Blackrock Global Allocation Fund N-CSR Certified 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: 04/30/2022

Date of reporting period: 04/30/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2022

2022 Annual Report

BlackRock Global Allocation Fund, Inc.

  Not FDIC Insured • May Lose Value • No Bank Guarantee  

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that 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, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(9.65)%	0.21%
U.S. small cap equities (Russell 2000® Index)		(18.38)	(16.87)
International equities (MSCI Europe, Australasia, Far East Index)		(11.80)	(8.15)
Emerging market equities (MSCI Emerging Markets Index)		(14.15)	(18.33)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.07	0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.29)	(8.86)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.47)	(8.51)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(7.90)	(7.88)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.40)	(5.22)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review	2
Annual Report:
Fund Summary	4
About Fund Performance	7
Disclosure of Expenses	7
Derivative Financial Instruments	8
Financial Statements:
Consolidated Schedule of Investments	9
Consolidated Statement of Assets and Liabilities	54
Consolidated Statement of Operations	57
Consolidated Statements of Changes in Net Assets	58
Consolidated Financial Highlights	59
Notes to Consolidated Financial Statements	64
Report of Independent Registered Public Accounting Firm	79
Important Tax Information	80
Statement Regarding Liquidity Risk Management Program	81
Director and Officer Information	82
Additional Information	86
Glossary of Terms Used in this Report	88

3

Fund Summary  as of April 30, 2022 BlackRock Global Allocation Fund, Inc.

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended April 30, 2022, the Fund underperformed its reference benchmark, which is comprised of the S&P 500^® Index (36%), FTSE World (ex-U.S.) Index (24%), ICE BofA Current 5-Year U.S. Treasury Index (24%) and FTSE Non-U.S. Dollar World Government Bond Index (16%) (the “Reference Benchmark”), and 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?

From an equity sector perspective, stock selection within and an overweight to consumer discretionary negatively impacted returns. Security selection within information technology, industrials, financials, healthcare and materials weighed on performance as well. Tactical hedges on equity positioning to manage the Fund’s overall beta (market sensitivity) detracted from returns, most notably short positions on select U.S. equity markets futures. Within the fixed income allocation, positioning in U.S. Treasuries to manage duration and corresponding interest rate sensitivity detracted from performance.

From an equity sector perspective, an overweight to energy was additive to performance. Within fixed income, a broad underweight to developed market government bonds as compared to the reference benchmark positively impacted performance. Exposure to corporate credit, securitized assets and Chinese sovereign bonds added to returns as well. Exposure to cash and cash equivalents also aided performance. Finally, currency management, notably an overweight to the U.S. dollar and underweight to the euro, contributed over the period.

Reflecting the changes in the Fund’s overall allocations to equity and fixed income during the period, the Fund’s exposure to cash and cash equivalent holdings increased from 9% to 25% of net assets. During the 12-month period, cash helped manage portfolio volatility and served as a source of funds for new investments. Exposure to cash and cash equivalents was additive to performance for the period.

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

Describe recent portfolio activity.

During the 12-month period, the Fund’s overall equity allocation decreased from 67% to 56% of net assets. Within equities, the Fund decreased exposure to Europe, the United States and Asia. On a sector basis, the Fund increased exposure to energy and consumer staples, and reduced exposure to financials, information technology, industrials, communication services, consumer discretionary, utilities and healthcare.

The Fund’s allocation to fixed income decreased from 23% to 19% of net assets. Within fixed income, the Fund increased exposure to securitized debt and bank loans, and decreased exposure to government and corporate bonds, primarily in the United States.

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

Describe portfolio positioning at period end.

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

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

4 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of April 30, 2022(continued) BlackRock Global Allocation Fund, Inc.

TOTAL RETURN BASED ON A $10,000 INVESTMENT

^(a)  Assuming maximum sales charges, if any, transaction costs and other operating expenses including advisory fees. Institutional Shares do not have a sales charge.

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

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

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

Performance

	Average Annual Total Returns(a)
	1 Year						5 Years						10 Years
	Without Sales Charge			With Sales   Charge			Without Sales Charge			With Sales   Charge			Without Sales Charge			With Sales   Charge
Institutional		(10.58	)%		N/A			5.92	%		N/A			5.83	%		N/A
Investor A		(10.78	)		(15.47	)%		5.64			4.51	%		5.54			4.98	%
Investor C		(11.50	)		(12.30	)		4.85			4.85			4.92			4.92
Class K		(10.51	)		N/A			6.01			N/A			5.88			N/A
Class R		(11.15	)		N/A			5.29			N/A			5.19			N/A
FTSE World Index		(3.80	)		N/A			10.37			N/A			10.15			N/A
Reference Benchmark		(6.48	)		N/A			6.56			N/A			6.50			N/A
U.S. Stocks: S&P 500® Index(b)		0.21			N/A			13.66			N/A			13.67			N/A
Non-U.S. Stocks: FTSE World (ex-U.S.) Index(c)		(7.17	)		N/A			5.97			N/A			6.02			N/A
Non-U.S. Bonds: FTSE Non-U.S. Dollar World Government Bond Index(d)		(18.45	)		N/A			(1.17	)		N/A			(1.33	)		N/A
U.S. Bonds: ICE BofA Current 5-Year U.S. Treasury Index(e)		(7.90	)		N/A			0.72			N/A			0.87			N/A

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

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

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

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

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

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

Past performance is not an indication of future results.

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

FUND   SUMMARY 5

Fund Summary  as of April 30, 2022(continued) BlackRock Global Allocation Fund, Inc.

Expense Example

	Actual								Hypothetical 5% Return
				Expenses Paid During the Period							Including Dividend Expense and Professional Fees for Foreign Withholding Tax Claims				Excluding Dividend Expense and Professional Fees for Foreign Withholding Tax Claims					Annualized Expense Ratio
		Beginning Account Value (11/01/21)	Ending Account Value (04/30/22)		Including Dividend Expense and Professional Fees for Foreign Withholding Tax Claims	(a)	Excluding Dividend Expense and Professional Fees for Foreign Withholding Tax Claims(	a)		Beginning Account Value (11/01/21)		Ending Account Value (04/30/22)	Expenses Paid During the Period(	a)		Ending Account Value (04/30/22)		Expenses Paid During the Period(	a)		Including Dividend Expense and Professional Fees for Foreign Withholding Tax Claims		Excluding Dividend Expense and Professional Fees for Foreign Withholding Tax Claims
Institutional		$ 1,000.00	$    878.40		$           3.91		$           3.77			$ 1,000.00		$ 1,020.63	$       4.21			$ 1,020.78	$	4.06			0.84	%	0.81	%
Investor A		1,000.00	877.40		5.07		4.93			1,000.00		1,019.39	5.46			1,019.54		5.31			1.09		1.06
Investor C		1,000.00	874.00		8.64		8.50			1,000.00		1,015.57	9.30			1,015.72		9.15			1.86		1.83
Class K		1,000.00	878.90		3.54		3.45			1,000.00		1,021.03	3.81			1,021.12		3.71			0.76		0.74
Class R		1,000.00	875.60		6.84		6.70			1,000.00		1,017.50	7.35			1,017.65		7.20			1.47		1.44

^(a)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

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

Portfolio Information

TEN LARGEST HOLDINGS (EQUITY INVESTMENTS)

Security(a)	Percent of Total Investments
Microsoft Corp.		2	%
Apple, Inc.		2
Alphabet, Inc.		2
Amazon.com, Inc.		2
UnitedHealth Group, Inc.		1
ConocoPhillips.		1
Mastercard, Inc.		1
Enbridge, Inc.		1
Siemens AG		1
Abbott Laboratories		1

GEOGRAPHIC ALLOCATION

		Percent of
					Total Investments(b)
Country/Geographic Region	Long			Short			Total
United States		64	%		—	% (c)		64	%
Japan		5			—	(c)		5
United Kingdom		4			—	(c)		4
Germany		4			—	(c)		4
China		3			—	(c)		3
Netherlands		3			—			3
Canada		2			—	(c)		2
France		2			—	(c)		2
Australia		2			—	(c)		2
South Korea		1			—	(c)		1
Switzerland		1			—	(c)		1
Spain		1			—	(c)		1
Other#		7			1			8
		99	%		1	%		100	%

^(a)  Excludes short-term securities.

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

^(c)  Rounds to less than 1% of total investments.

^#  Includes holdings within countries/geographic regions that are less than 1% of total investments. Please refer to the Consolidated Schedule of Investments for such countries/geographic regions.

6 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance BlackRock Global Allocation Fund, Inc.

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

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

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

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

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

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

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

ABOUT  FUND  PERFORMANCE   /   DISCLOSURE   OF  EXPENSES 7

Derivative Financial Instruments BlackRock Global Allocation Fund, Inc.

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

8 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
Cayman Islands(a)(b) — 0.4%
522 Funding CLO Ltd., Series 2019-4A, Class CR, (3 mo. LIBOR US + 2.40%), 3.46%, 04/20/30	USD		500	$	495,111
ACRES Commercial Realty Ltd., Series 2021- FL1, Class A, (1 mo. LIBOR US + 1.20%), 1.75%, 06/15/36			8,460		8,358,235
AGL CLO 5 Ltd.
Series 2020-5A, Class A2R, (3 mo. LIBOR US + 1.40%), 2.46%, 07/20/34			1,260		1,252,034
Series 2020-5A, Class BR, (3 mo. LIBOR US + 1.70%), 2.76%, 07/20/34			1,752		1,717,687
ALM 2020 Ltd., Series 2020-1A, Class A2, (3 mo. LIBOR US + 1.85%), 2.89%, 10/15/29			373		371,117
AMMC CLO 22 Ltd., Series 2018-22A, Class B, (3 mo. LIBOR US + 1.45%), 2.63%, 04/25/31			375		369,018
Anchorage Capital CLO Ltd.
Series 2015-7A, Class A2, (3 mo. LIBOR US + 1.09%), 2.33%, 01/28/31			250		248,932
Series 2018-10A, Class A2, (3 mo. LIBOR US + 1.50%), 2.54%, 10/15/31			250		250,078
Apidos CLO XX, Series 2015-20A, Class A2RR, (3 mo. LIBOR US + 1.55%), 2.59%, 07/16/31			400		394,568
Apidos CLO XXII, Series 2015-7A, Class A2, (3 mo. LIBOR US + 1.50%), 2.56%, 04/20/31			500		493,106
Apidos CLO XXIII, Series 2015-23A, Class B1R, (3 mo. LIBOR US + 1.60%), 2.64%, 04/15/33			250		246,670
Apollo Credit Funding IV Ltd., Series 4A, Class A2R, (3 mo. LIBOR US + 1.60%), 2.64%, 07/15/30			250		247,337
Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd., Series 2021-FL4, Class A, (1 mo. LIBOR US + 1.35%), 1.90%, 11/15/36			656		647,115
ARES LII CLO Ltd., Series 2019-52A, Class A2R, (3 mo. LIBOR US + 1.45%), 2.59%, 04/22/31			250		249,464
Ares LV CLO Ltd., Series 2020-55A, Class BR, (3 mo. LIBOR US + 1.70%), 2.74%, 07/15/34			2,786		2,753,149
Ares XXXVII CLO Ltd., Series 2015-4A, Class A3R, (3 mo. LIBOR US + 1.50%), 2.54%, 10/15/30			250		246,629
ASSURANT CLO I Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.15%), 3.21%, 10/20/34			720		703,459
Atrium XII, Series 12A, Class BR, (3 mo. LIBOR US + 1.35%), 2.49%, 04/22/27			695		690,544
Atrium XIII, Series 13A, Class B, (3 mo. LIBOR US + 1.50%), 2.68%, 11/21/30			600		593,165
Bain Capital Credit CLO Ltd.
Series 2018-2A, Class B, (3 mo. LIBOR US + 1.60%), 2.64%, 07/19/31			750		736,565
Series 2020-2A, Class BR, (3 mo. LIBOR US + 1.70%), 2.74%, 07/19/34			2,425		2,374,499
Battalion CLO Ltd.
Series 2015-8A, Class A1R2, (3 mo. LIBOR US + 1.07%), 2.11%, 07/18/30			500		497,365
Series 2016-10A, Class A2R2, (3 mo. LIBOR US + 1.55%), 2.73%, 01/25/35			1,465		1,420,409

Security		Par (000)		Value
Cayman Islands (continued)
Battalion CLO Ltd. (continued)
Series 2017-11A, Class BR, (3 mo. LIBOR US + 1.72%), 2.90%, 04/24/34	USD		712	$	693,569
Series 2021-20A, Class A, (3 mo. LIBOR US + 1.18%), 2.22%, 07/15/34			1,848		1,826,145
Benefit Street Partners CLO II Ltd., Series 2013- IIA, Class A2R2, (3 mo. LIBOR US + 1.45%), 2.49%, 07/15/29			1,845		1,827,769
Benefit Street Partners CLO III Ltd., Series 2013- IIIA, Class A2R2, (3 mo. LIBOR US + 1.65%), 2.71%, 07/20/29			667		660,907
Benefit Street Partners CLO Ltd., Series 2015- VIBR, Class A, (3 mo. LIBOR US + 1.19%), 2.25%, 07/20/34			250		247,128
Benefit Street Partners CLO XIX Ltd., Series 2019-19A, Class B, (3 mo. LIBOR US + 2.00%), 3.04%, 01/15/33			250		247,668
Birch Grove CLO Ltd., Series 19A, Class BR, (3 mo. LIBOR US + 1.75%), 2.58%, 06/15/31			500		490,839
BlueMountain CLO Ltd.
Series 2013-2A, Class BR, (3 mo. LIBOR US + 1.60%), 2.74%, 10/22/30			500		491,930
Series 2014-2A, Class BR2, (3 mo. LIBOR US + 1.75%), 2.81%, 10/20/30			465		456,349
BlueMountain CLO XXII Ltd., Series 2018-22A, Class B, (3 mo. LIBOR US + 1.50%), 2.54%, 07/15/31			1,495		1,473,940
BlueMountain CLO XXIII Ltd., Series 2018-23A, Class A1, (3 mo. LIBOR US + 1.15%), 2.21%, 10/20/31			250		248,235
BlueMountain CLO XXIX Ltd., Series 2020-29A, Class BR, (3 mo. LIBOR US + 1.75%), 2.93%, 07/25/34			625		613,331
Canyon Capital CLO Ltd.
Series 2016-1A, Class CR, (3 mo. LIBOR US + 1.90%), 2.94%, 07/15/31			250		243,750
Series 2019-1A, Class A1R, (3 mo. LIBOR US + 1.10%), 2.14%, 04/15/32			250		248,138
Series 2019-1A, Class BR, (3 mo. LIBOR US + 1.70%), 2.74%, 04/15/32			300		295,175
Canyon CLO Ltd., Series 2020-3A, Class B, (3 mo. LIBOR US + 1.70%), 2.74%, 01/15/34			250		245,286
Catskill Park CLO Ltd., Series 2017-1A, Class A1B, (3 mo. LIBOR US + 1.35%), 2.41%, 04/20/29			892		887,607
CBAM Ltd.
Series 2018-7A, Class A, (3 mo. LIBOR US + 1.10%), 2.16%, 07/20/31			250		248,410
Series 2019-9A, Class B2, (3 mo. LIBOR US + 1.90%), 2.94%, 02/12/30			450		446,416
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.98%), 2.04%, 04/20/31			1,050		1,040,331
Cedar Funding V CLO Ltd., Series 2016-5A, Class A1R, (3 mo. LIBOR US + 1.10%), 2.14%, 07/17/31			250		248,259
Cedar Funding XI Clo Ltd., Series 2019-11A, Class A2R, (3 mo. LIBOR US + 1.35%), 1.86%, 05/29/32			250		247,939

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 9

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Cayman Islands (continued)
CIFC Funding Ltd.
Series 2013-4A, Class BRR, (3 mo. LIBOR US + 1.60%), 2.82%, 04/27/31	USD		450	$	445,311
Series 2014-5A, Class A1R2, (3 mo. LIBOR US + 1.20%), 2.24%, 10/17/31			250		248,935
Series 2015-3A, Class BR, (3 mo. LIBOR US + 1.15%), 2.19%, 04/19/29			712		699,618
Series 2020-1A, Class BR, (3 mo. LIBOR US + 1.65%), 2.69%, 07/15/36			2,475		2,442,382
Series 2021-4A, Class B, (3 mo. LIBOR US + 1.58%), 2.62%, 07/15/33			250		246,651
Dryden 45 Senior Loan Fund, Series 2016-45A, Class BR, (3 mo. LIBOR US + 1.70%), 2.74%, 10/15/30			250		247,344
Dryden 65 CLO Ltd., Class B, (3 mo. LIBOR US + 1.60%), 2.64%, 07/18/30			250		247,241
Elmwood CLO I Ltd., 2.51%, 10/20/33			500		497,489
Elmwood CLO II Ltd.
Series 2019-2A, Class AR, (3 mo. LIBOR US + 1.15%), 2.21%, 04/20/34			650		646,793
Series 2019-2A, Class BR, (3 mo. LIBOR US + 1.65%), 2.71%, 04/20/34			975		962,268
Elmwood CLO IV Ltd., Series 2020-1A, Class A, (3 mo. LIBOR US + 1.24%), 2.28%, 04/15/33			300		297,630
FS Rialto 2021-FL3, Series 2021-FL3, Class A, (1 mo. LIBOR US + 1.25%), 1.80%, 11/16/36			389		378,877
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, (3 mo. LIBOR US + 0.97%), 2.01%, 10/15/30			600		595,829
Galaxy XVIII CLO Ltd., Series 2018-28A, Class A1, (3 mo. LIBOR US + 1.10%), 2.14%, 07/15/31			250		248,154
Generate CLO 3 Ltd., Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.75%), 2.81%, 10/20/29			2,025		2,015,281
Goldentree Loan Management US CLO Ltd., Series 2018-3A, Class B1, (3 mo. LIBOR US + 1.55%), 2.61%, 04/20/30			250		247,828
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class BR2, (3 mo. LIBOR US + 1.60%), 2.84%, 10/29/29			500		496,021
Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class AR2, (3 mo. LIBOR US + 1.07%), 2.11%, 01/18/31			250		248,544
Greywolf CLO III Ltd., Series 2020-3RA, Class A1R, (3 mo. LIBOR US + 1.29%), 2.43%, 04/15/33			500		500,776
Gulf Stream Meridian 4 Ltd., Class A2, (3 mo. LIBOR US + 1.85%), 2.89%, 07/15/34			500		492,497
Gulf Stream Meridian 5 Ltd., Series 2021-5A, Class A2, (3 mo. LIBOR US + 1.80%), 2.84%, 07/15/34			350		344,268
HPS Loan Management Ltd., Series 6A-2015, Class A1R, (3 mo. LIBOR US + 1.00%), 1.32%, 02/05/31			497		492,922
Jamestown CLO XII Ltd., Series 2019-1A, Class A2, (3 mo. LIBOR US + 2.15%), 3.21%, 04/20/32			442		438,699

Security		Par (000)		Value
Cayman Islands (continued)
Jamestown CLO XV Ltd., Series 2020-15A, Class A, (3 mo. LIBOR US + 1.34%), 2.38%, 04/15/33	USD		250	$	248,207
KKR CLO 17 Ltd., Series 17, Class AR, (3 mo. LIBOR US + 1.08%), 2.12%, 04/15/34			500		495,663
LoanCore Issuer Ltd., Series 2021-CRE5, Class A, (1 mo. LIBOR US + 1.30%), 1.85%, 07/15/36			4,520		4,458,125
Longfellow Place CLO Ltd., Series 2013-1A, Class BR3, (3 mo. LIBOR US + 1.75%), 2.79%, 04/15/29			500		496,887
Madison Park Funding XXV Ltd., Series 2017- 25A, Class A2R, (3 mo. LIBOR US + 1.65%), 2.83%, 04/25/29			712		707,014
Madison Park Funding XXVI Ltd., Series 2007- 4A, Class AR, (3 mo. LIBOR US + 1.20%), 2.44%, 07/29/30			461		461,310
Madison Park Funding XXXI Ltd., Series 2018- 31A, Class B, (3 mo. LIBOR US + 1.70%), 2.88%, 01/23/31			250		247,832
Mariner CLO 2016-3 LLC, Series 2016-3A, Class BR2, (3 mo. LIBOR US + 1.50%), 2.68%, 07/23/29			500		493,101
MF1 Ltd., Series 2021-FL6, Class A, (1 mo. LIBOR US + 1.10%), 1.65%, 07/16/36			2,970		2,929,396
Myers Park CLO Ltd., Series 2018-1A, Class B1, (3 mo. LIBOR US + 1.60%), 2.66%, 10/20/30			250		245,769
Neuberger Berman CLO Ltd.
Series 14A, Class AR2, (3 mo. LIBOR US + 1.03%), 2.27%, 01/28/30			248		247,063
Series 20A, Class BRR, (3 mo. LIBOR US + 1.65%), 2.69%, 07/15/34			250		246,584
Neuberger Berman CLO XXII Ltd., Series 2016- 22A, Class BR, (3 mo. LIBOR US + 1.65%), 2.69%, 10/17/30			250		247,655
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class BR, (3 mo. LIBOR US + 1.45%), 2.51%, 07/20/31			333		328,675
OCP CLO Ltd.
Series 2014-5A, Class A2R, (3 mo. LIBOR US + 1.40%), 2.61%, 04/26/31			450		441,101
Series 2014-7A, Class A2RR, (3 mo. LIBOR US + 1.65%), 2.71%, 07/20/29			250		246,884
Series 2016-11A, Class A2R, (3 mo. LIBOR US + 1.75%), 2.96%, 10/26/30			500		495,168
Series 2020-19A, Class BR, (3 mo. LIBOR US + 1.70%), 2.76%, 10/20/34			500		489,499
Octagon Investment Partners 29 Ltd., Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.18%), 2.36%, 01/24/33			250		247,742
Octagon Investment Partners 37 Ltd., Series 2018-2A, Class A2, (3 mo. LIBOR US + 1.58%), 2.76%, 07/25/30			250		246,534
Octagon Investment Partners 46 Ltd., Series 2020-2A, Class BR, (3 mo. LIBOR US + 1.65%), 2.69%, 07/15/36			800		789,224
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.35%), 2.39%, 07/19/30			487		484,534

10 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Cayman Islands (continued)
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A2R2, (3 mo. LIBOR US + 1.10%), 2.28%, 01/25/31	USD		300	$	297,084
OHA Credit Funding 3 Ltd., Series 2019-3A, Class BR, (3 mo. LIBOR US + 1.65%), 2.71%, 07/02/35			936		924,409
OHA Credit Funding 7 Ltd., Class AR, (SOFR + 1.30%), 2.15%, 02/24/37			250		246,418
OHA Loan Funding 2013-2 Ltd., Series 2013-2A, Class AR, (3 mo. LIBOR US + 1.04%), 1.50%, 05/23/31			500		495,594
OHA Loan Funding 2016-1 Ltd., Series 2016-1A, Class B1R, (3 mo. LIBOR US + 1.60%), 2.66%, 01/20/33			250		246,812
Palmer Square CLO Ltd.
Series 2015-1A, Class A2R4, (3 mo. LIBOR US + 1.70%), 2.18%, 05/21/34			500		494,209
Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.03%), 2.07%, 04/18/31			250		247,429
Park Avenue Institutional Advisers CLO Ltd.
Class A1R, (3 mo. LIBOR US + 1.20%), 1.66%, 08/23/31			500		497,313
Class A2R, (3 mo. LIBOR US + 1.55%), 1.94%, 02/14/34			500		483,912
Series 2019-1A, Class A2A, (3 mo. LIBOR US + 2.00%), 2.51%, 05/15/32			250		247,422
Pikes Peak CLO 1, Series 2018-1A, Class A, (3 mo. LIBOR US + 1.18%), 2.36%, 07/24/31			555		552,709
Pikes Peak CLO 8, Series 2021-8A, Class A, (3 mo. LIBOR US + 1.17%), 2.23%, 07/20/34			600		592,643
RAD CLO Ltd.
Series 2019-3A, Class BR, (3 mo. LIBOR US + 1.55%), 2.59%, 04/15/32			250		245,527
Series 2020-7A, Class A1, (3 mo. LIBOR US + 1.20%), 2.24%, 04/17/33			250		248,059
Recette Clo Ltd., Series 2015-1A, Class BRR, (3 mo. LIBOR US + 1.40%), 2.46%, 04/20/34			250		244,229
Regatta VII Funding Ltd., Series 2016-1A, Class A1R2, (3 mo. LIBOR US + 1.15%), 2.08%, 06/20/34			450		442,788
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3 mo. LIBOR US + 1.45%), 2.49%, 01/15/34			350		343,569
Rockford Tower CLO Ltd.
Series 2017-1A, Class BR2A, (3 mo. LIBOR US + 1.65%), 2.71%, 04/20/34			500		492,515
Series 2017-2A, Class BR, (3 mo. LIBOR US + 1.50%), 2.54%, 10/15/29			500		493,836
Series 2018-1A, Class A, (3 mo. LIBOR US + 1.10%), 1.58%, 05/20/31			250		248,041
Romark CLO II Ltd., Series 2018-2A, Class A1, (3 mo. LIBOR US + 1.18%), 2.36%, 07/25/31			250		247,416
Signal Peak CLO 5 Ltd., Series 2018-5A, Class A, (3 mo. LIBOR US + 1.11%), 2.29%, 04/25/31			300		298,235
Signal Peak CLO 8 Ltd.
Series 2020-8A, Class A, (3 mo. LIBOR US + 1.27%), 2.33%, 04/20/33			250		247,447

Security		Par (000)		Value
Cayman Islands (continued)
Signal Peak CLO 8 Ltd. (continued)
Series 2020-8A, Class B, (3 mo. LIBOR US + 1.65%), 2.71%, 04/20/33	USD		300	$	291,924
Sixth Street CLO XVI Ltd.
Series 2020-16A, Class A1A, (3 mo. LIBOR US + 1.32%), 2.38%, 10/20/32			948		943,591
Series 2020-16A, Class B, (3 mo. LIBOR US + 1.85%), 2.91%, 10/20/32			710		702,251
Sound Point CLO XV Ltd., Series 2017-1A, Class BR, (3 mo. LIBOR US + 1.50%), 2.68%, 01/23/29			250		247,041
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, (3 mo. LIBOR US + 1.15%), 2.19%, 10/15/31			250		248,124
TICP CLO VI Ltd.
Series 2016-6A, Class AR2, (3 mo. LIBOR US + 1.12%), 2.16%, 01/15/34			500		493,737
Series 2016-6A, Class BR2, (3 mo. LIBOR US + 1.50%), 2.54%, 01/15/34			500		491,561
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3 mo. LIBOR US + 1.65%), 2.69%, 07/15/34			700		689,579
TRESTLES CLO III Ltd., Series 2020-3A, Class A1, (3 mo. LIBOR US + 1.33%), 2.39%, 01/20/33			2,489		2,472,236
Trimaran Cavu Ltd., Series 2019-1A, Class B, (3 mo. LIBOR US + 2.20%), 3.26%, 07/20/32			500		495,187
Trinitas CLO XIV Ltd.
Series 2020-14A, Class B, (3 mo. LIBOR US + 2.00%), 3.18%, 01/25/34			473		467,688
Series 2020-14A, Class C, (3 mo. LIBOR US + 3.00%), 4.18%, 01/25/34			1,023		1,019,584
Voya CLO Ltd.
Series 2013-3A, Class A1RR, (3 mo. LIBOR US + 1.15%), 2.19%, 10/18/31			249		247,320
Series 2017-3A, Class A1R, (3 mo. LIBOR US + 1.04%), 2.10%, 04/20/34			250		244,666
Series 2017-4A, Class B, (3 mo. LIBOR US + 1.45%), 2.49%, 10/15/30			250		246,366
Series 2018-3A, Class A1A, (3 mo. LIBOR US + 1.15%), 2.19%, 10/15/31			250		248,248
Whitebox CLO Ltd.
Series 2020-2A, Class A1R, (3 mo. LIBOR US + 1.22%), 2.40%, 10/24/34			1,390		1,373,441
Series 2020-2A, Class BR, (3 mo. LIBOR US + 1.75%), 2.93%, 10/24/34			726		717,083
					88,077,945
Ireland(a) — 0.0%
Avoca CLO XV DAC, Series 15X, Class B2R, (3 mo. EURIBOR + 1.05%), 1.05%, 04/15/31(c)	EUR		134		139,937
CIFC European Funding CLO II DAC, Series 2X, Class B1, (3 mo. EURIBOR + 1.60%), 1.60%, 04/15/33(c)			593		611,007
Harvest CLO XVIII DAC, Series 18X, Class B, 1.20%, 10/15/30			662		684,260
Holland Park CLO DAC, Series 1X, Class A1RR, (3 mo. EURIBOR + 0.92%), 0.92%, 11/14/32(c)			390		409,212

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 11

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ireland (continued)
OAK Hill European Credit Partners V Designated Activity Co., Series 2016-5A, Class BR, (3 mo. EURIBOR + 1.90%), 1.90%, 01/21/35(b)	EUR		590	$	617,243
OAK Hill European Credit Partners VI DAC, Series 2017-6X, Class B1, 0.75%, 01/20/32			456		470,463
OCP Euro CLO DAC, Series 2017-2X, Class B, (3 mo. EURIBOR + 1.35%), 1.35%, 01/15/32(c)			456		473,261
Prodigy Finance DAC(b)
Series 2021-1A, Class B, (1 mo. LIBOR US + 2.50%), 2.96%, 07/25/51	USD		1,900		1,886,458
Series 2021-1A, Class C, (1 mo. LIBOR US + 3.75%), 4.21%, 07/25/51			1,100		1,093,868
Series 2021-1A, Class D, (1 mo. LIBOR US + 5.90%), 6.36%, 07/25/51			720		715,092
Rockford Tower Europe CLO DAC, Series 2018- 1X, Class B, (3 mo. EURIBOR + 1.85%), 1.85%, 12/20/31(c)	EUR		593		624,226
					7,725,027
United States — 1.4%
AccessLex Institute, Series 2007-A, Class A3, (3 mo. LIBOR US + 0.30%), 0.80%, 05/25/36(a)	USD		2,413		2,344,190
AIMCO CLO, Series 2018-AA, Class B, (3 mo. LIBOR US + 1.40%), 2.44%, 04/17/31(a)(b)			466		459,347
Ajax Mortgage Loan Trust(a)(b)
Series 2021-E, Class A1, 1.74%, 12/25/60			25,672		23,240,124
Series 2021-E, Class A2, 2.69%, 12/25/60			3,304		2,899,814
Series 2021-E, Class B1, 3.73%, 12/25/60			2,184		1,884,897
Series 2021-E, Class M1, 2.94%, 12/25/60			1,332		1,122,178
Anchorage Capital CLO Ltd., Series 2014-3RA, Class A, (3 mo. LIBOR US + 1.05%), 2.29%, 01/28/31(a)(b)			249		248,399
Apidos CLO XII, Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.08%), 2.12%, 04/15/31(a)(b)			550		545,714
Apidos CLO XV, Series 2013-15A, Class A1RR, (3 mo. LIBOR US + 1.01%), 2.07%, 04/20/31(a)(b)			1,770		1,755,706
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17%, 09/17/31(b)			730		737,345
BHG Securitization Trust(b)
Series 2021-A, Class A, 1.42%, 11/17/33			3,332		3,151,649
Series 2021-A, Class B, 2.79%, 11/17/33			510		468,601
Series 2021-A, Class C, 3.69%, 11/17/33			230		212,288
Brex Commercial Charge Card Master Trust, Series 2021-1, Class A, 2.09%, 07/15/24(b)			5,560		5,476,550
Chenango Park CLO Ltd., Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.55%), 2.59%, 04/15/30(a)(b)			1,143		1,127,033
CIFC Funding Ltd.(a)(b)
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.75%), 2.79%, 07/16/30			250		248,686
Series 2017-3A, Class A2, (3 mo. LIBOR US + 1.80%), 2.86%, 07/20/30			637		632,131
Clear Creek CLO, Series 2015-1A, Class AR, (3 mo. LIBOR US + 1.20%), 2.26%, 10/20/30(a)(b)			313		312,051

