Blackrock Global Allocation Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05576

Name of Fund: BlackRock Global Allocation Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Global Allocation

Fund, Inc., 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2018

Date of reporting period: 04/30/2018

Item 1 – Report to Stockholders

APRIL 30, 2018

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Global Allocation Fund, Inc.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended April 30, 2018, the strongest corporate profits in seven years drove the equity market higher, while rising interest rates constrained bond returns. While the market’s appetite for risk remained healthy, risk taking varied by asset class, as bond investors cautiously shifted to higher-quality securities, and stock investors continued to embrace risk by investing abroad.

The largest global economies experienced sustained, synchronized growth for the first time since the financial crisis, leading to strong equity performance worldwide. Emerging markets stocks posted the highest return, as accelerating growth in China, the second-largest economy in the world, improved the outlook for corporate profits in most developing nations.

Short-term U.S. Treasury interest rates rose the fastest, while longer-term rates slightly increased, leading to a substantial flattening of the yield curve. The annual return for the three-month Treasury bill surpassed 1.0%, but remained well below the annual headline inflation rate of 2.5%. In contrast, the ten-year U.S. Treasury — a bellwether of the bond market — posted a negative return, as rising inflation expectations drove yields higher. In credit markets, the investment-grade and high-yield bond markets posted modest returns in a relatively benign credit environment.

Even though it faced rising pressure to boost interest rates in 2017, the U.S. Federal Reserve (the “Fed”) increased short-term interest rates just three times during the reporting period. The Fed also announced plans to reduce its $4.4 trillion balance sheet by $420 billion in 2018, which began the process of gradually reversing its unprecedented stimulus measures after the financial crisis. The economy continued to gain momentum despite the Fed’s modest reduction of economic stimulus, as unemployment dipped below 4.0%, wages increased, and job openings reached a record high. Strong economic performance may justify a more rapid pace of rate hikes in 2018, as the headline inflation rate and investors’ expectations for inflation surpassed the Fed’s target of 2.0%.

By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) continued to expand their balance sheets despite nascent signs of sustained economic growth. Rising global growth, as well as limited bond supply, pressured other central banks to follow in the Fed’s footsteps. In October 2017, the ECB pledged to cut its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus, even though the size of its balance sheet almost matched the total output of the Japanese economy.

The Fed’s measured pace of stimulus reduction could lead to moderately higher inflation, steadily rising interest rates, and improving real growth in 2018. We continue to believe the primary risks to economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension. In particular, we are closely monitoring trade protectionism and the rise of populism in Western nations.

In December 2017, Congress passed a sweeping tax reform bill. The U.S. tax overhaul is likely to accentuate the existing reflationary themes, including corporate spending on stock buybacks, mergers & acquisitions and capital investment, which could extend the economic cycle if inflation and interest rates rise at a relatively modest pace.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of April 30, 2018
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	3.82%	13.27%
U.S. small cap equities (Russell 2000® Index)	3.27	11.54
International equities (MSCI Europe, Australasia, Far East Index)	3.41	14.51
Emerging market equities (MSCI Emerging Markets Index)	4.80	21.71
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.68	1.17
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	(3.79)	(3.64)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.87)	(0.32)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(0.76)	1.44
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(0.17)	3.27
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
Portfolio Information		6
About Fund Performance		7
Disclosure of Expenses		8
Derivative Financial Instruments		8
Financial Statements:
Consolidated Schedule of Investments		9
Consolidated Statement of Assets and Liabilities		28
Consolidated Statement of Operations		30
Consolidated Statements of Changes in Net Assets		31
Consolidated Financial Highlights		32
Notes to Consolidated Financial Statements		37
Director and Officer Information		51
Additional Information		52
Glossary of Terms Used in this Report		54

3

Fund Summary  as of April 30, 2018 BlackRock Global Allocation Fund, Inc.

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended April 30, 2018, the Fund underperformed its reference benchmark, which is comprised of the S&P 500^® Index (36%), FTSE World (ex-US) Index (24%), ICE BofAML Current 5-Year U.S. Treasury Index (24%) and FTSE Non-U.S. Dollar World Government Bond Index (16%) (the “Reference Benchmark”), and underperformed the broad-based all-equity benchmark, the FTSE World Index. The Fund invests in both equities and bonds; therefore, Fund management believes that the Reference Benchmark provides a more accurate representation of the Fund’s composition and a more comparable means for measurement. The following discussion of relative performance pertains to the Reference Benchmark. The following commentary (and referenced allocation percentages) are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps and options (except with respect to fixed income securities) and convertible bonds, and may vary relative to the market value.

What factors influenced performance?

Within equities, an overweight allocation to Japan and an underweight allocation to the United States detracted from the Fund’s performance. From a sector perspective, stock selection in consumer discretionary, materials, information technology (“IT”) and industrials weighed negatively on returns. Stock selection in consumer staples detracted from performance but was partially offset by an underweight allocation to the sector. Currency management, notably an overweight allocation to select currencies in Asia and Latin America, also negatively impacted performance.

An overweight allocation to Indian equities positively contributed to the Fund’s performance. From a sector perspective, stock selection in health care and utilities were the primary contributors. An overweight allocation to energy was also additive, but this was partially offset by stock selection. An underweight allocation to fixed income positively impacted performance, and exposure to cash and cash equivalents also contributed.

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

Describe recent portfolio activity.

During the six-month period, the Fund’s overall equity allocation decreased from 62% to 59% of net assets. Within equities, the Fund decreased exposure to Europe, the United States and Japan. On a sector basis, the Fund increased exposure to IT, health care and consumer staples, and reduced exposure to industrials, consumer discretionary, utilities, financials, telecommunication services (“telecom”), energy and materials.

The Fund’s allocation to fixed income decreased from 31% to 30% of net assets during the period. Within fixed income, the Fund decreased exposure to government bonds, notably in Japan, Poland, Australia and New Zealand, and increased exposure to government bonds in the United States. The Fund also decreased its exposure to corporate bonds.

The Fund’s exposure to commodity-related securities remained essentially unchanged at 4% of net assets.

Reflecting the changes in the Fund’s overall allocations to the equity, fixed income and commodity-related asset classes during the period, the Fund’s exposure to cash and cash equivalent holdings increased from 3% to 7% of net assets. During the six-month period, cash helped mitigate portfolio volatility and served as a source of funds for new investments and redemptions.

Describe portfolio positioning at period end.

Relative to its Reference Benchmark, the Fund ended the period underweight equities and fixed income and overweight commodity-related securities and cash and cash equivalents. Within the equity segment, the Fund was overweight Japan, and underweight the United States. Within Europe, the Fund was overweight the Netherlands and Italy, and underweight the United Kingdom and Ireland. From a sector perspective, the Fund was overweight energy, IT, telecom, health care and materials, and underweight financials, industrials, consumer staples and real estate.

Within fixed income, the Fund was underweight developed European sovereign debt, U.S. Treasuries and Japanese government bonds, and overweight government bonds in Brazil, Australia, Argentina, Mexico and Poland. In addition, the Fund was overweight corporate debt.

With respect to currency exposure, the Fund was overweight the U.S. dollar and Indian rupee, and was underweight the euro, Canadian dollar and British pound sterling.

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

4 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of April 30, 2018 (continued) BlackRock Global Allocation Fund, Inc.

Performance Summary for the Period Ended April 30, 2018

				Average Annual Total Returns (a)(b)
				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		0.84	%		6.46	%		N/A			5.03	%		N/A			4.45	%		N/A
Investor A		0.71			6.15			0.58	%		4.74			3.62	%		4.17			3.61	%
Investor C		0.34			5.40			4.40			3.97			3.97			3.39			3.39
Class K		0.89			6.55			N/A			5.07			N/A			4.47			N/A
Class R		0.58			5.89			N/A			4.40			N/A			3.82			N/A
FTSE World Index(c)		3.89			14.41			N/A			9.56			N/A			5.87			N/A
Reference Benchmark(d)		2.49			9.25			N/A			6.31			N/A			5.28			N/A
U.S. Stocks: S&P 500® Index(e)		3.82			13.27			N/A			12.96			N/A			9.02			N/A
Non-U.S. Stocks: FTSE World (ex-U.S.) Index(f)		3.83			15.65			N/A			6.04			N/A			2.86			N/A
Non-U.S. Bonds: FTSE Non-U.S. Dollar World Government Bond Index(g)		4.26			8.42			N/A			0.63			N/A			1.94			N/A
U.S. Bonds: ICE BofAML Current 5-Year U.S. Treasury Index(h)		(2.29	)		(2.23	)		N/A			0.12			N/A			2.76			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 7 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

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

^(c) This unmanaged capitalization-weighted index is comprised of 2,599, equities from 35 countries in 4 regions, including the United States.

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

^(e)  This unmanaged index covers 500 leading companies and captures approximately 80% coverage of available market capitalization.

^(f)  This unmanaged capitalization-weighted index is comprised of 1,985 equities from 34 countries, excluding the United States.

^(g)  This unmanaged market capitalization-weighted index tracks 22 government bond indexes, excluding the United States.

^(h)  This unmanaged index is designed to track the total return of the current coupon five-year U.S. Treasury bond.

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

Past performance is not indicative of future results.

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

FUND SUMMARY 5

Fund Summary  as of April 30, 2018 (continued) BlackRock Global Allocation Fund, Inc.

Portfolio Information

OVERALL ASSET EXPOSURE

	Percent of Fund’s Net Assets (a)						Reference Benchmark (b) Percentages
	4/30/2018			10/31/2017
US Equities		29	%		31	%		35	%
European Equities		13			16			13
Asia Pacific Equities		15			14			9
Other Equities		2			1			3
Total Equities		59			62			60
US Dollar Denominated Fixed Income Securities		22			22			24
U.S. Issuers		20			19			—
Non-U.S. Issuers		2			3			—
Non-U.S. Dollar Denominated Fixed Income Securities		8			9			16
Total Fixed Income Securities		30			31			40
Commodity-Related		4			4			—
Cash & Short-Term Securities		7			3			—

^(a)  Exposure based on market value and adjusted for the economic value of futures, swaps and options (except with respect to fixed income securities), and convertible bonds.

^(b)  The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the S&P 500 Index^®; 24% FTSE World (ex U.S.) Index; 24% ICE BofAML 5-Year U.S. Treasury Index; and 16% FTSE Non-U.S. Dollar World Government Bond Index. Descriptions of these indexes are found on page 5 of this report to shareholders in the “Performance Summary” section.

GEOGRAPHIC ALLOCATION

Country	Percent of Total Investments (a)
United States		60	%
Japan		11
United Kingdom		3
France		3
Brazil		2
Netherlands		2
Australia		2
Germany		2
Italy		2
Canada		1
Other(b)		12

^(a) Excludes short-term securities, options purchased, options written and investments sold short.

^(b) 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.

TEN LARGEST HOLDINGS (EQUITY INVESTMENTS)

Security	Percent of Total Investments (a)
Apple, Inc.		2	%
Microsoft Corp.		2
Facebook, Inc.		1
Comcast Corp.		1
Amazon.com, Inc.		1
Alphabet, Inc., Class B		1
Koninklijke Philips NV		1
Bank of America Corp.		1
DowDuPont, Inc.		1
Vodafone Group PLC.		1

6 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

About Fund Performance

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

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries. On December 27, 2017, all issued and outstanding Investor B Shares were converted into Investor A Shares with the same relative aggregate net asset value (“NAV”).

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

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.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com to obtain performance data current to the most recent month end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance table on the previous page assume reinvestment of all distributions, if any, NAV on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), the Fund’s investment adviser, voluntarily waived and/or reimbursed a portion of its expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. The Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver and/or reimbursement may be reduced or discontinued at any time. See Note 6 of the Notes to Consolidated Financial Statements for additional information on waivers and/or reimbursements.

ABOUT FUND PERFORMANCE 7

Disclosure of Expenses BlackRock Global Allocation Fund, Inc.

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown below (which is based on a hypothetical investment of $1,000 invested on November 1, 2017 and held through April 30, 2018, is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Expense Example

	Actual								Hypothetical (c)
					Expenses Paid During the Period						Including Dividend Expense and Broker Fees and Expenses on Short Sales				Excluding Dividend Expense and Broker Fees and Expenses on Short Sales
	Beginning Account Value (11/01/17)		Ending Account Value (04/30/18)		Including Dividend Expense and Broker Fees and Expenses on Short Sales (a)		Excluding Dividend Expense and Broker Fees and Expenses on Short Sales (b)		Beginning Account Value (11/01/17)		Ending Account Value (04/30/18)		Expenses Paid During the Period (a)		Ending Account Value (04/30/18)		Expenses Paid During the Period (b)
Institutional	$	1,000.00	$	1,008.40	$	3.98	$	3.98	$	1,000.00	$	1,020.83	$	4.01	$	1,020.83	$	4.01
Investor A		1,000.00		1,007.10		5.32		5.32		1,000.00		1,019.49		5.36		1,019.49		5.36
Investor C		1,000.00		1,003.40		8.94		8.94		1,000.00		1,015.87		9.00		1,015.87		9.00
Class K		1,000.00		1,008.90		3.59		3.59		1,000.00		1,021.22		3.61		1,021.22		3.61
Class R		1,000.00		1,005.80		6.86		6.86		1,000.00		1,017.95		6.90		1,017.95		6.90

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.80% for Institutional, 1.07% for Investor A, 1.80% for Investor C, 0.72% for Class K and 1.38% for Class R), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

^(b)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.80% for Institutional, 1.07% for Investor A, 1.80% for Investor C, 0.72% for Class K and 1.38% for Class R), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

^(c) Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

Derivative Financial Instruments

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

8 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 56.1%
Australia — 0.0%
AGL Energy Ltd.		18,870	$	307,533
AMP Ltd.		22,172		67,118
BHP Billiton Ltd.		12,479		291,126
Rio Tinto Ltd.		12,154		723,335
Stockland		87,142		270,873
Telstra Corp. Ltd.		56,189		133,596
Wesfarmers Ltd.		19,835		652,563
Woodside Petroleum Ltd.		23,518		569,923
Woolworths Group Ltd.		28,453		595,117
				3,611,184
Belgium — 0.4%
Anheuser-Busch InBev SA		1,491,141		148,120,322
Brazil — 0.4%
Azul SA — ADR(a)		3,457,127		107,170,937
Banco do Brasil SA		41,136		430,946
Banco Santander Brasil SA		22,279		242,365
Hapvida Participacoes e Investimentos SA(a)(b)		1,210,994		9,558,114
JBS SA		165,640		413,722
Notre Dame Intermedica Participacoes SA(a)		2,265,865		13,194,692
Vale SA		39,716		551,773
				131,562,549
Canada — 0.4%
Bank of Nova Scotia		11,230		690,270
Canadian Natural Resources Ltd.		5,391		194,487
Encana Corp.		11,693,240		145,931,635
Husky Energy, Inc.		12,377		173,130
Magna International, Inc.		5,102		301,324
Manulife Financial Corp.		30,350		572,749
Nufarm Ltd.		—		5
Platinum Group Metals Ltd.(a)(c)(t)		7,635,882		1,444,641
Royal Bank of Canada		22,218		1,689,603
Suncor Energy, Inc.		16,717		639,281
Teck Resources Ltd., Class B		27,894		700,201
Toronto-Dominion Bank		6,625		372,077
				152,709,403
China — 0.8%
Agricultural Bank of China Ltd., Class H		757,000		426,806
Alibaba Group Holding Ltd. — ADR(a)(c)		1,239,100		221,228,914
Bank of China Ltd., Class H		970,000		526,546
Bank of Communications Co. Ltd., Class H		217,000		177,568
China Communications Construction Co. Ltd., Class H		24,000		27,652
China Construction Bank Corp., Class H		799,000		837,079
China Mobile Ltd.		116,000		1,105,073
China Resources Power Holdings Co. Ltd.		262,000		502,545
China Telecom Corp. Ltd., Class H		462,000		223,946
CLP Holdings Ltd.		1,501,000		15,586,498
CNOOC Ltd.		633,000		1,070,854
Country Garden Holdings Co. Ltd.		194,000		395,578
Dongfeng Motor Group Co. Ltd., Class H		392,000		433,487
Guangzhou Automobile Group Co. Ltd., Class H		192,000		351,689
Hengan International Group Co. Ltd.		8,000		71,147
Industrial & Commercial Bank of China Ltd., Class H		723,000		634,708
Longfor Properties Co. Ltd.		52,500		157,014
New Oriental Education & Technology Group, Inc. — ADR		9,630		865,159
PICC Property & Casualty Co. Ltd., Class H		74,000		132,473
Ping An Healthcare and Technology Co. Ltd.(a)(b)		6,048,342		42,230,083
Tencent Holdings Ltd.		5,900		290,061

