbsp; 305620350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 335101363 |
| Other Contracts | &nbsp;&nbsp; 12617 | &nbsp;&nbsp;&nbsp;&nbsp; 641838 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 654455 |
| Liabilities |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2792598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2792598)<br>|
| Equity Contracts | &nbsp;&nbsp; (43980052)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28131686)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (160521)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72272259)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53190369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53190369)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (68860712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34082976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27177)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102970865)<br>|
| Other Contracts | &nbsp;&nbsp; (105745)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (105745)<br>|
|  | &nbsp;&nbsp; $(71135176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $304560010 | &nbsp;&nbsp;&nbsp;&nbsp; $(187698)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $233237136 |

---

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

<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 as a practical expedient 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 year 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*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Non-Agency* <br>*Mortgage-Backed* <br>*Securities*<br>| *Other* <br>*Interests*<br>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of April 30, 2024 | &nbsp;&nbsp; $38085305 | $119692127 | $432084007 | $26530196 | $315824269 | $49081457 | $17091812 |
| Transfers into Level 3 | &nbsp;&nbsp; — |  | 222150 |  |  |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp; (13484089)<br>|  |  |  | (8760488)<br>|  |  |
| Other<sup>(a)</sup> <br>| &nbsp;&nbsp; — | (5275471)<br>|  |  | (5249)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp; — |  | 2480245 | 67955 | 620199 | 618304 |  |
| Net realized gain (loss) | &nbsp;&nbsp; — | (13031)<br>| (146567369)<br>| 99119 | (1527726)<br>| 45 | (1983785)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(b(c)</sup> | &nbsp;&nbsp; 1463555 | (1348580)<br>| 129385378 | 483536 | 9522034 | 207980 | 4379515 |
| Purchases | &nbsp;&nbsp; 35028948 | 40867267 | 110666651 | 1156834 | 95130599 | 1825075 |  |
| Sales | &nbsp;&nbsp; (1399336)<br>| (323318)<br>| (88806747)<br>| (8407169)<br>| (129130809)<br>| (8291513)<br>| (19487542)<br>|
| Closing balance, as of April 30, 2025 | &nbsp;&nbsp; $59694383 | $153598994 | $439464315 | $19930471 | $281672829 | $43441348 | $— |
| Net change in unrealized appreciation (depreciation) on investments still <br> held at April 30, 2025<sup>(c)</sup><br>| &nbsp;&nbsp; $1463555 | $(1348580)<br>| $(6098776)<br>| $383474 | $7131428 | $207980 | $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Preferred* <br>*Stocks*<br>| *Unfunded* <br>*Floating* <br>*Rate Loan* <br>*Interests*<br>| *Warrants* | *Total*  |
| **Assets/Liabilities** |  |  |  |  |
| Opening balance, as of April 30, 2024 | &nbsp;&nbsp;&nbsp; $388352924 | $(65701)<br>| $9436259 | $1396112655 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; — |  | 1118 | 223268 |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp; — |  |  | (22244577)<br>|
| Other<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 5275471 | 5249 |  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — |  |  | 3786703 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (22551139)<br>|  | (1304975)<br>| (173848861)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; (1174046)<br>| 63028 | 4589097 | 147571497 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Preferred*<br> *Stocks*<br>| *Unfunded*<br> *Floating*<br> *Rate Loan*<br> *Interests*<br>| *Warrants* | *Total*  |
| Purchases | &nbsp;&nbsp;&nbsp; $97087418 | $— | $4 | $381762796 |
| Sales | &nbsp;&nbsp;&nbsp; (22956904)<br>|  |  | (278803338)<br>|
| Closing balance, as of April 30, 2025 | &nbsp;&nbsp;&nbsp; $444033724 | $2576 | $12721503 | $1454560143 |
| Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2025<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $(8730838)<br>| $20581 | $3487154 | $(3484022)<br>|

---

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

<sup>(a)</sup> Certain Level 3 investments were re-classified between Common Stocks, Floating Rate Loan Interests, Preferred Stocks and Unfunded Floating Rate Loan Interests.

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

<sup>(c)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

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

---

| | | | |
|:---|:---|:---|:---|
|  | *Equity* <br>*Contracts* <br>*Liabilities*<br>| *Interest* <br>*Rate* <br>*Contracts* <br>*Liabilities*<br>| *Total* |
| Opening Balance as of April 30, 2024 | &nbsp;&nbsp; $— | $— | $— |
| Transfers in Level 3 | &nbsp;&nbsp; — |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp; — |  |  |
| Accrued discounts/premiums | &nbsp;&nbsp; — |  |  |
| Net realized gain (loss) | &nbsp;&nbsp; — |  |  |
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; (160521)<br>| (27177)<br>| (187698)<br>|
| Purchases | &nbsp;&nbsp; — |  |  |
| Issues | &nbsp;&nbsp; — |  |  |
| Sales | &nbsp;&nbsp; — |  |  |
| Closing Balance, as of April 30, 2025 | &nbsp;&nbsp; $(160521)<br>| $(27177)<br>| (187698)<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2025<sup>(a)</sup> | &nbsp;&nbsp; $(160521)<br>| $(27177)<br>| (187698)<br>|

