ThZeal - The Zeal

N-CSRS 1 d425214dncsrs.htm BLACKROCK GLOBAL ALLOCATION FUND, INC. 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., 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2023

Date of reporting period: 10/31/2022

Item 1 –

Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

BlackRock Global Allocation Fund, Inc.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of October 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(5.50)%	(14.61)%

U.S. small cap equities (Russell 2000^® Index)	(0.20)	(18.54)

International equities (MSCI Europe, Australasia, Far East Index)	(12.70)	(23.00)

Emerging market equities (MSCI Emerging Markets Index)	(19.66)	(31.03)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.72	0.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(8.24)	(17.68)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.86)	(15.68)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.43)	(11.98)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(4.71)	(11.76)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Derivative Financial Instruments		8
Financial Statements:
Consolidated Schedule of Investments		9
Consolidated Statement of Assets and Liabilities		56
Consolidated Statement of Operations		59
Consolidated Statements of Changes in Net Assets		60
Consolidated Financial Highlights		61
Notes to Consolidated Financial Statements		66
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		81
Additional Information		84
Glossary of Terms Used in this Report		86

LOGO


		3


Fund Summary as of October 31, 2022		BlackRock Global Allocation Fund, Inc.

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

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

What factors influenced performance?

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

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

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

Describe recent portfolio activity.

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

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

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

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

Describe portfolio positioning at period end.

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

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


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

Performance


				Average Annual Total Returns^(a)(b)


				1 Year						5 Years						10 Years


	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		(7.29	)%		(18.56	)%		N/A			3.21	%		N/A			4.92	%		N/A
Investor A		(7.39	)		(18.74	)		(23.01	)%		2.93			1.83	%		4.64			4.08	%
Investor C		(7.75	)		(19.37	)		(20.10	)		2.15			2.15			4.02			4.02
Class K		(7.26	)		(18.49	)		N/A			3.29			N/A			4.98			N/A
Class R		(7.56	)		(19.06	)		N/A			2.59			N/A			4.28			N/A

FTSE World Index^(c)		(8.53	)		(18.39	)		N/A			6.35			N/A			8.97			N/A
Reference Benchmark^(d)		(8.46	)		(17.55	)		N/A			3.36			N/A			5.37			N/A
U.S. Stocks: S&P 500^® Index^(e)		(5.50	)		(14.61	)		N/A			10.44			N/A			12.79			N/A
Non-U.S. Stocks: FTSE World (ex U.S.) Index^(f)		(13.28	)		(21.85	)		N/A			0.80			N/A			4.35			N/A
Non-U.S. Bonds: FTSE Non-U.S. Dollar World Government Bond Index^(g)		(14.40	)		(27.64	)		N/A			(4.94	)		N/A			(3.02	)		N/A
U.S. Bonds: ICE BofA Current 5-Year U.S. Treasury Index^(h)		(4.59	)		(11.37	)		N/A			(0.23	)		N/A			0.28			N/A

^(a)

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

^(b)

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

^(c)

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

^(d)

The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% S&P 500^® 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.

^(e)

An unmanaged index that covers 500 leading companies and captures approximately 80% coverage of available market capitalization.

^(f)

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

^(g)

An unmanaged market capitalization-weighted index that tracks certain government bond indexes, excluding the United States.

^(h)

An unmanaged index designed to track the total return of the current coupon 5-year U.S. Treasury bond.

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

Past performance is not an indication of future results.

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

Expense Example


	Actual										Hypothetical 5% Return


					Expenses Paid During the Period								Including Dividend Expense and Professional Fees for Foreign Withholding Tax Claims					Excluding Dividend Expense and Professional Fees for Foreign Withholding Tax Claims					Annualized Expense Ratio

		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Including Dividend Expense and Professional Fees for Foreign Withholding Tax Claims	^(a)		Excluding Dividend Expense and Professional Fees for Foreign Withholding Tax Claims	^(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Ending Account Value (10/31/22)		Expenses Paid During the Period	^(a)		Including Dividend Expense and Professional Fees for Foreign Withholding Tax Claims		Excluding Dividend Expense and Professional Fees for Foreign Withholding Tax Claims
Institutional	$	1,000.00	$	927.10	$	3.98		$	3.93		$	1,000.00	$	1,021.07	$	4.18		$	1,021.12	$	4.13			0.82	%	0.81	%
Investor A		1,000.00		926.10		5.24			5.15			1,000.00		1,019.76		5.50			1,019.86		5.40			1.08		1.06
Investor C		1,000.00		922.50		9.06			8.96			1,000.00		1,015.78		9.50			1,015.88		9.40			1.87		1.85
Class K		1,000.00		927.40		3.64			3.55			1,000.00		1,021.42		3.82			1,021.53		3.72			0.75		0.73
Class R		1,000.00		924.40		7.03			6.98			1,000.00		1,017.90		7.38			1,017.95		7.32			1.45		1.44

^(a)

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

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


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


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

Portfolio Information

TEN LARGEST HOLDINGS (EQUITY INVESTMENTS)



	Percent of
Security^(a)		Total Investments

Microsoft Corp.		1.7	%
Apple, Inc.		1.7
Alphabet, Inc.		1.2
ConocoPhillips		1.1
Amazon.com, Inc.		0.9
Humana, Inc.		0.9
UnitedHealth Group, Inc.		0.8
Mastercard, Inc.		0.7
Enbridge, Inc.		0.7
Marsh & McLennan Cos., Inc.		0.7

GEOGRAPHIC ALLOCATION



Percent of
	Total Investments	^(b)



Country/Geographic Region	Long			Short			Total

United States		67.1	%		0.5	%		67.6	%
Japan		9.3			0.1			9.4
United Kingdom		3.2			0.1			3.3
Germany		3.0			0.1			3.1
Canada		2.2			—	^(c)		2.2
Netherlands		2.2			—	^(c)		2.2
France		2.0			—	^(c)		2.0
Australia		1.7			0.1			1.8
China		1.1			0.1			1.2
Switzerland		1.0			—	^(c)		1.0
Other^#		6.1			0.1			6.2

		98.9	%		1.1	%		100.0	%

^(a)	Excludes short-term securities.

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

^(c)	Rounds to less than 0.1%.

^#	Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Consolidated Schedule of Investments for such countries/geographic regions.


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


About Fund Performance		BlackRock Global Allocation Fund, Inc.

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

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

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

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

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

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

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


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


Derivative Financial Instruments		BlackRock Global Allocation Fund, Inc.

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


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

Consolidated Schedule of Investments (unaudited)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities

Cayman Islands^(a)(b)— 0.5%
522 Funding CLO Ltd., Series 2019-4A, Class CR, (3 mo. LIBOR US + 2.40%), 6.64%, 04/20/30	USD		500	$	468,889
ACRES Commercial Realty Ltd., Series 2021-FL1, Class A, (1 mo. LIBOR US + 1.20%), 4.61%, 06/15/36			6,272		6,044,640
AGL CLO 5 Ltd.
Series 2020-5A, Class A2R, (3 mo. LIBOR US + 1.40%), 5.64%, 07/20/34			1,260		1,190,718
Series 2020-5A, Class BR, (3 mo. LIBOR US + 1.70%), 5.94%, 07/20/34			1,752		1,648,176
AGL Static CLO Ltd., Series 2022-18A, Class B, (3 mo. SOFR + 2.00%), 5.99%, 04/21/31			3,210		3,034,326
Allegro CLO IV Ltd., Series 2016-1A, Class BR2, (3 mo. LIBOR US + 1.55%), 5.63%, 01/15/30			430		408,936
ALM Ltd., Series 2020-1A, Class A2, (3 mo. LIBOR US + 1.85%), 5.93%, 10/15/29			373		355,302
AMMC CLO 22 Ltd., Series 2018-22A, Class B, (3 mo. LIBOR US + 1.45%), 5.81%, 04/25/31			375		350,914
Anchorage Capital CLO Ltd.
Series 2015-7A, Class A2, (3 mo. LIBOR US + 1.09%), 5.46%, 01/28/31			250		245,290
Series 2018-10A, Class A2, (3 mo. LIBOR US + 1.50%), 5.58%, 10/15/31			250		243,437
Apidos CLO XX, Series 2015-20A, Class A2RR, (3 mo. LIBOR US + 1.55%), 5.63%, 07/16/31			400		379,993
Apidos CLO XXII, Series 2015-7A, Class A2, (3 mo. LIBOR US + 1.50%), 5.74%, 04/20/31			500		475,712
Apidos CLO XXIII, Series 2015-23A, Class B1R, (3 mo. LIBOR US + 1.60%), 5.68%, 04/15/33			250		232,886
Apollo Credit Funding IV Ltd., Series 4A, Class A2R, (3 mo. LIBOR US + 1.60%), 5.68%, 07/15/30			250		235,896
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, (1 mo. LIBOR US + 1.35%), 4.76%, 11/15/36			656		634,755
ARES LII CLO Ltd., Series 2019-52A, Class A2R, (3 mo. LIBOR US + 1.45%), 5.77%, 04/22/31			250		240,354
Ares LV CLO Ltd., Series 2020-55A, Class BR, (3 mo. LIBOR US + 1.70%), 5.78%, 07/15/34			2,786		2,627,431
Ares XXXVII CLO Ltd., Series 2015-4A, Class A3R, (3 mo. LIBOR US + 1.50%), 5.58%, 10/15/30			250		235,138
ASSURANT CLO I Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.15%), 6.39%, 10/20/34			720		639,064
Atrium XIII, Series 13A, Class B, (3 mo. LIBOR US + 1.50%), 5.82%, 11/21/30			600		570,130
Bain Capital Credit CLO Ltd.
Series 2018-2A, Class B, (3 mo. LIBOR US + 1.60%), 5.83%, 07/19/31			750		705,510
Series 2020-2A, Class BR, (3 mo. LIBOR US + 1.70%), 5.93%, 07/19/34			2,425		2,274,329
Battalion CLO VIII Ltd., Series 2015-8A, Class A1R2, (3 mo. LIBOR US + 1.07%), 5.26%, 07/18/30			493		482,393
Battalion CLO X Ltd., Series 2016-10A, Class A2R2, (3 mo. LIBOR US + 1.55%), 5.87%, 01/25/35			1,465		1,365,677
Battalion CLO XI Ltd., Series 2017-11A, Class BR, (3 mo. LIBOR US + 1.72%), 6.04%, 04/24/34			712		660,026


Security		Par (000)		Value

Cayman Islands (continued)
Battalion CLO XX Ltd., Series 2021-20A, Class A, (3 mo. LIBOR US + 1.18%), 5.26%, 07/15/34	USD		1,848	$	1,771,147
Benefit Street Partners CLO II Ltd., Series 2013- IIA, Class A2R2, (3 mo. LIBOR US + 1.45%), 5.53%, 07/15/29			1,845		1,780,278
Benefit Street Partners CLO III Ltd., Series 2013- IIIA, Class A2R2, (3 mo. LIBOR US + 1.65%), 5.89%, 07/20/29			667		644,017
Benefit Street Partners CLO Ltd., Series 2015- VIBR, Class A, (3 mo. LIBOR US + 1.19%), 5.43%, 07/20/34			250		237,025
Benefit Street Partners CLO XIX Ltd., Series 2019- 19A, Class B, (3 mo. LIBOR US + 2.00%), 6.08%, 01/15/33			250		236,909
Birch Grove CLO Ltd., Series 19A, Class BR, (3 mo. LIBOR US + 1.75%), 5.04%, 06/15/31			500		467,390
BlueMountain CLO Ltd.
Series 2013-2A, Class BR, (3 mo. LIBOR US + 1.60%), 5.92%, 10/22/30			500		469,254
Series 2014-2A, Class BR2, (3 mo. LIBOR US + 1.75%), 5.99%, 10/20/30			465		432,054
BlueMountain CLO XXII Ltd., Series 2018-22A, Class B, (3 mo. LIBOR US + 1.50%), 5.58%, 07/15/31			1,495		1,433,136
BlueMountain CLO XXIII Ltd., Series 2018-23A, Class A1, (3 mo. LIBOR US + 1.15%), 5.39%, 10/20/31			250		242,326
BlueMountain CLO XXIX Ltd., Series 2020-29A, Class BR, (3 mo. LIBOR US + 1.75%), 6.11%, 07/25/34			625		580,426
Canyon Capital CLO Ltd.
Series 2016-1A, Class CR, (3 mo. LIBOR US + 1.90%), 5.98%, 07/15/31			250		229,358
Series 2019-1A, Class A1R, (3 mo. LIBOR US + 1.10%), 5.18%, 04/15/32			250		243,443
Series 2019-1A, Class BR, (3 mo. LIBOR US + 1.70%), 5.78%, 04/15/32			300		280,672
Canyon CLO Ltd., Series 2020-3A, Class B, (3 mo. LIBOR US + 1.70%), 5.78%, 01/15/34			250		233,393
Catskill Park CLO Ltd., Series 2017-1A, Class A1B, (3 mo. LIBOR US + 1.35%), 5.59%, 04/20/29			892		871,332
CBAM Ltd.
Series 2018-7A, Class A, (3 mo. LIBOR US + 1.10%), 5.34%, 07/20/31			250		241,250
Series 2019-9A, Class B2, (3 mo. LIBOR US + 1.90%), 5.98%, 02/12/30			450		425,664
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.98%), 5.22%, 04/20/31			1,050		1,021,999
Cedar Funding V CLO Ltd., Series 2016-5A, Class A1R, (3 mo. LIBOR US + 1.10%), 5.18%, 07/17/31			250		242,935
Cedar Funding XI CLO Ltd., Series 2019-11A, Class A2R, (3 mo. LIBOR US + 1.35%), 4.39%, 05/29/32			250		240,289
CIFC Funding Ltd.
Series 2013-4A, Class BRR, (3 mo. LIBOR US + 1.60%), 5.96%, 04/27/31			450		427,965
Series 2014-5A, Class A1R2, (3 mo. LIBOR US + 1.20%), 5.28%, 10/17/31			250		243,311


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Cayman Islands (continued)
CIFC Funding Ltd. (continued)
Series 2015-3A, Class BR, (3 mo. LIBOR US + 1.15%), 5.38%, 04/19/29	USD		712	$	685,240
Series 2018-2A, Class A2, (3 mo. LIBOR US + 1.60%), 5.84%, 04/20/31			250		238,337
Series 2020-1A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/36			2,475		2,322,416
Series 2021-4A, Class B, (3 mo. LIBOR US + 1.58%), 5.66%, 07/15/33			250		232,677
Dryden 45 Senior Loan Fund, Series 2016-45A, Class BR, (3 mo. LIBOR US + 1.70%), 5.78%, 10/15/30			250		232,586
Dryden 65 CLO Ltd., Series 2018-65A, Class B, (3 mo. LIBOR US + 1.60%), 5.79%, 07/18/30			250		237,038
Elmwood CLO I Ltd., Series 2019-1A, Class AR, (3 mo. LIBOR US + 1.45%), 5.69%, 10/20/33			500		485,048
Elmwood CLO II Ltd.
Series 2019-2A, Class AR, (3 mo. LIBOR US + 1.15%), 5.39%, 04/20/34			650		623,435
Series 2019-2A, Class BR, (3 mo. LIBOR US + 1.65%), 5.89%, 04/20/34			975		926,004
Elmwood CLO IV Ltd., Series 2020-1A, Class A, (3 mo. LIBOR US + 1.24%), 5.32%, 04/15/33			300		290,284
FS Rialto, Series 2021-FL3, Class A, (1 mo. LIBOR US + 1.25%), 4.66%, 11/16/36			389		370,523
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, (3 mo. LIBOR US + 0.97%), 5.05%, 10/15/30			600		584,412
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class A1, (3 mo. LIBOR US + 1.10%), 5.18%, 07/15/31			250		242,574
Generate CLO 3 Ltd., Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.75%), 5.99%, 10/20/29			2,025		1,926,762
GoldenTree Loan Management U.S. CLO Ltd., Series 2018-3A, Class B1, (3 mo. LIBOR US + 1.55%), 5.79%, 04/20/30			250		239,795
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class BR2, (3 mo. LIBOR US + 1.60%), 6.01%, 10/29/29			500		481,368
Goldentree Loan Opportunities XI Ltd., Series 2015- 11A, Class AR2, (3 mo. LIBOR US + 1.07%), 5.26%, 01/18/31			250		244,453
Greystone CRE Notes Ltd., Series 2021-FL3, Class A, (1 mo. LIBOR US + 1.02%), 4.43%, 07/15/39			3,594		3,404,910
Greywolf CLO III Ltd., Series 2020-3RA, Class A1R, (3 mo. SOFR + 1.55%), 5.59%, 04/15/33			500		480,409
Gulf Stream Meridian 4 Ltd., Series 2021-4A, Class A2, (3 mo. LIBOR US + 1.85%), 5.93%, 07/15/34			500		473,544
Gulf Stream Meridian 5 Ltd., Series 2021-5A, Class A2, (3 mo. LIBOR US + 1.80%), 5.88%, 07/15/34			350		331,440
HPS Loan Management Ltd., Series 6A-2015, Class A1R, (3 mo. LIBOR US + 1.00%), 3.83%, 02/05/31			497		485,908


Security		Par (000)		Value

Cayman Islands (continued)
Jamestown CLO XII Ltd., Series 2019-1A, Class A2, (3 mo. LIBOR US + 2.15%), 6.39%, 04/20/32	USD		442	$	420,016
Jamestown CLO XV Ltd., Series 2020-15A, Class A, (3 mo. LIBOR US + 1.34%), 5.42%, 04/15/33			250		240,441
KKR CLO 17 Ltd., Series 17, Class AR, (3 mo. LIBOR US + 1.08%), 5.16%, 04/15/34			500		481,720
LoanCore Issuer Ltd., Series 2021-CRE5, Class A, (1 mo. LIBOR US + 1.30%), 4.71%, 07/15/36			2,207		2,097,294
Longfellow Place CLO Ltd., Series 2013-1A, Class BR3, (3 mo. LIBOR US + 1.75%), 5.83%, 04/15/29			500		486,659
Madison Park Funding XLI Ltd., Series 12A, Class BR, (3 mo. LIBOR US + 1.35%), 5.67%, 04/22/27			695		680,462
Madison Park Funding XXV Ltd., Series 2017-25A, Class A2R, (3 mo. LIBOR US + 1.65%), 6.01%, 04/25/29			712		679,718
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, (3 mo. LIBOR US + 1.20%), 5.61%, 07/29/30			461		452,633
Madison Park Funding XXXI Ltd., Series 2018-31A, Class B, (3 mo. LIBOR US + 1.70%), 6.02%, 01/23/31			250		234,192
Mariner CLO LLC, Series 2016-3A, Class BR2, (3 mo. LIBOR US + 1.50%), 5.82%, 07/23/29			500		475,774
MF1 Ltd., Series 2021-FL6, Class A, (1 mo. LIBOR US + 1.10%), 4.54%, 07/16/36			2,970		2,847,198
Myers Park CLO Ltd., Series 2018-1A, Class B1, (3 mo. LIBOR US + 1.60%), 5.84%, 10/20/30			250		235,258
Neuberger Berman CLO XIV Ltd., Series 14A, Class AR2, (3 mo. LIBOR US + 1.03%), 5.40%, 01/28/30			244		239,399
Neuberger Berman CLO XX Ltd., Series 20A, Class BRR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/34			250		234,472
Neuberger Berman CLO XXII Ltd., Series 2016- 22A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 10/17/30			250		239,752
Neuberger Berman Loan Advisers CLO Ltd.
Series 2020-37A, Class BR, (3 mo. LIBOR US + 1.45%), 5.69%, 07/20/31			333		317,001
Series 2021- 46A, Class B, (3 mo. LIBOR US + 1.65%), 5.89%, 01/20/36			250		237,113
OCP CLO Ltd.
Series 2014-5A, Class A2R, (3 mo. LIBOR US + 1.40%), 5.73%, 04/26/31			450		424,465
Series 2014-7A, Class A2RR, (3 mo. LIBOR US + 1.65%), 5.89%, 07/20/29			250		236,958
Series 2016-11A, Class A2R, (3 mo. LIBOR US + 1.75%), 6.08%, 10/26/30			500		474,368
Series 2020-19A, Class BR, (3 mo. LIBOR US + 1.70%), 5.94%, 10/20/34			500		463,457
Octagon Investment Partners 29 Ltd., Series 2016- 1A, Class AR, (3 mo. LIBOR US + 1.18%), 5.50%, 01/24/33			250		240,797


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Cayman Islands (continued)
Octagon Investment Partners 37 Ltd., Series 2018- 2A, Class A2, (3 mo. LIBOR US + 1.58%), 5.94%, 07/25/30	USD		250	$	236,612
Octagon Investment Partners 46 Ltd., Series 2020- 2A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/36			800		747,928
Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A2R, (3 mo. LIBOR US + 1.35%), 5.58%, 07/19/30			487		471,138
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class A2R2, (3 mo. LIBOR US + 1.10%), 5.46%, 01/25/31			300		289,040
OHA Credit Funding 3 Ltd., Series 2019-3A, Class BR, (3 mo. LIBOR US + 1.65%), 5.89%, 07/02/35			936		883,122
OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, (3 mo. SOFR + 1.30%), 5.26%, 02/24/37			250		239,418
OHA Credit Partners XIII Ltd., Series 2016-13A, Class BR, (3 mo. LIBOR US + 1.70%), 5.98%, 10/25/34			250		236,253
OHA Loan Funding Ltd.
Series 2013-2A, Class AR, (3 mo. LIBOR US + 1.04%), 4.00%, 05/23/31			500		487,655
Series 2016-1A, Class B1R, (3 mo. LIBOR US + 1.60%), 5.84%, 01/20/33			250		235,984
Palmer Square CLO Ltd.
Series 2013-2A, Class A2R3, (3 mo. LIBOR US + 1.50%), 5.73%, 10/17/31			250		233,200
Series 2015-1A, Class A2R4, (3 mo. LIBOR US + 1.70%), 4.68%, 05/21/34			500		473,347
Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.03%), 5.22%, 04/18/31			250		244,105
Park Avenue Institutional Advisers CLO Ltd.
Series 2016-1A, Class A1R, (3 mo. LIBOR US + 1.20%), 4.16%, 08/23/31			500		484,305
Series 2016-1A, Class A2R, (3 mo. LIBOR US + 1.55%), 4.46%, 02/14/34			500		456,430
Series 2019-1A, Class A2A, (3 mo. LIBOR US + 2.00%), 4.91%, 05/15/32			250		240,791
Pikes Peak CLO 1, Series 2018-1A, Class A, (3 mo. LIBOR US + 1.18%), 5.50%, 07/24/31			555		540,109
Pikes Peak CLO 11, Series 2021-11A, Class A1, (3 mo. SOFR + 1.95%), 4.13%, 07/25/34			1,000		965,537
Pikes Peak CLO 8, Series 2021-8A, Class A, (3 mo. LIBOR US + 1.17%), 5.41%, 07/20/34			600		572,111
Rad CLO 3 Ltd., Series 2019-3A, Class BR, (3 mo. LIBOR US + 1.55%), 5.63%, 04/15/32			250		235,529
Rad CLO 7 Ltd., Series 2020-7A, Class A1, (3 mo. LIBOR US + 1.20%), 5.28%, 04/17/33			250		241,429
Recette CLO Ltd., Series 2015-1A, Class BRR, (3 mo. LIBOR US + 1.40%), 5.64%, 04/20/34			250		230,923
Regatta VII Funding Ltd., Series 2016-1A, Class A1R2, (3 mo. LIBOR US + 1.15%), 4.68%, 06/20/34			450		432,190
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3 mo. LIBOR US + 1.45%), 5.53%, 01/15/34			350		323,763


Security		Par (000)		Value

Cayman Islands (continued)
Rockford Tower CLO Ltd.
Series 2017-1A, Class BR2A, (3 mo. LIBOR US + 1.65%), 5.89%, 04/20/34	USD		500	$	465,025
Series 2017-2A, Class BR, (3 mo. LIBOR US + 1.50%), 5.58%, 10/15/29			500		474,396
Series 2018-1A, Class A, (3 mo. LIBOR US + 1.10%), 4.08%, 05/20/31			250		242,911
Romark CLO II Ltd., Series 2018-2A, Class A1, (3 mo. LIBOR US + 1.18%), 5.53%, 07/25/31			250		242,857
Signal Peak CLO 5 Ltd., Series 2018-5A, Class A, (3 mo. LIBOR US + 1.11%), 5.47%, 04/25/31			300		292,923
Signal Peak CLO 8 Ltd.
Series 2020-8A, Class A, (3 mo. LIBOR US + 1.27%), 5.51%, 04/20/33			250		240,500
Series 2020-8A, Class B, (3 mo. LIBOR US + 1.65%), 5.89%, 04/20/33			300		279,008
Sixth Street CLO XVI Ltd.
Series 2020-16A, Class A1A, (3 mo. LIBOR US + 1.32%), 5.56%, 10/20/32			948		925,150
Series 2020-16A, Class B, (3 mo. LIBOR US + 1.85%), 6.09%, 10/20/32			710		678,143
Sound Point CLO XV Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR US + 1.50%), 5.82%, 01/23/29			250		240,327
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, (3 mo. LIBOR US + 1.15%), 5.23%, 10/15/31			250		243,913
TICP CLO VI Ltd.
Series 2016-6A, Class AR2, (3 mo. LIBOR US + 1.12%), 5.20%, 01/15/34			500		480,049
Series 2016-6A, Class BR2, (3 mo. LIBOR US + 1.50%), 5.58%, 01/15/34			500		472,424
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/34			700		660,499
TRESTLES CLO III Ltd., Series 2020-3A, Class A1, (3 mo. LIBOR US + 1.33%), 5.57%, 01/20/33			2,489		2,419,598
Trimaran CAVU Ltd., Series 2019-1A, Class B, (3 mo. LIBOR US + 2.20%), 6.44%, 07/20/32			500		486,550
Trinitas CLO XIV Ltd.
Series 2020-14A, Class B, (3 mo. LIBOR US + 2.00%), 6.36%, 01/25/34			472		441,891
Series 2020-14A, Class C, (3 mo. LIBOR US + 3.00%), 7.36%, 01/25/34			1,023		958,166
Voya CLO Ltd.
Series 2013-3A, Class A1RR, (3 mo. LIBOR US + 1.15%), 5.34%, 10/18/31			249		242,510
Series 2017-3A, Class A1R, (3 mo. LIBOR US + 1.04%), 5.28%, 04/20/34			250		237,216
Series 2017-4A, Class B, (3 mo. LIBOR US + 1.45%), 5.53%, 10/15/30			250		235,432
Series 2018-3A, Class A1A, (3 mo. LIBOR US + 1.15%), 5.23%, 10/15/31			250		244,002
Whitebox CLO II Ltd.
Series 2020-2A, Class A1R, (3 mo. LIBOR US + 1.22%), 5.54%, 10/24/34			1,390		1,328,863
Series 2020-2A, Class BR, (3 mo. LIBOR US + 1.75%), 6.07%, 10/24/34			726		688,262

					89,445,339


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Ireland^(a)— 0.0%
Avoca CLO XV DAC, Series 15X, Class B2R, (3 mo. EURIBOR + 1.05%), 2.43%, 04/15/31^(c)	EUR		134	$	122,307
CIFC European Funding CLO II DAC, Series 2X, Class B1, (3 mo. EURIBOR + 1.60%), 2.98%, 04/15/33^(c)			593		537,624
Harvest CLO XVIII DAC, Series 18X, Class B, 2.58%, 10/15/30^(c)			662		604,440
Holland Park CLO DAC, Series 1X, Class A1RR, (3 mo. EURIBOR + 0.92%), 1.24%, 11/14/32^(c)			390		369,717
OAK Hill European Credit Partners V Designated Activity Co., Series 2016-5A, Class BR, (3 mo. EURIBOR + 1.90%), 3.36%, 01/21/35^(b)			590		529,104
OAK Hill European Credit Partners VI DAC, Series 2017-6X, Class B1, 2.66%, 01/20/32^(c)			456		416,130
OCP Euro CLO DAC, Series 2017-2X, Class B, (3 mo. EURIBOR + 1.35%), 2.73%, 01/15/32^(c)			456		417,068
Prodigy Finance DAC^(b)
Series 2021-1A, Class B, (1 mo. LIBOR US + 2.50%), 6.09%, 07/25/51	USD		1,900		1,854,030
Series 2021-1A, Class C, (1 mo. LIBOR US + 3.75%), 7.34%, 07/25/51			1,100		1,077,280
Series 2021-1A, Class D, (1 mo. LIBOR US + 5.90%), 9.49%, 07/25/51			720		703,515
Rockford Tower Europe CLO DAC, Series 2018-1X, Class B, (3 mo. EURIBOR + 1.85%), 2.88%, 12/20/31^(c)	EUR		343		318,417

					6,949,632

United States — 1.1%
AccessLex Institute, Series 2007-A, Class A3, (3 mo. LIBOR US + 0.30%), 3.30%, 05/25/36^(a)	USD		2,109		2,036,488
AIMCO CLO, Series 2018-AA, Class B, (3 mo. LIBOR US + 1.40%), 5.48%, 04/17/31^(a)(b)			466		443,775
Ajax Mortgage Loan Trust^(a)(b)
Series 2021-E, Class A1, 1.74%, 12/25/60			23,731		19,810,182
Series 2021-E, Class A2, 2.69%, 12/25/60			3,304		2,576,645
Series 2021-E, Class B1, 3.73%, 12/25/60			2,184		1,681,602
Series 2021-E, Class M1, 2.94%, 12/25/60			1,332		1,001,575
Anchorage Capital CLO Ltd., Series 2014-3RA, Class A, (3 mo. LIBOR US + 1.05%), 5.42%, 01/28/31^(a)(b)			248		243,750
Apidos CLO XII, Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.08%), 5.16%, 04/15/31^(a)(b)			550		536,365
Apidos CLO XV, Series 2013-15A, Class A1RR, (3 mo. LIBOR US + 1.01%), 5.25%, 04/20/31^(a)(b)			1,770		1,730,511
Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL2, Class A, (1 mo. SOFR + 1.85%), 5.23%, 05/15/37^(a)(b)			8,034		7,803,610
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17%, 09/17/31^(b)			730		691,722
Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.09%, 07/15/24^(b)			5,560		5,465,435
Chenango Park CLO Ltd., Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.55%), 5.63%, 04/15/30^(a)(b)			1,143		1,080,720
CIFC Funding Ltd.^(a)(b)
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.75%), 5.83%, 07/16/30			250		238,176


Security		Par (000)		Value

United States (continued)
CIFC Funding Ltd.^(a)(b)(continued)
Series 2017-3A, Class A2, (3 mo. LIBOR US + 1.80%), 6.04%, 07/20/30	USD		637	$	603,718
Clear Creek CLO, Series 2015-1A, Class AR, (3 mo. LIBOR US + 1.20%), 5.44%, 10/20/30^(a)(b)			313		306,226
College Avenue Student Loans LLC, Series 2021-B, Class D, 3.78%, 06/25/52^(b)			230		192,283
Cook Park CLO Ltd., Series 2018-1A, Class B, (3 mo. LIBOR US + 1.40%), 5.48%, 04/17/30^(a)(b)			1,148		1,084,511
FS Rialto Issuer LLC, Series 2022-FL6, Class A, (1 mo. SOFR + 2.58 %), 6.05%, 08/17/37^(a)(b)			8,341		8,250,834
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, 2.10%, 05/20/48^(b)			5,917		4,289,648
Gracie Point International Funding^(a)(b)
Series 2021-1A, Class B, (1 mo. LIBOR US + 1.40%), 4.53%, 11/01/23			1,240		1,232,927
Series 2021-1A, Class C, (1 mo. LIBOR US + 2.40%), 5.53%, 11/01/23			1,640		1,626,449
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class A1, (3 mo. LIBOR US + 1.37%), 5.45%, 04/15/33^(a)(b)			5,718		5,554,470
Lendmark Funding Trust, Series 2021-2A, Class D, 4.46%, 04/20/32^(b)			2,210		1,580,314
Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, (3 mo. LIBOR US + 1.50%), 5.73%, 04/19/30^(a)(b)			900		870,134
Mariner Finance Issuance Trust, Series 2020-AA, Class A, 2.19%, 08/21/34^(b)			5,860		5,559,650
Navient Private Education Refi Loan Trust^(b)
Series 2021-DA, Class A, (Prime - 1.99%), 4.26%, 04/15/60^(a)			12,749		11,202,836
Series 2021-DA, Class B, 2.61%, 04/15/60			2,900		2,598,062
Series 2021-DA, Class C, 3.48%, 04/15/60			7,450		6,127,791
Series 2021-DA, Class D, 4.00%, 04/15/60			2,370		1,972,081
Nelnet Student Loan Trust^(b)
Series 2021-A, Class D, 4.93%, 04/20/62			6,030		4,906,709
Series 2021-BA, Class C, 3.57%, 04/20/62			6,450		5,018,329
Series 2021-CA, Class C, 3.36%, 04/20/62			850		641,349
Oportun Issuance Trust^(b)
Series 2021-B, Class A, 1.47%, 05/08/31			7,060		6,160,297
Series 2021-B, Class B, 1.96%, 05/08/31			1,340		1,154,516
Series 2021-B, Class C, 3.65%, 05/08/31			630		520,242
Pagaya AI Debt Selection Trust, Series 2021-2, Class NOTE, 3.00%, 01/25/29^(b)			8,183		7,592,837
Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A, Class A2R, (3 mo. LIBOR US + 1.80%), 4.76%, 08/23/31^(a)(b)			610		570,988
Progress Residential, Series 2021-SFR3, Class F, 3.44%, 05/17/26^(b)			2,736		2,297,605
Ready capitak Commercial Mortgage Trust, 5.58%, 10/25/39^(a)(b)			12,475		12,401,778
Regional Management Issuance, 3.88%, 10/17/33^(b)(d)			27,070		23,009,500
SLM Private Education Loan Trust, Series 2010-C, Class A5, (1 mo. LIBOR US + 4.75%), 8.16%, 10/15/41^(a)(b)			14,132		15,106,850
SMB Private Education Loan Trust^(b) Series 2021-A, Class C, 2.99%, 01/15/53			14,420		11,814,045


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
SMB Private Education Loan Trust^(b)(continued)
Series 2021-A, Class D2, 3.86%, 01/15/53	USD		4,220	$	3,703,834
Series 2021-C, Class B, 2.30%, 01/15/53			1,490		1,255,055
Series 2021-C, Class C, 3.00%, 01/15/53			1,240		1,094,512
Series 2021-C, Class D, 3.93%, 01/15/53			590		515,064
York CLO 1 Ltd., Series 2014-1A, Class BRR, (3 mo. LIBOR US + 1.65%), 5.97%, 10/22/29^(a)(b)			466		443,547

					196,599,547


Total Asset-Backed Securities — 1.6% (Cost: $322,126,213)					292,994,518


		Shares

Common Stocks

Argentina — 0.0%
MercadoLibre, Inc.^(e)			3,026		2,728,302


Australia — 0.7%
AGL Energy Ltd.			691,987		3,014,840
Australia & New Zealand Banking Group Ltd.			75,188		1,231,861
BHP Group Ltd.			599,682		14,314,275
BHP Group Ltd., Class DI			220,511		5,296,719
CSL Ltd.			7,842		1,403,839
Endeavour Group Ltd.			463,778		2,122,852
Glencore PLC			11,662,741		66,863,295
Goodman Group			103,927		1,130,799
Origin Energy Ltd.			248,170		886,606
Qantas Airways Ltd.^(e)			132,987		496,941
QBE Insurance Group Ltd.			367,970		2,883,030
Quintis HoldCo. Pty. Ltd.^(d)(f)			43,735,802		280
Rio Tinto PLC			224,194		11,716,742
South32 Ltd.			3,775,173		8,661,258
Treasury Wine Estates Ltd.			223,784		1,854,447
Woodside Energy Group Ltd.			122,173		2,843,752
Woolworths Group Ltd.			32,241		680,858

