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 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 10/31/2013
Date of reporting period: 10/31/2013
Item 1 – Report to Stockholders
ANNUAL REPORT |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Page | ||||||
Dear Shareholder | 3 | |||||
Annual Report: | ||||||
Fund Summary | 4 | |||||
About Fund Performance | 6 | |||||
Disclosure of Expenses | 6 | |||||
Portfolio Information | 7 | |||||
Derivative Financial Instruments | 7 | |||||
Financial Statements: | ||||||
Consolidated Schedule of Investments | 8 | |||||
Consolidated Statement of Assets and Liabilities | 26 | |||||
Consolidated Statement of Operations | 27 | |||||
Consolidated Statements of Changes in Net Assets | 28 | |||||
Consolidated Financial Highlights | 29 | |||||
Notes to Consolidated Financial Statements | 34 | |||||
Report of Independent Registered Public Accounting Firm | 48 | |||||
Important Tax Information | 48 | |||||
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement | 49 | |||||
Officers and Directors | 53 | |||||
Additional Information | 56 | |||||
A World-Class Mutual Fund Family | 58 |
2 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Dear Shareholder |
President, BlackRock Advisors, LLC
“ | Though periods of heightened uncertainty drove high levels of market volatility over the past year, riskier asset classes generally outperformed lower-risk investments.” |
President, BlackRock Advisors, LLC
Total Returns as of October 31, 2013
6-month | 12-month | |||||||||
US large cap equities (S&P 500® Index) | 11.14 | % | 27.18 | % | ||||||
US small cap equities (Russell 2000® Index) | 16.90 | 36.28 | ||||||||
International equities (MSCI Europe, Australasia, Far East Index) | 8.53 | 26.88 | ||||||||
Emerging market equities (MSCI Emerging Markets Index) | 1.18 | 6.53 | ||||||||
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index) | 0.03 | 0.09 | ||||||||
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) | (6.07 | ) | (4.64 | ) | ||||||
US investment grade bonds (Barclays US Aggregate Bond Index) | (1.97 | ) | (1.08 | ) | ||||||
Tax-exempt municipal bonds (S&P Municipal Bond Index) | (3.63 | ) | (1.69 | ) | ||||||
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index) | 1.50 | 8.86 |
THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
Fund Summary as of October 31, 2013 |
Investment Objective
Portfolio Management Commentary
• | For the 12-month period ended October 31, 2013, the Fund’s Institutional Shares generated a positive double-digit return and outperformed the reference benchmark, which is comprised of the S&P 500® Index (36%), FTSE World (ex-US) Index (24%), BofA Merrill Lynch Current 5-Year US Treasury Index (24%) and Citigroup Non-US Dollar World Government Bond Index (16%) (the “Reference Benchmark”). All other share classes generated positive double-digit returns, but underperformed the Reference Benchmark. All share classes of the Fund underperformed the broad-based all-equity benchmark, the FTSE World Index. The Fund invests in both equities and bonds; therefore, the Reference Benchmark provides a truer representation of the Fund’s composition and a more comparable means for measurement. The following discussion of relative performance pertains to the Reference Benchmark. |
• | Within equities, the Fund’s overweight and stock selection in Japan contributed to performance. From a sector perspective, stock selection in information technology (“IT”), industrials, consumer discretionary, energy and health care positively impacted returns. An underweight allocation to fixed income relative to the Reference Benchmark contributed to performance. Within fixed income, overweights in convertible bonds and corporate debt were also additive. |
• | Detractors from performance within equities included stock selection in Canada and the United States. From a sector perspective, stock selection and an overweight (led by gold-related securities) in materials weighed on returns. The Fund’s cash position detracted from performance. From a currency perspective, an overweight in the US dollar negatively impacted returns. |
• | During the 12-month period, the Fund’s overall equity allocation increased from 60% to 63% of net assets. Within equities, the Fund increased its weightings in Europe and Japan, and reduced its exposure to the United States. On a sector basis, the Fund increased its weightings in financials, industrials, consumer discretionary and health care, and reduced its exposures to materials, IT, energy and telecommunication services. |
• | The Fund’s allocation to fixed income decreased during the period from 24% to 19% of net assets. Within fixed income, the Fund reduced exposure to government bonds, notably US Treasury securities, sovereign and provincial debt in Australia, Brazilian government bonds as well as US dollar-denominated foreign convertible bonds. |
• | Reflecting the changes in the Fund’s overall allocations to the equity and fixed income asset classes during the period, the Fund’s cash and cash equivalent holdings increased from 16% to 18% of net assets. During the 12-month period, cash helped mitigate portfolio volatility and served as a source of funds for new investments. In addition, the Fund’s cash position helped keep overall portfolio duration (sensitivity to interest rate movements) relatively low. |
• | Relative to its Reference Benchmark, the Fund ended the period overweight in equities, substantially underweight in fixed income and overweight in cash and cash equivalents. Within equities, the Fund was overweight in Japan and Europe, and underweight in the United States. On a sector basis, the Fund was overweight in materials, health care, industrials, energy, and financials, and underweight in consumer staples, consumer discretionary and IT. |
• | Within fixed income, the Fund was underweight in US Treasuries, Japanese government bonds and sovereign debt in Europe, and overweight in Australian government bonds (both sovereign and provincial) and sovereign debt in Brazil. In addition, the Fund was overweight in convertible bonds and corporate debt. |
• | With respect to currency exposure, the Fund was overweight in the US dollar, Canadian dollar, Brazilian real, Singapore dollar and held smaller overweights in select emerging Asian currencies. The Fund was underweight in the Japanese yen, euro and Taiwan dollar. |
4 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
|
Total Return Based on a $10,000 Investment
1 | Assuming maximum sales charges, if any, transaction costs and other operating expenses, including advisory fees. Institutional Shares do not have a sales charge. |
2 | The Fund invests in a portfolio of US 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. |
3 | This broad-based capitalization-weighted index is comprised of 2,438 equities from 35 countries in 4 regions, including the United States. |
4 | The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% S&P 500® Index; 24% FTSE World (ex US) Index; 24% BofA Merrill Lynch Current 5-Year US Treasury Index; and 16% Citigroup Non-US Dollar World Government Bond Index. Descriptions of these indexes can be found in the footnotes below. |
Performance Summary for the Period Ended October 31, 2013
Average Annual Total Returns5 | ||||||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||||
| 6-Month Total Returns | | w/o sales charge | | w/sales charge | | w/o sales charge | | w/sales charge | | w/o sales charge | | w/sales charge | |||||||||||||||||
Institutional | 4.63 | % | 13.97 | % | N/A | 10.52 | % | N/A | 8.94 | % | N/A | |||||||||||||||||||
Investor A | 4.47 | 13.63 | 7.66 | % | 10.22 | 9.04 | % | 8.65 | 8.06 | % | ||||||||||||||||||||
Investor B | 4.09 | 12.75 | 8.25 | 9.34 | 9.05 | 7.96 | 7.96 | |||||||||||||||||||||||
Investor C | 4.13 | 12.86 | 11.86 | 9.39 | 9.39 | 7.83 | 7.83 | |||||||||||||||||||||||
Class R | 4.32 | 13.26 | N/A | 9.84 | N/A | 8.31 | N/A | |||||||||||||||||||||||
FTSE World Index | 9.38 | 24.98 | N/A | 14.14 | N/A | 8.31 | N/A | |||||||||||||||||||||||
Reference Benchmark | 5.43 | 13.78 | N/A | 10.86 | N/A | 7.14 | N/A | |||||||||||||||||||||||
US Stocks: S&P 500® Index6 | 11.14 | 27.18 | N/A | 15.17 | N/A | 7.46 | N/A | |||||||||||||||||||||||
Non-US Stocks: FTSE World (ex US) Index7 | 7.49 | 22.43 | N/A | 13.06 | N/A | 9.01 | N/A | |||||||||||||||||||||||
US Bonds: BofA Merrill Lynch Current 5-Year US Treasury Index8 | (1.76 | ) | (0.72 | ) | N/A | 4.46 | N/A | 4.45 | N/A | |||||||||||||||||||||
Non-US Bonds: Citigroup Non-US Dollar World Government Bond Index9 | 0.50 | (3.75 | ) | N/A | 5.05 | N/A | 5.06 | N/A |
5 | 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” on page 6 for a detailed description of share classes, including any related sales charges and fees. |
6 | This unmanaged index covers 500 industrial, utility, transportation and financial companies of the US markets (mostly New York Stock Exchange (“NYSE”) issues) representing about 75% of NYSE market capitalization and 30% of NYSE issues. |
7 | This unmanaged capitalization-weighted index is comprised of 1,819 equities in 34 countries, excluding the United States. |
8 | This unmanaged index is designed to track the total return of the current coupon five-year US Treasury bond. |
9 | This unmanaged market capitalization-weighted index tracks 22 government bond indexes, excluding the United States. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 5 |
About Fund Performance | |
• | Institutional Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to eligible investors. |
• | 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. |
• | Investor B Shares are subject to a maximum CDSC of 4.50% declining to 0% after six years. 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 automatically convert to Investor A Shares after approximately eight years. (There is no initial sales charge for automatic share conversions.) All returns for periods greater than eight years reflect this conversion. These shares are only available through exchanges and dividend reinvestment by existing shareholders or for purchase by certain employer-sponsored retirement plans. |
• | 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. |
• | 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 and other similar plans. |
Expense Example
Actual | Hypothetical2 | |||||||||||||||||||||||||||||
| Beginning Account Value May 1, 2013 | | Ending Account Value October 31, 2013 | | Expenses Paid During the Period1 | | Beginning Account Value May 1, 2013 | | Ending Account Value October 31, 2013 | | Expenses Paid During the Period1 | | Annualized Expense Ratio | |||||||||||||||||
Institutional | $ | 1,000.00 | $ | 1,046.30 | $ | 4.02 | $ | 1,000.00 | $ | 1,021.27 | $ | 3.97 | 0.78 | % | ||||||||||||||||
Investor A | $ | 1,000.00 | $ | 1,044.70 | $ | 5.36 | $ | 1,000.00 | $ | 1,019.96 | $ | 5.30 | 1.04 | % | ||||||||||||||||
Investor B | $ | 1,000.00 | $ | 1,040.90 | $ | 9.41 | $ | 1,000.00 | $ | 1,015.98 | $ | 9.30 | 1.83 | % | ||||||||||||||||
Investor C | $ | 1,000.00 | $ | 1,041.30 | $ | 9.16 | $ | 1,000.00 | $ | 1,016.23 | $ | 9.05 | 1.78 | % | ||||||||||||||||
Class R | $ | 1,000.00 | $ | 1,043.20 | $ | 7.16 | $ | 1,000.00 | $ | 1,018.20 | $ | 7.07 | 1.39 | % |
1 | For each class of the Fund, expenses are equal to the annualized net 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). |
2 | Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365. |
6 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Portfolio Information | |
As of October 31, 2013
Percent of | ||||||||
Ten Largest Holdings (Equity Investments) | Long-Term Investments | |||||||
Google, Inc., Class A | 1 | % | ||||||
General Electric Co. | 1 | |||||||
Pfizer, Inc. | 1 | |||||||
Samsung Electronics Co. Ltd. | 1 | |||||||
Oracle Corp. | 1 | |||||||
Visa, Inc., Class A | 1 | |||||||
Roche Holding AG | 1 | |||||||
JPMorgan Chase & Co. | 1 | |||||||
Wells Fargo & Co. | 1 | |||||||
Mastercard, Inc., Class A | 1 |
Percent of | |||||||||||
Geographic Allocation | Long-Term Investments | ||||||||||
United States | 51 | % | |||||||||
Japan | 9 | ||||||||||
United Kingdom | 7 | ||||||||||
Germany | 5 | ||||||||||
France | 3 | ||||||||||
Australia | 3 | ||||||||||
Canada | 3 | ||||||||||
Brazil | 3 | ||||||||||
Switzerland | 2 | ||||||||||
Netherlands | 2 | ||||||||||
Other1 | 12 |
1 | Includes holdings within countries and geographic regions that are 1% or less of long-term investments. Please refer to the Consolidated Schedule of Investments for such countries. |
Overall Asset Exposure
Percent of Fund’s Net Assets | Reference Benchmark5 Percentages | ||||||||||||||
| 10/31/13 | | 10/31/12 | | |||||||||||
US Equities | 33 | %2 | 35 | %2 | 36 | % | |||||||||
European Equities | 15 | 2 | 11 | 2 | 12 | ||||||||||
Asia Pacific Equities | 12 | 2 | 10 | 2 | 9 | ||||||||||
Other Equities | 3 | 4 | 3 | ||||||||||||
Total Equities | 63 | 3 | 60 | 3 | 60 | ||||||||||
US Dollar Denominated Fixed Income Securities | 12 | 13 | 24 | ||||||||||||
US Issuers | 9 | 9 | — | ||||||||||||
Non-US Issuers | 3 | 4 | — | ||||||||||||
Non-US Dollar Denominated Fixed Income Securities | 7 | 11 | 16 | ||||||||||||
Total Fixed Income Securities | 19 | 24 | 40 | ||||||||||||
Cash & Short-Term Securities4 | 18 | 16 | — |
2 | Includes value of financial futures contracts. |
3 | Includes Preferred Stock. |
4 | Cash & Short-Term Securities are reduced by the market (or nominal) value of long financial futures contracts. |
5 | The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% S&P 500® Index; 24% FTSE World (ex US) Index; 24% BofA Merrill Lynch Current 5-Year US Treasury Index; and 16% Citigroup Non-US Dollar World Government Bond Index. Descriptions of these indexes are found on page 5 of this report to shareholders in the “Performance Summary” section. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 7 |
Consolidated Schedule of Investments October 31, 2013 | (Percentages shown are based on Net Assets) |
Common Stocks | Shares | Value | ||||||||||||
Argentina — 0.0% | ||||||||||||||
Tenaris SA — ADR | 286,138 | $ | 13,394,120 | |||||||||||
Australia — 1.0% | ||||||||||||||
Asciano Ltd. | 9,128,852 | 50,134,247 | ||||||||||||
Commonwealth Bank of Australia | 829,617 | 59,734,508 | ||||||||||||
Fortescue Metals Group Ltd. | 12,989,922 | 63,707,662 | ||||||||||||
Mesoblast Ltd. (a)(b) | 5,013,769 | 31,230,992 | ||||||||||||
National Australia Bank Ltd. | 1,955,029 | 65,338,712 | ||||||||||||
Orica Ltd. | 1,157,028 | 23,034,412 | ||||||||||||
QBE Insurance Group Ltd. | 3,105,923 | 43,496,214 | ||||||||||||
Rio Tinto PLC | 4,512,084 | 228,312,145 | ||||||||||||
Westpac Banking Corp. | 891,287 | 28,937,544 | ||||||||||||
593,926,436 | ||||||||||||||
Austria — 0.0% | ||||||||||||||
Andritz AG | 343,048 | 21,125,515 | ||||||||||||
Belgium — 0.2% | ||||||||||||||
Anheuser-Busch InBev NV | 959,692 | 99,485,134 | ||||||||||||
RHJ International (a)(c) | 4,040,441 | 21,120,738 | ||||||||||||
RHJ International — ADR (a)(c) | 890,354 | 4,660,179 | ||||||||||||
125,266,051 | ||||||||||||||
Brazil — 0.9% | ||||||||||||||
Banco Santander Brasil SA — ADR | 4,476,998 | 31,025,596 | ||||||||||||
BR Malls Participacoes SA | 2,018,556 | 19,553,015 | ||||||||||||
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares | 1,167,479 | 57,899,704 | ||||||||||||
Cielo SA | 2,218,375 | 67,337,514 | ||||||||||||
Cosan Ltd., Class A | 3,517,584 | 55,437,124 | ||||||||||||
Cyrela Brazil Realty SA | 4,508,741 | 33,711,906 | ||||||||||||
Hypermarcas SA | 4,592,096 | 40,074,760 | ||||||||||||
Itau Unibanco Holding SA, Preference Shares | 3,045,343 | 47,035,474 | ||||||||||||
MRV Engenharia e Participacoes SA | 7,720,820 | 33,327,529 | ||||||||||||
Petroleo Brasileiro SA — ADR | 4,231,886 | 73,761,773 | ||||||||||||
Qualicorp SA (a) | 3,503,091 | 32,807,271 | ||||||||||||
SLC Agricola SA | 2,266,073 | 21,141,383 | ||||||||||||
513,113,049 | ||||||||||||||
Canada — 1.8% | ||||||||||||||
Agrium, Inc. | 643,892 | 54,936,865 | ||||||||||||
Athabasca Oil Corp. (a)(b) | 7,216,143 | 44,986,265 | ||||||||||||
Bank of Nova Scotia | 820,399 | 49,877,804 | ||||||||||||
BCE, Inc. | 534,337 | 23,251,206 | ||||||||||||
Brookfield Asset Management, Inc., Class A | 1,483,453 | 58,715,070 | ||||||||||||
Canadian National Railway Co. | 547,847 | 60,224,821 | ||||||||||||
Canadian Natural Resources Ltd. | 2,113,596 | 67,106,673 | ||||||||||||
Eldorado Gold Corp. | 8,772,401 | 59,147,345 | ||||||||||||
First Quantum Minerals Ltd. | 3,398,443 | 64,471,493 | ||||||||||||
Goldcorp, Inc. | 6,692,475 | 170,189,639 | ||||||||||||
Rogers Communications, Inc., Class B | 828,954 | 37,642,801 | ||||||||||||
Common Stocks | Shares | Value | ||||||||||||
Canada (concluded) | ||||||||||||||
Shaw Communications, Inc., Class B | 2,969,125 | $ | 71,020,935 | |||||||||||
Silver Wheaton Corp. | 2,182,720 | 49,482,262 | ||||||||||||
Suncor Energy, Inc. | 237,962 | 8,649,919 | ||||||||||||
Suncor Energy, Inc. | 4,256,063 | 154,665,733 | ||||||||||||
Teck Resources Ltd., Class B | 1,116,474 | 29,854,515 | ||||||||||||
The Toronto-Dominion Bank | 384,275 | 35,248,704 | ||||||||||||
Valeant Pharmaceuticals International, Inc. (a) | 254,773 | 26,934,602 | ||||||||||||
1,066,406,652 | ||||||||||||||
Chile — 0.1% | ||||||||||||||
Banco Santander Chile — ADR | 1,563,201 | 38,392,217 | ||||||||||||
Sociedad Quimica y Minera de Chile SA — ADR | 426,700 | 11,781,187 | ||||||||||||
50,173,404 | ||||||||||||||
China — 0.7% | ||||||||||||||
Beijing Enterprises Holdings Ltd. (b) | 15,756,232 | 129,337,907 | ||||||||||||
Chaoda Modern Agriculture Holdings Ltd. (a)(b) | 116,959,394 | 13,450,330 | ||||||||||||
China BlueChemical Ltd., Class H | 35,198,800 | 22,625,478 | ||||||||||||
Dongfeng Motor Group Co. Ltd., Class H | 8,736,700 | 12,352,123 | ||||||||||||
Haitian International Holdings Ltd. | 9,746,600 | 23,483,360 | ||||||||||||
Jiangxi Copper Co. Ltd., Class H | 14,265,000 | 27,348,820 | ||||||||||||
Kunlun Energy Co. Ltd. | 34,302,000 | 56,113,179 | ||||||||||||
SINA Corp. (a) | 219,612 | 18,350,779 | ||||||||||||
Sinopharm Group Co., Class H | 11,985,500 | 32,464,077 | ||||||||||||
Yuanda China Holdings Ltd. (b) | 125,287,826 | 10,654,103 | ||||||||||||
Zhongsheng Group Holdings Ltd. (b) | 19,035,171 | 30,469,745 | ||||||||||||
376,649,901 | ||||||||||||||
Denmark — 0.1% | ||||||||||||||
TDC A/S | 3,402,905 | 30,725,725 | ||||||||||||
France — 3.2% | ||||||||||||||
Arkema | 553,971 | 62,673,704 | ||||||||||||
AtoS | 882,793 | 75,249,612 | ||||||||||||
AXA SA | 3,654,541 | 91,054,470 | ||||||||||||
BNP Paribas SA | 2,870,348 | 211,754,578 | ||||||||||||
Casino Guichard-Perrachon SA | 247,540 | 27,824,693 | ||||||||||||
Compagnie de Saint-Gobain | 2,602,629 | 136,612,133 | ||||||||||||
European Aeronautic Defence and Space Co. NV | 3,198,451 | 219,172,329 | ||||||||||||
LVMH Moet Hennessy Louis Vuitton SA | 294,392 | 56,521,895 | ||||||||||||
Safran SA | 4,583,196 | 292,215,330 | ||||||||||||
Sanofi | 2,695,272 | 287,378,325 | ||||||||||||
Sanofi — ADR | 149,446 | 7,992,372 | ||||||||||||
Societe Generale SA | 985,424 | 55,666,113 | ||||||||||||
Technip SA | 917,377 | 96,084,806 | ||||||||||||
Total SA | 876,916 | 53,801,370 | ||||||||||||
Total SA — ADR | 1,743,389 | 106,660,539 | ||||||||||||
UbiSoft Entertainment SA (a) | 3,060,736 | 39,261,967 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Consolidated Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | CVA | Certificaten Van Aandelen | JPY | Japanese Yen | NYSE | New York Stock | |
(Dutch Certificate) | JSC | Joint Stock Company | Exchange | ||||
ETF | Exchange-Traded Fund | KRW | South Korean Won | PCL | Public Company | ||
EUR | Euro | LIBOR | London Interbank Offered Rate | Limited | |||
ADR | American Depositary Receipts | FTSE | Financial Times Stock | MSCI | Morgan Stanley Capital | REIT | Real Estate |
AUD | Australian Dollar | Exchange | International | Investment Trust | |||