---

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

<sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at April 30, 2025 is generally due to derivative financial instruments 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 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 third-party pricing information in the amount of $106,787,586.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $153457380 | Market | Revenue Multiple | 1.00x - 7.00x | 3.26x |
|  |  |  | Time to Exit | 0.3 - 2.0 years | 0.9 years |
|  |  |  | Volatility | 56% - 70% | 65% |
|  |  |  | EBITDA Multiple | 24.95x |  |
|  |  |  | Gross Profit Multiple | 7.25x |  |
|  |  | Income | Discount Rate | 10%-17% | 11% |
|  |  |  | Discount for Lack of Marketability | 10% |  |
|  |  |  | Estimated Recovery Value | 15% |  |
| Asset Backed Securities | &nbsp;&nbsp; 49664383 | Income | Discount Rate | 7% -10% | 8% |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; 11752012 | Income | Discount Rate | 9% |  |
| Corporate Bonds | &nbsp;&nbsp; 414756676 | Income | Discount Rate | 6% - 30% | 13% |
|  |  |  | Estimated Recovery Value | 34% |  |
|  |  | Market | Volatility | 60% -80% | 60% |
|  |  |  | Revenue Multiple | 2.72x - 11.50x | 6.97x |
|  |  |  | Time to Exit | 0.3 - 1.0 year | 0.3 years |
| Floating Rate Loan Interests | &nbsp;&nbsp; 242644860 | Income | Discount Rate | 6% - 16% | 8% |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Allocation Fund, Inc.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation*<br> *Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable*<br> *Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of*<br> *Unobservable*<br> *Inputs*<br> *Utilized*<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; *Weighted*<br> *Average of*<br> *Unobservable*<br> *Inputs Based*<br> *on Fair Value* <br>|
| Fixed Rate Loan Interests | &nbsp;&nbsp; 18742033 | Income | Discount Rate | 7% |  |
| Preferred Stock<sup>(b)</sup> | &nbsp;&nbsp; 444033722 | Income | Discount Rate | 4% - 16% | 12% |
|  |  | Market | Revenue Multiple | 1.05 - 27.78x | 11.79x |
|  |  |  | Time to Exit | 0.3 - 5.0 years | 2.6 years |
|  |  |  | Volatility | 41% - 90% | 69% |
|  |  |  | Gross Profit Multiple | 11.25x |  |
|  |  |  | Direct Profit Multiple | 4.50x |  |
|  |  |  | EBITDA Multiple | 8.25x |  |
|  |  |  | EBITDAR | 9.50x |  |
|  |  |  | Market Adjustment Multiple | 0.85x - 1.00x | 0.91x |
| Warrants | &nbsp;&nbsp; 12721491 | Market | Revenue Multiple | 2.65x - 11.50x | 7.13x |
|  |  |  | Time to Exit | 0.3 - 3.0 years | 2.7 years |
|  |  |  | Volatility | 45% - 80% | 61% |
|  |  | Income | Discount for Lack of Marketability | 10% |  |
|  | &nbsp;&nbsp; $1347772557 |  |  |  |  |

---

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

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

<sup>(b)</sup> The fund valued certain of its Level 3 Preferred Stock using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable is $373,495 as of April 30, 2025. 

*See notes to consolidated financial statements.*

Consolidated Schedule of Investments

------

Consolidated Statement of Assets and Liabilities

April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock Global <br>Allocation Fund, Inc.<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $15370621985 |
| Investments, at value — affiliated<sup>(c)</sup> | 345391125 |
| Cash held for investments sold short | 2989783 |
| Cash pledged: |  |
| Collateral — OTC derivatives | 4822000 |
| Futures contracts | 153111000 |
| Centrally cleared swaps | 212335000 |
| Foreign currency, at value<sup>(d)</sup> | 21557927 |
| Receivables: |  |
| Investments sold | 117651045 |
| Options written | 13309761 |
| Securities lending income — affiliated | 93793 |
| Swaps | 83963713 |
| Capital shares sold | 10022498 |
| Dividends — unaffiliated | 14315387 |
| Dividends — affiliated | 1312071 |
| Interest — unaffiliated | 61553336 |
| Variation margin on futures contracts | 7857101 |
| Variation margin on centrally cleared swaps | 21109863 |
| Swap premiums paid | 2320083 |
| Unrealized appreciation on: |  |
| Forward foreign currency exchange contracts | 111404957 |
| OTC swaps | 3419132 |
| Unfunded floating rate loan interests | 32166 |
| Prepaid expenses | 132680 |
| Total assets | 16559326406 |
| **LIABILITIES** |  |
| Bank overdraft | 2124254 |
| Cash received: |  |
| Collateral — OTC derivatives | 23092671 |
| Collateral — TBA commitments | 269957 |
| Collateral on securities loaned | 64343492 |
| Options written, at value<sup>(e)</sup> | 55516850 |
| Payables: |  |
| Investments purchased | 312693568 |
| Swaps | 38509759 |
| Accounting services fees | 826099 |
| Capital shares redeemed | 23639786 |
| Custodian fees | 2050718 |
| Deferred foreign capital gain tax | 629 |
| Foreign taxes | 39388 |
| Investment advisory fees | 9155405 |
| Directors' and Officer's fees | 13777 |
| Options written | 11540548 |
| Other accrued expenses | 205640 |
| Professional fees | 205701 |
| Service and distribution fees | 1888560 |
| Transfer agent fees | 3090062 |
| Variation margin on futures contracts | 10912060 |
| Swap premiums received | 1336636 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Statement of Assets and Liabilities (continued)