Security		Par (000)		Value
United States (continued)
College Avenue Student Loans LLC, Series 2021-B, Class D, 3.78%, 06/25/52(b)	USD		230	$	211,479
Cook Park CLO Ltd., Series 2018-1A, Class B, (3 mo. LIBOR US + 1.40%), 2.44%, 04/17/30(a)(b)			1,148		1,127,799
FS RIALTO, Series 2021-FL2, Class A, (1 mo. LIBOR US + 1.22%), 1.77%, 05/16/38(a)(b)			1,160		1,146,104
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, 2.10%, 05/20/48(b)			14,080		12,364,143
Gracie Point International Funding(a)(b)
Class B, (1 mo. LIBOR US + 1.40%), 1.86%, 11/01/23			1,240		1,232,631
Class C, (1 mo. LIBOR US + 2.40%), 2.86%, 11/01/23			1,640		1,621,935
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class A1, (3 mo. LIBOR US + 1.37%), 2.41%, 04/15/33(a)(b)			4,718		4,697,700
Lendmark Funding Trust(b)
Series 2021-1A, Class A, 1.90%, 11/20/31			11,350		10,114,298
Series 2021-1A, Class B, 2.47%, 11/20/31			2,920		2,584,209
Series 2021-1A, Class C, 3.41%, 11/20/31			2,220		1,972,955
Series 2021-1A, Class D, 5.05%, 11/20/31			1,900		1,669,027
Series 2021-2A, Class D, 4.46%, 04/20/32			2,210		1,890,893
Loanpal Solar Loan Ltd., Series 2020-2GF, Class A, 2.75%, 07/20/47(b)			3,974		3,653,882
Madison Park Funding XIII Ltd., Series 2014- 13A, Class BR2, (3 mo. LIBOR US + 1.50%), 2.54%, 04/19/30(a)(b)			900		892,024
Mariner Finance Issuance Trust, Series 2020- AA, Class A, 2.19%, 08/21/34(b)			5,860		5,633,978
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54%, 03/20/26(b)			20,710		20,048,587
Mosaic Solar Loans LLC(b)
Series 2017-2A, Class A, 3.82%, 06/22/43			1,132		1,100,628
Series 2021-2A, Class B, 2.09%, 04/22/47			3,441		3,108,497
Navient Private Education Refi Loan Trust(b)
Series 2021-DA, Class A, (Prime - 1.99%), 1.51%, 04/15/60(a)			14,741		14,124,990
Series 2021-DA, Class B, 2.61%, 04/15/60			2,900		2,766,503
Series 2021-DA, Class C, 3.48%, 04/15/60			7,450		6,778,473
Series 2021-DA, Class D, 4.00%, 04/15/60			2,370		2,160,241
Nelnet Student Loan Trust(b)
Series 2021-A, Class B2, 2.85%, 04/20/62			24,290		21,789,782
Series 2021-A, Class C, 3.75%, 04/20/62			14,080		13,132,265
Series 2021-A, Class D, 4.93%, 04/20/62			6,030		5,473,839
Series 2021-BA, Class C, 3.57%, 04/20/62			6,450		5,609,348
Series 2021-BA, Class D, 4.75%, 04/20/62			1,880		1,653,428
Series 2021-CA, Class C, 3.36%, 04/20/62			850		737,320
Series 2021-CA, Class D, 4.44%, 04/20/62			2,610		2,273,944
Oportun Issuance Trust(b)
Series 2021-B, Class A, 1.47%, 05/08/31			7,060		6,619,500
Series 2021-B, Class B, 1.96%, 05/08/31			1,340		1,266,838
Series 2021-B, Class C, 3.65%, 05/08/31			630		608,183
Pagaya AI Debt Selection Trust, Series 2021-2, Class NOTE, 3.00%, 01/25/29(b)			11,620		11,305,171
Palmer Square Loan Funding Ltd., Series 2019- 3A, Class A2, (3 mo. LIBOR US + 1.60%), 2.08%, 08/20/27(a)(b)			500		497,690

12 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A, Class A2R, (3 mo. LIBOR US + 1.80%), 2.26%, 08/23/31(a)(b)	USD		610	$	599,986
Progress Residential, Series 2021-SFR3, Class F, 3.44%, 05/17/26(b)			2,736		2,427,513
Regional Management Issuance, 3.88%, 10/17/33(b)(d)			27,070		25,242,775
SLM Private Education Loan Trust, Series 2010-C, Class A5, (1 mo. LIBOR US + 4.75%), 5.30%, 10/15/41(a)(b)			15,373		17,010,180
SMB Private Education Loan Trust(b)
Series 2021-A, Class C, 2.99%, 01/15/53			14,420		13,118,928
Series 2021-A, Class D1, 3.86%, 01/15/53			7,740		7,191,534
Series 2021-A, Class D2, 3.86%, 01/15/53			4,220		3,902,814
Series 2021-C, Class B, 2.30%, 01/15/53			1,490		1,364,507
Series 2021-C, Class C, 3.00%, 01/15/53			1,240		1,166,529
Series 2021-C, Class D, 3.93%, 01/15/53			590		549,604
Upstart Pass-Through Trust Series(b)
Series 2021-ST4, Class A, 2.00%, 07/20/27			1,281		1,235,260
Series 2021-ST5, Class A, 2.00%, 07/20/27			659		633,401
York CLO 1 Ltd., Series 2014-1A, Class BRR, (3 mo. LIBOR US + 1.65%), 2.79%, 10/22/29(a)(b)			466		463,449
					293,641,467
Total Asset-Backed Securities — 1.8% (Cost: $411,054,176)					389,444,439
		Shares
Common Stocks
Australia — 0.6%
BHP Group Ltd.(e)			676,106		22,657,958
BHP Group Ltd.			137,303		4,588,038
CSL Ltd.			10,694		2,040,951
Endeavour Group Ltd.			624,139		3,416,572
Glencore PLC			9,906,580		61,041,018
Goodman Group			191,301		3,183,993
IGO Ltd.			30,118		273,844
Northern Star Resources Ltd.			88,516		608,440
Quintis HoldCo. Pty. Ltd.(d)(f)			43,735,802		6,458,420
Rio Tinto PLC			256,110		18,095,745
Santos Ltd.			30,971		173,068
South32 Ltd.			3,306,176		11,010,678
Treasury Wine Estates Ltd.			276,454		2,187,216
Wesfarmers Ltd.			8,480		293,434
Woodside Petroleum Ltd.			94,884		2,064,304
					138,093,679
Belgium — 0.0%
Etablissements Franz Colruyt NV			63,654		2,337,426
Solvay SA			2,758		259,355
					2,596,781
Brazil — 0.1%
Banco do Brasil SA			136,236		915,414
Embraer SA(g)			254,336		731,017
Engie Brasil Energia SA			241,538		2,047,036
Hapvida Participacoes e Investimentos SA(b)			87,406		155,048
Locaweb Servicos de Internet SA(b)(g)			323,923		469,772

Security	Shares		Value
Brazil (continued)
Natura & Co. Holding SA		77,440	$	291,186
NU Holdings Ltd., Class A(e)(g)		1,522,428		9,149,792
Rede D’Or Sao Luiz SA(b)		20,586		152,939
Sendas Distribuidora SA		634,742		1,961,763
Ultrapar Participacoes SA		100,291		265,133
WEG SA		160,080		974,607
				17,113,707
Canada — 1.3%
Alimentation Couche-Tard, Inc.		44,262		1,970,454
Bank of Montreal		4,949		524,737
Barrick Gold Corp.		91,808		2,047,483
Canadian National Railway Co.		22,246		2,616,219
Cenovus Energy, Inc.		4,713,611		87,138,401
CGI, Inc.(g)		4,035		321,757
Enbridge, Inc.		3,814,653		166,465,144
George Weston Ltd.		12,055		1,499,732
Great-West Lifeco, Inc.		20,255		558,780
Lululemon Athletica, Inc.(g)		2,331		826,643
Nutrien Ltd.		43,062		4,231,617
Power Corp. of Canada		7,539		221,830
Restaurant Brands International, Inc.		25,540		1,459,059
Royal Bank of Canada		1,635		165,135
Shopify, Inc., Class A(g)		1,992		852,111
Sun Life Financial, Inc.		7,126		354,511
Thomson Reuters Corp.		13,154		1,315,144
Toronto-Dominion Bank		8,966		647,612
				273,216,369
Cayman Islands — 0.0%
Salt Pay Co., Ltd., Series C, (Acquired 11/16/21, Cost: $10,172,087)(b)(d)(h)		5,237		8,140,707
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, ADR		63,285		4,670,433
China — 2.2%
AAC Technologies Holdings, Inc.		348,500		814,021
Agricultural Bank of China Ltd., Class H		9,831,000		3,687,233
Aier Eye Hospital Group Co. Ltd., Class A		931,793		4,985,835
Alibaba Group Holding Ltd.(g)		1,830,600		22,329,069
Alibaba Group Holding Ltd., ADR(g)		210,338		20,421,716
Amoy Diagnostics Co. Ltd., Class A		545,350		3,730,100
Anhui Gujing Distillery Co. Ltd., Class B		14,700		195,584
Asymchem Laboratories Tianjin Co. Ltd., Class A		95,203		3,796,576
Bank of China Ltd., Class H		6,604,000		2,591,294
BYD Co. Ltd., Class A		739,800		26,690,363
BYD Co. Ltd., Class H		65,500		1,906,163
BYD Electronic International Co. Ltd.		370,000		737,539
China Construction Bank Corp., Class H		8,650,000		6,162,251
China Feihe Ltd.(b)		1,844,000		1,753,216
China Hongqiao Group Ltd.		2,642,000		3,287,253
China Life Insurance Co. Ltd., Class H		762,000		1,107,317
China Literature Ltd.(b)(g)		112,600		473,159
China Merchants Bank Co. Ltd., Class H		198,000		1,193,394
China National Building Material Co. Ltd., Class H		4,032,000		5,365,833
China Pacific Insurance Group Co. Ltd., Class H		734,800		1,629,032
China Petroleum & Chemical Corp., Class H		11,484,000		5,621,092
China Resources Cement Holdings Ltd.		746,000		618,983

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 13

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Resources Gas Group Ltd.		338,000	$	1,269,997
China Tourism Group Duty Free Corp. Ltd., Class A		168,600		4,549,088
Contemporary Amperex Technology Co. Ltd., Class A		554,200		33,589,056
COSCO SHIPPING Holdings Co. Ltd., Class A(g)		496,100		1,062,035
COSCO SHIPPING Holdings Co. Ltd., Class H(g)		964,400		1,500,376
Country Garden Services Holdings Co. Ltd.		179,000		754,446
CSPC Pharmaceutical Group Ltd.		1,066,000		1,089,820
Dali Foods Group Co. Ltd.(b)		406,000		206,615
Dongfeng Motor Group Co. Ltd., Class H		1,500,000		1,094,242
Enn Energy Holdings Ltd.		76,700		1,027,402
Foshan Haitian Flavouring & Food Co. Ltd., Class A		614,130		7,487,530
Ganfeng Lithium Co. Ltd., Class H(b)		1,018,400		12,189,447
Glodon Co. Ltd., Class A		521,830		3,597,674
Great Wall Motor Co. Ltd., Class H		2,523,000		3,533,276
Gree Electric Appliances, Inc. of Zhuhai, Class A		617,700		2,884,574
Guangzhou Baiyun International Airport Co. Ltd., Class A		2,430,771		4,340,734
Haidilao International Holding Ltd.(b)(e)		1,547,000		3,002,723
Haier Smart Home Co. Ltd., Class H		238,600		842,925
Hangzhou Robam Appliances Co. Ltd., Class A		1,402,733		6,476,881
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		257,800		2,498,467
Hundsun Technologies, Inc., Class A		796,299		4,538,632
Hygeia Healthcare Holdings Co. Ltd.(b)(e)		840,600		4,062,087
Industrial & Commercial Bank of China Ltd., Class H		9,658,000		5,821,903
Innovent Biologics, Inc.(b)(g)		173,500		538,100
Jafron Biomedical Co. Ltd., Class A		131,900		816,390
JD Health International, Inc.(b)(g)		2,071,100		12,911,357
JD.com, Inc., Class A(g)		285,497		8,901,378
Jiangsu Hengrui Medicine Co. Ltd., Class A		753,300		3,327,110
Jinxin Fertility Group Ltd.(b)(g)		4,535,000		2,842,499
JiuGui Liquor Co. Ltd., Class A		42,300		946,880
Jiumaojiu International Holdings Ltd.(b)(e)		1,647,000		3,623,533
Kindstar Globalgene Technology, Inc.(b)(g)		7,490,500		2,010,199
Kingsoft Corp. Ltd.		1,132,800		3,399,541
Kweichow Moutai Co. Ltd., Class A		28,100		7,713,338
Lenovo Group Ltd.		4,402,000		4,274,354
Li Auto, Inc., ADR(g)		744,003		16,687,987
Li Ning Co. Ltd.		158,000		1,231,478
Meituan, Class B(b)(g)		351,500		7,531,378
Microport Cardioflow Medtech Corp.(b)(e)(g)		13,018,000		4,543,922
Ming Yuan Cloud Group Holdings Ltd.(e)		1,255,000		1,630,018
NetEase, Inc.		137,590		2,635,573
Nongfu Spring Co. Ltd., Class H(b)		351,000		1,857,466
NXP Semiconductors NV		189,967		32,465,360
PetroChina Co. Ltd., Class H		2,622,000		1,244,647
Pharmaron Beijing Co. Ltd., Class A		54,700		1,026,033
Pharmaron Beijing Co. Ltd., Class H(b)		177,400		2,228,578
PICC Property & Casualty Co. Ltd., Class H		2,412,000		2,467,039
Ping An Insurance Group Co. of China Ltd., Class H		329,000		2,079,515
Shanghai Jinjiang International Hotels Co. Ltd., Class A		579,800		4,654,597

Security	Shares		Value
China (continued)
TBEA Co. Ltd., Class A		294,500	$	848,207
Tencent Holdings Ltd.		1,614,400		76,078,415
Tingyi Cayman Islands Holding Corp.		724,000		1,321,416
Venustech Group, Inc., Class A		1,034,688		2,706,166
Want Want China Holdings Ltd.		1,160,000		1,047,093
Wilmar International Ltd.		161,300		514,175
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A		570,587		2,476,662
WuXi AppTec Co. Ltd., Class A		247,553		3,815,051
WuXi AppTec Co. Ltd., Class H(b)		11,100		150,980
Wuxi Biologics Cayman, Inc.(b)(g)		759,806		5,607,984
Yifeng Pharmacy Chain Co. Ltd., Class A		544,856		3,001,182
Yonyou Network Technology Co. Ltd., Class A		1,506,909		4,295,951
Yum China Holdings, Inc.(e)		104,000		4,305,099
Zhongsheng Group Holdings Ltd.		103,500		683,909
Zijin Mining Group Co. Ltd., Class A		305,700		502,993
Zijin Mining Group Co. Ltd., Class H		616,000		896,962
ZTE Corp., Class H		731,000		1,534,812
				469,892,280
Denmark — 0.3%
AP Moller - Maersk A/S, Class B		1,511		4,373,176
DSV A/S		100,978		16,555,511
GN Store Nord A/S		31,339		1,176,138
Novo Nordisk A/S, Class B		169,628		19,375,967
Pandora A/S		238,894		20,976,420
				62,457,212
Finland — 0.0%
Fortum OYJ		60,685		1,008,940
Wartsila OYJ Abp		207,979		1,670,038
				2,678,978
France — 1.7%
Airbus SE		2,251		246,421
Arkema SA		387,714		44,177,798
BNP Paribas SA		707,091		36,663,640
Cie de Saint-Gobain		1,152,690		67,245,814
Credit Agricole SA		26,227		283,201
Danone SA		508,028		30,721,088
Electricite de France SA		337,983		3,072,617
Engie SA		110,410		1,302,890
EssilorLuxottica SA		111,456		18,975,130
Faurecia SE		7,812		169,817
Kering SA		4,659		2,478,925
La Francaise des Jeux SAEM(b)		89,223		3,331,673
LVMH Moet Hennessy Louis Vuitton SE		184,212		119,210,034
Orpea SA		88,732		3,173,260
Pernod Ricard SA		9,385		1,936,915
Remy Cointreau SA		6,462		1,280,987
Schneider Electric SE		23,263		3,337,522
Societe Generale SA		533,325		12,817,956
TotalEnergies SE		268,338		13,176,191
Veolia Environnement SA		12,949		377,807
				363,979,686
Germany — 2.8%
Adidas AG		8,115		1,636,464
Allianz SE, Registered Shares		1,204		271,663
Auto1 Group SE(b)(e)(g)		820,992		8,595,913
BASF SE		56,599		2,980,672
Bayerische Motoren Werke AG		15,077		1,231,275
Covestro AG(b)		13,332		574,016

14 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Daimler Truck Holding AG(g)		94,910	$	2,552,578
Deutsche Boerse AG		7,356		1,280,639
Deutsche Telekom AG, Registered Shares		7,204,333		132,712,090
E.ON SE		40,668		423,230
Infineon Technologies AG		434,611		12,335,657
LANXESS AG		7,381		285,320
LEG Immobilien SE		2,263		232,027
Mercedes-Benz Group AG, Registered Shares		2,059,337		143,744,126
Rheinmetall AG		868		195,668
SAP SE		539,021		54,627,594
Siemens AG, Registered Shares		1,295,286		159,261,855
Siemens Energy AG(g)		42,653		821,593
Telefonica Deutschland Holding AG		959,724		2,886,398
Uniper SE		81,475		2,094,286
Vantage Towers AG		2,293,086		77,968,780
Vonovia SE(e)		8,351		332,712
				607,044,556
Hong Kong — 0.3%
AIA Group Ltd.		5,205,200		51,134,622
ASM Pacific Technology Ltd.		165,600		1,668,881
China Gas Holdings Ltd.		787,000		959,327
Hong Kong & China Gas Co. Ltd.		173,000		190,805
Link REIT		345,500		2,984,354
Orient Overseas International Ltd.		32,000		883,011
SITC International Holdings Co. Ltd.		1,231,000		4,092,420
SJM Holdings Ltd.(g)		565,000		237,336
WH Group Ltd.(b)		2,255,500		1,557,646
				63,708,402
India — 0.1%
HCL Technologies Ltd.		129,264		1,810,541
Indian Oil Corp. Ltd.		494,327		806,431
Think & Learn Private Ltd., (Acquired 12/11/20, Cost: $8,580,000)(b)(d)(h)		5,720		26,657,291
				29,274,263
Ireland — 0.1%
Accenture PLC, Class A		1,968		591,108
Experian PLC		13,792		476,298
Icon PLC(g)		39,884		9,022,160
Kingspan Group PLC		76,697		7,139,497
Medtronic PLC		10,828		1,130,010
Seagate Technology Holdings PLC		29,449		2,415,996
Trane Technologies PLC		56,556		7,911,619
				28,686,688
Israel(e)(g) — 0.3%
Nice Ltd., ADR		330,129		68,141,927
SimilarWeb Ltd.		129,735		1,643,742
				69,785,669
Italy — 0.4%
Enel SpA		631,623		4,107,376
Ferrari NV		74,688		15,725,913
Intesa Sanpaolo SpA		26,931,819		54,879,414
UniCredit SpA		17,978		166,388
				74,879,091
Japan — 1.0%
AGC, Inc.		9,200		344,903
Astellas Pharma, Inc.		168,250		2,561,727
Capcom Co. Ltd.		900		23,748

Security	Shares		Value
Japan (continued)
Chubu Electric Power Co., Inc.		23,200	$	234,206
CyberAgent, Inc.		116,000		1,225,524
Eisai Co. Ltd.		49,000		2,133,996
ENEOS Holdings, Inc.		52,200		183,672
FANUC Corp.		497,300		76,200,310
Fujitsu Ltd.		11,400		1,723,100
GLP J-REIT		123		165,973
Hino Motors Ltd.		269,900		1,393,221
Hoya Corp.		428,450		42,520,277
Inpex Corp.		62,400		742,445
ITOCHU Corp.		9,400		283,701
Japan Post Bank Co. Ltd.		193,400		1,459,065
Japan Tobacco, Inc.		13,100		222,854
Kansai Electric Power Co., Inc.		50,900		446,189
Kao Corp.		57,500		2,304,512
Keyence Corp.		28,929		11,629,577
Kirin Holdings Co. Ltd.		62,400		909,650
Kose Corp.		203,200		20,860,713
Kyowa Kirin Co. Ltd.		93,000		1,960,140
Mazda Motor Corp.		203,800		1,447,133
Mitsubishi Electric Corp.		241,500		2,529,541
Mizuho Financial Group, Inc.		189,300		2,298,614
MS&AD Insurance Group Holdings, Inc.		13,700		407,811
NEC Corp.		55,700		2,160,930
Nomura Holdings, Inc.		650,100		2,503,179
Obic Co. Ltd.		2,200		325,026
Olympus Corp.		46,300		814,932
Oracle Corp.		34,200		2,197,738
Oriental Land Co. Ltd.		2,500		378,175
Otsuka Corp.		6,400		209,742
Otsuka Holdings Co. Ltd.		13,600		456,993
Pan Pacific International Holdings Corp.		117,800		1,803,913
Recruit Holdings Co. Ltd.		487,163		17,675,049
Ryohin Keikaku Co. Ltd.		266,700		2,396,866
Santen Pharmaceutical Co. Ltd.		52,500		427,071
Shionogi & Co. Ltd.		38,700		2,152,723
Ship Healthcare Holdings Inc.		7,700		128,620
Softbank Corp.		25,000		290,947
Sony Group Corp.		2,700		233,013
Sumitomo Mitsui Trust Holdings, Inc.		21,600		670,410
Suzuki Motor Corp.		10,500		316,524
Sysmex Corp.		32,400		2,125,361
Terumo Corp.		79,500		2,366,328
Tokio Marine Holdings, Inc.		6,800		367,667
Toray Industries, Inc.		52,700		249,760
Toyo Suisan Kaisha Ltd.		10,800		333,465
Toyota Motor Corp.		36,300		621,953
Yamato Holdings Co. Ltd.		88,600		1,657,883
				219,076,870
Luxembourg — 0.1%
ArcelorMittal SA		246,442		7,185,681
Arrival SA(e)(g)		1,150,069		2,219,633
				9,405,314
Macau — 0.0%
Sands China Ltd.(g)		318,000		700,928
Mexico — 0.0%
America Movil SAB de CV, Series L		238,828		232,432

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 15

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Fomento Economico Mexicano SAB de CV		122,085	$	917,978
Grupo Bimbo SAB de CV, Series A		351,629		1,083,844
				2,234,254
Netherlands — 1.9%
Adyen NV(b)(g)		29,434		49,369,453
Akzo Nobel NV		487,241		42,266,442
ASML Holding NV		196,148		111,321,537
ING Groep NV		10,211,279		96,743,798
Koninklijke Ahold Delhaize NV		133,860		3,948,330
Koninklijke Philips NV		87,094		2,275,864
Randstad NV		40,738		2,154,190
Shell PLC(i)		2,294,365		61,948,872
Shell PLC, ADR		817,109		43,658,134
Stellantis NV		178,851		2,401,190
Wolters Kluwer NV		11,825		1,194,121
				417,281,931
Norway — 0.1%
LINK Mobility Group Holding ASA(g)		574,319		927,993
Norsk Hydro ASA		1,202,298		10,096,322
Orkla ASA		18,875		153,164
Yara International ASA		65,836		3,347,642
				14,525,121
Poland — 0.0%
Dino Polska SA(b)(g)		1,731		111,982
Polski Koncern Naftowy ORLEN SA		72,445		1,223,917
				1,335,899
Saudi Arabia — 0.0%
Dr. Sulaiman Al Habib Medical Services Group Co.		7,143		379,131
South Africa — 0.1%
Anglo American PLC		542,190		24,014,122
FirstRand Ltd.		51,218		220,580
Impala Platinum Holdings Ltd.		28,785		372,346
Kumba Iron Ore Ltd.(i)		43,598		1,447,388
				26,054,436
South Korea — 0.8%
Amorepacific Corp.		175,135		24,922,722
Coupang, Inc.(e)(g)		501,395		6,452,954
DL E&C Co. Ltd.(e)		3,314		155,865
Fila Holdings Corp.(e)		21,608		552,106
Hana Financial Group, Inc.		71,846		2,667,405
Kakao Corp.		159,484		11,140,518
KB Financial Group, Inc.		32,660		1,519,476
Kia Corp.		25,027		1,641,527
KT&G Corp.		2,937		192,869
LG Chem Ltd.		38,158		15,628,180
LG Display Co. Ltd.(e)		44,186		577,344
LG Energy Solution(e)(g)		240,586		79,876,084
Samsung Electronics Co. Ltd.		59,851		3,189,672
Samsung Fire & Marine Insurance Co. Ltd.		6,708		1,111,905
Samsung SDI Co. Ltd.(e)		52,232		24,880,937
SK Hynix, Inc.		7,690		673,860
				175,183,424
Spain — 0.4%
Cellnex Telecom SA(b)		1,932,446		90,071,848

Security	Shares		Value
Spain (continued)
Endesa SA		68,848	$	1,442,878
Iberdrola SA		188,662		2,167,878
				93,682,604
Sweden — 0.5%
Atlas Copco AB, A Shares		224,870		10,194,898
Epiroc AB, Class A		517,710		10,495,567
Evolution AB(b)		1,584		162,516
H & M Hennes & Mauritz AB, B Shares		126,453		1,591,926
Hexagon AB, B Shares		735,516		9,490,305
Holmen AB		6,973		403,031
Husqvarna AB, B Shares		160,218		1,531,541
Kinnevik AB, Class B(g)		11,459		224,281
Lundin Energy AB		66,243		2,738,873
Skanska AB, B Shares		19,290		368,481
SKF AB, B Shares		108,651		1,774,562
Telefonaktiebolaget LM Ericsson, B Shares		353,843		2,822,684
Telia Co. AB		377,571		1,567,151
Volvo AB, B Shares		4,203,876		67,066,240
				110,432,056
Switzerland — 0.8%
ABB Ltd., Registered Shares		94,655		2,839,833
Cie Financiere Richemont SA, Class A, Registered Shares		94,212		10,946,557
Coca-Cola HBC AG		141,496		2,868,673
Julius Baer Group Ltd.		13,918		665,111
Kuehne + Nagel International AG, Registered Shares		2,503		700,205
Lonza Group AG, Registered Shares		28,909		17,045,724
Nestle SA, Registered Shares		134,716		17,391,037
Novartis AG, Registered Shares		35,229		3,113,160
On Holding AG, Class A(e)(g)		52,816		1,318,816
Partners Group Holding AG		2,460		2,606,363
Roche Holding AG		1,569		581,807
SGS SA, Registered Shares		128		328,899
Sika AG, Registered Shares		59,898		18,296,322
STMicroelectronics NV		302,198		11,165,358
Straumann Holding AG, Registered Shares		56,396		6,648,613
Swatch Group AG		3,807		977,039
Swisscom AG, Registered Shares		409		241,842
TE Connectivity Ltd.		630,833		78,715,342
Temenos AG, Registered Shares		26,358		2,660,728
UBS Group AG, Registered Shares		31,613		536,682
				179,648,111
Taiwan — 0.5%
ASE Technology Holding Co. Ltd.		200,000		638,072
Evergreen Marine Corp. Taiwan Ltd.		385,000		1,850,669
MediaTek, Inc.		139,000		3,831,949
Novatek Microelectronics Corp.		157,000		2,076,886
SinoPac Financial Holdings Co. Ltd.		475,000		292,516
Taiwan Cooperative Financial Holding Co. Ltd.		854,000		821,227
Taiwan Semiconductor Manufacturing Co. Ltd.		5,776,000		104,445,354
Unimicron Technology Corp.		143,000		1,003,020
United Microelectronics Corp.		644,000		1,023,051
Wan Hai Lines Ltd.		135,000		654,376
Yang Ming Marine Transport Corp.(g)		323,000		1,347,530
				117,984,650
Turkey — 0.0%
BIM Birlesik Magazalar A/S		50,900		285,961

16 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United Arab Emirates(d) — 0.0%
Jawbone Health Hub, Inc., (Acquired 01/24/17, Cost: $0)(b)(h)		1,518,232	$	15
NMC Health PLC(g)		1,077,976		14
				29
United Kingdom — 2.3%
Alphawave IP Group PLC(e)(g)		2,084,903		3,932,493
Ashtead Group PLC		83,072		4,295,423
AstraZeneca PLC		908,336		121,209,516
Auto Trader Group PLC(b)		1,172,878		9,256,539
Barclays PLC		2,997,600		5,510,011
BP PLC		2,785,178		13,446,264
BP PLC, ADR		322,550		9,263,636
British American Tobacco PLC		5,136		215,262
Burberry Group PLC		102,769		2,028,193
Compass Group PLC		2,651,636		55,954,391
Diageo PLC		102,891		5,133,114
Dr. Martens PLC		304,896		797,187
Exscientia PLC, (Acquired 03/31/22, Cost: $15,553,138)(b)(h)		2,220,600		23,893,656
Ferguson PLC		2,308		289,537
Genius Sports Ltd.(g)		796,159		3,041,327
GlaxoSmithKline PLC		68,957		1,554,469
Hargreaves Lansdown PLC		28,082		321,492
Hedosophia European Growth(g)		1,041,660		8,082,406
Intertek Group PLC		5,515		343,667
Kingfisher PLC		595,738		1,878,701
Legal & General Group PLC		445,873		1,389,829
Linde PLC(g)		49,711		15,507,844
Lloyds Banking Group PLC		199,781,912		113,468,670
National Grid PLC		67,689		1,005,654
Natwest Group PLC		756,310		2,029,019
RELX PLC		19,995		595,661
Royal Mail PLC		104,054		446,006
Smith & Nephew PLC		44,594		722,804
Spirax-Sarco Engineering PLC		80,818		12,195,075
THG PLC(g)		1,558,352		2,092,241
Unilever PLC		1,920,739		89,295,382
Vodafone Group PLC		117,823		178,379
				509,373,848
United States — 37.9%
3M Co.		19,590		2,825,270
Abbott Laboratories(j)		1,293,472		146,809,062
AbbVie, Inc.(j)		706,673		103,796,140
Adobe, Inc.(g)		7,197		2,849,652
Advance Auto Parts, Inc.		82,233		16,416,174
Advanced Micro Devices, Inc.(g)		88,840		7,597,597
Agilent Technologies, Inc.		12,566		1,498,747
Air Products & Chemicals, Inc.		375,312		87,849,280
Airbnb, Inc., Class A(g)		8,684		1,330,476
Akamai Technologies, Inc.(g)		8,282		929,903
Albemarle Corp.		387,277		74,678,624
Alcoa Corp.		363,683		24,657,707
Alphabet, Inc., Class A(g)		692		1,579,275
Alphabet, Inc., Class C(g)(j)		136,086		312,906,622
Altair Engineering, Inc., Class A(g)		259,122		14,075,507
AltC Acquisition Corp., Class A(g)		620,753		6,046,134
Altice USA, Inc., Class A(g)		73,828		685,124
Altus Power, Inc., (Acquired 01/21/22, Cost: $4,543,500)(b)(h)		454,350		2,617,056