BRL | Brazilian Real | GBP | British Pound | MTN | Medium-Term Note | S&P | Standard & Poor’s |
CAD | Canadian Dollar | GDR | Global Depositary Receipt | MXN | Mexican Peso | SPDR | Standard & Poor’s |
CBOE | Chicago Board Options Exchange | HKD | Hong Kong Dollar | MYR | Malaysian Ringgit | Depository Receipts | |
USD | US Dollar |
8 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
Common Stocks | Shares | Value | ||||||||||||
France (concluded) | ||||||||||||||
Unibail-Rodamco SE | 126,432 | $ | 33,032,751 | |||||||||||
1,852,956,987 | ||||||||||||||
Germany — 2.3% | ||||||||||||||
Allianz SE, Registered Shares | 597,617 | 100,341,276 | ||||||||||||
BASF SE | 353,201 | 36,667,383 | ||||||||||||
Bayerische Motoren Werke AG | 485,390 | 54,935,675 | ||||||||||||
Beiersdorf AG | 557,489 | 53,158,459 | ||||||||||||
Deutsche Bank AG, Registered Shares | 2,674,854 | 129,273,288 | ||||||||||||
Deutsche Boerse AG | 545,276 | 41,019,501 | ||||||||||||
Deutsche Telekom AG, Registered Shares | 7,471,993 | 117,420,171 | ||||||||||||
Fresenius SE & Co. KGaA | 766,327 | 99,479,542 | ||||||||||||
HeidelbergCement AG | 408,522 | 32,166,874 | ||||||||||||
Lanxess AG | 1,103,495 | 77,500,427 | ||||||||||||
Linde AG | 391,012 | 74,224,039 | ||||||||||||
Muenchener Rueckversicherungs AG, Registered Shares | 41,716 | 8,703,304 | ||||||||||||
Siemens AG, Registered Shares | 2,537,683 | 324,295,940 | ||||||||||||
Telefonica Deutschland Holding AG | 4,197,242 | 33,061,869 | ||||||||||||
Volkswagen AG, Preference Shares | 674,036 | 170,941,047 | ||||||||||||
1,353,188,795 | ||||||||||||||
Hong Kong — 0.3% | ||||||||||||||
FU JI Food and Catering Services Holdings Ltd. (a) | 2,275,802 | 475,532 | ||||||||||||
The Link REIT | 12,338,183 | 62,068,973 | ||||||||||||
Sino Biopharmaceutical Ltd. | 16,314,153 | 11,530,516 | ||||||||||||
Sun Hung Kai Properties Ltd. | 7,163,000 | 93,826,136 | ||||||||||||
167,901,157 | ||||||||||||||
India — 0.1% | ||||||||||||||
Cummins India Ltd. | 4,891,514 | 31,440,046 | ||||||||||||
Indonesia — 0.1% | ||||||||||||||
Siloam International Hospitals Tbk PT (a) | 30,379,884 | 27,354,697 | ||||||||||||
Telekomunikasi Indonesia Persero Tbk PT | 80,206,500 | 16,683,785 | ||||||||||||
44,038,482 | ||||||||||||||
Ireland — 0.8% | ||||||||||||||
Covidien PLC | 1,814,318 | 116,315,927 | ||||||||||||
Eaton Corp. PLC | 1,535,107 | 108,317,150 | ||||||||||||
Shire PLC | 2,524,194 | 111,923,723 | ||||||||||||
XL Group PLC (d) | 3,139,174 | 95,964,549 | ||||||||||||
432,521,349 | ||||||||||||||
Israel — 0.1% | ||||||||||||||
Check Point Software Technologies Ltd. (a)(b) | 138,031 | 8,008,559 | ||||||||||||
Mobileye, Inc. | 1,438,544 | 50,205,185 | ||||||||||||
58,213,744 | ||||||||||||||
Italy — 1.2% | ||||||||||||||
Ei Towers SpA | 212,980 | 8,903,674 | ||||||||||||
Eni SpA | 8,387,234 | 212,926,066 | ||||||||||||
Fiat Industrial SpA | 15,579,658 | 184,244,978 | ||||||||||||
Intesa Sanpaolo SpA | 36,074,925 | 89,497,297 | ||||||||||||
Mediaset SpA (a) | 10,394,583 | 51,907,288 | ||||||||||||
Telecom Italia SpA (b) | 41,802,562 | 40,780,361 | ||||||||||||
Telecom Italia SpA, Non-Convertible Savings Shares | 4,852,222 | 3,795,161 | ||||||||||||
UniCredit SpA | 11,442,706 | 85,895,654 | ||||||||||||
677,950,479 | ||||||||||||||
Japan — 7.3% | ||||||||||||||
Aisin Seiki Co. Ltd. | 972,790 | 39,519,005 | ||||||||||||
Ajinomoto Co. Inc. | 2,174,000 | 30,420,835 | ||||||||||||
Common Stocks | Shares | Value | ||||||||||||
Japan (continued) | ||||||||||||||
Asahi Kasei Corp. | 6,389,900 | $ | 48,630,971 | |||||||||||
Astellas Pharma, Inc. | 661,870 | 36,896,844 | ||||||||||||
Benesse Holdings, Inc. | 799,300 | 29,791,449 | ||||||||||||
Bridgestone Corp. | 2,406,800 | 82,511,575 | ||||||||||||
Canon, Inc. | 1,929,099 | 60,875,967 | ||||||||||||
Chubu Electric Power Co. Inc. | 1,176,500 | 17,415,819 | ||||||||||||
Daihatsu Motor Co. Ltd. | 850,830 | 16,519,872 | ||||||||||||
Daikin Industries Ltd. | 947,800 | 54,530,114 | ||||||||||||
Daito Trust Construction Co. Ltd. | 308,800 | 31,529,632 | ||||||||||||
Denso Corp. | 1,664,380 | 80,004,117 | ||||||||||||
East Japan Railway Co. | 1,546,973 | 134,386,520 | ||||||||||||
FANUC Corp. | 204,980 | 32,880,356 | ||||||||||||
Fuji Heavy Industries Ltd. | 9,549,190 | 261,089,439 | ||||||||||||
Fujitsu Ltd. (a) | 775,000 | 3,329,558 | ||||||||||||
Futaba Industrial Co. Ltd. (a) | 1,865,750 | 6,951,478 | ||||||||||||
Hitachi Chemical Co. Ltd. | 2,290,600 | 35,141,866 | ||||||||||||
Hitachi Ltd. | 12,173,500 | 85,154,872 | ||||||||||||
Honda Motor Co. Ltd. | 3,642,481 | 145,454,759 | ||||||||||||
Hoya Corp. | 3,336,717 | 80,012,307 | ||||||||||||
IHI Corp. | 6,860,000 | 29,047,345 | ||||||||||||
Inpex Corp. | 6,320,800 | 73,017,686 | ||||||||||||
Japan Airlines Co. Ltd. | 1,390,000 | 81,248,769 | ||||||||||||
JGC Corp. | 3,137,630 | 120,057,598 | ||||||||||||
JSR Corp. | 1,837,000 | 34,991,205 | ||||||||||||
Kao Corp. | 834,100 | 27,778,503 | ||||||||||||
KDDI Corp. | 1,276,200 | 69,114,515 | ||||||||||||
Keyence Corp. | 31,100 | 13,329,138 | ||||||||||||
Kubota Corp. | 7,744,510 | 114,670,024 | ||||||||||||
Kuraray Co. Ltd. | 2,896,120 | 34,004,309 | ||||||||||||
Kyocera Corp. | 699,600 | 36,330,603 | ||||||||||||
Mitsubishi Corp. | 4,691,830 | 94,920,665 | ||||||||||||
Mitsubishi Electric Corp. | 5,329,000 | 58,576,153 | ||||||||||||
Mitsubishi Heavy Industries Ltd. | 5,502,000 | 34,966,682 | ||||||||||||
Mitsubishi UFJ Financial Group, Inc. | 11,590,700 | 73,812,628 | ||||||||||||
Mitsui & Co. Ltd. | 14,644,934 | 209,216,398 | ||||||||||||
MS&AD Insurance Group Holdings, Inc. | 1,920,162 | 49,650,312 | ||||||||||||
Murata Manufacturing Co. Ltd. | 804,440 | 64,572,269 | ||||||||||||
Nintendo Co. Ltd. | 436,500 | 49,086,017 | ||||||||||||
Nippon Telegraph & Telephone Corp. | 786,350 | 40,874,728 | ||||||||||||
Nitori Holdings Co. Ltd. | 496,550 | 46,579,230 | ||||||||||||
Nitto Denko Corp. | 743,500 | 38,989,834 | ||||||||||||
NKSJ Holdings, Inc. | 1,017,600 | 26,340,751 | ||||||||||||
Okumura Corp. | 6,202,620 | 29,451,028 | ||||||||||||
Omron Corp. | 303,500 | 11,581,924 | ||||||||||||
Otsuka Holdings Co. Ltd. | 1,073,800 | 30,584,037 | ||||||||||||
Rinnai Corp. | 450,375 | 34,859,045 | ||||||||||||
Rohm Co. Ltd. | 1,201,200 | 49,306,435 | ||||||||||||
Ryohin Keikaku Co. Ltd. | 522,400 | 52,112,351 | ||||||||||||
Shin-Etsu Chemical Co. Ltd. | 1,977,940 | 111,836,768 | ||||||||||||
Ship Healthcare Holdings, Inc. | 416,200 | 17,078,490 | ||||||||||||
SMC Corp. | 72,600 | 16,902,600 | ||||||||||||
Sony Financial Holdings, Inc. | 3,029,300 | 56,564,844 | ||||||||||||
Sumitomo Corp. | 2,145,500 | 27,920,032 | ||||||||||||
Sumitomo Electric Industries Ltd. | 2,792,200 | 41,839,258 | ||||||||||||
Sumitomo Mitsui Financial Group, Inc. | 3,265,500 | 157,840,786 | ||||||||||||
Suntory Beverage & Food Ltd. (a) | 1,498,100 | 49,320,528 | ||||||||||||
Suzuki Motor Corp. | 5,448,808 | 137,012,311 | ||||||||||||
Toda Corp. | 7,902,900 | 28,891,664 | ||||||||||||
Tokio Marine Holdings, Inc. | 6,369,921 | 208,834,343 | ||||||||||||
Tokyo Gas Co. Ltd. | 19,434,285 | 105,450,844 | ||||||||||||
Toyota Industries Corp. | 2,753,180 | 121,442,718 | ||||||||||||
Toyota Motor Corp. | 1,608,100 | 104,266,265 |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 9 |
Consolidated Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
Common Stocks | Shares | Value | ||||||||||||
Japan (concluded) | ||||||||||||||
Ube Industries Ltd. | 14,169,500 | $ | 29,329,362 | |||||||||||
West Japan Railway Co. | 585,200 | 26,240,339 | ||||||||||||
Yamada Denki Co. Ltd. | 14,610,900 | 40,983,370 | ||||||||||||
4,223,872,059 | ||||||||||||||
Kazakhstan — 0.1% | ||||||||||||||
KazMunaiGas Exploration Production JSC — GDR | 3,215,777 | 45,631,876 | ||||||||||||
Luxembourg — 0.1% | ||||||||||||||
RTL Group SA (a) | 584,739 | 63,514,317 | ||||||||||||
Malaysia — 0.4% | ||||||||||||||
Axiata Group Bhd | 32,286,553 | 70,282,379 | ||||||||||||
IHH Healthcare Bhd (a) | 82,921,800 | 108,590,545 | ||||||||||||
Telekom Malaysia Bhd | 18,755,434 | 31,144,642 | ||||||||||||
210,017,566 | ||||||||||||||
Mexico — 0.3% | ||||||||||||||
America Movil SAB de CV, Series L — ADR | 1,375,019 | 29,439,157 | ||||||||||||
Fibra Uno Administracion SA de CV (b) | 6,724,984 | 20,916,274 | ||||||||||||
Fomento Economico Mexicano SAB de CV — ADR | 279,807 | 26,105,993 | ||||||||||||
Grupo Televisa SAB CPO | 4,864,403 | 29,714,531 | ||||||||||||
Mexichem SAB de CV (b) | 6,177,454 | 25,799,266 | ||||||||||||
TF Administradora Industrial S de RL de CV (b)(c) | 17,299,500 | 33,784,227 | ||||||||||||
165,759,448 | ||||||||||||||
Netherlands — 0.8% | ||||||||||||||
Akzo Nobel NV | 1,234,042 | 89,584,503 | ||||||||||||
CNH Industrial NV (a) | 35,010 | 414,028 | ||||||||||||
CNH Industrial NV — Special Voting Shares (a) | 759,054 | 8,903,705 | ||||||||||||
ING Groep NV — CVA (a) | 6,800,262 | 86,415,743 | ||||||||||||
Koninklijke DSM NV | 1,129,883 | 85,410,751 | ||||||||||||
Koninklijke KPN NV (a) | 8,981,107 | 28,704,892 | ||||||||||||
Unilever NV — NY Shares | 380,688 | 15,120,927 | ||||||||||||
Unilever NV CVA | 3,189,940 | 126,466,540 | ||||||||||||
Ziggo NV | 507,941 | 21,775,016 | ||||||||||||
462,796,105 | ||||||||||||||
Norway — 0.2% | ||||||||||||||
Statoil ASA | 5,189,578 | 122,791,655 | ||||||||||||
Peru — 0.0% | ||||||||||||||
Southern Copper Corp. | 858,060 | 23,982,777 | ||||||||||||
Philippines — 0.0% | ||||||||||||||
Philippine Long Distance Telephone Co. — ADR | 357,398 | 23,641,878 | ||||||||||||
Portugal — 0.1% | ||||||||||||||
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA | 4,605,139 | 31,587,476 | ||||||||||||
Russia — 0.1% | ||||||||||||||
Novorossiysk Commercial Sea Trade Port — GDR | 1,838,988 | 15,153,261 | ||||||||||||
Sberbank | 19,379,791 | 61,857,638 | ||||||||||||
77,010,899 | ||||||||||||||
Singapore — 0.4% | ||||||||||||||
CapitaLand Ltd. | 26,605,300 | 66,659,341 | ||||||||||||
Oversea-Chinese Banking Corp. | 7,266,120 | 60,784,627 | ||||||||||||
Raffles Medical Group Ltd. | 8,309,500 | 21,337,414 | ||||||||||||
Singapore Press Holdings Ltd. (b) | 4,985,860 | 17,055,073 | ||||||||||||
Singapore Telecommunications Ltd. | 26,757,610 | 81,256,972 | ||||||||||||
247,093,427 | ||||||||||||||
Common Stocks | Shares | Value | ||||||||||||
South Africa — 0.1% | ||||||||||||||
Life Healthcare Group Holdings Ltd. | 8,584,137 | $ | 35,012,970 | |||||||||||
MTN Group Ltd. | 809,611 | 16,092,764 | ||||||||||||
51,105,734 | ||||||||||||||
South Korea — 1.0% | ||||||||||||||
Cheil Industries, Inc. | 286,667 | 24,306,535 | ||||||||||||
Hana Financial Group, Inc. | 587,573 | 22,593,524 | ||||||||||||
Hyundai Motor Co. | 326,017 | 77,671,540 | ||||||||||||
KB Financial Group, Inc. | 454,215 | 17,888,562 | ||||||||||||
KT Corp. — ADR | 1,000,554 | 16,589,185 | ||||||||||||
Samsung Electronics Co. Ltd. | 288,979 | 398,518,917 | ||||||||||||
Samsung Heavy Industries Co. Ltd. | 1,065,224 | 39,058,935 | ||||||||||||
596,627,198 | ||||||||||||||
Spain — 0.4% | ||||||||||||||
Banco Bilbao Vizcaya Argentaria SA | 4,222,157 | 49,343,991 | ||||||||||||
Banco Santander SA | 7,761,540 | 68,808,088 | ||||||||||||
Telefonica SA (a) | 3,924,178 | 69,062,822 | ||||||||||||
Telefonica SA — ADR (a) | 952,634 | 16,642,516 | ||||||||||||
203,857,417 | ||||||||||||||
Sweden — 0.2% | ||||||||||||||
Boliden AB | 1,763,088 | 25,041,154 | ||||||||||||
Lundin Petroleum AB (a) | 1,370,686 | 28,247,400 | ||||||||||||
Svenska Handelsbanken AB, Class A | 1,881,372 | 85,087,976 | ||||||||||||
138,376,530 | ||||||||||||||
Switzerland — 2.0% | ||||||||||||||
Credit Suisse Group AG, Registered Shares | 1,624,667 | 50,540,050 | ||||||||||||
Glencore Xstrata PLC | 3,443,273 | 18,739,041 | ||||||||||||
Nestle SA, Registered Shares | 4,216,462 | 304,360,710 | ||||||||||||
Novartis AG, Registered Shares | 1,647,833 | 127,909,029 | ||||||||||||
Roche Holding AG | 1,322,384 | 365,685,974 | ||||||||||||
Swisscom AG, Registered Shares | 84,064 | 42,877,317 | ||||||||||||
Syngenta AG, Registered Shares | 447,565 | 180,644,633 | ||||||||||||
TE Connectivity Ltd. | 229,942 | 11,839,714 | ||||||||||||
UBS AG, Registered Shares | 2,762,525 | 53,430,165 | ||||||||||||
1,156,026,633 | ||||||||||||||
Taiwan — 0.2% | ||||||||||||||
Cheng Shin Rubber Industry Co. Ltd. | 11,599,672 | 30,930,827 | ||||||||||||
Far EasTone Telecommunications Co. Ltd. | 12,582,099 | 28,823,074 | ||||||||||||
Taiwan Mobile Co. Ltd. | 5,251,000 | 17,910,604 | ||||||||||||
Yulon Motor Co. Ltd. | 13,669,000 | 24,127,199 | ||||||||||||
101,791,704 | ||||||||||||||
Thailand — 0.2% | ||||||||||||||
Bangkok Dusit Medical Services PCL | 13,427,100 | 57,806,631 | ||||||||||||
PTT Global Chemical PCL | 18,110,876 | 45,677,230 | ||||||||||||
103,483,861 | ||||||||||||||
United Arab Emirates — 0.1% | ||||||||||||||
Al Noor Hospitals Group PLC (a) | 2,879,300 | 39,241,673 | ||||||||||||
NMC Health PLC (b) | 4,910,508 | 28,525,707 | ||||||||||||
67,767,380 | ||||||||||||||
United Kingdom — 3.8% | ||||||||||||||
Antofagasta PLC | 4,304,238 | 58,825,854 | ||||||||||||
AstraZeneca PLC | 1,802,159 | 95,406,524 | ||||||||||||
Aviva PLC | 408,448 | 2,932,211 | ||||||||||||
Barratt Developments PLC | 9,197,359 | 49,321,454 | ||||||||||||
BG Group PLC | 9,309,626 | 189,913,251 | ||||||||||||
BHP Billiton PLC | 5,429,600 | 167,549,146 | ||||||||||||
BP PLC | 5,340,772 | 41,458,289 | ||||||||||||
BP PLC — ADR | 1,474,696 | 68,573,364 | ||||||||||||
BT Group PLC | 14,574,719 | 88,186,216 | ||||||||||||
Delphi Automotive PLC | 1,025,430 | 58,654,596 |
10 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
Common Stocks | Shares | Value | ||||||||||||
United Kingdom (concluded) | ||||||||||||||
Delta Topco Ltd. | 78,481,957 | $ | 57,448,793 | |||||||||||
Diageo PLC | 526,464 | 16,782,328 | ||||||||||||
Diageo PLC — ADR | 682,430 | 87,071,244 | ||||||||||||
Genel Energy PLC (a) | 3,039,357 | 46,328,733 | ||||||||||||
Guinness Peat Group PLC (a) | 16,097,516 | 7,841,093 | ||||||||||||
HSBC Holdings PLC | 18,542,243 | 203,247,808 | ||||||||||||
Invensys PLC (b) | 5,715,807 | 45,867,171 | ||||||||||||
Lloyds Banking Group PLC (a) | 96,050,129 | 118,794,455 | ||||||||||||
Manchester United PLC, Class A (a)(b) | 1,754,236 | 28,594,047 | ||||||||||||
National Grid PLC | 8,969,865 | 112,721,968 | ||||||||||||
Polyus Gold International Ltd. | 5,973,115 | 18,480,411 | ||||||||||||
Royal Dutch Shell PLC — ADR | 1,743,731 | 116,237,108 | ||||||||||||
SABMiller PLC | 1,405,264 | 73,271,516 | ||||||||||||
SSE PLC | 3,434,339 | 77,908,501 | ||||||||||||
Taylor Wimpey PLC | 27,811,596 | 49,069,836 | ||||||||||||
Tesco PLC | 6,541,353 | 38,156,611 | ||||||||||||
Unilever PLC | 1,088,538 | 44,141,360 | ||||||||||||
Unilever PLC — ADR | 425,686 | 17,278,595 | ||||||||||||
Vodafone Group PLC | 23,835,947 | 87,305,283 | ||||||||||||
Vodafone Group PLC — ADR | 2,640,184 | 97,211,575 | ||||||||||||
WPP PLC | 1,149,513 | 24,416,710 | ||||||||||||
2,188,996,051 | ||||||||||||||
United States — 32.2% | ||||||||||||||
3M Co. | 773,987 | 97,406,264 | ||||||||||||
Abbott Laboratories | 1,335,474 | 48,811,576 | ||||||||||||
AbbVie, Inc. | 3,832,986 | 185,708,172 | ||||||||||||
Accenture PLC, Class A | 123,202 | 9,055,347 | ||||||||||||
ACE Ltd. (d) | 1,775,892 | 169,491,132 | ||||||||||||
Adobe Systems, Inc. (a) | 277,173 | 15,022,777 | ||||||||||||
The AES Corp. | 4,249,348 | 59,873,313 | ||||||||||||
Aetna, Inc. | 1,535,936 | 96,303,187 | ||||||||||||
Aflac, Inc. | 1,214,065 | 78,889,944 | ||||||||||||
Agilent Technologies, Inc. | 1,985,955 | 100,807,076 | ||||||||||||
Allergan, Inc. | 654,635 | 59,316,477 | ||||||||||||
Alliance Data Systems Corp. (a)(b) | 72,083 | 17,087,996 | ||||||||||||
The Allstate Corp. | 964,861 | 51,195,525 | ||||||||||||
Amazon.com, Inc. (a) | 290,115 | 105,610,563 | ||||||||||||
Amdocs Ltd. | 255,151 | 9,810,556 | ||||||||||||
American Capital Agency Corp. | 1,448,683 | 31,465,395 | ||||||||||||
American Electric Power Co., Inc. | 1,512,532 | 70,846,999 | ||||||||||||
American Express Co. | 1,844,434 | 150,874,701 | ||||||||||||
American International Group, Inc. | 1,082,990 | 55,936,434 | ||||||||||||
American Tower Corp. | 1,021,349 | 81,044,043 | ||||||||||||
American Water Works Co., Inc. | 1,385,672 | 59,403,759 | ||||||||||||
Ameriprise Financial, Inc. | 109,316 | 10,990,631 | ||||||||||||
AmerisourceBergen Corp. | 120,557 | 7,875,989 | ||||||||||||
Amgen, Inc. | 843,608 | 97,858,528 | ||||||||||||
Anadarko Petroleum Corp. | 2,482,089 | 236,518,261 | ||||||||||||
Apple, Inc. (d) | 10,917 | 5,702,495 | ||||||||||||
Arch Capital Group Ltd. (a)(b) | 470,434 | 27,266,355 | ||||||||||||
Avery Dennison Corp. | 675,647 | 31,836,487 | ||||||||||||
Avnet, Inc. | 206,305 | 8,190,309 | ||||||||||||
Axis Capital Holdings Ltd. | 205,216 | 9,731,343 | ||||||||||||
Bank of America Corp. | 15,507,655 | 216,486,864 | ||||||||||||
The Bank of New York Mellon Corp. | 1,876,204 | 59,663,287 | ||||||||||||
Baxter International, Inc. | 1,060,956 | 69,885,172 | ||||||||||||
BB&T Corp. | 1,693,235 | 57,519,193 | ||||||||||||
Beam, Inc. | 259,934 | 17,493,558 | ||||||||||||
Becton Dickinson & Co. | 84,844 | 8,919,650 | ||||||||||||
Berkshire Hathaway, Inc., Class B (a) | 980,772 | 112,867,242 | ||||||||||||
Biogen Idec, Inc. (a) | 344,248 | 84,061,919 | ||||||||||||
BorgWarner, Inc. | 558,125 | 57,559,431 | ||||||||||||
Common Stocks | Shares | Value | ||||||||||||
United States (continued) | ||||||||||||||
Bristol-Myers Squibb Co. | 1,798,921 | $ | 94,479,331 | |||||||||||
CA, Inc. | 282,072 | 8,958,607 | ||||||||||||
Calpine Corp. (a) | 3,797,053 | 76,586,559 | ||||||||||||
Capital One Financial Corp. | 1,329,526 | 91,298,550 | ||||||||||||
Cardinal Health, Inc. | 2,837,895 | 166,470,921 | ||||||||||||
Carnival Corp. | 861,063 | 29,835,833 | ||||||||||||
Celgene Corp. (a) | 859,066 | 127,562,710 | ||||||||||||
CenterPoint Energy, Inc. | 1,872,506 | 46,063,648 | ||||||||||||
CF Industries Holdings, Inc. | 43,385 | 9,353,806 | ||||||||||||
Charter Communications, Inc., Class A (a) | 647,379 | 86,904,157 | ||||||||||||
Chevron Corp. | 1,197,980 | 143,709,681 | ||||||||||||
The Chubb Corp. | 817,947 | 75,316,560 | ||||||||||||
Church & Dwight Co., Inc. | 475,255 | 30,962,863 | ||||||||||||
Cisco Systems, Inc. | 2,928,363 | 65,888,168 | ||||||||||||
Citigroup, Inc. | 5,148,254 | 251,131,830 | ||||||||||||
Citrix Systems, Inc. (a) | 2,034,262 | 115,505,396 | ||||||||||||
CMS Energy Corp. | 1,679,481 | 46,118,548 | ||||||||||||
CNA Financial Corp. | 267,214 | 10,846,216 | ||||||||||||
Coach, Inc. | 2,204,832 | 111,740,886 | ||||||||||||
Cobalt International Energy, Inc. (a) | 1,480,308 | 34,357,949 | ||||||||||||
The Coca-Cola Co. | 6,515,871 | 257,833,015 | ||||||||||||
Colgate-Palmolive Co. | 1,200,485 | 77,707,394 | ||||||||||||
Comcast Corp., Class A | 5,282,932 | 251,361,905 | ||||||||||||
Computer Sciences Corp. | 232,927 | 11,473,984 | ||||||||||||
Constellation Brands, Inc., Class A (a) | 240,432 | 15,700,210 | ||||||||||||
Crown Castle International Corp. (a) | 875,873 | 66,583,865 | ||||||||||||
Crown Holdings, Inc. (a) | 1,318,302 | 57,477,967 | ||||||||||||
Cubist Pharmaceuticals, Inc. (a) | 618,125 | 38,323,750 | ||||||||||||
Cummins, Inc. | 339,306 | 43,098,648 | ||||||||||||
CVS Caremark Corp. | 597,746 | 37,215,666 | ||||||||||||
Danaher Corp. | 909,689 | 65,579,480 | ||||||||||||
DaVita HealthCare Partners, Inc. (a) | 889,528 | 50,000,369 | ||||||||||||
Devon Energy Corp. | 1,068,082 | 67,524,144 | ||||||||||||
Diamond Offshore Drilling, Inc. | 116,015 | 7,184,809 | ||||||||||||
Discover Financial Services | 2,032,193 | 105,430,173 | ||||||||||||
DISH Network Corp., Class A | 255,200 | 12,300,640 | ||||||||||||
Dominion Resources, Inc. | 1,808,818 | 115,312,148 | ||||||||||||
Dresser-Rand Group, Inc. (a)(d) | 1,631,051 | 99,118,969 | ||||||||||||
Duke Energy Corp. | 985,726 | 70,706,126 | ||||||||||||