April 30, 2025

---

| | |
|:---|:---|
|  | BlackRock Global<br> Allocation Fund, Inc.<br>|
| Unrealized depreciation on: |  |
| Forward foreign currency exchange contracts | $48410381 |
| OTC swaps | 35879032 |
| Total liabilities | 645744973 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $15913581433 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $13234130393 |
| Accumulated earnings | 2679451040 |
| NET ASSETS | $15913581433 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $12738377915 |
| <sup>(b)</sup> Securities loaned, at value | $62376107 |
| <sup>(c)</sup> Investments, at cost—affiliated | $532659274 |
| <sup>(d)</sup> Foreign currency, at cost | $23081957 |
| <sup>(e)</sup> Premiums received | $45703538 |

---

Consolidated Financial Statements

------

Consolidated Statement of Assets and Liabilities (continued)

April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock Global <br>Allocation Fund, Inc.<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $6245636102 |
| Shares outstanding | 326112614 |
| Net asset value | $19.15 |
| Shares authorized | 2 billion |
| Par value | $0.10 |
| **Investor A** |  |
| Net assets | $8019633613 |
| Shares outstanding | 422917986 |
| Net asset value | $18.96 |
| Shares authorized | 2 billion |
| Par value | $0.10 |
| **Investor C** |  |
| Net assets | $274761807 |
| Shares outstanding | 16958541 |
| Net asset value | $16.20 |
| Shares authorized | 2 billion |
| Par value | $0.10 |
| **Class K** |  |
| Net assets | $1117619407 |
| Shares outstanding | 58387756 |
| Net asset value | $19.14 |
| Shares authorized | 2 billion |
| Par value | $0.10 |
| **Class R** |  |
| Net assets | $255930504 |
| Shares outstanding | 14572591 |
| Net asset value | $17.56 |
| Shares authorized | 2 billion |
| Par value | $0.10 |

---

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Statement of Operations

Year Ended April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock Global <br>Allocation Fund, Inc.<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $181083964 |
| Dividends — affiliated | &nbsp;&nbsp; 19245286 |
| Interest — unaffiliated | &nbsp;&nbsp; 342258532 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 737920 |
| Other income — unaffiliated | &nbsp;&nbsp; 2491632 |
| Foreign taxes withheld | &nbsp;&nbsp; (9480565)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 3052910 |
| Total investment income | &nbsp;&nbsp; 539389679 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 126004282 |
| Service and distribution — class specific | &nbsp;&nbsp; 25682503 |
| Transfer agent — class specific | &nbsp;&nbsp; 15645280 |
| Custodian | &nbsp;&nbsp; 2507189 |
| Accounting services | &nbsp;&nbsp; 1431776 |
| Professional | &nbsp;&nbsp; 828605 |
| Registration | &nbsp;&nbsp; 176023 |
| Printing and postage | &nbsp;&nbsp; 150199 |
| Directors and Officer | &nbsp;&nbsp; 138545 |
| Miscellaneous | &nbsp;&nbsp; 897611 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 173462013 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 20892 |
| Total expenses | &nbsp;&nbsp; 173482905 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (5375945)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 168106960 |
| Net investment income | &nbsp;&nbsp; 371282719 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 1156794565 |
| Investments — affiliated | &nbsp;&nbsp; (143559760)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (99918198)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (5668734)<br>|
| Futures contracts | &nbsp;&nbsp; (42362603)<br>|
| Options written | &nbsp;&nbsp; 135733219 |
| Payment by affiliate | &nbsp;&nbsp; 6294 |
| Swaps | &nbsp;&nbsp; 17309123 |
|  | &nbsp;&nbsp; 1018333906 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (181813336)<br>|
| Investments — affiliated | &nbsp;&nbsp; 134134063 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 133169702 |
| Foreign currency translations | &nbsp;&nbsp; (2387477)<br>|
| Futures contracts | &nbsp;&nbsp; (65036998)<br>|
| Options written | &nbsp;&nbsp; 1523521 |
| Swaps | &nbsp;&nbsp; 238634519 |
| Unfunded floating rate loan interests | &nbsp;&nbsp; 97867 |
|  | &nbsp;&nbsp; 258321861 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1276655767 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1647938486 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $140712 |
| <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $379581 |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Consolidated Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | BlackRock Global Allocation Fund, Inc. | BlackRock Global Allocation Fund, Inc. |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $371282719 | &nbsp;&nbsp;&nbsp; $453838592 |
| Net realized gain | &nbsp;&nbsp; 1018333906 | &nbsp;&nbsp;&nbsp; 396464794 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 258321861 | &nbsp;&nbsp;&nbsp; 637470588 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1647938486 | &nbsp;&nbsp;&nbsp; 1487773974 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (487186434)<br>| &nbsp;&nbsp;&nbsp; (107689462)<br>|
| Investor A | &nbsp;&nbsp; (607135851)<br>| &nbsp;&nbsp;&nbsp; (101639007)<br>|
| Investor C | &nbsp;&nbsp; (24157138)<br>| &nbsp;&nbsp;&nbsp; (2078203)<br>|
| Class K | &nbsp;&nbsp; (85109546)<br>| &nbsp;&nbsp;&nbsp; (21079430)<br>|
| Class R | &nbsp;&nbsp; (20009246)<br>| &nbsp;&nbsp;&nbsp; (2216824)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1223598215)<br>| &nbsp;&nbsp;&nbsp; (234702926)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (1457936808)<br>| &nbsp;&nbsp;&nbsp; (2594930117)<br>|
| *NET ASSETS* |  |  |
| Total decrease in net assets | &nbsp;&nbsp; (1033596537)<br>| &nbsp;&nbsp;&nbsp; (1341859069)<br>|
| Beginning of year | &nbsp;&nbsp; 16947177970 | &nbsp;&nbsp;&nbsp; 18289037039 |
| End of year | &nbsp;&nbsp; $15913581433 | &nbsp;&nbsp;&nbsp; $16947177970 |