					125,402,394

Belgium — 0.0%
KBC Group NV			74,086		3,712,874


Brazil — 0.1%
Embraer SA^(e)			808,176		2,151,277
Engie Brasil Energia SA			197,430		1,537,244
Sendas Distribuidora SA			528,935		2,029,521
Suzano SA			87,098		897,031
Vale SA			144,702		1,880,524

					8,495,597

Canada — 1.1%
Barrick Gold Corp.			90,216		1,356,866
Cameco Corp.			831,465		19,722,350
Canadian Imperial Bank of Commerce			56,726		2,576,165
Canadian National Railway Co.			39,716		4,705,224
Enbridge, Inc.			3,410,433		132,877,589
George Weston Ltd.			11,006		1,211,399
Imperial Oil Ltd.			46,774		2,544,442
Lululemon Athletica, Inc.^(e)			26,681		8,779,116
National Bank of Canada			47,064		3,204,505


Security	Shares		Value

Canada (continued)
Nutrien Ltd.		102,742	$	8,681,052
Suncor Energy, Inc.		60,616		2,084,975
TC Energy Corp.		315,579		13,861,524

				201,605,207

Cayman Islands — 0.0%
Salt Pay Co. Ltd., Series C, (Acquired 11/16/21, Cost: $10,172,087)^(d)(g)		5,237		6,076,858


Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, ADR^(h)		56,969		5,336,856


China — 1.1%
Agricultural Bank of China Ltd., Class H		5,928,000		1,692,048
Aier Eye Hospital Group Co. Ltd., Class A		621,451		2,097,882
Alibaba Group Holding Ltd.^(e)		569,804		4,430,173
Amoy Diagnostics Co. Ltd., Class A		827,330		2,645,854
Anhui Gujing Distillery Co. Ltd., Class B		14,700		173,389
Asymchem Laboratories Tianjin Co. Ltd., Class A		112,384		2,182,359
BYD Co. Ltd., Class A		663,500		22,347,902
BYD Co. Ltd., Class H		70,500		1,579,421
BYD Electronic International Co. Ltd.		29,000		84,274
China Construction Bank Corp., Class H		3,207,000		1,701,917
China Merchants Bank Co. Ltd., Class H		549,500		1,799,008
China Petroleum & Chemical Corp., Class H		5,170,000		2,049,007
China Tourism Group Duty Free Corp. Ltd., Class A		91,100		1,991,283
Contemporary Amperex Technology Co. Ltd., Class A		500,700		25,561,121
Country Garden Services Holdings Co. Ltd.		830,000		725,441
Dali Foods Group Co. Ltd.^(b)		406,000		167,123
Dongfeng Motor Group Co. Ltd., Class H		1,342,000		607,126
Foshan Haitian Flavouring & Food Co. Ltd., Class A		366,930		2,991,570
Ganfeng Lithium Group Co. Ltd., Class H^(b)(h)		1,298,360		8,781,611
Glodon Co. Ltd., Class A		521,830		3,517,726
Great Wall Motor Co. Ltd., Class H		2,699,500		2,948,938
Gree Electric Appliances, Inc. of Zhuhai, Class A		547,900		2,146,367
Guangzhou Baiyun International Airport Co. Ltd., Class A^(e)		2,430,771		4,609,263
Haidilao International Holding Ltd.^(b)(e)		1,307,000		1,940,674
Hangzhou Robam Appliances Co. Ltd., Class A		808,233		2,259,449
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)		187,300		1,272,039
Hundsun Technologies, Inc., Class A		862,588		4,914,006
Hygeia Healthcare Holdings Co. Ltd.^(b)(e)(h)		469,200		2,032,081
Industrial & Commercial Bank of China Ltd., Class H		6,220,000		2,700,508
JD Health International, Inc.^(b)(e)		1,004,550		5,511,043
JD.com, Inc., Class A		112,597		2,050,449
Jiangsu Hengrui Medicine Co. Ltd., Class A		629,200		3,454,749
Jinxin Fertility Group Ltd.^(b)		3,822,500		1,884,288
JiuGui Liquor Co. Ltd., Class A		56,600		788,450
Kindstar Globalgene Technology, Inc.^(b)(e)		7,490,500		1,706,816
Kingsoft Corp. Ltd.		943,800		2,857,960
Lenovo Group Ltd.		2,074,000		1,657,557
Li Auto, Inc., ADR^(e)(h)		570,199		7,766,110
Meituan, Class B^(b)(e)		149,900		2,399,979
Microport Cardioflow Medtech Corp.^(b)(e)(h)		11,056,000		3,358,323
Ming Yuan Cloud Group Holdings Ltd.^(h)		906,000		417,286
Nongfu Spring Co. Ltd., Class H^(b)		177,400		891,059


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
PetroChina Co. Ltd., Class H		2,322,000	$	888,228
Pharmaron Beijing Co. Ltd., Class H^(b)		143,650		484,361
SG Micro Corp., Class A		85,600		1,750,134
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		399,000		1,007,573
Shanghai Jinjiang International Hotels Co. Ltd., Class A		306,500		2,283,057
TBEA Co. Ltd., Class A		283,900		791,419
Tencent Holdings Ltd.		1,224,500		32,175,909
Tianqi Lithium Corp., Class A^(e)		66,000		857,483
Venustech Group, Inc., Class A		1,034,688		3,587,694
Want Want China Holdings Ltd.		771,000		506,458
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A^(e)		741,763		2,890,131
WuXi AppTec Co. Ltd., Class A		247,553		2,580,700
Wuxi Biologics Cayman, Inc.^(b)(e)		368,806		1,659,495
Yifeng Pharmacy Chain Co. Ltd., Class A		196,556		1,504,851
Yonyou Network Technology Co. Ltd., Class A		1,255,609		4,196,343
Yum China Holdings, Inc.		53,350		2,159,546
Zijin Mining Group Co. Ltd., Class H		772,000		736,363

				206,753,374

Denmark — 0.2%
Chr Hansen Holding A/S		12,611		700,428
DSV A/S		59,862		8,089,047
Novo Nordisk A/S, Class B		225,737		24,544,666
Pandora A/S		25,189		1,325,029

				34,659,170

Finland — 0.1%
Aiven^(d)		86,562		9,689,750
Fortum OYJ		206,062		2,900,174
Kone OYJ, Class B		31,250		1,279,556
Wartsila OYJ Abp		238,335		1,624,795

				15,494,275

France — 1.7%
Arkema SA		232,591		18,406,793
BNP Paribas SA		584,875		27,427,057
Carrefour SA		81,531		1,312,278
Cie de Saint-Gobain		793,106		32,422,911
Danone SA		462,755		22,998,687
Engie SA		84,677		1,100,238
EssilorLuxottica SA		272,282		43,055,449
Hermes International		18,675		24,172,641
Kering SA		8,084		3,702,156
La Francaise des Jeux SAEM^(b)		90,630		2,953,502
L’Oreal SA		25,041		7,862,978
LVMH Moet Hennessy Louis Vuitton SE		180,203		113,707,116
Remy Cointreau SA		6,005		918,392
Schneider Electric SE		20,617		2,607,150
Societe Generale SA		257,101		5,897,131
TotalEnergies SE		230,155		12,555,726
Unibail-Rodamco-Westfield^(e)		13,050		616,737

				321,716,942

Germany — 2.4%
Adidas AG		20,491		2,000,230
BASF SE		42,821		1,921,406
Commerzbank AG^(e)		1,209,564		9,664,053
Deutsche Boerse AG		12,129		1,972,414
Deutsche Telekom AG, Registered Shares		4,083,802		77,083,745
Fresenius Medical Care AG & Co. KGaA		41,868		1,158,093


Security	Shares		Value

Germany (continued)
Fresenius SE & Co. KGaA		91,522	$	2,106,208
Infineon Technologies AG		396,778		9,628,002
Mercedes-Benz Group AG, Registered Shares		1,130,775		65,451,010
SAP SE		1,270,948		122,332,255
Siemens AG, Registered Shares		818,125		89,346,579
Symrise AG		83,560		8,529,177
Telefonica Deutschland Holding AG		720,569		1,570,047
Uniper SE^(h)		222,233		665,242
Vantage Towers AG^(h)		2,084,820		58,634,569

				452,063,030

Hong Kong — 0.2%
AIA Group Ltd.		4,147,000		31,412,655
ASMPT Ltd.		126,900		698,014
Orient Overseas International Ltd.		91,000		1,329,796
SITC International Holdings Co. Ltd.		760,000		1,244,725

				34,685,190

India — 0.1%
HCL Technologies Ltd.		106,746		1,343,785
Indian Oil Corp. Ltd.		577,611		476,380
Think & Learn Private Ltd., (Acquired 12/11/20, Cost: $8,580,000)^(d)(g)		5,720		16,333,577
Vedanta Ltd.		462,247		1,566,353

				19,720,095

Ireland — 0.1%
Allegion PLC		56,963		5,968,014
Experian PLC		85,179		2,715,954
Kingspan Group PLC		69,678		3,512,934
Seagate Technology Holdings PLC		49,505		2,458,418
Trane Technologies PLC		14,284		2,280,155

				16,935,475

Israel — 0.3%
Nice Ltd., ADR^(e)(h)		265,013		50,323,319


Italy — 0.3%
Enel SpA		638,967		2,854,487
Ferrari NV		66,094		13,029,657
FinecoBank Banca Fineco SpA		133,883		1,804,152
Intesa Sanpaolo SpA		14,537,230		27,715,627
UniCredit SpA		86,032		1,066,906

				46,470,829

Japan — 1.0%
AGC, Inc.		9,200		288,282
Astellas Pharma, Inc.		249,850		3,447,476
BayCurrent Consulting, Inc.		92,000		2,581,260
Capcom Co. Ltd.		900		25,033
East Japan Railway Co.		41,100		2,190,029
FANUC Corp.		425,400		55,664,278
Food & Life Cos. Ltd.		107,700		1,811,626
Fujitsu Ltd.		13,300		1,530,279
Hino Motors Ltd.^(e)		412,400		1,713,842
Honda Motor Co. Ltd.		74,500		1,698,784
Hoya Corp.		382,750		35,580,950
Inpex Corp.		185,600		1,873,149
Japan Post Bank Co. Ltd.		283,400		1,888,331
Keyence Corp.		40,729		15,357,482
Kobayashi Pharmaceutical Co. Ltd.		16,600		880,909
Kose Corp.		178,400		17,807,969
Kyowa Kirin Co. Ltd.		53,200		1,252,949
Mazda Motor Corp.		239,500		1,612,544
Mitsubishi Corp.		91,600		2,481,341


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Mitsubishi Electric Corp.		161,800	$	1,423,615
Morinaga Milk Industry Co. Ltd.		32,200		913,524
Oracle Corp. Japan		29,800		1,587,491
Recruit Holdings Co. Ltd.		278,663		8,574,786
Ryohin Keikaku Co. Ltd.		155,500		1,463,259
Sega Sammy Holdings, Inc.		172,400		2,205,221
Shionogi & Co. Ltd.		33,300		1,546,360
Terumo Corp.		70,800		2,148,709
Toyota Motor Corp.		111,900		1,552,568
Yamato Holdings Co. Ltd.		48,900		724,173
ZOZO, Inc.		127,400		2,703,198

				174,529,417

Jordan — 0.0%
Hikma Pharmaceuticals PLC		49,069		704,396


Mexico — 0.0%
Fomento Economico Mexicano SAB de CV		686,991		4,931,647
Grupo Aeroportuario del Sureste SAB de CV, Class B		54,251		1,269,681

				6,201,328

Netherlands — 1.8%
Adyen NV^(b)(e)		27,819		39,714,370
ASML Holding NV		191,963		90,047,271
BNP Paribas Emissions- und HandelsgesellschaftmbH		9,156,080		90,092,030
Heineken NV		17,462		1,458,674
Koninklijke Ahold Delhaize NV		228,302		6,366,947
Koninklijke Philips NV		44,300		561,940
Koninklijke Vopak NV		52,859		1,080,015
Shell PLC		2,699,237		94,199,593
Wolters Kluwer NV		12,459		1,323,875

				324,844,715

Norway — 0.1%
Norsk Hydro ASA		1,079,903		6,853,410
Yara International ASA		36,889		1,646,408

				8,499,818

Poland — 0.0%
Polski Koncern Naftowy ORLEN SA		64,683		742,789


Saudi Arabia — 0.0%
Dr Sulaiman Al Habib Medical Services Group Co.		7,143		430,886


South Africa — 0.1%
Anglo American Platinum Ltd.		16,333		1,300,532
Anglo American PLC		550,061		16,476,638
Kumba Iron Ore Ltd.		86,491		1,627,113

				19,404,283

South Korea — 0.6%
Amorepacific Corp.		157,657		10,236,078
Fila Holdings Corp.		21,608		494,883
Hana Financial Group, Inc.		153,638		4,441,885
Hanwha Aerospace Co. Ltd.		36,112		1,681,789
KB Financial Group, Inc.		35,618		1,198,512
Kia Corp.		26,810		1,245,882
LG Chem Ltd.		33,219		14,577,778
LG Display Co. Ltd.^(h)		79,361		708,241
LG Energy Solution Ltd.^(e)(h)		123,260		45,608,570
Samsung Electronics Co. Ltd.		46,588		1,938,984


Security	Shares		Value

South Korea (continued)
Samsung Fire & Marine Insurance Co. Ltd.		6,039	$	846,966
Samsung SDI Co. Ltd.		46,810		24,149,981
SK Telecom Co. Ltd.		67,787		2,382,151

				109,511,700

Spain — 0.3%
Cellnex Telecom SA^(b)		1,739,592		56,937,253
Endesa SA		53,355		891,457
Iberdrola SA		67,957		691,073
Industria de Diseno Textil SA		108,878		2,471,334

				60,991,117

Sweden — 0.4%
Atlas Copco AB, A Shares		812,230		8,669,132
Epiroc AB, Class A		454,551		6,958,470
Evolution AB^(b)		26,917		2,510,890
H & M Hennes & Mauritz AB, B Shares		138,779		1,397,804
Hexagon AB, B Shares		736,172		7,277,714
Husqvarna AB, B Shares		94,148		558,970
Swedbank AB, A Shares		452,697		6,748,829
Telefonaktiebolaget LM Ericsson, B Shares		189,200		1,051,828
Telia Co. AB		621,791		1,647,600
Volvo AB, B Shares		2,006,089		32,833,510

				69,654,747

Switzerland — 0.8%
ABB Ltd., Registered Shares		60,256		1,673,327
Cie Financiere Richemont SA, Class A, Registered Shares		118,936		11,624,035
Coca-Cola HBC AG, Class DI		117,031		2,556,343
Lonza Group AG, Registered Shares		31,551		16,241,947
Nestle SA, Registered Shares		440,244		47,924,434
Novartis AG, Registered Shares		66,114		5,348,008
Roche Holding AG		21,502		7,134,323
Sika AG, Registered Shares		3,446		776,989
Sonova Holding AG, Registered Shares		10,648		2,516,800
STMicroelectronics NV		256,652		7,980,322
TE Connectivity Ltd.		404,743		49,471,737
Temenos AG, Registered Shares		30,760		1,832,028
VAT Group AG^(b)		3,006		686,273

				155,766,566

Taiwan — 0.3%
MediaTek, Inc.		83,000		1,512,940
Nan Ya Printed Circuit Board Corp.		297,000		1,937,692
Taiwan Semiconductor Manufacturing Co. Ltd.		4,304,000		51,743,562
Unimicron Technology Corp.		959,000		3,684,833

				58,879,027

United Arab Emirates^(d)— 0.0%
Jawbone Health Hub, Inc., (Acquired 01/24/17, Cost: $0)^(g)		1,518,232		15
NMC Health PLC^(e)		1,077,976		13

				28

United Kingdom — 2.2%
Admiral Group PLC		52,767		1,220,270
Alphawave IP Group PLC^(e)		2,084,903		2,697,009
AstraZeneca PLC		596,610		70,001,515
AstraZeneca PLC, ADR		457,618		26,912,514
Auto Trader Group PLC^(b)		1,034,045		6,189,558
BP PLC		806,923		4,464,383


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
British American Tobacco PLC		30,484	$	1,203,918
Burberry Group PLC		92,524		1,927,932
Compass Group PLC		2,986,224		62,895,297
Dr. Martens PLC		304,896		867,092
Exscientia PLC, ADR^(e)(h)		1,926,164		13,598,718
Genius Sports Ltd.^(e)(h)		796,159		4,092,257
GSK PLC		164,549		2,695,490
Hedosophia European Growth^(e)		637,585		6,237,923
Kingfisher PLC		536,350		1,347,543
Legal & General Group PLC		434,566		1,162,577
Linde PLC		51,016		15,169,608
Lloyds Banking Group PLC		157,461,298		75,623,468
National Grid PLC		55,939		609,462
NatWest Group PLC		1,294,801		3,487,289
Smith & Nephew PLC		44,594		526,963
Spirax-Sarco Engineering PLC		97,911		12,065,914
Unilever PLC		2,151,426		97,791,647

				412,788,347

United States — 36.3%
Abbott Laboratories⁽ⁱ⁾		955,279		94,515,304
AbbVie, Inc.⁽ⁱ⁾		548,225		80,260,140
Activision Blizzard, Inc.		147,686		10,751,541
Adobe, Inc.^(e)		64,284		20,474,454
Advance Auto Parts, Inc.		12,407		2,356,337
Agilent Technologies, Inc.		17,261		2,388,059
Air Products & Chemicals, Inc.		335,057		83,898,273
Airbnb, Inc., Class A^(e)		9,569		1,023,022
Akamai Technologies, Inc.^(e)		19,263		1,701,501
Albemarle Corp.		153,654		43,003,145
Alcoa Corp.		259,208		10,116,888
Align Technology, Inc.^(e)		18,095		3,515,859
Alphabet, Inc., Class A^(e)		6,920		654,009
Alphabet, Inc., Class C^(e)		2,347,827		222,245,304
Altair Engineering, Inc., Class A^(e)		181,011		8,878,590
AltC Acquisition Corp., Class A^(e)		620,686		6,107,550
Altria Group, Inc.		83,645		3,870,254
Altus Power, Inc.		145,263		1,446,819
Amazon.com, Inc.^(e)(i)		1,681,408		172,243,436
American Express Co.		24,182		3,589,818
American Tower Corp.		380,132		78,759,549
AmerisourceBergen Corp.		50,329		7,912,725
Amgen, Inc.		41,431		11,200,871
ANSYS, Inc.^(e)		53,855		11,910,572
APA Corp.		38,663		1,757,620
Apple, Inc.⁽ⁱ⁾		2,023,578		310,295,451
Applied Materials, Inc.		380,362		33,582,161
Aptiv PLC^(e)		324,406		29,543,654
Archer-Daniels-Midland Co.		1,064,544		103,239,477
Astra Space, Inc.		748,566		471,896
AT&T, Inc.		84,469		1,539,870
Atlassian Corp.		13,759		2,789,362
AutoZone, Inc.^(e)		1,562		3,956,359
Baker Hughes Co.		117,708		3,255,803
Ball Corp.		46,620		2,302,562
Bank of America Corp.⁽ⁱ⁾		2,432,832		87,679,265
Berkshire Hathaway, Inc., Class B^(e)		20,099		5,931,014
Boeing Co.^(e)		14,955		2,131,237
Booking Holdings, Inc.^(e)		10,799		20,188,515
Boston Scientific Corp.^(e)(i)		1,762,388		75,976,547
Broadcom, Inc.		10,255		4,821,081


Security	Shares		Value

United States (continued)
Brown-Forman Corp., Class B		48,919	$	3,326,492
Bunge Ltd.		503,981		49,742,925
Cadence Design Systems, Inc.^(e)		150,918		22,847,476
California Resources Corp.^(h)		260,112		11,733,652
Cano Health, Inc.^(e)		34,615		123,922
Capri Holdings Ltd.^(e)		366,019		16,719,748
CDW Corp.		27,439		4,741,734
Centene Corp.^(e)		72,634		6,183,332
CF Industries Holdings, Inc.		846,435		89,942,183
Charles Schwab Corp.⁽ⁱ⁾		1,495,948		119,182,177
Charter Communications, Inc., Class A^(e)		102,490		37,677,374
Chesapeake Energy Corp.		70,609		7,221,182
Chevron Corp.		12,201		2,207,161
Chipotle Mexican Grill, Inc.^(e)		5,899		8,838,649
Chubb Ltd.		47,837		10,279,693
Cigna Corp.		37,244		12,032,047
Cintas Corp.		3,788		1,619,559
Cisco Systems, Inc.		111,835		5,080,664
CME Group, Inc.		59,988		10,395,920
Comcast Corp., Class A		1,343,379		42,638,849
ConocoPhillips⁽ⁱ⁾		1,549,473		195,373,051
Copart, Inc.^(e)		20,288		2,333,526
Corteva, Inc.		103,514		6,763,605
Costco Wholesale Corp.		159,297		79,887,445
Crowdstrike Holdings, Inc., Class A^(e)		203,003		32,724,084
Crown Castle, Inc.		23,647		3,151,199
Crown Holdings, Inc.		20,542		1,408,976
Crown PropTech Acquisitions^(e)		487,104		4,851,556
Crown PropTech Acquisitions^(d)		186,720		113,899
CSX Corp.		22,715		660,098
CVS Health Corp.		95,185		9,014,020
D.R. Horton, Inc.		428,292		32,927,089
Darling Ingredients, Inc.^(e)		49,899		3,916,074
Datadog, Inc., Class A^(e)		222,032		17,875,796
Davidson Kempner Merchant Co-investment Fund LP, (Acquired 04/01/21, Cost: $6,792,605)^(g)(j)(k).		26,559,000		17,315,937
DaVita, Inc.^(e)		20,282		1,480,789
Deere & Co.		132,017		52,254,969
Dell Technologies, Inc., Class C		17,558		674,227
Delta Air Lines, Inc.^(e)(h)		108,093		3,667,595
Devon Energy Corp.		106,044		8,202,503
Dexcom, Inc.^(e)		385,013		46,501,870
Diversey Holdings Ltd.^(e)		1,507,289		8,139,361
DocuSign, Inc.^(e)		29,003		1,400,845
Dominion Energy, Inc.		56,290		3,938,611
Domino’s Pizza, Inc.		68,127		22,634,514
Dow, Inc.		41,639		1,946,207
Dynatrace, Inc.^(e)		454,542		16,018,060
eBay, Inc.		69,864		2,783,382
Edison International		25,775		1,547,531
Edwards Lifesciences Corp.^(e)		353,522		25,605,598
Element Solutions, Inc.		183,943		3,163,820
Elevance Health, Inc.		14,243		7,787,645
Eli Lilly & Co.		176,741		63,996,149
Energy Transfer LP		512,803		6,548,494
Epic Games, Inc., (Acquired 07/02/20, Cost: $23,484,725)^(d)(g)		40,843		37,124,653
EQT Corp.		1,551,376		64,909,572
Essex Property Trust, Inc.		14,215		3,159,142
Eversource Energy		78,540		5,991,031
Excelerate Energy, Inc., Class A		116,264		3,211,212


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Expedia Group, Inc.^(e)		41,616	$	3,889,848
Extra Space Storage, Inc.		6,398		1,135,261
Exxon Mobil Corp.		512,263		56,763,863
F5, Inc.^(e)		207,476		29,650,395
Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: $40,652,984)^(d)(g)		599,248		43,493,420
First Republic Bank		13,941		1,674,314
FleetCor Technologies, Inc.^(e)		4,143		771,095
Floor & Decor Holdings, Inc., Class A^(e)(h)		86,890		6,375,119
FMC Corp.		32,941		3,916,685
Fortinet, Inc.^(e)		466,292		26,653,251
Fortive Corp.		1,357,011		86,713,003
FQT Private^(d)		2,439,185		2,756,279
Freeport-McMoRan, Inc.⁽ⁱ⁾		2,022,357		64,088,493
Gartner, Inc.^(e)		9,423		2,844,992
General Dynamics Corp.		17,276		4,315,545
General Motors Co.		627,402		24,625,529
Genuine Parts Co.		8,882		1,579,753
Gilead Sciences, Inc.		83,919		6,584,285
Grand Rounds Inc., (Acquired 02/11/22, Cost: $31,181,561)^(d)(g)		11,562,554		14,800,069
Halliburton Co.		258,505		9,414,752
Health Care Select Sector SPDR Fund^(h)		201,333		26,726,956
Healthpeak Properties, Inc.		50,251		1,192,456
Hewlett Packard Enterprise Co.		79,407		1,133,138
Hilton Worldwide Holdings, Inc.		407,698		55,145,231
Home Depot, Inc.		195,315		57,838,631
Humana, Inc.		305,576		170,535,854
iHeartMedia, Inc., Class A^(e)(h)		10,778		89,242
Informatica, Inc., Class A^(e)(h)		511,721		9,906,919
Intercontinental Exchange, Inc.		49,857		4,764,833
International Flavors & Fragrances, Inc.		402,821		39,319,358
Intuit, Inc.		78,877		33,719,918
Intuitive Surgical, Inc.^(e)		243,206		59,942,983
Invesco Municipal Opportunity Trust		208,538		1,833,049
Invesco Municipal Trust^(h)		206,960		1,817,109
Invesco Quality Municipal Income Trust		205,405		1,817,834
Invesco Trust for Investment Grade Municipals		210,256		1,904,919
Invesco Value Municipal Income Trust		175,143		1,975,613
Johnson & Johnson		479,289		83,381,907
JPMorgan Chase & Co.		72,614		9,140,650
Juniper Networks, Inc.		29,956		916,654
Kinder Morgan, Inc.		118,058		2,139,211
Kroger Co.		42,246		1,997,813
Laboratory Corp. of America Holdings		4,598		1,020,112
Latch, Inc.		520,854		697,944
Liberty Media Acquisition Corp.^(e)		1,314,974		13,189,189
Liberty Media Corp.-Liberty SiriusXM, Class A^(e)(h)		778,034		33,019,763
Liberty Media Corp.-Liberty SiriusXM, Class C^(e)		1,076,650		45,423,863
Lions Gate Entertainment Corp., Class A^(e)		549,163		4,426,254
Live Nation Entertainment, Inc.^(e)		31,476		2,505,804
LKQ Corp.		16,802		934,863
Lookout, Inc., (Acquired 03/04/15, Cost: $2,002,652)^(d)(g)		175,316		1,297,338
Lowe’s Cos., Inc.		80,165		15,628,167
LPL Financial Holdings, Inc.		134,894		34,485,651
Lumen Technologies, Inc.		104,432		768,620
LyondellBasell Industries NV, Class A		295,993		22,628,665
Marathon Oil Corp.		979,070		29,812,682
Marsh & McLennan Cos., Inc.		821,881		132,725,563
Masco Corp.		108,638		5,026,680


Security	Shares		Value

United States (continued)
Masimo Corp.^(e)		58,362	$	7,680,439
Mastercard, Inc., Class A		412,763		135,460,561
McDonald’s Corp.		247,653		67,525,067
McKesson Corp.		45,535		17,729,963
Merck & Co., Inc.		914,367		92,533,940
Meta Platforms, Inc., Class A^(e)		30,064		2,800,762
Mettler-Toledo International, Inc.^(e)		2,358		2,982,705
MGM Resorts International		69,239		2,462,831
Micron Technology, Inc.		854,961		46,253,390
Microsoft Corp.⁽ⁱ⁾		1,357,664		315,154,544
Mirion Technologies, Inc.		2,672,710		21,595,497
Mirion Technologies, Inc.^(e)		240,410		1,942,513
Molina Healthcare, Inc.^(e)		9,074		3,256,296
MongoDB, Inc.^(e)		19,550		3,578,237
Morgan Stanley		698,810		57,421,218
Mosaic Co.		60,142		3,232,633
Mr. Cooper Group, Inc.^(e)		106,908		4,221,797
NetApp, Inc.		37,244		2,579,892
NextEra Energy, Inc.		1,082,705		83,909,637
NIKE, Inc., Class B		99,305		9,203,587
Norfolk Southern Corp.		17,413		3,971,383
Northrop Grumman Corp.		202,050		110,927,470
Nuveen Municipal Value Fund, Inc.		324,048		2,705,801
NVIDIA Corp.^(h)(i)		258,517		34,892,039
Offerpad Solutions, Inc.		743,794		724,827
ONEOK, Inc.		93,635		5,554,428
Opendoor Technologies, Inc.^(e)		744,088		1,927,188
Otis Worldwide Corp.		195,739		13,827,003
Palo Alto Networks, Inc.^(e)		142,316		24,420,002
Park Hotels & Resorts, Inc.		134,442		1,758,501
Paycom Software, Inc.^(e)		8,038		2,781,148
Peloton Interactive, Inc., Class A^(e)		551,538		4,632,919
PepsiCo, Inc.		92,699		16,832,284
Philip Morris International, Inc.		53,382		4,903,137
Phillips 66		17,398		1,814,437
Pioneer Natural Resources Co.		90,038		23,086,644
Planet Labs PBC		583,360		3,062,640
Playstudios, Inc.		831,348		3,749,379
PNC Financial Services Group, Inc.		18,523		2,997,577
Prologis, Inc.		27,222		3,014,837
Proof Acquisition Corp.^(d)		108,512		122,619
Public Service Enterprise Group, Inc.		35,768		2,005,512
Quest Diagnostics, Inc.		24,198		3,476,043
Raymond James Financial, Inc.		361,511		42,708,910
ResMed, Inc.		88,665		19,833,474
Rocket Lab USA, Inc.^(e)(h)		447,252		2,276,513
Rotor Acquisition Corp.^(d)		87,039		162,763
S&P Global, Inc.		52,114		16,741,623
Salesforce, Inc.^(e)		399,519		64,957,794
Sarcos Technology & Robotics Corp.^(e)		164,137		331,557
Sarcos Technology and Robotics Corp.		3,560,566		7,192,343
SBA Communications Corp.		20,350		5,492,465
Schlumberger NV		237,400		12,351,922
Seagen, Inc.^(e)		235,198		29,907,778
Sempra Energy		798,792		120,569,664
ServiceNow, Inc.^(e)		116,417		48,981,289
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $1,060,929)^(d)(g)		70,636		632,192
Snowflake, Inc., Class A^(e)		19,044		3,052,753
Sonder Holdings, Inc., Class A		830,701		1,819,235
Southwest Airlines Co.^(e)		59,405		2,159,372


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Shares		Value

United States (continued)
Splunk, Inc.^(e)(h)			43,581	$	3,622,017
Starbucks Corp.			498,889		43,198,799
Sun Country Airlines Holdings, Inc.			963,151		15,680,098
Symbotic Corp., Class A			257,895		3,182,424
Synchrony Financial			77,100		2,741,676
Synopsys, Inc.^(e)			3,846		1,125,147
Taboola.com Ltd.			671,898		1,182,540
Tapestry, Inc.			101,088		3,202,468
Tesla, Inc.^(e)			207,101		47,123,762
Thermo Fisher Scientific, Inc.			139,062		71,473,696
TJX Cos., Inc.			802,514		57,861,259
Toast, Inc., Class A^(e)(h)			31,813		702,749
Toll Brothers, Inc.			49,482		2,131,685
TPB Acquisition Corp. I, Class A^(e)			287,026		2,832,947
Tractor Supply Co.			152,501		33,515,145
TransDigm Group, Inc.			13,759		7,921,882
Travelers Cos., Inc.			23,743		4,379,634
U.S. Bancorp.			121,902		5,174,740
Ulta Beauty, Inc.^(e)			5,674		2,379,505
Union Pacific Corp.			7,535		1,485,450
United Airlines Holdings, Inc.^(e)			55,832		2,405,243
United Parcel Service, Inc., Class B			443,308		74,373,783
United Rentals, Inc.^(e)			30,971		9,777,854
UnitedHealth Group, Inc.			273,196		151,664,759
Univar Solutions, Inc.^(e)			72,162		1,838,688
Valero Energy Corp.			850,059		106,724,907
VeriSign, Inc.^(e)			102,312		20,509,464
Verisk Analytics, Inc.			86,596		15,832,347
Verizon Communications, Inc.			60,662		2,266,939
Vertex Pharmaceuticals, Inc.^(e)			5,540		1,728,480
Vertiv Holdings			3,006,876		43,028,396
VF Corp.			86,712		2,449,614
Visa, Inc., A Shares			38,503		7,976,281
VMware, Inc., Class A			—		1
Vulcan Materials Co.			406,269		66,506,235
Walgreens Boots Alliance, Inc.			77,348		2,823,202
Walmart, Inc.			317,246		45,153,623
Walt Disney Co.^(e)			638,898		68,068,193
Waste Connections, Inc.			20,991		2,768,923
Wells Fargo & Co.			1,160,440		53,368,636
Willis Towers Watson PLC			16,954		3,699,532
Workday, Inc., Class A^(e)(h)			30,418		4,739,733
XPO Logistics, Inc.^(e)			450,738		23,321,184
Zebra Technologies Corp., Class A^(e)			4,034		1,142,509
Zoetis, Inc.			53,573		8,077,737
Zscaler, Inc.^(e)			110,803		17,074,742

					6,720,825,757

Total Common Stocks — 52.3% (Cost: $7,785,588,018)					9,675,954,708


		Par (000)

Corporate Bonds

Australia — 1.0%
National Australia Bank Ltd., 3.38%, 01/14/26	USD		155		146,315
Oceana Australian Fixed Income Trust^(d) 10.00%, 08/31/23	AUD		7,008		4,477,288


Security		Par (000)		Value

Australia (continued)
Oceana Australian Fixed Income Trust^(d)(continued)
10.25%, 08/31/25	AUD		13,002	$	8,493,460
Quintis Australia Pty. Ltd.^(b)(d)(f)(l)
(12.00% PIK), 0.00%, 10/01/28	USD		82,685		69,628,641
(7.50% Cash or 8.00% PIK), 7.50%, 10/01/26			92,389		92,389,186

					175,134,890

Belgium^(c)— 0.0%
Anheuser-Busch InBev SA, 4.00%, 09/24/25	GBP		1,100		1,222,515
KBC Group NV, (1 year UK Government Bond + 0.92%), 1.25%, 09/21/27^(a)			1,100		1,057,337

					2,279,852

Bermuda^(c)— 0.0%
Li & Fung Ltd., 4.38%, 10/04/24	USD		1,000		930,000
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38			1,360		1,007,505

					1,937,505

British Virgin Islands — 0.0%
Easy Tactic Ltd., 7.50%, 07/11/28^(l)			1,566		125,271
HKT Capital No. 6 Ltd., 3.00%, 01/18/32^(c)			900		698,436
New Metro Global Ltd., 4.50%, 05/02/26^(c)			543		61,698