Eastman Chemical Co. | 144,565 | 11,390,276 | ||||||||||||
eBay, Inc. (a) | 1,629,003 | 85,864,748 | ||||||||||||
Electronic Arts, Inc. (a) | 4,511,467 | 118,426,009 | ||||||||||||
EMC Corp. | 13,087,169 | 315,008,158 | ||||||||||||
Energizer Holdings, Inc. | 86,175 | 8,454,629 | ||||||||||||
Envision Healthcare Holdings, Inc. (a) | 1,128,991 | 32,797,189 | ||||||||||||
EOG Resources, Inc. | 488,051 | 87,068,298 | ||||||||||||
Equity Residential | 1,319,926 | 69,111,325 | ||||||||||||
Express Scripts Holding Co. (a) | 1,934,595 | 120,950,879 | ||||||||||||
Fastenal Co. | 2,296,759 | 114,378,598 | ||||||||||||
FedEx Corp. | 580,229 | 76,009,999 | ||||||||||||
Fidelity National Information Services, Inc. | 249,518 | 12,164,003 | ||||||||||||
FMC Corp. | 1,824,533 | 132,753,021 | ||||||||||||
Ford Motor Co. | 8,516,458 | 145,716,596 | ||||||||||||
Freeport-McMoRan Copper & Gold, Inc. | 3,366,844 | 123,765,185 | ||||||||||||
Freescale Semiconductor Ltd. (a)(b) | 6,604,167 | 101,968,338 | ||||||||||||
General Dynamics Corp. | 111,989 | 9,701,607 | ||||||||||||
General Electric Co. | 16,453,509 | 430,094,725 | ||||||||||||
General Mills, Inc. | 862,458 | 43,485,132 | ||||||||||||
General Motors Co. (a) | 3,746,790 | 138,443,891 | ||||||||||||
Gilead Sciences, Inc. (a) | 2,076,465 | 147,408,250 | ||||||||||||
The Goldman Sachs Group, Inc. | 661,944 | 106,480,312 | ||||||||||||
Google, Inc., Class A (a) | 530,874 | 547,108,127 | ||||||||||||
HCA Holdings, Inc. | 2,633,834 | 124,158,935 |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 11 |
Consolidated Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
Common Stocks | Shares | Value | ||||||||||||||||
United States (continued) | ||||||||||||||||||
HealthSouth Corp. | 1,164,547 | $ | 40,887,245 | |||||||||||||||
Helmerich & Payne, Inc. | 140,070 | 10,862,429 | ||||||||||||||||
Hillshire Brands Co. | 2,063,005 | 67,728,454 | ||||||||||||||||
Humana, Inc. | 1,211,640 | 111,652,626 | ||||||||||||||||
International Game Technology | 742,628 | 13,961,406 | ||||||||||||||||
International Paper Co. | 220,151 | 9,820,936 | ||||||||||||||||
Intuit, Inc. | 126,895 | 9,061,572 | ||||||||||||||||
Intuitive Surgical, Inc. (a) | 54,136 | 20,111,524 | ||||||||||||||||
Johnson Controls, Inc. | 1,500,637 | 69,254,398 | ||||||||||||||||
JPMorgan Chase & Co. | 6,746,210 | 347,699,663 | ||||||||||||||||
KBR, Inc. | 870,692 | 30,073,702 | ||||||||||||||||
Kimberly-Clark Corp. | 696,027 | 75,170,916 | ||||||||||||||||
KLA-Tencor Corp. | 139,021 | 9,119,778 | ||||||||||||||||
The Kroger Co. | 263,038 | 11,268,548 | ||||||||||||||||
L-3 Communications Holdings, Inc. | 110,772 | 11,127,047 | ||||||||||||||||
Lear Corp. | 169,867 | 13,146,007 | ||||||||||||||||
Liberty Media Corp., Class A (a) | 697,572 | 106,665,735 | ||||||||||||||||
Lincoln National Corp. | 336,845 | 15,296,131 | ||||||||||||||||
Macy’s, Inc. | 182,292 | 8,405,484 | ||||||||||||||||
Marathon Oil Corp. | 6,573,063 | 231,766,201 | ||||||||||||||||
Marathon Petroleum Corp. (d) | 3,735,340 | 267,674,464 | ||||||||||||||||
Marsh & McLennan Cos., Inc. | 129,925 | 5,950,565 | ||||||||||||||||
Mastercard, Inc., Class A | 477,230 | 342,221,633 | ||||||||||||||||
Mattel, Inc. | 1,443,274 | 64,038,067 | ||||||||||||||||
McDonald’s Corp. | 1,526,043 | 147,293,670 | ||||||||||||||||
McKesson Corp. | 828,146 | 129,472,346 | ||||||||||||||||
Mead Johnson Nutrition Co. | 1,373,710 | 112,177,159 | ||||||||||||||||
Medtronic, Inc. | 1,390,662 | 79,823,999 | ||||||||||||||||
Merck & Co., Inc. | 2,196,210 | 99,027,109 | ||||||||||||||||
MetLife, Inc. | 1,910,700 | 90,395,217 | ||||||||||||||||
Mettler-Toledo International, Inc. (a)(b) | 171,743 | 42,499,523 | ||||||||||||||||
Microsoft Corp. | 5,780,581 | 204,343,538 | ||||||||||||||||
Monsanto Co. | 907,572 | 95,186,151 | ||||||||||||||||
Morgan Stanley | 1,480,591 | 42,537,379 | ||||||||||||||||
Motorola Solutions, Inc. | 159,905 | 9,997,261 | ||||||||||||||||
Murphy Oil Corp. | 131,050 | 7,904,936 | ||||||||||||||||
National Oilwell Varco, Inc. | 1,951,123 | 158,392,165 | ||||||||||||||||
NextEra Energy, Inc. | 1,989,012 | 168,568,767 | ||||||||||||||||
Northern Trust Corp. | 666,062 | 37,579,218 | ||||||||||||||||
Northrop Grumman Corp. | 121,453 | 13,057,412 | ||||||||||||||||
Occidental Petroleum Corp. | 1,393,484 | 133,885,943 | ||||||||||||||||
Oracle Corp. | 11,721,188 | 392,659,798 | ||||||||||||||||
PACCAR, Inc. | 933,784 | 51,918,390 | ||||||||||||||||
Parker Hannifin Corp. | 89,503 | 10,446,790 | ||||||||||||||||
PerkinElmer, Inc. | 1,133,530 | 43,119,481 | ||||||||||||||||
Perrigo Co. | 378,551 | 52,198,397 | ||||||||||||||||
Pfizer, Inc. | 13,231,022 | 405,927,755 | ||||||||||||||||
Phillips 66 (d) | 2,183,496 | 140,682,647 | ||||||||||||||||
PPG Industries, Inc. | 83,306 | 15,210,009 | ||||||||||||||||
PPL Corp. | 3,226,487 | 98,827,297 | ||||||||||||||||
Praxair, Inc. | 270,168 | 33,692,651 | ||||||||||||||||
Precision Castparts Corp. | 462,335 | 117,178,806 | ||||||||||||||||
The Procter & Gamble Co. | 4,122,878 | 332,922,399 | ||||||||||||||||
The Progressive Corp. | 1,724,268 | 44,779,240 | ||||||||||||||||
Prudential Financial, Inc. | 852,984 | 69,424,368 | ||||||||||||||||
PulteGroup, Inc. (d) | 2,636,129 | 46,527,677 | ||||||||||||||||
QEP Resources, Inc. | 1,225,269 | 40,507,393 | ||||||||||||||||
QUALCOMM, Inc. | 4,075,338 | 283,113,731 | ||||||||||||||||
Raytheon Co. | 152,089 | 12,527,571 | ||||||||||||||||
Red Hat, Inc. (a) | 1,497,224 | 64,784,882 | ||||||||||||||||
Reinsurance Group of America, Inc. | 105,454 | 7,506,216 | ||||||||||||||||
RenaissanceRe Holdings Ltd. | 279,763 | 26,216,591 | ||||||||||||||||
Rockwell Automation, Inc. | 1,391,661 | 153,653,291 | ||||||||||||||||
Common Stocks | Shares | Value | ||||||||||||||||
United States (concluded) | ||||||||||||||||||
Ross Stores, Inc. | 111,760 | $ | 8,644,636 | |||||||||||||||
Schlumberger Ltd. | 2,111,968 | 197,933,641 | ||||||||||||||||
Sealed Air Corp. | 2,139,710 | 64,576,448 | ||||||||||||||||
Sempra Energy | 525,192 | 47,865,999 | ||||||||||||||||
Simon Property Group, Inc. | 434,336 | 67,126,629 | ||||||||||||||||
SM Energy Co. (d) | 515,763 | 45,701,759 | ||||||||||||||||
The St. Joe Co. (a)(c) | 9,138,361 | 170,613,200 | ||||||||||||||||
Stanley Black & Decker, Inc. | 1,337,124 | 105,753,137 | ||||||||||||||||
State Street Corp. | 1,435,553 | 100,589,199 | ||||||||||||||||
Stryker Corp. | 125,264 | 9,251,999 | ||||||||||||||||
Symantec Corp. | 322,032 | 7,323,008 | ||||||||||||||||
Tenet Healthcare Corp. (a) | 1,009,711 | 47,648,262 | ||||||||||||||||
Textron, Inc. | 999,836 | 28,785,278 | ||||||||||||||||
Thermo Fisher Scientific, Inc. | 1,224,639 | 119,745,201 | ||||||||||||||||
TIBCO Software, Inc. (a) | 3,919,467 | 96,262,110 | ||||||||||||||||
Time Warner Cable, Inc. | 90,931 | 10,925,360 | ||||||||||||||||
Torchmark Corp. | 137,237 | 9,999,088 | ||||||||||||||||
The Travelers Cos., Inc. (d) | 1,306,664 | 112,765,103 | ||||||||||||||||
TRW Automotive Holdings Corp. (a) | 919,620 | 69,072,658 | ||||||||||||||||
Twitter, Inc. | 3,086,747 | 58,956,868 | ||||||||||||||||
Union Pacific Corp. | 1,381,051 | 209,091,121 | ||||||||||||||||
United Continental Holdings, Inc. (a) | 5,354,346 | 181,780,047 | ||||||||||||||||
United Parcel Service, Inc., Class B | 916,374 | 90,024,582 | ||||||||||||||||
United Technologies Corp. | 2,571,612 | 273,233,775 | ||||||||||||||||
UnitedHealth Group, Inc. | 2,377,285 | 162,273,474 | ||||||||||||||||
Universal Health Services, Inc., Class B | 2,073,368 | 167,030,526 | ||||||||||||||||
Unum Group | 316,770 | 10,054,280 | ||||||||||||||||
US Bancorp | 2,268,117 | 84,736,851 | ||||||||||||||||
Valero Energy Corp. | 284,637 | 11,718,505 | ||||||||||||||||
Valmont Industries, Inc. | 61,507 | 8,641,734 | ||||||||||||||||
Veeva Systems, Inc., Class A (a)(c) | 697,228 | 27,129,141 | ||||||||||||||||
Verizon Communications, Inc. | 1,148,243 | 57,997,754 | ||||||||||||||||
Vertex Pharmaceuticals, Inc. (a) | 569,409 | 40,621,638 | ||||||||||||||||
Visa, Inc., Class A | 1,864,419 | 366,675,285 | ||||||||||||||||
VMware, Inc., Class A (a) | 844,526 | 68,643,073 | ||||||||||||||||
Wal-Mart Stores, Inc. | 2,061,559 | 158,224,653 | ||||||||||||||||
The Walt Disney Co. | 430,460 | 29,525,251 | ||||||||||||||||
Waters Corp. (a)(b) | 620,270 | 62,597,648 | ||||||||||||||||
WellPoint, Inc. | 113,758 | 9,646,678 | ||||||||||||||||
Wells Fargo & Co. | 8,059,408 | 344,056,128 | ||||||||||||||||
Western Digital Corp. | 198,284 | 13,806,515 | ||||||||||||||||
Whiting Petroleum Corp. (a)(d) | 1,082,300 | 72,395,047 | ||||||||||||||||
Williams-Sonoma, Inc. (d) | 587,047 | 30,784,745 | ||||||||||||||||
Wyndham Worldwide Corp. | 131,021 | 8,699,794 | ||||||||||||||||
18,627,981,193 | ||||||||||||||||||
Total Common Stocks — 62.9% | 36,342,705,076 | |||||||||||||||||
Fixed Income Securities | ||||||||||||||||||
Corporate Bonds | Par (000) | |||||||||||||||||
Argentina — 0.0% | ||||||||||||||||||
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (e) | USD | 6,511 | 4,167,040 | |||||||||||||||
Australia — 0.1% | ||||||||||||||||||
FMG Resources August 2006 Property Ltd., 6.00%, 4/01/17 (e) | 21,061 | 22,008,745 | ||||||||||||||||
TFS Corp. Ltd., 11.00%, 7/15/18 (e) | 57,480 | 54,606,000 | ||||||||||||||||
76,614,745 |
12 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
Corporate Bonds | Par (000) | Value | ||||||||||||
Brazil — 0.5% | ||||||||||||||
Banco Bradesco SA/Cayman Islands, 4.50%, 1/12/17 (e) | USD | 34,794 | $ | 36,533,700 | ||||||||||
Hypermarcas SA, 6.50%, 4/20/21 (e) | 19,733 | 20,670,318 | ||||||||||||
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 6/30/21 (e) | 21,142 | 22,251,744 | ||||||||||||
Odebrecht Finance Ltd., 5.13%, 6/26/22 (e) | 16,571 | 16,571,000 | ||||||||||||
Odebrecht Offshore Drilling Finance Ltd., 6.75%, 10/01/22 (e) | 43,728 | 45,586,440 | ||||||||||||
OGX Austria GmbH, 8.50%, 6/01/18 (a)(e)(f) | 139,022 | 13,207,090 | ||||||||||||
Petrobras Global Finance BV: | ||||||||||||||
2.00%, 5/20/16 | 18,438 | 18,321,859 | ||||||||||||
2.38%, 1/15/19 (g) | 88,476 | 85,998,672 | ||||||||||||
259,140,823 | ||||||||||||||
Canada — 0.0% | ||||||||||||||
Viterra, Inc., 5.95%, 8/01/20 (e) | 15,070 | 16,287,550 | ||||||||||||
Chile — 0.2% | ||||||||||||||
Banco Del Estado De Chile/New York, 2.03%, 4/02/15 | 39,112 | 38,951,516 | ||||||||||||
Banco Santander Chile, 2.13%, 6/07/18 (e)(g) | 41,424 | 42,045,360 | ||||||||||||
Inversiones Alsacia SA, 8.00%, 8/18/18 (e) | 31,411 | 22,930,033 | ||||||||||||
103,926,909 | ||||||||||||||
China — 0.0% | ||||||||||||||
Celestial Nutrifoods Ltd., 0.01%, 6/12/11 (a)(f) | SGD | 88,600 | 713,251 | |||||||||||
China Milk Products Group Ltd., 0.00%, 1/15/12 (a)(f) | USD | 39,500 | 3,950,000 | |||||||||||
4,663,251 | ||||||||||||||
Colombia — 0.0% | ||||||||||||||
Colombia Telecomunicaciones SA ESP, 5.38%, 9/27/22 (e) | 16,361 | 15,338,437 | ||||||||||||
Germany — 0.0% | ||||||||||||||
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23 (e) | 14,734 | 14,549,825 | ||||||||||||
Hong Kong — 0.2% | ||||||||||||||
FU JI Food and Catering Services Holdings Ltd., 0.00%, 10/18/10 (a)(f) | CNY | 190,300 | 3 | |||||||||||
Hutchison Whampoa International Ltd., 3.50%, 1/13/17 (e) | USD | 32,229 | 33,785,016 | |||||||||||
Sun Hung Kai Properties Capital Market Ltd., 4.50%, 2/14/22 | 24,392 | 24,806,640 | ||||||||||||
Wharf Finance 2014 Ltd., 2.30%, 6/07/14 | HKD | 246,000 | 32,205,598 | |||||||||||
90,797,257 | ||||||||||||||
India — 0.1% | ||||||||||||||
REI Agro Ltd.: | ||||||||||||||
5.50%, 11/13/14 | USD | 8,271 | 5,665,635 | |||||||||||
5.50%, 11/13/14 (e)(h) | 46,516 | 31,863,460 | ||||||||||||
Suzlon Energy Ltd. (a)(f): | ||||||||||||||
0.00%, 10/11/12 | 29,880 | 18,525,600 | ||||||||||||
0.00%, 7/25/14 (h) | 39,369 | 23,227,710 | ||||||||||||
79,282,405 | ||||||||||||||
Indonesia — 0.0% | ||||||||||||||
Bumi Investment Property Ltd., 10.75%, 10/06/17 (e) | 21,164 | 12,910,040 | ||||||||||||
Corporate Bonds | Par (000) | Value | ||||||||||||
Ireland — 0.1% | ||||||||||||||
Nara Cable Funding Ltd. (e): | ||||||||||||||
8.88%, 12/01/18 | USD | 6,451 | $ | 6,886,443 | ||||||||||
8.88%, 12/01/18 | EUR | 29,373 | 42,971,960 | |||||||||||
8.88%, 12/01/18 | USD | 13,553 | 14,332,297 | |||||||||||
Ono Finance II PLC, 10.88%, 7/15/19 (e) | 5,695 | 6,193,313 | ||||||||||||
70,384,013 | ||||||||||||||
Italy — 0.1% | ||||||||||||||
Intesa Sanpaolo SpA, 3.13%, 1/15/16 | 47,800 | 48,745,102 | ||||||||||||
Luxembourg — 0.1% | ||||||||||||||
Capsugel FinanceCo SCA, 9.88%, 8/01/19 (e) | EUR | 9,924 | 15,074,377 | |||||||||||
Intelsat Jackson Holdings SA, 7.50%, 4/01/21 | USD | 40,834 | 44,509,060 | |||||||||||
Matterhorn Mobile SA, 6.75%, 5/15/19 (e) | CHF | 5,000 | 5,961,261 | |||||||||||
Numericable Finance & Co. SCA, 12.38%, 2/15/19 (e) | EUR | 5,465 | 8,867,465 | |||||||||||
74,412,163 | ||||||||||||||
Netherlands — 0.5% | ||||||||||||||
Bio City Development Co. BV, 8.00%, 7/06/18 (a)(e)(f) | USD | 140,850 | 119,722,500 | |||||||||||
Rabobank Nederland: | ||||||||||||||
3.38%, 1/19/17 | 45,744 | 48,757,294 | ||||||||||||
3.95%, 11/09/22 | 16,959 | 16,577,219 | ||||||||||||
Volkswagen International Finance NV, 5.50%, 11/09/15 (e) | EUR | 68,900 | 110,369,023 | |||||||||||
Ziggo BV, 3.63%, 3/27/20 (e) | 12,571 | 16,982,925 | ||||||||||||
312,408,961 | ||||||||||||||
Russia — 0.0% | ||||||||||||||
VEB Finance PLC, 6.03%, 7/05/22 (e) | USD | 16,650 | 17,690,625 | |||||||||||
Singapore — 0.5% | ||||||||||||||
CapitaLand Ltd.: | ||||||||||||||
2.10%, 11/15/16 | SGD | 64,500 | 51,924,006 | |||||||||||
2.95%, 6/20/22 | 129,000 | 103,588,391 | ||||||||||||
1.95%, 10/17/23 (e) | 52,500 | 43,742,956 | ||||||||||||
Olam International Ltd., 6.00%, 10/15/16 (h) | USD | 47,800 | 46,963,500 | |||||||||||
246,218,853 | ||||||||||||||
South Korea — 0.1% | ||||||||||||||
Export-Import Bank of Korea, 1.25%, 11/20/15 | 21,721 | 21,765,919 | ||||||||||||
Zeus Cayman II, 0.00%, 8/18/16 (i) | JPY | 756,000 | 12,055,405 | |||||||||||
33,821,324 | ||||||||||||||
Sweden — 0.1% | ||||||||||||||
Nordea Bank AB, 3.13%, 3/20/17 (e) | USD | 30,465 | 32,036,994 | |||||||||||
Switzerland — 0.0% | ||||||||||||||
UBS AG/Stamford CT, 5.88%, 12/20/17 | 14,776 | 17,132,949 | ||||||||||||
United Arab Emirates — 0.5% | ||||||||||||||
Dana Gas Sukuk Ltd. (e): | ||||||||||||||
7.00%, 10/31/17 | 108,690 | 102,548,722 | ||||||||||||
9.00%, 10/31/17 | 108,381 | 103,503,989 | ||||||||||||
Pyrus Ltd., 7.50%, 12/20/15 (e) | 45,800 | 64,188,700 | ||||||||||||
270,241,411 | ||||||||||||||
United Kingdom — 0.5% | ||||||||||||||
BAT International Finance PLC, 2.13%, 6/07/17 (e) | 30,296 | 30,921,976 | ||||||||||||
British Telecommunications PLC, 1.38%, 12/20/13 (g) | 12,768 | 12,786,118 | ||||||||||||
Delta Topco Ltd., 10.00%, 11/24/60 | 64,890 | 65,757,021 |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 13 |
Consolidated Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
Corporate Bonds | Par (000) | Value | |||||||||||||
United Kingdom (concluded) | |||||||||||||||
Essar Energy PLC, 4.25%, 2/01/16 | USD | 41,100 | $ | 33,291,000 | |||||||||||
Lloyds TSB Bank PLC, 13.00%, (g)(j) | GBP | 56,809 | 140,502,477 | ||||||||||||
283,258,592 | |||||||||||||||
United States — 2.8% | |||||||||||||||
Ally Financial, Inc.: | |||||||||||||||
4.50%, 2/11/14 | USD | 21,802 | 21,965,515 | ||||||||||||
3.50%, 7/18/16 | 31,595 | 32,384,875 | |||||||||||||
Anheuser-Busch InBev Worldwide, Inc., 1.38%, 7/15/17 | 22,455 | 22,482,328 | |||||||||||||
Apple, Inc., 1.00%, 5/03/18 | 71,971 | 69,888,519 | |||||||||||||
Bank of America Corp.: | |||||||||||||||
2.00%, 1/11/18 | 43,853 | 43,728,370 | |||||||||||||
1.32%, 3/22/18 (g) | 23,216 | 23,485,236 | |||||||||||||
BioMarin Pharmaceutical, Inc. (h): | |||||||||||||||
0.75%, 10/15/18 | 11,220 | 11,619,713 | |||||||||||||
1.50%, 10/15/20 | 11,220 | 11,514,525 | |||||||||||||
Brookdale Senior Living, Inc., 2.75%, 6/15/18 (h) | 6,507 | 7,877,537 | |||||||||||||
Building Materials Corp. of America, 6.88%, 8/15/18 (e) | 10,529 | 11,213,385 | |||||||||||||
Cablevision Systems Corp., 5.88%, 9/15/22 | 19,660 | 19,684,575 | |||||||||||||
CIT Group, Inc., 4.75%, 2/15/15 (e) | 34,750 | 36,226,875 | |||||||||||||
Citigroup, Inc., 5.95%, (g)(j) | 23,134 | 22,064,053 | |||||||||||||
Cobalt International Energy, Inc., 2.63%, 12/01/19 (h) | 63,537 | 65,165,136 | |||||||||||||
CONSOL Energy, Inc., 8.00%, 4/01/17 | 47,940 | 50,816,400 | |||||||||||||
Cricket Communications, Inc., 7.75%, 10/15/20 | 24,210 | 27,659,925 | |||||||||||||
Crown Cork & Seal Co., Inc., 7.50%, 12/15/96 | 5,770 | 5,394,950 | |||||||||||||
Cubist Pharmaceuticals, Inc., 2.50%, 11/01/17 (h) | 19,112 | 42,249,465 | |||||||||||||
Daimler Finance NA LLC (e): | |||||||||||||||
0.84%, 1/09/15 (g) | 46,465 | 46,631,577 | |||||||||||||
1.30%, 7/31/15 | 9,211 | 9,266,800 | |||||||||||||
DaVita HealthCare Partners, Inc., 6.38%, 11/01/18 | 9,320 | 9,774,350 | |||||||||||||
Ford Motor Credit Co. LLC: | |||||||||||||||
1.49%, 5/09/16 (g) | 2,640 | 2,676,004 | |||||||||||||
2.38%, 1/16/18 | 31,903 | 32,085,645 | |||||||||||||
Forest City Enterprises, Inc., 4.25%, 8/15/18 (h) | 32,185 | 36,791,478 | |||||||||||||
General Electric Capital Corp., 5.55%, 5/04/20 | 21,701 | 25,135,313 | |||||||||||||
Gilead Sciences, Inc., Series D, 1.63%, 5/01/16 (h) | 54,937 | 172,090,152 | |||||||||||||
HSBC USA, Inc., 1.63%, 1/16/18 | 31,691 | 31,453,571 | |||||||||||||
Hughes Satellite Systems Corp., 7.63%, 6/15/21 | 9,375 | 10,265,625 | |||||||||||||
Hyundai Capital America, 2.13%, 10/02/17 (e) | 19,637 | 19,735,342 | |||||||||||||
Morgan Stanley, 7.30%, 5/13/19 | 19,004 | 23,208,711 | |||||||||||||
Mylan, Inc., 3.75%, 9/15/15 (h) | 37,809 | 108,606,352 | |||||||||||||
NBCUniversal Enterprise, Inc., 5.25%, (e)(j) | 29,211 | 28,918,890 | |||||||||||||
Phibro Animal Health Corp., 9.25%, 7/01/18 (e) | 4,531 | 4,882,153 | |||||||||||||
Corporate Bonds | Par (000) | Value | |||||||||||||
United States (concluded) | |||||||||||||||
Reliance Holdings USA, Inc. (e): | |||||||||||||||
4.50%, 10/19/20 | USD | 23,331 | $ | 23,617,901 | |||||||||||
5.40%, 2/14/22 | 9,888 | 10,109,976 | |||||||||||||
Sabine Pass Liquefaction LLC, 5.63%, 4/15/23 (e) | 22,324 | 21,877,520 | |||||||||||||
Salesforce.com, Inc., 0.25%, 4/01/18 (e)(h) | 62,888 | 68,705,140 | |||||||||||||
SanDisk Corp., 0.50%, 10/15/20 (e)(h) | 9,308 | 9,482,525 | |||||||||||||
SunGard Data Systems, Inc., 7.38%, 11/15/18 | 26,883 | 28,495,980 | |||||||||||||
Take-Two Interactive Software, Inc., 1.75%, 12/01/16 (h) | 47,389 | 56,392,910 | |||||||||||||
Texas Industries, Inc., 9.25%, 8/15/20 | 19,423 | 21,462,415 | |||||||||||||
Verizon Communications, Inc., 2.00%, 9/14/18 (g) | 250,405 | 264,375,095 | |||||||||||||
1,591,462,807 | |||||||||||||||
Total Corporate Bonds — 6.4% | 3,675,492,076 | ||||||||||||||
Floating Rate Loan Interests (g) | |||||||||||||||
Canada — 0.1% | |||||||||||||||
Essar Steel Algoma, Inc., ABL Term Loan, 8.75%, 9/19/14 | 18,501 | 18,714,161 | |||||||||||||
Valeant Pharmaceuticals International, Inc., Term Loan E, 4.50%, 8/05/20 | 41,727 | 42,259,952 | |||||||||||||
60,974,113 | |||||||||||||||
Chile — 0.1% | |||||||||||||||
GNL Quintero SA, Term Loan, 1.25%, 6/20/23 | 37,386 | 31,254,949 | |||||||||||||
Netherlands — 0.1% | |||||||||||||||
Constellium Holdco BV: | |||||||||||||||
Term Loan, 6.50%, 3/25/20 | EUR | 15,435 | 21,245,479 | ||||||||||||
Term Loan B, 6.00%, 3/25/20 | USD | 15,435 | 15,801,313 | ||||||||||||
37,046,792 | |||||||||||||||
Norway — 0.1% | |||||||||||||||
Drillships Financing Holding Inc.: | |||||||||||||||
Term Loan B1, 6.00%, 3/31/21 | 30,620 | 31,060,282 | |||||||||||||
Term Loan B2, 5.50%, 7/15/16 | 15,310 | 15,469,512 | |||||||||||||
46,529,794 | |||||||||||||||
United Kingdom — 0.1% | |||||||||||||||
Delta Debtco Ltd., Term Loan, 9.25%, 10/30/19 | 95,056 | 98,977,060 | |||||||||||||
United States — 0.6% | |||||||||||||||