---

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

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

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp;&nbsp; $17.41 | &nbsp;&nbsp;&nbsp; $18.50 | &nbsp;&nbsp;&nbsp; $22.84 | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $19.36 |
| Net investment income<sup>(a)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| Net increase (decrease) from investment operations | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| From net realized gain | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>|
| Total distributions | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $19.15 | &nbsp;&nbsp;&nbsp; $18.71 | &nbsp;&nbsp;&nbsp; $17.41 | &nbsp;&nbsp;&nbsp; $18.50 | &nbsp;&nbsp;&nbsp; $22.84 | &nbsp;&nbsp;&nbsp; $19.93 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 10.25 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.15<br> %<br>| &nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp; (10.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.07 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.23 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding dividend <br> expense and professional fees for foreign withholding tax claims<br>| 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Net investment income | 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6245636 | &nbsp;&nbsp;&nbsp; $6705756 | &nbsp;&nbsp;&nbsp; $7134880 | &nbsp;&nbsp;&nbsp; $8836844 | &nbsp;&nbsp;&nbsp; $9749544 | &nbsp;&nbsp;&nbsp; $7907317 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 173<br> %<br>| &nbsp;&nbsp;&nbsp; 174<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

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

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

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

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

<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:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 133<br> %<br>| &nbsp;&nbsp;&nbsp; 130<br> %<br>| &nbsp;&nbsp;&nbsp; 139<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

Consolidated Financial Highlights

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $18.53 | &nbsp;&nbsp;&nbsp; $17.22 | &nbsp;&nbsp;&nbsp; $18.34 | &nbsp;&nbsp;&nbsp; $22.65 | &nbsp;&nbsp;&nbsp; $19.75 | &nbsp;&nbsp;&nbsp; $19.23 |
| Net investment income<sup>(a)</sup> | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 |
| Net increase (decrease) from investment operations | 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| From net realized gain | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>|
| Total distributions | &nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $18.96 | &nbsp;&nbsp;&nbsp; $18.53 | &nbsp;&nbsp;&nbsp; $17.22 | &nbsp;&nbsp;&nbsp; $18.34 | &nbsp;&nbsp;&nbsp; $22.65 | &nbsp;&nbsp;&nbsp; $19.75 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 10.03 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.86<br> %<br>| &nbsp;&nbsp;&nbsp; (0.39)%<br>| &nbsp;&nbsp;&nbsp; (10.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.95 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.87 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding dividend <br> expense and professional fees for foreign withholding tax claims<br>| 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>|
| Net investment income | 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $8019634 | &nbsp;&nbsp;&nbsp; $8492648 | &nbsp;&nbsp;&nbsp; $9083078 | &nbsp;&nbsp;&nbsp; $10557693 | &nbsp;&nbsp;&nbsp; $13806271 | &nbsp;&nbsp;&nbsp; $11184639 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 173<br> %<br>| &nbsp;&nbsp;&nbsp; 174<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