Security	Shares		Value
United States (continued)
Amazon.com, Inc.(g)(j)		121,207	$	301,275,755
American Tower Corp.		569,690		137,306,684
Amgen, Inc.		7,764		1,810,487
Amphenol Corp., Class A		5,566		397,969
ANSYS, Inc.(g)		68,568		18,903,512
Anthem, Inc.		1,967		987,296
Apple, Inc.(j)		2,500,046		394,132,252
Applied Materials, Inc.		577,918		63,773,251
Aptiv PLC(g)		344,404		36,644,586
Archer-Daniels-Midland Co.		354,868		31,781,978
Arthur J Gallagher and Co.		1,805		304,124
Astra Space, Inc., (Acquired 08/20/21, Cost: $7,485,660)(b)(h)		748,566		2,395,411
Atlassian Corp. PLC, Class A(g)		24,985		5,617,378
AutoZone, Inc.(g)		1,009		1,973,069
AvidXchange Holdings, Inc.(g)		17,910		146,683
Baker Hughes Co.		451,914		14,018,372
Ball Corp.		25,978		2,108,374
Bank of America Corp.(j)		3,967,337		141,554,584
Bank of New York Mellon Corp.		6,712		282,307
Bath & Body Works, Inc.		327,103		17,300,478
Baxter International, Inc.		10,401		739,095
Becton Dickinson and Co.		2,809		694,357
Berkshire Hathaway, Inc., Class B(g)		7,904		2,551,648
Best Buy Co., Inc.		32,309		2,905,548
Blend Labs, Inc., Class A(e)(g)		269,644		1,162,166
Boeing Co.(g)		17,930		2,668,701
Booking Holdings, Inc.(g)		1,226		2,709,840
Boston Scientific Corp.(g)(j)		2,568,631		108,165,051
Bristol-Myers Squibb Co.		792,430		59,646,206
Brookfield Renewable Corp., Class A		6,590		236,638
Brown & Brown, Inc.		3,014		186,808
Brown-Forman Corp., Class B		79,166		5,338,955
Bunge Ltd.		413,546		46,780,324
Cadence Design Systems, Inc.(g)		128,532		19,389,052
California Resources Corp.		387,781		15,592,674
Capital One Financial Corp.		6,481		807,662
Capri Holdings Ltd.(g)		739,848		35,290,750
Catalent, Inc.(g)		3,984		360,791
CBRE Group, Inc., Class A(g)		21,250		1,764,600
CDW Corp.		2,546		415,456
Centene Corp.(g)		3,061		246,564
CF Industries Holdings, Inc.		933,170		90,358,851
Charles Schwab Corp.(j)		1,785,796		118,451,849
Charter Communications, Inc., Class A(g)		93,693		40,146,514
Chesapeake Energy Corp.		28,480		2,335,930
Citigroup, Inc.		5,387		259,707
CME Group, Inc.		72,973		16,005,898
Comcast Corp., Class A		1,482,269		58,935,015
ConocoPhillips(j)		2,313,868		221,020,671
Constellation Energy Corp.		59,561		3,526,607
Corteva, Inc.		89,553		5,166,313
Costco Wholesale Corp.		253,188		134,625,123
Crowdstrike Holdings, Inc., Class A(g)		182,829		36,339,092
Crown Castle International Corp.		19,181		3,552,513
Crown Holdings, Inc.		20,542		2,260,442
Crown PropTech Acquisitions(g)		487,104		4,856,427
Crown Proptech Acquisitions Pvt Ltd.(d)		186,720		618,043
CSX Corp.		260,117		8,932,418
Danaher Corp.		4,010		1,007,031

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 17

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Datadog, Inc., Class A(g)		117,537	$	14,196,119
Davidson Kempner Merchant Co-investment Fund LP, (Acquired 04/01/21, Cost: $17,262,094)(h)(i)(k)		26,559,000		27,844,456
DaVita, Inc.(g)		28,652		3,105,017
Deere & Co.		50,321		18,998,694
Dell Technologies, Inc., Class C		83,552		3,927,780
Delta Air Lines, Inc.(g)		227,911		9,807,010
Devon Energy Corp.		172,760		10,049,449
DexCom, Inc.(g)		118,725		48,508,660
Dick’s Sporting Goods, Inc.		66,965		6,456,765
Diversey Holdings Ltd.(g)		2,498,387		19,337,515
DocuSign, Inc.(g)		9,120		738,720
Dominion Energy, Inc.		2,272		185,486
Domino’s Pizza, Inc.		17,714		5,987,332
Dr. Horton, Inc.		900,485		62,664,751
Duke Realty Corp.		3,359		183,905
Dynatrace, Inc.(g)		822,587		31,554,437
Edwards Lifesciences Corp.(g)		612,200		64,758,516
Electronic Arts, Inc.		23,886		2,819,742
Element Solutions, Inc.		183,943		3,792,905
Eli Lilly & Co.		1,005		293,591
Emerson Electric Co.		27,175		2,450,641
Energy Transfer LP		887,316		9,831,461
EOG Resources, Inc.		2,631		307,196
EPAM Systems, Inc.(g)		3,167		839,223
Epic Games, Inc., (Acquired 07/02/20, Cost: $23,484,725)(b)(d)(h)		40,843		37,983,990
EQT Corp.		3,666,753		145,753,432
Equifax, Inc.		1,303		265,187
Equity Residential		14,328		1,167,732
Essex Property Trust, Inc.		6,553		2,157,706
Excelerate Energy, Inc., Class A(e)		86,660		2,340,687
Expedia Group, Inc.(g)		81,745		14,284,939
Extra Space Storage, Inc.		13,148		2,498,120
Exxon Mobil Corp.		434,405		37,033,026
F5, Inc.(g)		227,940		38,159,435
Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: $40,652,984)(b)(d)(h)		599,248		40,652,984
Fastenal Co.		4,725		261,340
FedEx Corp.		15,605		3,101,338
Fidelity National Information Services, Inc.		1,511		149,816
First Republic Bank		12,081		1,802,727
Floor & Decor Holdings, Inc., Class A(g)		161,847		12,902,443
Ford Motor Co.		1,475,979		20,899,863
Fortinet, Inc.(g)		92,964		26,867,526
Fortive Corp.		1,677,489		96,455,617
Fortune Brands Home & Security, Inc.		3,269		232,916
FQT Private(d)		2,439,185		2,805,063
Freeport-McMoRan, Inc.(j)		2,212,516		89,717,524
Frontier Communications Parent, Inc.(g)		443,789		11,711,592
Gartner, Inc.(g)		3,918		1,138,375
Generac Holdings, Inc.(g)		49,318		10,819,383
General Dynamics Corp.		1,584		374,664
General Motors Co.(g)		1,416,496		53,699,363
Genuine Parts Co.		12,949		1,684,017
Gilead Sciences, Inc.		50,216		2,979,817
Gitlab, Inc., Class A(g)		1,784		85,507
Globalfoundries, Inc.(g)		296,721		15,515,541
HCA Healthcare, Inc.		11,415		2,449,088
Health Care Select Sector SPDR Fund		201,333		26,231,677

Security	Shares		Value
United States (continued)
Hess Corp.		10,708	$	1,103,674
Hewlett Packard Enterprise Co.		210,851		3,249,214
Highland Transcend Partners I Corp., Class A(g)		641,909		6,329,223
Hilton Worldwide Holdings, Inc.(g)		451,346		70,089,520
Hologic, Inc.(g)		9,530		686,065
Home Depot, Inc.		327,434		98,361,174
Honeywell International, Inc.		1,252		242,275
HP, Inc.		31,372		1,149,156
Humana, Inc.		303,627		134,980,419
Huntington Ingalls Industries, Inc.		5,721		1,217,086
IDEXX Laboratories, Inc.(g)		4,214		1,814,043
iHeartMedia, Inc., Class A(g)		10,778		172,340
Informatica, Inc., Class A(e)(g)		495,177		9,636,144
Ingersoll Rand, Inc.		6,959		305,918
Intel Corp.		9,606		418,726
Intercontinental Exchange, Inc.		28,504		3,301,048
International Flavors & Fragrances, Inc.		452,182		54,849,677
Intuit, Inc.		40,585		16,994,969
Intuitive Surgical, Inc.(g)		242,977		58,144,396
Invesco Municipal Opportunity Trust		208,538		2,175,051
Invesco Municipal Trust		206,960		2,156,523
Invesco Quality Municipal Income Trust		205,405		2,127,996
Invesco Trust for Investment Grade Municipals(l)		210,256		2,281,278
Invesco Value Municipal Income Trust		175,143		2,262,848
IQVIA Holdings, Inc.(g)		40,651		8,861,511
Johnson & Johnson		537,771		97,046,155
Johnson Controls International PLC		108,852		6,516,969
JPMorgan Chase & Co.		32,438		3,871,800
Khosla Ventures Acquisition Co.(g)		549,309		5,372,242
Kinder Morgan, Inc.		223,840		4,062,696
Laboratory Corp. of America Holdings(g)		12,949		3,111,386
Lam Research Corp.		8,274		3,853,698
Latch, Inc., (Acquired 07/12/21, Cost: $5,208,540)(b)(h)		520,854		1,713,610
Lennar Corp., Class A		99,791		7,633,014
Liberty Media Acquisition Corp.(g)		1,579,349		15,888,251
Liberty Media Corp. - Liberty SiriusXM, Class A(g)		887,408		37,120,277
Liberty Media Corp. - Liberty SiriusXM, Class C(g)		1,226,248		51,355,266
Lions Gate Entertainment Corp., Class A(g)		552,092		7,447,721
Live Nation Entertainment, Inc.(g)		93,715		9,828,829
LKQ Corp.		27,871		1,383,238
Lockheed Martin Corp.		3,806		1,644,649
Loews Corp.		6,002		377,166
Lookout, Inc., (Acquired 03/04/15, Cost: $2,002,652)(b)(d)(h)		175,316		1,881,141
Lowe’s Cos., Inc.		108,526		21,458,846
LyondellBasell Industries NV, Class A		461,671		48,950,976
MarketAxess Holdings, Inc.		1,073		282,854
Marriott International, Inc., Class A(g)		1,379		244,800
Marsh & McLennan Cos., Inc.		858,532		138,824,624
Masco Corp.		287,916		15,170,294
Masimo Corp.(g)		56,872		6,424,830
Mastercard, Inc., Class A		503,017		182,786,317
McDonald’s Corp.		181,366		45,189,153
Merck & Co., Inc.		33,389		2,961,270
Meta Platforms, Inc., Class A(g)		25,138		5,039,415
Mettler-Toledo International, Inc.(g)		2,975		3,800,652
MGM Resorts International		23,131		949,296

18 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Micron Technology, Inc.		832,630	$	56,777,040
Microsoft Corp.(j)		1,740,898		483,134,013
Mid-America Apartment Communities, Inc.		1,660		326,489
Mirion Technologies, Inc., (Acquired 11/04/21, Cost: $26,727,100)(b)(h)		2,672,710		21,087,682
Mirion Technologies, Inc.(g)		270,185		2,131,760
Moderna, Inc.(g)		19,457		2,615,215
Molina Healthcare, Inc.(g)		3,959		1,240,949
Mondelez International, Inc., Class A		6,079		391,974
MongoDB, Inc.(g)		50,466		17,911,897
Moody’s Corp.		6,031		1,908,691
Morgan Stanley		850,263		68,522,695
Mosaic Co.		86,712		5,412,563
Mr. Cooper Group, Inc.(g)		106,908		4,807,653
MSCI, Inc.		3,474		1,463,422
NetApp, Inc.		18,670		1,367,577
Netflix, Inc.(g)		7,066		1,345,084
New Relic, Inc.(g)		127,653		8,076,605
Newmont Corp.		4,214		306,990
NextEra Energy, Inc.		1,490,864		105,881,161
Nielsen Holdings PLC		86,425		2,317,054
NIKE, Inc., Class B		109,678		13,676,847
NiSource, Inc.		7,994		232,785
Norfolk Southern Corp.		4,495		1,159,171
Northern Trust Corp.		13,260		1,366,443
Northrop Grumman Corp.		1,941		852,875
Nuveen Municipal Value Fund, Inc.		324,048		2,978,001
NVIDIA Corp.(j)		219,045		40,626,276
Offerpad Solutions, Inc., (Acquired 10/01/21, Cost: $7,437,940)(b)(h)		743,794		3,726,408
Okta, Inc.(g)		64,801		7,731,407
Old Dominion Freight Line, Inc.		919		257,430
Omnicom Group, Inc.		3,550		270,262
ONEOK, Inc.		81,884		5,185,714
Opendoor Technologies, Inc.(g)		744,088		5,201,175
Oracle Corp.		35,396		2,598,066
O’Reilly Automotive, Inc.(g)		23,148		14,040,419
Otis Worldwide Corp.		11,796		859,221
Palantir Technologies, Inc., Class A(g)		88,631		921,762
Palo Alto Networks, Inc.(g)		61,938		34,764,561
Park Hotels & Resorts, Inc.		134,442		2,649,852
Paycom Software, Inc.(g)		3,576		1,006,537
PayPal Holdings, Inc.(g)		5,905		519,227
Peloton Interactive, Inc., Class A(g)		628,174		11,030,735
Penn National Gaming, Inc.(g)		143,339		5,241,907
PepsiCo, Inc.		100,719		17,294,459
Pfizer, Inc.		52,257		2,564,251
Pioneer Natural Resources Co.		225,350		52,387,114
Planet Labs Inc., (Acquired 01/06/22, Cost: $5,833,600)(b)(h)		583,360		2,934,301
Playstudios, Inc., (Acquired 07/30/21, Cost: $8,313,480)(b)(h)		831,348		4,813,505
PNC Financial Services Group, Inc.		24,895		4,135,059
Procter & Gamble Co.		1,839		295,251
Project Barkley, (Acquired 02/11/22, Cost: $31,181,561)(b)(d)(h)		11,562,554		22,431,355
Prologis, Inc.		37,857		6,068,099
Proof Acquisition Corp.(d)		108,512		118,278
Public Service Enterprise Group, Inc.		29,168		2,031,843
Public Storage		971		360,727
PVH Corp.		66,933		4,871,384

Security	Shares		Value
United States (continued)
Qualcomm, Inc.		14,588	$	2,037,798
Quanta Services, Inc.		2,375		275,453
Quest Diagnostics, Inc.		5,491		734,915
Raymond James Financial, Inc.		615,865		60,022,203
Raytheon Technologies Corp.		3,346		317,569
Regeneron Pharmaceuticals, Inc.(g)		31,564		20,804,148
ResMed, Inc.		100,985		20,193,970
Rocket Lab USA, Inc.(e)(g)		447,252		3,300,720
Rollins, Inc.		25,132		842,927
Rotor Acqusition Ltd.(d)		87,039		302,896
S&P Global, Inc.		64,319		24,216,103
salesforce.com, Inc.(g)		673,397		118,477,468
Samsonite International SA(b)(g)		435,900		955,303
Sarcos Tech & Robot, (Acquired 10/21/21, Cost: $35,605,660)(b)(h)		3,560,566		16,734,660
Sarcos Technology and Robotics Corp.(e)(g)		164,137		771,444
SBA Communications Corp.		15,517		5,386,106
Schlumberger NV		152,690		5,956,437
Seagen, Inc.(e)(g)		242,128		31,721,189
Sema4 Holdings Corp., (Acquired 01/24/22, Cost: $10,527,953)(b)(h)		2,124,370		4,567,395
Sema4 Holdings Corp., (Acquired 08/13/21, Cost: $5,804,730)(b)(h)		580,473		1,248,017
Sempra Energy		889,695		143,561,185
ServiceNow, Inc.(e)(g)		88,992		42,547,075
Signature Bank		587		142,201
Signet Jewelers Ltd.		175,123		12,293,635
Simon Property Group, Inc.		1,921		226,678
Skyworks Solutions, Inc.		2,224		251,979
SmartRent, Inc.(e)(g)		740,379		3,598,242
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $1,060,929)(b)(d)(h)		70,636		873,767
Snowflake, Inc., Class A(g)		14,354		2,460,850
Sonder Holdings, Inc., Class A, (Acquired 02/09/22, Cost: $7,460,055)(b)(h)		830,701		3,729,847
Sonos, Inc.(g)		337,566		7,703,256
Southwest Airlines Co.(g)		24,125		1,127,120
SPDR S&P Biotech ETF		37,238		2,749,282
Splunk, Inc.(g)		50,141		6,118,205
Starbucks Corp.		855,444		63,850,340
Starwood Property Trust, Inc.		402,651		9,212,655
State Street Corp.		4,572		306,187
Stryker Corp.		179,654		43,343,324
Sun Country Airlines, (Acquired 09/17/21, Cost: $21,728,687)(b)(h)		963,151		26,496,284
Taboola.com Ltd., (Acquired 09/02/21, Cost: $6,718,980)(b)(h)		671,898		2,895,880
Take-Two Interactive Software, Inc.(g)		1,127		134,688
Tapestry, Inc.		102,730		3,381,872
Target Corp.		9,884		2,259,977
Tenet Healthcare Corp.(g)		29,579		2,144,773
Tesla, Inc.(g)		36,726		31,979,532
Textron, Inc.		7,994		553,585
Thermo Fisher Scientific, Inc.		179,654		99,334,290
TJX Cos., Inc.		884,307		54,190,333
T-Mobile U.S., Inc.(g)		2,428		298,984
Toast, Inc., Class A(e)(g)		483,897		9,015,001
Toll Brothers, Inc.		49,482		2,294,480
TPB Acquisition Corp. I, Class A(g)		287,026		2,787,022
Tractor Supply Co.		138,003		27,800,704
TransDigm Group, Inc.(g)		24,075		14,320,051

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 19

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Shares		Value
United States (continued)
Travelers Cos., Inc.			5,057	$	865,050
Trimble, Inc.(g)			8,071		538,336
Truist Financial Corp.			5,951		287,731
Twilio, Inc., Class A(e)(g)			19,130		2,139,117
U.S. Bancorp			193,174		9,380,529
Uber Technologies, Inc.(g)			131,530		4,140,564
UDR, Inc.			4,805		255,674
Ulta Beauty, Inc.(g)			16,621		6,595,213
Union Pacific Corp.			2,580		604,468
United Parcel Service, Inc., Class B			592,205		106,585,056
United Rentals, Inc.(g)			48,768		15,436,047
United States Steel Corp.			346,205		10,555,790
UnitedHealth Group, Inc.			468,414		238,211,940
Univar Solutions, Inc.(g)			72,162		2,101,357
Valero Energy Corp.			1,223,886		136,438,811
VeriSign, Inc.(g)			109,531		19,572,094
Verisk Analytics, Inc.			93,279		19,033,580
Verizon Communications, Inc.			149,884		6,939,629
Vertex Pharmaceuticals, Inc.(g)			5,977		1,633,036
Vertiv Holdings, (Acquired 09/15/21, Cost: $43,516,130)(b)(h)			4,351,613		54,525,711
VF Corp.			3,729		193,908
Visa, Inc., Class A			7,362		1,569,063
VMware, Inc., Class A			29,895		3,229,856
Vulcan Materials Co.			649,063		111,827,064
W R Berkley Corp.			2,638		175,401
W.W. Grainger, Inc.			410		205,012
Walmart, Inc.			393,505		60,202,330
Walt Disney Co.(g)			610,255		68,122,766
Waste Connections, Inc.			38,530		5,315,984
Waters Corp.(g)			5,620		1,702,972
WEC Energy Group, Inc.			10,115		1,012,006
Wells Fargo & Co.			354,599		15,471,154
Welltower, Inc.			16,014		1,454,231
Western Digital Corp.(g)			101,557		5,389,630
Weyerhaeuser Co.			342,293		14,109,317
Williams Cos., Inc.			6,590		225,971
Williams-Sonoma, Inc.			67,058		8,749,728
Willis Towers Watson PLC			10,278		2,208,331
WillScot Mobile Mini Holdings Corp.(g)			340,676		11,957,728
Workday, Inc., Class A(g)			24,851		5,136,702
XPO Logistics, Inc.(g)			438,292		23,575,727
Yum! Brands, Inc.			11,257		1,317,182
Zebra Technologies Corp., Class A(g)			4,563		1,686,759
Zoetis, Inc.			83,604		14,818,809
Zscaler, Inc.(g)			123,638		25,066,368
					8,333,480,703
Total Common Stocks — 56.6% (Cost: $9,671,341,946)					12,427,283,771
		Par (000)
Corporate Bonds
Australia — 0.9%
National Australia Bank Ltd., 3.38%, 01/14/26	USD		155		154,239
Oceana Australian Trust(d)
10.00%, 08/31/23	AUD		7,008		5,100,047

Security		Par (000)		Value
Australia (continued)
Oceana Australian Trust(d) (continued)
10.25%, 08/31/25	AUD		13,002	$	9,611,901
Quintis Australia Pty. Ltd.(b)(d)(f)(m)
(12.00% PIK), 12.00%, 10/01/28	USD		82,685		82,684,528
(7.50% Cash or 8.00% PIK), 7.50%, 10/01/26			92,389		92,389,186
					189,939,901
Bermuda(c) — 0.0%
Li & Fung Ltd.
4.38%, 10/04/24			1,920		1,860,960
4.50%, 08/18/25			760		725,230
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38			2,710		2,575,008
					5,161,198
British Virgin Islands(c) — 0.0%
HKT Capital No 6 Ltd., 3.00%, 01/18/32			3,170		2,733,650
New Metro Global Ltd., 4.50%, 05/02/26			1,568		956,480
					3,690,130
Canada — 0.1%
First Quantum Minerals Ltd., 6.88%, 10/15/27(b)			4,329		4,310,872
Rogers Communications, Inc., 2.95%, 03/15/25(b)			1,246		1,214,916
Royal Bank of Canada
0.65%, 07/29/24			175		164,481
0.75%, 10/07/24			451		423,214
1.20%, 04/27/26			85		76,695
Thomson Reuters Corp., 3.35%, 05/15/26			97		95,304
Toronto-Dominion Bank
2.35%, 03/08/24			7,002		6,897,863
2.80%, 03/10/27			179		170,318
					13,353,663
Cayman Islands — 0.1%
Agile Group Holdings Ltd., 5.50%, 04/21/25(c)			1,530		512,550
Central China Real Estate Ltd., 7.90%, 11/07/23(c)			510		196,286
China Aoyuan Group Ltd.(c)(n)
7.95%, 06/21/24			1,502		330,440
6.20%, 03/24/26			3,132		682,776
China Evergrande Group(c)(n)
8.25%, 03/23/22			2,289		276,540
10.00%, 04/11/23			1,139		126,927
China SCE Group Holdings Ltd.(c)
7.38%, 04/09/24			1,139		768,825
7.00%, 05/02/25			714		435,540
CIFI Holdings Group Co. Ltd.(c)
6.45%, 11/07/24			1,139		933,980
6.00%, 07/16/25			569		447,234
4.45%, 08/17/26			200		150,000
Fantasia Holdings Group Co. Ltd.(c)(n)
7.95%, 07/05/22			510		79,050
10.88%, 01/09/23			3,132		485,460
9.25%, 07/28/23			902		139,810
9.88%, 10/19/23			481		74,555
Hilong Holding Ltd., 9.75%, 11/18/24(c)			1,375		852,500
Jingrui Holdings Ltd., 12.00%, 07/25/22(c)			1,269		250,859
Kaisa Group Holdings Ltd.(c)(n)
10.88%, 07/23/23			1,571		329,910
9.75%, 09/28/23			1,386		278,933

20 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Cayman Islands (continued)
Kaisa Group Holdings Ltd.(c)(n) (continued)
11.25%, 04/16/25	USD		1,800	$	376,088
Logan Group Co. Ltd., 4.50%, 01/13/28(c)			909		231,795
Melco Resorts Finance Ltd.(c)
5.25%, 04/26/26			1,247		1,086,449
5.38%, 12/04/29			2,234		1,798,370
MGM China Holdings Ltd., 5.38%, 05/15/24(c)			2,000		1,862,500
Modern Land China Co. Ltd.(c)(g)(n)
11.50%, 11/13/22			569		91,040
9.80%, 04/11/23			2,170		347,200
11.95%, 03/04/24			569		91,040
Powerlong Real Estate Holdings Ltd., 6.25%, 08/10/24(c)			1,139		472,685
Redsun Properties Group Ltd., 10.50%, 10/03/22(c)			769		361,430
Ronshine China Holdings Ltd.(c)
7.35%, 12/15/23			245		46,550
6.75%, 08/05/24			200		33,000
7.10%, 01/25/25			2,778		430,590
Sable International Finance Ltd., 5.75%, 09/07/27(c)			221		217,616
Sands China Ltd., 4.38%, 06/18/30			1,500		1,279,312
Shimao Group Holdings Ltd., 3.45%, 01/11/31(c)			1,899		379,800
Shui On Development Holding Ltd., 5.50%, 03/03/25(c)			2,098		1,888,200
Sinic Holdings Group Co. Ltd.(c)(n)
8.50%, 01/24/22			490		9,800
10.50%, 06/18/22			1,188		23,760
Sunac China Holdings Ltd.(c)
6.50%, 01/10/25			594		133,650
7.00%, 07/09/25			1,900		418,000
Times China Holdings Ltd.(c)
6.75%, 07/08/25			493		219,385
5.75%, 01/14/27			1,924		779,220
Yuzhou Group Holdings Co. Ltd.(c)(n)
8.50%, 02/04/23			539		78,155
8.50%, 02/26/24			1,970		265,950
8.38%, 10/30/24			480		64,800
8.30%, 05/27/25			1,423		192,105
Zhenro Properties Group Ltd., 6.63%, 01/07/26(c)(g)(n)			363		32,670
					20,563,335
Chile — 0.0%
VTR Comunicaciones SpA, 4.38%, 04/15/29(b)			999		849,150
China — 0.1%
China Aoyuan Group Ltd.(c)(n)
7.95%, 02/19/23			2,573		564,934
6.35%, 02/08/24			801		178,123
China Evergrande Group(n)
9.50%, 10/11/22(a)			2,289		258,657
11.50%, 01/22/23(c)			2,277		258,724
China Milk Products Group Ltd., 0.00%, 01/15/49(d)(l)(n)			39,500		40
China SCE Group Holdings Ltd., 7.25%, 04/19/23(c)			478		372,840
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25(c)			569		438,130
Easy Tactic Ltd.(c) 11.75%, 08/02/23			1,908		404,615

Security		Par (000)		Value
China (continued)
Easy Tactic Ltd.(c) (continued)
8.63%, 03/05/24	USD		1,520	$	313,310
Fantasia Holdings Group Co. Ltd., 11.75%, 10/17/22(a)(n)			2,110		327,050
Fortune Star BVI Ltd.(c)
6.85%, 07/02/24			732		688,080
5.00%, 05/18/26			579		500,835
Kaisa Group Holdings Ltd., 11.50%, 01/30/23(c)(n)			1,746		371,898
KWG Group Holdings Ltd., 7.40%, 03/05/24(c)			2,713		1,112,330
RKPF Overseas Ltd., Series 2019-A, 6.00%, 09/04/25(c)			1,877		1,417,135
Sunac China Holdings Ltd., 6.65%, 08/03/24(c)			1,545		347,625
Wanda Properties Overseas Ltd., 6.88%, 07/23/23(c)			325		281,531
ZhongAn Online P&C Insurance Co. Ltd., 3.50%, 03/08/26(c)			2,632		2,342,480
					10,178,337
Germany — 0.2%
Adler Pelzer Holding GmbH, 4.13%, 04/01/24(b)	EUR		18,415		16,512,873
APCOA Parking Holdings GmbH, (3 mo. EURIBOR + 5.00%), 5.00%, 01/15/27(a)(b)			9,529		9,957,121
Deutsche Bank AG, (SOFR + 1.32%), 2.55%, 01/07/28(a)	USD		1,781		1,581,525
Douglas GmbH, 6.00%, 04/08/26(b)	EUR		11,938		11,285,480
Kirk Beauty SUN GmbH, (8.25% Cash or 9.00% PIK), 8.25%, 10/01/26(b)(m)			9,048		8,158,978
KME SE, 6.75%, 02/01/23(c)			4,393		4,513,110
					52,009,087
Hong Kong — 0.1%
AIA Group Ltd., (5 year CMT + 1.76%), 2.70%(a)(c)(o)	USD		3,760		3,493,040
Bank of East Asia Ltd.(a)(c)(o)
(5 year CMT + 4.26%), 5.88%			733		734,512
(5 year CMT + 5.53%), 5.83%			733		731,168
Nanyang Commercial Bank Ltd., (5 year CMT + 2.18%), 3.80%, 11/20/29(a)(c)			2,470		2,420,291
NWD MTN Ltd., 4.13%, 07/18/29(c)			1,968		1,746,969
Wanda Group Overseas Ltd., 8.88%, 03/21/23(c)			860		743,900
Yango Justice International Ltd.(n)
10.25%, 09/15/22			503		41,277
9.25%, 04/15/23(c)			1,154		80,780
7.88%, 09/04/24(c)			1,223		85,610
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26(c)			1,139		1,036,490
					11,114,037
India — 0.2%
Bharat Petroleum Corp. Ltd., 4.00%, 05/08/25(c)			760		750,642
Bharti Airtel Ltd., 3.25%, 06/03/31(c)			1,320		1,129,986
GMR Hyderabad International Airport Ltd.(c)
5.38%, 04/10/24			397		397,199
4.25%, 10/27/27			996		909,776
HDFC Bank Ltd., (5 year CMT + 2.93%), 3.70%(a)(c)(o)			1,549		1,417,335
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27(c)			3,230		3,119,574
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(c)			569		546,240
ICICI Bank Ltd./Dubai, 3.80%, 12/14/27(c)			3,840		3,712,320

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 21

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
India (continued)
Indian Railway Finance Corp. Ltd., 3.25%, 02/13/30(c)	USD		3,260	$	2,871,449
JSW Steel Ltd., 5.38%, 04/04/25(c)			1,391		1,370,135
Oil India Ltd., 5.13%, 02/04/29(c)			1,210		1,200,396
Power Finance Corp. Ltd.(c)
6.15%, 12/06/28			760		802,417
4.50%, 06/18/29			2,840		2,666,050
REC Ltd., 2.75%, 01/13/27(c)			2,000		1,831,700
REI Agro Ltd.(n)
5.50%, 11/13/21			44,430		368,535
5.50%, 11/13/21(c)(d)			8,271		1
ReNew Power Pvt Ltd., 5.88%, 03/05/27(c)			1,721		1,613,437
ReNew Power Synthetic, 6.67%, 03/12/24(c)			569		576,219
Shriram Transport Finance Co. Ltd.(c)
5.95%, 10/24/22			1,139		1,134,729
5.10%, 07/16/23			631		616,014
4.40%, 03/13/24			703		666,093
Summit Digitel Infrastructure Pvt Ltd., 2.88%, 08/12/31(c)			2,805		2,295,416
Vedanta Resources Finance II PLC, 13.88%, 01/21/24(c)			1,398		1,458,551
					31,454,214
Indonesia(c) — 0.1%
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26			1,222		1,159,507
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25			1,399		1,350,189
Global Prime Capital Pte Ltd., 5.95%, 01/23/25			1,139		1,089,169
Pertamina Persero PT, 6.00%, 05/03/42			1,500		1,514,812
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
5.45%, 05/21/28			750		773,813
5.38%, 01/25/29			2,650		2,719,854
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33			398		415,807
Theta Capital Pte. Ltd., 8.13%, 01/22/25			1,398		1,375,282
					10,398,433
Ireland — 0.0%
Metalloinvest Finance DAC, 3.38%, 10/22/28(b)			1,746		349,200
Isle of Man — 0.0%
Gohl Capital Ltd., 4.25%, 01/24/27(c)			2,310		2,128,665
Italy(b) — 0.3%
Castor SpA
6.00%, 02/15/29	EUR		2,764		2,836,337
(3 mo. EURIBOR + 5.25%), 5.25%, 02/15/29(a)			8,819		9,198,941
Forno d’Asolo SpA, (3 mo. EURIBOR + 5.50%), 5.50%, 04/30/27(a)			21,390		20,778,207
Intesa Sanpaolo SpA, (5 year USD Swap + 5.46%), 7.70%(a)(o)	USD		3,450		3,475,875
Marcolin SpA, 6.13%, 11/15/26	EUR		10,346		10,423,362

Security		Par (000)		Value
Italy (continued)
Shiba Bidco SpA, 4.50%, 10/31/28	EUR		9,744	$	9,611,272
Taurus Law 130 Securities SRL, (Acquired 12/21/21, Cost: $18,677,880), 1.78%, 05/21/26(a)(d)(h)			16,554		17,463,647
					73,787,641
Japan — 0.0%
Nissan Motor Co. Ltd., 3.52%, 09/17/25(b)	USD		1,964		1,896,238
Sumitomo Mitsui Financial Group, Inc., 2.35%, 01/15/25			1,668		1,603,942
					3,500,180
Jersey — 0.0%
Wheel Bidco Ltd., 6.75%, 07/15/26(b)	GBP		4,123		4,747,677
Luxembourg — 0.2%
EIG Pearl Holdings SARL, 3.55%, 08/31/36(c)	USD		2,975		2,632,399
FEL Energy VI SARL, 5.75%, 12/01/40(c)			295		254,062
Garfunkelux Holdco 3 SA(b)
6.75%, 11/01/25	EUR		4,916		5,062,965
7.75%, 11/01/25	GBP		8,358		10,260,163
Herens Midco SARL, 5.25%, 05/15/29(b)	EUR		12,016		10,445,257
Picard Bondco SA, 5.38%, 07/01/27(b)			8,380		8,667,210
Sani/Ikos Financial Holdings 1 SARL, 5.63%, 12/15/26(b)			8,042		8,195,796
					45,517,852
Macau(c) — 0.0%
Champion Path Holdings Ltd.
4.50%, 01/27/26	USD		1,398		1,069,470
4.85%, 01/27/28			1,396		997,093
MGM China Holdings Ltd., 5.88%, 05/15/26			796		709,335
Studio City Finance Ltd., 5.00%, 01/15/29			1,884		1,284,417
					4,060,315
Malaysia(c) — 0.0%
CIMB Bank BHD, 2.13%, 07/20/27			2,800		2,583,525
Dua Capital Ltd., 2.78%, 05/11/31			2,000		1,708,640
TNB Global Ventures Capital BHD, 4.85%, 11/01/28			2,650		2,738,278
					7,030,443
Mauritius(c) — 0.0%
CA Magnum Holdings, 5.38%, 10/31/26			1,775		1,704,000
India Green Power Holdings, 4.00%, 02/22/27			1,246		1,078,787
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(o)			2,143		2,114,605
UPL Corp. Ltd.
4.63%, 06/16/30			2,990		2,714,920
(5 year CMT + 3.87%), 5.25%(a)(o)			530		490,515
					8,102,827
Mexico(b) — 0.0%
Cydsa SAB de CV, 6.25%, 10/04/27			302		284,975
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25			749		471,870
					756,845
MultiNational — 0.0%
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b)			6,460		6,282,350