Security	Shares		Value
China (continued)
Want Want China Holdings Ltd.		13,933,001	$	12,312,173
Yum China Holdings, Inc.		1,611		68,886
				299,655,939
Czech Republic — 0.0%
CEZ AS		682,345		17,449,344
Denmark — 0.0%
Carlsberg A/S, Class B		2,174		243,122
Danske Bank A/S		21,717		755,798
				998,920
Finland — 0.2%
Nokia OYJ		9,888,699		59,334,302
France — 2.2%
AXA SA		2,905,534		83,094,303
BNP Paribas SA		11,094		856,449
Cie de Saint-Gobain		23,350		1,221,696
Cie Generale des Etablissements Michelin SCA		332		46,687
Credit Agricole SA		15,146		249,414
Danone SA		3,343,836		270,870,074
Dassault Aviation SA		39,073		77,905,420
Eiffage SA		64,519		7,679,797
Engie SA		26,960		472,918
L’Oreal SA		152		36,600
Safran SA		1,727,821		202,656,188
Sanofi		316,819		25,048,427
Societe Generale SA		9,088		497,375
Thales SA		1,878		238,053
TOTAL SA		22,671		1,424,911
TOTAL SA — ADR		57,163		3,578,975
Unibail-Rodamco SE		514,874		123,605,696
				799,482,983
Germany — 1.2%
Allianz SE, Registered Shares		3,868		914,874
BASF SE		3,890		404,729
Bayer AG, Registered Shares		2,344,623		280,228,293
Beiersdorf AG		395		44,690
Deutsche Post AG, Registered Shares		22,050		957,067
Fresenius Medical Care AG & Co. KGaA		392		39,776
Fresenius SE & Co. KGaA		1,538,470		117,161,048
GEA Group AG		906,188		35,380,407
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		182		41,653
SAP SE		14,872		1,652,362
				436,824,899
Hong Kong — 0.8%
CK Asset Holdings Ltd.		11,500		99,279
CK Infrastructure Holdings Ltd.		1,295,500		10,224,615
Galaxy Entertainment Group Ltd.		45,000		393,868
Hang Lung Properties Ltd.		4,437,000		10,500,485
HKT Trust & HKT Ltd.(e)		7,175,000		9,440,040
Hong Kong Exchanges & Clearing Ltd.		12,900		417,889
I-CABLE Communications Ltd.(a)		1,370,133		29,147
Jardine Matheson Holdings Ltd.		272,700		16,512,994
Link REIT		1,642,500		14,516,616
Power Assets Holdings Ltd.		1,155,500		8,605,171
Sino Land Co. Ltd.		4,996,000		8,623,969
Sun Hung Kai Properties Ltd.		10,397,166		167,440,445
Swire Pacific Ltd., Class A		1,136,500		11,230,107
WH Group Ltd.(b)		509,000		526,955
Wharf Holdings Ltd.		2,081,000		6,923,185
Wharf Real Estate Investment Co. Ltd.		1,641,000		12,303,802
				277,788,567

CONSOLIDATED SCHEDULE OF INVESTMENTS 9

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
India — 1.4%
Aurobindo Pharma Ltd.		29,186	$	280,017
Coal India Ltd.		2,840,941		12,104,090
GAIL India Ltd.		71,076		345,376
HCL Technologies Ltd.		15,790		248,472
Hero MotoCorp Ltd.		294,876		16,441,430
Hindustan Petroleum Corp. Ltd.		136,823		621,795
Hindustan Unilever Ltd.		36,407		820,013
Housing Development Finance Corp. Ltd.		3,048,748		85,857,577
Indian Oil Corp. Ltd.		45,294		109,605
Infosys Ltd.		1,751		31,382
Kotak Mahindra Bank Ltd.		4,176,530		75,592,814
Maruti Suzuki India Ltd.		376,452		49,536,874
Oil & Natural Gas Corp. Ltd.		3,817,167		10,297,910
Reliance Industries Ltd.		11,014,347		158,290,774
SBI Life Insurance Co. Ltd.(a)(b)		419,398		4,669,683
State Bank of India		8,546,161		31,430,397
Tata Motors Ltd.(a)		8,101		40,950
Tata Motors Ltd., Class A(a)		19,476		55,555
Vedanta Ltd.		40,606		180,242
Yes Bank Ltd.		7,886,518		42,570,212
				489,525,168
Indonesia — 0.1%
Siloam International Hospitals Tbk PT(a)		53,030,188		26,701,368
Ireland — 0.1%
Accenture PLC, Class A		46,232		6,990,278
Medtronic PLC		139,007		11,138,631
				18,128,909
Israel — 0.0%
Check Point Software Technologies Ltd.(a)		4,890		471,934
Italy — 1.0%
Atlantia SpA		2,227		73,713
Ei Towers SpA(a)		1,066,309		61,717,967
Enel SpA		14,757,359		93,616,558
Intesa Sanpaolo SpA		54,645	��	207,867
Luxottica Group SpA		1,567,642		97,798,186
RAI Way SpA(b)		7,420,129		41,935,352
Snam SpA		1,191,701		5,721,447
Telecom Italia SpA(a)		69,725,488		68,784,631
Telecom Italia SpA, Non-Convertible Savings Shares(a)		2,623,221		2,252,880
UniCredit SpA		12,885		279,346
				372,387,947
Japan — 9.0%
Aisin Seiki Co. Ltd.		817,490		44,287,437
Ajinomoto Co., Inc.		4,678,100		85,714,375
Alfresa Holdings Corp.		363,200		8,013,665
Alpine Electronics, Inc.		253,100		4,786,102
Asahi Glass Co. Ltd.		6,500		269,758
Asahi Kasei Corp.		4,539,400		62,417,787
Astellas Pharma, Inc.		11,415,651		166,967,971
Bridgestone Corp.		2,946,100		123,154,614
Canon Marketing Japan, Inc.		307,700		6,686,612
COMSYS Holdings Corp.		369,900		10,290,497
Dai-ichi Life Holdings, Inc.		2,100		41,690
Daicel Corp.		1,355,100		15,635,481
Daikin Industries Ltd.		473,200		55,277,216
Daiwa House Industry Co. Ltd.		6,200		226,680
Denso Corp.		1,932,780		101,638,795
Dowa Holdings Co. Ltd.		174,400		6,554,086
East Japan Railway Co.		1,972,673		189,510,635
Exedy Corp.		211,400		7,159,667
Fujitsu Ltd.		245,000		1,485,300

Security	Shares		Value
Japan (continued)
GS Yuasa Corp.		1,477,000	$	7,950,643
Hino Motors Ltd.		641,800		7,830,236
Hitachi Chemical Co. Ltd.		498,800		10,940,567
Hitachi Ltd.		141,000		1,029,096
Hoya Corp.		3,160,917		168,871,511
Japan Airlines Co. Ltd.		4,501,500		177,649,234
Japan Aviation Electronics Industry Ltd.		436,000		7,426,728
Kajima Corp.		32,000		308,291
Kamigumi Co. Ltd.		335,600		7,554,890
Kao Corp.		3,200		230,035
KDDI Corp.		491,900		13,204,364
Keyence Corp.		27,600		16,829,907
Kinden Corp.		1,102,900		19,235,541
Kintetsu Group Holdings Co. Ltd.		6,900		280,357
Koito Manufacturing Co. Ltd.		758,400		50,755,158
Komatsu Ltd.		1,662,100		56,658,841
Kuraray Co. Ltd.		462,500		7,702,544
Kyudenko Corp.(c)		182,500		8,527,133
Kyushu Railway Co.		983,500		31,474,950
Mabuchi Motor Co. Ltd.		261,700		13,147,934
Maeda Road Construction Co. Ltd.		444,000		9,580,415
Marubeni Corp.		62,800		471,600
Mazda Motor Corp.		6,300		87,595
Medipal Holdings Corp.		416,100		8,926,523
Mitsubishi Chemical Holdings Corp.		18,400		174,057
Mitsubishi Electric Corp.		10,363,800		158,882,758
Mitsubishi Tanabe Pharma Corp.		16,000		303,892
Mitsubishi UFJ Financial Group, Inc.		48,600		325,685
MS&AD Insurance Group Holdings, Inc.		10,700		360,549
Murata Manufacturing Co. Ltd.		1,353,440		170,866,823
Nichias Corp.		471,000		5,965,893
Nippo Corp.		433,000		9,930,813
Nippon Telegraph & Telephone Corp.		255,600		12,129,537
Nippon Television Holdings, Inc.		825,600		14,470,993
Nitto Denko Corp.		1,879,500		139,731,087
Nomura Holdings, Inc.		10,700		61,627
Okumura Corp.		403,124		16,688,867
Olympus Corp.		10,000		372,905
Oracle Corp. Japan		4,300		353,235
Otsuka Holdings Co. Ltd.		146,700		7,669,870
Panasonic Corp.		43,400		642,630
Rakuten, Inc.		31,500		223,857
Renesas Electronics Corp.(a)(c)		2,533,700		26,430,770
Resona Holdings, Inc.		108,400		615,937
Rohm Co. Ltd.		1,006,000		93,218,994
Seino Holdings Co Ltd.		474,900		8,895,234
Seven & i Holdings Co. Ltd.		126,700		5,582,501
Shimamura Co. Ltd.		64,100		7,459,526
Shin-Etsu Chemical Co. Ltd.		1,597,540		160,312,587
Shionogi & Co. Ltd.		22,400		1,151,174
Sony Corp.		17,200		803,345
Stanley Electric Co. Ltd.		218,300		7,889,212
Subaru Corp.		3,126,990		104,961,689
Sumitomo Chemical Co. Ltd.		6,000		34,330
Sumitomo Electric Industries Ltd.		1,441,200		22,063,418
Sumitomo Mitsui Financial Group, Inc.		1,596,400		66,535,145
Suzuken Co. Ltd.		184,200		7,920,313
Suzuki Motor Corp.		3,237,308		173,998,282
T&D Holdings, Inc.		1,800		30,571
Taisei Corp.		15,700		846,951
Takeda Pharmaceutical Co. Ltd.		5,900		248,449
Toagosei Co., Ltd.		447,300		5,278,689
Toda Corp.		1,973,900		16,276,139
Toho Co. Ltd.		278,300		9,283,045

10 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Tokio Marine Holdings, Inc.		1,291,521	$	60,956,232
Tokyo Gas Co. Ltd.		4,656,657		124,962,833
Tokyo Steel Manufacturing Co. Ltd.		1,249,900		10,430,339
Toray Industries, Inc.		4,974,600		46,435,778
Toshiba Corp.(a)		212,000		568,178
Toyota Industries Corp.		2,180,280		128,573,129
TV Asahi Holdings Corp.		600,600		14,085,028
Ube Industries Ltd.		2,312,850		70,459,077
Unicharm Corp.		13,800		387,971
West Japan Railway Co.		365,300		25,819,860
Yamato Kogyo Co. Ltd.		259,300		7,643,821
				3,266,106,086
Macau — 0.0%
Sands China Ltd.		21,600		124,834
Malaysia — 0.0%
Malaysia Airports Holdings Bhd		2,355,000		5,408,067
Mexico — 0.0%
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		118,739		175,994
Cemex SAB de CV(a)		1,272,856		796,298
Grupo Financiero Banorte SAB de CV, Series O		48,367		302,636
				1,274,928
Netherlands — 1.5%
ABN AMRO Group NV CVA(b)		3,192,613		99,006,854
ING Groep NV		6,522,888		109,913,990
Koninklijke Philips NV		7,796,017		329,975,764
Unilever NV CVA		7,724		442,806
				539,339,414
Norway — 0.0%
DNB ASA		12,642		236,422
Telenor ASA		14,630		323,819
				560,241
Poland — 0.0%
PGE SA(a)		153,865		457,432
Portugal — 0.1%
Jeronimo Martins SGPS SA		356,109		6,245,080
NOS SGPS SA		4,754,104		28,259,077
				34,504,157
Singapore — 0.3%
CapitaLand Ltd.		26,142,201		73,716,982
ComfortDelGro Corp. Ltd.		5,930,400		10,009,259
Genting Singapore PLC		883,000		773,610
Singapore Telecommunications Ltd.		5,813,700		15,377,780
				99,877,631
South Africa — 0.0%
Naspers Ltd., Class N		1,294		315,244
Tiger Brands Ltd.		21,622		675,760
				991,004
South Korea — 0.7%
Amorepacific Corp.(c)		29,576		9,622,894
Coway Co. Ltd.		141,939		11,599,294
Doosan Bobcat, Inc.		1,780,877		54,052,721
Hana Financial Group, Inc.		9,764		433,846
Industrial Bank of Korea		26,920		422,154
KT&G Corp.		792,681		72,484,566
LG Chem Ltd.		53,024		17,748,655
Lotte Chemical Corp.		362		139,398
POSCO		56,994		19,637,891
Samsung Electronics Co. Ltd.		23,993		59,469,209
Shinhan Financial Group Co. Ltd.		2,559		113,944
SK Hynix, Inc.		6,491		510,478

Security	Shares		Value
South Korea (continued)
SK Innovation Co. Ltd.		1,345	$	246,466
SK Telecom Co. Ltd.		60,052		12,830,888
Woori Bank		15,893		237,273
				259,549,677
Spain — 0.3%
Aena SME SA(b)		3,277		675,483
Amadeus IT Group SA		8,540		623,077
Banco Bilbao Vizcaya Argentaria SA		52,798		427,244
CaixaBank SA		82,015		398,828
Cellnex Telecom SAU(b)		4,457,125		119,536,653
Repsol SA		14,670		279,945
				121,941,230
Sweden — 0.0%
Essity AB, Class B		14,220		360,693
Sandvik AB		37,346		636,765
Skandinaviska Enskilda Banken AB, Class A		46,070		432,507
Volvo AB, Class B		67,174		1,138,355
				2,568,320
Switzerland — 1.1%
ABB Ltd., Registered Shares		42,055		980,536
Cie Financiere Richemont SA, Registered Shares(a)		334		31,750
Glencore PLC(a)		28,490		137,236
Nestle SA, Registered Shares		2,766,584		214,327,475
Novartis AG, Registered Shares		7,993		615,255
Roche Holding AG		5,042		1,120,269
Swatch Group AG, Registered Shares		6,034		537,651
Swiss Re AG		3,140		299,145
UBS Group AG, Registered Shares(a)		11,084,193		186,046,955
Zurich Insurance Group AG		302		96,469
				404,192,741
Taiwan — 0.8%
Cathay Financial Holding Co. Ltd.		8,363,000		15,001,173
Cheng Shin Rubber Industry Co. Ltd.		4,632,672		7,470,067
China Development Financial Holding Corp.		375,000		141,787
Chunghwa Telecom Co. Ltd.		19,497,001		74,187,397
CTBC Financial Holding Co. Ltd.		88,000		62,758
Far EasTone Telecommunications Co. Ltd.		12,045,000		31,867,770
Formosa Chemicals & Fibre Corp.		3,304,000		12,139,393
Formosa Petrochemical Corp.		2,354,000		9,605,132
Formosa Plastics Corp.		3,437,000		12,061,252
Fubon Financial Holding Co. Ltd.		9,286,000		15,887,016
Hon Hai Precision Industry Co. Ltd.		5,357,700		14,901,809
Nan Ya Plastics Corp.		4,313,000		11,813,240
Nanya Technology Corp.		82,000		255,256
Pegatron Corp.		74,000		172,529
Taiwan Cooperative Financial Holding Co. Ltd.		145,000		84,254
Taiwan Mobile Co. Ltd.		10,201,000		37,671,307
Taiwan Semiconductor Manufacturing Co. Ltd.		2,102,000		16,011,644
Uni-President Enterprises Corp.		8,199,000		19,732,239
				279,066,023
Thailand — 0.2%
Advanced Info Service PCL, Foreign Registered Shares		3,199,100		21,084,056
Intouch Holdings PCL, Class F		8,038,901		14,837,323
PTT Global Chemical PCL, Foreign Registered Shares		6,729,900		20,897,662
Siam Cement PCL, Foreign Registered Shares		974,000		14,413,506
Thai Oil PCL, Foreign Registered Shares — NVDR		3,578,500		10,686,743
				81,919,290