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

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

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

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

<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:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 133<br> %<br>| &nbsp;&nbsp;&nbsp; 130<br> %<br>| &nbsp;&nbsp;&nbsp; 139<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $16.01 | &nbsp;&nbsp;&nbsp; $14.91 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $20.11 | &nbsp;&nbsp;&nbsp; $17.43 | &nbsp;&nbsp;&nbsp; $17.17 |
| Net investment income (loss)<sup>(a)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) | 1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Net increase (decrease) from investment operations | 1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (0.02)<br>|
| From net realized gain | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>|
| Total distributions | &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (1.25)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $16.20 | &nbsp;&nbsp;&nbsp; $16.01 | &nbsp;&nbsp;&nbsp; $14.91 | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $20.11 | &nbsp;&nbsp;&nbsp; $17.43 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.15 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.94<br> %<br>| &nbsp;&nbsp;&nbsp; (1.12)%<br>| &nbsp;&nbsp;&nbsp; (11.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.50 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.06 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding dividend expense <br> and professional fees for foreign withholding tax claims<br>| 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>|
| Net investment income (loss) | 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp; (0.01 )%<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp; (0.13)%<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $274762 | &nbsp;&nbsp;&nbsp; $356346 | &nbsp;&nbsp;&nbsp; $517945 | &nbsp;&nbsp;&nbsp; $780451 | &nbsp;&nbsp;&nbsp; $1213559 | &nbsp;&nbsp;&nbsp; $1547011 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 173<br> %<br>| &nbsp;&nbsp;&nbsp; 174<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

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

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

<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:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 133<br> %<br>| &nbsp;&nbsp;&nbsp; 130<br> %<br>| &nbsp;&nbsp;&nbsp; 139<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

Consolidated Financial Highlights

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $18.70 | &nbsp;&nbsp;&nbsp; $17.42 | &nbsp;&nbsp;&nbsp; $18.50 | &nbsp;&nbsp;&nbsp; $22.84 | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $19.36 |
| Net investment income<sup>(a)</sup> | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) | 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 |
| Net increase (decrease) from investment operations | 1.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| From net realized gain | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>|
| Total distributions | &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $19.14 | &nbsp;&nbsp;&nbsp; $18.70 | &nbsp;&nbsp;&nbsp; $17.42 | &nbsp;&nbsp;&nbsp; $18.50 | &nbsp;&nbsp;&nbsp; $22.84 | &nbsp;&nbsp;&nbsp; $19.93 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 10.38 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.20<br> %<br>| &nbsp;&nbsp;&nbsp; (0.03)%<br>| &nbsp;&nbsp;&nbsp; (10.51)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.16 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.28 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding dividend <br> expense and professional fees for foreign withholding tax claims<br>| 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>|
| Net investment income | 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1117619 | &nbsp;&nbsp;&nbsp; $1119146 | &nbsp;&nbsp;&nbsp; $1248515 | &nbsp;&nbsp;&nbsp; $1470032 | &nbsp;&nbsp;&nbsp; $1849652 | &nbsp;&nbsp;&nbsp; $1329363 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 173<br> %<br>| &nbsp;&nbsp;&nbsp; 174<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

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

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

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

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

<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:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 133<br> %<br>| &nbsp;&nbsp;&nbsp; 130<br> %<br>| &nbsp;&nbsp;&nbsp; 139<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $16.04 | &nbsp;&nbsp;&nbsp; $17.19 | &nbsp;&nbsp;&nbsp; $21.37 | &nbsp;&nbsp;&nbsp; $18.64 | &nbsp;&nbsp;&nbsp; $18.24 |
| Net investment income<sup>(a)</sup> | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | 1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| Net increase (decrease) from investment operations | 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| From net realized gain | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>|
| Total distributions | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $17.56 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $16.04 | &nbsp;&nbsp;&nbsp; $17.19 | &nbsp;&nbsp;&nbsp; $21.37 | &nbsp;&nbsp;&nbsp; $18.64 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.63 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.46<br> %<br>| &nbsp;&nbsp;&nbsp; (0.75)%<br>| &nbsp;&nbsp;&nbsp; (11.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.74 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.54 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding dividend expense and <br> professional fees for foreign withholding tax claims<br>| 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| Net investment income | 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $255931 | &nbsp;&nbsp;&nbsp; $273282 | &nbsp;&nbsp;&nbsp; $304620 | &nbsp;&nbsp;&nbsp; $329831 | &nbsp;&nbsp;&nbsp; $443409 | &nbsp;&nbsp;&nbsp; $405400 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 138<br> %<br>| &nbsp;&nbsp;&nbsp; 173<br> %<br>| &nbsp;&nbsp;&nbsp; 174<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

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

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

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

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

<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:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>11/01/20 <br>to 04/30/21 | &nbsp;&nbsp; Year Ended <br>10/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 133<br> %<br>| &nbsp;&nbsp;&nbsp; 130<br> %<br>| &nbsp;&nbsp;&nbsp; 139<br> %<br>| &nbsp;&nbsp;&nbsp; 112<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 193<br> %<br>|

---

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

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to consolidated financial statements.*

Consolidated Financial Highlights

------

Notes to Consolidated Financial Statements

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

***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 |

---

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

<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 $440,149,735, which is 2.8% 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.

The accompanying consolidated financial statements of the Fund include the account of BlackRock Global Allocation Fund Subsidiary LLC (the "Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of the Fund. The Taxable Subsidiary enables the Fund to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for the Fund. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for the Fund. Taxes payable or deferred as of April 30, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities. The Fund may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $23,403,673, which is 0.1% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to the Fund.

***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. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are 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

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

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 April 30, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

Consistent with U.S. GAAP accrual requirements for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.

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.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statement of Operations.