22 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Netherlands — 0.1%
Cooperatieve Rabobank UA, 4.38%, 08/04/25	USD		405	$	405,440
Greenko Dutch BV, 3.85%, 03/29/26(c)			3,118		2,836,998
ING Groep NV
4.63%, 01/06/26(b)			372		375,216
(1 year CMT + 1.10%), 1.40%, 07/01/26(a)(b)			163		148,652
(SOFR + 1.64%), 3.87%, 03/28/26(a)			1,085		1,072,573
LyondellBasell Industries NV, 5.75%, 04/15/24			748		773,470
Minejesa Capital BV(c)
4.63%, 08/10/30			1,900		1,710,209
5.63%, 08/10/37			1,450		1,216,006
Mondelez International Holdings Netherlands BV, 1.25%, 09/24/26(b)			124		111,561
Titan Holdings II BV, 5.13%, 07/15/29(b)	EUR		6,277		5,926,621
Trivium Packaging Finance BV, 5.50%, 08/15/26(b)	USD		2,265		2,188,556
Vivo Energy Investments BV, 5.13%, 09/24/27(b)			313		305,175
					17,070,477
Oman — 0.0%
OQ SAOC, 5.13%, 05/06/28(b)			351		340,865
Paraguay — 0.0%
Frigorifico Concepcion SA, 7.70%, 07/21/28(b)			210		181,493
Peru — 0.0%
Kallpa Generacion SA, 4.88%, 05/24/26(c)			773		747,539
Philippines — 0.0%
Globe Telecom, Inc., (5 year CMT + 5.53%), 4.20%(a)(c)(o)			1,015		974,400
Republic of Korea(c) — 0.0%
Hanwha Life Insurance Co., Ltd., (5 year CMT + 1.85%), 3.38%, 02/04/32(a)			600		561,144
LG Chem Ltd., 2.38%, 07/07/31			2,500		2,140,050
					2,701,194
Singapore(c) — 0.1%
ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28			2,796		2,754,060
BOC Aviation Ltd., 3.50%, 09/18/27			2,560		2,474,624
BPRL International Singapore Pte Ltd., 4.38%, 01/18/27			2,990		2,928,892
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27			489		445,154
DBS Group Holdings Ltd., (5 year CMT + 1.92%), 3.30%(a)(o)			2,370		2,281,125
GLP Pte Ltd., (5 year CMT + 3.74%), 4.50%(a)(o)			1,281		1,136,727
LLPL Capital Pte. Ltd., 6.88%, 02/04/39			2,153		2,103,039
LMIRT Capital Pte Ltd., 7.50%, 02/09/26			1,139		1,093,440
Oil India International Pte. Ltd., 4.00%, 04/21/27			760		735,918
ONGC Videsh Vankorneft Pte Ltd., 3.75%, 07/27/26			3,910		3,775,105
TML Holdings Pte. Ltd., 4.35%, 06/09/26			1,139		1,040,761
					20,768,845
South Korea(c) — 0.1%
Hanwha Life Insurance Co. Ltd., (5 year CMT + 2.00%), 4.70%(a)(o)			2,890		2,906,798
Kookmin Bank 2.50%, 11/04/30			1,710		1,455,415

Security		Par (000)		Value
South Korea (continued)
Kookmin Bank (continued)
(5 year CMT + 2.64%), 4.35%(a)(o)	USD		2,310	$	2,285,890
Shinhan Financial Group Co. Ltd., (5 year CMT + 2.06%), 2.88%(a)(o)			1,550		1,387,250
SK Hynix, Inc., 2.38%, 01/19/31			3,160		2,621,757
					10,657,110
Thailand(c) — 0.0%
Bangkok Bank PCL(a)
(5 year CMT + 1.90%), 3.73%, 09/25/34			832		752,752
(5 year CMT + 2.15%), 3.47%, 09/23/36			1,500		1,285,763
(5 year CMT + 4.73%), 5.00%			1,512		1,470,704
GC Treasury Center Co. Ltd., 2.98%, 03/18/31			820		704,841
Kasikornbank PCL, (5 year CMT + 1.70%), 3.34%, 10/02/31(a)			819		755,425
Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40%(a)(o)			996		915,075
Muang Thai Life Assurance PCL, (10 year CMT + 2.40%), 3.55%, 01/27/37(a)			2,350		2,168,133
					8,052,693
Turkey — 0.1%
Bio City Development Co. BV, 8.00%, 07/06/22(a)(b)(d)(f)(n)			140,850		10,394,730
United Kingdom — 0.6%
Avianca Midco 2 Ltd., 9.00%, 12/01/28(b)			156		148,337
BCP V Modular Services Finance II PLC, 6.13%, 11/30/28(b)	GBP		12,036		13,553,100
BCP V Modular Services Finance PLC, 6.75%, 11/30/29(b)	EUR		16,262		14,788,128
Boparan Finance PLC, 7.63%, 11/30/25(c)	GBP		11,406		10,828,572
Constellation Automotive Financing PLC, 4.88%, 07/15/27(b)			3,529		3,816,286
Deuce Finco PLC, 5.50%, 06/15/27(b)			26,802		30,699,927
GlaxoSmithKline Capital PLC, 3.00%, 06/01/24	USD		6,813		6,793,759
HSBC Holdings PLC, (SOFR + 0.71%), 0.98%, 05/24/25(a)			1,870		1,753,188
Inspired Entertainment Financing PLC, 7.88%, 06/01/26(b)	GBP		7,442		9,404,736
Kane Bidco Ltd.(b)
5.00%, 02/15/27	EUR		6,662		6,610,119
6.50%, 02/15/27	GBP		8,008		9,317,660
Lloyds Bank PLC, 3.50%, 05/14/25	USD		402		397,470
Lloyds Banking Group PLC, 4.65%, 03/24/26			864		868,421
Market Bidco Finco PLC, 5.50%, 11/04/27(b)(i)	GBP		21,204		23,730,051
Natwest Group PLC, 5.13%, 05/28/24	USD		405		412,205
Sky PLC, 3.75%, 09/16/24(b)			263		264,232
Vedanta Resources Finance II PLC, 8.00%, 04/23/23(c)			1,048		1,001,036
					134,387,227
United States — 2.6%
AbbVie, Inc.
3.80%, 03/15/25			100		100,089
3.20%, 05/14/26			202		196,696
4.25%, 11/21/49			5,737		5,254,279
Aetna, Inc., 3.50%, 11/15/24			634		633,120
Affinity Gaming, 6.88%, 12/15/27(b)			981		918,844

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 23

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC, 3.50%, 03/15/29(b)	USD		11,309	$	9,526,702
Allegiant Travel Co., 8.50%, 02/05/24(b)			19,212		19,788,360
American Express Co.
2.25%, 03/04/25			171		164,912
4.05%, 05/03/29			4,085		4,046,791
Amgen, Inc.
1.90%, 02/21/25			167		159,886
3.13%, 05/01/25			967		955,440
Amphenol Corp., 4.35%, 06/01/29			91		91,858
Anthem, Inc., 2.38%, 01/15/25			120		116,197
AT&T, Inc., 1.70%, 03/25/26			1,462		1,349,919
Avaya, Inc., 6.13%, 09/15/28(b)			5,920		5,492,300
Bank of America Corp.
3.50%, 04/19/26			199		195,311
(3 mo. LIBOR US + 0.87%), 2.46%, 10/22/25(a)			621		597,875
(3 mo. LIBOR US + 0.97%), 3.46%, 03/15/25(a)			257		254,600
(3 mo. LIBOR US + 1.51%), 3.71%, 04/24/28(a)			182		175,542
(3 mo. LIBOR US + 1.58%), 3.82%, 01/20/28(a)			427		415,125
(SOFR + 0.65%), 1.53%, 12/06/25(a)			385		360,885
(SOFR + 1.11%), 3.84%, 04/25/25(a)			10,415		10,404,380
(SOFR + 1.33%), 3.38%, 04/02/26(a)			2,210		2,161,984
Series N, (SOFR + 0.91%), 1.66%, 03/11/27(a)			187		169,333
Bank of New York Mellon Corp., 3.85%, 04/26/29			11,484		11,360,067
Berry Global, Inc., 4.88%, 07/15/26(b)			396		393,565
Blackstone Private Credit Fund(b)
4.70%, 03/24/25			968		954,399
2.63%, 12/15/26			194		170,041
Bristol-Myers Squibb Co., 3.25%, 02/27/27			330		326,737
Broadcom, Inc.(b)
1.95%, 02/15/28			1,280		1,107,971
4.93%, 05/15/37			2,649		2,476,418
Capital One Financial Corp., (SOFR + 1.29%), 2.64%, 03/03/26(a)			591		566,932
Carrols Restaurant Group, Inc., 5.88%, 07/01/29(b)			1,580		1,196,850
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b)			2,179		2,100,360
Charles Schwab Corp.
4.20%, 03/24/25			164		167,142
3.45%, 02/13/26			321		319,493
Charter Communications Operating LLC/Charter
Communications Operating Capital, 4.20%, 03/15/28			983		949,812
Churchill Downs, Inc., 5.50%, 04/01/27(b)			70		68,734
Cigna Corp., 1.25%, 03/15/26			270		245,249
Cisco Systems, Inc., 2.50%, 09/20/26			91		88,042
Citigroup, Inc.
3.40%, 05/01/26			68		66,272
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(a)			1,030		1,013,673
(SOFR + 0.67%), 0.98%, 05/01/25(a)			786		741,109
(SOFR + 1.53%), 3.29%, 03/17/26(a)			1,065		1,038,554
Comcast Corp.
3.95%, 10/15/25			540		546,242

Security		Par (000)		Value
United States (continued)
Comcast Corp. (continued)
3.55%, 05/01/28	USD		86	$	83,558
Conagra Brands, Inc., 4.30%, 05/01/24			313		316,927
CVS Health Corp., 5.05%, 03/25/48			6,189		6,226,282
Deere & Co., 2.75%, 04/15/25			898		881,749
Dell International LLC/EMC Corp., 6.02%, 06/15/26			1,514		1,599,023
Discover Bank, 4.25%, 03/13/26			1,597		1,601,095
DISH DBS Corp., 5.25%, 12/01/26(b)			7,420		6,812,673
Earthstone Energy Holding Co., 8.00%, 04/15/27(b)			8,929		8,897,257
eBay, Inc., 1.90%, 03/11/25			180		171,375
Edison International, Series A, (5 year CMT + 4.70%), 5.38%(a)(o)			3,028		2,792,815
Equinix, Inc., 2.50%, 05/15/31			2,145		1,801,943
Federal National Mortgage Association, 3.13%, 03/24/25(b)			44		43,138
Fidelity National Information Services, Inc., 1.15%, 03/01/26			133		120,258
Fiserv, Inc., 3.20%, 07/01/26			1,406		1,361,677
Freed Corp., 10.00%, 12/02/23(d)			17,175		16,745,625
Freedom Mortgage Corp.(b)
8.13%, 11/15/24			5,170		5,008,024
8.25%, 04/15/25			4,519		4,338,240
Freewire Tech Notes & WTS Pvt Ltd., 9.68%, 03/31/25			8,301		8,176,485
Fresh Market, Inc., 9.75%, 05/01/23(b)			3,262		3,180,450
Frontier Communications Holdings LLC(b)
5.88%, 10/15/27			4,505		4,313,538
5.00%, 05/01/28			5,269		4,808,200
6.75%, 05/01/29			8,434		7,599,877
Frontier North Inc., Series G, 6.73%, 02/15/28			5,875		5,875,000
Full House Resorts, Inc., 8.25%, 02/15/28(b)			349		345,576
GATX Corp., 3.50%, 03/15/28			124		118,996
GCI LLC, 4.75%, 10/15/28(b)			1,436		1,331,890
General Motors Financial Co., Inc., 2.70%, 08/20/27			8,499		7,662,685
Georgia-Pacific LLC, 3.60%, 03/01/25(b)			148		148,097
Gilead Sciences, Inc., 4.75%, 03/01/46			5,473		5,419,052
Global Payments, Inc., 2.65%, 02/15/25			647		624,349
Goldman Sachs Group, Inc., (SOFR + 0.61%), 0.86%, 02/12/26(a)			234		213,637
Green Plains SPE LLC, 11.75%, 02/08/26(b)(d)			91,561		92,247,708
Greenland Global Investment Ltd.(c)
6.13%, 04/22/23			635		419,100
6.75%, 09/26/23			849		526,380
GSK Consumer Healthcare Capital US LLC, 3.02%, 03/24/24(b)			1,577		1,561,129
Homes By West Bay LLC, 9.50%, 04/30/27(d)			19,399		18,865,528
HP, Inc., 3.00%, 06/17/27			320		299,985
Humana, Inc., 1.35%, 02/03/27			106		93,616
Intel Corp., 3.40%, 03/25/25			1,602		1,603,028
JPMorgan Chase & Co.(a)
(SOFR + 0.58%), 0.97%, 06/23/25			259		243,678
(SOFR + 0.61%), 1.56%, 12/10/25			952		896,125
(SOFR + 1.32%), 4.08%, 04/26/26			6,548		6,531,391
(SOFR + 1.56%), 4.32%, 04/26/28			6,890		6,859,214
(SOFR + 1.85%), 2.08%, 04/22/26			942		885,883
Kraft Heinz Foods Co., 4.38%, 06/01/46			6,053		5,303,257
Kroger Co., 2.65%, 10/15/26			703		666,740
Lam Research Corp., 3.75%, 03/15/26			723		727,755

24 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Lightning eMotors, Inc., 7.50%, 05/15/24(b)(p)	USD		3,362	$	2,663,548
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b)			915		811,138
LogMeIn, Inc., 5.50%, 09/01/27(b)			2,370		2,073,750
Lowe’s Cos., Inc.
4.00%, 04/15/25			125		126,650
3.35%, 04/01/27			3,320		3,239,210
4.25%, 04/01/52			7,108		6,387,279
Lumen Technologies, Inc., 5.13%, 12/15/26(b)			6,218		5,596,200
Magallanes, Inc.(b)
3.43%, 03/15/24			2,196		2,181,469
3.64%, 03/15/25			2,720		2,675,233
McDonald’s Corp., 3.30%, 07/01/25			226		225,243
MCM Trust, 1.00%, 01/01/59(a)(d)			15,622		15,622,429
Merck & Co., Inc., 2.75%, 02/10/25			1,625		1,607,341
Meritor, Inc., 4.50%, 12/15/28(b)			78		77,903
Metropolitan Life Global Funding I, 1.88%, 01/11/27(b)			81		74,222
Morgan Stanley
3.63%, 01/20/27			610		594,863
(SOFR + 0.53%), 0.79%, 05/30/25(a)			2,022		1,891,081
(SOFR + 0.86%), 1.51%, 07/20/27(a)			198		176,261
(SOFR + 1.16%), 3.62%, 04/17/25(a)			8,567		8,522,704
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29(b)			1,282		1,120,160
Nationstar Mortgage Holdings, Inc.(b)
6.00%, 01/15/27			893		866,210
5.50%, 08/15/28			4,584		4,171,440
5.13%, 12/15/30			4,013		3,490,467
New Home Co., Inc., 7.25%, 10/15/25(b)			2,144		2,026,080
Novartis Capital Corp., 3.00%, 11/20/25			147		145,737
Oncor Electric Delivery Co. LLC, 5.75%, 03/15/29			187		205,240
ONEOK Partners LP, 4.90%, 03/15/25			9,738		9,940,351
Oracle Corp.
3.40%, 07/08/24			1,059		1,055,813
2.50%, 04/01/25			209		199,308
3.95%, 03/25/51			4,968		3,773,597
Owens Corning, 3.95%, 08/15/29			401		392,154
Pacific Gas and Electric Co., 4.50%, 07/01/40			3,468		2,843,069
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)			2,506		2,747,265
PepsiCo, Inc., 2.38%, 10/06/26			296		283,350
Periama Holdings LLC, 5.95%, 04/19/26(c)			1,139		1,119,068
PG&E Corp., 5.00%, 07/01/28			865		795,964
Pitney Bowes, Inc.(b)
6.88%, 03/15/27			7,658		7,077,907
7.25%, 03/15/29			6,205		5,672,487
Playtika Holding Corp., 4.25%, 03/15/29(b)			2,097		1,889,313
PNC Bank NA
3.25%, 06/01/25			5,655		5,620,491
4.20%, 11/01/25			326		331,242
Principal Life Global Funding II(b)
0.75%, 04/12/24			125		118,622
1.25%, 08/16/26			116		103,943
Regions Financial Corp., 2.25%, 05/18/25			238		228,359
Ryder System, Inc., 2.50%, 09/01/24			305		296,556
Sabre GLBL, Inc., 9.25%, 04/15/25(b)			4,690		5,002,026

Security		Par (000)		Value
United States (continued)
Select Medical Corp., 6.25%, 08/15/26(b)	USD		13,256	$	13,156,580
Service Properties Trust
5.00%, 08/15/22			5,600		5,576,861
4.50%, 06/15/23			1,814		1,768,650
7.50%, 09/15/25			247		246,538
Simon Property Group LP, 3.38%, 10/01/24			179		178,847
SK Battery America, Inc., 2.13%, 01/26/26(c)			3,100		2,827,572
Southern California Edison Co., Series E, 3.70%, 08/01/25			1,602		1,598,056
Stem, Inc., 0.50%, 12/01/28(b)(p)			749		480,933
Talen Energy Supply LLC(b)
7.25%, 05/15/27			3,625		3,470,938
6.63%, 01/15/28			3,044		2,880,385
7.63%, 06/01/28			2,995		2,871,456
Tap Rock Resources LLC, 7.00%, 10/01/26(b)			10,358		10,463,755
Texas Capital Bank NA, (3 mo. LIBOR US + 4.50%), 5.51%, 09/30/24(a)(b)			11,008		10,764,125
Thermo Fisher Scientific, Inc., 1.22%, 10/18/24			95		90,125
Toyota Motor Credit Corp.
1.80%, 02/13/25			517		494,667
3.05%, 03/22/27			306		297,302
TransDigm, Inc., 6.25%, 03/15/26(b)			34,664		34,490,680
Truist Bank
3.30%, 05/15/26			713		700,440
3.80%, 10/30/26			822		814,603
TWDC Enterprises 18 Corp., 3.15%, 09/17/25			202		200,013
UnitedHealth Group, Inc., 3.10%, 03/15/26			430		423,571
US Bancorp, 3.10%, 04/27/26			261		255,370
Verizon Communications, Inc., 2.63%, 08/15/26			111		105,490
VICI Properties LP/VICI Note Co., Inc.(b)
5.63%, 05/01/24			600		606,000
3.88%, 02/15/29			3,441		3,262,990
Vistra Operations Co. LLC, 5.63%, 02/15/27(b)			10,588		10,429,180
Wells Fargo & Co., (3 mo. LIBOR US + 0.75%), 2.16%, 02/11/26(a)			3,042		2,885,610
Workday, Inc., 3.50%, 04/01/27			2,195		2,139,584
WRKCo, Inc., 4.90%, 03/15/29			167		171,606
Xerox Holdings Corp.(b)
5.00%, 08/15/25			6,354		6,099,840
5.50%, 08/15/28			3,330		2,997,000
Zayo Group Holdings, Inc., 4.00%, 03/01/27(b)			4,505		3,919,350
					578,508,958
Vietnam — 0.0%
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(c)			2,785		2,485,613
Total Corporate Bonds — 5.9% (Cost: $1,662,026,858)					1,292,246,624
Floating Rate Loan Interests
Australia(a)(d) — 0.0%
Oafit A Note Upsize
1.00%, 03/28/26	AUD		10,036		7,090,936
(1 mo. LIBOR + 5.50%), 8.00%, 01/21/24			1,940		1,370,707
					8,461,643

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 25

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Belgium — 0.1%
Apollo Finco, 2021 EUR Term Loan B, (EURIBOR + 4.87%), 4.42%, 06/30/22(a)	EUR		20,021	$	20,276,313
Canada(a) — 0.2%
Bausch Health Companies Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.76%, 06/02/25	USD		9,872		9,812,035
Knowlton Development Corp. Inc., 2020 EUR Term Loan B, (3 mo. LIBOR + 5.00%), 5.00%, 12/21/25	EUR		23,182		24,256,932
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (SOFR + 6.00%, 1.00% Floor), 7.00%, 06/23/22	USD		1,924		1,898,932
					35,967,899
Cayman Islands — 0.0%
Vita Global Finco Ltd., Term Loan B, (EURIBOR + 7.00%), 6.51%, 06/22/22(a)(d)	EUR		8,834		9,203,135
France — 0.1%
Babilou Group, 2021 EUR Term Loan B, (3 mo. LIBOR + 4.00%), 4.00%, 05/23/22(a)			26,693		27,869,460
Jersey — 0.0%
Vita Global FinCo Ltd., GBP Incremental Term Loan, (SONIA CMPD + 7.00%), 7.69%, 06/23/22(a)(d)	GBP		5,301		6,581,819
Luxembourg(a) — 0.3%
Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%), 4.26%, 05/05/28	USD		16,500		16,466,663
Luxembourg Life Fund(d)
2021 1st Lien Term Loan, (3 mo. LIBOR + 9.25%), 10.26%, 06/30/22			14,732		14,621,718
2021 Term Loan, (LIBOR + 9.25%), 10.26%, 06/30/22			16,777		16,735,058
Pronovias SL
EUR Term Loan B1, (3 mo. LIBOR + 4.50%), 4.50%, 05/10/22	EUR		7,864		5,734,414
EUR Term Loan B3, (3 mo. LIBOR + 4.50%), 4.50%, 05/10/22			19,852		14,477,046
					68,034,899
Netherlands(a) — 0.3%
Median BV, 2021 EUR Term Loan B, (EURIBOR + 5.00%), 5.00%, 06/30/22			14,250		14,826,336
Ziggo BV, 2019 EUR Term Loan H, (6 mo. LIBOR + 3.00%), 3.00%, 01/31/29			39,843		40,333,679
					55,160,015
Spain — 0.1%
Challenger, EUR Term Loan, (EURIBOR + 2.75%), 2.75%, 05/19/22(a)(d)			23,328		24,548,775
United Kingdom(a) — 0.2%
Constellation Automative Ltd., (SONIA + 7.50%), 8.19%, 08/30/22	GBP		4,151		5,092,473
Mercia(d)
(3 mo. LIBOR + 2.40%), 2.99%, 05/25/22			10,564		13,284,206
(SONIA CMPD + 2.40%), 2.99%, 05/25/22			19,526		24,552,476
					42,929,155

Security		Par (000)		Value
United States — 2.6%
ACProducts, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 4.75%, 05/17/28(a)(d)	USD		7,892	$	6,550,348
Aimbridge Acquisition Co., Inc., 2020 Incremental Term Loan B, (1 mo. LIBOR + 4.75%), 5.50%, 02/01/26(a)			9,187		9,041,930
Altar Bidco, Inc., 2021 Term Loan, (SOFR + 3.35%), 3.85%, 05/03/22(a)(i)			12,600		12,417,300
American Auto Auction Group, LLC, 2021 Term Loan B, (SOFR + 5.00%), 5.80%, 06/30/22(a)			11,006		10,786,287
American Rock Salt Company LLC, 2021 Term Loan, (1 mo. LIBOR + 4.00%), 4.76%, 06/11/28(a)			1,596		1,579,621
Avaya, Inc.(a)
2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.80%, 05/16/22.			4,157		4,088,957
2021 Term Loan B2, (1 mo. LIBOR + 4.00%), 4.55%, 05/16/22			3,155		3,102,406
Change Healthcare Holdings, LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 03/01/24(a)			2,236		2,230,532
City Brewing Co. LLC, Closing Date Term Loan, (3 mo. LIBOR + 3.50%), 4.47%, 04/05/28(a)			2,670		2,492,262
CML Hyatt Lost Pines, Term Loan, (1 mo. LIBOR + 3.43%), 3.92%, 05/10/22(a)(d)			16,300		16,218,500
CML La Quinta Resort, Term Loan, (1 mo. LIBOR + 3.00%), 3.39%, 05/16/22(a)(d)(i)			15,500		15,500,000
CML Lake Tahoe Resort Hotel, Term Loan, (1 mo. LIBOR + 2.90%), 3.02%, 05/11/22(a)(d)			7,840		7,840,452
CML Paradise Plaza, Term Loan, (3 mo. LIBOR + 3.60%), 4.53%, 06/21/22(a)(d)(i)			14,450		14,264,993
CML ST Regis Aspen, Term Loan, 02/09/27(a)(d)(i)(q)			16,508		16,265,303
CML Trigrams, Term Loan, 09/15/24(a)(d)(i)(q)			68,117		56,579,245
Cypher Bidco, (EURIBOR + 4.50%), 4.50%, 10/25/22(a)(d)	EUR		19,970		19,935,960
Davis-Standard, LLC, Term Loan, (3 mo. LIBOR + 5.75%), 6.76%, 06/30/22(a)(d)	USD		5,817		5,642,842
Digital Room Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 5.25%), 5.75%, 12/21/28(a)			3,632		3,552,096
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%), 5.76%, 08/02/27(a)			6,154		6,122,625
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%), 8.26%, 05/31/22(a)			6,457		6,435,702
Emerald Technologies (U.S.) Acquisitionco, Inc, Term Loan, (SOFR + 6.25%, 1.00% Floor), 7.25%, 06/30/22(a)			4,381		4,233,141
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 4.06%, 05/31/22(a)			3,189		3,164,664
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%), 4.81%, 05/01/28(a)			8,530		8,373,298
Galaxy Universal LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.75%, 1.00% Floor), 6.75%, 05/14/22(a)(d)(i)			18,829		18,452,857
Gores Metropoulos II, Inc., 0.00%, 01/19/27(d)(l)			19,714		18,531,160

26 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
GoTo Group, Inc., Term Loan B, (1 mo. LIBOR + 4.75%), 5.30%, 08/31/27(a)	USD		12,529	$	12,020,505
Green Plains Operating Company LLC, Term Loan, (3 mo. LIBOR + 5.00%), 6.24%, 07/29/22(a)(d)			15,919		16,038,392
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 2.37%, 06/22/26(a)			19,245		19,004,515
Hydrofarm Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 5.50%), 6.50%, 05/31/22(a)(d)			2,745		2,649,041
Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 3.56%, 10/12/28(a)			10,125		9,963,607
J&J Ventures Gaming LLC, Term Loan, (1 mo. LIBOR + 4.00%), 4.76%, 04/26/28(a)			4,135		4,088,108
Jack Ohio Finance LLC, (1 mo. LIBOR + 4.75%), 5.51%, 10/04/28(a)(d)			2,133		2,095,334
Jo-Ann Stores, Inc., 2021 Term Loan B1, (3 mo. LIBOR + 4.75%), 5.96%, 07/07/28(a)			7,260		6,083,817
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 4.51%, 12/18/27(a)			14,987		14,112,751
LSF11 A5 Holdco LLC, Term Loan, (SOFR + 3.50%), 4.31%, 10/15/28(a)			1,014		996,181
Maverick Gaming LLC, Term Loan B, (3 mo. LIBOR + 7.50%, 1.00% Floor), 8.50%, 05/31/22(a)			3,544		3,473,306
MetroNet Systems Holdings, LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.50%, 06/02/28(a)			2,698		2,671,277
Michaels Cos., Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 5.26%, 04/15/28(a)			1,401		1,273,996
MKS Instruments, Inc., 2022 Term Loan B, 04/08/29(a)(i)(q)			7,862		7,822,690
Naked Juice LLC, 2nd Lien Term Loan, (SOFR + 6.00%), 6.65%, 06/30/22(a)			523		519,077
Opendoor GP II LLC, Term Loan, (3 mo. LIBOR + 10.00%), 10.00%, 07/14/22(a)(d)			42,036		40,774,773
OVG Business Services LLC, Initial Term Loan, (3 mo. LIBOR + 6.25%, 1.00% Floor), 7.25%, 05/23/22(a)			7,213		6,960,545
Pacific Gas & Electric Co., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.81%, 06/23/25(a)			5,966		5,880,374
Profrac Services LLC, 9.00%, 03/04/25(a)(d)			9,904		9,705,920
Project Ruby Ultimate Parent Corp., 2021 Term Loan, (1 mo. LIBOR + 3.25%), 4.01%, 03/10/28(a)			11,213		11,088,391
Redstone Holdco 2 LP(a)
2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.75%), 8.97%, 04/27/29			6,772		6,203,423
2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.93%, 04/27/28			12,416		11,907,315
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%), 4.75%, 03/16/27(a)			5,809		5,608,217
Sheraton Austin, CML Term Loan, (3 mo. LIBOR + 3.48%), 3.94%, 05/25/22(a)(d)(i)			18,180		17,970,969
Signal Parent, Inc, Term Loan B, (1 mo. LIBOR + 3.50%), 4.26%, 04/01/28(a)			8,694		7,417,081

Security		Par (000)			Value
United States (continued)
Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%), 4.25%, 06/08/28(a)	USD		1,257		$	1,244,689
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.75%, 10/06/28(a)			2,444			2,259,185
Starwood Property Trust, Inc., (3 mo. LIBOR + 3.05%), 4.05%, 06/30/22(a)(d)(i)			19,000			18,652,680
The Enterprise Development Authority, Term Loan B, (1 mo. LIBOR + 4.25%), 5.01%, 05/31/22(a)			12,224			12,157,248
Univision Communications, Inc.(a)
2021 First Lien Term Loan B, (1 mo. LIBOR + 3.25%), 4.01%, 05/31/22			2,853			2,826,701
2022 Term Loan B, (1 mo. LIBOR + 3.25%), 4.01%, 07/07/28.			2,005			1,977,431
Vaco Holdings LLC, 2022 Term Loan, (SOFR + 5.00%), 5.80%, 06/30/22(a)			4,314			4,303,402
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.76%, 02/28/27(a)			5,923			5,859,558
Western Digital Corp., 2018 Term Loan B4, 04/29/23(a)(q)			—	(r)		2
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 6.25%, 10/19/27(a)			11,142			10,867,029
						559,880,011
Total Floating Rate Loan Interests — 3.9% (Cost: $898,977,441)						858,913,124
Foreign Agency Obligations
Argentina — 0.1%
Argentine Republic Government International Bond
1.00%, 07/09/29			3,751			1,196,466
0.75%, 07/09/30(s)			35,805			11,242,845
1.50%, 07/09/35(s)			44,033			12,483,547
3.88%, 01/09/38(s)			14,865			5,314,137
						30,236,995
Austria — 0.1%
Republic of Austria Government Bond, 2.10%, September 20, 2117(b)(c)	EUR		15,700			16,904,308
Brazil — 0.4%
Brazil Letras do Tesouro Nacional, 0.00%, 07/01/24(l)	BRL		591,234			92,907,611
Canada — 0.5%
Canadian Government Bond, 0.25%, 03/01/26	CAD		142,065			100,632,647
China — 0.3%
China Government Bond, 2.68%, 05/21/30	CNY		448,170			66,351,872
Indonesia(c) — 0.0%
Indonesia Government International Bond
8.50%, 10/12/35	USD		750			999,984
6.63%, 02/17/37			968			1,110,356