CONSOLIDATED SCHEDULE OF INVESTMENTS 11

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey — 0.0%
BIM Birlesik Magazalar AS		10,204	$	173,372
Tupras Turkiye Petrol Rafinerileri AS		2,726		69,683
Turkiye Halk Bankasi AS		88,109		180,270
				423,325
United Arab Emirates — 0.5%
NMC Health PLC		3,547,675		173,350,202
United Kingdom — 2.6%
Anglo American PLC		9,359		220,210
Aon PLC		272		38,752
Aviva PLC		26,249		190,717
BAE Systems PLC		58,081		487,312
Barclays PLC		43,974		125,374
Berkeley Group Holdings PLC		386,674		21,647,544
BP PLC		70,706		525,201
Centrica PLC		167,064		353,735
Diageo PLC		4,186		149,334
Experian PLC		2,711		62,115
GlaxoSmithKline PLC		48,003		962,804
GW Pharmaceuticals PLC — ADR(a)		214,380		28,493,246
HSBC Holdings PLC		18,802,814		187,200,389
Imperial Brands PLC		13,103		468,820
International Consolidated Airlines Group SA		47,712		411,721
Legal & General Group PLC		162,741		602,750
Liberty Global PLC, Class A(a)		2,232,006		67,272,661
Liberty Global PLC, Class C(a)		13,584		395,294
Lloyds Banking Group PLC		1,385,443		1,228,814
National Grid PLC		1		9
Prudential PLC		4,975		127,927
Rio Tinto PLC		12,977		707,323
Royal Dutch Shell PLC — ADR, Class A		2,114,158		147,779,644
Royal Dutch Shell PLC, A Shares		4,025,459		140,865,923
Royal Dutch Shell PLC, Class A		6,588		229,204
Royal Dutch Shell PLC, Class B		40,419		1,442,911
SSE PLC		4,106		77,926
Unilever PLC		425		23,839
Vodafone Group PLC		97,431,918		284,326,826
Vodafone Group PLC — ADR		1,740,062		51,175,224
				937,593,549
United States — 30.0%
3M Co.		20,694		4,022,707
AbbVie, Inc.		76,738		7,409,054
Acadia Healthcare Co., Inc.(a)(c)		1,568,493		55,806,981
Activision Blizzard, Inc.		4,571		303,286
Adobe Systems, Inc.(a)		46,475		10,298,860
Aetna, Inc.		47,162		8,444,356
Agilent Technologies, Inc.		11,169		734,250
Air Products & Chemicals, Inc.		1,527,976		247,975,225
Allergan PLC		392		60,231
Alliance Data Systems Corp.		13,295		2,699,550
Allstate Corp.		1,575		154,066
Ally Financial, Inc.		99,826		2,605,459
Alphabet, Inc., Class A(a)		1,992		2,029,011
Alphabet, Inc., Class C(a)		348,934		354,981,026
Amazon.com, Inc.(a)		238,444		373,434,302
Amdocs Ltd.		95,610		6,429,772
American Express Co.		725		71,594
American International Group, Inc.		12,740		713,440
American Tower Corp.		55,507		7,568,935
Ameriprise Financial, Inc.		31,990		4,485,318
AmerisourceBergen Corp.		3,079		278,896
Amgen, Inc.		44,141		7,701,722
Anadarko Petroleum Corp.		3,374,344		227,160,838
Anthem, Inc.		804,085		189,756,019

Security	Shares		Value
United States (continued)
Apple, Inc.		4,947,731	$	817,662,025
Applied Materials, Inc.		23,124		1,148,569
Archer-Daniels-Midland Co.		2,335		105,962
AT&T, Inc.		15,486		506,392
Automatic Data Processing, Inc.		2,415		285,163
AutoZone, Inc.(a)		272		169,869
Bank of America Corp.		10,860,708		324,952,383
Bank of New York Mellon Corp.		62,139		3,387,197
Baxter International, Inc.		216,549		15,050,155
Berkshire Hathaway, Inc., Class B(a)		87,297		16,912,048
Biogen, Inc.(a)		169,302		46,321,027
Boeing Co.		29,306		9,775,309
Booking Holdings, Inc.(a)		302		657,756
Boston Scientific Corp.(a)		9,268		266,177
Bristol-Myers Squibb Co.		13,222		689,263
Broadcom Inc.		518		118,840
CA, Inc.		21,858		760,658
Capital One Financial Corp.		50,186		4,547,855
Carnival Corp.		22,069		1,391,671
Caterpillar, Inc.		20,074		2,897,883
Celgene Corp.(a)		14,037		1,222,623
Charles Schwab Corp.		4,176,687		232,557,932
Charter Communications, Inc., Class A(a)		378,760		102,753,800
Chevron Corp.		28,100		3,515,591
Chubb Ltd.		889,359		120,659,336
Cigna Corp.		4,317		741,747
Cisco Systems, Inc.		33,267		1,473,395
Citigroup, Inc.		2,800,756		191,207,612
Cloudera, Inc.(a)		5,638,928		80,354,724
CME Group, Inc.		714		112,584
Coca-Cola Co.		10,798		466,582
Cognizant Technology Solutions Corp., Class A		9,602		785,636
Colgate-Palmolive Co.		131,862		8,601,358
Comcast Corp., Class A		12,390,862		388,949,127
Conagra Brands, Inc.		31,697		1,175,008
ConocoPhillips		17,630		1,154,765
Constellation Brands, Inc., Class A		31,859		7,427,289
Corning, Inc.		10,353		279,738
Costco Wholesale Corp.		1,660		327,286
Crown Holdings, Inc.(a)		68,203		3,399,238
CSX Corp.		1,087		64,557
Cummins, Inc.		15,790		2,524,189
CVS Health Corp.		3,033,543		211,832,308
Danaher Corp.		4,528		454,249
Dave & Buster’s Entertainment, Inc.(a)		1,272,861		54,083,864
Dell Technologies, Inc., Class V(a)		13,691		982,603
Delta Air Lines, Inc.		67,050		3,501,351
Devon Energy Corp.		6,158		223,720
Discover Financial Services		77,368		5,512,470
DISH Network Corp., Class A(a)		753,676		25,285,830
Dollar General Corp.		3,049		294,320
DowDuPont, Inc.		4,899,733		309,859,115
Dropbox, Inc., Class A(a)		673,902		20,291,189
Dropbox, Inc., Class B(a)		5,237,750		151,487,923
DXC Technology Co.		3,713		382,662
Eaton Corp. PLC		5,857		439,451
eBay, Inc.(a)		44,947		1,702,592
Edgewell Personal Care Co.(a)		1,677,676		73,901,628
Edwards Lifesciences Corp.(a)		4,407		561,276
Electronic Arts, Inc.(a)		126,256		14,895,683
Eli Lilly & Co.		1,389		112,606
Emerson Electric Co.		3,260		216,497
Entergy Corp.		725		59,153
Estee Lauder Cos., Inc., Class A		954		141,278

12 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Expedia Group, Inc.		1,902	$	218,996
Express Scripts Holding Co.(a)		16,271		1,231,715
Exxon Mobil Corp.		24,060		1,870,665
Facebook, Inc., Class A(a)		2,762,262		475,109,064
Fieldwood Energy, Inc.(f)		360,698		13,165,477
Fieldwood Energy, Inc.(f)		97,383		3,554,479
Fifth Third Bancorp		134,196		4,451,281
FleetCor Technologies, Inc.(a)		819,511		169,868,240
Ford Motor Co.		10,234		115,030
Fortune Brands Home & Security, Inc.		323,425		17,688,113
Franklin Resources, Inc.		6,822		229,492
General Dynamics Corp.		27,696		5,575,482
General Electric Co.		10,467,216		147,273,729
General Mills, Inc.		17,118		748,741
General Motors Co.		23,335		857,328
Gilead Sciences, Inc.		2,786,956		201,301,832
Global Payments, Inc.		97,784		11,054,481
Goldman Sachs Group, Inc.		426,208		101,578,153
Goodyear Tire & Rubber Co.		65,171		1,636,444
Halliburton Co.		6,762		358,318
Hartford Financial Services Group, Inc.		200,016		10,768,861
HCA Healthcare, Inc.		2,147,362		205,588,438
HCP, Inc.		12,885		300,994
Helmerich & Payne, Inc.		52,265		3,635,031
Hewlett Packard Enterprise Co.		11,214		191,199
Home Depot, Inc.		53,434		9,874,603
HP, Inc.		50,478		1,084,772
Humana, Inc.		362		106,493
Huntsman Corp.		70,455		2,097,445
Illinois Tool Works, Inc.		28,936		4,109,491
Illumina, Inc.(a)		1,208		291,043
Ingersoll-Rand PLC		10,022		840,746
Intel Corp.		140,153		7,234,698
International Business Machines Corp.		852,103		123,520,851
International Paper Co.		97,401		5,021,996
Intuit, Inc.		46,584		8,608,257
Intuitive Surgical, Inc.(a)		1,147		505,575
Jawbone Health Hub, Inc., (Acquired 1/24/17, Cost $0)(a)(f)(g)		1,518,232		15
Johnson & Johnson		948,685		119,999,166
JPMorgan Chase & Co.		1,045,963		113,779,855
Kimberly-Clark Corp.		4,709		487,570
Kinder Morgan, Inc.		22,099		349,606
KLA-Tencor Corp.		49,501		5,036,232
Kohl’s Corp.		40,151		2,494,180
Lam Research Corp.		3,260		603,296
Las Vegas Sands Corp.		15,667		1,148,861
Lear Corp.		28,192		5,271,058
Liberty Broadband Corp., Class A(a)		230,627		16,254,591
Liberty Broadband Corp., Class C(a)		719,603		51,012,657
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		827,001		34,543,832
Liberty Media Corp. — Liberty SiriusXM, Class C(a)		1,362,721		56,770,957
Lockheed Martin Corp.		848		272,072
Lookout, Inc., (Acquired 3/04/15, cost $2,096,082)(a)(f)(g)		183,495		77,068
Lowe’s Cos., Inc.		194,022		15,993,233
ManpowerGroup, Inc.		25,451		2,436,170
Marathon Petroleum Corp.		124,184		9,302,623
Marsh & McLennan Cos., Inc.		892,504		72,739,076
Masco Corp.		173,011		6,551,927
Mastercard, Inc., Class A		110,373		19,676,195
McDonald’s Corp.		36,570		6,123,281
McKesson Corp.		17,578		2,745,859
Merck & Co., Inc.		172,499		10,155,016

Security	Shares		Value
United States (continued)
MetLife, Inc.		2,182,161	$	104,023,615
MGM Resorts International		2,695,287		84,685,918
Micron Technology, Inc.(a)		75,949		3,492,135
Microsoft Corp.		6,964,625		651,331,730
Mohawk Industries, Inc.(a)		820,833		172,276,430
Mondelez International, Inc., Class A		255,095		10,076,252
Morgan Stanley		4,709,820		243,120,908
Motorola Solutions, Inc.		3,864		424,383
NextEra Energy Partners LP		1,236,612		51,529,622
NextEra Energy, Inc.		1,145,554		187,767,756
NIKE, Inc., Class B		1,479		101,149
Norfolk Southern Corp.		1,570		225,248
Northrop Grumman Corp.		47,436		15,276,289
NVIDIA Corp.		1,509		339,374
O’Reilly Automotive, Inc.(a)(c)		624,137		159,822,762
Oracle Corp.		38,308		1,749,526
PACCAR, Inc.		4,287		272,953
Packaging Corp. of America		59,197		6,848,501
Paychex, Inc.		2,777		168,203
PepsiCo, Inc.		131,492		13,272,802
Pfizer, Inc.		7,144,188		261,548,723
PG&E Corp.		2,023		93,260
Philip Morris International, Inc.		12,528		1,027,296
Phillips 66		52,454		5,838,655
Pioneer Natural Resources Co.		263,135		53,034,859
Pivotal Software, Inc., Class A(a)		925,340		16,693,134
Procter & Gamble Co.		2,429,140		175,723,988
Prologis, Inc.		5,223		339,025
Prudential Financial, Inc.		43,318		4,605,570
Pure Storage, Inc., Class A(a)		4,383,816		88,684,598
PVH Corp.		21,903		3,497,252
QUALCOMM, Inc.		4,692,604		239,369,730
Raytheon Co.		64,468		13,212,072
Reinsurance Group of America, Inc.		32,369		4,835,929
Rockwell Automation, Inc.		24,523		4,034,769
Ross Stores, Inc.		29,609		2,393,888
Royal Caribbean Cruises Ltd.		30,850		3,337,661
Schlumberger Ltd.		779,977		53,475,223
Sempra Energy		976,875		109,214,625
Snap, Inc., Class A(a)(c)		4,859,399		69,635,188
St. Joe Co.(a)(t)		3,047,194		52,564,096
Starbucks Corp.		1,484		85,434
State Street Corp.		30,460		3,039,299
Stryker Corp.		86,408		14,639,243
SunTrust Banks, Inc.		1,865,920		124,643,456
Sysco Corp.		4,755		297,378
Target Corp.		17,449		1,266,797
Tenet Healthcare Corp.(a)		2,706,787		64,800,481
TESARO, Inc.(a)(c)		364,144		18,538,571
Texas Instruments, Inc.		8,513		863,474
Thermo Fisher Scientific, Inc.		38,626		8,124,979
TJX Cos., Inc.		107,174		9,093,714
Travelers Cos., Inc.		111,542		14,678,927
TripAdvisor, Inc.(a)(c)		1,458,058		54,560,530
Tyson Foods, Inc., Class A		47,142		3,304,654
Union Pacific Corp.		302		40,356
United Continental Holdings, Inc.		2,303,110		155,552,049
United Rentals, Inc.(a)		38,681		5,802,150
United Technologies Corp.		2,596		311,909
UnitedHealth Group, Inc.		87,642		20,718,569
Valero Energy Corp.		115,397		12,800,989
VeriSign, Inc.(a)(c)		58,979		6,925,314
Verizon Communications, Inc.		208,662		10,297,470
VF Corp.		10,114		817,919

CONSOLIDATED SCHEDULE OF INVESTMENTS 13

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Shares		Value
United States (continued)
Visa, Inc., Class A			120,553	$	15,295,765
Vistra Energy Corp.(a)			786,424		17,969,788
VMware, Inc., Class A(a)			6,973		929,222
Vornado Realty Trust			3,647		248,105
WABCO Holdings, Inc.(a)			29,860		3,851,641
Walgreens Boots Alliance, Inc.			17,811		1,183,541
Walmart Inc.			14,883		1,316,550
Walt Disney Co.			2,747		275,607
Waste Management, Inc.			4,739		385,233
Wells Fargo & Co.			13,072		679,221
Western Digital Corp.			41,490		3,268,997
WestRock Co.			976,041		57,742,586
Williams Cos., Inc.			10,718,345		275,783,017
Williams-Sonoma, Inc.			1,033,226		49,388,203
Wyndham Worldwide Corp.			59,138		6,754,151
Wynn Resorts Ltd.			12,653		2,355,862
Yum! Brands, Inc.			5,513		480,182
Zimmer Biomet Holdings, Inc.			793,603		91,399,258
Zynga, Inc., Class A(a)			9,957,589		34,353,682
					10,849,028,304
Total Common Stocks — 56.1% (Cost — $15,857,997,606)					20,293,030,193
		Par (000)
Corporate Bonds — 3.2%
Australia — 0.3%
Quintis Ltd., 8.75%, 08/01/23(a)(b)(h)	USD		120,610		84,427,000
Quintis Ltd., 14.00%, 05/31/18(a)(f)(h)			9,279		9,206,061
					93,633,061
Belgium — 0.1%
Anheuser-Busch InBev Worldwide, Inc.:
3.50%, 01/12/24			15,550		15,474,170
4.00%, 04/13/28			25,615		25,448,074
					40,922,244
Brazil — 0.0%
Odebrecht Finance Ltd., 4.38%, 04/25/25(b)			21,269		5,689,457
Chile — 0.0%
Inversiones Alsacia SA, 8.00%, 12/31/18(a)(b)(h)(i)			34,421		946,571
China — 0.0%
China Milk Products Group Ltd., 0.00%, 01/15/49(a)(f)(h)(i)(j)			39,500		395,000
France — 0.1%
Danone SA, 2.59%, 11/02/23(b)			29,684		28,018,881
India — 0.0%
REI Agro Ltd., 5.50%, 11/13/18(a)(f)(h)(i)			8,271		1
REI Agro Ltd., 5.50%, 11/13/18(a)(f)(h)(i)			46,516		4
					5
Italy — 0.0%
Telecom Italia SpA, 5.30%, 05/30/24(b)			16,633		16,940,710
Luxembourg — 0.2%
Actavis Funding SCS, 3.45%, 03/15/22			27,962		27,494,041
Intelsat Jackson Holdings SA:
7.50%, 04/01/21			24,262		22,957,917
8.00%, 02/15/24(b)			8,522		9,001,363
					59,453,321