**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 from net investment income are declared and paid annually. 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. For financial reporting purposes, custodian credits, if any, are included in interest income in the Consolidated Statement of Operations.

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***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.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

**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;&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 trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. 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;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded funds ("ETFs") and closed-end funds 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. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

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

&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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency 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 market data and discounted cash flows. Total return swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value 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 occurs after 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 as of the measurement date.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Consolidated Financial Statements (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine 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 involves 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.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available 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 at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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.

As of April 30, 2025, certain investments of the Fund were fair valued using NAV as a practical expedient (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

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

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.

**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 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 Secured Overnight Financing Rate ("SOFR"), 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

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

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* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BlackRock Global Allocation Fund, Inc. | CML La Quinta Resort | &nbsp;&nbsp; $1446282 | $1443706 | &nbsp;&nbsp; $1446282 | $2576 |
|  | Platea BC Bidco AB | &nbsp;&nbsp; 506536 | 543792 | &nbsp;&nbsp; 573382 | 29590 |
|  |  |  |  |  | $32166 |

---

**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. These types of securities may be considered unfunded and may obligate the Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations.

**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 April 30, 2025, the Fund had outstanding commitments of USD 54,019,431 and GBP 1,050,000. These commitments are not included in the net assets of the Fund as of April 30, 2025.

**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 related collateral, if any, 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.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| BMO Capital Markets Corp. | &nbsp;&nbsp; $5223491 | &nbsp;&nbsp; $(5223491)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 254338 | &nbsp;&nbsp; (254338)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 9098500 | &nbsp;&nbsp; (9098500)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 17586431 | &nbsp;&nbsp; (17586431)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 693588 | &nbsp;&nbsp; (693588)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 4282252 | &nbsp;&nbsp; (4282252)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 17641849 | &nbsp;&nbsp; (17641849)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 7595658 | &nbsp;&nbsp; (7595658)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $62376107 | &nbsp;&nbsp; $(62376107)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<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 the 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. The 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.

**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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

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;&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;&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;&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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&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,

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;•Forward swaps — The Fund may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&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 derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the 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, the 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.

**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

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

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 Cayman Subsidiary and Taxable Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiary and Taxable 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 Cayman Subsidiary and Taxable Subsidiary.

The Manager entered into separate sub-advisory agreements with each of BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL") (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of the Fund for which BIL and BSL, as applicable, 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<br> % <br>| &nbsp;&nbsp; N/A |
| Investor C | 0.25 | 0.75<br> % <br>|
| 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 year ended April 30, 2025, 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 | &nbsp;&nbsp; $21111790 | &nbsp;&nbsp; $3216623 | &nbsp;&nbsp; $1354090 | &nbsp;&nbsp; $25682503 |

---

**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 year ended April 30, 2025, the Fund did not pay any amounts to affiliates in return for these services.

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 year ended April 30, 2025, 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 | &nbsp;&nbsp; $23734 | &nbsp;&nbsp; $264821 | &nbsp;&nbsp; $57465 | &nbsp;&nbsp; $3618 | &nbsp;&nbsp; $2214 | &nbsp;&nbsp; $351852 |

---

For the year ended April 30, 2025, 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 | &nbsp;&nbsp; $6936688 | &nbsp;&nbsp; $7648335 | &nbsp;&nbsp; $469864 | &nbsp;&nbsp; $43107 | &nbsp;&nbsp; $547286 | &nbsp;&nbsp; $15645280 |

---

**Other Fees:** For the year ended April 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $47,274.

For the year ended April 30, 2025, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* |
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $29616 | &nbsp;&nbsp; $18021 |

---

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive a portion of its investment advisory fees payable by the Fund through June 30, 2026, 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*<br>|
| First $10 billion | 0.75<br> % <br>|
| $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 year ended April 30, 2025, the Manager waived $4,260,621 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, 2026. 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 year ended April 30, 2025, the amount waived was $224,656.

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 and other exchange-traded products sponsored by BlackRock or its affiliates that have a contractual management fee through June 30, 2026. 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 year ended April 30, 2025, the Manager waived $890,668 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 fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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 specified thresholds, 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 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, the Fund retained 82% of securities lending income (which excluded collateral investment fees) and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees. 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 exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 85% of securities lending income (which excluded collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

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 year ended April 30, 2025, the Fund paid BIM $163,705 for securities lending agent services.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, the Fund participated 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. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, 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:** During the year ended April 30, 2025, the Fund received a reimbursement of $6,294 from an affiliate, which is included in payments by affiliates in the Consolidated Statement of Operations, related to an operating event.