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 27

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Indonesia (continued)
Indonesia Government International Bond (continued)
7.75%, 01/17/38	USD		950	$	1,198,366
Perusahaan Penerbit SBSN Indonesia III, 4.45%, 02/20/29			3,000		3,082,125
					6,390,831
Mongolia(c) — 0.0%
Mongolia Government International Bond
5.13%, 04/07/26			489		457,269
3.50%, 07/07/27			1,000		862,500
					1,319,769
Morocco — 0.0%
Morocco Government International Bond, 4.00%, 12/15/50(c)			226		155,940
Panama — 0.0%
Banco Latinoamericano de Comercio Exterior SA, 2.38%, 09/14/25(b)			291		276,450
Philippines — 0.0%
Philippine Government International Bond
6.38%, 01/15/32			2,000		2,300,220
6.38%, 10/23/34			700		810,327
					3,110,547
Spain — 0.3%
Spain Government Bond, 3.45%, 07/30/66(b)(c)	EUR		46,272		55,976,744
Total Foreign Agency Obligations — 1.7% (Cost: $446,864,644)					374,263,714

	Shares
Investment Companies
United States — 0.8%
Industrial Select Sector SPDR Fund		112,009	10,656,536
iShares Biotechnology ETF(f)		19,698	2,297,772
iShares China Large-Cap ETF(f)		363,056	11,232,953
iShares iBoxx $ High Yield Corporate Bond ETF(e)(f)		1,361	106,879
iShares iBoxx $ Investment Grade Corporate Bond ETF(e)(f)		27,149	3,056,977
iShares Latin America 40 ETF(f)		371,046	9,684,301
iShares MSCI Brazil ETF(e)(f)		436,853	14,315,673
iShares MSCI Emerging Markets ETF(f)		56,435	2,391,715
KraneShares Bosera MSCI China A ETF, Class A		171,614	5,810,507
KraneShares CSI China Internet ETF		1,217,960	34,431,729
SPDR Bloomberg Barclays High Yield Bond ETF(e)		29,407	2,870,417
SPDR Gold Shares(g)(j)(k)		274,365	48,537,912

Security	Shares		Value
United States (continued)
United States Oil Fund LP(e)(g)(k)		97,467	$	16,448,969
VanEck Semiconductor ETF(e)		29,977		6,890,214
Total Investment Companies — 0.8% (Cost: $175,254,627)				168,732,554

		Par (000)
Non-Agency Mortgage-Backed Securities
United States — 3.5%
1211 Avenue of the Americas Trust, Series 2015-1211, Class D, 4.28%, 08/10/35(a)(b)	USD		4,330	4,117,523
Alen Mortgage Trust, Series 2021-ACEN, Class D, (1 mo. LIBOR US + 3.10%), 3.65%, 04/15/34(a)(b)			5,222	5,081,144
Arbor Multifamily Mortgage Securities Trust, Series E, Class MF1, 1.75%, 05/15/53(b)			1,650	1,174,224
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class D, 3.72%, 04/14/33(a)(b)			730	699,567
Bank
Series 2017-BNK8, Class B, 4.06%, 11/15/50(a)			1,551	1,494,576
Series 2017-BNK9, Class A4, 3.54%, 11/15/54			1,990	1,944,820
Bayview Commercial Asset Trust(a)(b)
Series 2005-3A, Class M6, (1 mo. LIBOR US + 1.05%), 1.72%, 11/25/35			383	348,138
Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.34%), 1.18%, 10/25/36			448	423,352
BBCMS Mortgage Trust(a)(b)
Series 2017-DELC, Class E, (1 mo. LIBOR US + 2.50%), 3.05%, 08/15/36			1,677	1,632,661
Series 2018-TALL, Class C, (1 mo. LIBOR US + 1.12%), 1.68%, 03/15/37			4,880	4,596,371
Beast Mortgage Trust(a)(b)
Series 2021-SSCP, Class B, (1 mo. LIBOR US + 1.10%), 1.65%, 04/15/36			4,655	4,512,531
Series 2021-SSCP, Class C, (1 mo. LIBOR US + 1.35%), 1.90%, 04/15/36			5,803	5,627,143
Series 2021-SSCP, Class D, (1 mo. LIBOR US + 1.60%), 2.15%, 04/15/36			5,329	5,167,503
Series 2021-SSCP, Class E, (1 mo. LIBOR US + 2.10%), 2.65%, 04/15/36			4,614	4,466,792
Series 2021-SSCP, Class F, (1 mo. LIBOR US + 2.90%), 3.45%, 04/15/36			4,410	4,239,630
Series 2021-SSCP, Class G, (1 mo. LIBOR US + 3.80%), 4.35%, 04/15/36			4,993	4,803,439
Series 2021-SSCP, Class H, (1 mo. LIBOR US + 4.90%), 5.46%, 04/15/36			3,541	3,409,644
Benchmark Mortgage Trust
Series 2021-B23, Class XA, 1.38%, 02/15/54(a)			54,885	4,385,010

28 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Benchmark Mortgage Trust (continued)
Series 2021-B25, Class A5, 2.58%, 04/15/54	USD		5,050	$	4,520,057
BHMS(a)(b)
Series 2018-ATLS, Class A, (1 mo. LIBOR US + 1.25%), 1.80%, 07/15/35			6,720		6,642,532
Series 2018-ATLS, Class C, (1 mo. LIBOR US + 1.90%), 2.45%, 07/15/35			1,583		1,531,364
Boca Commercial Mortgage Trust, 2.27%, 05/15/39(a)(b)(i)			2,411		2,407,498
BWAY Mortgage Trust, Series 2013-1515, Class D, 3.63%, 03/10/33(b)			3,735		3,536,167
BX Commercial Mortgage Trust(b)
Series 2018-BIOA, Class D, (1 mo. LIBOR US + 1.32%), 1.88%, 03/15/37(a)			1,181		1,159,995
Series 2018-BIOA, Class E, (1 mo. LIBOR US + 1.95%), 2.51%, 03/15/37(a)			8,016		7,864,913
Series 2018-BIOA, Class F, (1 mo. LIBOR US + 2.47%), 3.03%, 03/15/37(a)			7,017		6,841,347
Series 2019-XL, Class G, (1 mo. LIBOR US + 2.30%), 2.85%, 10/15/36(a)			8,011		7,830,432
Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 3.20%, 10/15/36(a)			13,304		12,986,069
Series 2020-VIV4, Class A, 2.84%, 03/09/44 .			1,425		1,294,058
Series 2020-VKNG, Class G, (1 mo. LIBOR US + 3.25%), 3.80%, 10/15/37(a)			1,168		1,131,246
Series 2021-21M, Class E, (1 mo. LIBOR US + 2.17%), 2.73%, 10/15/36(a)			14,735		14,210,680
Series 2021-CIP, Class E, (1 mo. LIBOR US + 2.82%), 3.37%, 12/15/38(a)			13,130		12,637,131
Series 2021-NWM, Class A, (1 mo. LIBOR US + 0.91%), 1.46%, 02/15/33(a)(d)			22,496		22,046,080
Series 2021-NWM, Class B, (1 mo. LIBOR US + 2.15%), 2.70%, 02/15/33(a)(d)			13,191		12,927,180
Series 2021-NWM, Class C, (1 mo. LIBOR US + 4.25%), 4.80%, 02/15/33(a)(d)			8,710		8,535,800
Series 2021-SOAR, Class G, (1 mo. LIBOR US + 2.80%), 3.36%, 06/15/38(a)			17,100		16,339,501
Series 2021-VINO, Class F, (1 mo. LIBOR US + 2.80%), 3.36%, 05/15/38(a)			12,592		12,055,916
Series 2021-XL2, Class F, (1 mo. LIBOR US + 2.24%), 2.80%, 10/15/38(a)			15,609		15,091,972
BX Trust(a)(b)
Series 2019-OC11, Class D, 4.08%, 12/09/41			8,408		7,511,010
Series 2019-OC11, Class E, 4.08%, 12/09/41.			11,784		10,064,647
Series 2021-ARIA, Class E, (1 mo. LIBOR US + 2.24%), 2.80%, 10/15/36			9,187		8,922,112
Series 2021-MFM1, Class E, (1 mo. LIBOR US + 2.25%), 2.80%, 01/15/34			3,160		3,068,927
Series 2021-MFM1, Class F, (1 mo. LIBOR US + 3.00%), 3.55%, 01/15/34			4,900		4,703,867
CAMB Commercial Mortgage Trust, Series 2019- LIFE, Class E, (1 mo. LIBOR US + 2.15%), 2.70%, 12/15/37(a)(b)			2,181		2,138,508
CD Mortgage Trust, Series 2017-CD6, Class B, 3.91%, 11/13/50(a)			864		823,850
CFCRE Commercial Mortgage Trust(b)
Series 2018-TAN, Class C, 5.29%, 02/15/33			1,060		1,059,020

Security		Par (000)		Value
United States (continued)
CFCRE Commercial Mortgage Trust(b) (continued)
Series 2018-TAN, Class E, 6.66%, 02/15/33(a)	USD		1,178	$	1,172,910
Citigroup COmmercial Mortgage Trust, Series 2018-C6, Class A4, 4.41%, 11/10/51			2,000		2,043,283
COMM Mortgage Trust
Series 2014-CR17, Class C, 4.95%, 05/10/47(a)			1,366		1,351,038
Series 2014-CR21, Class A3, 3.53%, 12/10/47			3,956		3,926,602
Connecticut Avenue Securities Trust(a)(b)
Series 2021-R01, Class 1B1, (30 day SOFR + 3.10%), 3.39%, 10/25/41			4,028		3,773,257
Series 2022-R01, Class 1B1, (30 day SOFR + 3.15%), 3.44%, 12/25/41			1,823		1,695,293
CORE Mortgage Trust, Series 2019-CORE, Class F, (1 mo. LIBOR US + 2.35%), 2.90%, 12/15/31(a)(b)			1,606		1,541,569
Credit Suisse Mortgage Capital Certificates(a)(b)
Series 2019-ICE4, Class B, (1 mo. LIBOR US + 1.23%), 1.78%, 05/15/36			1,765		1,750,649
Series 2019-ICE4, Class C, (1 mo. LIBOR US + 1.43%), 1.98%, 05/15/36			1,829		1,809,539
Series 2019-ICE4, Class D, (1 mo. LIBOR US + 1.60%), 2.15%, 05/15/36			5,897		5,826,559
Series 2019-ICE4, Class E, (1 mo. LIBOR US + 2.15%), 2.70%, 05/15/36			5,411		5,305,633
Series 2019-ICE4, Class F, (1 mo. LIBOR US + 2.65%), 3.20%, 05/15/36			8,135		7,970,677
CSAIL Commercial Mortgage Trust
Series 2020-C19, Class A3, 2.56%, 03/15/53 .			11,759		10,473,817
Series C, Class C5, 4.80%, 11/15/48(a)			1,260		1,211,875
CSMC NET, Series 2020-NET, Class A, 2.26%, 08/15/37(b)			3,951		3,707,662
CSMC-FACT, Series 2020-FACT, Class E, (1 mo. LIBOR US + 4.86%), 5.42%, 10/15/37(a)(b)			1,935		1,931,592
DBGS Mortgage Trust(a)(b)
Series 2018-BIOD, Class D, (1 mo. LIBOR US + 1.30%), 1.79%, 05/15/35			1,865		1,834,840
Series 2018-BIOD, Class F, (1 mo. LIBOR US + 2.00%), 2.49%, 05/15/35			7,767		7,548,527
DBWF Mortgage Trust(a)(b)
Series 2018-GLKS, Class B, (1 mo. LIBOR US + 1.35%), 1.90%, 12/19/30			2,175		2,130,985
Series 2018-GLKS, Class C, (1 mo. LIBOR US + 1.75%), 2.30%, 12/19/30			1,650		1,608,667
ELP Commercial Mortgage Trust, Series 2021- ELP, Class F, (1 mo. LIBOR US + 2.67%), 3.22%, 11/15/38(a)(b)			6,593		6,345,404
Extended Stay America Trust(a)(b)
Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 2.81%, 07/15/38			15,306		15,029,485
Series 2021-ESH, Class E, (1 mo. LIBOR US + 2.85%), 3.41%, 07/15/38			9,909		9,699,284
Freddie Mac(a)(b)
Series 2021-DNA2, Class B1, (30 day SOFR + 3.40%), 3.69%, 08/25/33			2,381		2,247,696

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 29

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Freddie Mac(a)(b) (continued)
Series 2021-DNA2, Class B2, (30 day SOFR + 6.00%), 6.29%, 08/25/33	USD		2,151	$	2,045,444
Series 2021-DNA6, Class B1, (30 day SOFR + 3.40%), 3.69%, 10/25/41			6,839		6,415,110
Series 2021-DNA7, Class B1, (30 day SOFR + 3.65%), 3.94%, 11/25/41			6,782		6,323,219
Series 2021-HQA1, Class B1, (30 day SOFR + 3.00%), 3.29%, 08/25/33			4,104		3,652,686
Series 2021-HQA1, Class B2, (30 day SOFR + 5.00%), 5.29%, 08/25/33			2,457		2,146,278
Freddie Mac STACR REMIC Trust(a)(b)
Series 2021-DNA3, Class B1, (30 day SOFR + 3.50%), 3.79%, 10/25/33			5,537		5,227,217
Series 2022-DNA1, Class B1, (30 day SOFR + 3.40%), 3.69%, 01/25/42			2,121		1,931,878
GCT Commercial Mortgage Trust, Class D, (1 mo. LIBOR US + 2.35%), 2.90%, 02/15/38(a)(b)			810		789,073
GS Mortgage Securities Corp., Series 2021-DM, Class E, (1 mo. LIBOR US + 2.94%), 3.49%, 11/15/36(a)(b)			12,756		12,396,081
GS Mortgage Securities Corp. II, Series 2021- ROSS, Class A, (1 mo. LIBOR US + 1.15%), 1.71%, 05/15/26(a)(b)			1,480		1,451,722
GS Mortgage Securities Trust
Series 2020-GC47, Class AS, 2.73%, 05/12/53			4,426		3,951,889
Series 2020-GSA2, Class XA, 1.85%, 12/12/53(a)(b)			2,203		236,375
Hudson Yards Mortgage Trust, Series 2016- 10HY, Class E, 3.08%, 08/10/38(a)(b)			897		818,563
JP Morgan Chase Commercial Mortgage Securities Trust(b)
Class C, 3.56%, 01/05/39(a)			3,082		2,825,522
Series 2018-WPT, Class DFL, (1 mo. LIBOR US + 2.50%), 2.94%, 07/05/33(a)			1,253		1,242,468
Series 2018-WPT, Class DFX, 5.35%, 07/05/33			2,168		2,173,979
Series 2019-MFP, Class F, (1 mo. LIBOR US + 3.00%), 3.55%, 07/15/36(a)			6,311		6,083,022
Series 2021-MHC, Class E, (1 mo. LIBOR US + 2.45%), 3.00%, 04/15/38(a)			7,630		7,381,496
Series 2021-MHC, Class F, (1 mo. LIBOR US + 2.95%), 3.50%, 04/15/38(a)			8,020		7,738,717
JP Morgan Mortgage Trust(a)(b)
Class A2A, 2.50%, 12/25/51			74,662		65,892,161
Class A3A, 2.50%, 02/25/52			29,695		26,617,915
Series 2021-INV7, Class A4A, 2.50%, 02/25/52			10,574		8,421,555
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR4, Class A5, 4.03%, 03/10/52			4,308		4,297,880
Life Mortgage Trust, Series 2021-BMR, Class F, (1 mo. LIBOR US + 2.35%), 2.90%, 03/15/38(a)(b)			14,958		14,359,469
LUXE Trust, Series 2021-TRIP, Class E, (1 mo. LIBOR US + 2.75%), 3.30%, 10/15/38(a)(b)			1,215		1,185,756

Security		Par (000)		Value
United States (continued)
MCM Trust, 3.00%, 08/25/28(d)	USD		6,479	$	4,368,419
MED Trust(a)(b)
Class F, (1 mo. LIBOR US + 4.00%), 4.56%, 11/15/38			16,410		15,957,948
Class G, (1 mo. LIBOR US + 5.25%), 5.81%, 11/15/38			17,632		17,159,378
MF1 Ltd., Series 2021-W10, Class F, (SOFR + 3.37%), 3.88%, 12/15/34(a)(b)			8,512		8,506,144
MHC Commercial Mortgage Trust(a)(b)
Series 2021-MHC, Class E, (1 mo. LIBOR US + 2.10%), 2.65%, 04/15/38			15,980		15,500,106
Series 2021-MHC, Class F, (1 mo. LIBOR US + 2.60%), 3.15%, 04/15/38			12,280		11,849,658
MHP 2021-STOR, Series 2021-STOR, Class G, (1 mo. LIBOR US + 2.75%), 3.30%, 07/15/38(a)(b)			3,936		3,778,299
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C24, Class C, 4.49%, 05/15/48(a)			647		618,865
Series 2016-C32, Class A4, 3.72%, 12/15/49			3,377		3,354,862
Morgan Stanley Capital I Trust
Series 2018-MP, Class A, 4.42%, 07/11/40(a)(b)			2,110		2,091,202
Series 2020-L4, Class A3, 2.70%, 02/15/53			2,855		2,571,967
PKHL Commercial Mortgage Trust, Series 2021- MF, Class F, (1 mo. LIBOR US + 3.35%), 3.91%, 07/15/38(a)(b)			1,881		1,804,704
Rial 2022 FL8 Issuer Ltd., 1.00%, 01/19/37(a)(b)(i)			7,597		7,597,000
SREIT Trust 2021-MFP, Series 2021-MFP, Class F, (1 mo. LIBOR US + 2.62%), 3.18%, 11/15/38(a)(b)			9,828		9,558,841
SREIT Trust 2021-MFP2, Series 2021-MFP2, Class F, (1 mo. LIBOR US + 2.62%), 3.17%, 11/15/36(a)(b)			4,565		4,422,359
STWD Trust, Series 2021-FLWR, Class E, (1 mo. LIBOR US + 1.92%), 2.48%, 07/15/36(a)(b)			3,290		3,141,699
TPGI Trust, Series 2021-DGWD, Class F, (1 mo. LIBOR US + 3.00%), 3.55%, 06/15/26(a)(b)			3,599		3,454,332
TVC DSCR(d)
0.00%, 02/01/51			25,362		25,361,555
0.00%, 02/01/51(l)			6,340		7,755,565
UBS Commercial Mortgage Trust, Series 2019- C17, Class A4, 2.92%, 10/15/52			1,175		1,078,134
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class D, 5.22%, 08/10/49(a)(b)			1,766		1,760,460
VNDO Trust, Series 2016-350P, Class D, 4.03%, 01/10/35(a)(b)			2,150		1,972,884
Wells Fargo Commercial Mortgage Trust(a)
Series 2015-C28, Class AS, 3.87%, 05/15/48			3,230		3,190,672
Series 2017-C38, Class C, 3.90%, 07/15/50			1,305		1,227,224
Series 2017-C41, Class B, 4.19%, 11/15/50			3,149		2,926,273
Series 2018-1745, Class A, 3.87%, 06/15/36(b)			2,162		2,069,459
Series 2020-C58, Class XA, 2.00%, 07/15/53			31,592		3,628,741

30 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security		Par (000)		Value
United States (continued)
Wells Fargo Commercial Mortgage Trust(a) (continued)
Series 2021-C59, Class XA, 1.68%, 04/15/54	USD		25,070	$	2,426,969
Western Alliance Bank, 6.47%, 12/28/24(a)(b)			33,610		33,580,833
Total Non-Agency Mortgage-Backed Securities — 3.5% (Cost: $809,610,937)					768,262,817
		Benefical Interest (000)
Other Interests
Canada — 0.1%
Sprott Private Resource Streaming and Royalty LP(d)	USD		21,280		27,182,620
Total Other Interests — 0.1% (Cost: $21,471,327)					27,182,620
		Par (000)
Preferred Securities
Capital Trusts — 0.1%(a)
Colombia — 0.0%
Banco Davivienda SA, 6.65%(b)(o)	USD		301		268,793
Philippines — 0.0%
Rizal Commercial Banking Corp., 6.50%(c)(o)			1,395		1,357,771
Thailand(c)(o) — 0.0%
Kasikornbank PCL, 5.28%			1,500		1,463,438
TMBThanachart Bank PCL, 4.90%			1,396		1,336,059
					2,799,497
United Kingdom — 0.0%
Vodafone Group PLC, 4.13%, 06/04/81			3,899		3,369,009
United States — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%(o)			2,573		2,511,891
NWD Finance BVI Ltd., 4.13%(c)(o)			1,356		1,220,400
Prudential Financial, Inc.
5.63%, 06/15/43			5,623		5,622,269
5.88%, 09/15/42			8,044		8,023,890
USB Capital IX, 3.50%(o)			3,935		3,042,519
Vistra Corp., 7.00%(b)(o)			2,990		2,907,775
					23,328,744
					31,123,814
		Shares
Preferred Stocks — 2.9%
Brazil — 0.1%
Neon Payments Ltd.(d)			39,435		23,231,947
Petroleo Brasileiro SA, Preference Shares			624,296		3,823,599
					27,055,546

Security	Shares		Value
Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares		16,091	$	1,033,224
Porsche Automobil Holding SE, Preference Shares		101,347		8,359,090
Volkswagen AG, Preference Shares		54,839		8,492,720
Volocopter GMBH, (Acquired 03/03/21, Cost: $22,418,516)(b)(d)(h)		4,218		23,484,649
				41,369,683
India — 0.1%
Think & Learn Private Ltd., Series F, (Acquired 12/11/20, Cost: $13,030,114)(b)(d)(h)		4,047		18,860,500
Sweden — 0.0%
Volta(d)		30,817		3,385,958
United Kingdom — 0.1%
10x Future Technologies Holdings Ltd., (Acquired 05/13/21, Cost: $24,142,699)(b)(d)(h)		637,808		13,658,263
United States — 2.4%
Aptiv PLC, Series A, 5.50%, 06/15/23(p)		132,372		16,362,503
Becton Dickinson and Co., Series B, 6.00%, 06/01/23(p)		509,265		26,028,534
Boston Scientific Corp., Series A, 5.50%, 06/01/23(p)		88,689		10,008,554
Breeze Aviation Group, Inc., Series B, (Acquired 07/30/21, Cost: $17,069,096)(b)(d)(h)		31,603		16,674,375
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $34,233,056)(b)(d)(h)		312,419		48,069,869
Caresyntax, Inc.(d)		39,141		4,406,885
Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23(b)(e)(p)		34,289		37,480,620
Cruise, Series G, (Acquired 03/25/21, Cost: $9,841,593)(b)(d)(h)		373,495		8,287,854
Databricks, Inc.(b)(d)(h)
Series F, (Acquired 10/22/19, Cost: $11,769,837)		274,046		53,737,680
Series G, (Acquired 02/01/21, Cost: $13,141,188)		74,090		14,528,308
Deep Instinct Ltd., Series D-2, (Acquired 03/19/21, Cost: $11,638,040)(b)(d)(h)		1,914,819		11,067,654
Dream Finders Homes, Inc.(d)		38,156		37,440,575
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $8,339,244)(b)(d)(h)		1,423,565		6,776,169
Farmer’s Business Network, Inc.(b)(d)(h)
(Acquired 09/15/21, Cost: $2,533,428)		40,758		2,209,084
Series F, (Acquired 07/31/20, Cost: $8,907,002)		269,447		14,604,027
Jumpcloud, Inc., Series E-1, (Acquired 10/30/20, Cost: $11,778,091)(b)(d)(h)		6,458,349		37,200,090
JumpCloud, Inc., (Acquired 09/03/21, Cost: $2,543,928)(b)(d)(h)		424,788		2,446,779
Lessen, Inc., Series B(d)		841,086		7,115,588
Loadsmart Inc., (Acquired 01/27/22, Cost: $2,628,040)(b)(d)(h)		131,402		2,402,029
Loadsmart, Inc., Series C, (Acquired 10/05/20, Cost: $10,694,460)(b)(d)(h)		1,250,814		22,864,880
Lookout, Inc., Series F, (Acquired 09/19/14, Cost: $50,945,689)(b)(d)(h)		4,459,883		47,854,545

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 31

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
MNTN Digital, Inc., (Acquired 11/05/21, Cost: $7,559,970)(b)(d)(h)		329,191	$	6,205,250
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $6,129,221)(b)(d)(h)		892,159		5,236,973
Noodle Partners, Inc., Series C, (Acquired 08/26/21, Cost: $9,816,152)(b)(d)(h)		1,099,886		8,359,134
PsiQuantum Corp., Series C, (Acquired 05/21/21, Cost: $5,269,814)(b)(d)(h)		200,937		5,150,015
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $9,126,025)(b)(d)(h)		399,649		7,980,991
SambaNova Systems, Inc.(b)(d)(h)
Series C, (Acquired 02/19/20, Cost: $11,739,902)		220,503		21,115,367
Series D, (Acquired 04/09/21, Cost: $6,878,356)		72,390		6,932,066
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $3,799,839)(b)(d)(h)		252,991		3,129,499
Ursa Major Technologies, Inc., (Acquired 09/13/21, Cost: $9,742,600)(b)(d)(h)		1,633,349		7,840,075
Verge Genomics, (Acquired 11/05/21, Cost: $9,084,160)(b)(d)(h)		1,705,369		8,697,382
Zero Mass Water, Inc., Series C-1, (Acquired 05/07/20, Cost: $8,796,956)(b)(d)(h)		558,055		15,614,379
				523,827,733
				628,157,683
Trust Preferreds — 0.1%
United States — 0.1%
Citigroup Capital XIII, 7.70%, 10/30/40(a)		629,905		17,076,725
Wells Fargo & Co., Series L, 7.50%(o)(p)		5,825		7,056,929
				24,133,654
Total Preferred Securities — 3.1% (Cost: $582,022,172)				683,415,151

		Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.0%
Uniform Mortgage-Backed Securities, Series 2020-DNA6, Class B1, (30 day SOFR + 3.00%), 3.29%, 12/25/50(a)(b)	USD		2,200	2,040,629
Mortgage-Backed Securities — 0.1%
Freddie Mac, Series K116, Class X1, 1.53%, 07/25/30(a)			7,777	715,701
Freddie Mac Structured Pass-Through Certificates(a)
Series K105, Class X1, 1.64%, 01/25/30			35,984	3,449,199
Series K109, Class X1, 1.70%, 04/25/30			15,146	1,519,879
Series K110, Class X1, 1.81%, 04/25/30			8,667	919,684
Series K120, Class X1, 1.13%, 10/25/30			50,275	3,470,247
Uniform Mortgage-Backed Securities
1.36%, 12/25/29			8,414	642,033

Security		Par (000)		Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed
Securities (continued)
Class A2, 3.87%, 09/25/30(a)(d)	USD		1,945	$	2,062,614
Series KW09, Class X1, 0.94%, 05/25/29(a)			58,217		2,591,709
					15,371,066
Total U.S. Government Sponsored Agency Securities — 0.1% (Cost: $18,773,756)					17,411,695
U.S. Treasury Obligations
U.S. Treasury Bonds
1.75%, 08/15/41			49,807		39,456,245
2.38%, 02/15/42			31,131		27,507,157
2.25%, 02/15/52(t)			165,072		141,729,444
U.S. Treasury Notes, 1.88%, 02/15/32(t)			66,037		60,300,401
Total U.S. Treasury Obligations — 1.2% (Cost: $281,529,230)					268,993,247

	Shares
Warrants
Israel — 0.0%
Innovid Corp., (Expires: 11/30/26)(g)		49,253	42,358
Switzerland — 0.0%
Cie Financiere Richemont SA, (Expires: 11/22/23)(g)		4,654	3,301
United Kingdom — 0.0%
Genius Sports Ltd., (Expires: 12/31/28)(g)		157,776	118,316
United States — 0.1%
Altus Power, Inc., (Expires: 12/31/27)(g)		69,059	80,109
Cano Health, Inc., (Expires: 06/03/26)(g)		268,681	292,862
Crown Proptech Acquisitions Pvt Ltd., (Expires: 02/01/26)(d)(g)		271,336	86,828
Embark Technology, Inc., (Expires: 12/31/27)(g)		126,570	142,391
EVgo, Inc., (Expires: 09/15/25)(g)		146,070	314,051
Gores Holdings VIII, Inc. Class A, (Expires: 12/31/27)(g)		49,055	46,023
GPRE, (Expires: 02/08/26)(g)		1,464,976	23,060,890
Highland Transcend Partners I Corp., (Expires: 12/31/27)(g)		213,969	59,954
Hippo Holdings, Inc., (Expires: 07/30/26)(g)		123,393	41,954
Latch, Inc., (Expires: 06/04/26)(e)(g)		111,795	57,552
Lightning eMotors, Inc., (Expires: 05/18/25)		292,348	227,157
Offerpad Solutions, Inc., (Expires: 09/01/26)(g)		226,443	178,867
Proof Acquisition Corp.(d)(g)		271,282	46,118
Rotor Acqusition Ltd.		92,406	67,456
Sarcos Technology and Robotics Corp., Class A, (Expires: 06/15/27)(g)		254,485	190,864
Sonder, (Expires: 11/19/26)(d)		295,710	130,112
TPB Acquisition Corp. I, Class A, (Expires: 02/19/23)(g)		95,675	33,496

32 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
TPG Pace Beneficial Finance Corp., Class A, (Expires: 10/09/27)(g)		65,280	$	35,904
Volta, Inc., Series C, (Expires: 08/26/26)(g)		150,460		97,679
				25,190,267
Total Warrants — 0.1% (Cost: $5,899,800)				25,354,242
Total Long-Term Investments — 78.8% (Cost: $14,984,826,914)				17,301,503,998
Short-Term Securities

		Par (000)
Foreign Agency Obligations — 2.9%
Japan Treasury Discount Bills(u)
(0.15%), 07/25/22(i)	JPY		28,089,100	216,513,179
Series 1062, , , (0.09), 06/06/22			53,647,350	413,439,364
				629,952,543
		Shares
Money Market Funds — 19.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.29%(f)(v)			4,077,927,563	4,077,927,563
SL Liquidity Series, LLC, Money Market Series, 0.47%(f)(v)			174,319,310	174,301,878
				4,252,229,441
		Par (000)
Time Deposits — 0.1%
Australia — 0.0%
Brown Brothers Harriman & Co., (0.10%), 05/02/22.	AUD		6,335	4,475,994
Canada — 0.0%
Royal Bank of Canada, 0.09%, 05/02/22	CAD		4,244	3,303,625
Europe — 0.1%
Citibank, New York, (0.78%), 05/02/22	EUR		6,332	6,679,696
United Kingdom — 0.0%
Citibank NA, New York, 0.25%, 05/02/22	GBP		1,962	2,467,185
				16,926,500
U.S. Treasury Obligations — 0.3%
U.S. Treasury Notes, 0.13%, 11/30/22(k)(w)	USD		60,000	59,486,719
Total Short-Term Securities — 22.6% (Cost: $5,006,269,471)				4,958,595,203
Options Purchased — 0.4% (Cost: $118,645,531)				106,067,657
Total Investments Before Options Written — 101.8% (Cost: $20,109,741,916)				22,366,166,858

Security	Shares			Value
Investments Sold Short
Common Stocks
United States — (0.0)%
JM Smucker Co		(51,256	)	$	(7,018,484	)
Total Investments Sold Short — (0.0)% (Proceeds: $(5,738,335))					(7,018,484	)
Options Written — (0.7)% (Premiums Received: $(93,607,612))					(151,183,465	)
Total Investments, Net of Options Written — 101.1% (Cost: $20,010,395,969)					22,207,964,909
Liabilities in Excess of Other Assets — (1.1)%					(233,113,878	)
Net Assets — 100.0%				$	21,974,851,031

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

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

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

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

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

^(f)  Affiliate of the Fund.

^(g)  Non-income producing security.

^(h)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $798,296,662, representing 3.6% of its net assets as of period end, and an original cost of $709,137,081.

⁽ⁱ⁾  When-issued security.

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

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

^(l)  Zero-coupon bond.

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

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

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

^(p)  Convertible security.

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

^(r)  Rounds to less than 1,000.