Security		Par (000)		Value
Mexico — 0.2%
Petroleos Mexicanos:
(3 mo. LIBOR + 3.65%), 5.72%, 03/11/22(k)	USD		32,239	$	35,188,868
4.63%, 09/21/23			41,815		41,270,151
Trust F/1401, 5.25%, 12/15/24(b)			6,890		6,975,436
				83,434,455
Netherlands — 0.3%
Bayer Capital Corp. BV, 5.63%, 11/22/19(b)(i)	EUR		59,300		77,160,486
Bio City Development Co. BV, 8.00%, 07/06/18(a)(b)(f)(h)(i)(t)	USD		140,850		37,015,380
Cooperatieve Rabobank UA, 3.95%, 11/09/22			8,259		8,241,994
				122,417,860
Singapore — 0.1%
CapitaLand Ltd., 1.95%, 10/17/23(b)(i)	SGD		35,000		26,890,083
Switzerland — 0.1%
UBS Group Funding Switzerland AG, 4.13%, 09/24/25(b)	USD		20,186		20,085,623
United Arab Emirates — 0.2%
Dana Gas Sukuk, Ltd., 7.00%, 10/31/18(a)(b)(h)(i)(l)			86,375		75,146,476
United States — 1.6%
AbbVie, Inc., 2.90%, 11/06/22			24,356		23,710,791
AliphCom(a)(f)(g)(h)(i):
(Acquired 11/11/15, cost $11,400,698), 15.00%, 04/28/20			11,493		1
(Acquired 4/27/15 - 7/21/15, cost $203,521,137), 15.00%, 04/28/20			204,855		20
Ally Financial, Inc., 3.50%, 01/27/19			17,849		17,840,075
Amgen, Inc., 1.85%, 08/19/21			4,869		4,656,972
Apple, Inc.:
3.35%, 02/09/27			49,337		48,283,500
3.20%, 05/11/27			47,407		45,764,577
AT&T, Inc.:
3.00%, 06/30/22			44,365		43,318,756
4.45%, 04/01/24			7,024		7,194,378
3.40%, 08/14/24			77,861		78,668,760
Bank of America Corp.:
(3 mo. LIBOR US + 0.66%), 2.37%, 07/21/21(k)			11,209		10,995,594
4.00%, 01/22/25			15,102		14,926,771
Becton Dickinson & Co.:
3.13%, 11/08/21			29,124		28,654,487
2.89%, 06/06/22			24,015		23,233,035
3.36%, 06/06/24			12,584		12,107,054
Citigroup, Inc., 2.45%, 01/10/20			24,863		24,643,460
CVS Health Corp., 3.70%, 03/09/23			102,120		101,567,363
eBay, Inc., 2.75%, 01/30/23			14,702		14,127,864
Edgewell Personal Care Co.:
4.70%, 05/19/21			13,485		13,367,006
4.70%, 05/24/22			13,895		13,542,067
Forest Laboratories LLC, 5.00%, 12/15/21(b)			14,215		14,738,410
General Motors Financial Co., Inc., 3.45%, 04/10/22			12,099		11,934,661
Hughes Satellite Systems Corp., 7.63%, 06/15/21			4,968		5,328,180
Santander Holdings USA, Inc., 3.70%, 03/28/22			8,170		8,098,173
Sherwin-Williams Co., 2.25%, 05/15/20			4,854		4,770,436
Synchrony Financial, 3.75%, 08/15/21			8,436		8,471,199
Verizon Communications, Inc., 2.63%, 08/15/26			13,931		12,505,623
					592,449,213
Total Corporate Bonds — 3.2% (Cost — $1,669,492,447)					1,166,422,960

14 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Floating Rate Loan Interests(l) — 0.2%
United States — 0.2%
Fieldwood Energy LLC(a)(h):
Exit 1st Lien Term Loan, (1 mo. LIBOR + 5.25% 1.00% Floor), 7.15%, 04/11/22	USD		11,587	$	11,620,699
Exit 2nd Lien Term Loan, (1 mo. LIBOR + 7.25% 1.00% Floor), 9.15%, 04/11/23			15,642		15,075,236
Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 1.75%), 3.65%, 10/25/23			47,491		47,868,315
Sheridan Investment Partners II LP:
Term Loan A, (3 mo. LIBOR + 3.50%), 5.49%, 12/16/20			11,777		10,224,130
Term Loan B, (3 mo. LIBOR + 3.50%), 5.49%, 12/16/20			611		530,389
Term Loan M, (3 mo. LIBOR + 3.50%), 5.49%, 12/16/20			1,638		1,422,264
Total Floating Rate Loan Interests — 0.2% (Cost — $88,999,245)					86,741,033
Foreign Agency Obligations — 8.5%
Argentina — 1.0%
Argentine Republic Government International Bond:
3.38%, 01/15/23	EUR		30,557		36,478,111
7.50%, 04/22/26	USD		63,629		66,683,192
6.88%, 01/26/27			47,049		46,861,274
5.88%, 01/11/28			119,537		109,495,892
5.25%, 01/15/28	EUR		4,891		5,743,945
7.82%, 12/31/33			62,082		82,560,988
					347,823,402
Australia — 1.6%
Australia Government Bond:
2.75%, 04/21/24	AUD		438,218		333,474,118
3.00%, 03/21/47			110,213		78,336,190
Series 133, 5.50%, 04/21/23			183,358		157,706,521
					569,516,829
Brazil — 1.6%
Brazil Notas do Tesouro Nacional:
10.00%, 01/01/23	BRL		606		179,642,824
10.00%, 01/01/27			742		215,627,296
Brazilian Government International Bond:
4.63%, 01/13/28	USD		100,574		96,852,762
5.00%, 01/27/45			73,010		63,153,650
5.63%, 02/21/47			27,704		26,069,464
					581,345,996
Canada — 0.9%
Canadian Government Bond:
0.50%, 08/01/18	CAD		352,157		273,730,447
0.75%, 03/01/21			86,668		65,212,110
					338,942,557
Germany — 0.6%
Bundesrepublik Deutschland, 0.01%, 08/15/26	EUR		168,606		197,357,474
Italy — 0.4%
Italy Buoni Poliennali Del Tesoro:
0.95%, 03/01/23			78,274		95,903,702
1.85%, 05/15/24			45,005		57,098,033
					153,001,735
Japan — 0.6%
Japan Government Bond 0.10%, 10/15/18	JPY		24,956,150		228,536,423

Security		Par (000)		Value
Mexico — 1.0%
Mexican Bonos:
8.50%, 12/13/18	MXN		25,240	$	135,604,264
6.50%, 06/10/21			17,566		91,645,959
6.50%, 06/09/22			24,942		129,184,168
					356,434,391
Poland — 0.8%
Poland Government Bond	PLN		1,089,867,046		296,947,109
South Korea — 0.0%
Export-Import Bank of Korea	USD		10,050,046		9,844,216
Total Foreign Agency Obligations — 8.5% (Cost — $3,089,765,230)					3,079,750,132
		Shares
Investment Companies(d) — 3.5%
United States — 3.5%
ETFS Gold Trust(a)			1,201,717		153,459,261
ETFS Palladium Trust(a)			294,274		27,073,208
ETFS Platinum Trust(a)			294,567		25,326,871
iShares Gold Trust(a)(t)			31,800,860		401,326,853
SPDR Gold Shares(a)			5,198,821		647,721,108
Total Investment Companies — 3.5% (Cost — $1,205,677,221)					1,254,907,301
Preferred Securities Capital Trusts — 1.0%
Netherlands — 0.0%
ING Groep NV, 6.00%(k)(n)			14,653		14,963,644
United Kingdom — 0.4%
HSBC Holdings PLC, 6.38%(k)(n)			49,731		50,899,679
Lloyds Bank PLC, 13.40%(k)(n)			29,991		74,959,436
					125,859,115
United States — 0.6%
American Express Co., Series C, 4.90%(k)(n)			18,721		18,767,803
Citigroup, Inc., Series O, 5.88%(k)(n)			58,526		60,135,465
Citigroup, Inc., Series Q, 5.95%(k)(n)			23,386		24,175,277
Goldman Sachs Group, Inc., Series M, 5.38%(k)(n)			30,081		30,757,822
Morgan Stanley, Series H, 5.45%(k)(n)			21,230		21,574,987
NBCUniversal Enterprise, Inc., 5.25%(b)(n)			22,612		23,233,830
Prudential Financial, Inc., 5.88%, 09/15/42(k)			16,174		17,205,093
Prudential Financial, Inc., 5.63%, 06/15/43(k)			11,171		11,659,731
USB Capital IX, 3.50%(k)(n)			7,788,000		7,067,221
					214,577,229
Total Capital Trusts — 1.0% (Cost — $330,858,167)					355,399,988
Preferred Stocks — 1.6%
Brazil — 0.0%
Petroleo Brasileiro SA, Preference Shares, 0.00%(a)			32,261		211,505
South Korea — 0.0%
Samsung Electronics Co. Ltd., Preference Shares, 0.00%			246		481,191

CONSOLIDATED SCHEDULE OF INVESTMENTS 15

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Shares		Value
United States — 1.6%
Anthem, Inc., 5.25%,05/01/18(i)			1,515,402	$	86,165,758
Dominion Resources, Inc., Series A, 6.75%, 08/15/19(i)			1,196,315		54,958,711
Domo, Inc., Series D-2, (Acquired 04/01/15, cost $89,772,577), 0.00%(a)(f)(g)			10,647,158		62,392,346
Grand Rounds, Inc., Series C, (Acquired 03/31/15, cost $27,587,149), 0.00%(a)(f)(g)			9,935,944		24,144,344
Lookout, Inc., Series F (Acquired 09/19/14, cost $53,322,391), 0.00%(a)(f)(g)			4,667,945		47,799,746
Palantir Technologies, Inc., Series I (Acquired 03/27/14, cost $58,747,474), 0.00%(a)(f)(g)			9,583,601		52,805,641
Uber Technologies, Inc., Series D (Acquired 06/01/14, cost $90,664,966), 0.00%(a)(f)(g)			5,844,432		192,690,923
Wells Fargo & Co., Series L, 7.50%(i)(n)			11,678		14,954,964
Welltower, Inc., Series I, 6.50%(i)(n)			511,205		28,617,256
					564,529,689
Total Preferred Stocks — 1.6% (Cost — $487,855,915)					565,222,385
Trust Preferreds — 0.5%
China — 0.3%
Mandatory Exchangeable Trust, 5.75%, 06/03/19(b)(i)(n)			592,921		119,577,520
United States — 0.2%
Citigroup Capital XIII, 8.73%, 10/30/40(k)			1,319,420		35,347,262
GMAC Capital Trust I, Series 2, 7.62%, 02/15/40(k)			1,506,883		40,068,019
					75,415,281
Total Trust Preferreds — 0.5% (Cost — $131,037,107)					194,992,801
Total Preferred Securities — 3.1% (Cost — $949,759,189)					1,115,615,174
		Par (000)
U.S. Treasury Obligations — 16.2%
U.S. Treasury Notes:
1.13%, 07/31/21(r)	USD		76,316		72,648,778
2.38%, 01/31/23			925,012		908,354,658
2.63%, 02/28/23			875,025		868,838,600
2.50%, 03/31/23			872,111		860,562,735
2.75%, 02/28/25			761,004		754,196,385
2.63%, 03/31/25			1,047,532		1,029,527,249
2.75%, 02/15/28(r)(s)			1,399,199		1,377,227,309
Total U.S. Treasury Obligations — 16.2% (Cost — $5,912,188,618)					5,871,355,714
Warrants — 0.0%
Australia — 0.0%
Quintis Ltd., (Issued/exercisable 8/01/11, 1 share for 1 warrant, Expires 7/15/18, Strike Price AUD 1.28)(a)(b)(f)			21,267,525		213
						��
Total Long-Term Investments — 90.8% (Cost — $28,773,871,556)					32,867,822,720

Security		Shares			Value
Short-Term Securities — 9.3%
Time Deposits — 0.1%
Canada — 0.0%
Brown Brothers Harriman & Co., 0.55%, 05/01/18	CAD		12		$	9,707
Europe — 0.0%
Citibank, New York, (0.58)%, 05/01/18	EUR		2,175			2,626,020
Hong Kong — 0.0%
BNP Paribas S.A., 0.28%, 05/01/18	HKD		4,012			511,146
Singapore — 0.0%
Brown Brothers Harriman & Co., 0.45%, 05/01/18	SGD		340			256,648
Switzerland — 0.0%
Brown Brothers Harriman & Co., (1.45)%, 05/01/18	CHF		4,234			4,272,653
United States — 0.1%
Brown Brothers Harriman & Co., 1.70%, 05/01/18	USD		11,124			8,352,913
						8,352,913
Total Time Deposits — 0.1% (Cost — $16,029,087)						16,029,087
		Par (000)
U.S. Treasury Obligations — 8.4%
U.S. Treasury Bills(o):
1.57% - 1.68,%, 05/03/18	USD		645,465			645,409,059
1.60% - 1.69%, 05/10/18			294,000			293,887,544
1.60% - 1.66%, 05/17/18			205,000			204,855,360
1.60% - 1.68%, 05/24/18			611,000			610,378,351
1.62% - 1.67%, 05/31/18			614,000			613,162,116
1.63% - 1.66%, 06/07/18			373,000			372,374,162
1.65%, 06/14/18			200,000			199,598,500
U.S. Treasury Notes, 1.25%, 12/15/18			78,661			78,241,975
Total U.S. Treasury Obligations — 8.4% (Cost — $3,009,519,671)						3,017,907,067
		Shares
Money Market Funds — 0.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.56%(p)(t)			27,981,441			27,981,441
SL Liquidity Series, LLC, Money Market Series, 1.93%(p)(q)(t)			256,020,883			256,020,883
Total Money Market Fund — 0.8% (Cost — $283,982,120)						284,002,324
Total Short-Term Securities — 9.3% (Cost — $3,309,530,878)						3,317,938,478
Options Purchased — 0.4% (Cost — $125,347,690)						155,939,972
Total Investments Before Investments Sold Short and Options written — 100.5% (Cost — $32,208,750,124)						36,341,701,170
Investments Sold Short — (0.3)%
Common Stocks — (0.3)%
Brown-Forman Corp., Class B			(330,388	)		(18,514,944	)
Estee Lauder Cos., Inc., Class A			(181,560	)		(26,887,220	)
LyondellBasell Industries NV, Class A			(443,781	)		(46,920,965	)

16 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares			Value
Common Stocks (continued)
Pernod Ricard SA		(107,299	)	$	(17,820,851	)
Shiseido Co. Ltd.		(285,900	)		(18,549,477	)
Total Investments Sold Short — (0.3)% (Proceeds — $129,393,401)					(128,693,457	)
Total Investments Before Options Written — 100.5% (Cost — $32,079,356,723)					36,213,007,713
Options Written — (0.3)% (Premiums Received — $89,385,925)					(95,928,762	)
Total Investments, Net of Investments Sold Short and Options Written — 99.9% (Cost — $31,989,970,798)					36,117,078,951
Other Assets Less Liabilities — 0.1%					28,509,541
Net Assets — 100.0%				$	36,145,588,492

^(a)  Non-income producing security.

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

^(c)  Security, or a portion of the security, is on loan.

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

^(e)  A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

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

^(g)  Restricted security as to resale, excluding 144A securities. As of period end, the Fund held restricted securities with a current value of $379,833,036 and an original cost of $535,016,392, which was 1.46% of its net assets.

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

⁽ⁱ⁾  Convertible security.

^(j)  Zero-coupon bond.

^(k)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(l)  Variable rate security. Rate shown is the rate in effect as of period end

^(m)  Floating rate security. Rate shown is the rate in effect as of period end.

⁽ⁿ⁾  Perpetual security with no stated maturity date.

^(o)  Rates are discount rates or a range of discount rates paid at the time of purchase.

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

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

^(r)  All or portion of the security has been pledged in connection with outstanding futures contracts.

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

^(t)  During the period ended April 30, 2018, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate Persons and/or Related Parties	Shares/ Par Held at 10/31/17		Shares/ Par Purchased		Shares/ Par Sold			Shares/ Par Held at 04/30/18		Value at 04/30/18		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		98,212,840		—		(70,231,399	)(b)		27,981,441	$	27,981,441	$	163,600		$	74		$	—
SL Liquidity Series, LLC, Money Market Series		307,218,218		—		(51,197,335	)(b)		256,020,883		256,020,883		919,095	(c)		(10,160	)		(4,021	)
Bio City Development Co. BV		140,850,000		—		—			140,850,000		37,015,380		—			—			154,935
Platinum Group Metals Ltd.		8,627,632		—		(991,750	)		7,635,882		1,444,641		—			(5,842,386	)		4,163,242
St. Joe Co.		4,900,721		—		(1,853,527	)		3,047,194		52,564,096		—			(2,629,087	)		2,386,409
iShares Gold Trust		20,256,855		11,544,005		—			31,800,860		401,326,853		—			—			4,971,846
										$	776,353,294	$	1,082,695		$	(8,481,559	)	$	11,672,411

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares sold.