Cricket Communications, Inc., Term Loan C, 4.75%, 3/09/20 | 38,515 | 38,680,701 | |||||||||||||
Fieldwood Energy LLC, Second Lien Term Loan, 8.38%, 9/30/20 | 41,969 | 42,677,098 | |||||||||||||
Hilton Worldwide Finance LLC, Term Loan B2, 4.00%, 10/26/20 | 190,719 | 191,771,769 | |||||||||||||
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15 | 43,799 | 43,799,207 | |||||||||||||
Univision Communications, Inc., Refinancing Term Loan C2, 4.50%, 3/02/20 | 61,532 | 61,839,454 | |||||||||||||
378,768,229 | |||||||||||||||
Total Floating Rate Loan Interests — 1.1% | 653,550,937 |
14 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
Foreign Agency Obligations | Par (000) | Value | |||||||||||||
Australia Government Bond: | |||||||||||||||
Series 129, 5.50%, 12/15/13 | AUD | 135,332 | $ | 128,374,643 | |||||||||||
Series 133, 5.50%, 4/21/23 | 314,513 | 333,498,232 | |||||||||||||
Brazil Notas do Tesouro Nacional: | |||||||||||||||
6.00%, 8/15/22 | BRL | 399,234 | 429,387,733 | ||||||||||||
6.00%, 8/15/24 | 75,902 | 81,684,166 | |||||||||||||
Bundesrepublik Deutschland: | |||||||||||||||
Series 09, 3.50%, 7/04/19 | EUR | 281,811 | 440,252,553 | ||||||||||||
Series 2007, 4.25%, 7/04/17 | 358,714 | 556,446,976 | |||||||||||||
Canadian Government Bond: | |||||||||||||||
4.00%, 6/01/16 | CAD | 55,082 | 56,618,263 | ||||||||||||
1.50%, 3/01/17 | 93,594 | 90,242,156 | |||||||||||||
3.50%, 6/01/20 | 68,737 | 71,960,087 | |||||||||||||
Hong Kong Government Bond: | |||||||||||||||
1.67%, 3/24/14 | HKD | 196,000 | 25,424,990 | ||||||||||||
3.51%, 12/08/14 | 473,550 | 63,277,836 | |||||||||||||
1.69%, 12/22/14 | 256,600 | 33,637,669 | |||||||||||||
0.27%, 12/18/17 | 240,650 | 30,431,687 | |||||||||||||
0.53%, 3/19/18 | 476,100 | 60,650,461 | |||||||||||||
3.56%, 6/25/18 | 144,300 | 20,873,322 | |||||||||||||
Malaysia Government Bond, Series 2/04, 5.09%, 4/30/14 | MYR | 308,482 | 98,811,119 | ||||||||||||
Netherlands Government Bond, 1.00%, 2/24/17 (e) | USD | 61,103 | 61,366,354 | ||||||||||||
Queensland Treasury Corp.: | |||||||||||||||
Series 17, 6.00%, 9/14/17 | AUD | 218,048 | 225,182,357 | ||||||||||||
Series 21, 6.00%, 6/14/21 | 94,748 | 100,064,110 | |||||||||||||
United Kingdom Gilt, 4.75%, 3/07/20 | GBP | 347,525 | 653,296,721 | ||||||||||||
Total Foreign Agency Obligations — 6.2% | 3,561,481,435 | ||||||||||||||
Non-Agency Mortgage-Backed Securities | |||||||||||||||
Commercial Mortgage-Backed Securities — 0.1% | |||||||||||||||
Banc of America Large Loan, Inc., Series 2010, Class HLTN, 2.47%, 11/15/15 (e)(g) | USD | 71,677 | 71,698,449 | ||||||||||||
US Treasury Obligations | |||||||||||||||
US Treasury Notes: | |||||||||||||||
0.25%, 3/31/15 (k) | 313,484 | 313,631,424 | |||||||||||||
2.25%, 3/31/16 (k)(l) | 405,889 | 423,963,956 | |||||||||||||
0.63%, 9/30/17 (k) | 249,967 | 246,842,413 | |||||||||||||
1.00%, 5/31/18 (k) | 474,564 | 470,745,580 | |||||||||||||
1.38%, 7/31/18 (k) | 466,364 | 469,424,180 | |||||||||||||
1.38%, 9/30/18 (k) | 259,318 | 260,351,324 | |||||||||||||
2.00%, 11/15/21 | 75,568 | 74,387,250 | |||||||||||||
1.75%, 5/15/22 | 92,941 | 88,743,774 | |||||||||||||
2.50%, 8/15/23 (k) | 240,689 | 239,786,416 | |||||||||||||
Total US Treasury Obligations — 4.5% | 2,587,876,317 | ||||||||||||||
Total Fixed Income Securities — 18.3% | 10,550,099,214 |
Investment Companies | Shares | Value | |||||||||||||
United States — 1.3% | |||||||||||||||
ETFS Gold Trust (a)(c) | 1,341,690 | $ | 174,728,289 | ||||||||||||
ETFS Palladium Trust (a)(c) | 457,957 | 32,950,006 | |||||||||||||
ETFS Platinum Trust (a)(c) | 370,796 | 52,519,545 | |||||||||||||
iShares Gold Trust (a)(m) | 11,836,612 | 152,100,464 | |||||||||||||
Market Vectors Gold Miners ETF | 4,980,007 | 125,047,976 | |||||||||||||
SPDR Gold Trust (a) | 1,813,093 | 231,604,500 | |||||||||||||
Total Investment Companies — 1.3% | 768,950,780 | ||||||||||||||
Preferred Securities | |||||||||||||||
Capital Trusts | Par (000) | ||||||||||||||
Germany — 0.0% | |||||||||||||||
Deutsche Bank Capital Funding Trust VII, 5.63% (e)(g)(j) | USD | 7,793 | 8,026,790 | ||||||||||||
Switzerland — 0.1% | |||||||||||||||
Credit Suisse Group Guernsey I Ltd., 7.88%, 2/24/41 (g) | 32,194 | 35,205,749 | |||||||||||||
United States — 0.2% | |||||||||||||||
General Electric Capital Corp., Series B, 6.25% (g)(j) | 46,000 | 47,955,000 | |||||||||||||
JPMorgan Chase & Co., Series Q, 5.15% (g)(j) | 58,870 | 53,277,350 | |||||||||||||
USB Capital IX, 3.50% (g)(j) | 44,054 | 34,362,120 | |||||||||||||
135,594,470 | |||||||||||||||
Total Capital Trusts — 0.3% | 178,827,009 | ||||||||||||||
Preferred Stocks | Shares | ||||||||||||||
United Kingdom — 0.1% | |||||||||||||||
HSBC Holdings PLC, Series 2, 8.00% | 1,321,589 | 36,145,459 | |||||||||||||
Royal Bank of Scotland Group PLC: | |||||||||||||||
Series M, 6.40% | 823,350 | 17,578,522 | |||||||||||||
Series Q, 6.75% | 458,325 | 10,289,396 | |||||||||||||
Series T, 7.25% | 1,263,140 | 30,403,780 | |||||||||||||
94,417,157 | |||||||||||||||
United States — 0.8% | |||||||||||||||
Cliffs Natural Resources, Inc., 7.00% (h) | 1,184,967 | 26,910,601 | |||||||||||||
Crown Castle International Corp., Series A, 4.50% (h) | 369,584 | 37,826,922 | |||||||||||||
Fannie Mae, Series S, 8.25% (b)(g) | 3,815,744 | 27,129,940 | |||||||||||||
General Motors Co., Series B, 4.75% (h) | 1,223,793 | 62,805,057 | |||||||||||||
Health Care REIT, Inc., Series I, 6.50% (h) | 679,162 | 40,043,392 | |||||||||||||
NextEra Energy, Inc., 5.60% (h) | 830,206 | 47,952,699 | |||||||||||||
PPL Corp., 8.75% (h) | 623,773 | 32,935,214 | |||||||||||||
Twitter, Inc. (a): | |||||||||||||||
Class A, Junior | 35,555 | 679,100 | |||||||||||||
Series D | 3,225,425 | 61,605,617 | |||||||||||||
United Technologies Corp., 7.50% (h) | 446,211 | 28,236,232 | |||||||||||||
US Bancorp: | |||||||||||||||
Series F, 6.50% (g) | 1,236,823 | 33,171,593 | |||||||||||||
Series G, 6.00% (g) | 656,846 | 17,846,506 | |||||||||||||
Wells Fargo & Co., Series L, 7.50% (h) | 22,785 | 25,952,115 | |||||||||||||
443,094,988 | |||||||||||||||
Total Preferred Stocks — 0.9% | 537,512,145 |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 15 |
Consolidated Schedule of Investments (continued) | (Percentages shown are based on Net Assets) |
Trusts Preferred | Shares | Value | |||||||||||||
United States — 0.3% | |||||||||||||||
Citigroup Capital XIII, 7.88%, 10/30/40 (g) | 2,099,865 | $ | 56,712,760 | ||||||||||||
Continental Airlines Finance Trust II, 6.00%, 11/15/30 (h) | 104,150 | 5,103,350 | |||||||||||||
GMAC Capital Trust I, 8.13%, 2/15/40 (g)(h) | 2,643,601 | 69,873,496 | |||||||||||||
Omnicare Capital Trust II, 4.00%, 6/15/33 (h) | 457,329 | 30,895,750 | |||||||||||||
RBS Capital Funding Trust VII, 6.08% (h)(j) | 1,113,123 | 24,236,398 | |||||||||||||
Total Trusts Preferred — 0.3% | 186,821,754 | ||||||||||||||
Total Preferred Securities — 1.5% | 903,160,908 | ||||||||||||||
Rights | |||||||||||||||
Spain — 0.0% | |||||||||||||||
Banco Santander SA, (Expires 11/05/13) (a) | 7,761,540 | 1,654,501 | |||||||||||||
Warrants (n) | |||||||||||||||
Australia — 0.0% | |||||||||||||||
TFS Corp. Ltd., (Issued/exercisable 8/01/11, 1 share for 1 warrant, Expires 7/15/18, Strike Price AUD 1.28) | 21,267,513 | 6,235,890 | |||||||||||||
Total Long-Term Investments (Cost — $38,888,354,197) — 84.0% | 48,572,806,369 | ||||||||||||||
Short-Term Securities | |||||||||||||||
Foreign Agency Obligations (o) | Par (000) | ||||||||||||||
Japan Treasury Discount Bills: | |||||||||||||||
0.08%, 11/11/13 | JPY | 12,760,000 | 129,764,088 | ||||||||||||
0.08%, 12/20/13 | 5,700,000 | 57,961,439 | |||||||||||||
0.08%, 1/15/14 | 5,650,000 | 57,449,411 | |||||||||||||
0.08%, 2/10/14 | 16,250,000 | 165,220,966 | |||||||||||||
Mexico Cetes: | |||||||||||||||
3.90%, 11/21/13 | MXN | 75,200 | 57,514,564 | ||||||||||||
3.64%, 12/19/13 | 75,191 | 57,356,363 | |||||||||||||
4.03%, 12/26/13 | 62,911 | 47,930,813 | |||||||||||||
3.97%, 1/09/14 | 75,500 | 57,439,490 | |||||||||||||
3.97%, 2/06/14 | 83,548 | 63,369,606 | |||||||||||||
Total Foreign Agency Obligations — 1.2% | 694,006,740 | ||||||||||||||
Money Market — 0.4% | Beneficial Interest (000) | ||||||||||||||
BlackRock Liquidity Series, LLC, Money Market Series, 0.19% (m)(p)(q) | USD | 219,814 | 219,813,503 |
Time Deposits | Par (000) | Value | ||||||||||||
Hong Kong — 0.0% | ||||||||||||||
Brown Brothers Harriman & Co., 0.01%, 11/01/13 | HKD | 24,590 | $ | 3,171,645 | ||||||||||
Sweden — 0.0% | ||||||||||||||
Brown Brothers Harriman & Co., 0.01%, 11/01/13 | SEK | 15,631 | 2,412,131 | |||||||||||
Total Time Deposits — 0.0% | 5,583,776 | |||||||||||||
US Treasury Obligations (o) | ||||||||||||||
US Treasury Bills: | ||||||||||||||
0.03%, 11/07/13 | USD | 279,000 | 278,998,837 | |||||||||||
0.03% — 0.05%, 12/05/13 | 2,096,515 | 2,096,458,376 | ||||||||||||
0.02% — 0.03%, 12/12/13 | 1,048,700 | 1,048,675,253 | ||||||||||||
0.01% — 0.02%, 12/19/13 | 923,530 | 923,514,671 | ||||||||||||
0.03%, 12/26/13 | 25,400 | 25,399,030 | ||||||||||||
0.02%, 1/02/14 | 25,000 | 24,999,354 | ||||||||||||
0.04%, 1/09/14 | 1,262,505 | 1,262,415,576 | ||||||||||||
0.03% — 0.04%, 1/16/14 | 502,920 | 502,884,395 | ||||||||||||
0.01% — 0.03%, 1/23/14 | 40,165 | 40,162,746 | ||||||||||||
0.02% — 0.03%, 1/30/14 | 192,500 | 192,488,339 | ||||||||||||
0.01% — 0.04%, 2/06/14 | 484,200 | 484,178,675 | ||||||||||||
0.02% — 0.04%, 2/13/14 | 139,500 | 139,490,611 | ||||||||||||
0.01% — 0.02%, 2/20/14 | 260,700 | 260,692,182 | ||||||||||||
0.01% — 0.05%, 3/06/14 | 697,700 | 697,636,614 | ||||||||||||
0.01% — 0.03%, 3/13/14 | 267,000 | 266,976,771 | ||||||||||||
0.02%, 3/20/14 | 224,000 | 223,982,702 | ||||||||||||
Total US Treasury Obligations — 14.7% | 8,468,954,132 | |||||||||||||
Total Short-Term Securities (Cost — $9,388,938,220) — 16.3% | 9,388,358,151 | |||||||||||||
Options Purchased (Cost — $397,971,092) — 0.4% | 220,405,576 | |||||||||||||
Total Investments Before Investments Sold Short and Options Written (Cost — $48,675,263,509) — 100.7% | 58,181,570,096 | |||||||||||||
Investments Sold Short | Shares | |||||||||||||
United States — 0.0% | ||||||||||||||
Cablevision Systems Corp. | 138,644 | (2,155,914 | ) | |||||||||||
Total Investments Sold Short (Proceeds — $2,643,084) — 0.0% | (2,155,914 | ) | ||||||||||||
Options Written (Premiums Received — $97,111,076) — (0.2)% | (90,715,249 | ) | ||||||||||||
Total Investments, Net of Investments Sold Short and Options Written (Cost — $48,575,509,349) — 100.5% | 58,088,698,933 | |||||||||||||
Liabilities in Excess of Other Assets — (0.5)% | (294,196,324 | ) | ||||||||||||
Net Assets — 100.0% | $ | 57,794,502,609 |
16 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (continued) |
Notes to Consolidated Schedule of Investments
(a) | Non-income producing security. | |||
(b) | Security, or a portion of security, is on loan. | |||
(c) | Investments in issuers (whereby the Fund held 5% or more of the companies’ outstanding securities) that were considered to be an affiliate during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940 Act, as amended, were as follows: |
Affiliate | Shares Held at October 31, 2012 | Shares Purchased | Shares Sold | Shares Held at October 31, 2013 | Value at October 31, 2013 | Income | Realized Gain (Loss) | |||||||||||||||||||||||
ETFS Gold Trust | 1,355,000 | — | (13,310 | ) | 1,341,690 | $ | 174,728,289 | — | $ | 225,072 | ||||||||||||||||||||
ETFS Palladium Trust | 462,500 | — | (5,543 | ) | 457,957 | $ | 32,950,006 | — | $ | 142,294 | ||||||||||||||||||||
ETFS Platinum Trust | 390,600 | — | (19,804 | ) | 370,796 | $ | 52,519,545 | — | $ | (361,674 | ) | |||||||||||||||||||
Fusion-io, Inc.1 | 1,965,637 | 3,113,008 | (5,078,645 | ) | — | — | — | $ | (39,867,894 | ) | ||||||||||||||||||||
RHJ International | 4,080,524 | — | (40,083 | ) | 4,040,441 | $ | 21,120,738 | — | $ | (88,099 | ) | |||||||||||||||||||
RHJ International — ADR | 899,200 | — | (8,846 | ) | 890,354 | $ | 4,660,179 | — | $ | (161,391 | ) | |||||||||||||||||||
The St. Joe Co. | 9,229,019 | — | (90,658 | ) | 9,138,361 | $ | 170,613,200 | — | $ | 597,049 | ||||||||||||||||||||
Tianjin Development Holdings Ltd.1 | 83,272,798 | — | (83,272,798 | ) | — | — | — | $ | 15,689,715 | |||||||||||||||||||||
TF Administradora Industrial S de RL de CV | — | 17,471,100 | (171,600 | ) | 17,299,500 | $ | 33,784,227 | $ | 339,058 | $ | 26,459 | |||||||||||||||||||
Veeva Systems, Inc., Class A | — | 697,228 | — | 697,228 | $ | 27,129,141 | — | $ | — |
1 | No longer an affiliated company or held by the Fund as of report date. |
(d) | All or a portion of the security has been pledged as collateral in connection with outstanding options written. | |||
(e) | 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. | |||
(f) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | |||
(g) | Variable rate security. Rate shown is as of report date. | |||
(h) | Convertible security. | |||
(i) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. | |||
(j) | Security is perpetual in nature and has no stated maturity date. | |||
(k) | All or a portion of security has been pledged as collateral in connection with swaps. | |||
(l) | All or a portion of security has been pledged as collateral in connection with open financial futures contracts. | |||
(m) | Investments in issuers considered to be an affiliate of the Fund during the year, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate | Shares/ Beneficial Interest Held at October 31, 2012 | Shares/ Beneficial Interest Purchased | Shares/ Beneficial Interest Sold | Shares/ Beneficial Interest Held at October 31, 2013 | Value at October 31, 2013 | Income | Realized Gain (Loss) | |||||||||||||||||||||||
BlackRock Liquidity Funds, Tempfund, Institutional Class | — | — | — | — | — | $ | 5,734 | — | ||||||||||||||||||||||
BlackRock Liquidity Series, LLC, Money Market Series | 479,431,482 | — | (259,617,979 | )2 | 219,813,503 | $ | 219,813,503 | $ | 2,892,869 | — | ||||||||||||||||||||
iShares Gold Trust | 11,836,612 | — | — | 11,836,612 | $ | 152,100,464 | — | — |
2 | Represents net beneficial interest sold |
(n) | Warrants entitle the Fund to purchase a predetermined 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, if any. | |||
(o) | Rates shown are discount rates or a range of discount rates paid at the time of purchase. | |||
(p) | Represents the current yield as of report date. | |||
(q) | Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 17 |
Consolidated Schedule of Investments (continued) |
• | Financial futures contracts as of October 31, 2013 were as follows: |
Contracts Sold | Issue | Exchange | Expiration | Notional Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
(430) | Nikkei 225 Index | Chicago Mercantile | December 2013 | USD | 31,584,206 | $ | (270,845 | ) | |||||||||||||||||||
(14) | Dax Index | Eurex Mercantile | December 2013 | USD | 4,292,355 | (155,193 | ) | ||||||||||||||||||||
(8,387) | Euro Stoxx 50 Index | Eurex Mercantile | December 2013 | USD | 348,341,890 | (6,448,807 | ) | ||||||||||||||||||||
(173) | FTSE 100 Index | Euronext LIFFE | December 2013 | USD | 18,608,578 | (301,338 | ) | ||||||||||||||||||||
(8,141) | MSCI Emerging Markets Mini Index | NYSE LIFFE | December 2013 | USD | 416,778,495 | 398,405 | |||||||||||||||||||||
(4,477) | S&P 500 E-Mini Index | Chicago Mercantile | December 2013 | USD | 391,961,350 | (13,662,216 | ) | ||||||||||||||||||||
Total | $ | (20,439,994 | ) |
• | Foreign currency exchange contracts as of October 31, 2013 were as follows: |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 7,643,104 | USD | 7,252,083 | Deutsche Bank AG | 11/01/13 | $ | (28,202 | ) | ||||||||||||
CAD | 3,620,893 | USD | 3,461,733 | Goldman Sachs International | 11/01/13 | 11,046 | ||||||||||||||
EUR | 64,455,000 | USD | 88,753,246 | Deutsche Bank AG | 11/01/13 | (1,239,516 | ) | |||||||||||||
GBP | 582,464 | USD | 936,306 | Barclays Bank PLC | 11/01/13 | (2,383 | ) | |||||||||||||
HKD | 70,985,504 | USD | 9,155,350 | HSBC Bank USA, NA | 11/01/13 | 526 | ||||||||||||||
JPY | 25,761,354,702 | USD | 262,442,489 | Morgan Stanley Capital Services, Inc. | 11/01/13 | (453,729 | ) | |||||||||||||
JPY | 18,113,083,000 | USD | 184,432,166 | UBS AG | 11/01/13 | (225,077 | ) | |||||||||||||
USD | 127,135 | BRL | 278,425 | Brown Brothers Harriman & Co. | 11/01/13 | 2,849 | ||||||||||||||
USD | 85,741,908 | EUR | 64,455,000 | Deutsche Bank AG | 11/01/13 | (1,771,822 | ) | |||||||||||||
USD | 1,906,094 | EUR | 1,384,277 | Deutsche Bank AG | 11/01/13 | 26,593 | ||||||||||||||
USD | 6,501,416 | JPY | 638,270,001 | Credit Suisse International | 11/01/13 | 10,314 | ||||||||||||||
USD | 259,379,924 | JPY | 25,761,354,702 | Morgan Stanley Capital Services, Inc. | 11/01/13 | (2,608,835 | ) | |||||||||||||
USD | 182,224,175 | JPY | 18,113,083,000 | UBS AG | 11/01/13 | (1,982,913 | ) | |||||||||||||
USD | 2,486,797 | MYR | 7,857,037 | Brown Brothers Harriman & Co. | 11/01/13 | (3,113 | ) | |||||||||||||
AUD | 5,816,174 | USD | 5,511,988 | Morgan Stanley Capital Services, Inc. | 11/04/13 | (14,831 | ) | |||||||||||||
USD | 176,225 | BRL | 387,607 | Brown Brothers Harriman & Co. | 11/04/13 | 3,202 | ||||||||||||||
USD | 619,864 | CAD | 646,870 | Deutsche Bank AG | 11/04/13 | (545 | ) | |||||||||||||
USD | 9,878,983 | EUR | 7,256,009 | Morgan Stanley Capital Services, Inc. | 11/04/13 | 27,143 | ||||||||||||||
USD | 399,689 | GBP | 249,225 | Barclays Bank PLC | 11/04/13 | 82 | ||||||||||||||
USD | 3,171,477 | HKD | 24,589,762 | HSBC Bank USA, NA | 11/04/13 | (168 | ) | |||||||||||||
USD | 57,061 | MXN | 741,294 | Credit Suisse International | 11/04/13 | 245 | ||||||||||||||
USD | 13,440,574 | JPY | 1,322,216,454 | Brown Brothers Harriman & Co. | 11/05/13 | (6,151 | ) | |||||||||||||
USD | 128,026,937 | JPY | 12,694,767,022 | BNP Paribas SA | 11/06/13 | (1,077,395 | ) | |||||||||||||
USD | 128,456,356 | JPY | 12,753,147,000 | Credit Suisse International | 11/06/13 | (1,241,694 | ) | |||||||||||||
USD | 121,623,807 | JPY | 12,064,960,000 | Morgan Stanley Capital Services, Inc. | 11/06/13 | (1,075,460 | ) | |||||||||||||
USD | 50,092,435 | JPY | 4,877,400,189 | Morgan Stanley Capital Services, Inc. | 11/06/13 | 489,831 | ||||||||||||||
CAD | 84,344,037 | USD | 81,711,299 | Credit Suisse International | 11/07/13 | (829,549 | ) | |||||||||||||
USD | 114,746,923 | JPY | 11,354,208,000 | Credit Suisse International | 11/07/13 | (724,641 | ) | |||||||||||||
USD | 125,898,774 | JPY | 12,423,690,975 | Goldman Sachs International | 11/07/13 | (449,363 | ) | |||||||||||||
USD | 129,280,648 | JPY | 12,760,000,000 | Credit Suisse International | 11/12/13 | (490,897 | ) | |||||||||||||
USD | 40,391,497 | EUR | 29,848,301 | BNP Paribas SA | 11/14/13 | (135,908 | ) | |||||||||||||
USD | 124,734,122 | JPY | 12,226,438,627 | Bank of America N.A. | 11/14/13 | 387,780 | ||||||||||||||
USD | 130,444,220 | JPY | 12,792,795,070 | Goldman Sachs International | 11/14/13 | 337,872 | ||||||||||||||
USD | 136,599,807 | JPY | 13,389,649,690 | Morgan Stanley Capital Services, Inc. | 11/14/13 | 423,279 | ||||||||||||||
USD | 32,259,088 | EUR | 23,683,000 | Brown Brothers Harriman & Co. | 11/18/13 | 102,517 | ||||||||||||||
USD | 56,095,237 | EUR | 41,277,000 | Goldman Sachs International | 11/21/13 | 49,314 | ||||||||||||||
USD | 106,989,681 | JPY | 10,361,629,628 | Barclays Bank PLC | 11/21/13 | 1,605,373 | ||||||||||||||
USD | 168,955,617 | JPY | 16,452,458,688 | BNP Paribas SA | 11/21/13 | 1,623,737 | ||||||||||||||
USD | 57,326,686 | MXN | 752,000,000 | Credit Suisse International | 11/21/13 | (232,359 | ) | |||||||||||||
USD | 109,556,984 | AUD | 116,305,000 | Morgan Stanley Capital Services, Inc. | 11/22/13 | (239,499 | ) | |||||||||||||
USD | 234,071,408 | GBP | 146,845,300 | Deutsche Bank AG | 11/22/13 | (1,348,508 | ) | |||||||||||||
USD | 59,950,368 | BRL | 131,980,735 | Morgan Stanley Capital Services, Inc. | 12/05/13 | 1,473,247 | ||||||||||||||