					885,405

Canada — 0.3%
Bank of Montreal
(1 day SOFR + 0.60%), 0.95%, 01/22/27^(a)			4,574		3,928,692
Series H, 4.25%, 09/14/24			5,579		5,459,291
Canadian Pacific Railway Co.
4.00%, 06/01/28			6,030		5,608,132
3.10%, 12/02/51			2,174		1,382,914
First Quantum Minerals Ltd.^(b)
6.50%, 03/01/24			625		609,687
7.50%, 04/01/25			860		828,180
6.88%, 03/01/26			2,310		2,161,964
6.88%, 10/15/27			4,329		4,008,925
Rogers Communications, Inc., 2.95%, 03/15/25^(b)			7,511		7,081,590
Royal Bank of Canada
0.65%, 07/29/24			175		161,451
0.75%, 10/07/24			451		412,777
1.20%, 04/27/26			85		73,332
3.63%, 05/04/27			4,175		3,851,391
4.24%, 08/03/27			6,076		5,712,180
Thomson Reuters Corp., 3.35%, 05/15/26			97		90,182
Toronto-Dominion Bank
2.35%, 03/08/24			7,002		6,731,283
4.29%, 09/13/24			4,642		4,548,240
2.80%, 03/10/27			179		159,617
2.88%, 04/05/27^(c)	GBP		1,100		1,116,871

					53,926,699

Cayman Islands — 0.1%
Agile Group Holdings Ltd., 5.50%, 04/21/25^(c)	USD		905		178,342
Central China Real Estate Ltd., 7.90%, 11/07/23^(c)			210		27,300
China Aoyuan Group Ltd., 6.20%, 03/24/26^(c)(e)(m)			3,132		93,960
China Evergrande Group, 10.00%, 04/11/23^(c)(e)(m)			1,139		39,011
China SCE Group Holdings Ltd.^(c)
7.38%, 04/09/24			339		45,405
7.00%, 05/02/25			314		23,550
CIFI Holdings Group Co. Ltd.^(c)(e)(m) 6.00%, 07/16/25			569		38,407


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Cayman Islands (continued)
CIFI Holdings Group Co. Ltd.^(c)(e)(m)(continued) 4.45%, 08/17/26	USD		200	$	13,500
Fantasia Holdings Group Co. Ltd.^(c)(e)(m)
7.95%, 07/05/22^(a)			510		29,973
10.88%, 01/09/23			3,132		172,260
9.25%, 07/28/23			902		49,610
9.88%, 10/19/23			481		26,455
Jingrui Holdings Ltd., 12.00%, 07/25/22^(c)(e)(m)			1,269		80,789
Melco Resorts Finance Ltd., 5.38%, 12/04/29^(c)			1,234		672,530
MGM China Holdings Ltd., 5.38%, 05/15/24^(c)			400		327,000
Modern Land China Co. Ltd.^(c)(e)(m)
11.50%, 11/13/22			569		73,970
9.80%, 04/11/23			2,170		325,500
11.95%, 03/04/24			569		85,350
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24^(c)			389		35,083
Redsun Properties Group Ltd., 10.50%, 10/03/22^(c)(e)(m)			769		34,605
Ronshine China Holdings Ltd.^(c)(e)(m)
6.75%, 08/05/24			200		8,000
7.10%, 01/25/25			2,778		111,120
Sands China Ltd., 4.88%, 06/18/30			800		560,000
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25^(b)			4,823		4,750,655
Shimao Group Holdings Ltd., 3.45%, 01/11/31^(c)(e)(m)			800		32,000
Shui On Development Holding Ltd., 5.50%, 03/03/25^(c)			823		345,660
Sinic Holdings Group Co. Ltd.^(c)(e)(m)
8.50%, 01/24/22			490		4,900
10.50%, 06/18/22			1,188		11,880
Sunac China Holdings Ltd., 6.50%, 01/10/25^(c)(e)(m)			594		32,670
Times China Holdings Ltd.^(c)
6.75%, 07/08/25			493		32,045
5.75%, 01/14/27			324		16,200
Yuzhou Group Holdings Co. Ltd.^(c)(e)(m)
8.50%, 02/04/23			539		16,170
8.50%, 02/26/24			1,970		59,100
8.38%, 10/30/24			480		14,400
8.30%, 05/27/25			1,423		42,690
Zhenro Properties Group Ltd., 6.63%, 01/07/26^(c)(e)(m)			363		7,260

					8,417,350

China — 0.0%
China Aoyuan Group Ltd.^(c)(e)(m)
7.95%, 02/19/23			2,573		86,517
6.35%, 02/08/24			801		24,030
China Evergrande Group, 11.50%, 01/22/23^(c)(e)(m)			2,277		81,545
China Milk Products Group Ltd., 0.00%, 01/15/49^(d)(e)(m)(n)			39,500		40
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25^(c)(e)(m)			569		38,408
Fantasia Holdings Group Co. Ltd., 11.75%, 10/17/22^(c)(e)(m)			2,110		116,050
Fortune Star BVI Ltd.^(c)
6.85%, 07/02/24			732		331,230
5.00%, 05/18/26			579		199,755


Security		Par (000)		Value

China (continued)
KWG Group Holdings Ltd., 7.40%, 03/05/24^(c)	USD		1,063	$	164,765
RKPF Overseas Ltd., Series 2019-A, 6.00%, 09/04/25^(c)			877		333,260
ZhongAn Online P&C Insurance Co. Ltd., 3.50%, 03/08/26^(c)			932		705,873

					2,081,473

France — 0.1%
BNP Paribas SA^(c)
3.38%, 01/23/26	GBP		1,100		1,167,045
1.88%, 12/14/27			1,100		1,027,899
Sabena Technics Sas(Acquired 10/28/22, Cost: $8,135,159), , 09/30/29^(a)(g)(o)	EUR		8,303		8,067,402
Societe Generale SA, 1.88%, 10/03/24^(c)	GBP		1,100		1,173,189
TotalEnergies Capital International SA, 1.66%, 07/22/26^(c)			1,100		1,119,116

					12,554,651

Germany — 0.3%
Adler Pelzer Holding GmbH, 4.13%, 04/01/24^(b)	EUR		18,415		13,967,439
APCOA Parking Holdings GmbH, (3 mo. EURIBOR + 5.00%), 6.38%, 01/15/27^(a)(b)			9,529		8,581,741
Deutsche Bank AG^(c) 2.63%, 12/16/24	GBP		1,100		1,155,021
(1 day SONIA + 1.94%), 4.00%, 06/24/26^(a)			1,100		1,162,895
Douglas GmbH, 6.00%, 04/08/26^(b)	EUR		8,152		6,148,082
Kirk Beauty SUN GmbH, (8.25% Cash or 9.00% PIK), 8.25%, 10/01/26^(b)(l)			9,456		5,045,991
KME SE, 6.75%, 02/01/23^(c)			3,865		3,724,481
Project Montelena, 10.25%, 06/20/30^(k)			9,500		9,106,721

					48,892,371

Hong Kong — 0.0%
AIA Group Ltd., (5 year CMT + 1.76%), 2.70%^(a)(c)(p)	USD		1,000		790,000
Bank of East Asia Ltd.^(a)(c)(p)
(5 year CMT + 4.26%), 5.88%			733		586,995
(5 year CMT + 5.53%), 5.83%			349		254,770
Nanyang Commercial Bank Ltd., (5 year CMT + 2.18%), 3.80%, 11/20/29^(a)(c)			1,000		930,500
NWD MTN Ltd., 4.13%, 07/18/29^(c)			468		351,088
Wanda Group Overseas Ltd., 8.88%, 03/21/23^(c)			360		277,200
Yango Justice International Ltd.^(e)(m)
10.25%, 09/15/22			503		7,545
9.25%, 04/15/23^(c)			1,154		17,310
7.88%, 09/04/24^(c)			1,223		18,345
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26^(c)			464		194,880

					3,428,633

India — 0.0%
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24^(c)			397		378,837
HDFC Bank Ltd., (5 year CMT + 2.93%), 3.70%^(a)(c)(p)			549		437,827
Indian Railway Finance Corp. Ltd., 3.25%, 02/13/30^(c)			660		525,236
Power Finance Corp. Ltd., 4.50%, 06/18/29^(c)			500		429,469
REC Ltd., 2.75%, 01/13/27^(c)			500		425,865
REI Agro Ltd.^(e)(m) 5.50%, 11/13/21			44,430		368,535


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

India (continued)
REI Agro Ltd.^(e)(m)(continued) 5.50%, 11/13/21^(c)(d)	USD		8,271	$	1
ReNew Power Pvt Ltd., 5.88%, 03/05/27^(c)			521		465,090
Shriram Transport Finance Co. Ltd., 4.40%, 03/13/24^(c)			703		650,704
Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31^(c)			605		416,555

					4,098,119

Indonesia^(c)— 0.0%
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26			722		588,510
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33			392		347,126
Theta Capital Pte. Ltd., 8.13%, 01/22/25			998		671,654

					1,607,290

Ireland — 0.1%
Shire Acquisitions Investments Ireland DAC
2.88%, 09/23/23			8,049		7,868,080
3.20%, 09/23/26			15,525		14,266,699

					22,134,779

Isle of Man — 0.0%
Gohl Capital Ltd., 4.25%, 01/24/27^(c)			1,362		1,007,880


Italy^(b)— 0.3%
Castor SpA
6.00%, 02/15/29	EUR		2,764		2,330,262
(3 mo. EURIBOR + 5.25%), 6.25%, 02/15/29^(a)			8,819		8,083,509
Fiber Bidco Spa
7.54%, 10/25/27^(a)			3,228		3,019,159
11.00%, 10/25/27			4,906		4,912,936
Forno d’Asolo SpA, (3 mo. EURIBOR + 5.50%), 6.69%, 04/30/27^(a)			21,390		18,496,329
Marcolin SpA, 6.13%, 11/15/26			10,346		8,891,247
Shiba Bidco SpA, 4.50%, 10/31/28			9,744		7,370,616

					53,104,058

Japan — 0.1%
Nissan Motor Co. Ltd., 3.52%, 09/17/25^(b)	USD		1,964		1,742,138
NTT Finance Corp., 4.14%, 07/26/24^(b)			3,686		3,616,929
Takeda Pharmaceutical Co. Ltd.
4.40%, 11/26/23			418		413,703
5.00%, 11/26/28			2,714		2,619,250
3.18%, 07/09/50			3,340		2,152,631

					10,544,651

Jersey — 0.0%
Aptiv PLC, 3.10%, 12/01/51			5,923		3,303,173


Luxembourg^(b)— 0.2%
Garfunkelux Holdco 3 SA
6.75%, 11/01/25	EUR		4,190		2,950,710
7.75%, 11/01/25	GBP		8,358		6,820,842
Herens Midco SARL, 5.25%, 05/15/29	EUR		12,016		7,671,126
Picard Bondco SA, 5.38%, 07/01/27			8,380		6,353,840
Sani/Ikos Financial Holdings 1 SARL, 5.63%, 12/15/26			8,042		7,351,442

					31,147,960

Macau^(c)— 0.0%
Champion Path Holdings Ltd. 4.50%, 01/27/26	USD		371		241,150


Security		Par (000)		Value

Macau (continued)
Champion Path Holdings Ltd. (continued) 4.85%, 01/27/28	USD		291	$	176,837
MGM China Holdings Ltd., 5.88%, 05/15/26			796		604,658
Studio City Finance Ltd., 5.00%, 01/15/29			1,334		552,943

					1,575,588

Malaysia^(c)— 0.0%
CIMB Bank BHD, 2.13%, 07/20/27			700		600,162
Dua Capital Ltd., 2.78%, 05/11/31			1,000		749,630
TNB Global Ventures Capital Bhd, 4.85%, 11/01/28.			1,000		944,875

					2,294,667

Mauritius^(c)— 0.0%
CA Magnum Holdings, 5.38%, 10/31/26			475		397,813
India Green Power Holdings, 4.00%, 02/22/27			600		450,000
UPL Corp. Ltd., (5 year CMT + 3.87%), 5.25%^(a)(p)			530		317,768

					1,165,581

MultiNational — 0.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27^(b)			1,620		1,554,503
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(b)			7,305		6,866,700
NXP BV/NXP Funding LLC
4.88%, 03/01/24			5,666		5,593,759
5.35%, 03/01/26			1,157		1,128,798
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.25%, 11/30/51			1,380		798,504

					15,942,264

Netherlands — 0.1%
Cooperatieve Rabobank UA, (1 year UK Government Bond + 1.05%), 1.88%, 07/12/28^(a)(c)	GBP		1,100		1,044,089
Greenko Dutch BV, 3.85%, 03/29/26^(c)	USD		477		372,450
ING Groep NV
4.63%, 01/06/26^(b)			372		353,946
3.00%, 02/18/26^(c)	GBP		1,100		1,152,223
(1 day SOFR + 1.64%), 3.87%, 03/28/26^(a)	USD		1,085		1,018,963
(1 year CMT + 1.10%), 1.40%, 07/01/26^(a)(b)			163		142,802
LYB International Finance II BV, 3.50%, 03/02/27			11,414		10,334,500
LyondellBasell Industries NV, 5.75%, 04/15/24			748		750,049
Minejesa Capital BV, 4.63%, 08/10/30^(c)			1,000		758,500
Mondelez International Holdings Netherlands BV^(b)
4.25%, 09/15/25			2,961		2,878,272
1.25%, 09/24/26			124		106,014
Trivium Packaging Finance BV, 5.50%, 08/15/26^(b)			2,265		2,083,120
Vivo Energy Investments BV, 5.13%, 09/24/27^(b)			313		275,440
Volkswagen Financial Services NV^(c)
1.88%, 12/03/24	GBP		600		637,299
4.25%, 10/09/25			500		547,562

					22,455,229

Philippines — 0.0%
Globe Telecom, Inc., (5 year CMT + 5.53%), 4.20%^(a)(c)(p)	USD		1,015		852,473


Republic of Korea^(c)— 0.0%
Hanwha Life Insurance Co. Ltd., (5 year CMT + 1.85%), 3.38%, 02/04/32^(a)			600		494,175
LG Chem Ltd., 2.38%, 07/07/31			1,100		829,719

					1,323,894


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Singapore^(c)— 0.0%
BOC Aviation Ltd., 3.50%, 09/18/27	USD		1,000	$	893,437
DBS Group Holdings Ltd., (5 year CMT + 1.92%), 3.30%^(a)(p)			1,000		872,500
LLPL Capital Pte. Ltd., 6.88%, 02/04/39			1,681		1,294,219
LMIRT Capital Pte Ltd., 7.50%, 02/09/26			1,139		592,280
TML Holdings Pte. Ltd., 4.35%, 06/09/26			239		191,544

					3,843,980

South Korea^(c)— 0.0%
Hanwha Life Insurance Co. Ltd., (5 year CMT + 2.00%), 4.70%^(a)(p)			2,000		1,949,125
Kookmin Bank, (5 year CMT + 2.64%), 4.35%^(a)(p)			400		362,575
Shinhan Financial Group Co. Ltd., (5 year CMT + 2.06%), 2.88%^(a)(p)			500		368,750
SK Hynix, Inc., 2.38%, 01/19/31			1,000		703,937

					3,384,387

Spain^(c)— 0.0%
Banco Santander SA, (1 year UK Government Bond + 1.80%), 3.13%, 10/06/26^(a)	GBP		4,000		4,198,405
Telefonica Emisiones SA
5.29%, 12/09/22			550		630,797
5.38%, 02/02/26			2,200		2,472,565

					7,301,767

Sweden — 0.1%
Swedbank AB, (1 year UK Government Bond + 1.00%), 1.38%, 12/08/27^(a)(c)			1,100		1,049,511
Verisure Holding AB
3.88%, 07/15/26^(c)	EUR		2,087		1,840,200
9.25%, 10/15/27^(b)			4,248		4,327,201
Verisure Midholding AB, 5.25%, 02/15/29^(c)			1,484		1,123,812

					8,340,724

Switzerland^(a)(b)— 0.1%
UBS Group AG
(1 year CMT + 0.83%), 1.01%, 07/30/24	USD		20,968		20,179,350
(1 year CMT + 1.55%), 4.49%, 05/12/26			3,026		2,873,095
(1 year CMT + 2.05%), 4.70%, 08/05/27			2,509		2,331,728

					25,384,173

Thailand^(c)— 0.0%
Bangkok Bank PCL^(a)
(5 year CMT + 1.90%), 3.73%, 09/25/34			832		617,916
(5 year CMT + 4.73%), 5.00%^(p)			412		362,869
GC Treasury Center Co. Ltd., 2.98%, 03/18/31			820		605,673
Kasikornbank PCL, (5 year CMT + 1.70%), 3.34%, 10/02/31^(a)			369		302,469
Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40%^(a)(p)			396		315,389
Muang Thai Life Assurance PCL, (10 year CMT + 2.40%), 3.55%, 01/27/37^(a)			1,000		790,188

					2,994,504

Turkey — 0.1%
Bio City Development Co. B.V, 8.00%, 07/06/24^{(b)(d)(e)(f)(m)}			140,850		13,211,730


United Kingdom — 0.7%
AstraZeneca PLC, 2.13%, 08/06/50			4,201		2,320,465
Barclays PLC^(c)
3.00%, 05/08/26	GBP		1,100		1,125,044
3.25%, 02/12/27			1,100		1,106,113


Security		Par (000)		Value

United Kingdom (continued)
BCP V Modular Services Finance II PLC, 6.13%, 11/30/28^(b)	GBP		12,036	$	11,022,123
BCP V Modular Services Finance PLC, 6.75%, 11/30/29^(b)	EUR		16,262		11,088,933
BG Energy Capital PLC, 5.13%, 12/01/25^(c)	GBP		2,009		2,285,148
Boparan Finance PLC, 7.63%, 11/30/25^(c)			11,406		8,894,669
Constellation Automotive Financing PLC, 4.88%, 07/15/27^(b)			3,529		2,590,115
Deuce Finco PLC, 5.50%, 06/15/27^(b)			25,590		22,419,745
GlaxoSmithKline Capital PLC, 3.00%, 06/01/24	USD		6,813		6,614,145
GSK Consumer Healthcare Co., 3.13%, 03/24/25^(k)			7,283		6,858,875
HSBC Holdings PLC^(a)
(1 day SOFR + 0.53%), 0.73%, 08/17/24			6,308		5,981,372
(1 day SOFR + 0.71%), 0.98%, 05/24/25			1,870		1,698,219
(1 day SONIA + 1.31%), 1.75%, 07/24/27	GBP		1,300		1,256,569
Informa PLC, 3.13%, 07/05/26^(c)			1,100		1,119,803
Inspired Entertainment Financing PLC, 7.88%, 06/01/26^(b)			7,442		7,776,620
Kane Bidco Ltd.^(b)
5.00%, 02/15/27	EUR		6,662		5,228,711
6.50%, 02/15/27	GBP		8,008		7,342,265
Lloyds Bank PLC, 3.50%, 05/14/25	USD		402		380,409
Lloyds Banking Group PLC, 2.25%, 10/16/24^(c)	GBP		2,200		2,369,119
Market Bidco Finco PLC, 5.50%, 11/04/27^(b)			15,517		13,458,274
NatWest Group PLC^(a)(c)
(1 year GBP Swap + 1.49%), 2.88%, 09/19/26			1,100		1,148,249
(5 year GBP Swap + 2.01%), 3.13%, 03/28/27			1,100		1,131,116
Santander U.K. Group Holdings PLC, 3.63%, 01/14/26^(c)			1,100		1,158,517
Sky Ltd., 3.75%, 09/16/24^(b)	USD		1,082		1,051,577
Vedanta Resources Finance II PLC, 8.00%, 04/23/23^(c)			524		486,927
Vodafone Group PLC, 4.13%, 05/30/25			1,850		1,800,608

					129,713,730

United States — 6.9%
AbbVie, Inc.
2.60%, 11/21/24			7,769		7,382,259
3.80%, 03/15/25			6,092		5,876,522
3.60%, 05/14/25			14,400		13,817,953
3.20%, 05/14/26			202		188,194
2.95%, 11/21/26			8,342		7,618,162
Aetna, Inc., 3.50%, 11/15/24			634		612,335
Affinity Gaming, 6.88%, 12/15/27^(b)			1,580		1,318,908
AIG Global Funding, 0.65%, 06/17/24^(b)			3,058		2,840,956
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 03/15/29^(b)			11,309		9,358,197
Allegiant Travel Co.^(b)
8.50%, 02/05/24			19,212		19,067,910
7.25%, 08/15/27			2,340		2,199,702
Alphabet, Inc.
2.05%, 08/15/50			3,250		1,858,394
2.25%, 08/15/60			1,402		765,481
Amazon.com, Inc.
2.50%, 06/03/50			2,712		1,610,688
2.70%, 06/03/60			1,380		782,806
American Express Co.
2.50%, 07/30/24			4,004		3,806,088
2.25%, 03/04/25			171		158,774
3.95%, 08/01/25			4,127		3,964,333


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
American International Group, Inc., 3.90%, 04/01/26	USD		1,537	$	1,464,374
American Tower Corp.
3.38%, 05/15/24			8,040		7,791,006
4.40%, 02/15/26			3,139		2,991,814
3.10%, 06/15/50			1,380		812,453
Amgen, Inc.
1.90%, 02/21/25			167		155,664
3.13%, 05/01/25			967		924,317
5.50%, 12/07/26^(c)	GBP		1,100		1,273,476
3.00%, 01/15/52	USD		8,933		5,502,782
2.77%, 09/01/53			1,380		788,985
Amkor Technology, Inc., 6.63%, 09/15/27^(b)			825		814,415
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 02/01/26			7,178		6,874,861
Aon Corp./Aon Global Holdings PLC, 2.90%, 08/23/51			4,175		2,429,536
Apple, Inc., 2.40%, 08/20/50			6,081		3,609,221
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28^(b)			716		587,052
AT&T, Inc.
1.70%, 03/25/26			5,890		5,194,406
2.90%, 12/04/26	GBP		2,200		2,283,026
5.50%, 03/15/27^(c)			1,100		1,252,551
Bank of America Corp.
3.50%, 04/19/26	USD		199		185,807
(1 day SOFR + 0.65%), 1.53%, 12/06/25^(a)			385		350,640
(1 day SOFR + 0.67%), 1.84%, 02/04/25^(a)			3,979		3,770,037
(1 day SOFR + 1.11%), 3.84%, 04/25/25^(a)			10,415		10,077,700
(1 day SOFR + 1.33%), 3.38%, 04/02/26^(a)			6,264		5,884,645
(1 day SOFR + 1.56%), 2.97%, 07/21/52^(a)			1,380		819,926
(1 day SOFR + 1.75%), 4.83%, 07/22/26^(a)			5,145		5,010,420
(3 mo. LIBOR US + 0.81%), 3.37%, 01/23/26^(a)			1,479		1,393,996
(3 mo. LIBOR US + 0.87%), 2.46%, 10/22/25^(a)			621		579,452
(3 mo. LIBOR US + 0.97%), 3.46%, 03/15/25^(a)			257		247,824
(3 mo. LIBOR US + 1.51%), 3.71%, 04/24/28^(a)			182		164,646
(3 mo. LIBOR US + 1.58%), 3.82%, 01/20/28^(a)			427		389,816
Series L, 4.18%, 11/25/27			4,647		4,256,626
Series N, (1 day SOFR + 0.91%), 1.66%, 03/11/27^(a)			187		161,637
Bank of New York Mellon Corp.
2.10%, 10/24/24			3,857		3,643,688
3.85%, 04/26/29			8,215		7,383,269
(1 day SOFR + 1.35%), 4.41%, 07/24/26^(a)			7,435		7,221,389
Becton Dickinson and Co.
3.36%, 06/06/24			4,151		4,029,128
3.70%, 06/06/27			12,332		11,431,422
Berry Global, Inc., 4.88%, 07/15/26^(b)			396		372,042
Blackstone Holdings Finance Co. LLC, 3.15%, 10/02/27^(b)			1,803		1,611,459
Boston Properties LP, 2.75%, 10/01/26			4,358		3,860,047
Bristol-Myers Squibb Co.
3.63%, 05/15/24			5,808		5,699,038
3.20%, 06/15/26			5,740		5,415,251
2.55%, 11/13/50			6,592		3,950,932
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27			7,230		6,644,165
Broadcom, Inc., 3.15%, 11/15/25			5,291		4,932,552
California Resources Corp., 7.13%, 02/01/26^(b)			875		858,209
Capital One Financial Corp., 3.90%, 01/29/24			1,784		1,748,552


Security		Par (000)		Value

United States (continued)
Cargill, Inc., 3.50%, 04/22/25^(b)	USD		3,374	$	3,252,461
Carrols Restaurant Group, Inc., 5.88%, 07/01/29^(b).			1,580		1,109,950
Caterpillar Financial Services Corp., 0.60%, 09/13/24			3,955		3,652,172
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(b)			3,040		2,743,630
Charles Schwab Corp.
4.20%, 03/24/25			164		161,535
3.45%, 02/13/26			321		305,233
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 04/01/51			1,588		951,935
Cheever Escrow Issuer LLC, 7.13%, 10/01/27^(b)			2,600		2,386,800
Churchill Downs, Inc., 5.50%, 04/01/27^(b)			70		66,905
Cigna Corp., 3.00%, 07/15/23			5,655		5,575,587
Cisco Systems, Inc., 2.50%, 09/20/26			91		84,006
Citigroup, Inc.
3.40%, 05/01/26			68		62,990
1.75%, 10/23/26	GBP		1,677		1,658,526
(1 day SOFR + 0.67%), 0.98%, 05/01/25^(a)	USD		786		725,601
(1 day SOFR + 1.37%), 4.14%, 05/24/25^(a)			2,000		1,944,347
(1 day SOFR + 1.53%), 3.29%, 03/17/26^(a)			8,186		7,667,389
(1 day SOFR + 1.55%), 5.61%, 09/29/26^(a)			4,157		4,101,923
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25^(a)			1,030		989,030
Comcast Corp.
3.95%, 10/15/25			540		522,139
3.55%, 05/01/28			11,311		10,336,591
2.45%, 08/15/52			1,380		753,880
2.94%, 11/01/56			4,821		2,787,877
2.65%, 08/15/62			964		503,307
Conagra Brands, Inc., 4.30%, 05/01/24			313		308,073
Covanta Holding Corp., 4.88%, 12/01/29^(b)			1,832		1,559,856
Cox Communications, Inc., 3.85%, 02/01/25^(b)			5,025		4,829,164
Crown Castle, Inc., 3.70%, 06/15/26			5,302		4,921,700
CSX Corp., 2.50%, 05/15/51			1,380		786,355
CVS Health Corp.
3.88%, 07/20/25			2,836		2,736,295
2.88%, 06/01/26			6,439		5,922,598
1.30%, 08/21/27			5,712		4,730,890
4.30%, 03/25/28			4,968		4,661,598
Danaher Corp., 2.80%, 12/10/51			3,702		2,303,618
Deere & Co., 2.75%, 04/15/25			898		854,444
Dell International LLC/EMC Corp.
5.45%, 06/15/23			3,648		3,642,066
6.02%, 06/15/26			4,932		4,922,937
3.45%, 12/15/51^(b)			1,380		780,858
Discovery Communications LLC, 3.80%, 03/13/24			3,014		2,927,813
DocuSign, Inc., 0.00%, 01/15/24^(n)(q)			1,335		1,252,898
Dollar General Corp.
4.25%, 09/20/24			2,067		2,030,368
3.88%, 04/15/27			5,019		4,712,706
Earthstone Energy Holdings LLC, 8.00%, 04/15/27^(b)			8,929		8,447,638
eBay, Inc., 1.90%, 03/11/25			1,958		1,810,926
Elevance Health, Inc.
2.38%, 01/15/25			120		112,767
3.65%, 12/01/27			7,143		6,592,257
3.13%, 05/15/50			5,120		3,269,246
Eli Lilly & Co., 2.25%, 05/15/50			1,380		823,343
Energy Transfer LP, 4.20%, 09/15/23			1,982		1,956,430
Equinix, Inc.
1.25%, 07/15/25			7,074		6,300,388


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Equinix, Inc. (continued)
1.45%, 05/15/26	USD		4,600	$	3,953,811
3.00%, 07/15/50			690		399,791
Fidelity National Information Services, Inc., 1.15%, 03/01/26			133		114,542
Fifth Third Bancorp, (1 day SOFR + 1.36%), 4.06%, 04/25/28^(a)			3,624		3,316,203
Fiserv, Inc., 3.20%, 07/01/26			1,406		1,290,003
Flyr Convertible Notes, 8.00%, 07/20/23^(d)			12,933		13,682,907
Flyr Secured Notes, 10.00%, 01/20/27^(d)			6,580		6,127,954
Ford Motor Co., 6.10%, 08/19/32			8,294		7,591,540
Freed Corp., 10.00%, 12/02/23^(d)			17,175		16,488,000
Freedom Mortgage Corp.^(b)
8.13%, 11/15/24			5,170		4,548,308
8.25%, 04/15/25			4,952		4,233,852
FreeWire Technologies, Inc., 13.00%, 03/31/25^(a)(d).			8,499		7,585,287
Frontier Communications Holdings LLC^(b)
5.88%, 10/15/27			5,850		5,380,983
5.00%, 05/01/28			5,269		4,610,375
6.75%, 05/01/29			8,484		6,988,695
8.75%, 05/15/30			6,673		6,814,801
Frontier Florida LLC, Series E, 6.86%, 02/01/28			7,265		6,762,534
Frontier North, Inc., Series G, 6.73%, 02/15/28			5,875		5,375,955
Full House Resorts, Inc., 8.25%, 02/15/28^(b)			349		303,630
GATX Corp., 3.50%, 03/15/28			124		108,935
GCI LLC, 4.75%, 10/15/28^(b)			1,436		1,208,968
General Motors Co., 4.88%, 10/02/23			16,546		16,386,114
General Motors Financial Co., Inc., 2.90%, 02/26/25			6,359		5,928,445
Georgia-Pacific LLC, 3.60%, 03/01/25^(b)			148		142,516
Gilead Sciences, Inc.
0.75%, 09/29/23			4,724		4,546,620
3.70%, 04/01/24			4,737		4,649,611
3.65%, 03/01/26			2,087		1,976,009
2.60%, 10/01/40			3,560		2,355,888
2.80%, 10/01/50			5,473		3,328,198
GlaxoSmithKline Capital, Inc., 3.63%, 05/15/25			4,149		4,020,794
Global Payments, Inc.
2.65%, 02/15/25			647		600,326
4.95%, 08/15/27			923		877,010
Goldman Sachs Group, Inc.
4.00%, 03/03/24			4,634		4,549,171
3.00%, 03/15/24			9,434		9,120,520
3.50%, 04/01/25			5,792		5,487,756
7.25%, 04/10/28	GBP		1,100		1,330,192
(1 day SOFR + 0.61%), 0.86%, 02/12/26^(a)	USD		234		207,444
Series VAR, (1 day SOFR + 0.79%), 1.09%, 12/09/26^(a)			6,909		5,926,450
GoTo Group, Inc., 5.50%, 09/01/27^(b)			4,945		2,866,814
Green Plains SPE LLC, 11.75%, 02/09/26^(b)(d)			91,561		85,728,564
Greenland Global Investment Ltd., 6.75%, 09/26/23^(c)			349		31,410
GSK Consumer Healthcare Co.^(k)
3.02%, 03/24/24			1,577		1,521,498
3.38%, 03/24/27			10,498		9,494,460
HCA, Inc.
5.00%, 03/15/24			416		412,395
5.38%, 02/01/25			5,572		5,501,653
5.25%, 04/15/25			6,007		5,903,606
5.88%, 02/15/26			5,798		5,742,015
3.50%, 07/15/51			1,380		859,628


Security		Par (000)		Value

United States (continued)
Home Depot, Inc.
2.38%, 03/15/51	USD		10,310	$	5,837,031
2.75%, 09/15/51			5,199		3,162,424
Homes By West Bay LLC, 9.50%, 04/30/27^(d)			19,399		17,581,314
Humana, Inc.
0.65%, 08/03/23			14,802		14,298,608
1.35%, 02/03/27			106		88,814
Huntington Bancshares, Inc., (1 day SOFR + 1.97%), 4.44%, 08/04/28^(a)			7,729		7,195,061
Intel Corp.
3.40%, 03/25/25			1,602		1,548,351
3.10%, 02/15/60			262		148,326
Intercontinental Exchange, Inc.
4.00%, 09/15/27			4,097		3,883,776
3.00%, 09/15/60			1,380		797,679
International Business Machines Corp.
3.30%, 05/15/26			6,271		5,868,814
4.15%, 07/27/27			5,981		5,713,267
2.95%, 05/15/50			1,380		832,139
Johnson & Johnson, 2.25%, 09/01/50			1,380		815,663
JPMorgan Chase & Co.^(a)
(1 day SOFR + 0.61%), 1.56%, 12/10/25			952		868,187
(1 day SOFR + 1.32%), 4.08%, 04/26/26			6,548		6,277,533
(1 day SOFR + 1.56%), 4.32%, 04/26/28			6,890		6,409,026
(1 day SOFR + 1.85%), 2.08%, 04/22/26			8,526		7,761,464
(1 day SOFR + 1.99%), 4.85%, 07/25/28			5,940		5,646,979
(1 day SONIA + 0.68%), 0.99%, 04/28/26^(c)	GBP		2,800		2,877,893
(3 mo. LIBOR US + 1.38%), 3.54%, 05/01/28	USD		1,474		1,325,638
(3 mo. SOFR + 0.58%), 0.97%, 06/23/25			9,121		8,386,213
Keurig Dr. Pepper, Inc., 0.75%, 03/15/24			2,917		2,748,044
Kinder Morgan Energy Partners LP, 3.50%, 09/01/23			2,773		2,734,244
Kinetik Holdings LP, 5.88%, 06/15/30^(b)			1,996		1,872,594
Kraft Heinz Foods Co.
3.00%, 06/01/26			8,399		7,751,581
4.13%, 07/01/27^(c)	GBP		670		710,425
L3Harris Technologies, Inc., 3.85%, 12/15/26	USD		12,346		11,535,330
Lam Research Corp., 3.75%, 03/15/26			723		693,187
Level 3 Financing, Inc., 4.25%, 07/01/28^(b)			1,045		862,125
Lightning eMotors, Inc., 7.50%, 05/15/24^(b)(q)			3,362		2,118,076
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(b)			2,325		1,764,652
Lowe’s Cos., Inc.
4.00%, 04/15/25			125		121,914
4.40%, 09/08/25			2,238		2,193,767
3.35%, 04/01/27			3,320		3,070,699
1.70%, 09/15/28			4,601		3,762,373
3.00%, 10/15/50			4,416		2,646,059
4.25%, 04/01/52			7,108		5,277,802
Marsh & McLennan Cos., Inc.
3.88%, 03/15/24			4,640		4,556,959
3.75%, 03/14/26			3,542		3,371,802
McDonald’s Corp., 3.30%, 07/01/25			226		216,908
MCM Trust, 1.00%, 01/01/59^(a)(d)			12,051		11,681,615
Medline Borrower LP, 3.88%, 04/01/29^(b)			2,198		1,795,766
Mercedes-Benz Finance North America LLC^(b)
0.75%, 03/01/24			3,887		3,660,932
2.13%, 03/10/25			4,206		3,888,961
Merck & Co., Inc.
2.75%, 02/10/25			1,625		1,552,504
2.45%, 06/24/50			6,012		3,614,395