^(c)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(d)  Represents net shares purchased.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
MSCI Emerging Markets E-Mini Index		6,189		06/15/18	$	356,548	$	(11,154,234	)
Short Contracts:
Yen Denom Nikkei Index		2,378		06/07/18		242,799		(11,953,289	)
Euro Stoxx 50 Index		891		06/15/18		37398		(1,873,621	)
FTSE 100 Index		46		06/15/18		4,726		(258,758	)
NASDAQ 100 E-Mini Index		1,717		06/15/18		227,090		13,651,029
S&P 500 E-Mini Index		1,827		06/15/18		241,803		5,773,403
								5,338,764
							$	(5,815,470	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 17

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	41,302,132	EUR		33,376,000	UBS AG		05/21/18	$	945,759
USD	236,670,441	EUR		190,978,000	UBS AG		05/21/18		5,750,633
USD	96,085,301	JPY		10,285,403,000	Barclays Bank PLC		06/08/18		1,775,441
USD	27,349,904	EUR		22,026,000	UBS AG		06/14/18		667,925
USD	36,552,522	EUR		29,574,961	UBS AG		06/14/18		725,841
USD	112,231,298	JPY		12,232,785,000	Goldman Sachs International		06/14/18		13,046
EUR	77,491,000	PLN		326,911,282	Deutsche Bank AG		06/15/18		685,537
USD	36,359,977	AUD		47,485,000	Citibank N.A.		06/28/18		604,522
USD	202,019,621	EUR		162,900,000	Barclays Bank PLC		06/29/18		4,433,688
USD	159,401,094	JPY		17,335,666,000	Deutsche Bank AG		07/12/18		38,262
USD	94,556,592	AUD		122,040,000	Deutsche Bank AG		07/13/18		2,652,689
USD	159,190,363	JPY		17,295,237,000	BNP Paribas S.A.		07/19/18		122,069
USD	61,875,679	AUD		81,318,000	Goldman Sachs International		07/26/18		631,901
USD	199,637,208	EUR		162,900,000	BNP Paribas S.A.		07/27/18		1,617,377
USD	199,794,407	EUR		162,900,000	UBS AG		08/03/18		1,667,336
									22,332,026
GBP	70,579,000	USD		99,021,490	JPMorgan Chase Bank N.A.		05/10/18		(1,821,498	)
GBP	70,273,000	USD		98,510,027	JPMorgan Chase Bank N.A.		05/18/18		(1,697,312	)
EUR	147,749,000	USD		183,087,754	UBS AG		05/21/18		(4,438,010	)
GBP	72,830,000	USD		102,183,039	JPMorgan Chase Bank N.A.		05/24/18		(1,821,081	)
JPY	10,285,403,000	USD		97,611,326	Barclays Bank PLC		06/08/18		(3,301,466	)
EUR	144,625,000	USD		180,481,876	UBS AG		06/14/18		(5,285,234	)
JPY	12,232,785,000	USD		115,567,935	Goldman Sachs International		06/14/18		(3,349,683	)
EUR	111,088,000	USD		138,390,653	UBS AG		06/15/18		(3,808,842	)
SEK	826,668,056	EUR		82,146,000	Deutsche Bank AG		06/21/18		(4,807,438	)
EUR	162,900,000	USD		203,533,776	Barclays Bank PLC		06/29/18		(5,947,844	)
SEK	787,562,964	EUR		77,255,000	BNP Paribas S.A.		06/29/18		(3,363,405	)
EUR	103,393,000	USD	��	128,351,036	UBS AG		07/12/18		(2,813,006	)
JPY	17,335,666,000	USD		162,504,603	Deutsche Bank AG		07/12/18		(3,141,770	)
EUR	162,900,000	USD		203,817,222	Deutsche Bank AG		07/13/18		(6,011,523	)
JPY	17,295,237,000	USD		162,361,528	BNP Paribas S.A.		07/19/18		(3,293,233	)
EUR	162,900,000	USD		203,917,406	Goldman Sachs International		07/20/18		(6,004,698	)
EUR	162,900,000	USD		204,076,233	BNP Paribas S.A.		07/27/18		(6,056,402	)
NOK	572,192,000	USD		71,989,230	Morgan Stanley & Co. International PLC		07/27/18		(437,276	)
PLN	316,954,000	USD		91,152,076	Goldman Sachs International		08/02/18		(696,910	)
EUR	162,900,000	USD		204,158,823	UBS AG		08/03/18		(6,031,753	)
									(74,128,384	)
								$	(51,796,358	)

Interest Rate Caps Purchased

Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)		Value		Premiums Paid		Unrealized Depreciation
5Y – 30Y CMS Index Cap		0.60	%	Goldman Sachs International		11/06/2018	USD	77,469	$	21,559	$	2,384,238	$	(2,362,679	)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
SPDR Gold Trust ETF(a)		732,500		07/20/18	USD	128.00	USD	91,262	$	1,051,138

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

18 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

OTC Interest Rate Swaptions Purchased

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

5-Year Interest Rate Swap, 06/03/18

3-Month LIBOR, 2.35%

Quarterly

2.91%

Semi-annual

Goldman Sachs International

06/01/18

2.91

%

USD

984,300

$

1,002,411

10-Year Interest Rate Swap, 07/11/28

2.42

Quarterly

6-Month LIBOR, 2.51

Semi-annual

Goldman Sachs International

07/09/18

2.42

USD

986,296

318,288

$

1,320,699

Put

30-Year Interest Rate Swap, 05/04/48

2.75

Semi-annual

3-Month LIBOR, 2.35%

Quarterly

Goldman Sachs International

05/02/18

2.75

USD

120,387

5,903,753

$

7,224,452

OTC Options Purchased

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
EUR Currency	Barclays Bank PLC		—		05/18/18	USD	1.19	EUR	507,587	$	11,412,745
SPDR Gold Trust ETF(a)	Morgan Stanley & Co. International PLC		974,315		06/01/18	USD	129.00	USD	121,390		365,368
GBP Currency	BNP Paribas S.A.		—		06/14/18	USD	1.41	GBP	484,354		2,974,640
SPDR Gold Trust ETF(a)	Societe Generale		1,232,138		06/15/18	USD	130.00	USD	153,512		616,069
SPDR Gold Trust ETF(a)	JPMorgan Chase Bank N.A.		733,175		06/29/18	USD	127.00	USD	91,346		971,457
SPDR Gold Trust ETF(a)	JPMorgan Chase Bank N.A.		438,939		07/20/18	USD	130.00	USD	54,687		436,744
SPDR Gold Trust ETF(a)	JPMorgan Chase Bank N.A.		438,690		07/20/18	USD	129.00	USD	54,656		524,235
SPDR Gold Trust ETF(a)	Societe Generale		1,461,389		08/17/18	USD	129.00	USD	182,074		2,397,920
Euro STOXX 50 Index	Deutsche Bank AG		15,600		09/21/18	EUR	3,426.55	EUR	54,194		2,673,495
BP PLC	UBS AG		3,155,985		01/18/19	USD	40.00	USD	23,372		17,121,213
Chevron Corp.	UBS AG		1,000,733		01/18/19	USD	125.00	USD	125,202		7,780,699
ConocoPhillips	UBS AG		1,663,706		01/18/19	USD	52.50	USD	108,973		24,040,552
Exxon Mobil Corp.	UBS AG		680,375		01/18/19	USD	95.00	USD	52,899		248,337
Occidental Petroleum Corp.	UBS AG		1,462,156		01/18/19	USD	75.00	USD	112,966		9,211,583
Royal Dutch Shell PLC	UBS AG		1,801,474		01/18/19	USD	60.00	USD	125,923		18,194,877
Schlumberger Ltd.	UBS AG		984,842		01/18/19	USD	90.00	USD	67,521		433,330
Suncor Energy, Inc.	UBS AG		2,124,878		01/18/19	USD	35.00	USD	81,234		10,146,292
TOTAL SA	UBS AG		2,170,035		01/18/19	USD	60.00	USD	135,866		10,524,670
Euro STOXX Banks Index	Morgan Stanley & Co. International PLC		551,286		09/18/20	EUR	136.50	EUR	71,711		4,628,349
Euro STOXX Banks Index	BNP Paribas S.A.		314,571		12/18/20	EUR	138.33	EUR	40,919		2,700,024
Euro STOXX Banks Index	Barclays Bank PLC		365,768		03/19/21	EUR	136.97	EUR	47,579		3,444,486
Euro STOXX Banks Index	Deutsche Bank AG		539,565		04/16/21	EUR	136.56	EUR	70,187		5,216,045
Euro STOXX Banks Index	UBS AG		583,778		06/18/21	EUR	134.92	EUR	75,938		6,117,256
											142,180,386
Put
S&P 500 Index	BNP Paribas S.A.		64,770		06/15/18	USD	2,620.00	USD	171,514		2,675,001
S&P 500 Index	Morgan Stanley & Co. International PLC		64,079		06/15/18	USD	2,625.00	USD	169,684		2,787,436
											5,462,437
										$	147,642,823

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

CONSOLIDATED SCHEDULE OF INVESTMENTS 19

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

OTC Interest Rate Swaptions Written

Description	Paid by the Fund			Received by the Fund			Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)		Value
	Rate		Frequency	Rate		Frequency
Call
5-Year Interest Rate Swap, 06/03/18		2.66%	Semi-annual		3-Month LIBOR, 2.35%	Quarterly	Goldman Sachs International		06/01/18		2.66	%	USD	1,476,430	$	(113,449	)
Put
5-Year Interest Rate Swap, 05/04/23		3-Month LIBOR, 2.35%	Semi-annual		2.50	Quarterly	Goldman Sachs International		05/02/18		2.50		USD	550,706		(10,370,788	)
10-Year Interest Rate Swap, 07/11/28		3-Month LIBOR, 2.35%	Semi-annual		2.82%	Quarterly	Goldman Sachs International		07/09/18		2.82	%	USD	986,296	$	(17,468,950	)
																(27,839,738	)
															$	(27,953,187	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price				Notional Amount (000)			Value
Call
SPDR Gold Trust ETF(a)	Morgan Stanley & Co. International PLC		974,315		06/01/18		USD	$	141.00		USD	121,390	$	(19,545	)
GBP Currency	BNP Paribas S.A.		—		06/14/18		USD		1.46		GBP	484,354		(242,052	)
USD Currency	Goldman Sachs International		—		06/14/18		ZAR		12.50		USD	121,089		(2,293,054	)
S&P 500 Index	BNP Paribas S.A.		64,770		06/15/18		USD		2,735.00		USD	171,514		(890,587	)
S&P 500 Index	Morgan Stanley & Co. International PLC		64,079		06/15/18		USD		2,740.00		USD	169,684		(817,007	)
SPDR Gold Trust ETF(a)	Societe Generale		1,232,138		06/15/18		USD		145.00		USD	153,512		(30,803	)
SPDR Gold Trust ETF(a)	Societe Generale		1,461,389		08/17/18		USD		142.00		USD	182,074		(516,016	)
Apple, Inc.	Barclays Bank PLC		245,522		01/18/19		USD		160.00		USD	40,575		(4,014,285	)
Comcast Corp., Class A	Citibank N.A.		1,039,611		01/18/19		USD		36.25		USD	32,633		(1,216,345	)
DowDuPont, Inc.	Barclays Bank PLC		543,775		01/18/19		USD		70.00		USD	34,388		(1,315,936	)
FleetCor Technologies, Inc.	Barclays Bank PLC		123,669		01/18/19		USD		180.00		USD	25,634		(4,575,753	)
Gilead Sciences, Inc.	UBS AG		474,624		01/18/19		USD		80.00		USD	34,282		(1,518,797	)
Microsoft Corp.	Barclays Bank PLC		435,140		01/18/19		USD		90.00		USD	40,694		(4,253,494	)
Pioneer Natural Resources Co.	UBS AG		263,135		01/18/19		USD		165.00		USD	53,035		(12,288,405	)
United Continental Holdings, Inc.	Deutsche Bank AG		325,526		01/18/19		USD		75.00		USD	21,986		(1,464,867	)
														(35,456,946	)
Put
GBP Currency	BNP Paribas S.A.		—		06/14/18		USD		1.35		GBP	484,354		(2,487,202	)
S&P 500 Index	BNP Paribas S.A.		64,770		06/15/18		USD		2,420.00		USD	171,514		(582,930	)
S&P 500 Index	Morgan Stanley & Co. International PLC		64,079		06/15/18		USD		2,425.00		USD	169,684		(611,954	)
SPDR Gold Trust ETF(a)	Societe Generale		1,461,389		08/17/18		USD		119.00		USD	182,074		(810,384	)
Chevron Corp.	UBS AG		1,000,733		01/18/19		USD		80.00		USD	125,202		(425,312	)
Exxon Mobil Corp.	UBS AG		680,375		01/18/19		USD		60.00		USD	52,899		(418,431	)
Schlumberger Ltd.	UBS AG		984,842		01/18/19		USD		60.00		USD	67,521		(2,181,425	)
Suncor Energy, Inc.	UBS AG		2,124,878		01/18/19		USD		25.00		USD	81,234		(531,219	)
Euro STOXX Banks Index	Morgan Stanley & Co. International PLC		369,316		09/18/20		EUR		112.00		EUR	48,041		(5,430,050	)
Euro STOXX Banks Index	BNP Paribas S.A.		209,715		12/18/20		EUR		110.79		EUR	27,280		(3,191,787	)
Euro STOXX Banks Index	Barclays Bank PLC		243,845		03/19/21		EUR		110.23		EUR	31,719		(3,963,135	)
Euro STOXX Banks Index	Deutsche Bank AG		179,855		04/16/21		EUR		118.81		EUR	23,396		(3,927,727	)
Euro STOXX Banks Index	Deutsche Bank AG		179,855		04/16/21		EUR		99.04		EUR	23,396		(2,023,012	)
Euro STOXX Banks Index	UBS AG		384,055		06/18/21		EUR		106.38		EUR	49,958		(5,934,061	)
														(32,518,629	)
													$	(67,975,575	)

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

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.29.V1		5.00	%		Quarterly		12/20/22		USD	55,014	$	(4,324,364	)	$	(3,673,255	)	$	(651,109	)

20 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate		Frequency
3-Month LIBOR, 2.35%		Quarterly		2.40%		Semi-annual		N/A			03/07/23		USD	516,913	$	(11,217,472	)	$	3,928	$	(11,221,400	)
0.42		Annual		6-Month EURIBOR, (0.27)		Semi-annual		N/A			03/07/23		EUR	457,468		(1,997,153	)		3,672		(2,000,825	)
0.34		Annual		3-Month LIBOR, 2.35		Semi-annual		06/14/18	(a)		06/14/23		EUR	423,462		2,093,829			6,021		2,087,808
3-Month LIBOR, 2.35		Quarterly		2.33		Semi-annual		06/14/18	(a)		06/14/23		USD	528,083		(14,453,453	)		6,393		(14,459,846	)
0.37		Annual		6-Month EURIBOR, (0.27)		Semi-annual		N/A			08/15/26		EUR	168,618		6,762,995			4,789		6,758,206
3-Month LIBOR, 2.35		Quarterly		2.73		Semi-annual		07/25/18	(a)		07/25/28		USD	281,278		(6,330,875	)		4,973		(6,335,848	)
1.08		Annual		3-Month LIBOR		Semi-annual		07/25/18	(a)		07/25/28		EUR	197,387		(821,515	)		4,290		(825,805	)
															$	(25,963,644	)	$	34,066	$	(25,997,710	)

^(a)  Forward swap

OTC Currency Swaps

Paid by the Fund

Received by the Fund

Notional Amount (000)

Counterparty

Termination Date (a)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate

Frequency

Rate

Frequency

Delivered

Received

0.10 JPY

Semi-annual

2.01%

Semi-annual

JPY

24,956,150

USD

241,239

Bank of America N.A.

10/15/18

$

12,313,050

$

—

$

12,313,050

^(a)  At termination date, the notional amount delivered will be exchanged for the notional amount received.