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

For the year ended April 30, 2025, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Fund Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $1476183069 | &nbsp;&nbsp; $1584461800 | &nbsp;&nbsp; $20798739757 | &nbsp;&nbsp; $22478250785 |

---

For the year ended April 30, 2025, purchases and sales related to mortgage dollar rolls were $869,063,822 and $868,657,560, 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 April 30, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to nondeductible expenses and income recognized from the Fund's wholly owned subsidiary were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $(3851658)<br>| &nbsp;&nbsp; $3851658 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*04/30/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*04/30/24*<br>|
| BlackRock Global Allocation Fund, Inc. |  |  |
| Ordinary income | &nbsp;&nbsp; $1137759429 | &nbsp;&nbsp;&nbsp; $234702926 |
| Long-term capital gains | &nbsp;&nbsp; 85838786 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1223598215 | &nbsp;&nbsp;&nbsp; $234702926 |

---

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

As of April 30, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| *Undistributed* <br>*Long-Term* <br>*Capital Gains*<br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(a)</sup> <br>| *Total* |
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $605769957 | &nbsp;&nbsp; $188463091 | &nbsp;&nbsp; $1885217992 | &nbsp;&nbsp; $2679451040 |

---

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

<sup>(a)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion methods of premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income, the accounting for swap agreements, the characterization of corporate actions, classification of investments and the realization for tax purposes of unrealized gains on constructive sales. 

As of April 30, 2025, 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* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $13408144105 | &nbsp;&nbsp; $3715864508 | &nbsp;&nbsp; $(1132234959)<br>| &nbsp;&nbsp; $2583629549 |

---

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

The Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 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 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 2026 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 year ended April 30, 2025, 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, tariffs 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 mandatory and discretionary 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.

**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

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Consolidated Financial Statements (continued)

of the individual results of the securities and other instruments in which the Fund invests. 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.

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.

**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.

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.

**Geographic/Asset Class 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 during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund's performance.

The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

**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.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

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

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/24 | Year Ended <br>04/30/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock Global Allocation Fund, Inc.  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 35391531 | &nbsp;&nbsp;&nbsp; $682134121 | &nbsp;&nbsp;&nbsp; 45676638 | &nbsp;&nbsp;&nbsp; $819539249 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 23691399 | &nbsp;&nbsp;&nbsp; 449225220 | &nbsp;&nbsp;&nbsp; 5409861 | &nbsp;&nbsp;&nbsp; 98438511 |
| Shares redeemed | &nbsp;&nbsp; (91464237) | &nbsp;&nbsp;&nbsp; (1764995390) | &nbsp;&nbsp;&nbsp; (102327371) | &nbsp;&nbsp;&nbsp; (1831964896) |
|  | &nbsp;&nbsp; (32381307) | &nbsp;&nbsp;&nbsp; $(633636049) | &nbsp;&nbsp;&nbsp; (51240872) | &nbsp;&nbsp;&nbsp; $(913987136) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 16958425 | &nbsp;&nbsp;&nbsp; $323993678 | &nbsp;&nbsp;&nbsp; 23762373 | &nbsp;&nbsp;&nbsp; $423980013 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 29658780 | &nbsp;&nbsp;&nbsp; 557168018 | &nbsp;&nbsp;&nbsp; 5144258 | &nbsp;&nbsp;&nbsp; 93015372 |
| Shares redeemed | &nbsp;&nbsp; (81958639) | &nbsp;&nbsp;&nbsp; (1565937841) | &nbsp;&nbsp;&nbsp; (97996438) | &nbsp;&nbsp;&nbsp; (1740634275) |
|  | &nbsp;&nbsp; (35341434) | &nbsp;&nbsp;&nbsp; $(684776145) | &nbsp;&nbsp;&nbsp; (69089807) | &nbsp;&nbsp;&nbsp; $(1223638890) |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1329774 | &nbsp;&nbsp;&nbsp; $21779728 | &nbsp;&nbsp;&nbsp; 1605107 | &nbsp;&nbsp;&nbsp; $24768320 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1467636 | &nbsp;&nbsp;&nbsp; 23692151 | &nbsp;&nbsp;&nbsp; 129374 | &nbsp;&nbsp;&nbsp; 2032461 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (8092687) | &nbsp;&nbsp;&nbsp; (133131981) | &nbsp;&nbsp;&nbsp; (14226901) | &nbsp;&nbsp;&nbsp; (217801460) |
|  | &nbsp;&nbsp; (5295277) | &nbsp;&nbsp;&nbsp; $(87660102) | &nbsp;&nbsp;&nbsp; (12492420) | &nbsp;&nbsp;&nbsp; $(191000679) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 11494813 | &nbsp;&nbsp;&nbsp; $223200371 | &nbsp;&nbsp;&nbsp; 12205657 | &nbsp;&nbsp;&nbsp; $218301612 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 4489427 | &nbsp;&nbsp;&nbsp; 85025950 | &nbsp;&nbsp;&nbsp; 1158444 | &nbsp;&nbsp;&nbsp; 21050984 |
| Shares redeemed | &nbsp;&nbsp; (17451888) | &nbsp;&nbsp;&nbsp; (337526665) | &nbsp;&nbsp;&nbsp; (25198306) | &nbsp;&nbsp;&nbsp; (453598187) |
|  | &nbsp;&nbsp; (1467648) | &nbsp;&nbsp;&nbsp; $(29300344) | &nbsp;&nbsp;&nbsp; (11834205) | &nbsp;&nbsp;&nbsp; $(214245591) |
| Class R |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1581537 | &nbsp;&nbsp;&nbsp; $28022835 | &nbsp;&nbsp;&nbsp; 1807821 | &nbsp;&nbsp;&nbsp; $30105882 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1145096 | &nbsp;&nbsp;&nbsp; 19972161 | &nbsp;&nbsp;&nbsp; 130878 | &nbsp;&nbsp;&nbsp; 2213164 |
| Shares redeemed | &nbsp;&nbsp; (3985551) | &nbsp;&nbsp;&nbsp; (70559164) | &nbsp;&nbsp;&nbsp; (5093199) | &nbsp;&nbsp;&nbsp; (84376867) |
|  | &nbsp;&nbsp; (1258918) | &nbsp;&nbsp;&nbsp; $(22564168) | &nbsp;&nbsp;&nbsp; (3154500) | &nbsp;&nbsp;&nbsp; $(52057821) |
|  | &nbsp;&nbsp; (75744584) | &nbsp;&nbsp;&nbsp; $(1457936808) | &nbsp;&nbsp;&nbsp; (147811804) | &nbsp;&nbsp;&nbsp; $(2594930117) |