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

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

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

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

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

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 33

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/22		Par/Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds
Bio City Development Co. BV	$	13,211,730	$	—		$	—		$	—		$	(2,817,000	)	$	10,394,730		140,850,000	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		182,812,980		3,895,114,583	(a)		—			—			—			4,077,927,563		4,077,927,563		1,245,931			—
iShares Biotechnology ETF		3,046,099		—			—			—			(748,327	)		2,297,772		19,698		6,037			—
iShares China Large-Cap ETF		21,369,605		17,981,481			(20,103,163	)		(2,655,843	)		(5,359,127	)		11,232,953		363,056		270,541			—
iShares iBoxx $ High Yield Corporate Bond ETF		130,740,288		—			(129,755,275	)		12,086,829			(12,964,963	)		106,879		1,361		833,631			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		3,560,591		191,655,592			(195,319,835	)		2,840,835			319,794			3,056,977		27,149		81,651			—
iShares Latin America 40 ETF		10,530,285		—			—			—			(845,984	)		9,684,301		371,046		737,220			—
iShares MSCI Brazil ETF		7,878,674		13,209,899			(3,929,868	)		(553,924	)		(2,289,108	)		14,315,673		436,853		1,278,743			—
iShares MSCI Emerging Markets ETF		3,046,361		—			—			—			(654,646	)		2,391,715		56,435		54,948			—
iShares MSCI Japan ETF(b)		—		15,705,319			(16,777,858	)		1,072,539			—			—		—		—			—
iShares Russell 2000 ETF(b)		174,659,694		—			(164,717,255	)		37,791,497			(47,733,936	)		—		—		—			—
iShares S&P 500 Value ETF(b)		33,281,181		—			(33,772,076	)		5,479,357			(4,988,462	)		—		—		487,815			—
Quintis Australia Pty. Ltd.		85,418,997		6,970,189			—			—			16,507			92,389,186		92,389,186		6,994,505			—
Quintis Australia Pty. Ltd.		82,684,528		—			—			—			261,941			82,684,528		82,684,528		—			—
Quintis HoldCo Pty. Ltd.		37,734,907		—			—			—			(31,276,487	)		6,458,420		43,735,802		—			—
SL Liquidity Series, LLC, Money Market Series		—		174,401,284	(a)		—			(158,717	)		59,311			174,301,878		174,319,310		2,386,727	(c)		—
									$	55,902,573		$	(109,020,487	)	$	4,487,242,575			$	14,377,749		$	—

^(a)  Represents net amount purchased (sold).

^(b)  As of period end, the entity is no longer held.

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Exchange Traded Bitcoin Futures(a)		77		05/27/22	$	14,740	$	(771,723	)
Euro BTP		534		06/08/22		73,426		(7,923,437	)
10-Year Australian Treasury Bonds		3,644		06/15/22		319,619		(19,258,993	)
FTSE/MIB Index		124		06/17/22		15,460		550,251
MSCI Emerging Markets Index		611		06/17/22		32,304		718,900
Russell 2000 E-Mini Index		2,129		06/17/22		198,135		(8,115,602	)
10-Year U.S. Treasury Note		6,849		06/21/22		815,352		(3,758,898	)
U.S. Long Bond		633		06/21/22		88,937		(8,942,040	)
Ultra U.S. Treasury Bond		2,872		06/21/22		458,892		(31,093,498	)
2-Year U.S. Treasury Note		1,424		06/30/22		300,108		(667,489	)
5-Year U.S. Treasury Note		17,763		06/30/22		1,999,448		(19,209,646	)
								(98,472,175	)
Short Contracts
30-Year Euro Buxl Bond		501		06/08/22		90,368		16,636,713
Euro Bund		394		06/08/22		63,840		675,112
Nikkei 225 Yen-Denominated		27		06/09/22		2,781		(190,740	)
10-Year Japanese Government Treasury Bonds		184		06/13/22		212,137		(653,137	)
SPI 200 Index		35		06/16/22		4,526		(119,015	)
Euro Stoxx 50 Index		1,650		06/17/22		64,199		(688,822	)

34 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts (continued)
FTSE 100 Index		73		06/17/22	$	6,816	$	(303,102	)
NASDAQ 100 E-Mini Index		2,082		06/17/22		535,157		9,004,528
S&P 500 E-Mini Index		2,232		06/17/22		460,629		37,446,826
10-Year U.S. Ultra Long Treasury Note		19,049		06/21/22		2,454,940		180,915,891
Long Gilt		650		06/28/22		96,806		3,267,816
								245,992,070
							$	147,519,895

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

Forward Foreign Currency Exchange Contracts

Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
NOK	575,142,928		CHF	59,625,686	Deutsche Bank AG		05/05/22	$	18,672
USD	100,635,313		HKD	784,359,181	Morgan Stanley & Co. International PLC		05/12/22		663,571
NOK	363,891,429		CHF	37,661,741	JPMorgan Chase Bank N.A.		05/19/22		52,186
USD	23,530,729		EUR	21,164,306	Deutsche Bank AG		05/20/22		1,187,784
USD	1,380,468		EUR	1,211,173	Morgan Stanley & Co. International PLC		05/20/22		101,845
USD	232,020,315		JPY	27,304,450,000	Bank of America N.A.		06/06/22		21,414,533
USD	113,371,867		JPY	13,145,850,000	Deutsche Bank AG		06/06/22		11,974,767
USD	114,152,405		JPY	13,197,050,000	Morgan Stanley & Co. International PLC		06/06/22		12,360,388
BRL	209,549,518		USD	40,411,447	Citibank N.A.		06/15/22		1,408,022
USD	34,156,000		CNH	219,640,158	Bank of America N.A.		06/15/22		1,187,639
USD	11,435,079		CNH	74,003,600	HSBC Bank USA N.A.		06/15/22		327,013
USD	43,363,612		EUR	40,537,538	Morgan Stanley & Co. International PLC		06/15/22		514,341
GBP	37,008,973		EUR	43,940,681	Morgan Stanley & Co. International PLC		06/16/22		89,781
USD	23,611,397		CHF	21,898,919	Barclays Bank PLC		06/16/22		1,048,984
USD	5,978,215		EUR	5,370,756	Deutsche Bank AG		06/16/22		300,868
USD	189,684,447		EUR	171,678,000	Morgan Stanley & Co. International PLC		06/16/22		8,206,152
USD	37,122,795		INR	2,848,283,545	Citibank N.A.		06/16/22		94,117
USD	63,744,634		SEK	608,683,527	JPMorgan Chase Bank N.A.		06/16/22		1,682,134
JPY	11,975,895,509		EUR	86,087,970	UBS AG		07/21/22		1,387,504
USD	63,186,697		CNH	404,782,764	Barclays Bank PLC		07/21/22		2,534,199
USD	88,633,343		CNH	568,567,120	Morgan Stanley & Co. International PLC		07/21/22		3,439,458
USD	57,061,592		NOK	502,175,427	JPMorgan Chase Bank N.A.		07/21/22		3,498,722
USD	219,641,369		JPY	28,089,100,000	HSBC Bank USA N.A.		07/25/22		2,464,033
									75,956,713
AUD	52,489,867		USD	37,437,085	Morgan Stanley & Co. International PLC		05/05/22		(349,290	)
CHF	52,217,276		USD	56,753,035	BNP Paribas SA		05/05/22		(3,068,389	)
CHF	39,019,258		USD	42,396,799	JPMorgan Chase Bank N.A.		05/05/22		(2,281,052	)
GBP	18,279,134	��	USD	24,724,777	Morgan Stanley & Co. International PLC		05/05/22		(1,739,720	)
JPY	7,113,902,022		USD	61,909,545	BNP Paribas SA		05/06/22		(7,092,346	)
JPY	28,089,100,000		USD	218,929,728	HSBC Bank USA N.A.		05/06/22		(2,485,112	)
AUD	52,321,083		USD	37,508,241	Deutsche Bank AG		05/12/22		(535,614	)
AUD	34,388,065		USD	24,526,944	Goldman Sachs International		05/12/22		(226,661	)
AUD	68,866,546		USD	49,467,735	Morgan Stanley & Co. International PLC		05/12/22		(803,277	)
CHF	45,582,620		USD	49,358,276	Barclays Bank PLC		05/12/22		(2,480,208	)
CHF	57,453,565		USD	62,282,110	Citibank N.A.		05/12/22		(3,195,727	)
CHF	57,723,567		USD	62,319,641	UBS AG		05/12/22		(2,955,582	)
EUR	59,936,479		USD	68,589,053	Bank of America N.A.		05/12/22		(5,336,519	)
EUR	43,211,690		USD	48,960,629	Deutsche Bank AG		05/12/22		(3,358,202	)
GBP	18,515,280		USD	25,038,487	Deutsche Bank AG		05/12/22		(1,756,780	)
GBP	36,335,055		USD	49,086,995	HSBC Bank USA N.A.		05/12/22		(3,398,131	)
JPY	5,513,698,501		USD	47,826,358	Deutsche Bank AG		05/12/22		(5,331,759	)
JPY	5,715,481,276		USD	49,474,333	Deutsche Bank AG		05/12/22		(5,424,575	)
JPY	5,780,311,373		USD	49,786,844	HSBC Bank USA N.A.		05/12/22		(5,237,435	)

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 35

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	148,661,097	USD	106,340,048	HSBC Bank USA N.A.		05/19/22	$	(1,274,956	)
GBP	27,171,460	USD	36,753,720	JPMorgan Chase Bank N.A.		05/19/22		(2,587,513	)
JPY	8,719,310,504	USD	75,520,485	Deutsche Bank AG		05/19/22		(8,304,960	)
JPY	5,643,596,565	USD	48,832,628	Morgan Stanley & Co. International PLC		05/19/22		(5,327,203	)
KRW	113,609,672,346	USD	94,733,936	Citibank N.A.		05/19/22		(4,800,393	)
CHF	21,809,576	USD	23,618,669	JPMorgan Chase Bank N.A.		05/20/22		(1,180,647	)
CHF	44,555,373	USD	48,645,225	JPMorgan Chase Bank N.A.		05/20/22		(2,805,983	)
EUR	883,699	USD	978,206	Deutsche Bank AG		05/20/22		(45,294	)
EUR	21,164,306	USD	23,998,370	HSBC Bank USA N.A.		05/20/22		(1,655,424	)
DKK	110,991,650	USD	16,633,123	JPMorgan Chase Bank N.A.		06/02/22		(873,009	)
PLN	50,611,624	USD	11,780,282	Citibank N.A.		06/02/22		(402,430	)
USD	48,506,532	BRL	256,138,740	Deutsche Bank AG		06/02/22		(2,800,507	)
JPY	4,421,495,499	USD	34,458,000	Bank of America N.A.		06/15/22		(339,930	)
AUD	31,708,969	USD	23,354,544	Goldman Sachs International		06/16/22		(932,869	)
AUD	68,139,940	USD	49,601,911	JPMorgan Chase Bank N.A.		06/16/22		(1,419,594	)
CAD	56,058,963	USD	43,843,834	Deutsche Bank AG		06/16/22		(210,763	)
CHF	21,898,919	USD	23,716,248	Citibank N.A.		06/16/22		(1,153,834	)
EUR	469,359,593	USD	515,213,678	Barclays Bank PLC		06/16/22		(19,060,539	)
EUR	19,924,789	USD	21,962,497	Citibank N.A.		06/16/22		(900,295	)
EUR	54,946,523	USD	60,103,743	Deutsche Bank AG		06/16/22		(2,020,580	)
EUR	85,393,703	USD	94,296,637	JPMorgan Chase Bank N.A.		06/16/22		(4,028,207	)
EUR	286,015,840	USD	315,288,131	UBS AG		06/16/22		(12,944,983	)
GBP	48,824,043	USD	63,649,083	Morgan Stanley & Co. International PLC		06/16/22		(2,252,786	)
JPY	82,392,426,078	USD	698,036,812	BNP Paribas SA		06/16/22		(62,234,076	)
JPY	50,011,565,338	USD	433,676,425	Deutsche Bank AG		06/16/22		(47,749,082	)
NZD	1,296,500	USD	883,395	JPMorgan Chase Bank N.A.		06/16/22		(46,455	)
NZD	18,521,217	USD	12,619,339	UBS AG		06/16/22		(663,196	)
USD	14,498,714	INR	1,124,955,255	Citibank N.A.		06/16/22		(126,095	)
USD	48,238,119	INR	3,761,029,682	Citibank N.A.		06/16/22		(656,576	)
USD	28,772,194	SEK	286,792,716	BNP Paribas SA		06/16/22		(469,723	)
AUD	66,356,243	USD	47,764,949	UBS AG		07/21/22		(816,404	)
CAD	153,426,833	USD	121,601,323	HSBC Bank USA N.A.		07/21/22		(2,206,155	)
IDR	355,818,431,371	USD	24,507,089	Citibank N.A.		07/21/22		(218,313	)
JPY	7,068,305,669	EUR	51,907,036	UBS AG		07/21/22		(343,019	)
MXN	1,042,721,925	USD	51,421,340	Bank of America N.A.		07/21/22		(1,093,560	)
USD	97,008,462	HKD	759,967,201	HSBC Bank USA N.A.		07/21/22		(4,664	)
								(251,006,396	)
							$	(175,049,683	)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
InvesCo QQQ Trust		5,942		05/06/22		USD	328.00		USD	186,133	$	1,123,038
Amazon.com, Inc.		39		05/20/22		USD	3,200.00		USD	9,694		8,541
Apple, Inc.		729		05/20/22		USD	180.00		USD	11,493		19,683
Bath & Body Works, Inc.		4,277		05/20/22		USD	60.00		USD	22,621		374,237
BP PLC		3,496		05/20/22		USD	30.00		USD	10,041		220,248
CF Industries Holdings, Inc.		2,666		05/20/22		USD	75.00		USD	25,815		6,251,770
CF Industries Holdings, Inc.		2,476		05/20/22		USD	115.00		USD	23,975		408,540
Chevron Corp.		1,057		05/20/22		USD	155.00		USD	16,560		681,765
Coupang, Inc.		4,617		05/20/22		USD	25.00		USD	5,942		13,851
CSX Corp.		3,317		05/20/22		USD	40.00		USD	11,391		24,878
Devon Energy Corp.		1,018		05/20/22		USD	65.00		USD	5,922		136,412
Devon Energy Corp.		6,109		05/20/22		USD	70.00		USD	35,536		345,159
Diamondback Energy, Inc.		582		05/20/22		USD	150.00		USD	7,347		71,295
Diamondback Energy, Inc.		709		05/20/22		USD	155.00		USD	8,950		58,493
Dynatrace, Inc.		1,385		05/20/22		USD	55.00		USD	5,313		27,700
Exxon Mobil Corp.		3,102		05/20/22		USD	85.00		USD	26,445		911,988

36 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Purchased (continued)

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Freeport-McMoRan, Inc.		739		05/20/22		USD	45.00		USD	2,997	$	46,557
iShares iBoxx $ High Yield Corporate Bond ETF		6,028		05/20/22		USD	82.00		USD	47,338		15,070
Lloyds Banking Group PLC		11,474		05/20/22		GBP	0.50		GBP	5,264		50,498
Marathon Oil Corp.		2,492		05/20/22		USD	28.00		USD	6,210		150,766
Occidental Petroleum Corp.		1,762		05/20/22		USD	55.00		USD	9,707		682,775
Occidental Petroleum Corp.		1,761		05/20/22		USD	60.00		USD	9,701		343,395
Occidental Petroleum Corp.		1,761		05/20/22		USD	65.00		USD	9,701		161,132
Ovintiv Inc.		4,021		05/20/22		USD	55.00		USD	20,583		784,095
Schlumberger NV		1,551		05/20/22		USD	45.00		USD	6,050		51,183
ServiceNow, Inc.		610		05/20/22		USD	520.00		USD	29,164		585,600
SPDR Gold Shares(a)		1,356		05/20/22		USD	185.00		USD	23,989		105,090
SPDR S&P 500 ETF Trust		1,620		05/20/22		USD	440.00		USD	66,744		231,660
Tapestry, Inc.		1,884		05/20/22		USD	40.00		USD	6,202		37,680
Tesla, Inc.		272		05/20/22		USD	1,150.00		USD	23,685		76,840
Western Digital Corp.		1,379		05/20/22		USD	57.50		USD	7,318		137,211
Xerox Holdings Corp.		940		05/20/22		USD	23.00		USD	1,636		9,400
Anthem, Inc.		154		06/17/22		USD	560.00		USD	7,730		62,370
BP PLC		8,229		06/17/22		USD	35.00		USD	23,634		148,122
Daimler AG		1,086		06/17/22		EUR	66.00		EUR	7,287		198,202
InvesCo QQQ Trust		2,972		06/17/22		USD	330.00		USD	93,098		2,440,012
LyondellBasell Industries, NV Ordinary Shares Class		2,468		06/17/22		USD	115.00		USD	26,168		499,770
Marathon Oil Corp.		5,139		06/17/22		USD	28.00		USD	12,806		601,263
MGM Resorts International		3,706		06/17/22		USD	55.00		USD	15,209		63,002
NVIDIA Corp.		896		06/17/22		USD	280.00		USD	16,618		75,712
Schlumberger NV		2,785		06/17/22		USD	45.00		USD	10,864		264,575
SPDR S&P Biotech ETF		2,044		06/17/22		USD	100.00		USD	15,091		55,188
UnitedHealth Group, Inc.		154		06/17/22		USD	570.00		USD	7,832		37,345
Valero Energy Corp.		1,174		06/17/22		USD	120.00		USD	13,088		437,315
Warner Bros Discovery Inc., Series A		594		06/17/22		USD	45.00		USD	1,078		3,267
Alcoa Corp.		2,142		07/15/22		USD	100.00		USD	14,523		235,620
Compagnie Financiere Richemont SA		1,141		07/15/22		CHF	130.00		CHF	13,179		395,875
Devon Energy Corp.		4,781		07/15/22		USD	70.00		USD	27,811		989,667
Diamondback Energy, Inc.		1,677		07/15/22		USD	160.00		USD	21,169		490,522
Invesco DB Agriculture Fund(a)		5,177		07/15/22		USD	23.00		USD	11,426		271,793
Marathon Oil Corp.		2,491		07/15/22		USD	26.00		USD	6,208		571,684
Marathon Oil Corp.		4,515		07/15/22		USD	27.00		USD	11,251		869,137
Marathon Oil Corp.		4,119		07/15/22		USD	30.00		USD	10,265		463,387
Occidental Petroleum Corp.		1,789		07/15/22		USD	70.00		USD	9,856		375,690
Xerox Holdings Corp.		370		07/15/22		USD	30.00		USD	644		12,025
CSX Corp.		4,274		08/19/22		USD	40.00		USD	14,677		245,755
SPDR S&P 500 ETF Trust		1,352		08/19/22		USD	450.00		USD	55,702		891,644
General Motors Co.		4,499		09/16/22		USD	45.00		USD	17,056		751,333
Pandora A/S		531		09/16/22		DKK	696.25		DKK	33,734		235,332
												25,832,157
Put iShares Russell 2000 ETF		1,058		05/06/22		USD	178.00		USD	19,568		160,287
SPDR S&P 500 ETF Trust		1,890		05/06/22		USD	415.00		USD	77,868		1,536,570
SPDR S&P 500 ETF Trust		1,889		05/06/22		USD	435.00		USD	77,827		4,175,634
SPDR S&P 500 ETF Trust		1,880		05/06/22		USD	430.00		USD	77,456		3,340,760
Alibaba Group Holding Ltd.		2,057		05/20/22		USD	90.00		USD	19,971		822,800
Apple, Inc.		789		05/20/22		USD	140.00		USD	12,439		99,809
Apple, Inc.		2,303		05/20/22		USD	155.00		USD	36,307		1,088,167
Euro Stoxx 50		690		05/20/22		EUR	3,600.00		EUR	26,240		372,329
Ford Motor Co.		641		05/20/22		USD	14.00		USD	908		39,422
iShares iBoxx $ High Yield Corporate Bond ETF		661		05/20/22		USD	78.00		USD	5,191		76,015
iShares iBoxx $ Investment Grade Corporate Bond ETF		4,060		05/20/22		USD	118.00		USD	45,716		2,334,500
iShares iBoxx $ Investment Grade Corporate Bond ETF		1		05/20/22		USD	113.00		USD	11		181
iShares Russell 2000 ETF		2,099		05/20/22		USD	200.00		USD	38,821		3,218,816
iShares Russell 2000 ETF		2,078		05/20/22		USD	190.00		USD	38,433		1,751,754
iShares Russell 2000 ETF		727		05/20/22		USD	170.00		USD	13,446		133,768
iShares Russell 2000 ETF		927		05/20/22		USD	172.00		USD	17,145		202,086

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 37

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Purchased (continued)

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Put (continued)
Micron Technology, Inc.		1,404		05/20/22		USD	75.00		USD	9,574	$	1,116,180
SPDR Euro Stoxx 50 ETF		1,325		05/20/22		USD	35.00		USD	5,030		46,375
SPDR S&P 500 ETF Trust		5,214		05/20/22		USD	410.00		USD	214,817		5,307,852
United States Steel Corporation		847		05/20/22		USD	29.00		USD	2,583		119,004
VanEck Vectors Semiconductor ETF		625		05/20/22		USD	215.00		USD	14,366		328,125
Xerox Holdings Corp.		463		05/20/22		USD	16.00		USD	806		15,048
Amazon.com, Inc.		119		06/17/22		USD	2,900.00		USD	29,579		5,236,000
Avaya Holdings Corp.		336		06/17/22		USD	11.00		USD	311		77,280
Ford Motor Co.		603		06/17/22		USD	13.00		USD	854		34,070
InvesCo QQQ Trust		310		06/17/22		USD	300.00		USD	9,711		327,825
iShares iBoxx $ High Yield Corporate Bond ETF		330		06/17/22		USD	75.00		USD	2,591		29,205
iShares iBoxx $ Investment Grade Corporate Bond ETF		8,121		06/17/22		USD	114.00		USD	91,442		2,598,720
iShares Russell 2000 ETF		4,323		06/17/22		USD	185.00		USD	79,954		3,806,401
PG&E Corp.		579		06/17/22		USD	9.00		USD	732		13,896
SPDR S&P 500 ETF Trust		301		06/17/22		USD	410.00		USD	12,401		460,530
United States Steel Corporation		641		06/17/22		USD	26.00		USD	1,954		78,843
Apple, Inc.		2,714		07/15/22		USD	160.00		USD	42,786		2,998,970
Invesco Senior Loan ETF		811		07/15/22		USD	20.00		USD	1,749		16,220
Pitney Bowes Inc.		462		07/15/22		USD	4.00		USD	243		5,775
Anglo American PLC		491		08/19/22		GBP	32.00		GBP	18,135		1,174,881
BHP Group Ltd.		651		08/19/22		GBP	25.00		GBP	17,740		1,051,901
ConocoPhillips		2,160		08/19/22		USD	90.00		USD	20,632		1,463,400
PPG Industries, Inc.		513		08/19/22		USD	125.00		USD	6,566		461,700
Rio Tinto PLC, ADR		224		08/19/22		GBP	52.00		GBP	13,344		888,803
Sherwin-Williams Co. (The)		266		09/16/22		USD	240.00		USD	7,314		206,150
Avaya Holdings Corp.		172		01/20/23		USD	7.50		USD	159		21,500
												47,237,552
											$	73,069,709

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

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Call

S&P 500 Index

Up-and-out

Citibank N.A.

38,283

06/17/22

USD

4,550.00

USD

4,600.00

USD

174,187

$

495,255

Put

JPY Currency

One Touch

HSBC Bank PLC

—

08/24/22

JPY

118.00

JPY

118.00

USD

2,440

172,805

$

668,060

OTC Options Purchased

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
CF Industries Holdings, Inc.	Citibank N.A.		192,600		05/20/22		USD	115.00		USD	18,649	$	177,506
Mosaic Co.	Citibank N.A.		340,100		05/20/22		USD	75.00		USD	21,229		389,415
Amazon.com, Inc.	Citibank N.A.		10,155		06/17/22		USD	4,150.00		USD	25,242		—
Essilorluxottica SA	Goldman Sachs International		126,926		06/17/22		EUR	200.00		EUR	20,790		27,434
Euro Stoxx 50	Credit Suisse International		8,502		06/17/22		EUR	4,650.00		EUR	32,332		3,139
Pioneer Natural Resources Co.	Morgan Stanley & Co. International PLC		396,202		06/17/22		USD	260.00		USD	92,105		2,114,526
Shell plc, ADR	Nomura International PLC		821,084		06/17/22		USD	60.00		USD	43,871		636,340
USD Currency	Bank of America N.A.		—		06/23/22		CNH	6.60		USD	83,828		1,273,182
USD Currency	Bank of America N.A.		—		06/23/22		JPY	132.00		USD	288,144		2,928,118
Essilorluxottica SA	JPMorgan Chase Bank N.A.		75,988		09/16/22		EUR	200.00		EUR	12,447		117,725
													7,667,385
Put
EUR Currency	Goldman Sachs International		—		05/04/22		USD	1.06		EUR	182,186		1,489,147

38 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

OTC Options Purchased (continued)

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Put (continued)
EUR Currency	JPMorgan Chase Bank N.A.		—		05/04/22		USD	1.09		EUR	182,187	$	6,382,307
EUR Currency	BNP Paribas SA		—		05/12/22		USD	1.06		EUR	88,963		937,482
EUR Currency	Deutsche Bank AG		—		05/12/22		USD	1.08		EUR	177,926		4,557,239
USD Currency	JPMorgan Chase Bank N.A.		—		05/12/22		JPY	116.00		USD	226,221		5,203
EUR Currency	Morgan Stanley & Co. International PLC		—		05/27/22		USD	1.06		EUR	338,022		4,863,266
													18,234,644
												$	25,902,029

OTC Credit Default Swaptions Purchased

Paid by the Fund

Received by the Fund

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Expiration Date

Credit Rating(a)

Exercise Price

Notional Amount (000)(b)

Value

Put

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

0.98

%

Bought Protection on 5-Year

Quarterly

Deutsche Bank AG

05/18/22

NR

USD 0.98

USD

11,245

$

36,996

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

1.02

%

Bought Protection on 5-Year

Quarterly

Credit Suisse International

05/18/22

NR

USD 1.02

USD

11,245

159,910

$

196,906

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

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

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Counterparty

Call

30-Year Interest Rate Swap, 07/07/52

3-Month LIBOR, 1.33%

Quarterly

0.02%

Semi-Annual

Citibank N.A.

07/05/22

1.52

%

USD

106,627

$

44,600

30-Year Interest Rate Swap, 07/08/52

3-Month LIBOR, 1.33%

Quarterly

0.02%

Semi-Annual

Deutsche Bank AG

07/06/22

1.55

USD

22,513

10,957

30-Year Interest Rate Swap, 07/08/52

3-Month LIBOR, 1.33%

Quarterly

0.02%

Semi-Annual

Deutsche Bank AG

07/06/22

1.55

USD

22,513

10,958

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

3-Month LIBOR, 1.33%

Quarterly

0.80%

Semi-Annual

Morgan Stanley & Co. International PLC

03/16/23

0.80

USD

1,362,004

286,361

352,876

Put

5-Year Interest Rate Swap, 07/07/27

2.91%

Semi-Annual

1-Day SOFR, 0.33%

Quarterly

Morgan Stanley & Co. International PLC

07/05/22

2.91

USD

259,533

2,522,325

10-Year Interest Rate Swap, 08/10/32

0.42%

Annual

1-Day JPOIS, 0.00%

Annual

BNP Paribas SA

08/08/22

0.42

JPY

10,107,522

3,774

10-Year Interest Rate Swap, 08/10/32

0.42%

Annual

1-Day JPOIS, 0.00%

Annual

BNP Paribas SA

08/08/22

0.42

JPY

5,053,761

1,887

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

2.47%

Annual

1-Day SONIA, 0.69%

Annual

Goldman Sachs International

04/03/23

2.47

GBP

512,248

3,350,091

5,878,077

$

6,230,953

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
InvesCo QQQ Trust		5,942		05/06/22	US	D    340.00	USD	186,133	$	(222,825)

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 39

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
Amazon.com, Inc.		39		05/20/22		USD	3,600.00		USD	9,694	$	(3,062	)
BP PLC		3,142		05/20/22		USD	32.00		USD	9,024		(72,266	)
Capri Holdings Limited		1,847		05/20/22		USD	80.00		USD	8,810		(18,470	)
Capri Holdings Limited		2,611		05/20/22		USD	55.00		USD	12,454		(110,968	)
CF Industries Holdings, Inc.		2,666		05/20/22		USD	90.00		USD	25,815		(3,092,560	)
CF Industries Holdings, Inc.		436		05/20/22		USD	110.00		USD	4,222		(114,450	)
CF Industries Holdings, Inc.		2,476		05/20/22		USD	130.00		USD	23,975		(123,800	)
Chevron Corp.		1,057		05/20/22		USD	190.00		USD	16,560		(8,456	)
Devon Energy Corp.		1,018		05/20/22		USD	75.00		USD	5,922		(22,396	)
Freeport-McMoRan, Inc.		2,785		05/20/22		USD	55.00		USD	11,293		(15,318	)
Microsoft Corp.		1,402		05/20/22		USD	320.00		USD	38,908		(51,173	)
Pioneer Natural Resources Co.		1,164		05/20/22		USD	270.00		USD	27,060		(238,620	)
SPDR Gold Shares(a)		2,712		05/20/22		USD	210.00		USD	47,978		(23,052	)
Tesla, Inc.		272		05/20/22		USD	1,350.00		USD	23,685		(11,424	)
Western Digital Corp.		723		05/20/22		USD	65.00		USD	3,837		(15,183	)
Alcoa Corp.		1,111		06/17/22		USD	85.00		USD	7,533		(195,536	)
Alibaba Group Holding Ltd.		680		06/17/22		USD	130.00		USD	6,602		(126,140	)
Amazon.com, Inc.		119		06/17/22		USD	3,500.00		USD	29,579		(42,840	)
Apple, Inc.		3,191		06/17/22		USD	185.00		USD	50,306		(237,730	)
Costco Wholesale Corp.		575		06/17/22		USD	640.00		USD	30,574		(70,150	)
EQT Corp.		7,353		06/17/22		USD	28.00		USD	29,228		(9,044,190	)
InvesCo QQQ Trust		2,972		06/17/22		USD	350.00		USD	93,098		(695,448	)
NXP Semiconductors NV		578		06/17/22		USD	210.00		USD	9,878		(93,925	)
Valero Energy Corp.		2,427		06/17/22		USD	105.00		USD	27,056		(2,566,552	)
Apple, Inc.		2,714		07/15/22		USD	195.00		USD	42,786		(187,266	)
Anglo American PLC		247		08/19/22		GBP	41.00		GBP	9,123		(422,278	)
BHP Group Ltd.		325		08/19/22		GBP	32.00		GBP	8,856		(276,875	)
ConocoPhillips		6,519		08/19/22		USD	120.00		USD	62,269		(1,215,793	)
Rio Tinto PLC, ADR		112		08/19/22		GBP	65.90		GBP	6,672		(193,346	)
General Motors Co.		4,499		09/16/22		USD	52.50		USD	17,056		(254,194	)
												(19,766,286	)
Put iShares Russell 2000 ETF		1,058		05/06/22		USD	165.00		USD	19,568		(28,037	)
Alibaba Group Holding Ltd.		2,057		05/20/22		USD	75.00		USD	19,971		(198,501	)
Apple, Inc.		2,303		05/20/22		USD	135.00		USD	36,307		(180,786	)
Bath & Body Works, Inc.		4,277		05/20/22		USD	50.00		USD	22,621		(876,785	)
CSX Corp.		3,317		05/20/22		USD	30.00		USD	11,391		(49,755	)
Delphi Automotive PLC		865		05/20/22		USD	135.00		USD	9,204		(2,460,925	)
Dynatrace, Inc.		1,385		05/20/22		USD	40.00		USD	5,313		(526,300	)
Euro Stoxx 50		690		05/20/22		EUR	3,025.00		EUR	26,240		(37,488	)
Freeport-McMoRan, Inc.		739		05/20/22		USD	35.00		USD	2,997		(36,950	)
Home Depot, Inc.		344		05/20/22		USD	290.00		USD	10,334		(264,020	)
iShares iBoxx $ High Yield Corporate Bond ETF		5,397		05/20/22		USD	76.00		USD	42,383		(313,026	)
iShares iBoxx $ High Yield Corporate Bond ETF		661		05/20/22		USD	74.00		USD	5,191		(19,500	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		4,061		05/20/22		USD	110.00		USD	45,727		(300,514	)
iShares Russell 2000 ETF		2,099		05/20/22		USD	185.00		USD	38,821		(1,258,350	)
iShares Russell 2000 ETF		2,078		05/20/22		USD	175.00		USD	38,433		(580,801	)
iShares Russell 2000 ETF		727		05/20/22		USD	150.00		USD	13,446		(29,080	)
iShares Russell 2000 ETF		927		05/20/22		USD	162.00		USD	17,145		(87,138	)
Lloyds Banking Group PLC		11,474		05/20/22		GBP	0.44		GBP	5,264		(137,066	)
Micron Technology, Inc.		2,808		05/20/22		USD	65.00		USD	19,148		(662,688	)
Nice Ltd.		465		05/20/22		USD	220.00		USD	9,598		(811,425	)
Schlumberger NV		1,551		05/20/22		USD	35.00		USD	6,050		(107,795	)
SPDR S&P 500 ETF Trust		5,241		05/20/22		USD	380.00		USD	215,929		(1,750,494	)
SPDR S&P 500 ETF Trust		1,620		05/20/22		USD	405.00		USD	66,744		(1,374,570	)
Starbucks Corp.		1,303		05/20/22		USD	80.00		USD	9,726		(889,297	)
Tapestry, Inc.		1,884		05/20/22		USD	27.50		USD	6,202		(70,650	)
Tesla, Inc.		137		05/20/22		USD	950.00		USD	11,929		(1,460,077	)
United States Steel Corporation		847		05/20/22		USD	24.00		USD	2,583		(24,987	)
VanEck Vectors Semiconductor ETF		625		05/20/22		USD	185.00		USD	14,366		(77,188	)
Albemarle Corp.		527		06/17/22		USD	180.00		USD	10,162		(569,160	)