OTC Total Return Swaps

Reference Entity	Fixed Amount Paid (Received) by the Fund (a)		Counterparty		Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
S&P 500 Index Annual Dividend Future December 2018	USD	30,632,938		BNP Paribas S.A.		12/21/18		USD	30,633	$	4,914,375	$	—	$	4,914,375
SGX Nikkei Stock Average Dividend Point Index Future December 2018	JPY	1,350,937,500		BNP Paribas S.A.		04/01/19		JPY	1,350,938		3,255,228		—		3,255,228
SGX Nikkei Stock Average Dividend Point Index Future December 2018	JPY	2,680,496,000		BNP Paribas S.A.		04/01/19		JPY	2,680,496		6,626,564		—		6,626,564
Euro Stoxx 50 Index Dividend Future December 2019	EUR	9,746,040		BNP Paribas S.A.		12/20/19		EUR	9,746		2,852,109		—		2,852,109
Euro Stoxx 50 Index Dividend Future December 2019	EUR	13,729,500		BNP Paribas S.A.		12/20/19		EUR	13,730		3,896,320		—		3,896,320
Euro Stoxx 50 Index Dividend Future December 2019	EUR	10,608,960		BNP Paribas S.A.		12/20/19		EUR	10,609		2,842,835		—		2,842,835
SGX Nikkei Stock Average Dividend Point Index Future December 2019	JPY	1,825,270,000		BNP Paribas S.A.		04/01/20		JPY	1,825,270		5,980,150		—		5,980,150
SGX Nikkei Stock Average Dividend Point Index Future December 2019	JPY	2,223,600,000		BNP Paribas S.A.		04/01/20		JPY	2,223,600		8,016,465		—		8,016,465
Euro Stoxx 50 Index Dividend Future December 2020	EUR	3,283,830		BNP Paribas S.A.		12/18/20		EUR	3,284		1,342,440		—		1,342,440
Euro Stoxx 50 Index Dividend Future December 2020	EUR	4,010,240		BNP Paribas S.A.		12/18/20		EUR	4,010		1,632,675		—		1,632,675
Euro Stoxx 50 Index Dividend Future December 2020	EUR	3,492,060		BNP Paribas S.A.		12/18/20		EUR	3,492		1,433,433		—		1,433,433
Euro Stoxx 50 Index Dividend Future December 2020	EUR	3,001,440		BNP Paribas S.A.		12/18/20		EUR	3,001		1,239,577		—		1,239,577
Euro Stoxx 50 Index Dividend Future December 2020	EUR	3,992,300		BNP Paribas S.A.		12/18/20		EUR	3,992		1,598,681		—		1,598,681
Euro Stoxx 50 Index Dividend Future December 2020	EUR	12,064,050		BNP Paribas S.A.		12/18/20		EUR	12,064		4,796,042		—		4,796,042
Euro Stoxx 50 Index Dividend Future December 2020	EUR	11,021,390		BNP Paribas S.A.		12/18/20		EUR	11,021		2,739,078		—		2,739,078
S&P 500 Index Annual Dividend Future December 2020	USD	12,569,450		Goldman Sachs International		12/18/20		USD	12,569		2,993,350		—		2,993,350
SGX Nikkei Stock Average Dividend Point Index Future December 2020	JPY	738,707,500		BNP Paribas S.A.		04/01/21		JPY	738,708		1,861,676		—		1,861,676
SGX Nikkei Stock Average Dividend Point Index Future December 2020	JPY	1,489,920,000		BNP Paribas S.A.		04/01/21		JPY	1,489,920		3,519,649		—		3,519,649
SGX Nikkei Stock Average Dividend Point Index Future December 2020	JPY	350,080,000		BNP Paribas S.A.		04/01/21		JPY	350,080		834,083		—		834,083
SGX Nikkei Stock Average Dividend Point Index Future December 2020	JPY	393,210,000		BNP Paribas S.A.		04/01/21		JPY	393,210		958,233		—		958,233
SGX Nikkei Stock Average Dividend Point Index Future December 2020	JPY	526,875,000		BNP Paribas S.A.		04/01/21		JPY	526,875		762,669		—		762,669
Euro Stoxx 50 Index Dividend Future December 2021	EUR	5,304,500		BNP Paribas S.A.		12/17/21		EUR	5,305		1,399,306		—		1,399,306

CONSOLIDATED SCHEDULE OF INVESTMENTS 21

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

OTC Total Return Swaps (continued)

Reference Entity	Fixed Amount Paid (Received) by the Fund (a)			Counterparty		Termination Date		Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Euro Stoxx 50 Index Dividend Future December 2021		EUR	5,510,880		BNP Paribas S.A.		12/17/21		EUR	5,510	$	1,183,931	$	—	$	1,183,931
Euro Stoxx 50 Index Dividend Future December 2021		EUR	5,690,160		BNP Paribas S.A.		12/17/21		EUR	5,690		785,133		—		785,133
Euro Stoxx 50 Index Dividend Future December 2021		EUR	5,903,300		BNP Paribas S.A.		12/17/21		EUR	5,903		375,829		—		375,829
Euro Stoxx 50 Index Dividend Future December 2021		EUR	2,981,290		BNP Paribas S.A.		12/17/21		EUR	2,981		149,139		—		149,139
S&P 500 Index Annual Dividend Future December 2021		USD	15,887,988		BNP Paribas S.A.		12/17/21		USD	15,888		4,221,525		—		4,221,525
SGX Nikkei Stock Average Dividend Point Index Future December 2021		JPY	1,509,120,000		BNP Paribas S.A.		04/01/22		JPY	1,509,120		3,772,558		—		3,772,558
SGX Nikkei Stock Average Dividend Point Index Future December 2021		JPY	755,250,000		BNP Paribas S.A.		04/01/22		JPY	755,250		1,788,419		—		1,788,419
SGX Nikkei Stock Average Dividend Point Index Future December 2021		JPY	765,120,000		BNP Paribas S.A.		04/01/22		JPY	765,120		1,789,682		—		1,789,682
SGX Nikkei Stock Average Dividend Point Index Future December 2021		JPY	532,500,000		BNP Paribas S.A.		04/01/22		JPY	532,500		850,714		—		850,714
Euro Stoxx 50 Index Dividend Future December 2022		EUR	5,584,320		BNP Paribas S.A.		12/16/22		EUR	5,584		754,701		—		754,701
Euro Stoxx 50 Index Dividend Future December 2022		EUR	5,466,780		BNP Paribas S.A.		12/16/22		EUR	5,467		866,888		—		866,888
Euro Stoxx 50 Index Dividend Future December 2022		EUR	2,730,000		BNP Paribas S.A.		12/16/22		EUR	2,730		413,603		—		413,603
Euro Stoxx 50 Index Dividend Future December 2022		EUR	11,348,860		BNP Paribas S.A.		12/16/22		EUR	11,349		964,462		—		964,462
SGX Nikkei Stock Average Dividend Point Index Future December 2022		JPY	528,750,000		BNP Paribas S.A.		04/03/23		JPY	528,750		961,626		—		961,626
SGX Nikkei Stock Average Dividend Point Index Future December 2022		JPY	535,000,000		JPMorgan Chase Bank N.A.		04/03/23		JPY	535,000		904,455		—		904,455
Euro Stoxx 50 Index Dividend Future December 2023		EUR	7,733,880		BNP Paribas S.A.		12/15/23		EUR	7,734		568,272		—		568,272
Euro Stoxx 50 Index Dividend Future December 2023		EUR	7,832,265		BNP Paribas S.A.		12/15/23		EUR	7,832		422,279		—		422,279
											$	86,268,154	$	—	$	86,268,154

^(a)  At termination date, the fixed amount paid (received) will be exchanged for the total return of the reference entity.

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

	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	34,066	$	(3,673,255	)	$	8,846,014	$	(35,494,833	)	$	—
OTC Derivatives		—		—			98,581,204		—			—
Options Written		—		—			—		—			(95,928,762	)

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

22 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	—	$	—	$	19,424,432	$	—	$	—	$	—	$	19,424,432
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		22,332,026		—		—		22,332,026
Options purchased(b)
Investments at value — unaffiliated		—		—		134,306,576		14,387,385		7,246,011		—		155,939,972
Swaps — centrally cleared
Net unrealized appreciation(a)		—		—		—		—		8,846,014		—		8,846,014
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		86,268,154		—		12,313,050		—		98,581,204
	$	—	$	—	$	239,999,162	$	36,719,411	$	28,405,075	$	—	$	305,123,648
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	25,239,902	$	—	$	—	$	—	$	25,239,902
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		74,128,384		—		—		74,128,384
Options written
Options written at value		—		—		62,953,267		5,022,308		27,953,187		—		95,928,762
Swaps — centrally cleared
Net unrealized depreciation(a)		—		651,109		—		—		34,843,724		—		35,494,833
	$	—	$	651,109	$	88,193,169	$	79,150,692	$	62,796,911	$	—	$	230,791,881

^(a)  Includes cumulative appreciation (depreciation) on 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.

^(b)  Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended April 30, 2018, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	(69,190,859	)	$	—		$	—		$	—	$	(69,190,859	)
Forward foreign currency exchange contracts		—		—			—			56,665,005			—			—		56,665,005
Options purchased(a)		—		—			29,475,383			(3,643,274	)		(26,521,816	)		—		(689,707	)
Options written		—		—			33,060,965			8,901,506			(1,886,039	)		—		40,076,432
Swaps		—		(6,153,233	)		8,895,857			—			5,232,116			—		7,974,740
	$	—	$	(6,153,233	)	$	2,241,346		$	61,923,237		$	(23,175,739	)	$	—	$	34,835,611
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	11,716,329		$	—		$	—		$	—	$	11,716,329
Forward foreign currency exchange contracts		—		—			—			(65,951,153	)		—			—		(65,951,153	)
Options purchased(b)		—		—			44,223,219			1,695,856			(6,762,854	)		—		39,156,221
Options written		—		—			(16,836,486	)		918,074			(15,882,651	)		—		(31,801,063	)
Swaps		—		2,764,510			9,179,505			—			(45,134,271	)		—		(33,190,256	)
	$	—	$	2,764,510		$	48,282,567		$	(63,337,223	)	$	(67,779,776	)	$	—	$	(80,069,922	)

^(a)  Options purchased are included in net realized gain (loss) from investments.

^(b)  Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

CONSOLIDATED SCHEDULE OF INVESTMENTS 23

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	178,274,145
Average notional value of contracts — short	$	585,003,509
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,503,245,947
Average amounts sold — in USD	$	2,423,664,225
Options:
Average value of option contracts purchased	$	187,124,039
Average value of option contracts written	$	47,323,034
Average notional value of swaption contracts purchased	$	2,913,235,435
Average notional value of swaption contracts written	$	4,159,303,465
Credit default swaps:
Average notional value — buy protection	$	71,708,739
Interest rate swaps:
Average notional value — pays fixed rate	$	1,526,965,668
Average notional amount — receives fixed rate .	$	1,326,273,817
Currency swaps:
Average notional value — pays	$	349,927,898
Total return swaps:
Average notional amounts	$	398,664,019

Derivative Financial Instruments — Offsetting as of Period End

	Assets			Liabilities
Futures contracts	$	4,121,593		$	2,939,775
Swaps — Centrally cleared		—			635,463
Forward foreign currency exchange contracts		22,332,026			74,128,384
Options		155,939,972	(a)		95,928,762
Swaps — OTC(b)		98,581,204			—
Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities	$	280,974,795		$	173,632,384
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(5,171,731	)		(3,575,238	)
Total derivative assets and liabilities subject to an MNA	$	275,803,064		$	170,057,146

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

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

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received (b)			Cash Collateral Received (b)			Net Amount of Derivative Assets  (c)(d)
Bank of America N.A.	$	12,313,050	$	—		$	(12,012,965	)	$	—		$	300,085
Barclays Bank PLC		21,066,360		(21,066,360	)		—			—			—
BNP Paribas S.A.		92,459,460		(20,107,598	)		—			(72,351,862	)		—
Citibank N.A.		604,522		(604,522	)		—			—			—
Deutsche Bank AG		11,266,028		(11,266,028	)		—			—			—
Goldman Sachs International		10,884,308		(10,884,308	)		—			—			—
JPMorgan Chase Bank N.A.		2,836,891		(2,836,891	)		—			—			—
Morgan Stanley & Co. International PLC(g)		7,781,153		(7,315,832	)		—			(465,321	)		—
Societe Generale		3,013,989		(1,357,203	)		—			(1,656,786	)		—
UBS AG		113,576,303		(45,674,495	)		(67,901,808	)		—			—
	$	275,802,064	$	(121,113,237	)	$	(79,914,773	)	$	(74,473,969	)	$	300,085

24 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged (e)			Cash Collateral Pledged		Net Amount of Derivative Liabilities  (d)(f)
Barclays Bank PLC	$	27,371,913	$	(21,066,360	)	$	(2,556,946	)	$	—	$	3,748,607
BNP Paribas S.A.		20,107,598		(20,107,598	)		—			—		—
Citibank N.A.		1,216,345		(604,522	)		(611,823	)		—		—
Deutsche Bank AG		21,376,337		(11,266,028	)		—			—		10,110,309
Goldman Sachs International		40,297,532		(10,884,308	)		(23,967,573	)		—		5,445,651
JPMorgan Chase Bank N.A.		5,339,891		(2,836,891	)		—			—		2,503,000
Morgan Stanley & Co. International PLC(g)		7,315,832		(7,315,832	)		—			—		—
Societe Generale		1,357,203		(1,357,203	)		—			—		—
UBS AG		45,674,495		(45,674,495	)		—			—		—
	$	170,057,146	$	(121,113,237	)	$	(27,136,342	)	$	—	$	21,807,567

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

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount may also include forward foreign currency exchange contracts and currency options that are not required to be collateralized.

^(e)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

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

^(g)  Includes derivatives owned by the BlackRock Cayman Global Allocation Fund I, Ltd., a wholly-owned subsidiary of the Fund. See Note 1.

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	—	$	2,887,849	$	—	$	2,887,849
Belgium		—		148,120,322		—		148,120,322
Brazil		131,562,549		—		—		131,562,549
Canada		152,709,403		—		—		152,709,403
China		264,393,042		35,262,897		—		299,655,939
Czech Republic		17,449,344		—		—		17,449,344
Denmark		—		998,920		—		998,920
Finland		—		59,334,302		—		59,334,302
France		3,578,975		795,904,008		—		799,482,983
Germany		—		436,824,899		—		436,824,899
Hong Kong		8,605,171		269,183,396		—		277,788,567
India		4,669,683		484,855,485		—		489,525,168
Indonesia		—		26,701,368		—		26,701,368
Ireland		18,128,909		—		—		18,128,909
Israel		471,934		—		—		471,934
Italy		41,935,352		330,452,595		—		372,387,947
Japan		—		3,266,106,086		—		3,266,106,086
Macau		—		124,834		—		124,834
Malaysia		5,408,067		—		—		5,408,067
Mexico		1,274,928		—		—		1,274,928
Netherlands		—		539,339,414		—		539,339,414
Norway		—		560,241		—		560,241
Poland		—		457,432		—		457,432
Portugal		—		34,504,157		—		34,504,157
Singapore		—		99,877,631		—		99,877,631
South Africa		—		991,004		—		991,004
South Korea		—		259,549,677		—		259,549,677
Spain		—		121,941,230		—		121,941,230
Sweden		—		2,568,320		—		2,568,320
Switzerland		—		404,192,741		—		404,192,741

CONSOLIDATED SCHEDULE OF INVESTMENTS 25

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

	Level 1			Level 2			Level 3		Total
Taiwan	$	—		$	279,066,023		$	—	$	279,066,023
Thailand		81,919,290			—			—		81,919,290
Turkey		—			423,325			—		423,325
United Arab Emirates		—			173,350,202			—		173,350,202
United Kingdom		295,508,556			642,808,328			—		938,316,884
United States		10,680,743,342			151,487,923			16,797,039		10,849,028,304
Corporate Bonds		179,197,045			940,609,448			46,616,467		1,166,422,960
Floating Rate Loan Interests		—			86,741,033			—		86,741,033
Foreign Agency Obligations		—			3,079,750,132			—		3,079,750,132
Investment Companies		1,254,907,301			—			—		1,254,907,301
Capital Trusts		—			355,399,988			—		355,399,988
Preferred Stocks		184,908,194			481,191			379,833,000		565,222,385
Trust Preferreds		75,415,281			119,577,520			—		194,992,801
U.S. Treasury Obligations		—			5,871,355,714			—		5,871,355,714
Warrants		—			—			213		213
Short Term Securities:
Time Deposits		—			16,029,087			—		16,029,087
Money Market Funds		27,981,441			—			—		27,981,441
U.S. Treasury Obligations		—			3,017,907,067			—		3,017,907,067
Options Purchased		1,051,138			154,888,834			—		155,939,972
Subtotal	$	13,431,818,945		$	22,210,614,623		$	443,246,719	$	36,085,680,287
Liabilities:
Investments:
Investments Sold Short	$	(92,323,129	)	$	(36,370,328	)	$	—	$	(128,693,457	)
	$	13,339,495,816		$	22,174,244,295		$	443,246,719	$	35,956,986,830
Investments Valued at NAV(a)										256,020,883
Total Investments									$	36,213,007,713
Derivative Financial Instruments(b)
Assets:
Equity contracts	$	19,424,432		$	86,268,154		$	—	$	105,692,586
Foreign currency exchange contracts		—			22,332,026			—		22,332,026
Interest rate contracts		—			21,159,064			—		21,159,064
Liabilities:
Credit contracts		—			(651,109	)		—		(651,109	)
Equity contracts		(25,239,902	)		(62,953,267	)		—		(88,193,169	)
Foreign currency exchange contracts		—			(79,150,692	)		—		(79,150,692	)
Interest rate contracts		—			(62,796,911	)		—		(62,796,911	)
	$	(5,815,470	)	$	(75,792,735	)	$	—	$	(81,608,205	)

^(a)  As of April 30, 2018, certain of the Fund’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

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

A reconciliation of Level 3 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			Preferred Securities			Warrants		Total
Assets:
Opening balance, as of October 31, 2017	$	2,257,426		$	38,940,178		$	601,457,562		$	213	$	642,655,379
Transfers into Level 3		—			—			—			—		—
Transfers out of Level 3		—			—			—			—		—
Accrued discounts/premiums		—			2,564,592			—			—		2,564,592
Net realized gain (loss)		—			—			—			—		—
Net change in unrealized appreciation (depreciation)(a),(b)		(19,830,246	)		(69,443	)		(71,553,576	)		—		(91,453,265	)
Purchases		34,369,859			8,824,897			—			—		43,194,756
Sales		—			(3,643,757	)		(150,070,986	)		—		(153,714,743	)
Closing Balance, as of April 31, 2018	$	16,797,039		$	46,616,467		$	379,833,000		$	213	$	443,246,719
Net change in unrealized appreciation (depreciation) on investments still held at April 31, 2018(b)	$	(19,830,246	)	$	(69,443	)	$	(117,131,435	)	$	—	$	(137,031,124	)

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 31, 2018 is generally due to derivative financial instruments no longer held or categorized as Level 3 at period end.

26 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) April 30, 2018 BlackRock Global Allocation Fund, Inc.