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Meta Platforms, Inc., 3.50%, 08/15/27^(b)	USD		3,108	$	2,853,032
MetLife, Inc.
3.60%, 11/13/25			3,770		3,603,075
Series D, 4.37%, 09/15/23			4,149		4,122,940
Metropolitan Life Global Funding I^(b)
1.88%, 01/11/27			81		70,271
3.00%, 09/19/27			3,220		2,872,242
MGM Resorts International, 5.50%, 04/15/27			599		551,709
Microsoft Corp.
2.70%, 02/12/25			7,612		7,309,269
2.53%, 06/01/50			13,283		8,332,796
2.68%, 06/01/60			1,380		835,958
Moody’s Corp.
2.55%, 08/18/60			337		172,620
3.10%, 11/29/61			1,043		601,926
Morgan Stanley
3.13%, 07/27/26			7,432		6,782,321
(1 day SOFR + 0.53%), 0.79%, 05/30/25^(a)			2,022		1,852,613
(1 day SOFR + 0.86%), 1.51%, 07/20/27^(a)			198		167,885
(1 day SOFR + 1.16%), 3.62%, 04/17/25^(a)			8,567		8,275,639
(1 day SOFR + 1.61%), 4.21%, 04/20/28^(a)			8,115		7,513,645
(1 day SOFR + 1.67%), 4.68%, 07/17/26^(a)			2,325		2,254,035
Nationstar Mortgage Holdings, Inc.^(b)
6.00%, 01/15/27			893		794,770
5.50%, 08/15/28			4,584		3,718,128
5.13%, 12/15/30			4,013		3,000,662
New Home Co., Inc., 7.25%, 10/15/25^(b)			2,144		1,660,563
NextEra Energy Capital Holdings, Inc., 2.94%, 03/21/24			6,792		6,575,812
Northern Trust Corp., 4.00%, 05/10/27			4,366		4,178,478
NortonLifeLock, Inc.^(b)
6.75%, 09/30/27			6,085		5,998,563
7.13%, 09/30/30			1,700		1,671,083
Novartis Capital Corp., 3.00%, 11/20/25			147		139,466
Omnicom Group, Inc./Omnicom Capital, Inc., 3.65%, 11/01/24			1,919		1,851,459
ONEOK Partners LP, 4.90%, 03/15/25			9,738		9,507,809
Oracle Corp.
2.40%, 09/15/23			8,506		8,296,598
3.40%, 07/08/24			1,059		1,027,333
2.50%, 04/01/25			6,630		6,194,431
3.60%, 04/01/50			1,380		849,423
3.95%, 03/25/51			4,968		3,250,120
3.85%, 04/01/60			3,918		2,366,049
PACCAR Financial Corp., 4.95%, 10/03/25			3,389		3,384,551
Pacific Gas and Electric Co.
5.45%, 06/15/27			825		777,910
5.90%, 06/15/32			3,900		3,629,027
4.50%, 07/01/40			3,468		2,585,686
Paramount Global, (5 year CMT + 4.00%), 6.38%, 03/30/62^(a)			1,250		1,056,774
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27^(b)			2,506		2,682,677
PepsiCo, Inc., 2.38%, 10/06/26			296		270,937
Periama Holdings LLC, 5.95%, 04/19/26^(c)			891		721,320
Permian Resources Operating LLC, 5.38%, 01/15/26^(b)			375		346,406
Pfizer, Inc., 2.70%, 05/28/50			3,561		2,316,545
Picard Midco, Inc., 6.50%, 03/31/29^(b)			13,298		11,531,796


Security		Par (000)		Value

United States (continued)
Pitney Bowes, Inc.^(b)
6.88%, 03/15/27	USD		7,658	$	4,910,693
7.25%, 03/15/29			6,205		3,974,675
Playtika Holding Corp., 4.25%, 03/15/29^(b)			2,097		1,746,738
PNC Bank NA, 3.25%, 06/01/25			5,655		5,377,831
PNC Financial Services Group, Inc., 3.50%, 01/23/24			2,074		2,032,872
PPG Industries, Inc., 1.20%, 03/15/26			1,782		1,543,580
Principal Life Global Funding II^(b)
0.75%, 04/12/24			125		116,610
1.25%, 08/16/26			116		98,541
Prologis LP, 2.25%, 01/15/32^(k)			1,372		1,041,040
Regions Financial Corp., 2.25%, 05/18/25			238		219,587
Roche Holdings, Inc., 2.61%, 12/13/51^(b)			3,718		2,317,949
Ryder System, Inc., 2.50%, 09/01/24			305		288,345
S&P Global, Inc.
2.45%, 03/01/27^(b)			4,296		3,848,716
2.30%, 08/15/60			2,087		1,047,589
Sabre Global, Inc., 9.25%, 04/15/25^(b)			5,375		5,205,123
Salesforce, Inc.
0.63%, 07/15/24			6,856		6,385,716
2.90%, 07/15/51			1,380		888,672
3.05%, 07/15/61			4,577		2,788,889
San Diego Gas & Electric Co., Series NNN, 3.60%, 09/01/23			2,306		2,280,117
Service Properties Trust
4.50%, 06/15/23			1,814		1,789,511
4.35%, 10/01/24			1,995		1,831,969
4.50%, 03/15/25			2,096		1,854,960
7.50%, 09/15/25			4,073		3,971,175
Sherwin-Williams Co.
4.05%, 08/08/24			6,506		6,382,995
4.25%, 08/08/25			2,952		2,871,798
2.90%, 03/15/52			4,225		2,448,954
SK Battery America, Inc., 2.13%, 01/26/26^(c)			1,326		1,091,842
Splunk, Inc.^(q)
0.50%, 09/15/23			1,405		1,348,800
1.13%, 06/15/27			3,565		3,030,250
Sprint Corp., 7.88%, 09/15/23			7,209		7,327,249
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC^(b)
4.74%, 09/20/29			931		918,107
5.15%, 09/20/29			970		943,881
Steel Dynamics, Inc.
2.40%, 06/15/25			7,140		6,599,838
5.00%, 12/15/26			428		412,429
Stem, Inc., 0.50%, 12/01/28^(b)(q)			749		557,106
Talen Energy Supply LLC^(b)(e)(m)
7.25%, 05/15/27			4,306		4,372,947
6.63%, 01/15/28			7,664		7,716,805
7.63%, 06/01/28			2,995		3,072,734
Tap Rock Resources LLC, 7.00%, 10/01/26^(b)			10,358		9,670,858
Tenet Healthcare Corp., 6.13%, 06/15/30^(b)			4,670		4,311,064
Texas Capital Bank NA, (3 mo. LIBOR US + 4.50%), 8.17%, 09/30/24^(a)(b)			11,008		10,669,271
Thermo Fisher Scientific, Inc., 1.22%, 10/18/24			95		88,329
T-Mobile USA, Inc., 3.50%, 04/15/25			11,537		11,006,434
Toyota Motor Credit Corp.
1.80%, 02/13/25			517		481,797
3.05%, 03/22/27			306		280,164


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Truist Bank
3.30%, 05/15/26	USD		713	$	655,018
3.80%, 10/30/26			822		764,413
Truist Financial Corp.^(a)
(1 day SOFR + 0.61%), 1.27%, 03/02/27			3,333		2,878,531
(1 day SOFR + 1.46%), 4.26%, 07/28/26			4,127		3,979,213
TWDC Enterprises 18 Corp., 3.15%, 09/17/25			202		192,095
U.S. Bancorp
3.10%, 04/27/26			261		242,001
5.73%, 10/21/26^(a)			2,495		2,501,918
3.90%, 04/26/28			4,434		4,129,613
(1 day SOFR + 0.73%), 2.22%, 01/27/28^(a)			2,264		1,976,423
(1 day SOFR + 1.66%), 4.55%, 07/22/28^(a)			10,553		10,032,174
UnitedHealth Group, Inc.
3.10%, 03/15/26			430		404,623
2.90%, 05/15/50			1,380		883,752
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/25^(b)			1,205		1,192,956
Univision Communications, Inc., 7.38%, 06/30/30^(b)			3,000		2,902,500
Ventas Realty LP, 3.50%, 02/01/25			4,772		4,530,587
Verizon Communications, Inc.
4.07%, 06/18/24	GBP		291		328,311
2.63%, 08/15/26	USD		4,333		3,940,746
1.13%, 11/03/28	GBP		1,100		981,449
2.88%, 11/20/50	USD		4,666		2,753,511
2.99%, 10/30/56			9,736		5,602,022
Vertiv Group Corp., 4.13%, 11/15/28^(b)			4,286		3,728,306
Viasat, Inc., 5.63%, 04/15/27^(b)			2,373		2,194,028
Visa, Inc., 2.00%, 08/15/50			3,627		2,013,225
Vistra Operations Co. LLC, 5.63%, 02/15/27^(b)			10,588		10,093,329
VMware, Inc., 1.80%, 08/15/28			8,304		6,554,525
Walt Disney Co.
2.20%, 01/13/28			4,429		3,844,411
2.75%, 09/01/49			1,380		854,622
Warnermedia Holdings, Inc., 3.43%, 03/15/24^(b)			2,196		2,118,107
Waste Management, Inc.
0.75%, 11/15/25			1,305		1,151,928
3.15%, 11/15/27			4,147		3,779,607
Wells Fargo & Co., (1 day SOFR + 1.56%), 4.54%, 08/15/26^(a)			12,239		11,773,629
Welltower, Inc.
4.50%, 01/15/24			4,962		4,900,434
3.63%, 03/15/24			4,794		4,658,889
2.70%, 02/15/27			4,284		3,789,175
Western Digital Corp.
1.50%, 02/01/24^(q)			3,225		3,068,588
4.75%, 02/15/26			1,220		1,127,134
Workday, Inc., 3.50%, 04/01/27			8,235		7,596,058
WRKCo, Inc.
3.75%, 03/15/25			2,292		2,190,310
4.65%, 03/15/26			1,536		1,487,140
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^(b)
5.50%, 03/01/25			2,753		2,605,659
5.25%, 05/15/27			599		521,010


Security		Par (000)		Value

United States (continued)
Xerox Holdings Corp.^(b)
5.00%, 08/15/25	USD		7,994	$	7,217,223
5.50%, 08/15/28			3,933		3,107,070

					1,284,489,222

Vietnam — 0.0%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(c)			862		597,366


Total Corporate Bonds — 10.6% (Cost: $2,441,135,303)					1,961,358,018


Floating Rate Loan Interests^(a)

Australia^(d)— 0.0%
Oceana Australian Fixed Income Trust, A Note Upsize
0.00%, 01/21/24	AUD		1,940		1,214,551
0.00%, 03/28/26			10,036		6,178,795

					7,393,346

Belgium — 0.1%
Apollo Finco, 2021 EUR Term Loan B, (6 mo. EURIBOR + 4.88%), 5.08%, 10/31/28	EUR		20,021		16,026,456


Canada — 0.1%
KDC/ONE Development Corp., Inc., 2020 EUR Term Loan B, (1 mo. EURIBOR + 5.00%), 6.13%, 12/22/25			23,064		21,842,922
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE + 6.00%, 1.00% Floor), 8.94%, 12/22/26	USD		1,914		1,820,395

					23,663,317

Cayman Islands — 0.1%
Vita Global Finco Ltd., EUR Term Loan B, (6 mo. EURIBOR + 7.00%), 7.00%, 07/06/27^(d)	EUR		8,834		8,348,868


France — 0.1%
Babilou Group, 2021 EUR Term Loan B, (3 mo. EURIBOR + 4.00%), 5.16%, 11/17/27			26,693		25,005,513


Germany — 0.1%
Iris BidCo GmbH, EUR Term Loan B, (3 mo. EURIBOR + 5.00%), 6.61%, 06/29/28			12,289		10,241,906


Jersey — 0.0%
Vita Global FinCo Ltd., GBP Incremental Term Loan, (1 week SONIA + 7.00%), 8.69%, 07/06/27^(d)	GBP		5,301		5,820,285


Luxembourg — 0.2%
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.25%, 05/05/28 .	USD		7,624		7,523,571
Luxembourg Life Fund^(d)
2021 1st Lien Term Loan, (3 mo. LIBOR + 9.25%), 12.92%, 05/27/26			12,587		12,320,057
2021 Term Loan, (3 mo. LIBOR + 9.25%), 12.92%, 04/01/23			14,678		14,624,087


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Luxembourg (continued)
Pronovias SL
EUR Term Loan B1, (3 mo. EURIBOR + 4.50%), 4.80%, 10/02/24	EUR		3,957	$	1,486,109
EUR Term Loan B3, (3 mo. EURIBOR + 4.50%), 4.80%, 10/02/24			9,991		3,751,817

					39,705,641

Netherlands — 0.3%
Median B V, 2021 EUR Term Loan B, (3 mo. EURIBOR + 5.00%), 5.23%, 10/14/27			14,250		12,118,042
Ziggo BV, 2019 EUR Term Loan H, (6 mo. EURIBOR + 3.00%), 3.76%, 01/31/29			39,843		36,122,691

					48,240,733

Spain — 0.1%
Promontoria Challenger I SA, EUR Term Loan, (1 mo. EURIBOR + 2.75%), 2.75%, 12/20/24^(d)			21,709		21,566,458


Sweden — 0.0%
OptiGroup, EUR Term Loan B1, (3 mo. EURIBOR + 5.25%), 6.24%			9,165		7,152,172


United Kingdom — 0.2%
Constellation Automative Ltd., GBP 2nd Lien Term Loan B, (1 week SONIA + 7.50%), 9.19%, 07/27/29	GBP		4,151		2,669,184
Mercia^(d)
GBP Term Loan A1, (1 week SONIA + 2.40%), 4.59%, 04/09/26			9,465		10,772,655
GBP Term Loan A2, (1 week SONIA + 2.40%), 4.59%, 04/09/26			19,526		22,223,154
GBP Term Loan B1, (1 week SONIA + 2.40%), 4.59%, 04/09/26			1,099		1,251,263

					36,916,256

United States — 2.4%
ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%, 0.50% Floor), 7.33%, 05/17/28	USD		5,795		4,018,829
Aimbridge Acquisition Co., Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.75%, 0.75% Floor), 8.24%, 02/02/26			9,141		8,340,953
Altar Bidco, Inc., 2021 Term Loan, (6 mo. SOFRTE + 3.35%), 5.51%, 02/01/29			9,501		8,865,843
American Auto Auction Group LLC, 2021 Term Loan B, (3 mo. SOFRTE + 5.00%, 0.75% Floor), 8.70%, 12/30/27			10,951		9,856,121
Avaya, Inc., 2022 Term Loan, (1 mo. SOFR CME + 10.00%, 1.00% Floor), 13.38%, 12/15/27			1,207		742,305
City Brewing Co. LLC, Closing Date Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 6.81%, 04/05/28			2,657		1,796,710
CML Hyatt Lost Pines, Term Loan, (1 mo. LIBOR + 3.43%), 6.73%, 09/09/26^(d)			16,300		15,912,616
CML La Quinta Resort, Term Loan, 12/09/26^(d)(o)			15,500		15,000,956
CML Lake Tahoe Resort Hotel, Term Loan, (2 mo. LIBOR + 3.01%), 4.27%, 10/25/26^(d)			7,942		7,679,786
CML Paradise Plaza, Term Loan, (3 mo. LIBOR + 3.60%), 7.43%, 12/07/26^(d)			16,800		16,205,243
CML ST Regis Aspen, Term Loan, (1 mo. LIBOR + 2.90%, 1.00% Floor), 5.84%, 02/09/27^(d)			16,896		16,166,419


Security		Par (000)		Value

United States (continued)
CML Trigrams, Term Loan, (3 mo. LIBOR + 2.25%), 4.65%, 09/15/24^(d)	USD		32,839	$	36,075,435
Cypher Bidco, EUR Term Loan, (6 mo. EURIBOR + 4.50%), 6.61%, 03/01/28^(d)	EUR		19,970		18,205,784
Digital Room Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 12/21/28	USD		3,614		3,138,006
DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 8.75%, 08/02/27			5,864		5,575,227
DS Parent, Inc., Term Loan, (3 mo. LIBOR + 5.75%, 0.75% Floor), 9.91%, 12/10/28			5,670		5,412,099
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.5%, 0.75% Floor), 11.17%, 05/01/28			6,425		6,376,490
Emerald Electronics Manufacturing Services, Term Loan, (1 mo. SOFRTE + 6.25%, 1.00% Floor), 10.08%, 12/29/27			4,326		4,088,294
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 7.44%, 05/01/28			4,262		4,018,061
Galaxy Universal LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.75%, 1.00% Floor), 9.07%, 11/12/26^(d)			18,735		18,857,101
Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, 12/01/27^(o)			1,516		1,475,403
GoTo Group, Inc., Term Loan B, (1 mo. LIBOR + 4.75%), 8.32%, 08/31/27			12,466		7,832,769
Green Plains Operating Co. LLC, Term Loan, (3 mo. LIBOR + 8.00%), 10.51%, 07/20/26^(d)			15,919		15,740,707
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 5.34%, 06/22/26			19,245		18,890,969
Hydrofarm Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 5.50%, -4.50% Floor), 8.38%, 09/27/28^(d)			2,731		2,376,283
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 6.56%, 10/27/28			8,850		8,603,418
J&J Ventures Gaming LLC, Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.67%, 04/26/28 .			4,114		3,874,749
Jack Ohio Finance LLC, Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 8.50%, 10/04/28^(d)			2,122		2,058,077
LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27			14,911		12,723,131
Maverick Gaming LLC, Term Loan B, (3 mo. LIBOR + 7.50%, 1.00% Floor), 10.57%, 09/03/26			3,526		3,173,742
Naked Juice LLC, 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 9.65%, 01/24/30			523		452,887
Opendoor GP II LLC, Term Loan, 0.00%, 01/23/26^(d)			42,036		39,849,984
OVG Business Services LLC, Initial Term Loan, (1 mo. LIBOR + 6.25%, 1.00% Floor), 9.83%, 10/13/28^(d)			7,177		6,710,434
Profrac Services LLC, 2022 Term Loan, (3 mo. SOFRTE + 7.25%, 1.00% Floor), 11.10%, 03/04/25^(d)			5,950		6,098,909
Project Ruby Ultimate Parent Corp., 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.00%, 03/10/28			9,401		8,832,625
Redstone Holdco 2 LP 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%, 0.75% Floor), 12.11%, 04/27/29			6,772		4,634,012


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Redstone Holdco 2 LP (continued) 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.11%, 04/27/28	USD		12,353	$	8,828,105
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.41%, 03/16/27			5,774		5,421,701
Sheraton Austin, CML Term Loan, (3 mo. LIBOR + 3.48%), 3.94%, 06/01/26^(d)			18,180		17,455,194
Signal Parent, Inc., Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.25%, 04/03/28			4,204		2,874,290
Sonder Secured Notes, 0.00%, 01/19/27^(d)			21,213		19,013,014
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 7.91%, 06/08/28			1,257		1,201,291
Starwood Property Trust, Inc., 2021 Term Loan, (1 mo. LIBOR + 5.35%, 0.50% Floor), 8.65%, 06/09/26^(d)			19,000		18,344,470
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 7.60%, 10/06/28			2,432		1,882,344
Talen Energy Supply LLC, 2022 DIP Term Loan, (3 mo. SOFR CME + 4.75%, 0.75% Floor), 7.63%, 11/10/23			10,446		10,440,777
Vaco Holdings LLC, 2022 Term Loan, (1 mo. SOFR CME + 5.00%), 8.71%, 01/21/29			4,293		4,154,385

					439,275,948


Floating Rate Loan Interests — 3.7% (Cost: $782,348,458)					689,356,899


Foreign Agency Obligations

Argentina — 0.1%
Argentine Republic Government International Bond
1.00%, 07/09/29			3,751		767,013
0.50%, 07/09/30^(r)			35,805		7,501,197
1.50%, 07/09/35^(r)			44,033		8,718,668
3.88%, 01/09/38^(r)			14,865		3,821,162

					20,808,040

Brazil — 0.5%
Brazil Letras do Tesouro Nacional, 0.00%, 07/01/24⁽ⁿ⁾	BRL		591,234		94,614,410


Canada — 0.5%
Canadian Government Bond, 0.25%, 03/01/26	CAD		142,065		93,205,944


Japan^(s)— 8.8%
Japan Treasury Discount Bills
(0.13%), 11/14/22	JPY		19,032,000		127,998,866
(0.13%), 11/14/22			2,220,400		14,933,201
(0.17%), 11/21/22			32,208,350		216,622,655
(0.13%), 11/21/22			25,420,800		170,971,850
(0.20%), 11/28/22			34,777,100		233,908,099
(0.20%), 12/12/22			15,712,300		105,686,141
(0.27%), 01/06/23			26,636,650		179,184,375
(0.25%), 01/06/23			26,734,750		179,844,292
(0.24%), 01/06/23			2,641,250		17,767,652
(0.26%), 01/11/23			25,069,500		168,645,343


Security		Par (000)		Value

Japan (continued)
Japan Treasury Discount Bills (continued)
(0.25%), 01/11/23	JPY		13,219,500	$	88,929,062
(0.20%), 01/11/23			18,232,000		122,648,712

					1,627,140,248

Mongolia — 0.0%
Mongolia Government International Bond, 5.13%, 04/07/26^(c)	USD		289		220,394


Philippines — 0.0%
Philippines Government International Bond, 2.65%, 12/10/45			1,200		724,632


Spain — 0.2%
Spain Government Bond, 3.45%, 07/30/66^(b)(c)	EUR		24,603		22,705,786


Total Foreign Agency Obligations — 10.1% (Cost: $2,023,581,315)					1,859,419,454


		Shares

Investment Companies

United States — 1.1%
Industrial Select Sector SPDR Fund^(h)			112,009		10,568,049
Invesco QQQ Trust, Series 1^(h)			152,700		42,442,965
iShares 0-5 Year TIPS Bond ETF^(f)			190,821		18,549,709
iShares Biotechnology ETF^(f)			19,698		2,532,966
iShares China Large-Cap ETF^(f)(h)			363,056		7,606,023
iShares iBoxx High Yield Corporate Bond ETF^(f)(h)			1,361		99,938
iShares Latin America 40 ETF^(f)			371,046		9,610,091
iShares MSCI Brazil ETF^(f)			436,853		14,271,988
iShares MSCI Emerging Markets ETF^(f)			56,435		1,929,513
KraneShares Bosera MSCI China A 50 Connect Index ETF, Class A			142,472		3,806,852
KraneShares CSI China Internet ETF			1,052,323		20,204,602
SPDR Bloomberg High Yield Bond ETF			151,972		13,685,079
SPDR Gold Shares, B Shares^(e)(i)(j)			274,365		41,678,787
U.S. Oil Fund LP^(e)(h)(j)			218,146		15,603,983
VanEck Semiconductor ETF			29,977		5,672,248


Total Investment Companies — 1.1% (Cost: $237,591,398)					208,262,793


		Par (000)

Non-Agency Mortgage-Backed Securities

United States — 3.7%
1211 Avenue of the Americas Trust, Series 2015- 1211, Class D, 4.14%, 08/10/35^(a)(b)	USD		4,330		3,765,378
Alen Mortgage Trust, Series 2021-ACEN, Class D, (1 mo. LIBOR US + 3.10%), 6.51%, 04/15/34^(a)(b)			5,222		4,759,611
Arbor Multifamily Mortgage Securities Trust, Series E, Class E, 1.75%, 05/15/53^(b)(d)			1,650		1,023,918
BAMLL Commercial Mortgage Securities Trust^(a)(b)
Class A, (1 mo. LIBOR US + 0.85%), 4.26%, 09/15/34			2,468		2,403,102
Series 2015-200P, Class D, 3.60%, 04/14/33			730		628,206


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

United States (continued)
Bank, Series 2017-BNK9, Class A4, 3.54%, 11/15/54	USD		1,990	$	1,795,440
Bayview Commercial Asset Trust^(a)(b)
Series 2005-3A, Class M6, (1 mo. LIBOR US + 1.05%), 4.64%, 11/25/35			356		313,806
Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.51%), 4.10%, 10/25/36			405		375,123
BBCMS Mortgage Trust^(a)(b)
Series 2017-DELC, Class E, (1 mo. LIBOR US + 2.63%), 6.04%, 08/15/36			1,677		1,580,422
Series 2018-TALL, Class C, (1 mo. LIBOR US + 1.12%), 4.53%, 03/15/37			4,880		4,403,860
Beast Mortgage Trust^(a)(b)
Series 2021-SSCP, Class A, (1 mo. LIBOR US + 0.75%), 4.16%, 04/15/36			1,955		1,852,364
Series 2021-SSCP, Class B, (1 mo. LIBOR US + 1.10%), 4.51%, 04/15/36			4,812		4,490,759
Series 2021-SSCP, Class C, (1 mo. LIBOR US + 1.35%), 4.76%, 04/15/36			5,803		5,355,753
Series 2021-SSCP, Class D, (1 mo. LIBOR US + 1.60%), 5.01%, 04/15/36			5,329		4,857,229
Series 2021-SSCP, Class E, (1 mo. LIBOR US + 2.10%), 5.51%, 04/15/36			4,614		4,177,356
Series 2021-SSCP, Class F, (1 mo. LIBOR US + 2.90%), 6.31%, 04/15/36			4,410		4,039,799
Series 2021-SSCP, Class G, (1 mo. LIBOR US + 3.80%), 7.21%, 04/15/36			4,993		4,573,253
Series 2021-SSCP, Class H, (1 mo. LIBOR US + 4.90%), 8.31%, 04/15/36			3,541		3,249,277
Benchmark Mortgage Trust
Series 2021-B23, Class XA, 1.27%, 02/15/54^(a)			54,782		3,738,141
Series 2021-B25, Class A5, 2.58%, 04/15/54			5,050		3,997,689
BHMS Mortgage Trust^(a)(b)
Series 2018-ATLS, Class A, (1 mo. LIBOR US + 1.25%), 4.66%, 07/15/35			6,720		6,462,976
Series 2018-ATLS, Class C, (1 mo. LIBOR US + 1.90%), 5.31%, 07/15/35			1,583		1,479,740
BOCA Commercial Mortgage Trust, Series 2022- BOCA, Class A, (1 mo. SOFR + 1.78%), 5.15%, 05/15/39^(a)(b)			2,411		2,346,418
BWAY Mortgage Trust, Series 2013-1515, Class D, 3.63%, 03/10/33^(b)			3,735		3,291,706
BX Commercial Mortgage Trust^(b)
Series 2019-XL, Class A, (1 mo. LIBOR US + 0.92%), 4.33%, 10/15/36^(a)			2,330		2,283,706
Series 2019-XL, Class G, (1 mo. LIBOR US + 2.30%), 5.71%, 10/15/36^(a)			8,011		7,610,089
Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 6.06%, 10/15/36^(a)			13,304		12,712,603
Series 2020-VIV4, Class A, 2.84%, 03/09/44			1,425		1,114,478
Series 2020-VKNG, Class G, (1 mo. LIBOR US + 3.25%), 6.66%, 10/15/37^(a)			1,050		950,880
Series 2021-21M, Class E, (1 mo. LIBOR US + 2.17%), 5.58%, 10/15/36^(a)			8,214		7,430,976
Series 2021-CIP, Class E, (1 mo. LIBOR US + 2.82%), 6.23%, 12/15/38^(a)			13,130		12,078,162
Series 2021-NWM, Class A, (1 mo. LIBOR US + 0.91%), 4.32%, 02/15/33^(a)			18,808		18,410,889
Series 2021-NWM, Class B, (1 mo. LIBOR US + 2.15%), 5.56%, 02/15/33^(a)			11,028		10,713,758



Security		Par (000)		Value

United States (continued)
BX Commercial Mortgage Trust^(b)(continued)
Series 2021-NWM, Class C, (1 mo. LIBOR US + 4.25%), 7.66%, 02/15/33^(a)	USD		7,282	$	7,054,773
Series 2021-SOAR, Class G, (1 mo. LIBOR US + 2.80%), 6.21%, 06/15/38^(a)			15,726		14,504,652
Series 2021-VINO, Class F, (1 mo. LIBOR US + 2.80%), 6.21%, 05/15/38^(a)			12,592		11,578,034
Series 2021-XL2, Class A, (1 mo. LIBOR US + 0.69%), 4.10%, 10/15/38^(a)			2,809		2,656,747
Series 2021-XL2, Class F, (1 mo. LIBOR US + 2.24%), 5.66%, 10/15/38^(a)			15,203		14,003,676
BX Trust^(a)(b)
Series 2019-OC11, Class D, 3.94%, 12/09/41^(d)	.		8,408		6,994,405
Series 2019-OC11, Class E, 3.94%, 12/09/41			11,784		8,721,119
Series 2021-ARIA, Class E, (1 mo. LIBOR US + 2.24%), 5.66%, 10/15/36			9,187		8,282,014
Series 2021-MFM1, Class E, (1 mo. LIBOR US + 2.25%), 5.66%, 01/15/34			3,160		2,906,808
Series 2021-MFM1, Class F, (1 mo. LIBOR US + 3.00%), 6.41%, 01/15/34			4,900		4,484,976
CAMB Commercial Mortgage Trust, Series 2019- LIFE, Class E, (1 mo. LIBOR US + 2.15%), 5.56%, 12/15/37^(a)(b)			2,181		2,072,385
CD Mortgage Trust, Series 2017-CD6, Class B, 3.91%, 11/13/50^(a)			864		746,840
CFCRE Commercial Mortgage Trust^(b)
Series 2018-TAN, Class C, 5.29%, 02/15/33			1,060		1,039,411
Series 2018-TAN, Class E, 6.45%, 02/15/33^(a)			1,178		1,146,384
Citigroup Commercial Mortgage Trust, Series 2018- C6, Class A4, 4.41%, 11/10/51			2,000		1,862,118
Cold Storage Trust, Class A, (1 mo. LIBOR US + 0.90%), 4.31%, 11/15/37^(a)(b)			6,007		5,823,359
Commercial Mortgage Trust
Series 2014-CR17, Class C, 4.78%, 05/10/47^(a)	.		1,366		1,245,308
Series 2014-CR21, Class A3, 3.53%, 12/10/47			3,956		3,794,273
CORE Mortgage Trust, Series 2019-CORE, Class F, (1 mo. LIBOR US + 2.35%), 5.76%, 12/15/31^(a)(b)			1,606		1,482,385
Credit Suisse Mortgage Capital Certificates^(a)(b) 3.95%, 02/15/27			11,900		11,626,601
Series 2019-ICE4, Class B, (1 mo. LIBOR US + 1.23%), 4.64%, 05/15/36			1,765		1,727,391
Series 2019-ICE4, Class C, (1 mo. LIBOR US + 1.43%), 4.84%, 05/15/36			1,829		1,779,292
Series 2019-ICE4, Class D, (1 mo. LIBOR US + 1.60%), 5.01%, 05/15/36			5,897		5,714,678
Series 2019-ICE4, Class E, (1 mo. LIBOR US + 2.15%), 5.56%, 05/15/36			5,411		5,194,188
Series 2019-ICE4, Class F, (1 mo. LIBOR US + 2.65%), 6.06%, 05/15/36			8,135		7,802,774
CSAIL Commercial Mortgage Trust
Series 2020-C19, Class A3, 2.56%, 03/15/53			11,759		9,498,390
Series C, Class C5, 4.64%, 11/15/48^(a)			1,260		1,137,920
CSMC Trust^(b)
Series 2020-FACT, Class E, (1 mo. LIBOR US + 4.86%), 8.27%, 10/15/37^(a)			1,935		1,794,367
Series 2020-NET, Class A, 2.26%, 08/15/37 DBGS Mortgage Trust^(a)(b)			3,944		3,469,904
Series 2018-BIOD, Class A, (1 mo. LIBOR US + 0.80%), 4.12%, 05/15/35			786		764,193


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
DBGS Mortgage Trust^(a)(b)(continued)
Series 2018-BIOD, Class D, (1 mo. LIBOR US + 1.30%), 4.61%, 05/15/35	USD		1,865	$	1,781,083
Series 2018-BIOD, Class F, (1 mo. LIBOR US + 2.00%), 5.31%, 05/15/35			7,767		7,347,942
DBWF Mortgage Trust^(a)(b)
Series 2018-GLKS, Class B, (1 mo. LIBOR US + 1.35%), 4.83%, 12/19/30			2,175		2,071,115
Series 2018-GLKS, Class C, (1 mo. LIBOR US + 1.75%), 5.23%, 12/19/30			1,650		1,567,363
ELP Commercial Mortgage Trust, Series 2021-ELP, Class F, (1 mo. LIBOR US + 2.67%), 6.08%, 11/15/38^(a)(b)			6,593		5,926,295
Extended Stay America Trust^(a)(b)
Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 5.66%, 07/15/38			13,923		13,156,453
Series 2021-ESH, Class E, (1 mo. LIBOR US + 2.85%), 6.26%, 07/15/38			9,733		9,172,139
Federal Home Loan Mortgage Corp. STACR REMIC Trust^(a)(b)
Series 2021-DNA3, Class B1, (30 day SOFR + 3.50%), 6.50%, 10/25/33			3,309		2,830,307
Series 2021-HQA1, Class B1, (30 day SOFR + 3.00%), 6.00%, 08/25/33			4,104		3,294,823
Series 2021-HQA1, Class B2, (30 day SOFR + 5.00%), 8.00%, 08/25/33			1,260		900,663
Series 2022-DNA1, Class B1, (30 day SOFR + 3.40%), 6.40%, 01/25/42			2,121		1,833,890
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2021- DNA2, Class B1, (30 day SOFR + 3.40%), 6.40%, 08/25/33^(a)(b)			2,381		2,053,062
Federal National Mortgage Association Connecticut Avenue Securities^(a)(b)
Series 2021-R01, Class 1B1, (30 day SOFR + 3.10%), 6.10%, 10/25/41			4,028		3,638,159
Series 2022-R01, Class 1B1, (30 day SOFR + 3.15%), 6.15%, 12/25/41			1,823		1,619,234
GCT Commercial Mortgage Trust, Series 2021- GCT D, Class D, (1 mo. LIBOR US + 2.35%), 5.76%, 02/15/38^(a)(b)			810		736,559
GS Mortgage Securities Corp. Trust^(a)(b)
Series 2021-DM, Class E, (1 mo. LIBOR US + 2.94%), 6.35%, 11/15/36			12,756		11,791,654
Series 2021-ROSS, Class A, (1 mo. LIBOR US + 1.15%), 4.56%, 05/15/26			1,480		1,373,038
Series 2022-ECI, Class A, (1 mo. SOFR + 2.19%), 5.57%, 08/15/39			1,358		1,344,840
GS Mortgage Securities Trust
Series 2020-GC47, Class AS, 2.73%, 05/12/53			4,426		3,470,274
Series 2020-GSA2, Class XA, 1.73%, 12/12/53^(a)(b)			2,197		205,669
Series 2021-IP, Class A, (1 mo. LIBOR US + 0.95%), 4.36%, 10/15/36^(a)(b)			1,493		1,386,949
Hudson Yards Mortgage Trust, Series 2016-10HY, Class E, 2.98%, 08/10/38^(a)(b)			897		747,115