---

***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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of BlackRock Global Allocation Fund, Inc.:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of BlackRock Global Allocation Fund, Inc. (the "Fund"), including the consolidated schedule of investments, as of April 30, 2025, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended, for the period from November 1, 2020 through April 30, 2021, and for the period ended October 31, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, for the period from November 1, 2020 through April 30, 2021, and for the period ended October 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 25, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Dividend* <br>*Income*<br>|
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $139146055 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Business* <br>*Income*<br>|
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $1977717 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $85838786 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $9918370 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name*  | *Dividends-Received* <br>*Deduction*<br>|
| BlackRock Global Allocation Fund, Inc. | 4.41<br> % <br>|

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $264157696 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>| &nbsp;&nbsp; *Qualified* <br>*Short-Term* <br>*Capital Gains*<br>|
| BlackRock Global Allocation Fund, Inc. | &nbsp;&nbsp; $128830767 | &nbsp;&nbsp; $943016527 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Compensation to the independent directors/trustees of the Fund is paid by the Fund, on behalf of the Fund.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, 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.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**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.

Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock (Singapore) Limited

079912 Singapore

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent**

State Street Bank and Trust Company

Boston, MA 02114

**Custodian**

Brown Brothers Harriman & Co.

Boston, MA 02109

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peru Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| ARB | Airport Revenue Bonds  |
| BUBOR | Budapest Interbank Offered Rate |
| BZDIOVER | Overnight Brazil Interbank Deposit (CETIP) |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| COOIS | Columbia Overnight Interbank Reference Rate |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| ESTR | Euro Short Term Rate |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FTSE | Financial Times Stock Exchange |
| GDR | Global Depositary Receipt |
| GMTN | Global Medium-Term Note  |
| JIBAR | Johannesburg Interbank Average Rate |
| JSC | Joint Stock Company  |
| LP | Limited Partnership  |
| MIBOR | Mumbai Interbank Offered Rate |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| PJSC | Public Joint Stock Company |
| PRIBOR | Prague Interbank Offer Rate |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt  |
| ST | Special Tax |
| STACR | Structured Agency Credit Risk |
| TIIEFONDEO | MXN Overnight TIIE Funding Rate |
| WIBOR | Warsaw Interbank Offered Rate |

---

Glossary of Terms Used in these Financial Statements

------

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.

![](g938650imgb21e55892.jpg)

![](g938650imgf2d070281.jpg)

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---

| | |
|:---|:---|
| Item 8 | – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7 |
| Item 9 | – Proxy Disclosures for Open-End Management Investment Companies – See Item 7 |
| Item 10 | – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7 |
| Item 11 | – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7 |

---

------

---

| | |
|:---|:---|
| Item 12 | – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable |
| Item 13 | – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable |
| Item 14 | – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
| Item 15 | – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
| Item 16 | – Controls and Procedures |
|  | &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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
|  | &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 17 | – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
| Item 18 | – Recovery of Erroneously Awarded Compensation – Not Applicable |
| Item 19 | – Exhibits attached hereto |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [(a)(1) Code of Ethics – See Item 2](#item8938650_1) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [(a)(3) Section 302 Certifications are attached](d938650dex99cert.htm) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (a)(5) Change in Registrant's independent public accountant – Not Applicable |
|  | &nbsp;&nbsp;&nbsp;&nbsp; [(b) Section 906 Certifications are attached](d938650dex99906cert.htm) |

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------

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.

---

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

---

Date: June 25, 2025

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: June 25, 2025

---

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

---

Date: June 25, 2025

## 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;&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;&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;&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;&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;&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;&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: June 25, 2025

---

| |
|:---|
| /s/ John M. Perlowski |
| 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;&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;&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;&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;&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;&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;&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: June 25, 2025

---

| |
|:---|
| /s/ Trent Walker |
| 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 their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 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: June 25, 2025

---

| |
|:---|
| /s/ John M. Perlowski |
| 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 theirs knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 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 June 25, 2025

---

| |
|:---|
| /s/ Trent Walker |
| 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**.**