The following table summarizes the valuation methodologies used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $17,115,210. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

	Value		Valuation Methodologies	Unobservable Inputs	Range of Unobservable Inputs Utilized			Weighted Average of Unobservable Inputs
Assets:
Common Stocks	$	77,068	Market	Revenue Multiple(a)		5.75x			—
				Time to Exit(a)		0.7 years			—
				Volatility(a)		27	%		—
Corporate Bonds		46,221,441	Income	Discount Rate(b)		20%-26	%		21.20	%
Preferred Stocks(c)(d)		379,833,000	Market	Revenue Multiple(a)		5.75x-14.00x			7.93x
				Time to Exit(b)		0.7 years-1.2 years			—
				Volatility(b)		27	%		—
				Discount Rate(b)		20	%		—
	$	426,131,509

^(a)  Increase in unobservable input may result in a significant increase to value, while a decrease in unobservable input may result in a significant decrease to value.

^(b)  Decrease in unobservable input may result in a significant increase to value, while an increase in unobservable input may result in a significant decrease to value.

^(c)  For the period ended April 30, 2018, the valuation technique for investments classified as preferred stocks amounting to $62,392,346 changed from utilizing a Probability-Weighted Expected Return Model (“PWERM”) to Current Value. The change was due to consideration of exit strategy.

^(d)  For the period ended April 30, 2018, the valuation technique for investments classified as preferred stocks amounting to $24,144,344 changed to a Probability-Weighted Expected Return Model (“PWERM”). The investments were previously valued utilizing Option Pricing Model (“OPM”). The change was due to consideration of liquidation preferences and exit strategy.

CONSOLIDATED SCHEDULE OF INVESTMENTS 27

Consolidated Statement of Assets and Liabilities  (unaudited)

April 30, 2018

	BlackRock Global Allocation Fund, Inc.
ASSETS
Investments at value — unaffiliated (including securities loaned at value of $249,518,936) (cost: $31,295,768,813)	$	35,565,347,876
Investments at value — affiliated (cost: $912,981,311)		776,353,294
Cash held for investments sold short		129,390,818
Foreign currency at value (cost $4,008)		4,008
Cash pledge for centrally cleared swaps		23,005,000
Receivables:
Investments sold		298,166,654
Interest — unaffiliated		90,304,709
Dividends — unaffiliated		51,719,127
Capital shares sold		22,842,729
Options written		3,254,298
Variation margin on futures contracts		4,121,593
Securities lending income — affiliated		127,775
Dividends — affiliated		399,082
Unrealized appreciation on:
OTC derivatives		98,581,204
Forward foreign currency exchange contracts		22,332,026
Prepaid expenses		435,321
Total assets		37,086,385,514
LIABILITIES
Cash collateral on securities loaned at value		255,980,556
Investments sold short at value (proceeds — $129,393,401)		128,693,457
Bank overdraft		346,168
Foreign bank overdraft (cost $3,022,161)		3,008,651
Cash received:
Collateral — OTC derivatives		96,396,000
Collateral — centrally cleared swaps		60
Options written at value (premiums received — $89,385,925)		95,928,762
Payables:
Investments purchased		155,241,332
Capital shares redeemed		60,287,645
Investment advisory fees		20,395,541
Other accrued expenses		18,268,449
Deferred foreign capital gain tax		16,528,030
Service and distribution fees		8,373,454
Options written		3,323,265
Variation margin on centrally cleared swaps		635,463
Variation margin on futures contracts		2,939,775
Board consolidation		120,179
Other affiliates		112,849
Directors’ and Officer’s fees		89,002
Unrealized depreciation on forward foreign currency exchange contracts		74,128,384
Total liabilities		940,797,022
NET ASSETS	$	36,145,588,492
NET ASSETS CONSIST OF
Paid-in capital	$	30,904,751,015
Distributions in excess of net investment income		(153,515,783	)
Accumulated net realized gain		1,271,130,563
Net unrealized appreciation (depreciation)		4,123,222,697
Net Assets	$	36,145,588,492

28 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

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

April 30, 2018

	BlackRock Global Allocation Fund, Inc.
NET ASSET VALUE
Institutional
Net assets	$	15,144,057,914
Shares outstanding, 2 billion shares authorized, $0.10 par value		771,063,866
Net asset value	$	19.64
Investor A
Net assets	$	11,965,923,012
Shares outstanding, 2 billion shares authorized, $0.10 par value		613,244,055
Net asset value	$	19.51
Investor C
Net assets	$	6,589,819,029
Shares outstanding. 2 billion shares authorized, $0.10 par value		375,003,309
Net asset value	$	17.57
Class K
Net assets	$	1,513,175,027
Shares outstanding, 2 billion shares authorized, $0.10 par value		77,053,607
Net asset value	$	19.64
Class R
Net assets	$	932,613,510
Shares outstanding, 2 billion shares authorized, $0.10 par value		50,233,889
Net asset value	$	18.57

FINANCIAL STATEMENTS 29

Consolidated Statement of Operations  (unaudited)

Six Months Ended April 30, 2018

	BlackRock Global Allocation Fund, Inc.
INVESTMENT INCOME
Dividends — unaffiliated	$	212,556,008
Interest — unaffiliated		193,230,677
Securities lending income — affiliated — net		919,095
Dividends — affiliated		163,600
Foreign taxes withheld		(9,775,790	)
Total investment income		397,093,590
EXPENSES
Investment advisory		141,375,679
Service and distribution — class specific		53,695,127
Transfer agent — class specific		16,866,585
Accounting services		2,626,852
Custodian		2,293,197
Professional		989,764
Directors and Officer		251,862
Printing		183,008
Registration		172,665
Board consolidation		120,179
Miscellaneous		363,462
Total expenses excluding broker fees and expenses on short sales		218,938,380
Broker fees and expenses on short sales		16,159
Total expenses		218,954,539
Less:
Fees waived and/or reimbursed by the Manager		(13,586,212	)
Fees paid indirectly		(46,673	)
Total expenses after fees waived and/or reimbursed and fees paid indirectly		205,321,654
Net investment income		191,771,936
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated (including $621,014 foreign capital gain tax)		1,579,118,900
Investments — affiliated		(8,481,633	)
Futures contracts		(69,190,859	)
Forward foreign currency exchange contracts		56,665,005
Foreign currency transactions		10,740,140
Capital gain distributions from investment companies — affiliated		74
Short sales		159,790
Options written		40,076,432
Swaps		7,974,740
		1,617,062,589
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated (including $16,528,030 foreign capital gain tax)		(1,387,800,437	)
Investments — affiliated		2,723,174
Futures contracts		11,716,329
Forward foreign currency exchange contracts		(65,951,153	)
Foreign currency translations		(635,501	)
Options written		(31,801,063	)
Swaps		(33,190,256	)
Short sales		699,944
		(1,504,238,963	)
Net realized and unrealized gain		112,823,626
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	304,595,562

30 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

	BlackRock Global Allocation Fund, Inc.
	Six Months Ended 04/30/18 (unaudited)			Year Ended 10/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	191,771,936		$	380,072,758
Net realized gain		1,617,062,589			1,655,629,332
Net change in unrealized appreciation (depreciation)		(1,504,238,963	)		2,785,523,211
Net increase in net assets resulting from operations		304,595,562			4,821,225,301
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income:
Institutional		(172,174,818	)		(220,641,771	)
Investor A		(119,634,922	)		(127,032,734	)
Investor B		(8,991	)		—
Investor C		(49,719,959	)		(27,597,872	)
Class K		(14,902,709	)		(10,107,399	)
Class R		(8,560,318	)		(8,119,089	)
From net realized gain:
Institutional		(546,966,833	)		(128,100,603	)
Investor A		(435,575,782	)		(106,372,279	)
Investor B		(84,002	)		(395,344	)
Investor C		(281,253,480	)		(94,425,268	)
Class K		(45,564,360	)		(4,871,233	)
Class R		(37,165,007	)		(9,462,459	)
Decrease in net assets resulting from distributions to shareholders		(1,711,611,181	)		(737,126,051	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(1,371,485,937	)		(7,554,010,477	)
NET ASSETS
Total decrease in net assets		(2,778,501,556	)		(3,469,911,227	)
Beginning of period		38,924,090,048			42,394,001,275
End of period	$	36,145,588,492		$	38,924,090,048
Undistributed (distribution in excess of) net investment income, end of period	$	(153,515,783	)	$	19,713,998

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

FINANCIAL STATEMENTS 31

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Global Allocation Fund, Inc.
	Institutional
	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	20.39		$	18.43		$	19.88		$	21.77		$	21.95		$	19.54
Net investment income(a)		0.13			0.25			0.25			0.26			0.35			0.28
Net realized and unrealized gain (loss)		0.04			2.12			(0.05	)		(0.22	)		0.77			2.43
Net increase from investment operations		0.17			2.37			0.20			0.04			1.12			2.71
Distributions(b)
From net investment income		(0.22	)		(0.26	)		(0.15	)		(0.45	)		(0.33	)		(0.30	)
From net realized gain		(0.70	)		(0.15	)		(1.50	)		(1.48	)		(0.97	)		—
Total distributions		(0.92	)		(0.41	)		(1.65	)		(1.93	)		(1.30	)		(0.30	)
Net asset value, end of period	$	19.64		$	20.39		$	18.43		$	19.88	(c)	$	21.77		$	21.95
Total Return(d)
Based on net asset value		0.84	%(e)		13.10	%		1.34	%		0.31	%(c)		5.35	%		13.97	%
Ratios to Average Net Assets
Total expenses		0.87	%(f)(g)		0.90	%(g)		0.88	%(g)		0.87	%		0.87	%		0.87	%
Total expenses after fees waived and/or reimbursed and fees paid indirectly		0.80	%(f)(g)		0.82	%(g)		0.80	%(g)		0.78	%		0.78	%		0.78	%
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		0.80	%(f)(g)		0.80	%(g)		0.79	%(g)		0.78	%		0.78	%		0.78	%
Net investment income		1.31	%(f)(g)		1.28	%(g)		1.39	%(g)		1.28	%		1.60	%		1.35	%
Supplemental Data
Net assets, end of period (000)	$	15,144,058		$	16,164,754		$	16,122,793		$	20,210,226		$	22,075,330		$	20,968,279
Portfolio turnover rate(h)		60	%		110	%		131	%		84	%		75	%		50	%

^(a)  Based on average shares outstanding.

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

^(c)  For financial reporting purposes, the market value of certain investments was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on October 31, 2015.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02% for the six months ended April 30, 2018 and approximately 0.01% for the years ending October 31, 2017 and October 31, 2016.

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

	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
				2017			2016			2015			2014			2013
Portfolio turnover rate (excluding MDRs)		60	%		110	%		131	%		82	%		75	%		50	%

See notes to consolidated financial statements.

32 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Allocation Fund, Inc. (continued)
	Investor A
	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	20.26		$	18.29		$	19.76		$	21.65		$	21.83		$	19.44
Net investment income(a)		0.10			0.19			0.20			0.21			0.29			0.22
Net realized and unrealized gain (loss)		0.04			2.11			(0.04	)		(0.23	)		0.77			2.41
Net increase (decrease) from investment operations		0.14			2.30			0.16			(0.02	)		1.06			2.63
Distributions(b)
From net investment income		(0.19	)		(0.18	)		(0.13	)		(0.39	)		(0.27	)		(0.24	)
From net realized gain		(0.70	)		(0.15	)		(1.50	)		(1.48	)		(0.97	)		—
Total distributions		(0.89	)		(0.33	)		(1.63	)		(1.87	)		(1.24	)		(0.24	)
Net asset value, end of period	$	19.51		$	20.26		$	18.29		$	19.76	(c)	$	21.65		$	21.83
Total Return(d)
Based on net asset value		0.71	%(e)		12.77	%		1.08	%		0.02	%(c)		5.10	%		13.63	%
Ratios to Average Net Assets
Total expenses		1.14	%(f)(g)		1.18	%(g)		1.15	%(g)		1.14	%		1.13	%		1.13	%
Total expenses after fees waived and/or reimbursed and fees paid indirectly		1.07	%(f)(g)		1.10	%(g)		1.08	%(g)		1.05	%		1.04	%		1.05	%
Total expenses after fees waived and/or reimbursed and fees paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		1.07	%(f)(g)		1.07	%(g)		1.07	%(g)		1.05	%		1.04	%		1.05	%
Net investment income		1.04	%(f)(g)		1.00	%(g)		1.10	%(g)		1.01	%		1.33	%		1.08	%
Supplemental Data
Net assets, end of period (000)	$	11,965,923		$	12,809,356		$	13,447,603		$	16,016,234		$	17,792,885		$	18,858,846
Portfolio turnover rate(h)		60	%		110	%		131	%		84	%		75	%		50	%

^(a)  Based on average shares outstanding.

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

^(c)  For financial reporting purposes, the market value of certain investments was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on October 31, 2015.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02% for the six months ended April 30, 2018 and approximately 0.01% for the years ending October 31, 2017 and October 31, 2016.

^(h)  Includes MDRs. Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
				2017			2016			2015			2014			2013
Portfolio turnover rate (excluding MDRs)		60	%		110	%		131	%		82	%		75	%		50	%

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 33

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Allocation Fund, Inc. (continued)
	Investor C
	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	18.33		$	16.57		$	18.11		$	20.00		$	20.27		$	18.06
Net investment income(a)		0.02			0.04			0.06			0.05			0.12			0.06
Net realized and unrealized gain (loss)		0.04			1.91			(0.04	)		(0.21	)		0.71			2.26
Net increase (decrease) from investment operations		0.06			1.95			0.02			(0.16	)		0.83			2.32
Distributions(b)
From net investment income		(0.12	)		(0.04	)		(0.06	)		(0.25	)		(0.13	)		(0.11	)
From net realized gain		(0.70	)		(0.15	)		(1.50	)		(1.48	)		(0.97	)		—
Total distributions		(0.82	)		(0.19	)		(1.56	)		(1.73	)		(1.10	)		(0.11	)
Net asset value, end of period	$	17.57		$	18.33		$	16.57		$	18.11	(c)	$	20.00		$	20.27
Total Return(d)
Based on net asset value		0.34	%(e)		11.92	%		0.36	%		(0.73	)%(c)		4.29	%		12.86	%
Ratios to Average Net Assets
Total expenses		1.88	%(f)(g)		1.92	%(g)		1.89	%(g)		1.88	%		1.87	%		1.88	%
Total expenses after fees waived and/or reimbursed and fees paid indirectly		1.80	%(f)(g)		1.84	%(g)		1.82	%(g)		1.79	%		1.79	%		1.80	%
Total expenses after fees waived and/or reimbursed and fees paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		1.80	%(f)(g)		1.82	%(g)		1.82	%(g)		1.79	%		1.79	%		1.80	%
Net investment income		0.30	%(f)(g)		0.27	%(g)		0.37	%(g)		0.27	%		0.59	%		0.33	%
Supplemental Data
Net assets, end of period (000)	$	6,589,819		$	7,545,249		$	11,029,706		$	14,085,089		$	15,976,240		$	16,170,658
Portfolio turnover rate(h)		60	%		110	%		131	%		84	%		75	%		50	%

^(a)  Based on average shares outstanding.

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

^(c)  For financial reporting purposes, the market value of certain investments was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on October 31, 2015.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02% for the six months ended April 30, 2018 and approximately 0.01% for the years ending October 31, 2017 and October 31, 2016.

^(h)  Includes MDRs. Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
				2017			2016			2015			2014			2013
Portfolio turnover rate (excluding MDRs)		60	%		110	%		131	%		82	%		75	%		50	%

See notes to consolidated financial statements.

34 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Allocation Fund, Inc. (continued)
	Class K
	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31, 2017			Period 06/08/16 (a) to 10/31/16
Net asset value, beginning of period	$	20.39		$	18.44		$	18.23
Net investment income(b)		0.14			0.27			0.08
Net realized and unrealized gain		0.04			2.12			0.13
Net increase from investment operations		0.18			2.39			0.21
Distributions(c)
From net investment income		(0.23	)		(0.29	)		—
From net realized gain		(0.70	)		(0.15	)		—
Total distributions		(0.93	)		(0.44	)		—
Net asset value, end of period	$	19.64		$	20.39		$	18.44
Total Return(d)
Based on net asset value		0.89	%(e)		13.20	%		1.15	%(e)
Total expenses		0.79	%(f)(g)		0.82	%(g)		0.79	%(f)(g)
Total expenses after fees waived and/or reimbursed and fees paid indirectly		0.72	%(f)(g)		0.74	%(g)		0.71	%(f)(g)
Total expenses after fees waived and/or reimbursed and fees paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		0.72	%(f)(g)		0.72	%(g)		0.71	%(f)(g)
Net investment income		1.39	%(f)(g)		1.39	%(g)		1.06	%(f)(g)
Supplemental Data
Net assets, end of period (000)	$	1,513,175		$	1,341,925		$	604,611
Portfolio turnover rate		60	%		110	%		131	%(h)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02% for the six months ended April 30, 2018 and approximately 0.01% for the year ending October 31, 2017 and the period ended October 31, 2016.