Security		Par (000)		Value

United States (continued)
Independence Plaza Trust, Series 2018-INDP, Class B, 3.91%, 07/10/35^(b)	USD		2,215	$	2,044,837
JP Morgan Chase Commercial Mortgage Securities Trust^(a)(b) Class A, (1 mo. SOFR + 2.18%), 5.55%, 08/15/39			1,795		1,772,604
Class C, 3.45%, 01/05/39			3,082		2,454,872
Series 2018-WPT, Class DFL, (1 mo. LIBOR US + 2.50%), 5.67%, 07/05/33			1,253		1,181,044
Series 2019-MFP, Class F, (1 mo. LIBOR US + 3.00%), 6.41%, 07/15/36			6,311		5,807,325
Series 2021-INV5, Class F, (1 mo. LIBOR US + 2.95%), 6.36%, 04/15/38			3,330		3,071,519
Series 2021-MHC, Class E, (1 mo. LIBOR US + 2.45%), 5.86%, 04/15/38			7,630		7,117,755
JP Morgan Mortgage Trust^(a)(b)
Series 2021-INV7, Class A2A, 2.50%, 12/25/51			71,105		54,820,230
Series 2021-INV7, Class A3A, 2.50%, 02/25/52			28,318		24,030,670
Series 2021-INV7, Class A4A, 2.50%, 02/25/52			10,574		6,862,563
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR4, Class A5, 4.03%, 03/10/52			4,308		3,878,261
KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A, (1 mo. LIBOR US + 0.55%), 3.96%, 12/15/37^(a)(b)			1,900		1,810,550
Life Mortgage Trust, Series 2021-BMR, Class F, (1 mo. LIBOR US + 2.35%), 5.76%, 03/15/38^(a)(b)			10,227		9,509,836
LUXE Trust^(a)(b)
Series 2021-TRIP, Class A, (1 mo. LIBOR US + 1.05%), 4.46%, 10/15/38			1,622		1,545,870
Series 2021-TRIP, Class E, (1 mo. LIBOR US + 2.75%), 6.16%, 10/15/38			1,215		1,100,255
MCM Trust, 3.00%, 08/25/28^(d)			6,479		4,328,182
MED Trust^(a)(b)
Series 2021, (1 mo. LIBOR US + 0.95%), 4.36%, 11/15/38			1,592		1,516,257
Series 2021, Class F, (1 mo. LIBOR US + 4.00%), 7.41%, 11/15/38			16,410		15,083,668
Series 2021, Class G, (1 mo. LIBOR US + 5.25%), 8.66%, 11/15/38			17,632		16,038,771
MF1 Trust, Series 2021-W10, Class F, (1 mo. SOFR + 3.37%), 6.75%, 12/15/34^(a)(b)(d)			8,512		7,895,054
MHC Commercial Mortgage Trust^(a)(b)
Series 2021-MHC, Class E, (1 mo. LIBOR US + 2.10%), 5.51%, 04/15/38			15,980		14,899,563
Series 2021-MHC, Class F, (1 mo. LIBOR US + 2.60%), 6.01%, 04/15/38			5,025		4,634,941
MHP Trust, Series 2021-STOR, Class G, (1 mo. LIBOR US + 2.75%), 6.16%, 07/15/38^(a)(b)			3,936		3,581,215
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C24, Class C, 4.33%, 05/15/48^(a)			647		585,408
Series 2016-C32, Class A4, 3.72%, 12/15/49			3,377		3,121,662
Morgan Stanley Capital I Trust
Series 2018-MP, Class A, 4.28%, 07/11/40^(a)(b)			2,110		1,838,504
Series 2020-L4, Class A3, 2.70%, 02/15/53			2,855		2,323,346


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
PKHL Commercial Mortgage Trust, Series 2021- MF, Class F, (1 mo. LIBOR US + 3.35%), 6.76%, 07/15/38^(a)(b)	USD		1,881	$	1,752,983
RIAL Issuer Ltd., Series 2022-FL8, Class A, (1 mo. SOFR + 2.25%), 5.67%, 01/19/37^(a)(b)			7,597		7,350,097
SREIT Trust^(a)(b)
Series 2021-MFP, Class A, (1 mo. LIBOR US + 0.73%), 4.14%, 11/15/38			1,605		1,523,239
Series 2021-MFP, Class F, (1 mo. LIBOR US + 2.62%), 6.04%, 11/15/38			9,828		9,015,946
Series 2021-MFP2, Class F, (1 mo. LIBOR US + 2.62%), 6.03%, 11/15/36			4,565		4,244,951
Starwood Trust, Series 2021-FLWR, Class E, (1 mo. LIBOR US + 1.92%), 5.34%, 07/15/36^(a)(b)			3,290		3,051,098
TPGI Trust, Series 2021-DGWD, Class F, (1 mo.
LIBOR US + 3.00%), 6.41%, 06/15/26^(a)(b)			3,599		3,338,620
TVC DSCR, 0.00%, 02/01/51^(d)(n)			31,702		30,630,419
UBS Commercial Mortgage Trust, Series 2019- C17, Class A4, 2.92%, 10/15/52			1,175		978,183
VNDO Trust, Series 2016-350P, Class D, 3.90%, 01/10/35^(a)(b)			2,150		1,777,136
Wells Fargo Commercial Mortgage Trust^(a)
Series 2015-C28, Class AS, 3.87%, 05/15/48			3,230		3,031,165
Series 2017-C38, Class C, 3.90%, 07/15/50			1,305		1,090,079
Series 2017-C41, Class B, 4.19%, 11/15/50			3,149		2,725,945
Series 2018-1745, Class A, 3.75%, 06/15/36^(b)			2,162		1,854,703
Series 2020-C58, Class XA, 1.87%, 07/15/53			31,447		3,122,001
Series 2021-C59, Class XA, 1.54%, 04/15/54			24,981		2,106,865
Western Alliance Bank, 9.14%, 12/30/24^(a)(b)			33,610		33,561,668


Total Non-Agency Mortgage-Backed Securities — 3.7% (Cost: $769,956,544)					691,434,718


		Benefical Interest (000)

Other Interests

Canada — 0.2%
Sprott Private Resource Streaming^(d)(t)	USD		21,280		27,565,653

Total Other Interests — 0.2% (Cost: $21,471,327)					27,565,653


		Par (000)

Preferred Securities

Capital Trusts — 0.1%^(a)

Philippines — 0.0%
Rizal Commercial Banking Corp., 6.50%^(c)(p)	USD		1,395		1,187,755


Thailand^(c)(p)— 0.0%
Kasikornbank PCL, 5.28%			300		262,463
TMBThanachart Bank PCL, 4.90%			396		344,965

					607,428


United States — 0.1%
NWD Finance BVI Ltd., 4.13%^(c)(p)			856		517,880


Security		Par (000)		Value

United States (continued)
Prudential Financial, Inc., 5.63%, 06/15/43	USD		5,623	$	5,559,741
USB Capital IX, 5.10%^(p)			3,935		2,921,655
Vistra Corp., 7.00%^(b)(p)			2,990		2,644,969

					11,644,245

					13,439,428

		Shares

Preferred Stocks — 3.1%

Brazil — 0.1%
Neon Pagamentos SA^(d)			39,435		17,261,883
Petroleo Brasileiro SA, Preference Shares			330,893		1,909,577

					19,171,460


Germany — 0.2%
Dr Ing hc F Porsche AG^(e)			212,050		21,689,289
Porsche Automobil Holding SE, Preference Shares .			19,343		1,080,737
Volocopter GMBH, (Acquired 03/03/21, Cost: $22,418,516)^(d)(g)			4,218		23,485,392

					46,255,418


India — 0.1%
Think & Learn Private Ltd., Series F, (Acquired 12/11/20, Cost: $13,030,114)^(d)(g)			4,047		11,556,292


Sweden — 0.0%
Volta^(d)			30,817		1,434,425


United Kingdom — 0.1%
10X Future Technologies Holdings Ltd., (Acquired 05/13/21, Cost: $24,142,699)^(d)(g)			637,808		9,413,606


United States — 2.6%
2020 Cash Mandatory Exchangeable Trust, 06/01/23^(b)			34,289		42,586,938
Aptiv PLC, Series A, 06/15/23			132,372		14,147,919
Becton Dickinson and Co., Series B, 06/01/23^(h)			509,265		24,821,576
Boston Scientific Corp., Series A, 06/01/23			88,689		9,759,338
Breeze Aviation Group, Inc., Series B, (Acquired 07/30/21, Cost: $17,069,096)^(d)(g)			31,603		9,352,592
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $34,233,056)^(d)(g)			312,419		49,650,084
Caresyntax, Inc.^(d)			39,141		2,061,556
Cruise, Series G, (Acquired 03/25/21, Cost: $9,841,593)^(d)(g)			373,495		5,408,208
Databricks, Inc.^(d)(g)
Series F, (Acquired 10/22/19, Cost: $11,769,837)			822,138		48,539,028
Series G, (Acquired 02/01/21, Cost: $13,141,188)			222,270		13,122,821
Deep Instinct Ltd.^(d)(g)
Series D-2, (Acquired 03/19/21, Cost: $11,638,040)			1,914,819		13,499,474
Series D-4, (Acquired 09/20/22, Cost: $10,933,893)			1,550,832		10,933,366
Dream Finders Homes, Inc.^(d)			38,156		34,388,095
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $8,339,244)^(d)(g)			1,423,565		5,267,191
Farmer’s Business Network, Inc.^(d)(g)
Series F, (Acquired 07/31/20, Cost: $8,907,002)			269,447		13,159,791


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Farmer’s Business Network, Inc.^(d)(g)(continued)
Series G, (Acquired 09/15/21, Cost: $2,533,428)		40,758	$	1,990,621
Jumpcloud, Inc.^(d)(g)
Series E-1, (Acquired 10/30/20, Cost: $11,778,091)		6,458,349		25,187,561
Series F, (Acquired 09/03/21, Cost: $2,543,928)		424,788		1,656,673
Lesson Nine GmbH, Series B^(d)		841,086		5,929,656
Loadsmart, Inc.^(d)(g)
Series C, (Acquired 10/05/20, Cost: $10,694,460)		1,250,814		19,037,389
Series D, (Acquired 01/27/22, Cost: $2,628,040)		131,402		1,999,938
Lookout, Inc., Series F, (Acquired 09/19/14, Cost: $50,945,689)^(d)(g)		4,459,883		33,003,134
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $7,559,970)^(d)(g)		329,191		4,282,775
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $6,129,221)^(d)(g)		892,159		4,246,677
Noodle Partners, Inc., Series C, (Acquired 08/26/21, Cost: $9,816,152)^(d)(g)		1,099,886		6,049,373
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $5,269,814)^(d)(g)		200,937		5,083,706
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $9,126,025)^(d)(g)		399,649		6,526,268
SambaNova Systems, Inc.^(d)(g)
Series C, (Acquired 02/19/20, Cost: $11,739,902)		220,503		14,052,656
Series D, (Acquired 04/09/21, Cost: $6,878,356)		72,390		4,613,415
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $3,799,839)^(d)(g)		252,991		2,264,269
Ursa Major Technologies Inc., Series D, (Acquired 10/14/22, Cost: $1,326,169)^(d)(g)		200,098		1,326,650
Ursa Major Technologies, Inc., Series C, (Acquired 09/13/21, Cost: $9,742,600)^(d)(g)		1,633,349		10,829,104
Verge Genomics, Inc., Series B, (Acquired 11/05/21, Cost: $9,084,160)^(d)(g)		1,705,369		8,953,187
Versa Networks Inc., Series E, (Acquired 10/14/22, Cost: $5,641,940)^(d)(g)		1,933,359		5,641,940
Zero Mass Water, Inc.^(d)(g)
Series C-1, (Acquired 05/07/20, Cost: $8,796,956)		558,055		20,313,202
Series D, (Acquired 07/05/22, Cost: $1,648,279)		40,240		1,647,828

				481,333,999

				569,165,200

Trust Preferreds — 0.1%

United States — 0.1%
Citigroup Capital XIII, 10.83%, 10/30/40^(a)		629,905		17,290,892
Wells Fargo & Co., Series L, 7.50%^(p)(q)		5,825		6,789,212

				24,080,104


Total Preferred Securities — 3.3% (Cost: $573,206,299)				606,684,732


Security		Par (000)		Value

U.S. Government Sponsored Agency Securities

Collateralized Mortgage Obligations — 0.0%
Freddie Mac STACR REMIC Trust, Series 2020- DNA6, Class B1, (30 day SOFR + 3.00%), 6.00%, 12/25/50^(a)(b)	USD		2,200	$	2,018,593

Mortgage-Backed Securities — 2.0%
Fannie Mae, Series 2018-M13, Class A2, 3.74%, 09/25/30^(a)			1,817		1,705,828
Freddie Mac Multifamily Structured Pass Through Certificates^(a)
Series K116, Class X1, 1.43%, 07/25/30			7,768		626,998
Series KL06, Class XFX, 1.36%, 12/25/29			8,414		559,706
Series KW09, Class X1, 0.81%, 05/25/29			58,030		2,243,628
Freddie Mac Structured Pass-Through Certificates^(a)
Series K105, Class X1, 1.52%, 01/25/30			35,967		3,021,912
Series K109, Class X1, 1.58%, 04/25/30			15,120		1,321,600
Series K110, Class X1, 1.70%, 04/25/30			8,660		805,689
Series K120, Class X1, 1.04%, 10/25/30			50,226		3,048,856
Uniform Mortgage-Backed Securities, 4.50%, 11/14/52 - 12/13/52^(u)			378,820		355,172,907

					368,507,124


Total U.S. Government Sponsored Agency Securities — 2.0% (Cost: $375,869,808)					370,525,717


U.S. Treasury Obligations
U.S. Treasury Bonds
2.38%, 02/15/42			31,131		22,730,494
3.25%, 05/15/42^(v)			74,241		62,768,192
3.38%, 08/15/42			41,131		35,481,483
3.00%, 08/15/52^(v)(w)			168,715		135,103,328
U.S. Treasury Inflation-Indexed Notes
0.63%, 01/15/24 - 07/15/32^(v)			499,227		485,525,149
0.50%, 04/15/24			234,471		229,564,240
0.13%, 04/15/27			51,524		48,047,956
U.S. Treasury Notes
3.25%, 08/31/24			515,753		503,987,385
4.38%, 10/31/24			186,040		185,647,571
1.88%, 02/15/32^(v)			66,037		54,914,225
2.88%, 05/15/32^(v)			105,237		95,354,588


Total U.S. Treasury Obligations — 10.0% (Cost: $1,916,479,910)					1,859,124,611


		Shares

Warrants

Israel — 0.0%
Deep Instinct Ltd., (Acquired 09/20/22, Cost: $0), (1 Share for 1 Warrant, Expires 09/20/32) ^(d)(g)			109,339		649,474
Innovid Corp., (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)^(e)			49,253		24,646

					674,120


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland — 0.0%
Cie Financiere Richemont SA, (Issued 11/27/20, Exercisable 11/22/23, 0.01 Share for 1 Warrant, Expires 11/22/23, Strike Price CHF 67.00)^(e)		4,654	$	2,277


United Kingdom^(e)— 0.0%
Genius Sports Ltd., (Issued/Exercisable 03/30/21, 1 Share for 1 Warrant, Expires 12/31/28, Strike Price USD 11.50)		157,776		149,887
Hedosophia European Growth, (Issued 05/13/21, Exercisable 05/13/22, 1 Share for 1 Warrant, Expires 05/13/27, Strike Price EUR 11.50)		260,415		2,574

				152,461

United States — 0.1%
Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 1 Share for 1 Warrant, Expires 06/03/26, Strike Price USD 11.50)^(e)		268,681		236,413
Crown PropTech Acquisitions, (Issued 02/05/21, 1 Share for 1 Warrant, Expires 02/01/26, Strike Price USD 11.50)^(d)		271,336		5,427
Embark Technology, Inc., (Issued/Exercisable 12/28/20, 0.05 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 230.00)^(e)		126,570		5,227
EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50)^(e)		146,070		260,005
Flyr Warrants, (Issued 05/10/22, 1 Share for 1 Warrant, Expires 05/10/32, Strike Price USD 3.95)^(d)		35,428		502,723
FreeWire Technologies, Inc., (Issued 04/27/22, 1 Share for 1 Warrant, Expires 04/26/27, Strike Price USD 3.35)^(d)		927,998		844,478
Gores Holdings VIII, Inc., Class A, (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)^(e)		49,055		40,225
Green Plains, Inc., (Issued 02/05/21, 1 Share for 1 Warrant, Expires 04/28/26, Strike Price USD 22.00)		1,464,976		22,748,968
Highland Transcend Partners I Corp., (Issued/Exercisable 01/15/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)^(e)		213,969		7,617
Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, 0.04 Share for 1 Warrant, Expires 08/02/26, Strike Price USD 287.50)^(e)		123,393		6,774
Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)^(e)(h)		111,795		12,298
Lightning eMotors, Inc., (Issued/Exercisable 05/13/20, 1 Share for 1 Warrant, Expires 05/18/25, Strike Price USD 11.50)		292,348		178,461
Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50)^(e)		226,443		24,909
Proof Acquisition Corp. I, (1 Share for 1 Warrant, Expires 12/23/28, Strike Price USD 11.50)^(d)		271,282		16,277


Security		Shares		Value

United States (continued)
Rotor Acquisition Corp., (Issued/Exercisable 01/14/21, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 11.50)			92,406	$	13,861
Sarcos Technology & Robotics Corp., Class A, (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 09/24/26, Strike Price USD 11.50)^(e)			254,485		42,830
Sonder Holdings, Inc., (Issued 11/19/20, Exercisable 01/19/21, 1 Share for 1 Warrant, Expires 11/19/26, Strike Price USD 12.50)^(d)			295,710		5,914
TPB Acquisition Corp. I, Class A, (Issued 02/19/21, Exercisable 02/19/22, 1 Share for 1 Warrant, Expires 02/19/23, Strike Price USD 11.50)^(e)			1,023,673		57,414
Versa Networks Inc., (Acquired 10/14/22, Cost: $0), (1 Share for 1 Warrant, Expires 10/07/32) ^(g)			238,291		2
Volta, Inc., Series C, (Issued/Exercisable 10/22/20, 1 Share for 1 Warrant, Expires 08/26/26, Strike Price USD 11.50)^(e)			150,460		37,630

					25,047,453

Total Warrants — 0.1%
(Cost: $5,453,098)				25,876,311

Total Long-Term Investments — 98.7%
(Cost: $17,254,807,691)				18,268,558,132


Short-Term Securities

		Par (000)

Certificates of Deposit — 0.1%

United States — 0.1%
Citibank N.A., 5.00%, 09/21/23	USD		29,540		29,427,284


		Shares

Money Market Funds — 1.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%^(f)(x)(y)			113,614,940		113,614,940
SL Liquidity Series, LLC, Money Market Series, 3.37%^(f)(x)			227,679,285		227,519,909

					341,134,849


		Par (000)

Time Deposits — 0.1%

Australia — 0.0%
Australia & New Zealand Banking Group Ltd., 6.87%, 11/01/22	AUD		6,335		4,052,182


Canada — 0.0%
Royal Bank of Canada, 1.19%, 11/01/22	CAD		4,517		3,315,928


Hong Kong — 0.0%
Brown Brothers Harriman & Co., 0.04%, 11/01/22	HKD		998		127,197


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Japan — 0.0%
Sumitomo Bank Tokyo, 0.67%, 11/01/22	JPY		52,560		$	353,475


United Kingdom — 0.0%
ING Bank NV, 0.14%, 11/01/22	GBP		836			958,691


United States — 0.1%
Citibank, 0.03%, 11/01/22	EUR		435			429,571
Citibank NA, New York, 0.20%, 11/01/22	USD		4,018			4,017,992

						4,447,563

						13,255,036

U.S. Treasury Obligations — 1.8%
U.S. Treasury Bills, 4.02%, 09/07/23^(s)			92,350			88,921,539
U.S. Treasury Notes
0.13%, 11/30/22^(j)			60,000			59,833,898
1.38%, 09/30/23			184,720			179,459,810

						328,215,247


Total Short-Term Securities — 3.8%
(Cost: $713,602,023)					712,032,416

Options Purchased — 0.6%
(Cost: $139,845,472)					111,268,372

Total Investments Before TBA Sale Commitments and Options Written — 103.1%
(Cost: $18,108,255,186)					19,091,858,920


		Shares

Investments Sold Short

Common Stocks

France — (0.0)%
Pernod Ricard SA			(31,333	)		(5,499,291	)


United Kingdom — (0.0)%
Diageo PLC			(133,863	)		(5,508,792	)


United States — (0.1)%
JM Smucker Co			(51,256	)		(7,722,229	)


Total Investments Sold Short — (0.1)% (Proceeds: $(18,201,877))						(18,730,312	)


		Par (000)

TBA Sale Commitments

United States — (0.9)%
Uniform Mortgage-Backed Securities, 4.50%, 11/14/52^(u)	USD		172,700			(161,987,203	)


Total TBA Sale Commitments — (0.9)% (Proceeds: $(161,894,244))						(161,987,203	)


Options Written — (1.1)% (Premiums Received: $(105,619,970))						(222,787,647	)


Total Investments, Net of TBA Sale Commitments and Options Written — 101.0% (Cost: $17,822,539,095)						18,688,353,758

Liabilities in Excess of Other Assets — (1.0)%						(178,532,822	)


Net Assets — 100.0%					$	18,509,820,936

^(a)	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.

^(b)	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.

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

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

^(e)	Non-income producing security.

^(f)	Affiliate of the Fund.

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

^(h)	All or a portion of this security is on loan.

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

^(j)	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.

^(k)	When-issued security.

^(l)	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.

^(m)	Issuer filed for bankruptcy and/or is in default.

⁽ⁿ⁾	Zero-coupon bond.

^(o)	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.

^(p)	Perpetual security with no stated maturity date.

^(q)	Convertible security.

^(r)	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.

^(s)	Rates are discount rates or a range of discount rates as of period end.

^(t)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

^(u)	Represents or includes a TBA transaction.

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

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

^(x)	Annualized 7-day yield as of period end.

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


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Affiliates

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




Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Par/Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds

Bio City Development Co. BV	$	10,394,730	$	—		$	—		$	—		$	2,817,000		$	13,211,730		140,850,000	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		4,077,927,563		—			(3,964,312,623	)^(a)		—			—			113,614,940		113,614,940		14,062,679			—
iShares 0-5 Year TIPS Bond ETF		—		18,823,538			—			—			(273,829	)		18,549,709		190,821		—			—
iShares Biotechnology ETF		2,297,772		—			—			—			235,194			2,532,966		19,698		3,725			—
iShares China Large-Cap ETF		11,232,953		—			—			—			(3,626,930	)		7,606,023		363,056		52,981			—
iShares iBoxx $ High Yield Corporate Bond ETF		106,879		97,240,839			(94,723,698	)		(2,520,235	)		(3,847	)		99,938		1,361		534,089			—
iShares iBoxx $ Investment Grade Corporate Bonds ETF^(b)		3,056,977		378,104,579			(360,795,019	)		(20,144,718	)		(221,819	)		—		—		1,752,733			—
iShares JP Morgan USD Emerging Markets Bond ETF^(b)		—		144,504,439			(130,368,402	)		(14,136,037	)		—			—		—		1,211,335			—
iShares Latin America 40 ETF		9,684,301		—			—			—			(74,210	)		9,610,091		371,046		407,436			—
iShares MSCI Brazil ETF		14,315,673		—			—			—			(43,685	)		14,271,988		436,853		654,896			—
iShares MSCI Emerging Markets ETF		2,391,715		—			—			—			(462,202	)		1,929,513		56,435		20,422			—
iShares Russell 2000 ETF^(b)		—		130,483,272			(138,192,351	)		7,709,079			—			—		—		—			—
Quintis Australia Pty. Ltd.		92,389,186		—			—			—			9,431			92,389,186		92,389,186		—			—
Quintis Australia Pty. Ltd.		82,684,528		—			—			—			(12,923,290	)		69,628,641		82,684,528		—			—
Quintis HoldCo Pty. Ltd.		6,458,420		—			—			—			(6,458,140	)		280		43,735,802		—			—
SL Liquidity Series, LLC, Money Market Series		174,301,878		53,305,168	^(a)		—			9,779			(96,916	)		227,519,909		227,679,285		1,590,072	^(c)		—

									$	(29,082,132	)	$	(21,123,243	)	$	570,964,914			$	20,290,368		$	—

^(a)

Represents net amount purchased (sold).

^(b)

As of period end, the entity is no longer held.

^(c)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro BOBL		20		12/08/22	$	2,365	$	(59,903	)
Euro Bund		1,703		12/08/22		232,993		(11,409,211	)
10-Year Australian Treasury Bonds		3,434		12/15/22		260,252		(2,861,764	)
MSCI Emerging Markets Index		611		12/16/22		26,077		(4,199,232	)
Russell 2000 E-Mini Index		52		12/16/22		4,818		(96,475	)
10-Year U.S. Treasury Note		5,640		12/20/22		624,278		(36,805,215	)
U.S. Long Bond		606		12/20/22		73,250		(9,143,755	)
Ultra U.S. Treasury Bond		4,679		12/20/22		599,936		(62,001,252	)
2-Year U.S. Treasury Note		16,361		12/30/22		3,344,674		(11,293,080	)
3-Month SONIA Index		2,838		09/19/23		774,395		(886,338	)

								(138,756,225	)

Short Contracts
30-Year Euro Buxl Bond		91		12/08/22		12,970		1,694,288
Euro BTP		559		12/08/22		63,336		(2,000,366	)
Euro-Schatz		1,208		12/08/22		127,660		1,347,274
Nikkei 225 Yen-Denominated		27		12/08/22		2,501		(23,499	)
10-Year Japanese Government Treasury Bonds		187		12/13/22		187,094		(389,758	)
SPI 200 Index		35		12/15/22		3,842		16,591


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Futures Contracts (continued)



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts (continued)
Euro Stoxx 50 Index		3,501		12/16/22	$	125,011	$	(553,289	)
FTSE 100 Index		73		12/16/22		5,955		341,066
NASDAQ 100 E-Mini Index		1,775		12/16/22		406,377		27,930,776
S&P 500 E-Mini Index		535		12/16/22		103,870		(3,673,372	)
10-Year U.S. Ultra Long Treasury Note		18,805		12/20/22		2,185,787		122,713,944
Long Gilt		289		12/28/22		33,848		2,621,636
5-Year U.S. Treasury Note		2,384		12/30/22		254,231		1,367,885

								151,393,176

							$	12,636,951

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	158,436,940	JPY	21,252,400,000	HSBC Bank PLC		11/14/22	$	15,322,419
AUD	148,222,962	USD	93,521,574	UBS AG		11/18/22		1,331,964
USD	186,206,355	EUR	185,636,081	UBS AG		11/18/22		2,545,502
USD	87,611,568	HKD	687,356,555	Citibank N.A.		11/18/22		17,985
USD	90,779,610	HKD	710,699,886	JPMorgan Chase Bank N.A.		11/18/22		211,260
USD	187,320,524	JPY	25,420,800,000	HSBC Bank PLC		11/21/22		16,001,298
USD	240,287,444	JPY	32,208,350,000	HSBC Bank PLC		11/21/22		23,224,661
USD	256,451,268	JPY	34,777,100,000	HSBC Bank PLC		11/28/22		21,892,490
BRL	352,474,704	USD	67,007,852	JPMorgan Chase Bank N.A.		12/02/22		806,705
USD	44,908,685	BRL	232,501,243	Goldman Sachs International		12/02/22		176,485
USD	112,985,343	JPY	15,712,300,000	Morgan Stanley & Co. International PLC		12/12/22		6,802,918
DKK	420,986,419	USD	54,359,055	JPMorgan Chase Bank N.A.		12/15/22		1,723,188
GBP	34,636,159	EUR	39,732,942	UBS AG		12/15/22		375,205
SEK	205,722,776	USD	18,066,142	Deutsche Bank AG		12/15/22		630,505
SGD	17,578,227	USD	12,191,862	Citibank N.A.		12/15/22		228,863
SGD	17,315,865	USD	12,036,232	HSBC Bank PLC		12/15/22		199,109
SGD	17,578,226	USD	12,162,337	Morgan Stanley & Co. International PLC		12/15/22		258,387
USD	86,902,014	INR	6,973,625,911	Citibank N.A.		12/15/22		3,093,338
USD	48,393,034	SEK	512,038,122	Citibank N.A.		12/15/22		1,857,611
BRL	180,948,247	USD	33,955,385	Bank of America N.A.		12/21/22		718,192
EUR	36,517,656	USD	36,136,777	Bank of America N.A.		12/21/22		99,296
EUR	96,365,000	USD	94,119,021	HSBC Bank PLC		12/21/22		1,502,920
EUR	9,621,238	USD	9,520,689	Morgan Stanley & Co. International PLC		12/21/22		26,360
JPY	5,813,110,103	USD	38,553,333	Citibank N.A.		12/21/22		784,975
JPY	972,126,227	USD	6,446,849	HSBC Bank PLC		12/21/22		131,695
USD	12,715,741	CNH	90,882,580	Bank of America N.A.		12/21/22		292,042
USD	18,150,996	CNH	129,748,765	Bank of America N.A.		12/21/22		414,268
USD	19,259,413	CNH	139,139,629	Bank of America N.A.		12/21/22		238,949
USD	77,687,044	CNH	543,770,557	BNP Paribas S.A.		12/21/22		3,353,308
USD	156,812	CNH	1,133,503	Deutsche Bank AG		12/21/22		1,861
USD	8,798,025	CNH	63,866,457	Goldman Sachs International		12/21/22		67,445
USD	4,249,891	CNH	30,271,506	HSBC Bank PLC		12/21/22		111,759
USD	26,796,478	CNH	195,841,845	HSBC Bank PLC		12/21/22		24,790
USD	90,811,274	CNH	653,377,312	HSBC Bank PLC		12/21/22		1,494,235
USD	24,746,940	CNH	176,146,244	JPMorgan Chase Bank N.A.		12/21/22		667,651
USD	19,294,485	CNH	140,037,443	Morgan Stanley & Co. International PLC		12/21/22		151,289
USD	186,373,515	JPY	26,636,650,000	Bank of America N.A.		01/06/23		5,685,637
USD	209,574,597	JPY	29,376,000,000	Bank of America N.A.		01/06/23		10,304,527
USD	123,853,218	JPY	18,232,000,000	Bank of America N.A.		01/11/23		94,853
USD	92,533,121	JPY	13,219,500,000	HSBC Bank PLC		01/11/23		2,799,482
USD	173,802,028	JPY	25,069,500,000	UBS AG		01/11/23		3,630,882


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	188,400,975	USD	137,227,976	HSBC Bank PLC		01/20/23	$	1,213,759
MXN	1,903,296,407	USD	93,398,721	JPMorgan Chase Bank N.A.		01/20/23		1,313,239

								131,823,307

AUD	323,689,844	USD	227,420,924	Barclays Bank PLC		11/18/22		(20,279,421	)
CHF	289,501,557	USD	307,035,755	JPMorgan Chase Bank N.A.		11/18/22		(17,429,940	)
EUR	629,010,460	USD	632,746,782	BNP Paribas S.A.		11/18/22		(10,429,195	)
EUR	93,615,209	USD	95,803,764	Deutsche Bank AG		11/18/22		(3,184,651	)
GBP	54,885,915	USD	66,369,377	JPMorgan Chase Bank N.A.		11/18/22		(3,399,071	)
JPY	12,584,047,883	USD	88,225,433	HSBC Bank PLC		11/18/22		(3,445,903	)
JPY	34,949,545,646	USD	261,732,044	HSBC Bank PLC		11/18/22		(26,274,735	)
JPY	104,685,834,335	USD	730,604,497	UBS AG		11/18/22		(25,329,382	)
NOK	888,489,746	CHF	86,618,623	UBS AG		11/18/22		(1,143,221	)
KRW	103,093,912,718	USD	77,833,454	UBS AG		11/23/22		(5,602,155	)
CHF	38,338,864	USD	39,421,821	Citibank N.A.		12/15/22		(938,195	)
DKK	107,114,986	USD	14,516,489	Morgan Stanley & Co. International PLC		12/15/22		(247,029	)
NZD	17,986,755	USD	10,842,378	Deutsche Bank AG		12/15/22		(377,877	)
PLN	45,268,803	USD	9,501,807	HSBC Bank PLC		12/15/22		(82,619	)
ZAR	163,043,150	USD	9,301,119	Morgan Stanley & Co. International PLC		12/15/22		(454,567	)
CNH	705,361,011	USD	97,704,268	HSBC Bank PLC		12/21/22		(1,281,028	)
CNH	186,365,222	USD	26,483,242	JPMorgan Chase Bank N.A.		12/21/22		(1,007,013	)
CNH	136,118,842	USD	19,477,269	Morgan Stanley & Co. International PLC		12/21/22		(869,748	)
EUR	19,098,904	USD	19,004,364	Barclays Bank PLC		12/21/22		(52,730	)
EUR	28,042,809	USD	28,056,690	Barclays Bank PLC		12/21/22		(230,116	)
EUR	22,863,739	USD	22,976,686	Citibank N.A.		12/21/22		(289,246	)
EUR	4,683,140	USD	4,699,227	Deutsche Bank AG		12/21/22		(52,198	)
EUR	2,804	USD	2,806	HSBC Bank PLC		12/21/22		(24	)
EUR	17,865,853	USD	17,878,486	HSBC Bank PLC		12/21/22		(150,394	)
EUR	28,648,356	USD	28,506,203	JPMorgan Chase Bank N.A.		12/21/22		(78,751	)
EUR	36,909,925	USD	37,340,959	JPMorgan Chase Bank N.A.		12/21/22		(715,642	)
EUR	45,911,465	USD	46,108,425	Morgan Stanley & Co. International PLC		12/21/22		(550,978	)
GBP	23,909,836	USD	27,691,064	HSBC Bank PLC		12/21/22		(224,412	)
USD	28,026,395	EUR	28,588,240	BNP Paribas S.A.		12/21/22		(341,404	)
USD	63,051,299	EUR	63,868,820	BNP Paribas S.A.		12/21/22		(325,036	)
USD	1,645,189	EUR	1,674,195	Deutsche Bank AG		12/21/22		(16,096	)
USD	27,820,349	EUR	28,438,779	JPMorgan Chase Bank N.A.		12/21/22		(399,142	)
USD	16,542,615	EUR	16,836,753	Morgan Stanley & Co. International PLC		12/21/22		(164,312	)
USD	26,798,059	GBP	25,014,523	Bank of America N.A.		12/21/22		(1,937,614	)
USD	27,008,185	GBP	24,548,191	HSBC Bank PLC		12/21/22		(1,191,784	)
USD	223,748	GBP	209,009	Morgan Stanley & Co. International PLC		12/21/22		(16,353	)
IDR	319,636,186,715	USD	20,656,339	Citibank N.A.		01/12/23		(258,564	)
JPY	18,196,860,146	EUR	124,445,950	HSBC Bank PLC		01/20/23		(135,904	)
USD	42,930,217	NOK	451,754,056	Morgan Stanley & Co. International PLC		01/20/23		(644,368	)

								(129,550,818	)

							$	2,272,489

Exchange-Traded Options Purchased



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
InvesCo QQQ Trust, Series 1		8,154		11/04/22	USD	295.00	USD	226,640	$	228,312
InvesCo QQQ Trust, Series 1		3,270		11/04/22	USD	280.00	USD	90,890		1,231,155
SPX Volatility Index		695		11/16/22	USD	50.00	USD	1,799		7,645
Abbott Laboratories		1,046		11/18/22	USD	110.00	USD	10,349		9,937
Alphabet Inc., Class C		1,819		11/18/22	USD	117.50	USD	17,219		11,824
Alphabet Inc., Class C		1,981		11/18/22	USD	107.50	USD	18,752		44,573
Apple, Inc.		1,244		11/18/22	USD	170.00	USD	19,075		40,430
Cabot Oil & Gas Corp.		4,278		11/18/22	USD	31.00	USD	13,317		556,140
Delphi Automotive PLC		699		11/18/22	USD	100.00	USD	6,366		89,122