USD | 69,224,202 | JPY | 6,820,314,540 | Credit Suisse International | 12/05/13 | (147,439 | ) | |||||||||||||
USD | 110,931,346 | EUR | 82,231,000 | Barclays Bank PLC | 12/06/13 | (725,286 | ) | |||||||||||||
USD | 142,113,433 | EUR | 103,036,000 | Morgan Stanley Capital Services, Inc. | 12/12/13 | 2,206,356 | ||||||||||||||
USD | 90,252,326 | JPY | 8,777,941,224 | UBS AG | 12/12/13 | 963,265 |
18 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (continued) |
Foreign currency exchange contracts as of October 31, 2013 were as follows (concluded): |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||||||||||
EUR | 101,771,000 | JPY | 13,651,053,085 | Barclays Bank PLC | 12/13/13 | $ | (670,054 | ) | |||||||||||||
USD | 157,045,316 | BRL | 344,557,422 | Deutsche Bank AG | 12/13/13 | 4,631,648 | |||||||||||||||
USD | 178,531,644 | JPY | 17,368,897,284 | Goldman Sachs International | 12/13/13 | 1,853,902 | |||||||||||||||
USD | 85,543,642 | EUR | 62,253,400 | Credit Suisse International | 12/19/13 | 1,012,681 | |||||||||||||||
USD | 56,035,749 | EUR | 40,776,700 | Deutsche Bank AG | 12/19/13 | 666,988 | |||||||||||||||
USD | 144,587,551 | EUR | 105,176,000 | UBS AG | 12/19/13 | 1,774,012 | |||||||||||||||
USD | 136,160,321 | JPY | 13,354,114,109 | Bank of America N.A. | 12/19/13 | 313,745 | |||||||||||||||
USD | 58,821,169 | MXN | 751,911,000 | Morgan Stanley Capital Services, Inc. | 12/19/13 | 1,394,111 | |||||||||||||||
USD | 56,886,228 | JPY | 5,700,000,000 | BNP Paribas SA | 12/20/13 | (1,098,347 | ) | ||||||||||||||
USD | 262,503,996 | JPY | 25,761,354,702 | Morgan Stanley Capital Services, Inc. | 12/20/13 | 440,630 | |||||||||||||||
USD | 49,168,808 | MXN | 629,114,900 | Credit Suisse International | 12/26/13 | 1,145,992 | |||||||||||||||
USD | 58,837,740 | MXN | 755,000,000 | UBS AG | 1/09/14 | 1,267,398 | |||||||||||||||
USD | 57,830,092 | JPY | 5,650,000,000 | UBS AG | 1/15/14 | 342,250 | |||||||||||||||
USD | 61,341,170 | MXN | 835,479,000 | UBS AG | 2/06/14 | (2,228,156 | ) | ||||||||||||||
USD | 164,974,619 | JPY | 16,250,000,000 | Deutsche Bank AG | 2/10/14 | (391,857 | ) | ||||||||||||||
Total | $ | 3,144,231 |
• | Exchange-traded options purchased as of October 31, 2013 were as follows: |
Description | Put/ Call | Strike Price | Expiration Date | Contracts | Notional Value (000) | Market Value | |||||||||||||||||||||||
CBOE Volatility Index | Call | USD | 17.00 | 11/20/13 | 12,508 | — | $ | 469,050 | |||||||||||||||||||||
Barrick Gold Corp. | Call | USD | 80.00 | 1/18/14 | 160,050 | — | 640,200 | ||||||||||||||||||||||
Goldcorp, Inc. | Call | USD | 80.00 | 1/18/14 | 100,070 | — | 300,210 | ||||||||||||||||||||||
Newmont Mining Corp. | Call | USD | 90.00 | 1/18/14 | 128,039 | — | 256,078 | ||||||||||||||||||||||
Anadarko Petroleum Corp. | Call | USD | 97.50 | 2/22/14 | 9,239 | — | 4,619,500 | ||||||||||||||||||||||
Freeport-McMoRan Copper & Gold, Inc. | Call | USD | 34.00 | 2/22/14 | 19,191 | — | 7,244,602 | ||||||||||||||||||||||
MetLife, Inc. | Call | USD | 50.00 | 1/17/15 | 5,452 | — | 2,112,650 | ||||||||||||||||||||||
Prudential Financial, Inc. | Call | USD | 82.50 | 1/17/15 | 3,565 | — | 3,039,163 | ||||||||||||||||||||||
S&P 500 Index | Put | USD | 1,630.00 | 11/16/13 | 1,229 | — | 125,973 | ||||||||||||||||||||||
S&P 500 Index | Put | USD | 1,675.00 | 11/16/13 | 3,335 | — | 608,638 | ||||||||||||||||||||||
S&P 500 Index | Put | USD | 1,685.00 | 11/16/13 | 7,906 | — | 1,759,085 | ||||||||||||||||||||||
Suncor Energy, Inc. | Put | USD | 36.00 | 11/16/13 | 12,243 | — | 642,757 | ||||||||||||||||||||||
S&P 500 Index | Put | USD | 1,720.00 | 1/18/14 | 4,965 | — | 14,224,725 | ||||||||||||||||||||||
S&P 500 Index | Put | USD | 1,740.00 | 1/18/14 | 1,643 | — | 5,783,360 | ||||||||||||||||||||||
Total | $ | 41,825,991 |
• | Over-the-counter interest rate swaptions purchased as of October 31, 2013 were as follows: |
Description | Counterparty | Put/ Call | Exercise Rate | Pay/ Receive Exercise Rate | Floating Rate Index | Expiration Date | Notional Amount (000) | Market Value | ||||||||||||||||||||||||||||
5-Year Interest Rate Swap | Deutsche Bank AG | Put | 1.07% | Pay | 6-month JPY LIBOR | 4/04/18 | JPY | 12,739,074 | $ | 2,413,275 |
• | Over-the-counter options purchased as of October 31, 2013 were as follows: |
Description | Counterparty | Put/ Call | Strike Price | Expiration Date | Contracts | Notional Value (000) | Market Value | |||||||||||||||||||||||
Topix Index | Goldman Sachs International | Call | JPY | 1,218.10 | 12/13/13 | 13,613,239 | — | $ | 2,971,017 | |||||||||||||||||||||
JPY Currency | Credit Suisse | Call | USD | 96.70 | 12/20/13 | — | 559,614 | 3,734,864 | ||||||||||||||||||||||
JPY Currency | Deutsche Bank AG | Call | USD | 96.75 | 12/26/13 | — | 279,807 | 2,123,735 | ||||||||||||||||||||||
Activision Blizzard, Inc. | Goldman Sachs International | Call | USD | 20.00 | 1/17/14 | 4,004,004 | — | 429,149 | ||||||||||||||||||||||
Agnico Eagle Mines Ltd. | Deutsche Bank AG | Call | USD | 85.00 | 1/17/14 | 2,988,685 | — | 56,815 | ||||||||||||||||||||||
Alcoa, Inc. | Goldman Sachs International | Call | USD | 15.00 | 1/17/14 | 7,233,039 | — | 102,203 | ||||||||||||||||||||||
AngloGold Ashanti Ltd. | Deutsche Bank AG | Call | USD | 65.00 | 1/17/14 | 3,544,150 | — | 354 | ||||||||||||||||||||||
AutoZone, Inc. | Goldman Sachs International | Call | USD | 550.00 | 1/17/14 | 303,530 | — | 44,464 | ||||||||||||||||||||||
Boston Scientific Corp. | Goldman Sachs International | Call | USD | 10.00 | 1/17/14 | 4,656,764 | — | 8,439,221 | ||||||||||||||||||||||
Broadcom Corp. | Goldman Sachs International | Call | USD | 55.00 | 1/17/14 | 3,874,843 | — | 36,733 |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 19 |
Consolidated Schedule of Investments (continued) |
Description | Counterparty | Put/ Call | Strike Price | Expiration Date | Contracts | Notional Value (000) | Market Value | |||||||||||||||||||||||||||||
Caterpillar, Inc. | Goldman Sachs International | Call | USD | 135.00 | 1/17/14 | 4,197,747 | — | $ | 79,799 | |||||||||||||||||||||||||||
Coeur Mining, Inc. | Deutsche Bank AG | Call | USD | 40.00 | 1/17/14 | 1,417,982 | — | 142 | ||||||||||||||||||||||||||||
Corning, Inc. | Goldman Sachs International | Call | USD | 20.00 | 1/17/14 | 6,182,857 | — | 633,186 | ||||||||||||||||||||||||||||
Eldorado Gold Corp. | Deutsche Bank AG | Call | USD | 25.00 | 1/17/14 | 4,207,937 | — | 421 | ||||||||||||||||||||||||||||
EMC Corp. | Goldman Sachs International | Call | USD | 40.00 | 1/17/14 | 11,301,623 | — | 53,118 | ||||||||||||||||||||||||||||
Endeavour Silver Corp. | Deutsche Bank AG | Call | USD | 20.00 | 1/17/14 | 1,126,717 | — | 113 | ||||||||||||||||||||||||||||
First Majestic Silver Corp. | Deutsche Bank AG | Call | USD | 35.00 | 1/17/14 | 711,925 | — | 7 | ||||||||||||||||||||||||||||
Freeport-McMoRan Copper & Gold, Inc. | Goldman Sachs International | Call | USD | 64.00 | 1/17/14 | 8,718,394 | — | 118,134 | ||||||||||||||||||||||||||||
General Electric Co. | Goldman Sachs International | Call | USD | 35.00 | 1/17/14 | 16,145,176 | — | 152,895 | ||||||||||||||||||||||||||||
Gold Fields Ltd. | Deutsche Bank AG | Call | USD | 22.00 | 1/17/14 | 8,699,278 | — | 870 | ||||||||||||||||||||||||||||
Halliburton Co. | Goldman Sachs International | Call | USD | 55.00 | 1/17/14 | 1,553,960 | — | 2,070,356 | ||||||||||||||||||||||||||||
Harmony Gold Mining Co., Ltd. | Deutsche Bank AG | Call | USD | 15.00 | 1/17/14 | 2,218,767 | — | 222 | ||||||||||||||||||||||||||||
Hewlett-Packard Co. | Goldman Sachs International | Call | USD | 30.00 | 1/17/14 | 12,445,017 | — | 2,056,415 | ||||||||||||||||||||||||||||
Humana, Inc. | Goldman Sachs International | Call | USD | 105.00 | 1/17/14 | 1,291,616 | — | 629,934 | ||||||||||||||||||||||||||||
IAMGOLD Corp. | Deutsche Bank AG | Call | USD | 30.00 | 1/17/14 | 3,742,300 | — | 374 | ||||||||||||||||||||||||||||
Intel Corp. | Goldman Sachs International | Call | USD | 40.00 | 1/17/14 | 16,145,176 | — | 76,044 | ||||||||||||||||||||||||||||
International Business Machines Corp. | Goldman Sachs International | Call | USD | 295.00 | 1/17/14 | 1,679,099 | — | 22,114 | ||||||||||||||||||||||||||||
J.C. Penney Co., Inc. | Goldman Sachs International | Call | USD | 55.00 | 1/17/14 | 4,520,648 | — | 452 | ||||||||||||||||||||||||||||
Kinross Gold Corp. | Deutsche Bank AG | Call | USD | 20.00 | 1/17/14 | 16,109,772 | — | 1,611 | ||||||||||||||||||||||||||||
Marvell Technology Group Ltd. | Goldman Sachs International | Call | USD | 20.00 | 1/17/14 | 9,364,201 | — | 94 | ||||||||||||||||||||||||||||
Mastercard, Inc. | Goldman Sachs International | Call | USD | 660.00 | 1/17/14 | 184,068 | — | 12,712,741 | ||||||||||||||||||||||||||||
McDonald’s Corp. | Goldman Sachs International | Call | USD | 135.00 | 1/17/14 | 2,906,133 | — | 55,565 | ||||||||||||||||||||||||||||
Monster Beverage Corp. | Goldman Sachs International | Call | USD | 105.00 | 1/17/14 | 2,260,325 | — | 107,162 | ||||||||||||||||||||||||||||
NetApp, Inc. | Goldman Sachs International | Call | USD | 60.00 | 1/17/14 | 5,295,618 | — | 99,505 | ||||||||||||||||||||||||||||
New Gold, Inc. | Deutsche Bank AG | Call | USD | 22.00 | 1/17/14 | 2,386,824 | — | 239 | ||||||||||||||||||||||||||||
Novagold Resources, Inc. | Deutsche Bank AG | Call | USD | 12.00 | 1/17/14 | 2,205,690 | — | 221 | ||||||||||||||||||||||||||||
Pan American Silver Corp. | Deutsche Bank AG | Call | USD | 50.00 | 1/17/14 | 4,024,352 | — | 402 | ||||||||||||||||||||||||||||
QUALCOMM, Inc. | Goldman Sachs International | Call | USD | 95.00 | 1/17/14 | 6,458,069 | — | 87,636 | ||||||||||||||||||||||||||||
Randgold Resources Ltd. | Deutsche Bank AG | Call | USD | 165.00 | 1/17/14 | 543,221 | — | 12,700 | ||||||||||||||||||||||||||||
Royal Gold, Inc. | Deutsche Bank AG | Call | USD | 125.00 | 1/17/14 | 535,297 | — | 12,644 | ||||||||||||||||||||||||||||
Seabridge Gold, Inc. | Deutsche Bank AG | Call | USD | 30.00 | 1/17/14 | 352,481 | — | 25 | ||||||||||||||||||||||||||||
Silver Standard Resources, Inc. | Deutsche Bank AG | Call | USD | 30.00 | 1/17/14 | 985,275 | — | 98 | ||||||||||||||||||||||||||||
Silver Wheaton Corp. | Deutsche Bank AG | Call | USD | 55.00 | 1/17/14 | 4,041,492 | — | 58,157 | ||||||||||||||||||||||||||||
Silvercorp Metals, Inc. | Deutsche Bank AG | Call | USD | 15.00 | 1/17/14 | 2,298,349 | — | 230 | ||||||||||||||||||||||||||||
Staples, Inc. | Goldman Sachs International | Call | USD | 20.00 | 1/17/14 | 11,346,244 | — | 831,339 | ||||||||||||||||||||||||||||
Starwood Hotels & Resorts Worldwide, Inc. | Goldman Sachs International | Call | USD | 85.00 | 1/17/14 | 968,710 | — | 130,379 | ||||||||||||||||||||||||||||
Stillwater Mining Co. | Deutsche Bank AG | Call | USD | 25.00 | 1/17/14 | 2,577,565 | — | 62,248 | ||||||||||||||||||||||||||||
United Technologies Corp. | Goldman Sachs International | Call | USD | 120.00 | 1/17/14 | 2,454,067 | — | 305,801 | ||||||||||||||||||||||||||||
UnitedHealth Group, Inc. | Goldman Sachs International | Call | USD | 85.00 | 1/17/14 | 3,229,037 | — | 201,072 | ||||||||||||||||||||||||||||
Visa, Inc. | Goldman Sachs International | Call | USD | 190.00 | 1/17/14 | 735,737 | — | 8,825,872 | ||||||||||||||||||||||||||||
Western Union Co. | Goldman Sachs International | Call | USD | 25.00 | 1/17/14 | 2,260,325 | — | 53,683 | ||||||||||||||||||||||||||||
Yamana Gold, Inc. | Deutsche Bank AG | Call | USD | 30.00 | 1/17/14 | 9,673,725 | — | 89,869 | ||||||||||||||||||||||||||||
Yum! Brands, Inc. | Goldman Sachs International | Call | USD | 100.00 | 1/17/14 | 2,260,325 | — | �� | 40,618 | |||||||||||||||||||||||||||
Apple, Inc. | Goldman Sachs International | Call | USD | 410.00 | 2/21/14 | 504,949 | — | 56,913,554 | ||||||||||||||||||||||||||||
Topix Index | BNP Paribas S.A | Call | JPY | 1,271.41 | 3/14/14 | 17,340,717 | — | 3,834,367 | ||||||||||||||||||||||||||||
Topix Index | UBS AG | Call | JPY | 1,157.50 | 4/11/14 | 18,848,442 | — | 13,714,982 | ||||||||||||||||||||||||||||
Topix Index | JPMorgan Chase Bank N.A. | Call | JPY | 1,164.04 | 5/09/14 | 159,283 | — | 13,887,839 | ||||||||||||||||||||||||||||
Topix Index | Bank of America N.A. | Call | JPY | 1,153.54 | 6/13/14 | 127,871 | — | 12,549,431 | ||||||||||||||||||||||||||||
Topix Index | Goldman Sachs International | Call | JPY | 1,143.74 | 7/11/14 | 14,190,400 | — | 13,017,799 | ||||||||||||||||||||||||||||
Topix Index | Citibank N.A. | Call | JPY | 1,246.74 | 9/12/14 | 17,202,386 | — | 10,990,374 | ||||||||||||||||||||||||||||
Takeda Pharmaceutical Co., Ltd. | Goldman Sachs International | Call | JPY | 4,906.34 | 10/09/14 | 722,147 | — | 1,524,524 | ||||||||||||||||||||||||||||
MSCI Emerging Markets | Goldman Sachs International | Put | USD | 889.49 | 11/15/13 | 226,164 | — | 67,849 | ||||||||||||||||||||||||||||
S&P 500 Index | Credit Suisse International | Put | USD | 1,670.00 | 11/15/13 | 194,005 | — | 324,958 | ||||||||||||||||||||||||||||
S&P 500 Index | Credit Suisse International | Put | USD | 1,680.00 | 11/15/13 | 369,439 | — | 748,115 | ||||||||||||||||||||||||||||
KOSPI Index | Citibank N.A. | Put | USD | 243.53 | 12/12/13 | 2,731 | — | 49,158 | ||||||||||||||||||||||||||||
MSCI Emerging Markets | JPMorgan Chase Bank N.A. | Put | USD | 929.05 | 12/20/13 | 186,091 | — | 1,020,298 | ||||||||||||||||||||||||||||
Total | $ | 176,166,310 |
20 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (continued) |
• | Exchange-traded options written as of October 31, 2013 were as follows: |
Description | Put/ Call | Strike Price | Expiration Date | Contracts | Market Value | ||||||||||||||||||||
SM Energy Co. | Call | USD | 70.00 | 11/16/13 | 3,109 | $ | (5,938,190 | ) | |||||||||||||||||
Whiting Petroleum Corp. | Call | USD | 52.50 | 12/21/13 | 4,665 | (6,857,550 | ) | ||||||||||||||||||
Whiting Petroleum Corp. | Call | USD | 62.50 | 12/21/13 | 6,158 | (3,756,380 | ) | ||||||||||||||||||
Marathon Petroleum Corp. | Call | USD | 77.50 | 1/18/14 | 6,187 | (1,082,725 | ) | ||||||||||||||||||
PulteGroup, Inc. | Call | USD | 19.00 | 1/18/14 | 12,448 | (821,568 | ) | ||||||||||||||||||
S&P 500 Index | Call | USD | 1,800.00 | 1/18/14 | 3,322 | (6,112,480 | ) | ||||||||||||||||||
S&P 500 Index | Call | USD | 1,825.00 | 1/18/14 | 3,286 | (3,581,740 | ) | ||||||||||||||||||
The Travelers Cos., Inc. | Call | USD | 82.50 | 1/18/14 | 1,361 | (660,085 | ) | ||||||||||||||||||
Williams Sonoma, Inc. | Call | USD | 52.50 | 1/18/14 | 3,410 | (818,400 | ) | ||||||||||||||||||
Williams Sonoma, Inc. | Call | USD | 55.00 | 1/18/14 | 2,460 | (332,100 | ) | ||||||||||||||||||
ACE Ltd. | Call | USD | 92.50 | 2/22/14 | 1,246 | (629,230 | ) | ||||||||||||||||||
XL Group PLC | Call | USD | 32.00 | 4/19/14 | 3,694 | (371,247 | ) | ||||||||||||||||||
CBOE Volatility Index | Put | USD | 14.00 | 11/20/13 | 12,508 | (687,940 | ) | ||||||||||||||||||
PulteGroup, Inc. | Put | USD | 15.00 | 1/18/14 | 12,479 | (405,567 | ) | ||||||||||||||||||
S&P 500 Index | Put | USD | 1,600.00 | 1/18/14 | 6,608 | (5,815,040 | ) | ||||||||||||||||||
Dresser-Rand Group, Inc. | Put | USD | 60.00 | 3/22/14 | 6,220 | (2,301,400 | ) | ||||||||||||||||||
Marathon Petroleum Corp. | Put | USD | 62.50 | 4/19/14 | 9,246 | (2,473,305 | ) | ||||||||||||||||||
Marathon Petroleum Corp. | Put | USD | 65.00 | 4/19/14 | 9,246 | (3,189,870 | ) | ||||||||||||||||||
Phillips 66 | Put | USD | 57.50 | 5/17/14 | 12,328 | (3,575,120 | ) | ||||||||||||||||||
Total | $ | (49,409,937 | ) |
• | Over-the-counter options written as of October 31, 2013 were as follows: |
Description | Counterparty | Put/ Call | Strike Price | Expiration Date | Contracts | Market Value | |||||||||||||||||||||||
MSCI Emerging Markets | Goldman Sachs International | Call | USD | 1,021.78 | 11/15/13 | 226,164 | $ | (4,844,433 | ) | ||||||||||||||||||||
MSCI Emerging Markets | JPMorgan Chase Bank N.A. | Call | USD | 1,071.98 | 12/20/13 | 186,091 | (2,329,282 | ) | |||||||||||||||||||||
Halliburton Co. | Deutsche Bank AG | Call | USD | 55.00 | 1/17/14 | 1,553,960 | (2,049,005 | ) | |||||||||||||||||||||
Apple, Inc. | Deutsche Bank AG | Call | USD | 480.00 | 2/21/14 | 504,949 | (26,633,580 | ) | |||||||||||||||||||||
MSCI Emerging Markets | Goldman Sachs International | Put | USD | 798.26 | 11/15/13 | 226,164 | (20,355 | ) | |||||||||||||||||||||
Topix Index | Citibank N.A. | Put | JPY | 1,078.91 | 12/13/13 | 17,202,386 | (717,660 | ) | |||||||||||||||||||||
Topix Index | Goldman Sachs International | Put | JPY | 1,089.26 | 12/13/13 | 13,613,239 | (672,840 | ) | |||||||||||||||||||||
MSCI Emerging Markets | JPMorgan Chase Bank N.A. | Put | USD | 833.76 | 12/20/13 | 186,091 | (272,087 | ) | |||||||||||||||||||||
Topix Index | BNP Paribas S.A. | Put | JPY | 1,112.48 | 3/14/14 | 17,340,717 | (3,766,070 | ) | |||||||||||||||||||||
Total | $ | (41,305,312 | ) |
• | Centrally cleared credit default swaps — buy protection outstanding as of October 31, 2013 were as follows: |
Issuer | Pay Fixed Rate | Clearinghouse | Expiration Date | Notional Amount (000) | Unrealized Appreciation | ||||||||||||||||||||
Dow Jones CDX North America High Yield Index, Series 21, Version 1 | 5.00% | Chicago Mercantile | 12/20/18 | USD | 413,072 | $ | 1,213,367 |
• | Over-the-counter interest rate swaps outstanding as of October 31, 2013 were as follows: |
Fixed Rate | Floating Rate | Counterparty | Effective Date | Expiration Date | Notional Amount (000) | Market Value | Premiums Paid (Received) | Unrealized Depreciation | |||||||||||||||||||||||||||||
0.50%1 | 3-Month LIBOR | JPMorgan Chase Bank N.A. | N/A | 9/17/15 | USD | 310,756 | $ | (436,177 | ) | — | $ | (436,177 | ) | ||||||||||||||||||||||||
1.01%2 | 3-Month LIBOR | Deutsche Bank AG | 9/27/15 | 3 | 9/27/16 | USD | 271,993 | (363,464 | ) | — | (363,464 | ) | |||||||||||||||||||||||||
1.00%2 | 3-Month LIBOR | Goldman Sachs International | 9/28/15 | 3 | 9/28/16 | USD | 1,309,229 | (1,940,409 | ) | — | (1,940,409 | ) | |||||||||||||||||||||||||
1.19%2 | 3-Month LIBOR | JPMorgan Chase Bank N.A. | N/A | 9/17/18 | USD | 133,681 | (1,381,593 | ) | — | (1,381,593 | ) | ||||||||||||||||||||||||||
Total | $ | (4,121,643 | ) | — | $ | (4,121,643 | ) |
1 | Fund pays the fixed rate and receives the floating rate. |
2 | Fund pays the floating rate and receives the fixed rate. |
3 | Forward swap. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 21 |
Consolidated Schedule of Investments (continued) |
• | Over-the-counter total return swaps outstanding as of October 31, 2013 were as follows: |
Reference Entity | Floating Rate/ Fixed Amount | Counterparty | Expiration Date | Notional Amount | Market Value | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
KOSPI 200 Future Contract December 2013 | KRW 122,364,648,9001 | Citibank N.A. | 12/13/13 | KRW | 927 | $ | 2,118,620 | — | $ | 2,118,620 | |||||||||||||||||||||||
KOSPI 200 Future Contract December 2013 | KRW 123,386,435,6001 | Citibank N.A. | 12/13/13 | KRW | 929 | 1,408,804 | — | 1,408,804 | |||||||||||||||||||||||||
Hana Financial Group Inc. | 1 Day Fed Funds overnight + 0.50%2 | Goldman Sachs International | 4/23/15 | USD | 611,030 | 43,480 | — | 43,480 | |||||||||||||||||||||||||
SGX Nikkei Stock Average Dividend Point Index Future December 2015 | JPY 2,703,510,0001 | BNP Paribas S.A. | 3/31/16 | JPY | 1,026 | 333,896 | — | 333,896 | |||||||||||||||||||||||||
SGX Nikkei Stock Average Dividend Point Index Future December 2015 | JPY 2,773,800,0001 | BNP Paribas S.A. | 3/31/16 | JPY | 1,035 | (136,835 | ) | — | (136,835 | ) | |||||||||||||||||||||||
SGX Nikkei Stock Average Dividend Point Index Future December 2016 | JPY 2,726,515,0001 | BNP Paribas S.A. | 3/31/17 | JPY | 979 | 806,458 | — | 806,458 | |||||||||||||||||||||||||
SGX Nikkei Stock Average Dividend Point Index Future December 2016 | JPY 2,778,300,0001 | BNP Paribas S.A. | 3/31/17 | JPY | 980 | 308,960 | — | 308,960 | |||||||||||||||||||||||||
Total | �� | $ | 4,883,383 | — | $ | 4,883,383 |