^(h)  Portfolio turnover is representative of the Fund for the entire year.

See notes to consolidated financial statements.

CONSOLIDATED FINANCIAL HIGHLIGHTS 35

Consolidated Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Allocation Fund, Inc. (continued)
	Class R
	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	19.32		$	17.46		$	18.96		$	20.86		$	21.08		$	18.78
Net investment income(a)		0.07			0.13			0.14			0.13			0.21			0.15
Net realized and unrealized gain (loss)		0.04			2.01			(0.04	)		(0.22	)		0.74			2.33
Net increase (decrease) from investment operations		0.11			2.14			0.10			(0.09	)		0.95			2.48
Distributions from(b)
From net investment income		(0.16	)		(0.13	)		(0.10	)		(0.33	)		(0.20	)		(0.18	)
From net realized gain		(0.70	)		(0.15	)		(1.50	)		(1.48	)		(0.97	)		—
Total distributions		(0.86	)		(0.28	)		(1.60	)		(1.81	)		(1.17	)		(0.18	)
Net asset value, end of period	$	18.57		$	19.32		$	17.46		$	18.96	(c)	$	20.86		$	21.08
Total Return(d)
Based on net asset value		0.58	%(e)		12.42	%		0.79	%		(0.37	)%(c)		4.73	%		13.26	%
Ratios to Average Net Assets
Total expenses		1.46	%(f)(g)		1.50	%(g)		1.47	%(g)		1.48	%		1.47	%		1.48	%
Total expenses after fees waived and/or reimbursed and fees paid indirectly		1.38	%(f)(g)		1.42	%(g)		1.39	%(g)		1.40	%		1.38	%		1.39	%
Total expenses after fees waived and/or reimbursed and fees paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		1.38	%(f)(g)		1.40	%(g)		1.39	%(g)		1.40	%		1.38	%		1.39	%
Net investment income		0.72	%(f)(g)		0.68	%(g)		0.79	%(g)		0.67	%		0.99	%		0.74	%
Supplemental Data
Net assets, end of period (000)	$	932,614		$	1,060,273		$	1,131,647		$	1,186,678		$	1,269,833		$	1,296,522
Portfolio turnover rate(h)		60	%		110	%		131	%		84	%		75	%		50	%

^(a)  Based on average shares outstanding.

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

^(c)  For financial reporting purposes, the market value of certain investments was adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on October 31, 2015.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.02% for the six months ended April 30, 2018 and approximately 0.01% for the years ending October 31, 2017 and October 31, 2016.

^(h)  Includes MDRs. Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended 04/30/18 (unaudited)			Year Ended October 31,
				2017			2016			2015			2014			2013
Portfolio turnover rate (excluding MDRs)		60	%		110	%		131	%		82	%		75	%		50	%

See notes to consolidated financial statements.

36 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements  (unaudited)

1. ORGANIZATION

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

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

Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional, Class K and Class R Shares	No		No			None
Investor A Shares	Yes		No	(a)		None
Investor C Shares	No		Yes			None

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

On December 27, 2017, the Fund’s issued and outstanding Investor B Shares converted to Investor A Shares with the same relative net asset value (“NAV”) as the original shares held immediately prior to conversion.

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

Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the account of BlackRock Cayman Global Allocation Fund I, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary as of period end were $1,372,987,337 which is 3.8% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Subsidiary may invest without limitation in commodity-related instruments.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

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

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., TBA sale commitments, futures contracts, forward foreign currency exchange contracts, options written, swaps, short sales and structured options) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Fund are recorded on the ex-dividend date. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 37

Notes to Consolidated Financial Statements  (unaudited) (continued)

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

Recent Accounting Standards: In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Fund.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the consolidated financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Fund’s net assets. Each business day, the Fund uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments in open-end U.S. mutual funds are valued at NAV each business day.

• The Fund values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

• Futures contracts traded on exchanges are valued at their last sale price.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

38 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements  (unaudited) (continued)

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

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

• To-be-announced (“TBA”) commitments are valued on the basis of last available bid prices or current market quotations provided by pricing services.

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

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Fund’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

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

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

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

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value 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)

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 39

Notes to Consolidated Financial Statements  (unaudited) (continued)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value 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 investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

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

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

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

40 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements  (unaudited) (continued)

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

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

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

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

Forward Commitments and When-Issued Delayed Delivery Securities: The fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The fund may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the fund may be required to pay more at settlement than the security is worth. In addition, 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.

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

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

Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate the Fund to make future cash payments. As of April 30, 2018 the Fund had an outstanding commitment of approximately $42,229,935 in connection with an investment in the Ping An Healthcare and Technology Company Limited. The commitment is not included in the net assets of the Fund as of April 30, 2018.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 41

Notes to Consolidated Financial Statements  (unaudited) (continued)

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

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

The market value of any securities on loan, all of which were classified as common stocks in the Fund’s Consolidated Schedule of Investments, and the value of any related collateral are shown separately in the Consolidated Statement of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Consolidated Schedule of Investments.

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

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

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
Barclays Capital Inc.	$	20,022	$	(20,022	)	$	—
BNP Paribas S.A.		10,209,767		(10,209,767	)		—
Citigroup Global Markets, Inc.		17,594,400		(17,594,400	)		—
Credit Suisse Securities (USA) LLC		14,118,412		(14,118,412	)		—
Deutsche Bank Securities, Inc.		8,783,821		(8,783,821	)		—
JP Morgan Securities LLC		158,714,269		(158,714,269	)		—
Morgan Stanley & Co. LLC		35,218,949		(35,218,949	)		—
SG Americas Securities LLC		4,666,274		(4,666,274	)		—
State Street Bank & Trust Co.		193,022		(193,022	)		—
	$	249,518,936	$	(249,518,936	)	$	—

^(a)  Cash collateral with a value of $255,980,556 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty is not shown for financial reporting purposes in the table above.

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

42 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements  (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.

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

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

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies.

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

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

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

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

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

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

The Fund may invest in various types of barrier options, including down-and-out options, down-and-in options, double no-touch options, one-touch options, up-and-out options and up-and-in options. Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Double no-touch options provide the purchaser an agreed-upon payout if the price of the underlying

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 43

Notes to Consolidated Financial Statements  (unaudited) (continued)

instrument does not reach or surpass predetermined barrier price levels prior to the option’s expiration date. One-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date. Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date. Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.

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

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

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

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

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

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

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one market (e.g., fixed-income) with 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 (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

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

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

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

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

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

44 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements  (unaudited) (continued)

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

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

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

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

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

	Investor A			Investor B (a)			Investor C			Class R
Service Fee		0.25	%		0.25	%		0.25	%		0.25	%
Distribution Fee		—			0.75			0.75			0.25

^(a) On December 27, 2017, all issued and outstanding Investor B Shares converted to Investor A Shares.

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

For the six months ended April 30, 2018, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

Investor A		Investor B (a)		Investor C		Class R		Total
$	15,534,185	$	3,842	$	35,665,492	$	2,491,608	$	53,695,127

^(a) On December 27, 2017, all issued and outstanding Investor B Shares converted to Investor A Shares.

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an asset-based fee or an

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 45

Notes to Consolidated Financial Statements  (unaudited) (continued)

annual fee per shareholder account, which will vary depending on share class and/or net assets, For the six months ended April 30, 2018, the Fund paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Consolidated Statement of Operations:

Institutional		Investor A		Investor C		Total
$	122,281	$	3,088	$	49	$	125,418

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing subscriptions and redemptions based upon instructions from shareholders. For the six months ended April 30, 2018, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations:

Institutional		Investor A		Investor C		Class K		Class R		Total
$	21,866	$	99,561	$	67,832	$	1,019	$	3,401	$	193,679

For the six months ended April 30, 2018, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

Institutional		Investor A		Investor B (a)		Investor C		Class K		Class R		Total
$	6,558,506	$	6,261,897	$	691	$	3,201,129	$	3,950	$	840,412	$	16,866,585

^(a) On December 27, 2017, all issued and outstanding Investor B Shares converted to Investor A Shares.

Other Fees: For the six months ended April 30, 2018, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares, which totaled $163,741.

For the six months ended April 30, 2018, affiliates received CDSCs as follows:

Investor A		Investor B (a)		Investor C		Total
$	12,053	$	29	$	104,762	$	116,844

^(a) On December 27, 2017, all issued and outstanding Investor B Shares converted to Investor A Shares.

Expense Waivers and Reimbursements: The Manager has contractually agreed to waive a portion of its management fees payable by the Fund through February 28, 2019, so that such fee is reduced as a percentage of average daily net assets of the Fund as follows:

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

This contractual waiver may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund who are not “interested persons” of the Fund as defined in the 1940 Act or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended April 30, 2018, the Manager waived $12,454,355, pursuant to this agreement which is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations.

During the six months ended April 30, 2018, the Manager reimbursed the Fund $108,172 for certain operating expenses which is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations.

With respect to the Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation caps, as applicable, will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived by the Manager in the Consolidated Statement of Operations. For the six months ended April 30, 2018, the Manager waived $10,871 pursuant to this agreement.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through February 28, 2019. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended April 30, 2018, the Fund waived $1,012,814 in investment advisory fees pursuant to this arrangement.

For the six months ended April 30, 2018, the Fund reimbursed the Manager $221,145 for certain accounting services, which is included in accounting services in the Consolidated Statement of Operations.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash

46 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements  (unaudited) (continued)

collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Fund. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

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

Pursuant to a securities lending agreement, the Fund retains 80% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the six months ended April 30, 2018, the Fund paid BIM $193,864 for securities lending agent services.

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

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

During the period ended April 30, 2018, the Fund did not participate in the Interfund Lending Program.

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

Other Transactions: The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended April 30, 2018, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Purchases		Sales		Net Realized Gain (Loss)
$	—	$	25,883,221	$	(178,706	)

7. PURCHASES AND SALES

For the six months ended April 30, 2018, purchases and sales of investments, including paydowns and excluding short-term securities, were as follows:

	Purchases		Sales
Non-U.S. Government Securities	$	6,610,465,255	$	10,461,048,548
U.S. Government Securities		14,140,761,850		13,994,149,398

8. INCOME TAX INFORMATION

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

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for each of the four years ended October 31, 2017. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements.

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 47

Notes to Consolidated Financial Statements  (unaudited) (continued)

As of April 30, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	32,605,109,980
Gross unrealized appreciation	$	5,494,086,589
Gross unrealized depreciation		(1,749,017,735	)
Net unrealized appreciation	$	3,745,068,854

The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Although the Act does not amend any provisions directly related to the qualification or taxation of regulated investment companies (“RICs”), the Act does change the taxation of entities in which some RICs invest, the tax treatment of income derived from those entities and the taxation of RIC shareholders. While management does not anticipate significant impact to the Fund or to their shareholders, there is uncertainty in the application of certain provisions in the Act. Specifically, provisions in the Act may increase the amount of or accelerate the recognition of taxable income and may limit the deductibility of certain expenses by RICs. Until full clarity around these provisions is obtained, the impact on the Fund’s financial statements, if any, cannot be fully determined.

9. BANK BORROWINGS

The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund[s], can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2019 unless extended or renewed. Prior to April 19, 2018, the aggregate commitment amount was $2.1 billion and the fee was 0.12% per annum. Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Consolidated Statement of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended April 30, 2018, the Fund did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments and may experience difficulty in selling those investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

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

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

48 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements  (unaudited) (continued)

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

The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by the Fund.

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

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

Concentration Risk: The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

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

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 04/30/18						Year Ended 10/31/17
	Shares			Amount			Shares			Amount
Institutional
Shares sold		63,352,737		$	1,274,810,867			201,044,432		$	3,870,155,574
Shares issued in reinvestment of distributions		33,464,636			660,257,116			17,345,735			319,335,255
Shares redeemed		(118,518,455	)		(2,384,500,815	)		(300,404,285	)		(5,767,287,773	)
Net decrease		(21,701,082	)	$	(449,432,832	)		(82,014,118	)	$	(1,577,796,944	)
Investor A
Shares sold and automatic conversion of shares		30,342,518		$	606,235,285			122,059,376		$	2,370,161,566
Shares issued from conversion(a)		123,259			2,429,435			—			—
Shares issued in reinvestment of distributions		26,361,360			517,209,067			12,020,911			219,022,298
Shares redeemed		(75,780,420	)		(1,514,912,201	)		(237,165,293	)		(4,540,701,435	)
Net decrease		(18,953,283	)	$	(389,038,414	)		(103,085,006	)	$	(1,951,517,571	)
Investor B(a)
Shares sold		1,374		$	26,927			10,782		$	200,009
Shares issued in reinvestment of distributions		4,551			86,790			20,992			373,456
Shares converted		(123,259	)		(2,360,416	)		—			—
Shares redeemed and automatic conversion of shares		(11,763	)		(231,603	)		(3,157,422	)		(58,100,281	)
Net decrease		(129,097	)	$	(2,478,302	)		(3,125,648	)	$	(57,526,816	)
Investor C
Shares sold		7,848,951		$	141,627,883			16,858,128		$	292,411,789
Shares issued in reinvestment of distributions		17,841,429			316,149,770			6,886,593			114,248,755
Shares redeemed		(62,251,422	)		(1,122,659,363	)		(277,935,505	)		(4,834,568,055	)
Net decrease		(36,561,042	)	$	(664,881,710	)		(254,190,784	)	$	(4,427,907,511	)
Class K
Shares sold		15,973,140		$	320,168,948			43,430,054		$	850,443,402
Shares issued in reinvestment of distributions		2,525,302			49,798,956			782,469			14,478,283
Shares redeemed		(7,260,209	)		(146,136,332	)		(11,185,907	)		(221,810,674	)
Net increase		11,238,233		$	223,831,572			33,026,616		$	643,111,011

NOTESTO CONSOLIDATED FINANCIAL STATEMENTS 49

Notes to Consolidated Financial Statements  (unaudited) (continued)

	Six Months Ended 04/30/18						Year Ended 10/31/17
	Shares			Amount			Shares			Amount
Class R
Shares sold		3,137,401		$	59,649,347			8,135,005		$	148,613,616
Shares issued in reinvestment of distributions		2,444,378			45,685,423			1,008,140			17,561,793
Shares redeemed		(10,227,174	)		(194,821,021	)		(19,075,815	)		(348,548,055	)
Net decrease		(4,645,395	)	$	(89,486,251	)		(9,932,670	)	$	(182,372,646	)
Total Net Decrease		(70,751,666	)	$	(1,371,485,937	)		(419,321,610	)	$	(7,554,010,477	)

^(a)  On December 27, 2017, all issued and outstanding Investor B Shares converted to Investor A Shares.

12. SUBSEQUENT EVENTS

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

50 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Director and Officer Information

Robert M. Hernandez, Chair of the Board and Director

James H. Bodurtha, Director

Bruce R. Bond, Director

Honorable Stuart E. Eizenstat, Director

Henry Gabbay, Director

Lena G. Goldberg, Director

Henry R. Keizer, Director

John F. O’Brien, Director

Donald C. Opatrny, Director

Robert Fairbairn, Director

John M. Perlowski, Director; President and Chief Executive Officer

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Fernanda Piedra, Anti-Money Laundering Compliance Officer

Benjamin Archibald, Secretary

Effective December 31, 2017, Roberta Cooper Ramo retired and Donald W. Burton resigned as Directors of the Fund.

Effective May 08, 2018, John MacKessy replaced Fernanda Piedra as the Anti-Money Laundering Compliance Officer of the Fund.

Further information about the Fund's Directors and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent

State Street Bank and Trust Company

Boston, MA 02111

Custodian

Brown Brothers Harriman & Co.

Boston, MA 02109

Transfer Agent

BNY Mellon Investment Servicing (U.S.) Inc

Wilmington, DE 19809

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809

DIRECTORAND OFFICER INFORMATION 51

Additional Information

General Information

Householding

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

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Fund’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

52 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information  (continued)

BlackRock Privacy Principles

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

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

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

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

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

ADDITIONAL INFORMATION 53

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipts
CME	Chicago Mercantile Exchange
CVA	Certificaten Van Aandelen (Dutch Certificate)
ETF	Exchange-Traded Fund
FTSE	Financial Times Stock Exchange
MSCI	Morgan Stanley Capital International
NVDR	Non-voting Depository Receipts
OTC	Over-the-Counter
PCL	Public Company Limited
REIT	Real Estate Investment Trust
S&P	S&P Global Ratings
SPDR	Standard & Poor’s Depository Receipts

Currency Abbreviations
AUD	Australian Dollar
CLP	Chilean Peso
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
PLN	Polish Zloty
SEK	Swedish Krona
USD	U.S. Dollar

54 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

GA-4/18-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 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.

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

Item 13 – Exhibits attached hereto

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

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

2

(a)(4) – Not Applicable

(b) –     Certifications – Attached hereto

3

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Global Allocation Fund, Inc.

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

Date: July 5, 2018

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: July 5, 2018

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Global Allocation Fund, Inc.

Date: July 5, 2018

4