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Purchased (continued)



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Dynatrace, Inc.		1,175		11/18/22	USD	45.00	USD	4,141	$	32,313
Eli Lilly & Co.		1,374		11/18/22	USD	360.00	USD	49,751		1,913,295
Generac Holdings, Inc.		428		11/18/22	USD	300.00	USD	4,961		6,420
Lions Gate Entertainment Corp., Non-Voting Shares		421		11/18/22	USD	12.50	USD	320		3,158
Lululemon Athletica Inc.		657		11/18/22	USD	350.00	USD	21,618		353,137
Microsoft Corp.		750		11/18/22	USD	280.00	USD	17,410		8,250
SPDR Gold Shares^(a)		2,378		11/18/22	USD	170.00	USD	36,124		8,323
SPDR S&P 500 ETF Trust		2,706		11/18/22	USD	410.00	USD	104,508		424,842
Tesla, Inc.		307		11/18/22	USD	320.00	USD	6,985		4,452
Tesla, Inc.		353		11/18/22	USD	300.00	USD	8,032		9,884
Tesla, Inc.		466		11/18/22	USD	310.00	USD	10,603		9,553
Walt Disney Co.		900		11/18/22	USD	120.00	USD	9,589		59,850
Western Digital Corp.		752		11/18/22	USD	65.00	USD	2,585		2,632
Adobe, Inc.		242		12/16/22	USD	310.00	USD	7,708		605,000
Alphabet Inc., Class C		1,639		12/16/22	USD	115.00	USD	15,515		52,448
Amazon.com, Inc.		1,525		12/16/22	USD	135.00	USD	15,622		31,263
Apple, Inc.		1,233		12/16/22	USD	165.00	USD	18,907		311,949
Cabot Oil & Gas Corp.		1,971		12/16/22	USD	33.00	USD	6,136		211,882
Charles Schwab Corp.		1,394		12/16/22	USD	80.00	USD	11,106		536,690
Commerzbank AG		4,712		12/16/22	EUR	9.00	EUR	3,815		102,446
Crowdstrike Holdings, Inc., Class A		406		12/16/22	USD	195.00	USD	6,545		123,627
Domino’s Pizza, Inc.		234		12/16/22	USD	370.00	USD	7,774		76,050
Eli Lilly & Co.		562		12/16/22	USD	370.00	USD	20,349		822,206
Energy Select Sector SPDR Fund		2,061		12/16/22	USD	90.00	USD	18,549		989,280
General Motors Co.		1,511		12/16/22	USD	43.00	USD	5,931		153,366
HCA Healthcare, Inc.		597		12/16/22	USD	230.00	USD	12,983		331,335
iShares China Large-Cap ETF		13,422		12/16/22	USD	30.00	USD	28,119		46,977
LVMH Moet Hennessy Louis Vuitton SE		187		12/16/22	EUR	640.00	EUR	11,949		499,429
LVMH Moet Hennessy Louis Vuitton SE		176		12/16/22	EUR	680.00	EUR	11,246		188,716
Microsoft Corp.		761		12/16/22	USD	270.00	USD	17,665		74,197
Palo Alto Networks, Inc.		406		12/16/22	USD	190.00	USD	6,967		164,430
salesforce.com, Inc.		1,287		12/16/22	USD	165.00	USD	20,925		1,248,390
SAP Investor Relations, ADR		742		12/16/22	USD	100.00	USD	7,128		200,340
Schlumberger NV		1,626		12/16/22	USD	55.00	USD	8,460		350,403
Shell PLC, ADR		3,513		12/16/22	USD	55.00	USD	19,543		939,727
Siemens AG, Registered Shares		1,635		12/16/22	EUR	110.00	EUR	18,090		981,591
SPDR Gold Shares^(a)		2,021		12/16/22	USD	170.00	USD	30,701		51,536
SPDR S&P 500 ETF Trust		3,838		12/16/22	USD	435.00	USD	148,227		343,501
Tesla, Inc.		837		12/16/22	USD	300.00	USD	19,045		133,501
Visa, Inc., Class A		699		12/16/22	USD	210.00	USD	14,480		505,027
Visa, Inc., Class A		493		12/16/22	USD	195.00	USD	10,213		824,542
Walt Disney Co.		897		12/16/22	USD	120.00	USD	9,557		141,277
Abbott Laboratories		1,753		01/20/23	USD	115.00	USD	17,344		90,279
Abbott Laboratories		1,060		01/20/23	USD	105.00	USD	10,488		259,700
Adobe, Inc.		192		01/20/23	USD	480.00	USD	6,115		7,104
Align Technology, Inc.		269		01/20/23	USD	240.00	USD	5,227		123,740
Alphabet Inc., Class C		1,760		01/20/23	USD	125.00	USD	16,660		57,200
AstraZeneca PLC		1,264		01/20/23	USD	62.50	USD	7,434		216,144
Booking Holdings, Inc.		64		01/20/23	USD	2,000.00	USD	11,965		597,120
CVS Health Corp.		1,364		01/20/23	USD	95.00	USD	12,917		719,510
CVS Health Corp.		1,142		01/20/23	USD	97.50	USD	10,815		459,655
DexCom, Inc.		1,288		01/20/23	USD	100.00	USD	15,556		3,252,200
Dynatrace, Inc.		1,180		01/20/23	USD	45.00	USD	4,158		106,200
Eli Lilly & Co.		373		01/20/23	USD	340.00	USD	13,506		1,372,640
Eli Lilly & Co.		371		01/20/23	USD	320.00	USD	13,434		1,932,910
Energy Select Sector SPDR Fund		1,493		01/20/23	USD	87.00	USD	13,437		1,127,215
Freeport-McMoRan, Inc.		3,504		01/20/23	USD	35.00	USD	11,104		665,760
Glencore International PLC		1,180		01/20/23	GBP	5.68	GBP	6,071		181,197
Humana, Inc.		179		01/20/23	USD	500.00	USD	9,990		1,312,965
Humana, Inc.		289		01/20/23	USD	550.00	USD	16,129		1,069,300
Intuit, Inc.		199		01/20/23	USD	450.00	USD	8,507		482,575
Marathon Oil Corp.		3,565		01/20/23	USD	32.00	USD	10,855		818,167


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Purchased (continued)



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
McKesson Corp.		341		01/20/23	USD	400.00	USD	13,278	$	574,585
Merck & Co., Inc.		1,035		01/20/23	USD	95.00	USD	10,474		874,575
Otis Worldwide Corp.		1,238		01/20/23	USD	85.00	USD	8,745		27,855
salesforce.com, Inc.		649		01/20/23	USD	200.00	USD	10,552		136,614
salesforce.com, Inc.		648		01/20/23	USD	210.00	USD	10,536		74,520
ServiceNow, Inc.		223		01/20/23	USD	550.00	USD	9,383		79,165
SPDR S&P 500 ETF Trust		2,748		01/20/23	USD	430.00	USD	106,131		824,400
TE Connectivity Ltd.		819		01/20/23	USD	135.00	USD	10,011		204,750
Tractor Supply Co.		468		01/20/23	USD	210.00	USD	10,285		912,600
Visa, Inc., Class A		819		01/20/23	USD	210.00	USD	16,966		833,332
Walt Disney Co.		1,343		01/20/23	USD	120.00	USD	14,308		371,339
XPO Logistics, Inc.		825		01/20/23	USD	57.50	USD	4,269		210,375
Intel Corp.		697		06/16/23	USD	40.00	USD	1,982		35,547

										36,107,611

Put
10-Year U.S. Treasury Note Future		107		11/04/22	USD	109.00	USD	11,844		13,375
5-Year U.S. Treasury Note Future		104		11/04/22	USD	105.50	USD	11,091		9,750
InvesCo QQQ Trust, Series 1		17,188		11/04/22	USD	275.00	USD	477,740		5,560,318
AbbVie, Inc.		1,034		11/11/22	USD	135.00	USD	15,138		32,571
SPDR S&P 500 ETF Trust		5,944		11/11/22	USD	375.00	USD	229,563		2,059,596
BHP Group Ltd.		651		11/18/22	GBP	21.83	GBP	15,167		1,070,095
Brunswick Corporation		544		11/18/22	USD	55.00	USD	3,844		9,520
Carnival Corp.		963		11/18/22	USD	5.00	USD	872		2,408
Consumer Staples Select Sector SPDR Fund		8,794		11/18/22	USD	65.00	USD	63,968		114,322
Frontier Communications Parent Inc.		545		11/18/22	USD	20.00	USD	1,276		14,988
InvesCo QQQ Trust, Series 1		6,427		11/18/22	USD	245.00	USD	178,638		379,193
Invesco Senior Loan ETF		1,632		11/18/22	USD	19.00	USD	3,382		12,240
iShares China Large-Cap ETF		3,993		11/18/22	USD	20.00	USD	8,365		179,685
iShares iBoxx $ High Yield Corporate Bond ETF		718		11/18/22	USD	69.00	USD	5,272		11,488
iShares iBoxx $ High Yield Corporate Bond ETF		783		11/18/22	USD	70.00	USD	5,750		20,750
iShares iBoxx $ Investment Grade Corporate Bond ETF		457		11/18/22	USD	97.00	USD	4,632		15,310
iShares iBoxx $ Investment Grade Corporate Bond ETF		261		11/18/22	USD	95.00	USD	2,645		4,437
iShares MSCI Germany ETF		423		11/18/22	USD	20.00	USD	923		5,288
iShares Russell 2000 ETF		342		11/18/22	USD	160.00	USD	6,270		10,602
Rio Tinto PLC, ADR		224		11/18/22	GBP	45.62	GBP	10,610		388,870
Sabre Corp.		107		11/18/22	USD	5.00	USD	62		1,926
SPDR S&P 500 ETF Trust		3,932		11/18/22	USD	360.00	USD	151,858		638,950
SPDR S&P 500 ETF Trust		698		11/18/22	USD	365.00	USD	26,957		164,030
SPDR S&P 500 ETF Trust		595		11/18/22	USD	300.00	USD	22,979		5,058
VanEck Vectors Semiconductor ETF		301		11/18/22	USD	140.00	USD	5,696		2,107
VanEck Vectors Semiconductor ETF		422		11/18/22	USD	155.00	USD	7,985		12,027
Vertiv Holdings Co.		168		11/18/22	USD	7.50	USD	240		2,520
Western Digital Corp.		590		11/18/22	USD	27.50	USD	2,028		6,785
10-Year U.S. Treasury Note Future		34		11/25/22	USD	106.50	USD	3,763		3,719
AbbVie, Inc.		918		12/16/22	USD	140.00	USD	13,440		257,958
Ally Financial, Inc.		1,037		12/16/22	USD	20.00	USD	2,858		15,555
CommScope Holding Co., Inc.		583		12/16/22	USD	10.00	USD	772		16,033
Edwards Lifesciences Corp.		1,028		12/16/22	USD	80.00	USD	7,446		863,520
Ford Motor Co.		884		12/16/22	USD	8.00	USD	1,182		2,652
Frontier Communications Parent Inc.		581		12/16/22	USD	20.00	USD	1,361		27,598
iShares iBoxx $ High Yield Corporate Bond ETF		327		12/16/22	USD	70.00	USD	2,401		26,814
iShares iBoxx $ High Yield Corporate Bond ETF		521		12/16/22	USD	62.00	USD	3,826		10,941
iShares iBoxx $ High Yield Corporate Bond ETF		261		12/16/22	USD	63.00	USD	1,917		2,610
RingCentral, Inc., Class A		337		12/16/22	USD	22.50	USD	1,197		15,165
Sabre Corp.		324		12/16/22	USD	5.00	USD	188		10,368
SPDR S&P 500 ETF Trust		3,722		12/16/22	USD	350.00	USD	143,747		1,259,897
SPDR S&P 500 ETF Trust		583		12/16/22	USD	365.00	USD	22,516		362,917
SPDR S&P 500 ETF Trust		493		12/16/22	USD	345.00	USD	19,040		135,575
VanEck Vectors Semiconductor ETF		376		12/16/22	USD	110.00	USD	7,115		3,760
Western Digital Corp.		440		12/16/22	USD	27.50	USD	1,512		18,260
Xerox Holdings Corp.		707		12/16/22	USD	11.00	USD	1,034		7,070


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Purchased (continued)



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put (continued)
AbbVie, Inc.		916		01/20/23	USD	140.00	USD	13,410	$	416,780
ConocoPhillips		1,445		01/20/23	USD	70.00	USD	18,220		46,240
Energy Select Sector SPDR Fund		2,461		01/20/23	USD	65.00	USD	22,149		131,663
EQT Corp.		2,461		01/20/23	USD	35.00	USD	10,297		442,980
Exxon Mobil Corp.		963		01/20/23	USD	75.00	USD	10,671		37,076
Pioneer Natural Resources Co.		433		01/20/23	USD	210.00	USD	11,103		227,325
SPDR S&P Regional Banking ETF		7,393		01/20/23	USD	60.00	USD	47,278		1,885,215
Valero Energy Corp.		844		01/20/23	USD	90.00	USD	10,596		113,518
Xerox Holdings Corp.		570		01/20/23	USD	10.00	USD	834		8,550
Invesco Senior Loan ETF		783		04/21/23	USD	19.00	USD	1,622		33,278

										17,131,246

									$	53,238,857

^(a)

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

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of
Contracts

Expiration
Date

Exercise Price

Barrier

Price/Range

Notional

Amount
(000)

Value

Put

GBP Currency

One Touch

HSBC Bank PLC

—

12/23/22

USD

1.00

USD

1.00

GBP

3,558

24,653

GBP Currency

One Touch

HSBC Bank PLC

—

12/23/22

USD

1.03

USD

1.03

GBP

3,558

138,227

162,880

OTC Options Purchased


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Goldman Sachs International		—		11/11/22		CNH	7.00		USD	118,216	$	5,347,873
S&P 500 Index	Barclays Bank PLC		18,478		12/16/22		USD	3,849.00		USD	71,546		2,726,098

													8,073,971

Put
GBP Currency	Citibank N.A.		—		11/01/22		USD	1.06		GBP	38,798		45
USD Currency^(a)	Citibank N.A.		—		11/14/22		JPY	140.00		USD	37,518		309,414
USD Currency^(a)	Citibank N.A.		—		11/15/22		JPY	140.00		USD	33,767		301,873
EUR Currency	Bank of America N.A.		—		11/23/22		USD	0.97		EUR	112,968		544,247
EUR Currency	JPMorgan Chase Bank N.A.		—		11/25/22		CHF	0.94		EUR	85,216		28,296

													1,183,875

												$	9,257,846

^(a)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

OTC Dual Binary Options Purchased

Description^(a)

Counterparty

Units

Expiration
Date

Notional
Amount (000)

Value

Put

Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.357

Citibank N.A.

4,025,157

03/17/23

USD

14,841,317

519,246

Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.342

Citibank N.A.

4,025,157

04/21/23

USD

14,841,317

519,245

Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.330

Citibank N.A.

4,025,157

05/19/23

USD

14,841,317

519,245

1,557,736

^(a)

Option only pays if both terms are met on the expiration date.


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

OTC Credit Default Swaptions Purchased

Paid by the Fund

Received by the Fund

Expiration

Credit

Exercise

Notional

Description

Rate/Reference

Frequency

Counterparty

Date

Rating^(a)

Price

Amount (000)^(b)

Value

Put

Buy

Protection 5-

Year Credit

Default Swap,

Bought Protection on

06/20/27

90.00

5-Year

Quarterly

Goldman Sachs International

11/16/22

USD 0.90

USD

10,890

6,076

Buy

Protection 5-

Year Credit

Default Swap,

Bought Protection on

12/20/27

90.00

5-Year

Quarterly

Barclays Bank PLC

11/16/22

USD 0.90

USD

13,925

8,354

Buy

Protection 5-

Year Credit

Default Swap,

Bought Protection on

12/20/27

90.00

5-Year

Quarterly

Goldman Sachs International

11/16/22

USD 0.90

USD

6,805

4,083

Buy

Protection 5-

Year Credit

Default Swap,

Bought Protection on

12/20/27

91.00

5-Year

Quarterly

Goldman Sachs International

11/16/22

USD 0.91

USD

10,065

6,703

Buy

Protection 5-

Year Credit

Default Swap,

Bought Protection on

12/20/27

93.50

5-Year

Quarterly

Morgan Stanley & Co. International PLC

11/16/22

USD 0.94

USD

9,830

9,654

Buy

Protection 5-

Year Credit

Default Swap,

Bought Protection on

12/20/27

94.00

5-Year

Quarterly

Barclays Bank PLC

11/16/22

USD 0.94

USD

7,160

7,924

42,794

^(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)

The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

1-Year Interest Rate Swap, 03/18/24

3-Month
LIBOR, 4.46%

Quarterly

0.80%

Semi-Annual

Morgan Stanley & Co. International PLC

03/16/23

0.80

USD

1,362,004

6,851

10-Year Interest Rate Swap, 10/26/33

1-Day SOFR,
3.06%

Quarterly

3.05%

Semi-Annual

Citibank N.A.

10/24/23

3.05

USD

113,447

2,068,749

10-Year Interest Rate Swap, 11/01/33

1-Day SOFR,
3.06%

Quarterly

2.90%

Semi-Annual

JPMorgan Chase Bank N.A.

10/30/23

2.90

USD

113,447

1,725,608

3,801,208

Put

1-Year Interest Rate Swap, 02/11/24

3.75%

Semi-Annual

1-Day SOFR,
3.06%

Quarterly

Goldman Sachs International

02/09/23

3.75

USD

951,741

10,744,511

1-Year Interest Rate Swap, 04/03/24

2.47%

Annual

1-Day SONIA,
2.18%

Annual

Goldman Sachs International

04/03/23

2.47

GBP

512,248

13,454,373

1-Year Interest Rate Swap, 05/04/24

1.00%

Annual

6-Month
EURIBOR,
2.13%

Semi-Annual

Goldman Sachs International

05/02/23

1.00

EUR

706,928

14,469,489


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

OTC Interest Rate Swaptions Purchased (continued)

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Put (continued)

10-Year Interest Rate Swap, 10/26/33

4.55%

Semi-Annual

1-Day SOFR,

3.06%

Quarterly

Citibank N.A.

10/24/23

4.55

USD

113,447

2,095,286

10-Year Interest Rate Swap, 11/01/33

4.40%

Semi-Annual

1-Day SOFR,
3.06%

Quarterly

JPMorgan Chase Bank N.A.

10/30/23

4.40

USD

113,447

2,443,392

43,207,051

47,008,259

Exchange-Traded Options Written



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
AbbVie, Inc.		1,034		11/11/22	USD	150.00	USD	15,138	$	(133,903	)
SPX Volatility Index		695		11/16/22	USD	75.00	USD	1,799		(3,475	)
Alphabet Inc., Class C		1,819		11/18/22	USD	130.00	USD	17,219		(4,548	)
Apple, Inc.		1,244		11/18/22	USD	185.00	USD	19,075		(4,354	)
BHP Group Ltd.		325		11/18/22	GBP	26.00	GBP	7,572		(25,091	)
Boston Scientific Corp.		3,022		11/18/22	USD	45.00	USD	13,028		(105,769	)
Eli Lilly & Co.		687		11/18/22	USD	380.00	USD	24,876		(376,132	)
Microsoft Corp.		750		11/18/22	USD	305.00	USD	17,410		(2,625	)
Rio Tinto PLC, ADR		112		11/18/22	GBP	56.00	GBP	5,305		(12,068	)
SPDR Gold Shares^(a)		2,378		11/18/22	USD	185.00	USD	36,124		(2,378	)
SPDR S&P 500 ETF Trust		2,706		11/18/22	USD	430.00	USD	104,508		(58,179	)
Tesla, Inc.		353		11/18/22	USD	350.00	USD	8,032		(2,295	)
Tesla, Inc.		466		11/18/22	USD	360.00	USD	10,603		(2,563	)
AbbVie, Inc.		918		12/16/22	USD	155.00	USD	13,440		(191,862	)
Alcoa Corp.		1,964		12/16/22	USD	45.00	USD	7,665		(307,366	)
Alphabet Inc., Class C		1,639		12/16/22	USD	150.00	USD	15,515		(8,195	)
Amazon.com, Inc.		1,525		12/16/22	USD	150.00	USD	15,622		(10,675	)
Apple, Inc.		1,233		12/16/22	USD	180.00	USD	18,907		(54,252	)
DexCom, Inc.		1,163		12/16/22	USD	110.00	USD	14,047		(1,785,205	)
Edwards Lifesciences Corp.		1,028		12/16/22	USD	100.00	USD	7,446		(25,700	)
Eli Lilly & Co.		703		12/16/22	USD	390.00	USD	25,455		(534,280	)
EQT Corp.		3,053		12/16/22	USD	48.00	USD	12,774		(419,787	)
iShares China Large-Cap ETF		13,422		12/16/22	USD	34.00	USD	28,119		(40,266	)
Microsoft Corp.		761		12/16/22	USD	295.00	USD	17,665		(17,884	)
salesforce.com, Inc.		1,287		12/16/22	USD	185.00	USD	20,925		(366,151	)
Shell PLC, ADR		3,513		12/16/22	USD	65.00	USD	19,543		(52,695	)
SPDR Gold Shares^(a)		2,021		12/16/22	USD	185.00	USD	30,701		(8,084	)
Tesla, Inc.		837		12/16/22	USD	350.00	USD	19,045		(33,899	)
TJX Cos., Inc.		1,367		12/16/22	USD	75.00	USD	9,856		(298,006	)
UnitedHealth Group, Inc.		372		12/16/22	USD	600.00	USD	20,652		(151,590	)
Visa, Inc., Class A		493		12/16/22	USD	215.00	USD	10,213		(245,267	)
AbbVie, Inc.		916		01/20/23	USD	165.00	USD	13,410		(104,424	)
Archer-Daniels-Midland Co.		1,421		01/20/23	USD	110.00	USD	13,781		(174,783	)
Atlassian Corp. PLC, Class A		131		01/20/23	USD	250.00	USD	2,656		(119,865	)
CF Industries Holdings, Inc.		1,141		01/20/23	USD	125.00	USD	12,124		(410,760	)
ConocoPhillips		1,539		01/20/23	USD	150.00	USD	19,405		(340,119	)
D.R. Horton, Inc.		821		01/20/23	USD	85.00	USD	6,312		(248,352	)
Datadog Inc., Class A		1,037		01/20/23	USD	100.00	USD	8,349		(409,615	)
Dynatrace, Inc.		1,331		01/20/23	USD	40.00	USD	4,690		(259,545	)
Eli Lilly & Co.		373		01/20/23	USD	430.00	USD	13,506		(107,051	)
Energy Select Sector SPDR Fund		1,493		01/20/23	USD	97.00	USD	13,437		(452,379	)
EQT Corp.		2,461		01/20/23	USD	50.00	USD	10,297		(449,132	)
Exxon Mobil Corp.		1,927		01/20/23	USD	95.00	USD	21,353		(3,444,512	)
Home Depot, Inc.		386		01/20/23	USD	320.00	USD	11,431		(283,710	)
Humana, Inc.		179		01/20/23	USD	640.00	USD	9,990		(100,240	)
Merck & Co., Inc.		1,730		01/20/23	USD	100.00	USD	17,508		(882,300	)
MongoDB, Inc.		192		01/20/23	USD	220.00	USD	3,514		(247,680	)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Written (continued)



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
TJX Cos., Inc.		1,367		01/20/23	USD	80.00	USD	9,856	$	(203,683	)
Valero Energy Corp.		1,687		01/20/23	USD	120.00	USD	21,180		(2,306,972	)

										(15,829,666	)

Put
InvesCo QQQ Trust, Series 1		3,270		11/04/22	USD	245.00	USD	90,890		(8,175	)
InvesCo QQQ Trust, Series 1		17,188		11/04/22	USD	265.00	USD	477,740		(1,220,348	)
SPDR S&P 500 ETF Trust		5,944		11/11/22	USD	360.00	USD	229,563		(537,932	)
Abbott Laboratories		1,046		11/18/22	USD	95.00	USD	10,349		(108,784	)
Alphabet Inc., Class C		1,819		11/18/22	USD	95.00	USD	17,219		(577,532	)
Alphabet Inc., Class C		1,981		11/18/22	USD	90.00	USD	18,752		(264,463	)
Apple, Inc.		1,244		11/18/22	USD	135.00	USD	19,075		(55,358	)
BHP Group Ltd.		651		11/18/22	GBP	19.60	GBP	15,167		(230,353	)
Consumer Staples Select Sector SPDR Fund		8,794		11/18/22	USD	60.00	USD	63,968		(61,558	)
Delphi Automotive PLC		699		11/18/22	USD	82.50	USD	6,366		(104,850	)
Dynatrace, Inc.		1,175		11/18/22	USD	35.00	USD	4,141		(252,625	)
Generac Holdings, Inc.		38		11/18/22	USD	220.00	USD	440		(395,960	)
iShares China Large-Cap ETF		3,993		11/18/22	USD	17.00	USD	8,365		(23,958	)
iShares iBoxx $ High Yield Corporate Bond ETF		718		11/18/22	USD	63.00	USD	5,272		(22,258	)
iShares iBoxx $ High Yield Corporate Bond ETF		783		11/18/22	USD	65.00	USD	5,750		(3,524	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		457		11/18/22	USD	90.00	USD	4,632		(4,113	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		261		11/18/22	USD	89.00	USD	2,645		(19,575	)
iShares Russell 2000 ETF		342		11/18/22	USD	140.00	USD	6,270		(1,539	)
Lululemon Athletica Inc.		657		11/18/22	USD	290.00	USD	21,618		(156,038	)
Microsoft Corp.		750		11/18/22	USD	220.00	USD	17,410		(205,875	)
Northrop Grumman Corp.		205		11/18/22	USD	430.00	USD	11,255		(31,775	)
Rio Tinto PLC, ADR		224		11/18/22	GBP	41.65	GBP	10,610		(101,911	)
SPDR S&P 500 ETF Trust		1,646		11/18/22	USD	340.00	USD	63,570		(66,663	)
SPDR S&P 500 ETF Trust		3,639		11/18/22	USD	330.00	USD	140,542		(92,795	)
SPDR S&P 500 ETF Trust		589		11/18/22	USD	350.00	USD	22,748		(45,648	)
SPDR S&P 500 ETF Trust		595		11/18/22	USD	250.00	USD	22,979		(893	)
Tesla, Inc.		773		11/18/22	USD	240.00	USD	17,589		(1,435,847	)
Tesla, Inc.		353		11/18/22	USD	220.00	USD	8,032		(289,460	)
VanEck Vectors Semiconductor ETF		301		11/18/22	USD	110.00	USD	5,696		(2,107	)
VanEck Vectors Semiconductor ETF		422		11/18/22	USD	130.00	USD	7,985		(1,477	)
Walt Disney Co.		1,803		11/18/22	USD	95.00	USD	19,209		(161,369	)
AbbVie, Inc.		918		12/16/22	USD	125.00	USD	13,440		(55,539	)
Adobe, Inc.		242		12/16/22	USD	260.00	USD	7,708		(79,255	)
Air Products & Chemicals, Inc.		398		12/16/22	USD	220.00	USD	9,966		(98,505	)
Alcoa Corp.		1,108		12/16/22	USD	30.00	USD	4,325		(75,898	)
Alphabet Inc., Class C		1,639		12/16/22	USD	90.00	USD	15,515		(443,349	)
Amazon.com, Inc.		1,525		12/16/22	USD	100.00	USD	15,622		(735,812	)
Amazon.com, Inc.		1,491		12/16/22	USD	105.00	USD	15,274		(1,069,792	)
Apple, Inc.		1,233		12/16/22	USD	130.00	USD	18,907		(142,412	)
Cabot Oil & Gas Corp.		1,971		12/16/22	USD	26.00	USD	6,136		(103,478	)
Charles Schwab Corp.		1,394		12/16/22	USD	65.00	USD	11,106		(75,973	)
Commerzbank AG		4,712		12/16/22	EUR	7.20	EUR	3,815		(100,118	)
Costco Wholesale Corp.		333		12/16/22	USD	440.00	USD	16,700		(167,333	)
Crowdstrike Holdings, Inc., Class A		406		12/16/22	USD	150.00	USD	6,545		(354,235	)
Domino’s Pizza, Inc.		234		12/16/22	USD	290.00	USD	7,774		(85,410	)
Edwards Lifesciences Corp.		1,028		12/16/22	USD	70.00	USD	7,446		(264,710	)
Energy Select Sector SPDR Fund		2,061		12/16/22	USD	75.00	USD	18,549		(150,453	)
EQT Corp.		3,053		12/16/22	USD	35.00	USD	12,774		(335,830	)
General Motors Co.		1,511		12/16/22	USD	33.00	USD	5,931		(80,839	)
Home Depot, Inc.		586		12/16/22	USD	260.00	USD	17,353		(208,030	)
LVMH Moet Hennessy Louis Vuitton SE		187		12/16/22	EUR	520.00	EUR	11,949		(61,447	)
LVMH Moet Hennessy Louis Vuitton SE		176		12/16/22	EUR	550.00	EUR	11,246		(117,404	)
Microsoft Corp.		750		12/16/22	USD	215.00	USD	17,410		(326,250	)
Microsoft Corp.		761		12/16/22	USD	220.00	USD	17,665		(439,477	)
Palo Alto Networks, Inc.		406		12/16/22	USD	150.00	USD	6,967		(150,220	)
salesforce.com, Inc.		1,287		12/16/22	USD	130.00	USD	20,925		(194,337	)
SAP Investor Relations, ADR		742		12/16/22	USD	80.00	USD	7,128		(42,665	)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Written (continued)



Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put (continued)
Schlumberger NV		1,626		12/16/22	USD	45.00	USD	8,460	$	(172,356	)
Shell PLC, ADR		3,513		12/16/22	USD	45.00	USD	19,543		(96,608	)
Siemens AG, Registered Shares		1,635		12/16/22	EUR	88.00	EUR	18,090		(147,845	)
SPDR S&P 500 ETF Trust		3,838		12/16/22	USD	370.00	USD	148,227		(2,899,609	)
SPDR S&P 500 ETF Trust		583		12/16/22	USD	340.00	USD	22,516		(130,009	)
SPDR S&P 500 ETF Trust		493		12/16/22	USD	315.00	USD	19,040		(40,180	)
Tesla, Inc.		837		12/16/22	USD	220.00	USD	19,045		(1,188,540	)
Tesla, Inc.		686		12/16/22	USD	200.00	USD	15,609		(526,505	)
Visa, Inc., Class A		699		12/16/22	USD	170.00	USD	14,480		(55,571	)
Visa, Inc., Class A		493		12/16/22	USD	175.00	USD	10,213		(52,258	)
Walt Disney Co.		897		12/16/22	USD	95.00	USD	9,557		(181,194	)
Abbott Laboratories		1,753		01/20/23	USD	95.00	USD	17,344		(556,577	)
Abbott Laboratories		1,060		01/20/23	USD	90.00	USD	10,488		(201,400	)
AbbVie, Inc.		916		01/20/23	USD	125.00	USD	13,410		(135,110	)
Adobe, Inc.		60		01/20/23	USD	400.00	USD	1,911		(493,500	)
Align Technology, Inc.		269		01/20/23	USD	180.00	USD	5,227		(318,765	)
Alphabet Inc., Class C		2,440		01/20/23	USD	80.00	USD	23,097		(381,860	)
Alphabet Inc., Class C		1,760		01/20/23	USD	100.00	USD	16,660		(1,496,000	)
AstraZeneca PLC		1,264		01/20/23	USD	47.50	USD	7,434		(53,088	)
Booking Holdings, Inc.		64		01/20/23	USD	1,700.00	USD	11,965		(481,920	)
Comcast Corp., Class A		3,500		01/20/23	USD	30.00	USD	11,109		(448,000	)
CVS Health Corp.		1,364		01/20/23	USD	82.50	USD	12,917		(182,094	)
CVS Health Corp.		1,142		01/20/23	USD	80.00	USD	10,815		(113,058	)
DexCom, Inc.		1,288		01/20/23	USD	80.00	USD	15,556		(135,240	)
Dynatrace, Inc.		1,180		01/20/23	USD	35.00	USD	4,158		(395,300	)
Eli Lilly & Co.		371		01/20/23	USD	260.00	USD	13,434		(56,392	)
Energy Select Sector SPDR Fund		1,493		01/20/23	USD	70.00	USD	13,437		(134,370	)
Exxon Mobil Corp.		963		01/20/23	USD	65.00	USD	10,671		(16,371	)
Freeport-McMoRan, Inc.		3,504		01/20/23	USD	25.00	USD	11,104		(269,808	)
Glencore International PLC		1,180		01/20/23	GBP	4.41	GBP	6,071		(202,104	)
Humana, Inc.		289		01/20/23	USD	440.00	USD	16,129		(60,690	)
Intuit, Inc.		199		01/20/23	USD	370.00	USD	8,507		(245,765	)
Marathon Oil Corp.		3,565		01/20/23	USD	25.00	USD	10,855		(336,892	)
McKesson Corp.		335		01/20/23	USD	360.00	USD	13,044		(313,225	)
Merck & Co., Inc.		1,035		01/20/23	USD	77.50	USD	10,474		(23,805	)
Micron Technology, Inc.		3,231		01/20/23	USD	47.50	USD	17,480		(720,513	)
Otis Worldwide Corp.		1,238		01/20/23	USD	65.00	USD	8,745		(194,985	)
salesforce.com, Inc.		1,297		01/20/23	USD	160.00	USD	21,088		(1,410,487	)
ServiceNow, Inc.		223		01/20/23	USD	450.00	USD	9,383		(1,097,160	)
SPDR S&P Regional Banking ETF		7,393		01/20/23	USD	50.00	USD	47,278		(295,720	)
TE Connectivity Ltd.		819		01/20/23	USD	110.00	USD	10,011		(260,032	)
Valero Energy Corp.		844		01/20/23	USD	75.00	USD	10,596		(44,732	)
Visa, Inc., Class A		819		01/20/23	USD	180.00	USD	16,966		(227,273	)
Walt Disney Co.		1,343		01/20/23	USD	100.00	USD	14,308		(587,562	)
XPO Logistics, Inc.		825		01/20/23	USD	45.00	USD	4,269		(158,813	)
iShares Semiconductor ETF		290		03/17/23	USD	290.00	USD	9,468		(445,150	)

										(30,427,970	)

									$	(46,257,636	)

^(a)

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

OTC Barrier Options Written

Description

Type of Option

Counterparty

Expiration
Date

Exercise
Price

Barrier
Price/Range

Notional
Amount (000)

Value

Put

GBP Currency

Down-and-in

Citibank N.A.