40 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put (continued)
Alcoa Corp.		1,111		06/17/22	USD	55.00	USD	7,533	$	(218,312	)
Amazon.com, Inc.		119		06/17/22	USD	2,600.00	USD	29,579		(2,567,127	)
Anthem, Inc.		154		06/17/22	USD	500.00	USD	7,730		(342,650	)
Autodesk, Inc.		738		06/17/22	USD	180.00	USD	13,969		(800,730	)
BP PLC		8,229		06/17/22	USD	27.00	USD	23,634		(933,991	)
Charter Communications, Inc., Class A		349		06/17/22	USD	470.00	USD	14,954		(1,745,000	)
Compagnie Financiere Richemont SA		1,019		06/17/22	CHF	100.00	CHF	11,769		(263,458	)
CSX Corp.		3,056		06/17/22	USD	30.83	USD	10,494		(175,720	)
Daimler AG		1,086		06/17/22	EUR	50.00	EUR	7,287		(89,363	)
Deere & Co.		382		06/17/22	USD	380.00	USD	14,422		(895,790	)
Hermes International SCA		127		06/17/22	EUR	1,150.00	EUR	15,069		(610,139	)
InvesCo QQQ Trust		1,527		06/17/22	USD	310.00	USD	47,833		(2,142,381	)
iShares iBoxx $ High Yield Corporate Bond ETF		5,209		06/17/22	USD	76.00	USD	40,906		(578,199	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		8,121		06/17/22	USD	110.00	USD	91,442		(1,153,182	)
iShares Russell 2000 ETF		4,323		06/17/22	USD	170.00	USD	79,954		(1,722,715	)
LVMH Moet Hennessy Louis Vuitton SE		255		06/17/22	EUR	560.00	EUR	15,797		(201,087	)
Marathon Oil Corp.		5,139		06/17/22	USD	21.00	USD	12,806		(449,662	)
Masco Corp.		2,071		06/17/22	USD	50.00	USD	10,912		(357,247	)
MGM Resorts International		3,706		06/17/22	USD	40.00	USD	15,209		(961,707	)
NVIDIA Corp.		896		06/17/22	USD	215.00	USD	16,618		(3,299,520	)
Schlumberger NV		2,785		06/17/22	USD	35.00	USD	10,864		(413,572	)
SPDR S&P 500 ETF Trust		1,352		06/17/22	USD	390.00	USD	55,702		(1,227,616	)
UnitedHealth Group, Inc.		154		06/17/22	USD	500.00	USD	7,832		(279,895	)
Valero Energy Corp.		1,174		06/17/22	USD	95.00	USD	13,088		(263,563	)
Walt Disney Co.		3,043		06/17/22	USD	115.00	USD	33,969		(2,639,802	)
Alcoa Corp.		2,142		07/15/22	USD	70.00	USD	14,523		(2,024,190	)
Apple, Inc.		5,432		07/15/22	USD	135.00	USD	85,635		(1,751,820	)
Compagnie Financiere Richemont SA		1,141		07/15/22	CHF	100.00	CHF	13,179		(433,996	)
Invesco DB Agriculture Fund(a)		2,588		07/15/22	USD	20.00	USD	5,712		(32,350	)
Sociedad Quimica y Minera de Chile SA, ADR		619		07/15/22	USD	60.00	USD	4,568		(156,298	)
Anglo American PLC		491		08/19/22	GBP	28.69	GBP	18,135		(639,110	)
BHP Group Ltd.		651		08/19/22	GBP	22.00	GBP	17,740		(540,276	)
ConocoPhillips		2,160		08/19/22	USD	75.00	USD	20,632		(528,120	)
CSX Corp.		4,274		08/19/22	USD	30.00	USD	14,677		(416,715	)
Rio Tinto PLC, ADR		224		08/19/22	GBP	46.01	GBP	13,344		(434,477	)
General Motors Co.		4,499		09/16/22	USD	32.00	USD	17,056		(843,562	)
Pandora A/S		531		09/16/22	DKK	550.00	DKK	33,400		(235,332	)
										(47,552,027	)
									$	(67,318,313	)

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

OTC Barrier Options Written    

Description

Type of Option

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Put

Euro Stoxx 50

Down-and-in

Credit Suisse International

12,753

06/17/22

EUR

3,400.00

EUR

3,000.00

EUR

43,360

$

(649,728

)

OTC Options Written    

Description	Counterparty	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Essilorluxottica SA	Goldman Sachs International	126,926		06/17/22		EUR	220.00		EUR	20,790	$	(2,935	)
Pioneer Natural Resources Co.	Morgan Stanley & Co. International PLC	396,202		06/17/22		USD	285.00		USD	92,105		(1,157,100	)
Shell plc, ADR	Nomura International PLC	821,084		06/17/22		USD	65.00		USD	43,871		(205,271	)
USD Currency	Bank of America N.A.	—		06/23/22		JPY	135.00		USD	144,072		(739,521	)

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 41

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

OTC Options Written (continued)

Description	Counterparty	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call (continued)
USD Currency	Bank of America N.A.	—		06/23/22		CNH	6.80		USD	83,828	$	(360,461	)
Essilorluxottica SA	JPMorgan Chase Bank N.A.	75,988		09/16/22		EUR	225.00		EUR	12,447		(22,512	)
												(2,487,800	)
Put
EUR Currency	JPMorgan Chase Bank N.A.	—		05/04/22		USD	1.07		EUR	182,187		(2,883,349	)
EUR Currency	JPMorgan Chase Bank N.A.	—		05/04/22		USD	1.06		EUR	182,187		(1,489,147	)
EUR Currency	Deutsche Bank AG	—		05/12/22		USD	1.06		EUR	177,926		(1,874,964	)
USD Currency	JPMorgan Chase Bank N.A.	—		05/12/22		JPY	112.00		USD	226,221		(1,357	)
EUR Currency	Morgan Stanley & Co. International PLC	—		05/27/22		USD	1.04		EUR	338,022		(1,923,840	)
Amazon.com, Inc.	Citibank N.A.	5,078		06/17/22		USD	2,800.00		USD	12,622		(2,240,640	)
Essilorluxottica SA	Goldman Sachs International	126,926		06/17/22		EUR	160.00		EUR	20,790		(850,033	)
Pioneer Natural Resources Co.	Morgan Stanley & Co. International PLC	198,102		06/17/22		USD	220.00		USD	46,053		(2,588,658	)
Essilorluxottica SA	JPMorgan Chase Bank N.A.	75,988		09/16/22		EUR	160.00		EUR	12,447		(876,637	)
S&P 500 Index	Citibank N.A.	17,185		09/16/22		USD	3,700.00		USD	71,007		(2,247,016	)
												(16,975,641	)
											$	(19,463,441	)

OTC Interest Rate Swaptions Written

	Paid by the Fund			Received by the Fund			Expiration		Exercise			Notional
Description	Rate		Frequency	Rate	Frequency	Counterparty	Date		Rate			Amount (000)			Value
Call
2-Year Interest Rate Swap, 02/17/25		1.40%	Semi-Annual	1-Day SOFR, 0.33%	Quarterly	Morgan Stanley & Co. International PLC		02/15/23		1.40	%		USD	526,238	$	(606,331	)
1-Year Interest Rate Swap, 03/18/24		0.40%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly	Morgan Stanley & Co. International PLC		03/16/23		0.40			USD	1,362,004		(185,096	)
1-Year Interest Rate Swap, 03/18/24		0.60%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly	Morgan Stanley & Co. International PLC		03/16/23		0.60			USD	1,362,004		(229,566	)
																(1,020,993	)
Put
5-Year Interest Rate Swap, 10/06/27		1-Day SOFR, 0.33%	Quarterly	2.91%	Semi-Annual	Morgan Stanley & Co. International PLC		10/04/22		2.91			USD	259,533		(4,037,736	)
2-Year Interest Rate Swap, 02/17/25		1-Day SOFR, 0.33%	Quarterly	2.60%	Semi-Annual	Morgan Stanley & Co. International PLC		02/15/23		2.60			USD	526,237		(8,242,721	)
2-Year Interest Rate Swap, 02/17/25		1-Day SOFR, 0.33%	Quarterly	2.70%	Semi-Annual	Morgan Stanley & Co. International PLC		02/15/23		2.70			USD	526,237		(7,611,236	)
10-Year Interest Rate Swap, 03/25/33		1-Day SOFR, 0.33%	Quarterly	3.27%	Semi-Annual	Goldman Sachs International		03/23/23		3.27			USD	390,214		(8,315,033	)
10-Year Interest Rate Swap, 03/26/33		1-Day SOFR, 0.33%	Quarterly	3.28%	Semi-Annual	Goldman Sachs International		03/24/23		3.28			USD	126,383		(2,667,165	)
1-Year Interest Rate Swap, 04/03/24		1-Day SONIA, 0.69%	Annual	3.22%	Annual	Goldman Sachs International		04/03/23		3.22			GBP	1,024,497		(3,401,583	)
10-Year Interest Rate Swap, 04/08/33		1-Day SOFR, 0.33%	Quarterly	3.40%	Semi-Annual	Morgan Stanley & Co. International PLC		04/06/23		3.40			USD	129,333		(2,444,226	)
10-Year Interest Rate Swap, 04/20/33		1-Day SOFR, 0.33%	Quarterly	3.45%	Semi-Annual	Morgan Stanley & Co. International PLC		04/18/23		3.45			USD	253,893		(4,644,628	)
5-Year Interest Rate Swap, 06/17/31		3-Month LIBOR, 1.33%	Quarterly	0.03%	Semi-Annual	Barclays Bank PLC		06/15/26		3.04			USD	215,500		(7,325,403	)
5-Year Interest Rate Swap, 06/17/31		3-Month LIBOR, 1.33%	Quarterly	0.03%	Semi-Annual	Barclays Bank PLC		06/15/26		3.04			USD	215,505		(7,325,555	)
5-Year Interest Rate Swap, 07/02/31		3-Month LIBOR, 1.33%	Quarterly	0.03%	Semi-Annual	Morgan Stanley & Co. International PLC		06/30/26		3.04			USD	197,160		(6,715,704	)
																(62,730,990	)
															$	(63,751,983	)

42 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

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.IG.36.V1		1.00	%		Quarterly		06/20/26		USD	66,387	$	(808,452	)	$	(1,118,562	)	$	310,110
AVIS Budget Car Rental LLC		5.00			Quarterly		12/20/26		USD	12,271		(1,101,788	)		(1,643,803	)		542,015
CDX.NA.HY.37.V1		5.00			Quarterly		12/20/26		USD	143,237		(4,748,272	)		(11,433,875	)		6,685,603
ITRAXX.XO.36.V1		5.00			Quarterly		12/20/26		EUR	27,315		(1,304,552	)		(2,673,682	)		1,369,130
											$	(7,963,064	)	$	(16,869,922	)	$	8,906,858

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Termination Date	Credit Rating	(a)		Notional Amount (000)	(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
iTRAXX.XO.34.V2	5.00	%	Quarterly	12/20/25	CCC		EUR	15,870		$	969,603	$	1,596,716	$	(627,113	)
iTRAXX.XO.35.V1	5.00		Quarterly	06/20/26	CCC+		EUR	52,175			2,792,838		6,514,635		(3,721,797	)
										$	3,762,441	$	8,111,351	$	(4,348,910	)

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

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

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective			Termination		Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)		Value			(Received)			(Depreciation)
3-Month LIBOR, 1.33%	Quarterly	0.88%	Semi-Annual		N/A			08/17/22	USD	45,459	$	(27,606	)	$	(46,094	)	$	18,488
1-Month MXIBOR, 6.72%	Monthly	4.42%	Monthly		N/A			02/28/23	MXN	958,091		(1,617,254	)		145			(1,617,399	)
1-Month MXIBOR, 6.72%	Monthly	4.50%	Monthly		N/A			03/03/23	MXN	957,790		(1,597,931	)		146			(1,598,077	)
1-Month MXIBOR, 6.72%	Monthly	4.68%	Monthly		N/A			02/27/24	MXN	679,790		(2,575,263	)		154			(2,575,417	)
1-Month MXIBOR, 6.72%	Monthly	4.86%	Monthly		N/A			03/01/24	MXN	679,790		(2,481,387	)		155			(2,481,542	)
1-Day SOFR, 0.33%	Annual	2.65%	Annual		N/A			05/02/24	USD	1,549,701		(2,508,092	)		337,688			(2,845,780	)
0.53%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		06/06/22	(a)		06/06/24	USD	204,209		10,479,680			1,593			10,478,087
2.00%	Annual	1-Day SOFR, 0.33%	Annual		02/17/23	(a)		02/18/25	USD	148,033		3,148,453			655			3,147,798
2.72%	Annual	1-Day SOFR, 0.33%	Annual		N/A			05/02/25	USD	1,840,036		4,448,364			(528,422	)		4,976,786
1-Month MXIBOR, 6.72%	Monthly	6.48%	Monthly		N/A			08/12/26	MXN	580,343		(2,706,398	)		310			(2,706,708	)
1-Month MXIBOR, 6.72%	Monthly	6.43%	Monthly		N/A			08/13/26	MXN	801,213		(3,808,475	)		429			(3,808,904	)
1-Month MXIBOR, 6.72%	Monthly	6.47%	Monthly		N/A			08/13/26	MXN	796,887		(3,735,229	)		427			(3,735,656	)
1-Month MXIBOR, 6.72%	Monthly	6.42%	Monthly		N/A			08/14/26	MXN	649,632		(3,103,913	)		345			(3,104,258	)
1-Month MXIBOR, 6.72%	Monthly	6.44%	Monthly		N/A			08/14/26	MXN	394,136		(1,865,797	)		211			(1,866,008	)
1-Month MXIBOR, 6.72%	Monthly	6.42%	Monthly		N/A			08/17/26	MXN	585,216		(2,799,558	)		308			(2,799,866	)
1-Day SOFR, 0.33%	Annual	2.67%	Annual		N/A			05/03/27	USD	205,746		(787,149	)		(154,301	)		(632,848	)
1.08%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		N/A			08/19/30	USD	26,559		3,744,617			3,654,159			90,458
2.18%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		06/17/26	(a)		06/17/31	USD	142,234		4,549,500			2,212			4,547,288
2.18%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		06/17/26	(a)		06/17/31	USD	144,380		4,625,614			2,245			4,623,369
2.16%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		06/18/26	(a)		06/18/31	USD	144,390		4,728,913			2,246			4,726,667
1.99%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		07/02/26	(a)		07/02/31	USD	59,148		2,356,273			920			2,355,353
1.99%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		07/02/26	(a)		07/02/31	USD	138,012		5,475,098			2,147			5,472,951
0.02%	Annual	6-Month EURIBOR, (0.23%)	Semi-Annual		N/A			08/26/31	EUR	103,788		15,794,666			2,200			15,792,466
1-Day SOFR, 0.33%	Annual	2.65%	Annual		N/A			05/03/32	USD	839,546		(3,853,489	)		785,529			(4,639,018	)
2.61%	Annual	1-Day SOFR, 0.33%	Annual		N/A			05/02/42	USD	19,667		120,984			48,458			72,526
2.43%	Annual	1-Day SOFR, 0.33%	Annual		N/A			05/02/52	USD	577,068		4,905,489			(1,272,179	)		6,177,668
											$	30,910,110		$	2,841,686		$	28,068,424

^(a)  Forward Swap.

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 43

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index	Financing Rate Paid by the Fund			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Bombardier, Inc.		5.00	%		Quarterly	Barclays Bank PLC		06/20/23		USD	8,698	$	(129,220	)	$	556,208		$	(685,428	)
Borgwarner Inc.		1.00			Quarterly	BNP Paribas SA		06/20/27		USD	1,330		26,353			20,154			6,199
Ford Motor Company		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/27		USD	1,695		(163,245	)		(174,252	)		11,007
Ford Motor Company		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/27		USD	960		(92,457	)		(89,203	)		(3,254	)
United States Steel Corporation		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/27		USD	848		(45,469	)		(60,372	)		14,903
United States Steel Corporation		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/27		USD	852		(45,682	)		(59,306	)		13,624
												$	(449,720	)	$	193,229		$	(642,949	)

OTC Credit Default Swaps — Sell Protection    

Reference Obligation/Index

Financing Rate Received by the Fund

Payment Frequency

Counterparty

Termination Date

Credit Rating

(a)

Notional Amount (000)

(b)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Verizon Communications Inc.

1.00

%

Quarterly

BNP Paribas SA

06/20/27

BBB+

USD

3,020

$

(1,363

)

$

(2,821

)

$

1,458

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

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

OTC Interest Rate Swaps    

															Upfront
															Premium		Unrealized
Paid by the Fund		Received by the Fund			Effective		Termination		Notional						Paid		Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date		Date		Amount (000)			Value			(Received)		(Depreciation)
1-Day BZDIOVER, 0.04%	Monthly	9.39%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	289,615	$	(3,495,575	)	$	—	$	(3,495,575	)
1-Day BZDIOVER, 0.04%	Monthly	9.42%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	315,948		(3,752,860	)		—		(3,752,860	)
1-Day BZDIOVER, 0.04%	Monthly	9.54%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/25		BRL	314,783		(3,497,506	)		—		(3,497,506	)
												$	(10,745,941	)	$	—	$	(10,745,941	)

OTC Total Return Swaps

Upfront

Paid by the Fund

Received by the Fund

Premium

Unrealized

Effective

Termination

Notional

Paid

Appreciation

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Date

Date

Amount (000)

Value

(Received)

(Depreciation)

Universal Health Service Inc.

Quarterly

1-Day SOFR minus 0.08%, 0.33%

Quarterly

BNP Paribas SA

N/A

06/10/22

USD

2,950

$

548,116

$

—

$

548,116

1-Day SOFR minus 1.90%, 0.33%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

BNP Paribas SA

N/A

06/17/22

USD

20,940

(1,009,144

)

—

(1,009,144

)

1-Day SOFR minus 1.25%, 0.33%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

Goldman Sachs International

N/A

06/17/22

USD

14,082

(556,506

)

—

(556,506

)

1-Day SOFR minus 1.25%, 0.33%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

Goldman Sachs International

N/A

06/17/22

USD

20,889

(960,363

)

—

(960,363

)

1-Day SOFR minus 1.80%, 0.33%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

JPMorgan Chase Bank N.A.

N/A

06/17/22

USD

20,909

(980,636

)

—

(980,636

)

Snap Inc., Class A

Monthly

1-Day SOFR minus 0.18%, 0.33%

Monthly

BNP Paribas SA

N/A

06/17/22

USD

2,442

307,767

—

307,767

44 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

OTC Total Return Swaps (continued)

Upfront

Paid by the Fund

Received by the Fund

Premium

Unrealized

Effective

Termination

Notional

Paid

Appreciation

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Date

Date

Amount (000)

Value

(Received)

(Depreciation)

Snap Inc., Class A

Monthly

1-Day SOFR minus 0.18%, 0.33%

Monthly

BNP Paribas SA

N/A

06/17/22

USD

6,855

$

1,112,762

$

—

$

1,112,762

iShares iBoxx $ Investment Grade Corporate Bond ETF

Monthly

1-Day SOFR minus 0.90%, 0.33%

Monthly

Citibank N.A.

N/A

07/19/22

USD

27,173

232,049

—

232,049

iShares iBoxx $ Investment Grade Corporate Bond ETF

Monthly

1-Day SOFR minus 0.90%, 0.33%

Monthly

Citibank N.A.

N/A

07/19/22

USD

13,417

110,850

—

110,850

Universal Health Service Inc.

Quarterly

1-Day SOFR minus 0.07%, 0.33%

Quarterly

BNP Paribas SA

N/A

08/10/22

USD

2,379

195,835

—

195,835

PPG Industries Inc.

Quarterly

1-Day SOFR minus 0.12%, 0.33%

Quarterly

BNP Paribas SA

N/A

09/02/22

USD

116

(8,031

)

—

(8,031

)

Sherwin Williams

Quarterly

1-Day SOFR minus 0.10%, 0.33%

Quarterly

BNP Paribas SA

N/A

09/02/22

USD

230

(37,223

)

—

(37,223

)

PPG Industries Inc.

Quarterly

1-Day SOFR minus 0.08%, 0.33%

Quarterly

BNP Paribas SA

N/A

09/02/22

USD

2,401

(5,941

)

—

(5,941

)

Sherwin Williams

Quarterly

1-Day SOFR minus 0.08%, 0.33%

Quarterly

BNP Paribas SA

N/A

09/02/22

USD

2,429

(156,191

)

—

(156,191

)

Treehouse Foods Inc.

Quarterly

1-Day SOFR minus 0.25%, 0.33%

Quarterly

Citibank N.A.

N/A

09/09/22

USD

281

11,323

—

11,323

Treehouse Foods Inc.

Quarterly

1-Day SOFR minus 0.25%, 0.33%

Quarterly

Citibank N.A.

N/A

09/09/22

USD

46

2,716

—

2,716

Treehouse Foods Inc.

Quarterly

1-Day SOFR minus 0.25%, 0.33%

Quarterly

Citibank N.A.

N/A

09/09/22

USD

859

34,448

—

34,448

Treehouse Foods Inc.

Quarterly

1-Day SOFR minus 0.25%, 0.33%

Quarterly

Citibank N.A.

N/A

09/09/22

USD

648

27,961

—

27,961

Treehouse Foods Inc.

Quarterly

1-Day SOFR minus 0.25%, 0.33%

Quarterly

Citibank N.A.

N/A

09/09/22

USD

180

8,963

—

8,963

Treehouse Foods Inc.

Quarterly

1-Day SOFR minus 0.25%, 0.33%

Quarterly

Citibank N.A.

N/A

09/09/22

USD

338

16,804

—

16,804

Pitney Bowes, Inc.

Quarterly

1-Day SOFR minus 0.25%, 0.33%

Quarterly

Citibank N.A.

N/A

12/27/22

USD

107

(11,128

)

—

(11,128

)

$

(1,115,569

)

$

—

$

(1,115,569

)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Short	Monthly	Citibank N.A.(b)		02/24/23 –02/27/23	$	(57,257,406	)	$	1,414,923	(c)	$	(55,672,465	)		0.3	%
	Monthly	JPMorgan Chase Bank N.A.(d)		02/08/23		(106,406,176	)		10,244,237	(e)		(96,030,629	)		0.5
								$	11,659,160		$	(151,703,094	)

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

^(c)  Amount includes $(170,018) of net dividends and financing fees.

^(e)  Amount includes $(131,310) of net dividends and financing fees.

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

	(b)	(d)
Range:	18-61 basis points	15-700 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 45

Consolidated Schedule of Investments   (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

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

Security	Shares			Value			% of Basket Value
Reference Entity — Short
Common Stocks
Brazil
Suzano SA.		(129,836	)	$	(1,302,838	)		2.3	%
China
China Conch Venture Holdings Ltd.		(436,500	)		(1,133,491	)		2.0
China Vanke Co., Ltd.		(1,362,300	)		(3,212,302	)		5.8
Coinbase Global, Inc.		(5,338	)		(601,646	)		1.1
Kuaishou Technology		(171,600	)		(1,401,248	)		2.5
Longfor Group Holdings Ltd.		(666,500	)		(3,300,896	)		5.9
Microport Scientific Corp.		(568,100	)		(1,116,635	)		2.0
Xinyi Solar Holdings Ltd.		(550,000	)		(817,533	)		1.5
					(11,583,751	)
Comoros
China Longyuan Power Group Corp. Ltd.		(420,000	)		(810,101	)		1.4
Sunny Optical Tech		(94,700	)		(1,380,147	)		2.5
					(2,190,248	)
Finland
Sampo Oyj		(26,312	)		(1,277,644	)		2.3
France
CNP Assurances S.A.		(60,786	)		(1,335,742	)		2.4
Germany
Beiersdorf AG		(17,240	)		(1,731,595	)		3.1
Commerzbank Ag		(215,667	)		(1,407,944	)		2.5
					(3,139,539	)
Hong Kong
China Overseas Land & Investment Ltd.		(793,000	)		(2,449,797	)		4.4
Italy
Nexi SpA		(87,343	)		(856,653	)		1.5
Japan
Open House Co. Ltd.		(41,300	)		(1,598,089	)		2.9
South Korea
Celltrion Healthcare Co., Ltd.		(46,575	)		(2,345,560	)		4.2
HYBE Co., Ltd.		(4,616	)		(906,525	)		1.7
					(3,252,085	)
Spain
Ferrovial Sa		(34,339	)		(880,602	)		1.6
Sweden
Fastighets AB Balder, B Shares		(16,009	)		(793,522	)		1.4
Sagax AB		(28,489	)		(727,735	)		1.3
Sweco AB, B Shares		(45,221	)		(638,210	)		1.2
					(2,159,467	)
United Kingdom
BT Group PLC		(334,979	)		(742,844	)		1.3
Just Eat Takeaway.com NV		(82,523	)		(2,241,534	)		4.0
Rolls-Royce Holdings PLC		(1,101,326	)		(1,129,036	)		2.0
Tesco PLC		(219,881	)		(747,006	)		1.4
					(4,860,420	)
United States
Caesars Entertainment, Inc.		(19,221	)		(1,273,968	)		2.3

Security	Shares			Value			% of Basket Value
United States (continued)
CarMax, Inc.		(16,218	)	$	(1,391,180	)		2.5	%
Jack Henry & Associates, Inc.		(10,878	)		(2,062,251	)		3.7
Leidos Holdings, Inc.		(17,306	)		(1,791,344	)		3.2
Martin Marietta Materials, Inc.		(8,433	)		(2,987,137	)		5.4
PulteGroup, Inc.		(22,706	)		(948,203	)		1.7
Teledyne Technologies, Inc.		(3,984	)		(1,719,295	)		3.1
Westinghouse Air Brake Technologies Corp.		(51,489	)		(4,629,376	)		8.3
Zimmer Biomet Holdings, Inc.		(16,421	)		(1,982,836	)		3.6
					(18,785,590	)
Net Value of Reference Entity — Citibank N.A.				$	(55,672,465	)

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

Security	Shares			Value			% of Basket Value
Reference Entity — Short
Common Stocks
Australia
Crown Resorts Ltd.		(290,912	)	$	(2,633,960	)		2.8	%
IDP Education Ltd.		(135,926	)		(2,521,618	)		2.6
					(5,155,578	)
Brazil
Localiza Rent A Car		(149,284	)		(1,598,539	)		1.7
Magazine Luiza SA		(2,758,372	)		(2,722,692	)		2.8
Petro Rio SA		(91,147	)		(492,243	)		0.5
Raia Drogasil SA		(178,269	)		(754,694	)		0.8
					(5,568,168	)
Canada
Teck Resources Ltd.		(16,728	)		(659,927	)		0.7
China
China Resources Land Ltd.		(172,000	)		(768,188	)		0.8
China Southern Airlines Co., Ltd., Class H		(1,358,000	)		(758,425	)		0.8
Country Garden Holdings Co. Ltd.		(4,538,230	)		(3,138,987	)		3.3
Shenzhou International Group Holdings Ltd.		(41,700	)		(565,826	)		0.6
Xiaomi Corp.		(1,987,800	)		(3,026,104	)		3.1
					(8,257,530	)
Comoros
Fuyao Glass Industry Group Co., Ltd.		(113,600	)		(464,135	)		0.5
Geely Automobile Holdings Ltd.		(701,000	)		(1,083,878	)		1.1
Ping An Healthcare and Technology Co., Ltd.		(286,000	)		(703,905	)		0.8
Shandong Gold Mining Co. Ltd., Class H		(795,750	)		(1,469,810	)		1.5
					(3,721,728	)
Germany
Delivery Hero SE		(34,408	)		(1,209,543	)		1.3
Hong Kong
Alibaba Health Information Technology Ltd.		(1,822,000	)		(1,026,559	)		1.1
CK Asset Holdings Ltd.		(521,500	)		(3,535,321	)		3.7
					(4,561,880	)
Italy
Telecom Italia Spa		(7,313,222	)		(2,135,613	)		2.2

46 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Security	Shares			Value			% of Basket Value
Japan
Hitachi Metals Ltd.		(65,500	)	$	(1,022,107	)		1.0	%
Kobe Bussan Co. Ltd.		(66,700	)		(1,626,099	)		1.7
Mitsui Fudosan Co. Ltd.		(44,000	)		(932,524	)		1.0
Tokyo Electric Power Co. Holdings, Inc.		(135,900	)		(469,094	)		0.5
					(4,049,824	)
Macau
Galaxy Entertainment Group Ltd.		(125,000	)		(713,271	)		0.7
Peru
Credicorp Ltd.		(7,943	)		(1,103,203	)		1.1
Poland
Cd Projekt Sa		(88,910	)		(2,406,339	)		2.5
Singapore
Sea Ltd., ADR		(13,690	)		(1,132,984	)		1.2
South Africa
Capitec Bank Holdings Ltd.		(8,392	)		(1,171,437	)		1.2
South Korea
Iljin Materials Co., Ltd.		(8,552	)		(586,035	)		0.6
Posco Chemical Co., Ltd.		(28,544	)		(3,015,439	)		3.2
					(3,601,474	)
Switzerland
Vifor Pharma AG		(12,439	)		(2,200,082	)		2.3
Taiwan
Compal Electronics		(128,000	)		(96,049	)		0.1
United Kingdom
Informa PLC		(209,406	)		(1,485,504	)		1.5
Ocado Group PLC		(142,977	)		(1,635,178	)		1.7
					(3,120,682	)

Security	Shares			Value			% of Basket Value
United States
Affirm Holdings, Inc.		(101,346	)	$	(2,908,630	)		3.0	%
AmerisourceBergen Corp.		(14,141	)		(2,139,392	)		2.2
Analog Devices, Inc.		(6,002	)		(926,589	)		1.0
Atmos Energy Corp.		(21,991	)		(2,493,779	)		2.6
Chipotle Mexican Grill, Inc.		(1,003	)		(1,459,977	)		1.5
Cognizant Technology Solutions Corp.		(28,044	)		(2,268,760	)		2.4
Coterra Energy, Inc.		(47,813	)		(1,376,536	)		1.4
DISH Network Corp.		(151,176	)		(4,310,028	)		4.5
Dollar General Corp.		(10,631	)		(2,525,181	)		2.6
Dollar Tree, Inc.		(25,617	)		(4,161,482	)		4.3
DXC Technology Co.		(22,195	)		(636,997	)		0.7
Fiserv, Inc.		(36,274	)		(3,551,950	)		3.7
Marvell Technology, Inc.		(25,924	)		(1,505,666	)		1.6
Match Group, Inc.		(17,802	)		(1,409,028	)		1.5
Nucor Corp.		(8,812	)		(1,363,921	)		1.4
PACCAR, Inc.		(24,670	)		(2,048,843	)		2.1
Roku, Inc.		(15,063	)		(1,399,353	)		1.5
Ross Stores, Inc.		(38,005	)		(3,791,759	)		3.9
Snap, Inc.		(25,771	)		(733,443	)		0.8
STERIS PLC		(8,275	)		(1,854,014	)		1.9
Twitter, Inc.		(26,971	)		(1,322,118	)		1.4
Walgreens Boots Alliance, Inc.		(23,063	)		(977,871	)		1.0
					(45,165,317	)
					(96,030,629	)
Net Value of Reference Entity — JPMorgan Chase Bank N.A.				$	(96,030,629	)