1 | Fund receives the total return of the reference entity and pays the fixed amount. Net payment at termination. |
2 | Fund receives the floating amount and pays the total return of the reference entity. Net payment at termination. |
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement 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) | |||
• | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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. | ||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, please refer to Note 2 of the Consolidated Notes to Financial Statements. |
22 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (continued) |
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2013: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
Long-Term Investments: | ||||||||||||||||||
Common Stocks: | ||||||||||||||||||
Argentina | $ | 13,394,120 | — | — | $ | 13,394,120 | ||||||||||||
Australia | — | $ | 593,926,436 | — | 593,926,436 | |||||||||||||
Austria | — | 21,125,515 | — | 21,125,515 | ||||||||||||||
Belgium | 21,120,738 | 99,485,134 | $ | 4,660,179 | 125,266,051 | |||||||||||||
Brazil | 513,113,049 | — | — | 513,113,049 | ||||||||||||||
Canada | 1,066,406,652 | — | — | 1,066,406,652 | ||||||||||||||
Chile | 50,173,404 | — | — | 50,173,404 | ||||||||||||||
China | 41,834,139 | 334,815,762 | — | 376,649,901 | ||||||||||||||
Denmark | 30,725,725 | — | — | 30,725,725 | ||||||||||||||
France | 114,652,911 | 1,738,304,076 | — | 1,852,956,987 | ||||||||||||||
Germany | — | 1,353,188,795 | — | 1,353,188,795 | ||||||||||||||
Hong Kong | 475,532 | 167,425,625 | — | 167,901,157 | ||||||||||||||
India | 31,440,046 | — | — | 31,440,046 | ||||||||||||||
Indonesia | 27,354,697 | 16,683,785 | — | 44,038,482 | ||||||||||||||
Ireland | 320,597,626 | 111,923,723 | — | 432,521,349 | ||||||||||||||
Israel | 8,008,559 | — | 50,205,185 | 58,213,744 | ||||||||||||||
Italy | — | 677,950,479 | — | 677,950,479 | ||||||||||||||
Japan | — | 4,223,872,059 | — | 4,223,872,059 | ||||||||||||||
Kazakhstan | 45,631,876 | — | — | 45,631,876 | ||||||||||||||
Luxembourg | 63,514,317 | — | — | 63,514,317 | ||||||||||||||
Malaysia | 31,144,642 | 178,872,924 | — | 210,017,566 | ||||||||||||||
Mexico | 165,759,448 | — | — | 165,759,448 | ||||||||||||||
Netherlands | 53,143,552 | 409,652,553 | — | 462,796,105 | ||||||||||||||
Norway | — | 122,791,655 | — | 122,791,655 | ||||||||||||||
Peru | 23,982,777 | — | — | 23,982,777 | ||||||||||||||
Philippines | 23,641,878 | — | — | 23,641,878 | ||||||||||||||
Portugal | — | 31,587,476 | — | 31,587,476 | ||||||||||||||
Russia | 15,153,261 | 61,857,638 | — | 77,010,899 | ||||||||||||||
Singapore | — | 247,093,427 | — | 247,093,427 | ||||||||||||||
South Africa | — | 51,105,734 | — | 51,105,734 | ||||||||||||||
South Korea | 16,589,185 | 580,038,013 | — | 596,627,198 | ||||||||||||||
Spain | 16,642,516 | 187,214,901 | — | 203,857,417 | ||||||||||||||
Sweden | — | 138,376,530 | — | 138,376,530 | ||||||||||||||
Switzerland | 11,839,714 | 1,144,186,919 | — | 1,156,026,633 | ||||||||||||||
Taiwan | — | 101,791,704 | — | 101,791,704 | ||||||||||||||
Thailand | 103,483,861 | — | — | 103,483,861 | ||||||||||||||
United Arab Emirates | 67,767,380 | — | — | 67,767,380 | ||||||||||||||
United Kingdom | 473,620,529 | 1,657,926,729 | 57,448,793 | 2,188,996,051 | ||||||||||||||
United States | 18,569,024,325 | — | 58,956,868 | 18,627,981,193 | ||||||||||||||
Corporate Bonds | — | 3,135,344,895 | 540,147,181 | 3,675,492,076 | ||||||||||||||
Floating Rate Loan Interests | — | 479,519,721 | 174,031,216 | 653,550,937 | ||||||||||||||
Foreign Agency Obligations | — | 3,561,481,435 | — | 3,561,481,435 | ||||||||||||||
Non-Agency Mortgage-Backed Securities | — | 71,698,449 | — | 71,698,449 | ||||||||||||||
US Treasury Obligations | — | 2,587,876,317 | — | 2,587,876,317 | ||||||||||||||
Investment Companies | 768,950,780 | — | — | 768,950,780 | ||||||||||||||
Preferred Securities | 480,330,778 | 360,545,413 | 62,284,717 | 903,160,908 | ||||||||||||||
Rights | 1,654,501 | — | — | 1,654,501 | ||||||||||||||
Warrants | — | 6,235,890 | — | 6,235,890 | ||||||||||||||
Short-Term Securities: | ||||||||||||||||||
Foreign Agency Obligations | — | 694,006,740 | — | 694,006,740 | ||||||||||||||
Money Market Funds | — | 219,813,503 | — | 219,813,503 | ||||||||||||||
Time Deposits | — | 5,583,776 | — | 5,583,776 | ||||||||||||||
US Treasury Obligations | — | 8,468,954,132 | — | 8,468,954,132 |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 23 |
Consolidated Schedule of Investments (continued) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets (concluded): | ||||||||||||||||||
Investments (concluded): | ||||||||||||||||||
Options Purchased: | ||||||||||||||||||
Equity contracts | $ | 41,825,991 | $ | 166,248,547 | $ | 4,059,164 | $ | 212,133,702 | ||||||||||
Foreign currency exchange contracts | — | 5,858,599 | — | 5,858,599 | ||||||||||||||
Interest rate contracts | — | 2,413,275 | — | 2,413,275 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Investments: | �� | |||||||||||||||||
Investments Sold Short | (2,155,914 | ) | — | — | (2,155,914 | ) | ||||||||||||
Total | $ | 23,210,842,595 | $ | 34,016,778,284 | $ | 951,793,303 | $ | 58,179,414,182 |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Derivative Financial Instruments1 | ||||||||||||||||||
Assets: | ||||||||||||||||||
Credit contracts | — | $ | 1,213,367 | — | $ | 1,213,367 | ||||||||||||
Equity contracts | $ | 398,405 | 5,020,218 | — | 5,418,623 | |||||||||||||
Foreign currency exchange contracts | 82,000 | 24,505,928 | — | 24,587,928 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Equity contracts | (70,248,336 | ) | (33,303,150 | ) | $ | (8,138,997 | ) | (111,690,483 | ) | |||||||||
Foreign currency exchange contracts | (55,393 | ) | (21,388,304 | ) | — | (21,443,697 | ) | |||||||||||
Interest rate contracts | — | (4,121,643 | ) | — | (4,121,643 | ) | ||||||||||||
Total | $ | (69,823,324 | ) | $ | (28,073,584 | ) | $ | (8,138,997 | ) | $ | (106,035,905 | ) |
1 | Derivative financial instruments are swaps, financial futures contracts, foreign currency exchange contracts, and options written. Swaps, financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value. |
Certain of the Fund’s assets and liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of October 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Assets: | ||||||||||||||||||
Foreign currency at value | $ | 2,119,472 | — | — | $ | 2,119,472 | ||||||||||||
Liabilities: | ||||||||||||||||||
Cash received as collateral for swaps | — | $ | (137,960,000 | ) | — | (137,960,000 | ) | |||||||||||
Bank overdraft | — | (30,026,266 | ) | — | (30,026,266 | ) | ||||||||||||
Collateral on securities loaned at value | — | (219,813,503 | ) | — | (219,813,503 | ) | ||||||||||||
Total | $ | 2,119,472 | $ | (387,799,769 | ) | — | $ | (385,680,297 | ) |
There were no transfers between Level 1 and Level 2 during the year ended October 31, 2013. |
The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments. |
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments 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: |
Common Stocks | Corporate Bonds | Floating Rate Loan Interests | �� | Options Purchased | Preferred Securities | Total | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Opening Balance, as of October 31, 2012 | $ | 40,439,364 | $ | 274,379,189 | $ | 144,427,482 | — | — | $459,246,035 | |||||||||||||||||
Transfers into Level 3 | 4,474,329 | 96,256,407 | 95,472,000 | — | — | 196,202,736 | ||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | — | ||||||||||||||||||||
Accrued discounts/premiums | — | 43,987 | 800,153 | — | — | 844,140 | ||||||||||||||||||||
Net realized gain (loss) | (31,303,751 | ) | (1,071,157 | ) | 1,106,464 | — | $ | 42,107 | (31,226,337) | |||||||||||||||||
Net change in unrealized appreciation/depreciation2 | 55,561,470 | (39,876,100 | ) | 2,027,795 | $ | (24,200,795 | ) | 6,846,776 | 359,146 | |||||||||||||||||
Purchases | 103,175,784 | 225,326,663 | — | 28,259,959 | 55,988,754 | 412,751,160 | ||||||||||||||||||||
Sales | (1,076,171 | ) | (14,911,808 | ) | (69,802,678 | ) | — | (592,920 | ) | (86,383,577) | ||||||||||||||||
Closing Balance, as of October 31, 2013 | $ | 171,271,025 | $ | 540,147,181 | $ | 174,031,216 | $ | 4,059,164 | $ | 62,284,717 | $951,793,303 |
2 | Included in the related net change in unrealized appreciation/depreciation in the Consolidated Statement of Operations . The change in unrealized appreciation/depreciation on investments still held as of October 31, 2013 was $(29,542,966). |
24 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Schedule of Investments (concluded) |
The following table is a reconciliation of Level 3 derivative financial instruments for which significant unobservable inputs were used in determining fair value: |
Equity Contracts | ||||||
Liabilities | ||||||
Opening Balance, as of October 31, 2012 | — | |||||
Transfers into Level 3 | — | |||||
Transfers out of Level 3 | — | |||||
Accrued discounts/premiums | — | |||||
Net realized realized loss | — | |||||
Net change in unrealized appreciation/depreciation2 | $ | 11,431,457 | ||||
Purchases | — | |||||
Issues3 | — | |||||
Sales | (19,570,454 | ) | ||||
Settlements4 | — | |||||
Closing Balance, as of October 31, 2013 | $ | (8,138,997 | ) | |||
2 | Included in the related net change in unrealized appreciation/depreciation in the Consolidated Statement of Operations. The change in unrealized appreciation/depreciation on derivative financial instruments still held as of October 31, 2013 was $11,431,457. |
3 | Issues represent upfront cash received on certain derivative financial instruments. |
4 | Settlements represent periodic contractual cash flows and/or cash flows to terminate certain derivative financial instruments. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 25 |
Consolidated Statement of Assets and Liabilities | |
October 31, 2013 | |||||||
Assets | |||||||
Investments at value — unaffiliated (including securities loaned of $203,563,477),(cost — $47,694,916,445) | $ | 57,292,150,804 | |||||
Investments at value — affiliated (cost — $980,347,064) | 889,419,292 | ||||||
Cash pledged for centrally cleared swaps | 44,900,000 | ||||||
Foreign currency at value (cost — $2,125,586) | 2,119,472 | ||||||
Investments sold receivable | 244,692,467 | ||||||
Interest receivable | 93,335,378 | ||||||
Capital shares sold receivable | 91,771,598 | ||||||
Dividends receivable | 59,146,077 | ||||||
Unrealized appreciation on foreign currency exchange contracts | 24,587,928 | ||||||
Swaps receivable | 8,517,974 | ||||||
Options written receivable | 7,655,895 | ||||||
Unrealized appreciation on over-the-counter swaps | 5,020,218 | ||||||
Variation margin receivable on financial futures contracts | 4,316,238 | ||||||
Securities lending income receivable — affiliated | 172,808 | ||||||
Prepaid expenses | 1,257,252 | ||||||
Total assets | 58,769,063,401 | ||||||
Liabilities | |||||||
Collateral on securities loaned at value | 219,813,503 | ||||||
Bank overdraft | 30,026,266 | ||||||
Cash collateral held for swaps | 137,960,000 | ||||||
Investments purchased payable | 273,976,010 | ||||||
Capital shares redeemed payable | 94,344,196 | ||||||
Options written at value (premiums received — $97,111,076) | 90,715,249 | ||||||
Investment advisory fees payable | 32,217,624 | ||||||
Swaps payable | 30,276,822 | ||||||
Unrealized depreciation on foreign currency exchange contracts | 21,443,697 | ||||||
Service and distribution fees payable | 18,556,859 | ||||||
Unrealized depreciation on over-the-counter swaps | 4,258,478 | ||||||
Variation margin payable on centrally cleared swaps | 2,459,726 | ||||||
Investments sold short at value (proceeds — $2,643,084) | 2,155,914 | ||||||
Officer’s and Directors’ fees payable | 117,657 | ||||||
Dividends payable on short sales | 64,337 | ||||||
Other affiliates payable | 45,374 | ||||||
Other accrued expenses payable | 16,129,080 | ||||||
Total liabilities | 974,560,792 | ||||||
Net Assets | $ | 57,794,502,609 | |||||
Net Assets Consist of | |||||||
Paid-in capital | $ | 45,954,973,431 | |||||
Distributions in excess of net investment income | (11,970,870 | ) | |||||
Accumulated net realized gain | 2,352,916,650 | ||||||
Net unrealized appreciation/depreciation | 9,498,583,398 | ||||||
Net Assets | $ | 57,794,502,609 | |||||
Net Asset Value | |||||||
Institutional — Based on net assets of $20,968,279,109 and 955,281,437 shares outstanding, 2 billion shares authorized, $0.10 par value | $ | 21.95 | |||||
Investor A — Based on net assets of $18,858,846,395 and 863,715,697 shares outstanding, 2 billion shares authorized, $0.10 par value | $ | 21.83 | |||||
Investor B — Based on net assets of $500,197,293 and 23,473,074 shares outstanding, 1.5 billion shares authorized, $0.10 par value | $ | 21.31 | |||||
Investor C — Based on net assets of $16,170,658,110 and 797,890,996 shares outstanding, 2 billion shares authorized, $0.10 par value | $ | 20.27 | |||||
Class R — Based on net assets of $1,296,521,702 and 61,508,254 shares outstanding, 2 billion shares authorized, $0.10 par value | $ | 21.08 |
26 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Statement of Operations |
Year Ended October 31, 2013 | |||||||
Investment Income | |||||||
Dividends — unaffiliated | $ | 787,979,060 | |||||
Interest | 416,690,551 | ||||||
Securities lending — affiliated — net | 2,892,869 | ||||||
Dividends — affiliated | 344,792 | ||||||
Foreign taxes withheld | (35,820,995 | ) | |||||
Total income | 1,172,086,277 | ||||||
Expenses | |||||||
Investment advisory | 412,500,349 | ||||||
Service — Investor A | 44,890,326 | ||||||
Service and distribution — Investor B | 5,778,202 | ||||||
Service and distribution — Investor C | 155,598,670 | ||||||
Service and distribution — Class R | 6,190,610 | ||||||
Transfer agent — Institutional | 16,906,335 | ||||||
Transfer agent — Investor A | 18,357,332 | ||||||
Transfer agent — Investor B | 951,863 | ||||||
Transfer agent — Investor C | 15,914,161 | ||||||
Transfer agent — Class R | 2,425,725 | ||||||
Accounting services | 5,546,948 | ||||||
Custodian | 5,516,165 | ||||||
Professional | 1,160,412 | ||||||
Officer and Directors | 946,101 | ||||||
Printing | 929,576 | ||||||
Registration | 779,527 | ||||||
Miscellaneous | 973,249 | ||||||
Total expenses excluding interest expense, dividend expense and stock loan fees | 695,365,551 | ||||||
Interest expense | 129,976 | ||||||
Dividend expense | 378,644 | ||||||
Stock loan fees | 89,377 | ||||||
Total expenses | 695,963,548 | ||||||
Less fees waived by Manager | (47,007,200 | ) | |||||
Total expenses after fees waived | 648,956,348 | ||||||
Net investment income | 523,129,929 | ||||||
Realized and Unrealized Gain (Loss) | |||||||
Net realized gain (loss) from: | |||||||
Investments — unaffiliated | 2,896,722,554 | ||||||
Investments — affiliated | (24,475,228 | ) | |||||
Redemptions In-kind1 | 133,224,598 | ||||||
Financial futures contracts | 15,174,165 | ||||||
Foreign currency transactions | 152,485,310 | ||||||
Options written | 186,194,072 | ||||||
Swaps | (42,272,623 | ) | |||||
3,317,052,848 | |||||||
Net change in unrealized appreciation/depreciation on: | |||||||
Investments | 3,171,873,948 | ||||||
Financial futures contracts | (44,789,599 | ) | |||||
Foreign currency translations | 31,632,501 | ||||||
Options written | (36,130,723 | ) | |||||
Swap | (8,305,924 | ) | |||||
Short sales | 487,170 | ||||||
3,114,767,373 | |||||||
Total realized and unrealized gain | 6,431,820,221 | ||||||
Net Increase in Net Assets Resulting from Operations | $ | 6,954,950,150 |
1 | See Note 2 for Redemptions-In-Kind in the Notes to Consolidated Financial Statements. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 27 |
Consolidated Statements of Changes in Net Assets |
Year Ended October 31, | | ||||||||||||||
Increase (Decrease) in Net Assets: | 2013 | 2012 | |||||||||||||
Operations | |||||||||||||||
Net investment income | $ | 523,129,929 | $ | 627,731,294 | |||||||||||
Net realized gain (loss) | 3,317,052,848 | (344,915,308 | ) | ||||||||||||
Net change in unrealized appreciation/depreciation | 3,114,767,373 | 2,125,892,469 | |||||||||||||
Net increase in net assets resulting from operations | 6,954,950,150 | 2,408,708,455 | |||||||||||||
Dividends and Distributions to Shareholders From1 | |||||||||||||||
Net investment income: | |||||||||||||||
Institutional | (281,750,755 | ) | (345,855,589 | ) | |||||||||||
Investor A | (211,139,435 | ) | (297,480,891 | ) | |||||||||||
Investor B | (1,820,029 | ) | (6,902,310 | ) | |||||||||||
Investor C | (86,255,488 | ) | (169,522,537 | ) | |||||||||||
Class R | (11,035,205 | ) | (15,982,057 | ) | |||||||||||
Net realized gain: | |||||||||||||||
Institutional | — | (167,694,664 | ) | ||||||||||||
Investor A | — | (174,007,263 | ) | ||||||||||||
Investor B | — | (8,970,948 | ) | ||||||||||||
Investor C | — | (167,603,674 | ) | ||||||||||||
Class R | — | (11,135,762 | ) | ||||||||||||
Decrease in net assets resulting from dividends and distributions to shareholders | (592,000,912 | ) | (1,365,155,695 | ) | |||||||||||
Capital Share Transactions | |||||||||||||||
Net decrease in net assets derived from capital share transactions | (1,529,364,601 | ) | (461,753,985 | ) | |||||||||||
Net Assets | |||||||||||||||
Total increase in net assets | 4,833,584,637 | 581,798,775 | |||||||||||||
Beginning of year | 52,960,917,972 | 52,379,119,197 | |||||||||||||
End of year | $ | 57,794,502,609 | $ | 52,960,917,972 | |||||||||||
Distributions in excess of net investment income, end of year | $ | (11,970,870 | ) | $ | (94,151,130 | ) |
1 | Determined in accordance with federal income tax regulations. |
28 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Financial Highlights |
Institutional | | ||||||||||||||||||||||
Year Ended October 31, | | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 19.54 | $ | 19.16 | $ | 19.07 | $ | 17.42 | $ | 15.20 | |||||||||||||
Net investment income1 | 0.28 | 0.31 | 0.38 | 0.33 | 0.35 | ||||||||||||||||||
Net realized and unrealized gain | 2.43 | 0.64 | 0.08 | 2 | 1.65 | 2 | 2.61 | 2 | |||||||||||||||
Net increase from investment operations | 2.71 | 0.95 | 0.46 | 1.98 | 2.96 | ||||||||||||||||||
Dividends and distributions from:3 | |||||||||||||||||||||||
Net investment income | (0.30 | ) | (0.38 | ) | (0.37 | ) | (0.33 | ) | (0.74 | ) | |||||||||||||
Net realized gain | — | (0.19 | ) | — | — | — | |||||||||||||||||
Total dividends and distributions | (0.30 | ) | (0.57 | ) | (0.37 | ) | (0.33 | ) | (0.74 | ) | |||||||||||||
Net asset value, end of year | $ | 21.95 | $ | 19.54 | $ | 19.16 | $ | 19.07 | $ | 17.42 | |||||||||||||
Total Investment Return4 | |||||||||||||||||||||||
Based on net asset value | 13.97% | 5.20% | 2.39% | 11.54% | 20.43% | ||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||
Total expenses | 0.87% | 0.87% | 0.87% | 0.88% | 0.91% | ||||||||||||||||||
Total expenses after fees waived | 0.78% | 0.79% | 0.78% | 0.81% | 0.87% | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense, dividend expense and stock loan fees | 0.78% | 0.79% | 0.78% | 0.81% | 0.85% | ||||||||||||||||||
Net investment income | 1.35% | 1.61% | 1.92% | 1.83% | 2.26% | ||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||
Net assets, end of year (000) | $ | 20,968,279 | $ | 18,657,773 | $ | 16,879,389 | $ | 12,894,088 | $ | 8,066,571 | |||||||||||||
Portfolio turnover | 50% | 39% | 31% | 29% | 33% |
1 | Based on average shares outstanding. |
2 | Includes a redemption fee, which is less than $0.01 per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 29 |
Consolidated Financial Highlights (continued) |
Investor A | | ||||||||||||||||||||||
Year Ended October 31, | | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 19.44 | $ | 19.06 | $ | 18.97 | $ | 17.34 | $ | 15.13 | |||||||||||||