11/01/22

USD

1.03

USD

0.98

GBP

38,798

(45

)

GBP Currency

One Touch

HSBC Bank PLC

12/23/22

USD

1.00

USD

1.00

GBP

3,558

(69,407

)

(69,452

)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

OTC Options Written



Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value

Call
USD Currency	Goldman Sachs International		11/11/22		CNH	7.15		USD	118,216	$	(3,043,245	)

Put
EUR Currency	Bank of America N.A.		11/23/22		USD	0.95		EUR	112,968		(152,277	)
EUR Currency	JPMorgan Chase Bank N.A.		11/25/22		CHF	0.91		EUR	85,216		(3,200	)

											(155,477	)

										$	(3,198,722	)

OTC Credit Default Swaptions Written

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration
Date

Credit
Rating^(a)

Exercise
Price

Notional
Amount (000)^(b)

Value

Rate/Reference

Frequency

Put

Sold Protection 5-Year Credit Default Swap, 06/20/27

Sold Protection on 5-Year

85.00%

Quarterly

Goldman Sachs International

11/16/22

USD 0.85

USD 10,890

(4,224

)

Sold Protection 5-Year Credit Default Swap, 12/20/27

Sold Protection on 5-Year

85.00%

Quarterly

Barclays Bank PLC

11/16/22

USD 0.85

USD 13,925

(5,364

)

(9,588

)

^(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)

The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Interest Rate Swaptions Written

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

2-Year Interest Rate Swap, 02/17/25

1.40%

Semi-Annual

1-Day SOFR,
3.06%

Quarterly

Morgan Stanley & Co. International PLC

02/15/23

1.40

USD

526,237

(14,208

)

1-Year Interest Rate Swap, 03/18/24

0.40%

Semi-Annual

3-Month
LIBOR, 4.46%

Quarterly

Morgan Stanley & Co. International PLC

03/16/23

0.40

USD

1,362,004

(4,345

)

1-Year Interest Rate Swap, 03/18/24

0.60%

Semi-Annual

3-Month

LIBOR, 4.46%

Quarterly

Morgan Stanley & Co. International PLC

03/16/23

0.60

USD

1,362,004

(5,434

)

2-Year Interest Rate Swap, 10/26/25

3.09%

Semi-Annual

1-Day SOFR,
3.06%

Quarterly

Citibank N.A.

10/24/23

3.09

USD

453,789

(1,832,407

)

2-Year Interest Rate Swap, 11/01/25

2.95%

Semi-Annual

1-Day SOFR,
3.06%

Quarterly

JPMorgan Chase Bank N.A.

10/30/23

2.95

USD

453,789

(1,623,791

)

(3,480,185

)

Put

10-Year Interest Rate Swap, 11/04/32

1-Day SOFR,
3.06%

Quarterly

2.92%

Semi-Annual

Goldman Sachs International

11/02/22

2.92

USD

121,431

(9,246,910

)

10-Year Interest Rate Swap, 11/12/32

1-Day SOFR,

3.06%

Quarterly

2.90%

Semi-Annual

Goldman Sachs International

11/10/22

2.90

USD

193,694

(15,050,927

)

10-Year Interest Rate Swap, 11/25/32

1-Day SOFR,

3.06%

Quarterly

3.20%

Semi-Annual

Goldman Sachs International

11/23/22

3.20

USD

115,865

(6,226,191

)

1-Year Interest Rate Swap, 02/11/24

1-Day SOFR,

3.06%

Quarterly

4.40%

Semi-Annual

Goldman Sachs International

02/09/23

4.40

USD

1,903,481

(11,266,417

)

2-Year Interest Rate Swap, 02/17/25

1-Day SOFR,

3.06%

Quarterly

2.60%

Semi-Annual

Morgan Stanley & Co. International PLC

02/15/23

2.60

USD

526,237

(19,044,872

)

2-Year Interest Rate Swap, 02/17/25

1-Day SOFR,
3.06%

Quarterly

2.70%

Semi-Annual

Morgan Stanley & Co. International PLC

02/15/23

2.70

USD

526,237

(18,082,010

)

1-Year Interest Rate Swap, 03/09/24

1-Day SOFR,

3.06%

Quarterly

4.50%

Semi-Annual

Goldman Sachs International

03/07/23

4.50

USD

935,485

(5,106,532

)

2-Year Interest Rate Swap, 03/10/25

1-Day SOFR,

3.06%

Quarterly

4.03%

Semi-Annual

Goldman Sachs International

03/08/23

4.03

USD

945,671

(11,355,273

)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

OTC Interest Rate Swaptions Written (continued)

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Put (continued)

10-Year Interest Rate Swap, 03/25/33

1-Day SOFR,
3.06%

Quarterly

3.27%

Semi-Annual

Goldman Sachs International

03/23/23

3.27

USD

195,107

(10,832,584

)

1-Year Interest Rate Swap, 04/03/24

1-Day SONIA,
2.18%

Annual

3.22%

Annual

Goldman Sachs International

04/03/23

3.22

GBP

1,024,497

(18,993,661

)

10-Year Interest Rate Swap, 04/08/33

1-Day SOFR,
3.06%

Quarterly

3.40%

Semi-Annual

Morgan Stanley & Co. International PLC

04/06/23

3.40

USD

129,333

(6,288,953

)

10-Year Interest Rate Swap, 04/20/33

1-Day SOFR,
3.06%
6-Month

Quarterly

3.45%

Semi-Annual

Morgan Stanley & Co. International PLC

04/18/23

3.45

USD

126,946

(5,911,155

)

1-Year Interest Rate Swap, 05/04/24

EURIBOR,
2.13%

Semi-Annual

1.75%

Annual

Goldman Sachs International

05/02/23

1.75

EUR

1,413,856

(19,060,947

)

10-Year Interest Rate Swap, 05/07/33

1-Day SOFR,
3.06%

Quarterly

3.75%

Semi-Annual

Citibank N.A.

05/05/23

3.75

USD

123,769

(4,151,579

)

10-Year Interest Rate Swap, 05/13/33

1-Day SOFR,
3.06%

Quarterly

3.57%

Semi-Annual

Goldman Sachs International

05/11/23

3.57

USD

117,509

(4,895,071

)

2-Year Interest Rate Swap, 10/26/25

1-Day SOFR,
3.06%

Quarterly

5.09%

Semi-Annual

Citibank N.A.

10/24/23

5.09

USD

453,789

(1,983,791

)

2-Year Interest Rate Swap, 11/01/25

1-Day SOFR,
3.06%

Quarterly

4.95%

Semi-Annual

JPMorgan Chase Bank N.A.

10/30/23

4.95

USD

453,789

(2,275,191

)

(169,772,064

)

(173,252,249

)

Centrally Cleared Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
AVIS Budget Group Inc.		5.00	%	Quarterly		12/20/26	USD	12,271	$	(651,732	)	$	(1,469,161	)	$	817,429
CDX.NA.HY.37.V2		5.00		Quarterly		12/20/26	USD	157,445		(4,157,787	)		(9,205,366	)		5,047,579
iTraxx.XO.36.V1		5.00		Quarterly		12/20/26	EUR	44,909		(284,431	)		(2,283,878	)		1,999,447
CDX.NA.IG.39.V1		1.00		Quarterly		12/20/27	USD	18,263		(101,704	)		(26,533	)		(75,171	)

									$	(5,195,654	)	$	(12,984,938	)	$	7,789,284

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Termination Date	Credit Rating^(a)	Notional Amount (000)	^(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.39.V1	5.00	%	Quarterly	12/20/27	B+	USD 13,728		$	(24,167	)	$	(579,544	)	$	555,377
iTraxx.XO.38.V1	5.00		Quarterly	12/20/27	B	EUR 54,621			(856,696	)		(1,935,149	)		1,078,453

								$	(880,863	)	$	(2,514,693	)	$	1,633,830

^(a)

Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)

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

Received by the Fund

Termination
Date

Notional

Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Reference

Frequency

Rate

Frequency

Eurostat Eurozone HICP ex Tobacco NSA

Monthly

2.69%

Monthly

08/15/32

EUR

14,565

(24,958

)

303

(25,261

)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Centrally Cleared Interest Rate Swaps



Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
1-Month MXIBOR, 9.60%	Monthly	4.42%	Monthly	N/A		02/28/23	MXN	958,091		$ (1,094,783	)	$	50		$	(1,094,833	)
1-Month MXIBOR, 9.60%	Monthly	4.50%	Monthly	N/A		03/03/23	MXN	957,790		(1,085,280	)		51			(1,085,331	)
1-Month MXIBOR, 9.60%	Monthly	4.68%	Monthly	N/A		02/27/24	MXN	679,790		(2,620,048	)		109			(2,620,157	)
1-Month MXIBOR, 9.60%	Monthly	4.86%	Monthly	N/A		03/01/24	MXN	679,790		(2,540,779	)		109			(2,540,888	)
1-Day SOFR, 3.06%	Annual	2.65%	Annual	N/A		05/02/24	USD	1,549,701		(40,042,944	)		253,810			(40,296,754	)
0.53%	Semi-Annual	3-Month LIBOR, 4.46%	Quarterly	N/A		06/06/24	USD	204,209		14,421,555			1,276			14,420,279
1-Day SONIA, 2.18%	Monthly	4.26%	Monthly	N/A		09/06/24	GBP	521,418		(3,344,463	)		1,651			(3,346,114	)
2.00%	Annual	1-Day SOFR, 3.06%	Annual	N/A		02/17/25	USD	148,033		6,964,370			655			6,963,715
2.72%	Annual	1-Day SOFR, 3.06%	Annual	N/A		05/02/25	USD	1,840,036		66,045,305			(441,724	)		66,487,029
1-Month MXIBOR, 9.60%	Monthly	6.48%	Monthly	N/A		08/12/26	MXN	580,343		(2,757,047	)		275			(2,757,322	)
1-Month MXIBOR, 9.60%	Monthly	6.43%	Monthly	N/A		08/13/26	MXN	801,213		(3,869,939	)		380			(3,870,319	)
1-Month MXIBOR, 9.60%	Monthly	6.47%	Monthly	N/A		08/13/26	MXN	796,887		(3,800,466	)		377			(3,800,843	)
1-Month MXIBOR, 9.60%	Monthly	6.42%	Monthly	N/A		08/14/26	MXN	649,632		(3,149,667	)		306			(3,149,973	)
1-Month MXIBOR, 9.60%	Monthly	6.44%	Monthly	N/A		08/14/26	MXN	394,136		(1,894,910	)		186			(1,895,096	)
1-Month MXIBOR, 9.60%	Monthly	6.42%	Monthly	N/A		08/17/26	MXN	585,216		(2,829,115	)		271			(2,829,386	)
1-Day SOFR, 3.06%	Annual	2.67%	Annual	N/A		05/02/27	USD	205,746		(11,011,593	)		(139,586	)		(10,872,007	)
1-Day SOFR, 3.06%	Annual	2.91%	Annual	N/A		10/06/27	USD	259,533		(12,879,230	)		2,348			(12,881,578	)
1.08%	Semi-Annual	3-Month LIBOR, 4.46%	Quarterly	N/A		08/17/30	USD	26,559		5,520,410			3,435,272			2,085,138
0.02%	Annual	6-Month EURIBOR, 2.13%	Semi-Annual	N/A		08/26/31	EUR	103,788		23,535,083			2,106			23,532,977
1-Day SOFR, 3.06%	Annual	2.65%	Annual	N/A		05/02/32	USD	839,546		(75,355,880	)		750,633			(76,106,513	)
2.58%	Annual	1-Day SOFR, 3.06%	Annual	N/A		05/24/32	USD	159,068		15,466,115			(150,681	)		15,616,796
2.60%	Annual	1-Day SOFR, 3.06%	Annual	N/A		05/26/32	USD	26,061		2,494,082			399			2,493,683
1-Day SOFR, 3.06%	Annual	3.47%	Annual	N/A		10/04/32	USD	111,214		(3,262,734	)		1,724			(3,264,458	)
1-Day SOFR, 3.06%	Annual	3.42%	Annual	N/A		10/05/32	USD	53,594		(1,802,932	)		857			(1,803,789	)
1-Day SOFR, 3.06%	Annual	3.05%	Annual	N/A		10/28/32	USD	118,850		(7,636,194	)		1,910			(7,638,104	)
1-Day SOFR, 3.06%	Annual	2.88%	Annual	N/A		11/02/32	USD	120,735		(9,449,010	)		1,942			(9,450,952	)
2.61%	Annual	1-Day SOFR, 3.06%	Annual	N/A		05/02/42	USD	19,667		2,955,447			47,522			2,907,925
2.43%	Annual	1-Day SOFR, 3.06%	Annual	N/A		05/02/52	USD	577,068		104,021,902			(1,258,018	)		105,279,920

									$	50,997,255		$	2,514,210		$	48,483,045

OTC Credit Default Swaps — Buy Protection



Reference Obligations/Index	Financing Rate Paid by the Fund			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Bombardier, Inc.		5.00	%		Quarterly	Barclays Bank PLC		06/20/23		USD	8,698	$	(206,109	)	$	310,113		$	(516,222	)
Pitney Bowes, Inc.		1.00			Quarterly	Barclays Bank PLC		06/20/24		USD	410		67,429			45,057			22,372
Pitney Bowes, Inc.		1.00			Quarterly	Goldman Sachs International		06/20/24		USD	410		67,429			45,111			22,318
Staples Inc.		5.00			Quarterly	Barclays Bank PLC		06/20/24		USD	790		89,894			75,412			14,482
Pitney Bowes, Inc.		1.00			Quarterly	Goldman Sachs International		06/20/25		USD	800		201,820			220,081			(18,261	)
Ford Motor Company		5.00			Quarterly	Citibank N.A.		06/20/27		USD	745		(46,672	)		(33,830	)		(12,842	)
General Electric Co.		1.00			Quarterly	Goldman Sachs International		06/20/27		USD	3,320		14,071			63,402			(49,331	)
Borgwarner Inc.		1.00			Quarterly	BNP Paribas S.A.		12/20/27		USD	1,330		13,290			19,010			(5,720	)
Ford Motor Company		5.00			Quarterly	Citibank N.A.		12/20/27		USD	2,870		(178,757	)		(169,370	)		(9,387	)
Ford Motor Company		5.00			Quarterly	Goldman Sachs International		12/20/27		USD	830		(51,696	)		(26,123	)		(25,573	)
Ford Motor Company		5.00			Quarterly	Morgan Stanley & Co. International PLC		12/20/27		USD	1,695		(105,572	)		(74,674	)		(30,898	)

												$	(134,873	)	$	474,189		$	(609,062	)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

OTC Interest Rate Swaps


Paid by the Fund		Received by the Fund		Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1-Day BZDIOVER, 0.05%	Monthly	9.39%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	289,615	$	(3,495,811	)	$	—	$	(3,495,811	)
1-Day BZDIOVER, 0.05%	Monthly	9.42%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	315,948		(3,751,676	)		—		(3,751,676	)
1-Day BZDIOVER, 0.05%	Monthly	9.54%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	314,783		(3,492,487	)		—		(3,492,487	)

												$	(10,739,974	)	$	—	$	(10,739,974	)

OTC Total Return Swaps


Paid by the Fund		Received by the Fund		Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate/Reference	Frequency	Rate/Reference	Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1-Day SOFR minus 1.70%, 3.06%	Monthly	iShares iBoxx $ High Yield Corporate Bond ETF	Monthly	BNP Paribas S.A.		N/A		12/16/22	USD	13,478	$	(284,364	)	$	—	$	(284,364	)
1-Day SOFR minus 1.25%, 3.06%	Quarterly	iShares iBoxx $ High Yield Corporate Bond ETF	Quarterly	Goldman Sachs International		N/A		12/16/22	USD	39,282		(668,537	)		—		(668,537	)
1-Day SOFR minus 1.70%, 3.06%	Quarterly	iShares iBoxx $ High Yield Corporate Bond ETF	Quarterly	JPMorgan Chase Bank N.A.		N/A		12/16/22	USD	18,918		(222,175	)		—		(222,175	)
1-Day SOFR minus 1.80%, 3.06%	Monthly	iShares iBoxx $ High Yield Corporate Bond ETF	Monthly	Merrill Lynch International		N/A		12/16/22	USD	31,168		(453,014	)		—		(453,014	)
1-Day SOFR minus 0.45%, 3.06%	Quarterly	SPDR Bloomberg High Yield Bond ETF	Quarterly	Barclays Bank PLC		N/A		12/16/22	USD	9,161		(208,035	)		—		(208,035	)
1-Day SOFR minus 0.20%, 3.06%	Monthly	SPDR Bloomberg High Yield Bond ETF	Monthly	BNP Paribas S.A.		N/A		12/16/22	USD	42,316		(1,168,017	)		—		(1,168,017	)
1-Day SOFR plus 0.15%, 3.06%	Quarterly	SPDR Bloomberg High Yield Bond ETF	Monthly	Citibank N.A.		N/A		12/16/22	USD	16,443		(330,007	)		—		(330,007	)
1-Day SOFR minus 0.25%, 3.06%	Quarterly	SPDR Bloomberg High Yield Bond ETF	Monthly	Goldman Sachs International		N/A		12/16/22	USD	3,782		(84,041	)		—		(84,041	)
Pitney Bowes, Inc.	Quarterly	1-Day SOFR minus 0.25%, 3.06%	Quarterly	Citibank N.A.		N/A		12/27/22	USD	54		(15,509	)		—		(15,509	)

											$	(3,433,699	)	$	—	$	(3,433,699	)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

OTC Total Return Swaps


Reference Entity	Payment Frequency	Counterparty^(a)		Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage

Equity Securities Short	Monthly		Citibank N.A.^(b)		02/24/23 – 02/27/23	$	(76,629,661	)	$	(1,496,171	)^(c)	$	(78,167,508	)		0.4	%
	Monthly		JPMorgan Chase Bank N.A.^(d)		02/08/23		(94,813,054	)		(3,627,893	)^(e)		(98,603,207	)		0.5

									$	(5,124,064	)	$	(176,770,715	)

^(a)

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.

^(c)

Amount includes $41,676 of net dividends and financing fees.

^(e)

Amount includes $162,260 of net dividends and financing fees.

The

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


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

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


Security	Shares			Value			% of Basket Value

Reference Entity — Short

Common Stocks

Brazil
Cia de Saneamento Basico do Estado de Sao Paulo		(48,254	)	$	(561,430	)		0.7	%


China
Bilibili, Inc., Class Z		(179,980	)		(1,603,873	)		2.0
China Vanke Co., Ltd., Class H		(1,367,022	)		(1,754,336	)		2.2
Kuaishou Technology		(142,400	)		(588,092	)		0.8
Longfor Group Holdings Ltd.		(406,000	)		(517,319	)		0.7

					(4,463,620	)

Germany
Beiersdorf AG		(27,971	)		(2,685,081	)		3.4
Covestro AG		(59,383	)		(2,015,816	)		2.6
Siemens Healthineers AG		(55,225	)		(2,529,998	)		3.2

					(7,230,895	)

Hong Kong
China Overseas Land & Investment Ltd.		(799,500	)		(1,527,780	)		2.0


Italy
Leonardo SpA		(83,826	)		(673,466	)		0.8
Nexi SpA		(87,343	)		(755,122	)		1.0

					(1,428,588	)

Japan
ENEOS Holdings, Inc.		(341,400	)		(1,126,161	)		1.4
Lasertec Corp.		(4,200	)		(590,146	)		0.8


Security	Shares			Value			% of Basket Value

Japan (continued)
Money Forward, Inc.		(65,400	)	$	(1,850,234	)		2.4	%
Open House Co. Ltd.		(33,300	)		(1,184,461	)		1.5

					(4,751,002	)

Netherlands
Just Eat Takeaway.com NV		(149,783	)		(2,570,288	)		3.3
Prosus NV		(34,836	)		(1,506,367	)		1.9

					(4,076,655	)

South Korea
HYBE Co. Ltd.		(7,881	)		(667,107	)		0.9
Kakao Corp.		(44,805	)		(1,589,447	)		2.0
Ncsoft Corp.		(4,910	)		(1,341,311	)		1.7

					(3,597,865	)

Spain
Ferrovial SA		(34,733	)		(848,817	)		1.1


Sweden
Electrolux AB, Class B		(142,646	)		(1,759,849	)		2.2
Fastighets AB Balder, B Shares		(610,076	)		(2,290,007	)		2.9
Saab AB, Class B		(11,027	)		(389,628	)		0.5
Sagax AB, Class B		(23,960	)		(441,519	)		0.6
Sweco AB, B Shares		(15,920	)		(119,617	)		0.2

					(5,000,620	)

Switzerland
Adecco Group AG, Registered Shares		(42,429	)		(1,327,856	)		1.7


United States
Allstate Corp.		(16,052	)		(2,026,563	)		2.6
Caesars Entertainment, Inc.		(42,175	)		(1,844,313	)		2.4
CarMax, Inc.		(12,796	)		(806,276	)		1.0
Coinbase Global, Inc., Class A		(66,528	)		(4,407,480	)		5.6
EPAM Systems, Inc.		(1,419	)		(496,650	)		0.6
Etsy, Inc.		(17,551	)		(1,648,214	)		2.1
Ford Motor Co.		(61,783	)		(826,039	)		1.1


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.


Security	Shares			Value			% of Basket Value

United States (continued)
Illumina, Inc.		(14,879	)	$	(3,404,613	)		4.4	%
Lamb Weston Holdings, Inc.		(27,601	)		(2,379,758	)		3.1
Las Vegas Sands Corp.		(49,513	)		(1,881,989	)		2.4
Lennar Corp., Class A		(26,119	)		(2,107,803	)		2.7
Norwegian Cruise Line Holdings Ltd.		(89,275	)		(1,507,855	)		1.9
Paramount Global, Class B		(161,495	)		(2,958,588	)		3.8
PPG Industries, Inc.		(21,975	)		(2,509,106	)		3.2
PulteGroup, Inc.		(84,464	)		(3,377,715	)		4.3
Quanta Services, Inc.		(12,149	)		(1,725,644	)		2.2
Snap, Inc., Class A		(54,829	)		(543,355	)		0.7
Take-Two Interactive Software, Inc.		(26,233	)		(3,108,086	)		4.0
Teledyne Technologies, Inc.		(10,958	)		(4,361,065	)		5.6
Viatris, Inc.		(141,290	)		(1,431,268	)		1.8

					(43,352,380	)


Net Value of Reference Entity — Citibank N.A				$	(78,167,508	)

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


Security	Shares			Value			% of Basket Value

Reference Entity — Short

Common Stocks

Australia
Allkem Ltd.		(91,430	)	$	(844,782	)		0.8	%
AMP Ltd.		(2,985,211	)		(2,407,357	)		2.4
IDP Education Ltd.		(71,475	)		(1,348,504	)		1.4
OZ Minerals Ltd.		(100,864	)		(1,561,781	)		1.6
Pilbara Minerals Ltd.		(574,086	)		(1,865,922	)		1.9

					(8,028,346	)

Brazil
Localiza Rent a Car SA		(173,417	)		(2,368,180	)		2.4
Magazine Luiza SA		(3,189,862	)		(2,760,368	)		2.8

					(5,128,548	)

Canada
Shaw Communications, Inc., Class B		(162,713	)		(4,179,049	)		4.2


China
China Southern Airlines Co., Ltd., Class H		(1,358,000	)		(701,059	)		0.7
Country Garden Holdings Co., Ltd.		(2,267,230	)		(292,227	)		0.3
Fuyao Glass Industry Group Co., Ltd., Class H		(113,600	)		(407,109	)		0.4
Geely Automobile Holdings Ltd.		(451,000	)		(485,358	)		0.5
Li Ning Co. Ltd.		(250,000	)		(1,293,230	)		1.3
Xiaomi Corp., Class B		(4,658,200	)		(5,231,496	)		5.3
Zhuzhou CRRC Times Electric Co., Ltd.		(354,000	)		(1,535,830	)		1.6

					(9,946,309	)

Comoros
Shandong Gold Mining Co. Ltd., Class H		(1,073,750	)		(1,706,641	)		1.7


Finland
Orion OYJ, Class B		(43,607	)		(2,006,716	)		2.0


France
Alstom SA		(63,672	)		(1,310,448	)		1.3


Security	Shares			Value			% of Basket Value

Germany
Delivery Hero SE		(56,495	)	$	(1,859,188	)		1.9	%
Vonovia SE		(64,897	)		(1,434,912	)		1.4

					(3,294,100	)

Hong Kong
CK Asset Holdings Ltd.		(265,500	)		(1,467,834	)		1.5


Japan
Hitachi Metals Ltd.		(58,900	)		(860,188	)		0.9
Olympus Corp.		(117,600	)		(2,479,536	)		2.5
Tokyo Electric Power Co. Holdings, Inc.		(231,000	)		(752,497	)		0.8

					(4,092,221	)

Netherlands
Aegon NV		(565,837	)		(2,619,348	)		2.7


Poland
Inpost SA		(254,388	)		(1,621,627	)		1.7


South Korea
Iljin Materials Co., Ltd.		(20,659	)		(876,611	)		0.9
Posco Chemical Co., Ltd.		(30,234	)		(4,221,539	)		4.3

					(5,098,150	)

Sweden
Swedish Match AB		(179,024	)		(1,841,242	)		1.9


Switzerland
Bachem Holding AG		(25,155	)		(1,803,766	)		1.8


United Kingdom
Ocado Group PLC		(256,670	)		(1,391,484	)		1.4


United States
Advanced Micro Devices, Inc.		(21,060	)		(1,264,860	)		1.3
DISH Network Corp., Class A		(221,864	)		(3,307,992	)		3.4
Dollar Tree, Inc.		(15,943	)		(2,526,966	)		2.6
DXC Technology Co.		(100,194	)		(2,880,578	)		2.9
Electronic Arts, Inc.		(16,275	)		(2,049,999	)		2.1
Fiserv, Inc.		(17,785	)		(1,827,231	)		1.8
International Business Machines Corp.		(36,205	)		(5,006,789	)		5.1
Marvell Technology, Inc.		(58,712	)		(2,329,692	)		2.4
Mohawk Industries, Inc.		(12,613	)		(1,195,082	)		1.2
PACCAR, Inc.		(32,299	)		(3,127,512	)		3.2
Paypal Holdings, Inc.		(14,994	)		(1,253,199	)		1.3
PerkinElmer, Inc.		(27,567	)		(3,682,400	)		3.7
Ross Stores, Inc.		(50,520	)		(4,834,259	)		4.9
STERIS PLC		(23,738	)		(4,096,704	)		4.1
Wynn Resorts Ltd.		(27,462	)		(1,754,822	)		1.8
Zoom Video Communications, Inc., Class A		(23,097	)		(1,927,214	)		1.9

					(43,065,299	)

					(98,601,128	)

Rights

Brazil
Localiza Rent a Car SA, (Expires 10/26/22, Strike Price BRL 50.35)		(532	)		(2,079	)		0.0


Net Value of Reference Entity — JPMorgan Chase Bank N.A.				$	(98,603,207	)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

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



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value

Centrally Cleared Swaps^(a)	$	4,504,522	$	(17,489,640	)	$	249,285,747	$	(191,404,849	)	$	—
OTC Swaps		778,186		(303,997	)		59,172		(19,965,971	)		—
Options Written		N/A		N/A			31,750,152		(148,917,829	)		(222,787,647	)

^(a)

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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	28,288,433	$	—	$	129,745,027	$	—	$	158,033,460
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		131,823,307		—		—		131,823,307
Options purchased
Investments at value — unaffiliated^(b)		—		42,794		55,938,111		6,694,628		47,035,103		1,557,736		111,268,372

Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		9,498,285		—		—		239,787,462		—		249,285,747
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		837,358		—		—		—		—		837,358

	$	—	$	10,378,437	$	84,226,544	$	138,517,935	$	416,567,592	$	1,557,736	$	651,248,244

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	8,545,867	$	—	$	136,850,642	$	—	$	145,396,509
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		129,550,818		—		—		129,550,818
Options written
Options written at value		—		9,588		46,257,636		3,268,174		173,252,249		—		222,787,647
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		75,171		—		—		191,304,417		25,261		191,404,849
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		972,231		8,557,763		—		10,739,974		—		20,269,968

	$	—	$	1,056,990	$	63,361,266	$	132,818,992	$	512,147,282	$	25,261	$	709,409,791

^(a)

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).

^(b)

Includes options purchased at value as reported in the Consolidated Schedule of Investments.

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



	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	76,060,851		$	—		$	(12,852,917)		$	—	$	63,207,934
Forward foreign currency exchange contracts		—		—			—			(294,899,845	)		—			—		(294,899,845	)
Options purchased^(a)		—		(229,257	)		(29,141,717	)		10,760,760			(11,392,145	)		—		(30,002,359	)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.



	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Options written	$	—	$	501,645		$	57,513,086		$	889,046		$	(15,471,510	)	$	—		$	43,432,267
Swaps		—		(16,215,279	)		32,981,672			—			16,830,730			(2	)		33,597,121

	$	—	$	(15,942,891	)	$	137,413,892		$	(283,250,039	)	$	(22,885,842	)	$	(2	)	$	(184,664,882	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	771,723	$	—		$	(18,560,658	)	$	—		$	(117,094,009	)	$	—		$	(134,882,944	)
Forward foreign currency exchange contracts		—		—			—			177,322,172			—			—			177,322,172
Options purchased^(b)		—		(434,794	)		(33,223,704	)		(12,460,333	)		30,119,605			—			(15,999,226	)
Options written		—		70,909			34,868,278			4,655,232			(99,186,243	)		—			(59,591,824	)
Swaps		—		4,897,595			(19,101,354	)		—			20,420,588			(25,261	)		6,191,568

	$	771,723	$	4,533,710		$	(36,017,438	)	$	169,517,071		$	(165,740,059	)	$	(25,261	)	$	(26,960,254	)

^(a)

Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(b)

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	$	5,342,267,282
Average notional value of contracts — short	$	3,931,950,258
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	2,705,277,002
Average amounts sold — in USD	$	3,911,013,347
Options:
Average value of option contracts purchased	$	69,262,962
Average value of option contracts written	$	50,261,145
Average notional value of swaption contracts purchased	$	3,183,905,552
Average notional value of swaption contracts written	$	11,156,178,805
Credit default swaps:
Average notional value — buy protection	$	276,699,868
Average notional value — sell protection	$	230,678,633
Interest rate swaps:
Average notional value — pays fixed rate	$	3,111,159,970
Average notional value — receives fixed rate	$	3,779,156,344
Inflation swaps:
Average notional value — receives fixed rate	$	7,196,929
Total return swaps:
Average notional value	$	187,690,097

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	$	15,603,566		$	11,486,551
Forward foreign currency exchange contracts		131,823,307			129,550,818
Options		111,268,372	^(a)		222,787,647
Swaps — centrally cleared		—			9,224,381
Swaps — OTC^(b)		837,358			20,269,968

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities		259,532,603			393,319,365

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(68,842,423	)		(66,968,568	)

Total derivative assets and liabilities subject to an MNA	$	190,690,180		$	326,350,797

^(a)

Includes options purchased at value which is included in Investments at value — unaffiliated in the Consolidated Statement of Assets and Liabilities and reported in the Consolidated Schedule of Investments.

^(b)

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


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

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



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received			Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)

Bank of America N.A.	$	18,392,011	$	(2,089,891	)	$	—		$	—	$	16,302,120
Barclays Bank PLC		3,209,812		(3,209,812	)		—			—		—
BNP Paribas S.A.		3,372,318		(3,372,318	)		—			—		—
Citibank N.A.		12,315,875		(11,520,943	)		—			—		794,932
Deutsche Bank AG		632,366		(632,366	)		—			—		—
Goldman Sachs International		44,627,950		(44,627,950	)		—			—		—
HSBC Bank PLC		84,081,497		(32,856,210	)		—			—		51,225,287
JPMorgan Chase Bank N.A.		8,919,339		(8,919,339	)		—			—		—
Morgan Stanley & Co. International PLC		7,255,459		(7,255,459	)		—			—		—
UBS AG		7,883,553		(7,883,553	)		—			—		—

	$	190,690,180	$	(122,367,841	)	$	—		$	—	$	68,322,339



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged	^(d)		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(b)(e)

Bank of America N.A.	$	2,089,891	$	(2,089,891	)	$	—		$	—	$	—
Barclays Bank PLC		21,291,888		(3,209,812	)		—			—		18,082,076
BNP Paribas S.A.		12,553,736		(3,372,318	)		(31,460	)		—		9,149,958
Citibank N.A.		11,520,943		(11,520,943	)		—			—		—
Deutsche Bank AG		3,630,822		(632,366	)		—			—		2,998,456
Goldman Sachs International		115,953,848		(44,627,950	)		(797,326	)		—		70,528,572
HSBC Bank PLC		32,856,210		(32,856,210	)		—			—		—
JPMorgan Chase Bank N.A.		41,521,783		(8,919,339	)		(98,917	)		—		32,503,527
Merrill Lynch International		453,014		—			(7,820	)		—		445,194
Morgan Stanley & Co. International PLC		52,403,904		(7,255,459	)		(515,994	)		—		44,632,451
UBS AG		32,074,758		(7,883,553	)		(121,292	)		—		24,069,913

	$	326,350,797	$	(122,367,841	)	$	(1,572,809	)	$	—	$	202,410,147

^(a)

The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

^(b)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(e)

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

Fair Value Hierarchy as of Period End

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

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	269,985,018	$	23,009,500	$	292,994,518
Common Stocks
Argentina		2,728,302		—		—		2,728,302
Australia		—		125,402,114		280		125,402,394
Belgium		—		3,712,874		—		3,712,874
Brazil		8,495,597		—		—		8,495,597


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total

Common Stocks (continued)
Canada	$	201,605,207	$	—	$	—	$	201,605,207
Cayman Islands		—		—		6,076,858		6,076,858
Chile		5,336,856		—		—		5,336,856
China		7,766,110		198,987,264		—		206,753,374
Denmark		—		34,659,170		—		34,659,170
Finland		—		5,804,525		9,689,750		15,494,275
France		—		321,716,942		—		321,716,942
Germany		—		452,063,030		—		452,063,030
Hong Kong		—		34,685,190		—		34,685,190
India		—		3,386,518		16,333,577		19,720,095
Ireland		10,706,587		6,228,888		—		16,935,475
Israel		50,323,319		—		—		50,323,319
Italy		—		46,470,829		—		46,470,829
Japan		—		174,529,417		—		174,529,417
Jordan		—		704,396		—		704,396
Mexico		6,201,328		—		—		6,201,328
Netherlands		38,681,152		286,163,563		—		324,844,715
Norway		—		8,499,818		—		8,499,818
Poland		—		742,789		—		742,789
Saudi Arabia		—		430,886		—		430,886
South Africa		—		19,404,283		—		19,404,283
South Korea		—		109,511,700		—		109,511,700
Spain		—		60,991,117		—		60,991,117
Sweden		—		69,654,747		—		69,654,747
Switzerland		49,471,737		106,294,829		—		155,766,566
Taiwan		—		58,879,027		—		58,879,027
United Arab Emirates		—		—		28		28
United Kingdom		68,708,029		344,080,318		—		412,788,347
United States		6,499,172,550		103,834,038		100,503,232		6,703,509,820
Corporate Bonds		—		1,614,282,031		347,075,987		1,961,358,018
Floating Rate Loan Interests		—		313,286,314		376,070,585		689,356,899
Foreign Agency Obligations		—		1,859,419,454		—		1,859,419,454
Investment Companies		208,262,793		—		—		208,262,793
Non-Agency Mortgage-Backed Securities		—		640,562,740		50,871,978		691,434,718
Other Interests		—		—		27,565,653		27,565,653
Preferred Securities
Capital Trusts		—		13,439,428		—		13,439,428
Preferred Stocks
Brazil		1,909,577		—		17,261,883		19,171,460
Germany		21,689,289		1,080,737		23,485,392		46,255,418
United States		48,728,833		42,586,938		390,018,228		481,333,999
India		—		—		11,556,292		11,556,292
United Kingdom		—		—		9,413,606		9,413,606
Sweden		—		—		1,434,425		1,434,425
Trust Preferreds		24,080,104		—		—		24,080,104
U.S. Government Sponsored Agency Securities		—		370,525,717		—		370,525,717
U.S. Treasury Obligations		—		1,859,124,611		—		1,859,124,611
Warrants
Israel		24,646		—		649,474		674,120
Switzerland		2,277		—		—		2,277
United Kingdom		152,461		—		—		152,461
United States		731,342		22,941,292		1,374,819		25,047,453
Short-Term Securities
Certificates of Deposit		—		29,427,284		—		29,427,284
Money Market Funds		113,614,940		—		—		113,614,940
Time Deposits		—		13,255,036		—		13,255,036
U.S. Treasury Obligations		—		328,215,247		—		328,215,247
Options Purchased
Credit Contracts		—		42,794		—		42,794
Equity Contracts		53,212,013		2,726,098		—		55,938,111
Foreign Currency Exchange Contracts		—		6,669,975		24,653		6,694,628


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Interest Rate Contracts	$	26,844		$	47,008,259		$	—	$	47,035,103
Other Contracts		—			1,557,736			—		1,557,736
Unfunded Floating Rate Loan Interests^(a)		—			—			—		—
Liabilities
Investments
Investments Sold Short
Common Stocks
France		—			(5,499,291	)		—		(5,499,291	)
United Kingdom		—			(5,508,792	)		—		(5,508,792	)
United States		(7,722,229	)		—			—		(7,722,229	)
TBA Sale Commitments		—			(161,987,203	)		—		(161,987,203	)

	$	7,413,909,664		$	9,839,979,695		$	1,412,416,200		18,666,305,559

Investments Valued at NAV^(b)										244,835,846

									$	18,911,141,405


Derivative Financial Instruments^(c)
Assets
Credit Contracts	$	—		$	9,557,457		$	—	$	9,557,457
Equity Contracts		27,930,776			357,657			—		28,288,433
Foreign Currency Exchange Contracts		—			131,823,307			—		131,823,307
Interest Rate Contracts		129,745,027			239,787,462			—		369,532,489
Liabilities
Credit Contracts		—			(752,993	)		—		(752,993	)
Equity Contracts		(54,250,214	)		(9,111,052	)		—		(63,361,266	)
Foreign Currency Exchange Contracts		—			(132,818,992	)		—		(132,818,992	)
Interest Rate Contracts		(136,850,642	)		(375,296,640	)		—		(512,147,282	)
Other Contracts		—			(25,261	)		—		(25,261	)

	$	(33,425,053	)	$	(136,479,055	)	$	—	$	(169,904,108	)

^(a)

Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

^(b)

Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(c)

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

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




	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Options Purchased			Other Interests


Assets
Opening balance, as of April 30, 2022	$	25,242,775		$	148,923,964		$	361,125,370		$	415,107,251		$	80,994,599		$	—		$	27,182,620
Transfers into Level 3		—			—			—			6,960,545			17,191,378			—			—
Transfers out of Level 3		—			—			—			(5,642,842	)		(43,509,060	)		—			—
Accrued discounts/premiums		—			—			(6,535	)		358,894			96,538			—			—
Net realized gain (loss)		—			—			(2,102,365	)		(22,877	)		—			—			—
Net change in unrealized appreciation (depreciation)^(a)(b)		(2,233,275	)		(26,040,996	)		(19,638,905	)		(16,011,038	)		(3,901,477	)		(57,913	)		383,033
Purchases		—			9,720,757			27,961,127			67,525,838			—			82,566			—
Sales		—			—			(20,262,705	)		(92,205,186	)		—			—			—

Closing balance, as of October 31, 2022	$	23,009,500		$	132,603,725		$	347,075,987		$	376,070,585		$	50,871,978		$	24,653		$	27,565,653


Net change in unrealized appreciation (depreciation) on investments still held at October 31, 2022^(b)	$	(2,233,275)		$	(26,040,996	)	$	(20,853,139	)	$	(16,431,397)		$	(3,901,477	)	$	(57,913)		$	383,034


	Preferred Stocks		U.S. Government Sponsored Agency Securities			Unfunded Floating Rate Loan Interests			Unfunded SPAC PIPE Commitments		Warrants		Total
Assets
Opening balance, as of April 30, 2022	$	516,568,839	$	2,062,614		$	(73,694	)	$	—	$	263,058	$	1,577,397,396
Transfers into Level 3		—		—			—			—		—		24,151,923
Transfers out of Level 3		—		(2,062,614	)		—			—		—		(51,214,516	)
Accrued discounts/premiums		—		—			—			—		—		448,897
Net realized gain (loss)		—		—			—			—		—		(2,125,242	)


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

Consolidated Schedule of Investments (unaudited) (continued)

October 31, 2022

BlackRock Global Allocation Fund, Inc.