Net investment income1 | 0.22 | 0.25 | 0.32 | 0.28 | 0.31 | ||||||||||||||||||
Net realized and unrealized gain | 2.41 | 0.65 | 0.09 | 2 | 1.64 | 2 | 2.60 | 2 | |||||||||||||||
Net increase from investment operations | 2.63 | 0.90 | 0.41 | 1.92 | 2.91 | ||||||||||||||||||
Dividends and distributions from:3 | |||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.33 | ) | (0.32 | ) | (0.29 | ) | (0.70 | ) | |||||||||||||
Net realized gain | — | (0.19 | ) | — | — | — | |||||||||||||||||
Total dividends and distributions | (0.24 | ) | (0.52 | ) | (0.32 | ) | (0.29 | ) | (0.70 | ) | |||||||||||||
Net asset value, end of year | $ | 21.83 | $ | 19.44 | $ | 19.06 | $ | 18.97 | $ | 17.34 | |||||||||||||
Total Investment Return4 | |||||||||||||||||||||||
Based on net asset value | 13.63% | 4.92% | 2.13% | 11.20% | 20.14% | ||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||
Total expenses | 1.13% | 1.15% | 1.14% | 1.15% | 1.18% | ||||||||||||||||||
Total expenses after fees waived | 1.05% | 1.07% | 1.06% | 1.08% | 1.13% | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense, dividend expense and stock loan fees | 1.05% | 1.07% | 1.06% | 1.08% | 1.12% | ||||||||||||||||||
Net investment income | 1.08% | 1.33% | 1.63% | 1.56% | 2.00% | ||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||
Net assets, end of year (000) | $ | 18,858,846 | $ | 17,292,587 | $ | 17,638,914 | $ | 15,724,095 | $ | 11,844,981 | |||||||||||||
Portfolio turnover | 50% | 39% | 31% | 29% | 33% |
1 | Based on average shares outstanding. |
2 | Includes a redemption fee, which is less than $0.01 per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
30 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Financial Highlights (continued) |
Investor B | | ||||||||||||||||||||||
Year Ended October 31, | | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 18.96 | $ | 18.57 | $ | 18.49 | $ | 16.91 | $ | 14.76 | |||||||||||||
Net investment income1 | 0.06 | 0.09 | 0.10 | 0.13 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain | 2.35 | 0.65 | 0.14 | 2 | 1.61 | 2 | 2.53 | 2 | |||||||||||||||
Net increase from investment operations | 2.41 | 0.74 | 0.24 | 1.74 | 2.71 | ||||||||||||||||||
Dividends and distributions from:3 | �� | ||||||||||||||||||||||
Net investment income | (0.06 | ) | (0.16 | ) | (0.16 | ) | (0.16 | ) | (0.56 | ) | |||||||||||||
Net realized gain | — | (0.19 | ) | — | — | — | |||||||||||||||||
Total dividends and distributions | (0.06 | ) | (0.35 | ) | (0.16 | ) | (0.16 | ) | (0.56 | ) | |||||||||||||
Net asset value, end of year | $ | 21.31 | $ | 18.96 | $ | 18.57 | $ | 18.49 | $ | 16.91 | |||||||||||||
Total Investment Return4 | |||||||||||||||||||||||
Based on net asset value | 12.75% | 4.10% | 1.25% | 10.35% | 19.15% | ||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||
Total expenses | 1.95% | 1.95% | 1.97% | 1.96% | 2.00% | ||||||||||||||||||
Total expenses after fees waived | 1.86% | 1.86% | 1.87% | 1.89% | 1.95% | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense, dividend expense and stock loan fees | 1.86% | 1.86% | 1.87% | 1.89% | 1.94% | ||||||||||||||||||
Net investment income | 0.28% | 0.51% | 0.50% | 0.74% | 1.17% | ||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||
Net assets, end of year (000) | $ | 500,197 | $ | 660,370 | $ | 930,028 | $ | 1,209,744 | $ | 1,442,397 | |||||||||||||
Portfolio turnover | 50% | 39% | 31% | 29% | 33% |
1 | Based on average shares outstanding. |
2 | Includes a redemption fee, which is less than $0.01 per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 31 |
Consolidated Financial Highlights (continued) |
Investor C | | ||||||||||||||||||||||
Year Ended October 31, | | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 18.06 | $ | 17.75 | $ | 17.70 | $ | 16.21 | $ | 14.19 | |||||||||||||
Net investment income1 | 0.06 | 0.10 | 0.16 | 0.13 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain | 2.26 | 0.59 | 0.08 | 2 | 1.54 | 2 | 2.43 | 2 | |||||||||||||||
Net increase from investment operations | 2.32 | 0.69 | 0.24 | 1.67 | 2.61 | ||||||||||||||||||
Dividends and distributions from:3 | |||||||||||||||||||||||
Net investment income | (0.11 | ) | (0.19 | ) | (0.19 | ) | (0.18 | ) | (0.59 | ) | |||||||||||||
Net realized gain | — | (0.19 | ) | — | — | — | |||||||||||||||||
Total dividends and distributions | (0.11 | ) | (0.38 | ) | (0.19 | ) | (0.18 | ) | (0.59 | ) | |||||||||||||
Net asset value, end of year | $ | 20.27 | $ | 18.06 | $ | 17.75 | $ | 17.70 | $ | 16.21 | |||||||||||||
Total Investment Return4 | |||||||||||||||||||||||
Based on net asset value | 12.86% | 4.08% | 1.34% | 10.37% | 19.24% | ||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||
Total expenses | 1.88% | 1.90% | 1.90% | 1.91% | 1.94% | ||||||||||||||||||
Total expenses after fees waived | 1.80% | 1.82% | 1.81% | 1.84% | 1.89% | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense, dividend expense and stock loan fees | 1.80% | 1.82% | 1.81% | 1.84% | 1.88% | ||||||||||||||||||
Net investment income | 0.33% | 0.58% | 0.89% | 0.81% | 1.23% | ||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||
Net assets, end of year (000) | $ | 16,170,658 | $ | 15,179,009 | $ | 15,853,615 | $ | 14,921,531 | $ | 11,251,502 | |||||||||||||
Portfolio turnover | 50% | 39% | 31% | 29% | 33% |
1 | Based on average shares outstanding. |
2 | Includes a redemption fee, which is less than $0.01 per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of dividends and distributions. |
32 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Consolidated Financial Highlights (concluded) |
Class R | | ||||||||||||||||||||||
Year Ended October 31, | | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||
Net asset value, beginning of year | $ | 18.78 | $ | 18.44 | $ | 18.36 | $ | 16.80 | $ | 14.69 | |||||||||||||
Net investment income1 | 0.15 | 0.18 | 0.21 | 0.21 | 0.25 | ||||||||||||||||||
Net realized and unrealized gain | 2.33 | 0.62 | 0.13 | 2 | 1.59 | 2 | 2.51 | 2 | |||||||||||||||
Net increase from investment operations | 2.48 | 0.80 | 0.34 | 1.80 | 2.76 | ||||||||||||||||||
Dividends and distributions from:3 | |||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.27 | ) | (0.26 | ) | (0.24 | ) | (0.65 | ) | |||||||||||||
Net realized gain | — | (0.19 | ) | — | — | — | |||||||||||||||||
Total dividends and distributions | (0.18 | ) | (0.46 | ) | (0.26 | ) | (0.24 | ) | (0.65 | ) | |||||||||||||
Net asset value, end of year | $ | 21.08 | $ | 18.78 | $ | 18.44 | $ | 18.36 | $ | 16.80 | |||||||||||||
Total Investment Return4 | |||||||||||||||||||||||
Based on net asset value | 13.26% | 4.52% | 1.84% | 10.83% | 19.67% | ||||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||||||||
Total expenses | 1.48% | 1.51% | 1.47% | 1.49% | 1.54% | ||||||||||||||||||
Total expenses after fees waived | 1.39% | 1.43% | 1.38% | 1.42% | 1.49% | ||||||||||||||||||
Total expenses after fees waived and excluding interest expense, dividend expense and stock loan fees | 1.39% | 1.43% | 1.38% | 1.42% | 1.48% | ||||||||||||||||||
Net investment income | 0.74% | 0.97% | 1.11% | 1.22% | 1.65% | ||||||||||||||||||
Supplemental Data | |||||||||||||||||||||||
Net assets, end of year (000) | $ | 1,296,522 | $ | 1,171,179 | $ | 1,077,174 | $ | 926,471 | $ | 576,189 | |||||||||||||
Portfolio turnover | 50% | 39% | 31% | 29% | 33% |
1 | Based on average shares outstanding. |
2 | Includes a redemption fee, which is less than $0.01 per share. |
3 | Determined in accordance with federal income tax regulations. |
4 | Where applicable, assumes the reinvestment of dividends and distributions. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 33 |
Notes to Consolidated Financial Statements |
34 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Notes to Consolidated Financial Statements (continued) |
its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 35 |
Notes to Consolidated Financial Statements (continued) |
Investments – unaffiliated | $ | 132,795,612 | ||||
Investments – affiliated | 676,759 | |||||
Options written | (238,893 | ) | ||||
Swaps | (8,880 | ) | ||||
Total | $ | 133,224,598 |
36 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Notes to Consolidated Financial Statements (continued) |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 37 |
Notes to Consolidated Financial Statements (continued) |
business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured as either fixed or adjustable coupon securities that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation will pay interest to the trust, which will then be distributed to holders of the trust preferred 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. Payments on these securities are treated as interest rather than dividends for federal income tax purposes. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
38 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Notes to Consolidated Financial Statements (continued) |
settlement than the security is worth. In addition, the 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, which is shown in the Consolidated Schedule of Investments.
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 39 |
Notes to Consolidated Financial Statements (continued) |
by the Fund as unrealized appreciation or depreciation, and if applicable, as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest or foreign currency exchange rates and the underlying assets.
40 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Notes to Consolidated Financial Statements (continued) |
Consolidated Statement of Assets and Liabilities and amortized over the term of the OTC swap. Payments received or made by the Fund for OTC swaps are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, the Fund will record a realized gain or loss 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 contracts is the premium received or paid.
• | Credit default swaps — The Fund enters into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which it 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 on single-name issuers are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a guarantee 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 accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occur. 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 — The Fund enters into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another 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 (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. |
• | Interest rate swaps — The Fund enters into interest rate swaps to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Interest rate floors, which are a type of interest rate swap, are agreements in which one party agrees to make payments to the other party to the extent that interest rates fall below a specified rate or floor in return for a premium. In more complex swaps, the notional principal amount may decline (or amortize) over time. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 41 |
Notes to Consolidated Financial Statements (continued) |
Fair Values of Derivative Financial Instruments as of October 31, 2013 | ||||||||||||||
Asset Derivatives | | Liability Derivatives | ||||||||||||
Consolidated Statement of Assets and Liabilities Location | | Value | Consolidated Statement of Assets and Liabilities Location | | Value | |||||||||
Interest rate contracts | Net unrealized appreciation/depreciation; Investments at value — unaffiliated1 | $ | 2,413,275 | Net unrealized appreciation/depreciation; Unrealized depreciation on over-the-counter swaps | $ | 4,121,643 | ||||||||
Foreign currency exchange contracts | Unrealized appreciation on foreign currency exchange contracts; Unrealized appreciation on over-the-counter swaps | 30,446,527 | Unrealized depreciation on foreign currency exchange contracts; Unrealized appreciation on over-the-counter swaps | 21,443,697 | ||||||||||
Credit contracts | Net unrealized appreciation/depreciation2 | 1,213,367 | — | |||||||||||
Equity contracts | Net unrealized appreciation/depreciation1; Unrealized appreciation on over-the-counter swaps; Investments at value — unaffiliated1 | 217,552,325 | Net unrealized appreciation/depreciation1; Unrealized appreciation on over-the-counter swaps; Options written at value | 111,690,483 | ||||||||||
Total | $ | 251,625,494 | $ | 137,255,823 |
1 | Includes options purchased at value as reported in the Consolidated Schedule of Investments. |
2 | Includes cumulative appreciation/depreciation on financial futures contracts and centrally cleared swaps, if any, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
The Effect of Derivative Financial Instruments in the Consolidated Statement of Operations Year Ended October 31, 2013 | |||||||||||||||||||
Net Realized Gain (Loss) From | |||||||||||||||||||
| Financial Futures Contracts | | Swaps | | Options3 | | Foreign Currency Transactions | | |||||||||||
Interest rate contracts | — | $ | (14,537,134 | ) | $ | 38,123,228 | — | ||||||||||||
Foreign currency exchange contracts | — | — | (13,603,847 | ) | $ 145,043,693 | ||||||||||||||
Credit contracts | — | (36,326,967 | ) | — | — | ||||||||||||||
Equity contracts | $ | 15,174,165 | 4,902,232 | 345,070,518 | — | ||||||||||||||
Total | $ | 15,174,165 | $ | (45,961,869 | ) | $ | 369,589,899 | $ 145,043,693 | |||||||||||
| |||||||||||||||||||
Net Change in Unrealized Appreciation/Depreciation on | |||||||||||||||||||
| Financial Futures Contracts | | Swaps | | Options3 | | Foreign Currency Translations | | |||||||||||
Interest rate contracts | $ | 287,697 | $ | (6,177,223 | ) | $ | (2,051,621 | ) | — | ||||||||||
Foreign currency exchange contracts | — | — | 5,161,193 | $ 30,890,358 | |||||||||||||||
Credit contracts | — | 1,213,367 | — | — | |||||||||||||||
Equity contracts | (45,077,296 | ) | (3,342,068 | ) | (44,142,580 | ) | — | ||||||||||||
Total | $ | (44,789,599 | ) | $ | (8,305,924 | ) | $ | (41,033,008 | ) | $ 30,890,358 |
3 | Options purchased are included in the net realized gain (loss) from investments and net change in unrealized appreciation/depreciation on investments. |
42 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Notes to Consolidated Financial Statements (continued) |
Financial futures contracts: | ||||||
Average number of contracts purchased | 3,055 | |||||
Average number of contracts sold | 11,739 | |||||
Average notional value of contracts purchased | $ | 198,836,871 | ||||
Average notional value of contracts sold | $ | 808,699,723 | ||||
Foreign currency exchange contracts: | ||||||
Average number of contracts-US dollars purchased | 65 | |||||
Average number of contracts-US dollars sold | 16 | |||||
Average US dollar amounts purchased | $ | 6,049,404,946 | ||||
Average US dollar amounts sold | $ | 1,469,948,478 | ||||
Options: | ||||||
Average number of option contracts purchased | 782,558,133 | |||||
Average number of option contracts written | 240,252,641 | |||||
Average notional value of option contracts purchased | $ | 22,164,546,341 | ||||
Average notional value of option contracts written | $ | 4,358,040,101 | ||||
Average number of swaption contracts purchased | 1 | |||||
Average number of swaption contracts written | 1 | |||||
Average notional value of swaption contracts purchased | $ | 97,910,043 | ||||
Average notional value of swaption contracts written | $ | 54,417,841 | ||||
Credit default swaps: | ||||||
Average number of contracts — buy protection | 2 | |||||
Average notional value — buy protection | $ | 251,537,730 | ||||
Interest rate swaps: | ||||||
Average number of contracts-pays fixed rate | 3 | |||||
Average number of contracts-receives fixed rate | 7 | |||||
Average notional value- pays fixed rate | $ | 732,986,683 | ||||
Average notional value- receives fixed rate | $ | 3,167,850,582 | ||||
Total return swaps: | ||||||
Average number of contracts | 3 | |||||
Average notional value | $ | 133,010,687 |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 43 |
Notes to Consolidated Financial Statements (continued) |
from counterparty non-performance. The Fund attempts to mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
In excess of $10 Billion, but not exceeding $15 Billion | 0.69 | % | ||||
In excess of $15 Billion, but not exceeding $20 Billion | 0.68 | % | ||||
In excess of $20 Billion, but not exceeding $25 Billion | 0.67 | % | ||||
In excess of $25 Billion, but not exceeding $30 Billion | 0.65 | % | ||||
In excess of $30 Billion, but not exceeding $40 Billion | 0.63 | % | ||||
In excess of $40 Billion, but not exceeding $60 Billion | 0.62 | % | ||||
In excess of $60 Billion, but not exceeding $80 Billion | 0.61 | % | ||||
Greater than $80 Billion | 0.60 | % |
| Service Fee | | Distribution Fee | |||||||
Investor A | 0.25% | — | ||||||||
Investor B | 0.25% | 0.75% | ||||||||
Investor C | 0.25% | 0.75% | ||||||||
Class R | 0.25% | 0.25% |
Investor A | $ | 193,927 | ||||
Investor B | $ | 493,395 | ||||
Investor C | $ | 1,147,942 |
44 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Notes to Consolidated Financial Statements (continued) |
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 | $ | 107,347 | ||||
Investor A | $ | 352,952 | ||||
Investor B | $ | 15,294 | ||||
Investor C | $ | 260,204 | ||||
Class R | $ | 28,797 |
Calls | | ||||||||||||||
| Contracts | | Notional (000)1 | | Premiums Received | ||||||||||
Outstanding options, beginning of year | 4,431,392 | 398,853 | $ | 67,958,349 | |||||||||||
Options written | 78,974,131 | — | 152,131,044 | ||||||||||||
Options exercised | (3,286,588 | ) | — | (45,007,211 | ) | ||||||||||
Options expired | (6,765,660 | ) | (398,853 | ) | (32,349,427 | ) | |||||||||
Options closed | (70,830,765 | ) | — | (106,040,430 | ) | ||||||||||
Outstanding options, end of year | 2,552,510 | — | $ | 36,692,325 | |||||||||||
Puts | | ||||||||||||||
| Contracts | | Notional (000)1 | | Premiums Received | ||||||||||
Outstanding options, beginning of year | 2,731,901 | 19,904,958 | $ | 78,551,693 | |||||||||||
Options written | 165,188,498 | 8,927,898,500 | 251,052,443 | ||||||||||||
Options expired | (21,894,473 | ) | (19,904,958 | ) | (60,398,892 | ) | |||||||||
Options closed | (97,388,694 | ) | (8,927,898,500 | ) | (208,786,493 | ) | |||||||||
Outstanding options, end of year | 48,637,232 | — | $ | 60,418,751 |
1 | Amount shown is in the currency in which the transaction was denominated. |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 45 |
Notes to Consolidated Financial Statements (continued) |
Paid-in capital | $ | 138,638,359 | ||||
Distributions in excess of net investment income | $ | 151,051,243 | ||||
Accumulated net unrealized gain | $ | (289,689,602 | ) |
| 10/31/13 | | 10/31/12 | |||||||
Ordinary income | $ | 592,000,912 | $ | 835,743,384 | ||||||
Long-term capital gains | — | 529,412,311 | ||||||||
Total | $ | 592,000,912 | $ | 1,365,155,695 |
Undistributed ordinary income | $ | 896,651,105 | ||||
Undistributed long-term capital gains | 1,919,214,977 | |||||
Net unrealized gains1 | 9,023,663,096 | |||||
Total | $ | 11,839,529,178 |
1 | The difference between book-basis and tax-basis net unrealized gains was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains/losses on certain futures, options and foreign currency contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default, the accounting for swap agreements and the investment in a wholly owned subsidiary. |
Tax cost | $ | 49,007,281,685 | ||||
Gross unrealized appreciation | $ | 10,730,273,664 | ||||
Gross unrealized depreciation | (1,555,985,253 | ) | ||||
Net unrealized appreciation | $ | 9,174,288,411 |
46 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Notes to Consolidated Financial Statements (concluded) |
securities markets may also be less liquid, more volatile, and less subject to governmental supervision not typically associated with investing in US securities. Please see the Consolidated Schedule of Investments for concentrations in specific countries.