	Preferred Stocks			U.S. Government Sponsored Agency Securities		Unfunded Floating Rate Loan Interests		Unfunded SPAC PIPE Commitments		Warrants		Total
Net change in unrealized appreciation (depreciation)^(a)(b)	$	(82,949,295	)	$	—	$	73,694	$	—	$	1,761,234	$	(148,614,938	)
Purchases		19,550,282			—		—		—		1		124,840,571
Sales		—			—		—		—		—		(112,467,891	)

Closing balance, as of October 31, 2022	$	453,169,826		$	—	$	—	$	—	$	2,024,293	$	1,412,416,200

Net change in unrealized appreciation (depreciation) on investments still held at October 31, 2022^(b)	$	(82,949,295	)	$	—	$	—	$	—	$	1,761,234	$	(150,323,224	)

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.

^(b)

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

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

Value

Valuation

Approach

Unobservable

Inputs

Range of
Unobservable
Inputs
Utilized

^(a)

Weighted

Average of

Unobservable

Inputs Based

on Fair Value

Assets

Common Stocks

132,440,934

Market

Revenue Multiple

2.75x - 17.19x

6.64x

Time to Exit

1.3 - 1.6 years

1.5 years

Volatility

48% - 72%

60%

Income

Discount Rate

16% - 16%

16%

Corporate Bonds

335,394,331

Income

Discount Rate

9% - 35%

16%

Market

Estimated Recovery Value

31%

Floating Rate Loan Interests^(b)(c)

358,826,882

Income

Discount Rate

5% - 16%

11%

Credit Spread

263 - 468

358

Other Interests

27,565,653

Income

Discount Rate

Preferred Stocks^(c)

447,527,886

Income

Discount Rate

12%

—

Market

Revenue Multiple

0.07x - 31.00x

13.42x

EBITDA Multiple

3.60x

—

Time to Exit

1.5 - 5.0 years

3.7 years

Volatility

50% - 90%

67%

Market Adjustment Multiple

1.00x

—

Warrants

2,024,293

Market

Revenue Multiple

12.75x - 18.47x

15.24x

Time to Exit

0.4 - 5.0 years

4.9 years

Volatility

40% - 63%

59%

1,303,779,979

^(a)

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

^(b)

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

^(c)

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

See notes to financial statements.


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

Consolidated Statement of Assets and Liabilities (unaudited)

October 31, 2022


	BlackRock Global Allocation Fund, Inc.

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	18,520,894,006
Investments, at value — affiliated^(c)		570,964,914
Cash		20,680,106
Cash pledged:
Futures contracts		99,622,000
Centrally cleared swaps		53,266,000
Foreign currency, at value^(d)		9,642,282
Receivables:
Investments sold		586,641,642
Options written		7,174,328
Securities lending income — affiliated		254,880
Swaps		17,061,559
TBA sale commitments		161,894,244
Capital shares sold		9,271,257
Dividends — unaffiliated		9,386,402
Dividends — affiliated		777,158
Interest — unaffiliated		47,896,879
Variation margin on futures contracts		15,603,566
Foreign withholding tax reclaims		2,428,279
Swap premiums paid		778,186
Unrealized appreciation on:
Forward foreign currency exchange contracts		131,823,307
OTC swaps		59,172
Prepaid expenses		259,162

Total assets		20,266,379,329


LIABILITIES
Investments sold short, at value^(e)		18,730,312
Collateral on securities loaned		227,706,450
Options written, at value^(f)		222,787,647
TBA sale commitments, at value^(g)		161,987,203
Payables:
Investments purchased		890,529,174
Swaps		4,759,613
Accounting services fees		1,023,304
Capital shares redeemed		26,679,006
Custodian fees		1,282,999
Deferred foreign capital gain tax		1,026,347
Dividends on short sales		148,544
Investment advisory fees		11,136,027
Directors’ and Officer’s fees		39,397
Options written		11,096,146
Other accrued expenses		153,887
Professional fees		507,913
Service and distribution fees		2,546,540
Transfer agent fees		3,886,166
Variation margin on futures contracts		11,486,551
Variation margin on centrally cleared swaps		9,224,381
Swap premiums received		303,997
Unrealized depreciation on:
Forward foreign currency exchange contracts		129,550,818
OTC swaps		19,965,971


Total liabilities		1,756,558,393


NET ASSETS	$	18,509,820,936


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

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

October 31, 2022


	BlackRock Global Allocation Fund, Inc.

NET ASSETS CONSIST OF
Paid-in capital	$	18,877,789,526
Accumulated loss		(367,968,590	)

NET ASSETS	$	18,509,820,936


^(a)Investments, at cost — unaffiliated	$	17,356,778,164
^(b)Securities loaned, at value	$	219,352,374
^(c)Investments, at cost — affiliated	$	751,477,022
^(d)Foreign currency, at cost	$	9,269,022
^(e)Proceeds received from investments sold short	$	18,201,877
^(f)Premiums received	$	105,619,970
^(g)Proceeds from TBA sale commitments	$	161,894,244


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

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

October 31, 2022


	BlackRock Global Allocation Fund, Inc.


NET ASSET VALUE

Institutional
Net assets	$	7,229,626,930

Shares outstanding		447,289,705

Net asset value	$	16.16

Shares authorized		2 billion

Par value	$	0.10


Investor A
Net assets	$	9,132,304,536

Shares outstanding		570,529,356

Net asset value	$	16.01

Shares authorized		2 billion

Par value	$	0.10


Investor C
Net assets	$	586,987,775

Shares outstanding		42,208,038

Net asset value	$	13.91

Shares authorized		2 billion

Par value	$	0.10


Class K
Net assets	$	1,271,693,355

Shares outstanding		78,704,867

Net asset value	$	16.16

Shares authorized		2 billion

Par value	$	0.10


Class R
Net assets	$	289,208,340

Shares outstanding		19,360,937

Net asset value	$	14.94

Shares authorized		2 billion

Par value	$	0.10

See notes to consolidated financial statements.


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

Consolidated Statement of Operations (unaudited)

Six Months Ended October 31, 2022


	BlackRock Global Allocation Fund, Inc.


INVESTMENT INCOME
Dividends — unaffiliated	$	137,086,251
Dividends — affiliated		18,700,296
Interest — unaffiliated		129,536,517
Securities lending income — affiliated — net		1,590,072
Other income — unaffiliated		4,893,318
Foreign withholding tax claims		7,473,105
Foreign taxes withheld		(6,885,413	)

Total investment income		292,394,146


EXPENSES
Investment advisory		76,275,331
Service and distribution — class specific		16,587,795
Transfer agent — class specific		7,998,446
Professional		1,515,700
Accounting services		955,253
Custodian		798,591
Registration		196,188
Directors and Officer		133,992
Miscellaneous		447,528


Total expenses excluding dividend expense		104,908,824
Dividends expense — unaffiliated		254,755

Total expenses		105,163,579
Less:
Fees paid indirectly		(2,397	)
Fees waived and/or reimbursed by the Manager		(4,981,162	)

Total expenses after fees waived and/or reimbursed		100,180,020

Net investment income		192,214,126


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		(328,103,542	)
Investments — affiliated		(29,082,132	)
Forward foreign currency exchange contracts		(294,899,845	)
Foreign currency transactions		38,840,880
Futures contracts		63,207,934
Options written		43,432,267
Short sales — unaffiliated		766,640
Swaps		33,597,121

		(472,240,677	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)		(1,250,059,233	)
Investments — affiliated		(21,123,243	)
Forward foreign currency exchange contracts		177,322,172
Foreign currency translations		(931,687	)
Futures contracts		(134,882,944	)
Options written		(59,591,824	)
Short sales — unaffiliated		751,714
Swaps		6,191,568
Unfunded floating rate loan interests		73,694

		(1,282,249,783	)


Net realized and unrealized loss		(1,754,490,460	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,562,276,334	)


^(a)Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	10
^(b)Net of reduction in deferred foreign capital gain tax of	$	1,731,691

See notes to consolidated financial statements.


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

Consolidated Statements of Changes in Net Assets


	BlackRock Global Allocation Fund, Inc.


	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	192,214,126		$	278,264,475
Net realized gain (loss)		(472,240,677	)		1,495,191,769
Net change in unrealized appreciation (depreciation)		(1,282,249,783	)		(4,454,303,117	)

Net decrease in net assets resulting from operations		(1,562,276,334	)		(2,680,846,873	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(450,892,290	)		(980,540,274	)
Investor A		(553,935,119	)		(1,242,711,893	)
Investor C		(41,577,309	)		(107,675,473	)
Class K		(77,509,183	)		(177,923,588	)
Class R		(17,982,109	)		(39,866,949	)

Decrease in net assets resulting from distributions to shareholders		(1,141,896,010	)		(2,548,718,177	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(760,857,751	)		141,980,707


NET ASSETS
Total decrease in net assets		(3,465,030,095	)		(5,087,584,343	)
Beginning of period		21,974,851,031			27,062,435,374

End of period	$	18,509,820,936		$	21,974,851,031

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to consolidated financial statements.


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

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc.
	Institutional
	Six Months Ended 10/31/22 (unaudited)				Year Ended 04/30/22			Period from 11/01/20 to 04/30/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17

Net asset value, beginning of period		$	18.50		$	22.84		$	19.93		$	19.36		$	18.81		$	20.39		$	18.43

Net investment income^(a)			0.18			0.27			0.11			0.17			0.30			0.28			0.25
Net realized and unrealized gain (loss)			(1.52	)		(2.45	)		3.82			1.75			1.45			(0.84	)		2.12

Net increase (decrease) from investment operations			(1.34	)		(2.18	)		3.93			1.92			1.75			(0.56	)		2.37


Distributions^(b)
From net investment income			—			(0.27	)		(0.14	)		(0.12	)		(0.22	)		(0.32	)		(0.26	)
From net realized gain			(1.00	)		(1.89	)		(0.88	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)

Total distributions			(1.00	)		(2.16	)		(1.02	)		(1.35	)		(1.20	)		(1.02	)		(0.41	)


Net asset value, end of period		$	16.16		$	18.50		$	22.84		$	19.93		$	19.36		$	18.81		$	20.39


Total Return^(c)
Based on net asset value			(7.29	)%^(d)		(10.58	)%		20.07	%^(d)		10.23	%^(e)		9.96	%		(2.94	)%		13.10	%


Ratios to Average Net Assets^(f)
Total expenses			0.87	%^(g)		0.88	%		0.86	%^(g)		0.86	%		0.85	%		0.87	%		0.90	%

Total expenses after fees waived and/or reimbursed			0.82	%^(g)		0.83	%		0.80	%^(g)		0.81	%		0.80	%		0.80	%		0.82	%

Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			0.81	%^(g)		0.81	%		0.80	%^(g)		0.81	%		0.80	%		0.79	%		0.80	%

Net investment income			2.06	%^(g)		1.25	%		1.04	%^(g)		0.91	%		1.59	%		1.43	%		1.28	%


Supplemental Data
Net assets, end of period (000)		$	7,229,627		$	8,836,844		$	9,749,544		$	7,907,317		$	8,617,256		$	12,963,106		$	16,164,754

Portfolio turnover rate^(h)			60	%		124	%		58	%		193	%		156	%		154	%		110	%

^(a)

Based on average shares outstanding.

^(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)

Where applicable, assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:


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

See notes to consolidated financial statements.


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc. (continued)
	Investor A
	Six Months Ended 10/31/22 (unaudited)				Year Ended 04/30/22			Period from 11/01/20 to 04/30/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17

Net asset value, beginning of period		$	18.34		$	22.65		$	19.75		$	19.23		$	18.68		$	20.26		$	18.29

Net investment income^(a)			0.15			0.21			0.08			0.12			0.24			0.23			0.19
Net realized and unrealized gain (loss)			(1.50	)		(2.42	)		3.80			1.72			1.46			(0.85	)		2.11

Net increase (decrease) from investment operations			(1.35	)		(2.21	)		3.88			1.84			1.70			(0.62	)		2.30


Distributions^(b)
From net investment income			—			(0.21	)		(0.10	)		(0.09	)		(0.17	)		(0.26	)		(0.18	)
From net realized gain			(0.98	)		(1.89	)		(0.88	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)

Total distributions			(0.98	)		(2.10	)		(0.98	)		(1.32	)		(1.15	)		(0.96	)		(0.33	)


Net asset value, end of period		$	16.01		$	18.34		$	22.65		$	19.75		$	19.23		$	18.68		$	20.26


Total Return^(c)
Based on net asset value			(7.39	)%^(d)		(10.78	)%		19.95	%^(d)		9.87	%^(e)		9.71	%		(3.24	)%		12.77	%


Ratios to Average Net Assets^(f)
Total expenses			1.12	%^(g)		1.13	%		1.12	%^(g)		1.13	%		1.13	%		1.14	%		1.18	%

Total expenses after fees waived and/or reimbursed			1.08	%^(g)		1.08	%		1.06	%^(g)		1.08	%		1.08	%		1.07	%		1.10	%

Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			1.06	%^(g)		1.06	%		1.05	%^(g)		1.08	%		1.08	%		1.07	%		1.07	%

Net investment income			1.80	%^(g)		0.98	%		0.78	%^(g)		0.63	%		1.29	%		1.14	%		1.00	%


Supplemental Data
Net assets, end of period (000)		$	9,132,305		$	10,557,693		$	13,806,271		$	11,184,639		$	10,601,653		$	10,547,464		$	12,809,356

Portfolio turnover rate^(h)			60	%		124	%		58	%		193	%		156	%		154	%		110	%

^(a)

Based on average shares outstanding.

^(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:


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

See notes to consolidated financial statements.


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc. (continued)
	Investor C
		Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Period from 11/01/20 to 04/30/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17

Net asset value, beginning of period		$	16.08		$	20.11		$	17.43		$	17.17		$	16.82		$	18.33		$	16.57

Net investment income (loss)^(a)			0.08			0.04			(0.00	)^(b)		(0.02	)		0.09			0.07			0.04
Net realized and unrealized gain (loss)			(1.32	)		(2.13	)		3.36			1.53			1.30			(0.76	)		1.91

Net increase (decrease) from investment operations			(1.24	)		(2.09	)		3.36			1.51			1.39			(0.69	)		1.95


Distributions^(c)
From net investment income			—			(0.05	)		(0.00	)^(b)		(0.02	)		(0.06	)		(0.12	)		(0.04	)
From net realized gain			(0.93	)		(1.89	)		(0.68	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)

Total distributions			(0.93	)		(1.94	)		(0.68	)		(1.25	)		(1.04	)		(0.82	)		(0.19	)


Net asset value, end of period		$	13.91		$	16.08		$	20.11		$	17.43		$	17.17		$	16.82		$	18.33


Total Return^(d)
Based on net asset value			(7.75	)%^(e)		(11.50	)%		19.50	%^(e)		9.06	%^(f)		8.88	%		(3.95	)%		11.92	%


Ratios to Average Net Assets^(g)
Total expenses			1.92	%^(h)		1.90	%		1.90	%^(h)		1.89	%		1.88	%		1.88	%		1.92	%

Total expenses after fees waived and/or reimbursed			1.87	%^(h)		1.85	%		1.84	%^(h)		1.85	%		1.83	%		1.81	%		1.84	%

Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			1.85	%^(h)		1.84	%		1.83	%^(h)		1.84	%		1.82	%		1.81	%		1.82	%

Net investment income (loss)			1.02	%^(h)		0.21	%		(0.01	)%^(h)		(0.13	)%		0.56	%		0.38	%		0.27	%


Supplemental Data
Net assets, end of period (000)		$	586,988		$	780,451		$	1,213,559		$	1,547,011		$	3,143,501		$	5,402,163		$	7,545,249

Portfolio turnover rate⁽ⁱ⁾			60	%		124	%		58	%		193	%		156	%		154	%		110	%

^(a)

Based on average shares outstanding.

^(b)

Amount is greater than $(0.005) per share.

^(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)

Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)

Not annualized.

^(f)

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

^(g)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)

Annualized.

⁽ⁱ⁾

Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:


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

See notes to consolidated financial statements.


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc. (continued)

	Class K

	Six Months Ended 10/31/22 (unaudited)				Year Ended 04/30/22			Period from 11/01/20 to 04/30/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17

Net asset value, beginning of period		$	18.50		$	22.84		$	19.93		$	19.36		$	18.80		$	20.39		$	18.44

Net investment income^(a)			0.18			0.28			0.12			0.19			0.31			0.30			0.27
Net realized and unrealized gain (loss)			(1.51	)		(2.44	)		3.83			1.73			1.46			(0.85	)		2.12

Net increase (decrease) from investment operations			(1.33	)		(2.16	)		3.95			1.92			1.77			(0.55	)		2.39


Distributions^(b)
From net investment income			—			(0.29	)		(0.16	)		(0.12	)		(0.23	)		(0.34	)		(0.29	)
From net realized gain			(1.01	)		(1.89	)		(0.88	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)

Total distributions			(1.01	)		(2.18	)		(1.04	)		(1.35	)		(1.21	)		(1.04	)		(0.44	)


Net asset value, end of period		$	16.16		$	18.50		$	22.84		$	19.93		$	19.36		$	18.80		$	20.39


Total Return^(c)
Based on net asset value			(7.26	)%^(d)		(10.51	)%		20.16	%^(d)		10.28	%^(e)		10.10	%		(2.91	)%		13.20	%


Ratios to Average Net Assets^(f)
Total expenses			0.80	%^(g)		0.80	%		0.78	%^(g)		0.78	%		0.78	%		0.80	%		0.82	%

Total expenses after fees waived and/or reimbursed			0.75	%^(g)		0.75	%		0.72	%^(g)		0.74	%		0.73	%		0.73	%		0.74	%

Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			0.73	%^(g)		0.73	%		0.71	%^(g)		0.73	%		0.72	%		0.72	%		0.72	%

Net investment income			2.12	%^(g)		1.31	%		1.13	%^(g)		0.98	%		1.67	%		1.53	%		1.39	%


Supplemental Data
Net assets, end of period (000)		$	1,271,693		$	1,470,032		$	1,849,652		$	1,329,363		$	1,146,295		$	1,326,617		$	1,341,925

Portfolio turnover rate^(h)			60	%		124	%		58	%		193	%		156	%		154	%		110	%

^(a)

Based on average shares outstanding.

^(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)

Where applicable, assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:



	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Period from 11/01/20 to 04/30/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17

Portfolio turnover rate (excluding MDRs)		56	%		112	%		58	%		193	%		156	%		154	%		110	%

See notes to consolidated financial statements.


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

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc. (continued)

	Class R

	Six Months Ended 10/31/22 (unaudited)				Year Ended 04/30/22			Period from 11/01/20 to 04/30/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18			Year Ended 10/31/17

Net asset value, beginning of period		$	17.19		$	21.37		$	18.64		$	18.24		$	17.77		$	19.32		$	17.46

Net investment income^(a)			0.11			0.12			0.04			0.06			0.17			0.15			0.13
Net realized and unrealized gain (loss)			(1.40	)		(2.28	)		3.58			1.63			1.38			(0.80	)		2.01

Net increase (decrease) from investment operations			(1.29	)		(2.16	)		3.62			1.69			1.55			(0.65	)		2.14


Distributions^(b)
From net investment income			—			(0.13	)		(0.01	)		(0.06	)		(0.10	)		(0.20	)		(0.13	)
From net realized gain			(0.96	)		(1.89	)		(0.88	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)

Total distributions			(0.96	)		(2.02	)		(0.89	)		(1.29	)		(1.08	)		(0.90	)		(0.28	)


Net asset value, end of period		$	14.94		$	17.19		$	21.37		$	18.64		$	18.24		$	17.77		$	19.32


Total Return^(c)
Based on net asset value			(7.56	)%^(d)		(11.15	)%		19.74	%^(d)		9.54	%^(e)		9.35	%		(3.56	)%		12.42	%


Ratios to Average Net Assets^(f)
Total expenses			1.50	%^(g)		1.50	%		1.47	%^(g)		1.47	%		1.46	%		1.47	%		1.50	%

Total expenses after fees waived and/or reimbursed			1.45	%^(g)		1.46	%		1.41	%^(g)		1.42	%		1.41	%		1.40	%		1.42	%

Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			1.44	%^(g)		1.44	%		1.40	%^(g)		1.41	%		1.40	%		1.39	%		1.40	%

Net investment income			1.42	%^(g)		0.62	%		0.43	%^(g)		0.31	%		0.98	%		0.81	%		0.68	%


Supplemental Data
Net assets, end of period (000)		$	289,208		$	329,831		$	443,409		$	405,400		$	603,073		$	785,653		$	1,060,273

Portfolio turnover rate^(h)			60	%		124	%		58	%		193	%		156	%		154	%		110	%

^(a)

Based on average shares outstanding.

^(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)

Where applicable, assumes the reinvestment of distributions.

^(d)

Not annualized.

^(e)

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

^(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)

Annualized.

^(h)

Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:



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

See notes to consolidated financial statements.


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

Notes to Consolidated Financial Statements (unaudited)

1.	*ORGANIZATION*

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

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




Share Class	Initial Sales Charge	CDSC			Conversion Privilege

Institutional, Class K and Class R Shares	No		No		None
Investor A Shares	Yes		No	^(a)	None
Investor C Shares	No		Yes	^(b)	To Investor A Shares after approximately 8 years

^(a)

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.

^(b)

A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

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

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

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

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


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

Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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

•

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

The Fund values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

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.

•

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.


N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S		67

Notes to Consolidated Financial Statements (unaudited) (continued)

•

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

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

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

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



		Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services

Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach		(i) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach		(i) audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

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

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

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

•

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

•

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

•

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

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


68		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Consolidated Financial Statements (unaudited) (continued)

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

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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

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

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

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

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

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


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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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




Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)

BlackRock Global Allocation Fund, Inc.	Opendoor Mezz Commitment	$	21,050,152	$	21,050,152	$	21,050,152	$	—

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


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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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


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

Notes to Consolidated Financial Statements (unaudited) (continued)

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



	Securities		Cash Collateral			Non-Cash Collateral			Net
Counterparty		Loaned at Value		Received	^(a)		Received, at Fair Value	^(a)		Amount

Barclays Capital, Inc.	$	39,454,899	$	(39,454,899	)	$	—		$	—
BofA Securities, Inc.		42,295,251		(42,295,251	)		—			—
Citigroup Global Markets, Inc.		7,262,827		(7,262,827	)		—			—
Credit Suisse Securities (USA) LLC		16,429,115		(16,429,115	)		—			—
Goldman Sachs & Co. LLC		8,205,683		(8,205,683	)		—			—
J.P. Morgan Securities LLC		42,629,787		(42,629,787	)		—			—
Jefferies LLC		6,308,437		(6,308,437	)		—			—
Mizuho Securities USA LLC		1,303,030		(1,303,030	)		—			—
Morgan Stanley		55,158,257		(55,158,257	)		—			—
Toronto-Dominion Bank		305,088		(305,088	)		—			—

	$	219,352,374	$	(219,352,374	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Consolidated Statement of Assets and Liabilities.

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

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

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


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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

•

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.

•

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.

•

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

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

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

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

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

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


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Notes to Consolidated Financial Statements (unaudited) (continued)

•

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

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

•

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.

•

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.

•

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

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

•

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

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

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


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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

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



Share Class	Service Fees			Distribution Fees

Investor A		0.25	%		N/A
Investor C		0.25			0.75	%
Class R		0.25			0.25

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

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




	Investor A		Investor C		Class R		Total


Service and distribution fees — class specific	$	12,397,703	$	3,414,783	$	775,309	$	16,587,795

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




	Institutional		Investor A		Total


Amounts paid to affiliates	$	23,020	$	512	$	23,532

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




	Institutional		Investor A		Investor C		Class K		Class R		Total


Reimbursed amounts	$	13,346	$	108,232	$	17,898	$	2,073	$	1,215	$	142,764


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

Notes to Consolidated Financial Statements (unaudited) (continued)

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




	Institutional		Investor A		Investor C		Class K		Class R		Total


Transfer agent fees — class specific	$	3,125,045	$	4,091,435	$	421,528	$	34,890	$	325,548	$	7,998,446

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

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




	Investor A		Investor C		Total


CDSC	$	131,582	$	29,066	$	160,648

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



Average Daily Net Assets	Investment Advisory Fees

First $10 billion		0.75	%
$10 billion — $15 billion		0.69
$15 billion — $20 billion		0.68
$20 billion — $25 billion		0.67
$25 billion — $30 billion		0.65
$30 billion — $40 billion		0.63
$40 billion — $60 billion		0.62
$60 billion — $80 billion		0.61
Greater than $80 billion		0.60

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

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

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

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

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

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

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


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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

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




Fund Name	Purchases		Sales		Net Realized Gain (Loss)


BlackRock Global Allocation Fund, Inc.	$	—	$	5,659,268	$	(1,262,468	)

7.	*PURCHASES AND SALES*

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




	U.S. Government Securities				Other Securities


Fund Name	Purchases		Sales		Purchases		Sales


BlackRock Global Allocation Fund, Inc.		$ 2,331,867,022		$ 476,716,428	$	8,535,721,126	$	9,528,406,354

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

8.	*INCOME TAX INFORMATION*

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

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

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

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




Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


BlackRock Global Allocation Fund, Inc.	$	18,250,617,585	$	3,369,454,935	$	(2,593,119,132	)	$	776,335,803

9.	*BANK BORROWINGS*

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


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

Notes to Consolidated Financial Statements (unaudited) (continued)

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

10.

PRINCIPAL RISKS

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

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

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

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

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

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

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

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

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


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Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:




	Six Months Ended 10/31/22						Year Ended 04/30/22


Fund Name / Share Class	Shares			Amounts			Shares			Amounts


BlackRock Global Allocation Fund, Inc.
Institutional
Shares sold		28,422,489		$	485,865,335			112,206,208		$	2,425,678,802
Shares issued in reinvestment of distributions		25,463,597			415,056,569			42,161,228			897,692,084
Shares redeemed		(84,155,912	)		(1,441,214,239	)		(103,640,373	)		(2,170,736,899	)

		(30,269,826	)	$	(540,292,335	)		50,727,063		$	1,152,633,987

Investor A
Shares sold and automatic conversion of shares		18,466,675		$	314,889,046			56,283,602		$	1,200,338,507
Shares issued in reinvestment of distributions		31,713,293			512,169,489			54,435,080			1,152,860,845
Shares redeemed		(55,276,699	)		(936,594,174	)		(144,523,875	)		(3,082,883,351	)

		(5,096,731	)	$	(109,535,639	)		(33,805,193	)	$	(729,683,999	)

Investor C
Shares sold		1,183,145		$	17,587,052			5,027,108		$	95,141,109
Shares issued in reinvestment of distributions		2,912,778			40,982,792			5,676,334			106,059,115
Shares redeemed and automatic conversion of shares		(10,418,296	)		(154,732,205	)		(22,527,616	)		(420,506,402	)

		(6,322,373	)	$	(96,162,361	)		(11,824,174	)	$	(219,306,178	)


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

Notes to Consolidated Financial Statements (unaudited) (continued)




	Six Months Ended 10/31/22						Year Ended 04/30/22


Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts


BlackRock Global Allocation Fund, Inc. (continued)
Class K
Shares sold		7,525,633		$	129,703,951			23,427,639		$	506,528,605
Shares issued in reinvestment of distributions		4,736,355			77,155,219			8,273,872			176,619,803
Shares redeemed		(13,028,573	)		(223,182,048	)		(33,229,989	)		(713,022,978	)

		(766,585	)	$	(16,322,878	)		(1,528,478	)	$	(29,874,570	)

Class R
Shares sold		901,756		$	14,357,083			2,027,790		$	39,703,840
Shares issued in reinvestment of distributions		1,190,477			17,964,297			2,002,426			39,833,702
Shares redeemed		(1,915,989	)		(30,865,918	)		(5,597,411	)		(111,326,075	)

		176,244		$	1,455,462			(1,567,195	)	$	(31,788,533	)

		(42,279,271	)	$	(760,857,751	)		2,002,023		$	141,980,707

12.

SUBSEQUENT EVENTS

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


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

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

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

The Approval Process

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

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

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

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

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

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


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

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

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

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

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

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

B. The Investment Performance of the Fund and BlackRock

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

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

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

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

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

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


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

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

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

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

D. Economies of Scale

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

E. Other Factors Deemed Relevant by the Board Members

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

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

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

Conclusion

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


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

Additional Information

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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


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Additional Information (continued)

BlackRock Privacy Principles (continued)

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

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


Fund and Service Providers

Investment Adviser		Distributor
BlackRock Advisors, LLC		BlackRock Investments, LLC
Wilmington, DE 19809		New York, NY 10022

Sub-Adviser		Independent Registered Public Accounting Firm
BlackRock (Singapore) Limited		Deloitte & Touche LLP
079912 Singapore		Boston, MA 02116

Accounting Agent		Legal Counsel
State Street Bank and Trust Company		Sidley Austin LLP
Boston, MA 02111		New York, NY 10019

Custodian		Address of the Fund
Brown Brothers Harriman & Co.		100 Bellevue Parkway
Boston, MA 02109		Wilmington, DE 19809

Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809


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

Glossary of Terms Used in this Report


Currency Abbreviation

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CNH		Chinese Yuan

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

IDR		Indonesian Rupiah

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

NOK		Norwegian Krone

NZD		New Zealand Dollar

PLN		Polish Zloty

SEK		Swedish Krona

SGD		Singapore Dollar

USD		United States Dollar

ZAR		South African Rand


Portfolio Abbreviation

ADR		American Depositary Receipt

BZDIOVER		Overnight Brazil CETIP — Interbank Rate

CDI		CREST Depository Interest

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

DAC		Designated Activity Company

DIP		Debtor-In-Possession

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

FTSE		Financial Times Stock Exchange

LIBOR		London Interbank Offered Rate

MSCI		Morgan Stanley Capital International

MTN		Medium-Term Note

MXIBOR		Mexico Interbank Offered Rate

PCL		Public Company Limited

PIK		Payment-in-Kind

REMIC		Real Estate Mortgage Investment Conduit

S&P		Standard & Poor’s

SAB		Special Assessment Bonds

SAN		State Aid Notes

SAP		Subject to Appropriations

SOFR		Secured Overnight Financing Rate

SOFR CME		Secured Overnight Financing Rate Chicago Mercantile Exchange

SOFRTE		Term Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

SPDR		Standard & Poor’s Depository Receipt

ST		Special Tax

STACR		Structured Agency Credit Risk

TAN		Tax Anticipation Notes

TBA		To-Be-Announced


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

Want to know more?

blackrock.com | 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

GA-10/22-SAR

(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrants – Not Applicable

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

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

Item 9 –

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

Item 10 –

Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

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

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

Item 12 –

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

Item 13 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

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: December 21, 2022

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


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

		Date: December 21, 2022


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

		Date: December 21, 2022