Industry | | Percent of Long-Term Investments | ||||
Oil, Gas & Consumable Fuels | 8 | % | ||||
Commercial Banks | 6 | |||||
Pharmaceuticals | 5 | |||||
Health Care Providers & Service | 4 | |||||
Capital Markets | 4 | |||||
Other1 | 73 |
1 | Consists of US Treasury Obligations and Foreign Government Obligations (11%), all other industries less than 4% of long-term investments (62%). |
Year Ended October 31, 2013 | | | Year Ended October 31, 2012 | | |||||||||||||||||||
| Shares | | Amount | | | Shares | | Amount | |||||||||||||||
Institutional | |||||||||||||||||||||||
Shares sold | 236,562,194 | $ | 4,912,944,840 | 273,863,655 | $ | 5,245,380,571 | |||||||||||||||||
Shares issued to shareholders in reinvestment of dividends and distributions | 12,466,525 | 256,776,594 | 24,700,311 | 446,810,377 | |||||||||||||||||||
Shares redeemed | (248,642,593 | ) | (5,147,658,686 | ) | (224,638,746 | ) | (4,291,124,720 | ) | |||||||||||||||
Net increase | 386,126 | $ | 22,062,748 | 73,925,220 | $ | 1,401,066,228 | |||||||||||||||||
Investor A | |||||||||||||||||||||||
Shares sold | 151,463,267 | $ | 3,130,832,532 | 168,071,503 | $ | 3,149,931,066 | |||||||||||||||||
Shares issued to shareholders in reinvestment of dividends and distributions | 9,567,065 | 196,299,731 | 24,321,984 | 437,027,026 | |||||||||||||||||||
Shares redeemed | (186,986,839 | ) | (3,840,211,754 | ) | (228,113,808 | ) | (4,282,494,140 | ) | |||||||||||||||
Net decrease | (25,956,507 | ) | $ | (513,079,491 | ) | (35,720,321 | ) | $ | (695,536,048 | ) | |||||||||||||
Investor B | |||||||||||||||||||||||
Shares sold | 445,040 | $ | 8,862,684 | 887,588 | $ | 16,471,432 | |||||||||||||||||
Shares issued to shareholders in reinvestment of dividends and distributions | 81,021 | 1,623,345 | 816,306 | 14,204,452 | |||||||||||||||||||
Shares redeemed | (11,884,762 | ) | (238,978,697 | ) | (16,941,470 | ) | (314,419,267 | ) | |||||||||||||||
Net decrease | (11,358,701 | ) | $ | (228,492,668 | ) | (15,237,576 | ) | $ | (283,743,383 | ) | |||||||||||||
Investor C | |||||||||||||||||||||||
Shares sold | 104,281,501 | $ | 2,006,267,393 | 107,410,201 | $ | 1,902,965,466 | |||||||||||||||||
Shares issued to shareholders in reinvestment of dividends and distributions | 4,130,310 | 79,179,636 | 18,672,468 | 310,979,902 | |||||||||||||||||||
Shares redeemed | (150,820,298 | ) | (2,878,633,447 | ) | (179,080,727 | ) | (3,168,167,011 | ) | |||||||||||||||
Net decrease | (42,408,487 | ) | $ | (793,186,418 | ) | (52,998,058 | ) | $ | (954,221,643 | ) | |||||||||||||
Class R | |||||||||||||||||||||||
Shares sold | 16,427,385 | $ | 327,077,774 | 19,609,466 | $ | 360,751,017 | |||||||||||||||||
Shares issued to shareholders in reinvestment of dividends and distributions | 554,689 | 11,026,478 | 1,561,125 | 27,082,552 | |||||||||||||||||||
Shares redeemed | (17,853,357 | ) | (354,773,024 | ) | (17,221,282 | ) | (317,152,708 | ) | |||||||||||||||
Net increase (decrease) | (871,283 | ) | $ | (16,668,772 | ) | 3,949,309 | $ | 70,680,861 | |||||||||||||||
Total Net Decrease | (80,208,852 | ) | $ | (1,529,364,601 | ) | (26,081,426 | ) | $ | (461,753,985 | ) |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 47 |
Report of Independent Registered Public Accounting Firm |
Boston, Massachusetts
December 23, 2013
Payable Date: | | December 20, 2012 | | July 20, 2013 | ||||||||
Qualified Dividend Income for Individuals1 | 98.51 | % | 51.96 | % | ||||||||
Dividends Qualifying for the Dividends Received Deduction for Corporations1 | 67.86 | % | 22.85 | % | ||||||||
Federal Obligation Interest2 | 7.11 | % | 5.12 | % | ||||||||
Interest-Related Dividends for Non-US Residents3 | 9.09 | % | 61.62 | % |
1 | The Fund hereby designates the percentage indicated above or the maximum amount allowable by law. |
2 | The law varies in each state as to whether and what percentage of dividend income attributable to federal obligations is exempt from state income tax. We recommend that you consult your tax advisor to determine if any portion of the dividends you received is exempt from state income taxes. |
3 | Represents the portion of the taxable ordinary income dividends eligible for exemption from US withholding tax for nonresident aliens and foreign corporations. |
48 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 49 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued) |
Peers”) and the investment performance of the Fund as compared with a peer group of funds as determined by Lipper1; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, ETFs and closed-end funds, under similar investment mandates, as well as the performance of such other clients, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; (f) a summary of aggregate amounts paid by the Fund to BlackRock; (g) sales and redemption data regarding the Fund’s shares; and (h) if applicable, a comparison of management fees to similar BlackRock open-end funds, as classified by Lipper.
1 | Lipper ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. |
50 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued) |
administration, shareholder services, legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.
one-, three- and five-year periods reported, respectively; five-year performance was in the 27th percentile. The Board and BlackRock reviewed and discussed the reasons for the Fund’s underperformance during the one- and three-year periods compared to its Lipper Performance Universe. The Board was informed that, among other things, for the one-year period, the major detractors from performance included stock selection in the US, Canada and Australia (largely attributed to gold-related mining companies), and an allocation to cash as global equity and fixed income markets broadly advanced over the period. The Fund held cash in lieu of fixed income and to mitigate risk in the Fund’s portfolio. Three-year underperformance can be attributed to the Fund’s underweight to fixed income, notably US Treasury bonds and other sovereign rate debt. The Fund remained underweight to fixed income given low interest rates across the bond markets and the potential risk of absolute losses with a rise in interest rates.
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 51 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (concluded) |
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.
52 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Officers and Directors |
Name, Address and Year of Birth | Position(s) Held with Fund | Length of Time Served as a Director2 | Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Directorships | ||||||||||||||||||||||
Independent Directors1 | |||||||||||||||||||||||||||
Robert M. Hernandez 55 East 52nd Street New York, NY 10055 1944 | Chairman of the Board and Director | Since 2007 | Director, Vice Chairman and Chief Financial Officer of USX Corporation (energy and steel business) from 1991 to 2001; Director, TE Connectivity (electronics) from 2006 to 2012. | 28 RICs consisting of 84 Portfolios | ACE Limited (insurance company); Eastman Chemical Company; RTI International Metals, Inc. (metals) | ||||||||||||||||||||||
Fred G. Weiss 55 East 52nd Street New York, NY 10055 1941 | Vice Chairman of the Board and Director | Since 2007 | Managing Director, FGW Associates (consulting and investment company) since 1997; Director and Treasurer, Michael J. Fox Foundation for Parkinson’s Research since 2000; Director, BTG International Plc (medical technology commercialization company) from 2001 to 2007. | 28 RICs consisting of 84 Portfolios | Actavis, Inc. (pharmaceuticals) | ||||||||||||||||||||||
James H. Bodurtha 55 East 52nd Street New York, NY 10055 1944 | Director | Since 2007 | Director, The China Business Group, Inc. (consulting and investing firm) since 1996 and Executive Vice President thereof from 1996 to 2003; Chairman of the Board, Berkshire Holding Corporation since 1980. | 28 RICs consisting of 84 Portfolios | None | ||||||||||||||||||||||
Bruce R. Bond 55 East 52nd Street New York, NY 10055 1946 | Director | Since 2007 | Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007. | 28 RICs consisting of 84 Portfolios | None | ||||||||||||||||||||||
Donald W. Burton 55 East 52nd Street New York, NY 10055 1944 | Director | Since 2007 | Managing General Partner, The Burton Partnership, LP (an investment partnership) since 1979; Managing General Partner, The South Atlantic Venture Funds from 1983 to 2012; Director, IDology, Inc. (technology solutions) since 2006; Director, Knology, Inc. (telecommunications) from 1996 to 2012; Director, Capital Southwest from 2006 to 2012. | 28 RICs consisting of 84 Portfolios | None | ||||||||||||||||||||||
Honorable Stuart E. Eizenstat 55 East 52nd Street New York, NY 10055 1943 | Director | Since 2007 | Partner and Head of International Practice, Covington and Burling LLP (law firm) since 2001; International Advisory Board Member, The Coca-Cola Company from 2002 to 2011; Advisory Board Member, Veracity Worldwide, LLC (risk management) since 2007; Member of the International Advisory Board GML Ltd. (energy) since 2003; Advisory Board Member, BT Americas (telecommunications) from 2004 to 2010. | 28 RICs consisting of 84 Portfolios | Alcatel-Lucent (telecommunications); Global Specialty Metallurgical; UPS Corporation (delivery service) | ||||||||||||||||||||||
Kenneth A. Froot 55 East 52nd Street New York, NY 10055 1957 | Director | Since 2007 | Professor, Harvard University since 1992. | 28 RICs consisting of 84 Portfolios | None | ||||||||||||||||||||||
John F. O’Brien 55 East 52nd Street New York, NY 10055 1943 | Director | Since 2007 | Chairman of the Corporation, Woods Hole Oceanographic Institute since 2009 and Trustee thereof from 2003 to 2009; Director, Ameresco, Inc. (energy solutions company) from 2006 to 2007. | 28 RICs consisting of 84 Portfolios | Cabot Corporation (chemicals); LKQ Corporation (auto parts manufacturing); TJX Companies, Inc. (retailer) | ||||||||||||||||||||||
Roberta Cooper Ramo 55 East 52nd Street New York, NY 10055 1942 | Director | Since 2007 | Shareholder and attorney, Modrall, Sperling, Roehl, Harris & Sisk, P.A. (law firm) since 1993; Chairman of the Board, Cooper’s Inc. (retail) since 1999; Director, ECMC Group (service provider to students, schools and lenders) since 2001; President, The American Law Institute (non-profit) since 2008. | 28 RICs consisting of 84 Portfolios | None |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 53 |
Officers and Directors (continued) |
Name, Address and Year of Birth | Position(s) Held with Fund | Length of Time Served as a Director2 | Principal Occupation(s) During Past Five Years | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Directorships | ||||||||||||||||||
Independent Directors1 (concluded) | |||||||||||||||||||||||
David H. Walsh 55 East 52nd Street New York, NY 10055 1941 | Director | Since 2007 | Director, National Museum of Wildlife Art since 2007; Trustee, University of Wyoming Foundation from 2008 to 2012; Director, Ruckelshaus Institute and Haub School of Natural Resources at the University of Wyoming from 2006 to 2008; Director, The American Museum of Fly Fishing since 1997. | 28 RICs consisting of 84 Portfolios | None | ||||||||||||||||||
1 Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation or removal as provided by the Fund’s by-laws or charter or statute. In no event may an Independent Director hold office beyond December 31 of the year in which he or she turns 74. | |||||||||||||||||||||||
2 Date shown is the earliest date a person has served for the Fund covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Directors as joining the Fund’s board in 2007, those Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: James H. Bodurtha, 1995; Bruce R. Bond, 2005; Donald W. Burton, 2002; Honorable Stuart E. Eizenstat, 2001; Kenneth A. Froot, 2005; Robert M. Hernandez, 1996; John F. O’Brien, 2005; Roberta Cooper Ramo, 1999; David H. Walsh, 2003; and Fred G. Weiss, 1998. | |||||||||||||||||||||||
Interested Directors3 | |||||||||||||||||||||||
Paul L. Audet 55 East 52nd Street New York, NY 10055 1953 | Director | Since 2011 | Senior Managing Director of BlackRock and Head of U.S. Mutual Funds since 2011; Chair of the U.S. Mutual Funds Committee reporting to the Global Executive Committee since 2011; Head of BlackRock’s Real Estate business from 2008 to 2011; Member of BlackRock’s Global Operating and Corporate Risk Management Committees and of the BlackRock Alternative Investors Executive Committee and Investment Committee for the Private Equity Fund of Funds business since 2008; Head of BlackRock’s Global Cash Management business from 2005 to 2010; Acting Chief Financial Officer of BlackRock from 2007 to 2008; Chief Financial Officer of BlackRock from 1998 to 2005. | 155 RICs consisting of 283 Portfolios | None | ||||||||||||||||||
Laurence D. Fink 55 East 52nd Street New York, NY 10055 1952 | Director | Since 2007 | Chairman and Chief Executive Officer of BlackRock since its formation in 1998 and of BlackRock’s predecessor entities since 1988 and Chairman of the Executive and Management Commit- tees; Formerly Managing Director, The First Boston Corporation, Member of its Management Committee, Co-head of its Taxable Fixed Income Division and Head of its Mortgage and Real Estate Products Group; Chairman of the Board of several of BlackRock’s alternative investment vehicles; Director of several of BlackRock’s offshore funds; Member of the Board of Trustees of New York University, Chair of the Financial Affairs Committee and a member of the Executive Committee, the Ad Hoc Committee on Board Governance, and the Committee on Trustees; Co-Chairman of the NYU Hospitals Center Board of Trustees, Chairman of the Development/Trustee Stewardship Committee and Chairman of the Finance Committee; Trustee, The Boys’ Club of New York. | 28 RICs consisting of 84 Portfolios | BlackRock, Inc. | ||||||||||||||||||
Henry Gabbay 55 East 52nd Street New York, NY 10055 1947 | Director | Since 2007 | Consultant, BlackRock from 2007 to 2008; Managing Director, BlackRock from 1989 to 2007; Chief Administrative Officer, BlackRock Advisors, LLC from 1998 to 2007; President of BlackRock Funds and BlackRock Allocation Target Shares (formerly, BlackRock Bond Allocation Target Shares) from 2005 to 2007 and Treasurer of certain closed-end funds in the BlackRock fund complex from 1989 to 2006. | 155 RICs consisting of 283 Portfolios | None | ||||||||||||||||||
3 Messrs. Audet and Fink are both “interested persons,” as defined in the 1940 Act, of the Fund based on their positions with BlackRock and its affiliates. Mr. Gabbay is an “interested person” of the Fund based on his former positions with BlackRock and its affiliates as well as his ownership of BlackRock and The PNC Financial Services Group, Inc. securities. Mr. Audet and Mr. Gabbay are also Directors of the BlackRock registered closed-end funds and Directors of other BlackRock registered open-end funds. Interested Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. |
54 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Officers and Directors (concluded) |
Name, Address and Year of Birth | Position(s) Held with Fund | Length of Time Served | Principal Occupation(s) During Past Five Years | ||||||||||||||||
Officers1 | |||||||||||||||||||
John M. Perlowski 55 East 52nd Street New York, NY 10055 1964 | President and Chief Executive Officer | Since 2010 | Managing Director of BlackRock since 2009; Global Head of BlackRock Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009. | ||||||||||||||||
Brendan Kyne 55 East 52nd Street New York, NY 10055 1977 | Vice President | Since 2009 | Managing Director of BlackRock since 2010; Director of BlackRock from 2008 to 2009; Head of Product Development and Management for BlackRock’s U.S. Retail Group since 2009 and Co-head thereof from 2007 to 2009; Vice President of BlackRock from 2005 to 2008. | ||||||||||||||||
Neal Andrews 55 East 52nd Street New York, NY 10055 1966 | Chief Financial Officer | Since 2007 | Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006. | ||||||||||||||||
Jay Fife 55 East 52nd Street New York, NY 10055 1970 | Treasurer | Since 2007 | Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006. | ||||||||||||||||
Brian Kindelan 55 East 52nd Street New York, NY 10055 1959 | Chief Compliance Officer and Anti-Money Laundering Officer | Since 2007 | Chief Compliance Officer of the BlackRock-advised funds since 2007; Managing Director and Senior Counsel of BlackRock since 2005. | ||||||||||||||||
Benjamin Archibald 55 East 52nd Street New York, NY 10055 1975 | Secretary | Since 2012 | Director of BlackRock since 2010; Assistant Secretary of the BlackRock-advised funds from 2010 to 2012; General Counsel and Chief Operating Officer of Uhuru Capital Management from 2009 to 2010; Executive Director and Counsel of Goldman Sachs Asset Management from 2005 to 2009. | ||||||||||||||||
1 Officers of the Fund serve at the pleasure of the Board. | |||||||||||||||||||
Further information about the Officers and Directors is available in each Fund’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762. |
Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809 Sub-Advisor BlackRock Investment Management, LLC Princeton, NJ 08540 | Custodian Brown Brothers Harriman & Co. Boston, MA 02109 Transfer Agent BNY Mellon Investment Servicing (US) Inc. Wilmington, DE 19809 Accounting Agent State Street Bank and Trust Company Boston, MA 02110 | Distributor BlackRock Investments, LLC New York, NY 10022 Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 | Legal Counsel Willkie Farr & Gallagher LLP New York, NY 10019 Address of the Fund 100 Bellevue Parkway Wilmington, DE 19809 |
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 55 |
Additional Information |
General Information
1) | Access the BlackRock website at http://www.blackrock.com/edelivery |
2) | Select “eDelivery” under the “More Information” section |
3) | Log into your account |
Shareholder Privileges
56 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
Additional Information (concluded) |
BlackRock Privacy Principles
BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 | 57 |
A World-Class Mutual Fund Family |
Equity Funds
BlackRock ACWI ex-US Index Fund | BlackRock Global Dividend Income Portfolio | BlackRock Mid Cap Value Opportunities Fund |
BlackRock All-Cap Energy & Resources Portfolio | BlackRock Global Long/Short Equity Fund | BlackRock Natural Resources Trust |
BlackRock Basic Value Fund | BlackRock Global Opportunities Portfolio | BlackRock Pacific Fund |
BlackRock Capital Appreciation Fund | BlackRock Global SmallCap Fund | BlackRock Real Estate Securities Fund |
BlackRock Commodity Strategies Fund | BlackRock Health Sciences Opportunities Portfolio | BlackRock Russell 1000 Index Fund |
BlackRock Disciplined Small Cap Core Fund | BlackRock International Fund | BlackRock Science & Technology |
BlackRock Emerging Markets Fund | BlackRock International Index Fund | Opportunities Portfolio |
BlackRock Emerging Markets Dividend Fund | BlackRock International Opportunities Portfolio | BlackRock Small Cap Growth Equity Portfolio |
BlackRock Emerging Markets Long/Short | BlackRock Large Cap Core Fund | BlackRock Small Cap Growth Fund II |
Equity Fund | BlackRock Large Cap Core Plus Fund | BlackRock Small Cap Index Fund |
BlackRock Energy & Resources Portfolio | BlackRock Large Cap Growth Fund | BlackRock S&P 500 Stock Fund |
BlackRock Equity Dividend Fund | BlackRock Large Cap Value Fund | BlackRock U.S. Opportunities Portfolio |
BlackRock EuroFund | BlackRock Latin America Fund | BlackRock Value Opportunities Fund |
BlackRock Flexible Equity Fund | BlackRock Long-Horizon Equity Fund | |
BlackRock Focus Growth Fund | BlackRock Mid-Cap Growth Equity Portfolio | |
Taxable Fixed Income Funds
BlackRock Bond Index Fund | BlackRock Inflation Protected Bond Portfolio | BlackRock Strategic Income |
BlackRock Core Bond Portfolio | BlackRock International Bond Portfolio | Opportunities Portfolio |
BlackRock CoreAlpha Bond Fund | BlackRock Investment Grade Bond Portfolio | BlackRock Total Return Fund |
BlackRock Emerging Market Local Debt Portfolio | BlackRock Low Duration Bond Portfolio | BlackRock U.S. Government Bond Portfolio |
BlackRock Floating Rate Income Portfolio | BlackRock Secured Credit Portfolio | BlackRock U.S. Mortgage Portfolio |
BlackRock Global Long/Short Credit Fund | BlackRock Short Obligations Fund | BlackRock Ultra-Short Obligations Fund |
BlackRock GNMA Portfolio | BlackRock Short-Term Treasury Fund | BlackRock World Income Fund |
BlackRock High Yield Bond Portfolio | ||
Municipal Fixed Income Funds
BlackRock California Municipal Bond Fund | BlackRock National Municipal Fund | BlackRock Pennsylvania Municipal Bond Fund |
BlackRock High Yield Municipal Fund | BlackRock New Jersey Municipal Bond Fund | BlackRock Short-Term Municipal Fund |
BlackRock Intermediate Municipal Fund | BlackRock New York Municipal Bond Fund | |
Mixed Asset Funds
BlackRock Balanced Capital Fund | LifePath Active Portfolios | LifePath Index Portfolio | ||
BlackRock Emerging Market Allocation Portfolio | 2015 | 2040 | Retirement | 2040 |
BlackRock Global Allocation Fund | 2020 | 2045 | 2020 | 2045 |
BlackRock Managed Volatility Portfolio | 2025 | 2050 | 2025 | 2050 |
BlackRock Multi-Asset Income Portfolio | 2030 | 2055 | 2030 | 2055 |
BlackRock Multi-Asset Real Return Fund | 2035 | 2035 | ||
BlackRock Strategic Risk Allocation Fund | ||||
BlackRock Prepared Portfolios | LifePath Portfolios | |||
Conservative Prepared Portfolio | Retirement | 2040 | ||
Moderate Prepared Portfolio | 2020 | 2045 | ||
Growth Prepared Portfolio | 2025 | 2050 | ||
Aggressive Growth Prepared Portfolio | 2030 | 2055 | ||
2035 |
58 | BLACKROCK GLOBAL ALLOCATION FUND, INC. | OCTOBER 31, 2013 |
GA-10/13-AR |
Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Robert M. Hernandez
Fred G. Weiss
Stuart E. Eizenstat
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees3 | |||||
Entity Name | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock Global Allocation Fund, Inc. | $85,263 | $85,000 | $0 | $0 | $20,350 | $30,350 | $0 | $0 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):
2 |
Current Fiscal Year End | Previous Fiscal Year End | |
(b) Audit-Related Fees1 | $0 | $0 |
(c) Tax Fees2 | $0 | $0 |
(d) All Other Fees3 | $2,865,000 | $2,970,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services includes tax compliance, tax advice and tax planning.
3 Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels. (e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) Not Applicable (g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were: |
3 |
Entity Name | Current Fiscal Year End | Previous Fiscal Year End |
BlackRock Global Allocation Fund, Inc. | $20,350 | $30,350 |
Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,865,000 and $2,970,000, respectively, were billed by D&T to the Investment Adviser. |
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
4 |
Item 12 – Exhibits attached hereto
(a)(1) – Code of Ethics – See Item 2 |
(a)(2) – Certifications – Attached hereto |
(a)(3) – Not Applicable
(b) – Certifications – Attached hereto
5 |
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: January 2, 2014
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: January 2, 2014
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Global Allocation Fund, Inc.
Date: January 2, 2014
6 |