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	12,954,033	$	(18,870,918	)	$	71,386,763	$	(38,760,391	)	$	—
OTC Swaps		576,362		(385,954	)		14,315,945		(15,159,786	)		—
Options Written		N/A		N/A			20,490,299		(78,066,152	)		(151,183,465	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	47,720,505	$	—	$	201,495,532	$	—	$	249,216,037
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		75,956,713		—		—		75,956,713
Options purchased
Investments at value — unaffiliated(b)		—		196,906		77,031,049		22,608,749		6,230,953		—		106,067,657

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 47

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other     Contracts		Total
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	8,906,858	$	—	$	—	$	62,479,905	$	—	$	71,386,763
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		623,553		14,268,754		—		—		—		14,892,307
	$	—	$	9,727,317	$	139,020,308	$	98,565,462	$	270,206,390	$	—	$	517,519,477
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	771,723	$	—	$	9,417,281	$	—	$	91,507,138	$	—	$	101,696,142
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts.		—		—		—		251,006,396		—		—		251,006,396
Options written
Options written at value		—		—		78,158,843		9,272,639		63,751,983		—		151,183,465
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)		—		4,348,910		—		—		34,411,481		—		38,760,391
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		1,074,636		3,725,163		—		10,745,941		—		15,545,740
	$	771,723	$	5,423,546	$	91,301,287	$	260,279,035	$	200,416,543	$	—	$	558,192,134

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

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

For the period ended April 30, 2022, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:    

	Commodity Contracts			Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	10,415,347		$	—		$	(355,970,740	)	$	—		$	(315,286,883	)	$	—		$	(660,842,276	)
Forward foreign currency exchange contracts		—			—			—			(215,473,466	)		—			—			(215,473,466	)
Options purchased(a)		—			(1,992,775	)		(164,389,931	)		786,228			(28,695,311	)		(608,764	)		(194,900,553	)
Options written		—			485,355			157,102,649			6,498,013			35,576,789			—			199,662,806
Swaps		—			(13,718,445	)		45,524,894			—			181,587,910			—			213,394,359
	$	10,415,347		$	(15,225,865	)	$	(317,733,128	)	$	(208,189,225	)	$	(126,817,495	)	$	(608,764	)	$	(658,159,130	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,652,117	)	$	—		$	158,166,694		$	—		$	116,465,515		$	—		$	272,980,092
Forward foreign currency exchange contracts		—			—			—			(149,654,210	)		—			—			(149,654,210	)
Options purchased(b)		—			127,286			(45,336,323	)		19,104,559			(23,422,376	)		—			(49,526,854	)
Options written		—			(2,199	)		(17,675,375	)		(8,526,510	)		(19,910,158	)		—			(46,114,242	)
Swaps		—			16,507,444			12,739,170			—			(20,419,756	)		—			8,826,858
	$	(1,652,117	)	$	16,632,531		$	107,894,166		$	(139,076,161	)	$	52,713,225		$	—		$	36,511,644

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

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,805,696,121
Average notional value of contracts — short	$	6,856,775,618
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	2,189,442,946
Average amounts sold — in USD	$	3,801,877,582

48 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)

Options:
Average value of option contracts purchased	$	122,562,651
Average value of option contracts written	$	66,845,895
Average notional value of swaption contracts purchased	$	3,414,869,961
Average notional value of swaption contracts written	$	6,841,216,480
Credit default swaps:
Average notional value — buy protection	$	926,298,433
Average notional value — sell protection	$	135,275,202
Interest rate swaps:
Average notional value — pays fixed rate	$	9,230,819,818
Average notional value — receives fixed rate	$	4,386,373,855
Total return swaps:
Average notional value	$	48,190,073

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	55,412,811		$	21,711,282
Forward foreign currency exchange contracts		75,956,713			251,006,396
Options		106,067,657	(a)		151,183,465
Swaps — centrally cleared		3,031,324			—
Swaps — OTC(b)		14,892,307			15,545,740
Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities		255,360,812			439,446,883
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(131,513,844	)		(89,029,595	)
Total derivative assets and liabilities subject to an MNA	$	123,846,968		$	350,417,288

^(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 an MNA and net of the related collateral received (and pledged) by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative  Assets	(c)(d)
Bank of America N.A.	$	26,803,472	$	(7,869,991	)	$	—	$	(4,220,000	)	$	14,713,481
Barclays Bank PLC		4,139,391		(4,139,391	)		—		—			—
BNP Paribas SA		3,135,434		(3,135,434	)		—		—			—
Citibank N.A.		4,468,952		(4,468,952	)		—		—			—
Credit Suisse International		163,049		(163,049	)		—		—			—
Deutsche Bank AG		18,098,241		(18,098,241	)		—		—			—
Goldman Sachs International		4,866,672		(4,866,672	)		—		—			—
HSBC Bank PLC		172,805		—			—		—			172,805
HSBC Bank USA N.A.		2,791,046		(2,791,046	)		—		—			—
JPMorgan Chase Bank N.A.		22,022,048		(22,022,048	)		—		—			—
Morgan Stanley & Co. International PLC		35,162,014		(35,162,014	)		—		—			—
Nomura International PLC		636,340		(205,271	)		—		(430,000	)		1,069
UBS AG		1,387,504		(1,387,504	)		—		—			—
	$	123,846,968	$	(104,309,613	)	$	—	$	(4,650,000	)	$	14,887,355

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 49

Consolidated Schedule of Investments  (continued) April 30, 2022 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	(c)(e)
Bank of America N.A.	$	7,869,991	$	(7,869,991	)	$	—		$	—		$	—
Barclays Bank PLC		36,877,133		(4,139,391	)		(13,125,841	)		(1,703,000	)		17,908,901
BNP Paribas SA		74,083,885		(3,135,434	)		—			—			70,948,451
Citibank N.A.		15,952,447		(4,468,952	)		(2,760,379	)		—			8,723,116
Credit Suisse International		649,728		(163,049	)		(486,679	)		—			—
Deutsche Bank AG		79,413,080		(18,098,241	)		—			—			61,314,839
Goldman Sachs International		17,913,148		(4,866,672	)		(11,172,519	)		—			1,873,957
HSBC Bank USA N.A.		16,261,877		(2,791,046	)		—			—			13,470,831
JPMorgan Chase Bank N.A.		32,608,426		(22,022,048	)		(7,486,979	)		—			3,099,399
Morgan Stanley & Co. International PLC		50,859,118		(35,162,014	)		(15,697,104	)		—			—
Nomura International PLC		205,271		(205,271	)		—			—			—
UBS AG		17,723,184		(1,387,504	)		—			—			16,335,680
	$	350,417,288	$	(104,309,613	)	$	(50,729,501	)	$	(1,703,000	)	$	193,675,174

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

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	364,201,664	$	25,242,775	$	389,444,439
Common Stocks
Australia		—		131,635,259		6,458,420		138,093,679
Belgium		—		2,596,781		—		2,596,781
Brazil		17,113,707		—		—		17,113,707
Canada		273,216,369		—		—		273,216,369
Cayman Islands		—		—		8,140,707		8,140,707
Chile		4,670,433		—		—		4,670,433
China		69,575,063		400,317,217		—		469,892,280
Denmark		—		62,457,212		—		62,457,212
Finland		—		2,678,978		—		2,678,978
France		—		363,979,686		—		363,979,686
Germany		—		607,044,556		—		607,044,556
Hong Kong		—		63,708,402		—		63,708,402
India		—		2,616,972		26,657,291		29,274,263
Ireland		21,070,893		7,615,795		—		28,686,688
Israel		69,785,669		—		—		69,785,669
Italy		—		74,879,091		—		74,879,091
Japan		—		219,076,870		—		219,076,870
Luxembourg		2,219,633		7,185,681		—		9,405,314
Macau		—		700,928		—		700,928
Mexico		2,234,254		—		—		2,234,254
Netherlands		43,658,134		373,623,797		—		417,281,931
Norway		—		14,525,121		—		14,525,121
Poland		—		1,335,899		—		1,335,899
Saudi Arabia		—		379,131		—		379,131

50 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3			Total
Common Stocks (continued)
South Africa	$	—		$	26,054,436	$	—		$	26,054,436
South Korea		86,329,038			88,854,386		—			175,183,424
Spain		—			93,682,604		—			93,682,604
Sweden		—			110,432,056		—			110,432,056
Switzerland		80,034,158			99,613,953		—			179,648,111
Taiwan		—			117,984,650		—			117,984,650
Turkey		—			285,961		—			285,961
United Arab Emirates		—			—		29			29
United Kingdom		39,827,706			469,546,142		—			509,373,848
United States		8,047,527,660			150,441,070		107,667,517			8,305,636,247
Corporate Bonds		—			931,121,254		361,125,370			1,292,246,624
Floating Rate Loan Interests		—			443,805,873		415,107,251			858,913,124
Foreign Agency Obligations		—			374,263,714		—			374,263,714
Investment Companies		168,732,554			—		—			168,732,554
Non-Agency Mortgage-Backed Securities		—			687,268,218		80,994,599			768,262,817
Other Interests		—			—		27,182,620			27,182,620
Preferred Securities
Capital Trusts		—			31,123,814		—			31,123,814
Preferred Stocks
Brazil		3,823,599			—		23,231,947			27,055,546
Germany		—			17,885,034		23,484,649			41,369,683
United States		52,399,591			37,480,620		433,947,522			523,827,733
India		—			—		18,860,500			18,860,500
United Kingdom		—			—		13,658,263			13,658,263
Sweden		—			—		3,385,958			3,385,958
Trust Preferreds		24,133,654			—		—			24,133,654
U.S. Government Sponsored Agency Securities		—			15,349,081		2,062,614			17,411,695
U.S. Treasury Obligations		—			268,993,247		—			268,993,247
Warrants
Israel		42,358			—		—			42,358
Switzerland		3,301			—		—			3,301
United Kingdom		118,316			—		—			118,316
United States		1,571,706			23,355,503		263,058			25,190,267
Short-Term Securities
Foreign Agency Obligations		—			629,952,543		—			629,952,543
Money Market Funds		4,077,927,563			—		—			4,077,927,563
Time Deposits		—			16,926,500		—			16,926,500
U.S. Treasury Obligations		—			59,486,719		—			59,486,719
Options Purchased
Credit Contracts		—			196,906		—			196,906
Equity Contracts		73,069,709			3,961,340		—			77,031,049
Foreign Currency Exchange Contracts		—			22,608,749		—			22,608,749
Interest Rate Contracts		—			6,230,953		—			6,230,953
Unfunded Floating Rate Loan Interests(a)		—			—		—			—
Unfunded SPAC PIPE Commitments(a)		—			—		—			—
Liabilities
Investments
Investments Sold Short
Common Stocks		(7,018,484	)		—		—			(7,018,484	)
Unfunded Floating Rate Loan Interests(a)		—			—		(73,694	)		(73,694	)
	$	13,152,066,584		$	7,427,464,366	$	1,577,397,396			22,156,928,346
Investments Valued at NAV(b)										202,146,334
									$	22,359,074,680
Derivative Financial Instruments(c)
Assets
Credit Contracts	$	—		$	8,954,049	$	—		$	8,954,049
Equity Contracts		47,170,254			14,819,005		—			61,989,259
Foreign Currency Exchange Contracts		—			75,956,713		—			75,956,713
Interest Rate Contracts		201,495,532			62,479,905		—			263,975,437

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 51

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(c)
Liabilities
Commodity Contracts	$	(771,723	)	$	—		$	—	$	(771,723	)
Credit Contracts		—			(5,037,592	)		—		(5,037,592	)
Equity Contracts		(75,624,655	)		(15,676,632	)		—		(91,301,287	)
Foreign Currency Exchange Contracts		—			(260,279,035	)		—		(260,279,035	)
Interest Rate Contracts		(91,507,138	)		(108,909,405	)		—		(200,416,543	)
	$	80,762,270		$	(227,692,992	)	$	—	$	(146,930,722	)

^(a)  Unfunded floating rate loan interests and SPAC PIPE commitments are valued at the unrealized appreciation (depreciation) on the commitment.

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

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

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

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Other Interests		Preferred Stocks			U.S. Government Sponsored Agency Securities			Unfunded Floating Rate Loan Interests			Unfunded SPAC PIPE Commitments		Warrants			Total
Assets
Opening balance, as of April 30, 2021	$	7,384,374		$	122,825,013		$	278,587,862		$	198,447,991		$	52,411,541		$	25,501,528	$	384,407,728		$	—		$	—		$	—	$	1,939,596		$	1,071,505,633
Transfers into Level 3		—			—			19,050,520			—			—			—		—			2,505,557			—			—		—			21,556,077
Transfers out of Level 3		(1,762,480	)		(26,559,000	)		—			(41,355,363	)		—			—		—			—			—			—		(100,518	)		(69,777,361	)
Accrued discounts/premiums		—			—			(150,288	)		470,756			(65,265	)		—		—			(40,050	)		—			—		—			215,153
Net realized gain (loss)		(13,246	)		(171,475	)		—			5,816,093			—			—		—			(38,654	)		—			—		—			5,592,718
Net change in unrealized appreciation (depreciation)(a)(b)		(1,854,038	)		(30,197,082	)		(3,721,189	)		(15,448,018	)		(757,570	)		1,681,092		18,080,961			(144,239	)		(73,694	)		—		(1,847,301	)		(34,281,078	)
Purchases		27,070,000			83,068,104			72,614,419			406,521,466			29,405,893			—		205,575,487			—			—			—		271,282			824,526,651
Sales		(5,581,835	)		(41,596	)		(5,255,954	)		(139,345,674	)		—			—		(91,495,337	)		(220,000	)		—			—		(1	)		(241,940,397	)
Closing balance, as of April 30, 2022	$	25,242,775		$	148,923,964		$	361,125,370		$	415,107,251		$	80,994,599		$	27,182,620	$	516,568,839		$	2,062,614		$	(73,694	)	$	—	$	263,058		$	1,577,397,396
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2022(b)	$	(1,827,225	)	$	(30,165,909	)	$	(3,384,566	)	$	(11,321,716	)	$	(757,570	)	$	1,681,092	$	52,293,466		$	(144,239	)	$	(73,694	)	$	—	$	(415,228	)	$	5,884,411

^(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 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $337,291,625. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Common Stocks	$	148,923,935	Market	Revenue Multiple	3.63x - 19.00x		6.73x
				Time to Exit	0.4 years - 2.1 years		1.4 years
				Volatility	56% - 88%		65%
			Income	Discount Rate	13% - 16%		15%
Asset Backed Securities		25,242,775	Income	Discount Rate	6%		—
Corporate Bonds		328,039,253	Income	Discount Rate	8% - 37%		14%
Floating Rate Loan Interests(b)		193,885,291	Income	Discount Rate	3% - 13%		9%
			Market	Recent Transaction	$ 70.66		—

52 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments  (continued) April 30, 2022 BlackRock Global Allocation Fund, Inc.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Other Interests		27,182,620	Income	Discount Rate	5%		—
Preferred Stocks	$	516,568,839	Income	Discount Rate	10%		—
			Market	Revenue Multiple	0.14x - 34.25x		14.00x
				EBITDA Multiple	16.25x		—
				Time to Exit	0.5 years - 5.0 years		3.3 years
				Volatility	43% - 85%		63%
				Recent Transaction	$ 26.23		—
Warrants		263,058	Market	Time to Exit	0.9 years - 4.7 years		2.8 years
				Volatility	41% - 52%		45%
	$	1,240,105,771

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

^(b)  For the period ended April 30, 2022, the valuation technique for investments classified as Floating Rate Interests amounting to $51,292,735 changed to Discounted Cash Flow. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

See notes to financial statements.

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 53

Consolidated Statement of Assets and Liabilities 

April 30, 2022

	BlackRock Global Allocation Fund, Inc.
ASSETS
Investments, at value — unaffiliated(a)(b)	$	17,878,924,283
Investments, at value — affiliated(c)		4,487,242,575
Cash		38,452,411
Cash pledged:
Collateral — OTC derivatives		1,703,000
Futures contracts		110,775,000
Centrally cleared swaps		76,639,000
Receivables:
Investments sold		276,471,175
Options written		6,840,123
Securities lending income — affiliated		427,083
Swaps		16,781,081
Capital shares sold		10,677,551
Dividends — unaffiliated		21,934,873
Dividends — affiliated		868,356
Interest — unaffiliated		29,956,994
Principal paydowns		374
Variation margin on futures contracts		55,412,811
Variation margin on centrally cleared swaps		3,031,324
Swap premiums paid		576,362
Unrealized appreciation on:
Forward foreign currency exchange contracts		75,956,713
OTC swaps		14,315,945
Prepaid expenses		334,888
Total assets		23,107,321,922
LIABILITIES
Investments sold short, at value(d)		7,018,484
Foreign bank overdraft(e)		5,299,882
Due to broker		42,318,044
Cash received as collateral for OTC derivatives		8,800,000
Collateral on securities loaned		174,401,282
Options written, at value(f)		151,183,465
Payables:
Investments purchased		383,580,281
Swaps		13,065,296
Accounting services fees		1,032,950
Capital shares redeemed		30,836,477
Custodian fees		883,309
Deferred foreign capital gain tax		2,758,038
Investment advisory fees		13,269,888
Directors’ and Officer’s fees		9,206
Options written		214,357
Other accrued expenses		223,273
Professional fees		2,754,077
Service and distribution fees		3,077,905
Transfer agent fees		3,407,565
Variation margin on futures contracts		21,711,282
Swap premiums received		385,954
Unrealized depreciation on:
Forward foreign currency exchange contracts		251,006,396
OTC swaps		15,159,786
Unfunded floating rate loan interests		73,694
Total liabilities		1,132,470,891
NET ASSETS	$	21,974,851,031

54 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Statement of Assets and Liabilities  (continued)

April 30, 2022

	BlackRock Global Allocation Fund, Inc.
NET ASSETS CONSIST OF
Paid-in capital	$	19,638,647,277
Accumulated earnings		2,336,203,754
NET ASSETS	$	21,974,851,031
(a) Investments, at cost — unaffiliated	$	15,463,110,476
(b) Securities loaned, at value	$	143,589,140
(c)  Investments, at cost — affiliated	$	4,646,631,440
(d) Proceeds received from investments sold short	$	5,738,335
(e) Foreign bank overdraft, at cost	$	4,933,010
(f)  Premiums received	$	93,607,612

CONSOLIDATED  FINANCIAL  STATEMENTS 55

Consolidated Statement of Assets and Liabilities  (continued)

April 30, 2022

	BlackRock Global Allocation Fund, Inc.
NET ASSET VALUE
Institutional
Net assets	$	8,836,844,278
Shares outstanding		477,559,531
Net asset value	$	18.50
Shares authorized		2 billion
Par value	$	0.10
Investor A
Net assets	$	10,557,692,701
Shares outstanding		575,626,087
Net asset value	$	18.34
Shares authorized		2 billion
Par value	$	0.10
Investor C
Net assets	$	780,450,633
Shares outstanding		48,530,411
Net asset value	$	16.08
Shares authorized		2 billion
Par value	$	0.10
Class K
Net assets	$	1,470,032,205
Shares outstanding		79,471,452
Net asset value	$	18.50
Shares authorized		2 billion
Par value	$	0.10
Class R
Net assets	$	329,831,214
Shares outstanding		19,184,693
Net asset value	$	17.19
Shares authorized		2 billion
Par value	$	0.10

See notes to consolidated financial statements.

56 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Statement of Operations

Year Ended April 30, 2022

	BlackRock Global Allocation Fund, Inc.
INVESTMENT INCOME
Dividends — unaffiliated	$	289,884,156
Dividends — affiliated		11,991,022
Interest — unaffiliated		211,211,838
Securities lending income — affiliated — net		2,386,727
Other income — unaffiliated		7,832,800
Foreign withholding tax claims		32,031,078
Foreign taxes withheld		(18,135,345	)
Total investment income		537,202,276
EXPENSES
Investment advisory		194,727,483
Service and distribution — class specific		44,016,820
Transfer agent — class specific		21,300,505
Professional		4,353,186
Accounting services		2,297,035
Custodian		1,871,456
Registration		558,669
Directors and Officer		241,544
Miscellaneous		835,873
Total expenses excluding dividend expense		270,202,571
Dividends expense — unaffiliated		1,470,263
Total expenses		271,672,834
Less:
Fees paid indirectly		(4,625	)
Fees waived and/or reimbursed by the Manager		(12,730,408	)
Total expenses after fees waived and/or reimbursed		258,937,801
Net investment income		278,264,475
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		1,860,529,780
Investments — affiliated		55,902,573
Forward foreign currency exchange contracts		(215,473,466	)
Foreign currency transactions		19,564,226
Futures contracts		(660,842,276	)
Options written		199,662,806
Short sales — unaffiliated		22,453,767
Swaps		213,394,359
		1,495,191,769
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(4,413,415,594	)
Investments — affiliated		(109,020,487	)
Forward foreign currency exchange contracts		(149,654,210	)
Foreign currency translations		1,603,491
Futures contracts		272,980,092
Options written		(46,114,242	)
Short sales — unaffiliated		(19,435,331	)
Swaps		8,826,858
Unfunded floating rate loan interests		(73,694	)
		(4,454,303,117	)
Net realized and unrealized loss		(2,959,111,348	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,680,846,873	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(4,513,234	)
(b) Net of increase in deferred foreign capital gain tax of	$	(1,214,277	)

See notes to consolidated financial statements.

CONSOLIDATED  FINANCIAL  STATEMENTS 57

Consolidated Statements of Changes in Net Assets 

	BlackRock Global Allocation Fund, Inc.
	Year Ended 04/30/22			Period from 11/01/20 to 04/30/21			Year Ended 10/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	278,264,475		$	107,723,533		$	148,676,346
Net realized gain		1,495,191,769			1,538,289,146			1,448,478,566
Net change in unrealized appreciation (depreciation)		(4,454,303,117	)		2,834,725,717			448,319,656
Net increase (decrease) in net assets resulting from operations		(2,680,846,873	)		4,480,738,396			2,045,474,568
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(980,540,274	)		(408,361,228	)		(554,927,544	)
Investor A		(1,242,711,893	)		(573,407,320	)		(702,910,993	)
Investor C		(107,675,473	)		(44,858,588	)		(190,636,849	)
Class K		(177,923,588	)		(72,126,650	)		(83,133,683	)
Class R		(39,866,949	)		(19,022,703	)		(35,376,625	)
Decrease in net assets resulting from distributions to shareholders		(2,548,718,177	)		(1,117,776,489	)		(1,566,985,694	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		141,980,707			1,325,743,653			(2,216,536,634	)
NET ASSETS
Total increase (decrease) in net assets		(5,087,584,343	)		4,688,705,560			(1,738,047,760	)
Beginning of period		27,062,435,374			22,373,729,814			24,111,777,574
End of period	$	21,974,851,031		$	27,062,435,374		$	22,373,729,814

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

See notes to consolidated financial statements.

58 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Financial Highlights 

(For a share outstanding throughout each period)

		BlackRock Global Allocation Fund, Inc.
		Institutional
					Period from
		Year Ended			11/01/20			Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
Net asset value, beginning of period		$	22.84		$	19.93		$	19.36		$	18.81		$	20.39		$	18.43
Net investment income(a)			0.27			0.11			0.17			0.30			0.28			0.25
Net realized and unrealized gain (loss)			(2.45	)		3.82			1.75			1.45			(0.84	)		2.12
Net increase (decrease) from investment operations			(2.18	)		3.93			1.92			1.75			(0.56	)		2.37
Distributions(b)
From net investment income			(0.27	)		(0.14	)		(0.12	)		(0.22	)		(0.32	)		(0.26	)
From net realized gain			(1.89	)		(0.88	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)
Total distributions			(2.16	)		(1.02	)		(1.35	)		(1.20	)		(1.02	)		(0.41	)
Net asset value, end of period		$	18.50		$	22.84		$	19.93		$	19.36		$	18.81		$	20.39
Total Return(c)
Based on net asset value			(10.58	)%		20.07	%(d)		10.23	%(e)		9.96	%		(2.94	)%		13.10	%
Ratios to Average Net Assets(f)
Total expenses			0.88	%		0.86	%(g)		0.86	%		0.85	%		0.87	%		0.90	%
Total expenses after fees waived and/or reimbursed			0.83	%		0.80	%(g)		0.81	%		0.80	%		0.80	%		0.82	%
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			0.81	%		0.80	%(g)		0.81	%		0.80	%		0.79	%		0.80	%
Net investment income			1.25	%		1.04	%(g)		0.91	%		1.59	%		1.43	%		1.28	%
Supplemental Data
Net assets, end of period (000)		$	8,836,844		$	9,749,544		$	7,907,317		$	8,617,256		$	12,963,106		$	16,164,754
Portfolio turnover rate(h)			124	%		58	%		193	%		156	%		154	%		110	%
(a)   Based on average shares outstanding.
(b)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)   Where applicable, assumes the reinvestment of distributions.
(d)   Aggregate total return.
(e)   Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)   Annualized.
(h)   Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
					Period from 11/01/20
		Year Ended						Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
	Portfolio turnover rate (excluding MDRs)		112	%		58	%		193	%		156	%		154	%		110	%

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL  HIGHLIGHTS 59

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Allocation Fund, Inc. (continued)
		Investor A
					Period from
		Year Ended			11/01/20			Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
Net asset value, beginning of period		$	22.65		$	19.75		$	19.23		$	18.68		$	20.26		$	18.29
Net investment income(a)			0.21			0.08			0.12			0.24			0.23			0.19
Net realized and unrealized gain (loss)			(2.42	)		3.80			1.72			1.46			(0.85	)		2.11
Net increase (decrease) from investment operations			(2.21	)		3.88			1.84			1.70			(0.62	)		2.30
Distributions(b)
From net investment income			(0.21	)		(0.10	)		(0.09	)		(0.17	)		(0.26	)		(0.18	)
From net realized gain			(1.89	)		(0.88	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)
Total distributions			(2.10	)		(0.98	)		(1.32	)		(1.15	)		(0.96	)		(0.33	)
Net asset value, end of period		$	18.34		$	22.65		$	19.75		$	19.23		$	18.68		$	20.26
Total Return(c)
Based on net asset value			(10.78	)%		19.95	%(d)		9.87	%(e)		9.71	%		(3.24	)%		12.77	%
Ratios to Average Net Assets(f)
Total expenses			1.13	%		1.12	%(g)		1.13	%		1.13	%		1.14	%		1.18	%
Total expenses after fees waived and/or reimbursed			1.08	%		1.06	%(g)		1.08	%		1.08	%		1.07	%		1.10	%
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			1.06	%		1.05	%(g)		1.08	%		1.08	%		1.07	%		1.07	%
Net investment income			0.98	%		0.78	%(g)		0.63	%		1.29	%		1.14	%		1.00	%
Supplemental Data
Net assets, end of period (000)		$	10,557,693		$	13,806,271		$	11,184,639		$	10,601,653		$	10,547,464		$	12,809,356
Portfolio turnover rate(h)			124	%		58	%		193	%		156	%		154	%		110	%
(a)   Based on average shares outstanding.
(b)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)   Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)   Aggregate total return.
(e)   Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)   Annualized.
(h)   Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
					Period from 11/01/20
		Year Ended						Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
	Portfolio turnover rate (excluding MDRs)		112	%		58	%		193	%		156	%		154	%		110	%

See notes to consolidated financial statements.

60 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Allocation Fund, Inc. (continued)
		Investor C
					Period from
		Year Ended			11/01/20			Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
Net asset value, beginning of period		$	20.11		$	17.43		$	17.17		$	16.82		$	18.33		$	16.57
Net investment income (loss)(a)			0.04			(0.00	)(b)		(0.02	)		0.09			0.07			0.04
Net realized and unrealized gain (loss)			(2.13	)		3.36			1.53			1.30			(0.76	)		1.91
Net increase (decrease) from investment operations			(2.09	)		3.36			1.51			1.39			(0.69	)		1.95
Distributions(c)
From net investment income			(0.05	)		(0.00	)(b)		(0.02	)		(0.06	)		(0.12	)		(0.04	)
From net realized gain			(1.89	)		(0.68	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)
Total distributions			(1.94	)		(0.68	)		(1.25	)		(1.04	)		(0.82	)		(0.19	)
Net asset value, end of period		$	16.08		$	20.11		$	17.43		$	17.17		$	16.82		$	18.33
Total Return(d)
Based on net asset value			(11.50	)%		19.50	%(e)		9.06	%(f)		8.88	%		(3.95	)%		11.92	%
Ratios to Average Net Assets(g)
Total expenses			1.90	%		1.90	%(h)		1.89	%		1.88	%		1.88	%		1.92	%
Total expenses after fees waived and/or reimbursed			1.85	%		1.84	%(h)		1.85	%		1.83	%		1.81	%		1.84	%
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			1.84	%		1.83	%(h)		1.84	%		1.82	%		1.81	%		1.82	%
Net investment income (loss)			0.21	%		(0.01	)%(h)		(0.13	)%		0.56	%		0.38	%		0.27	%
Supplemental Data
Net assets, end of period (000)		$	780,451		$	1,213,559		$	1,547,011		$	3,143,501		$	5,402,163		$	7,545,249
Portfolio turnover rate(i)			124	%		58	%		193	%		156	%		154	%		110	%
(a)   Based on average shares outstanding.
(b)   Amount is greater than $(0.005) per share.
(c)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)   Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(e)   Aggregate total return.
(f)   Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h)   Annualized.
(i) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
					Period from 11/01/20
		Year Ended						Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
	Portfolio turnover rate (excluding MDRs)		112	%		58	%		193	%		156	%		154	%		110	%

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL  HIGHLIGHTS 61

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Allocation Fund, Inc. (continued)
		Class K
					Period from
		Year Ended			11/01/20			Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
Net asset value, beginning of period		$	22.84		$	19.93		$	19.36		$	18.80		$	20.39		$	18.44
Net investment income(a)			0.28			0.12			0.19			0.31			0.30			0.27
Net realized and unrealized gain (loss)			(2.44	)		3.83			1.73			1.46			(0.85	)		2.12
Net increase (decrease) from investment operations.			(2.16	)		3.95			1.92			1.77			(0.55	)		2.39
Distributions(b)
From net investment income			(0.29	)		(0.16	)		(0.12	)		(0.23	)		(0.34	)		(0.29	)
From net realized gain			(1.89	)		(0.88	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)
Total distributions			(2.18	)		(1.04	)		(1.35	)		(1.21	)		(1.04	)		(0.44	)
Net asset value, end of period		$	18.50		$	22.84		$	19.93		$	19.36		$	18.80		$	20.39
Total Return(c)
Based on net asset value			(10.51	)%		20.16	%(d)		10.28	%(e)		10.10	%		(2.91	)%		13.20	%
Ratios to Average Net Assets(f)
Total expenses			0.80	%		0.78	%(g)		0.78	%		0.78	%		0.80	%		0.82	%
Total expenses after fees waived and/or reimbursed			0.75	%		0.72	%(g)		0.74	%		0.73	%		0.73	%		0.74	%
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			0.73	%		0.71	%(g)		0.73	%		0.72	%		0.72	%		0.72	%
Net investment income			1.31	%		1.13	%(g)		0.98	%		1.67	%		1.53	%		1.39	%
Supplemental Data
Net assets, end of period (000)		$	1,470,032		$	1,849,652		$	1,329,363		$	1,146,295		$	1,326,617		$	1,341,925
Portfolio turnover rate(h)			124	%		58	%		193	%		156	%		154	%		110	%
(a)   Based on average shares outstanding.
(b)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)   Where applicable, assumes the reinvestment of distributions.
(d)   Aggregate total return.
(e)   Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)   Annualized.
(h)   Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
					Period from 11/01/20
		Year Ended						Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
	Portfolio turnover rate (excluding MDRs)		112	%		58	%		193	%		156	%		154	%		110	%

See notes to consolidated financial statements.

62 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Allocation Fund, Inc. (continued)
		Class R
					Period from
		Year Ended			11/01/20			Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
Net asset value, beginning of period		$	21.37		$	18.64		$	18.24		$	17.77		$	19.32		$	17.46
Net investment income(a)			0.12			0.04			0.06			0.17			0.15			0.13
Net realized and unrealized gain (loss)			(2.28	)		3.58			1.63			1.38			(0.80	)		2.01
Net increase (decrease) from investment operations			(2.16	)		3.62			1.69			1.55			(0.65	)		2.14
Distributions(b)
From net investment income			(0.13	)		(0.01	)		(0.06	)		(0.10	)		(0.20	)		(0.13	)
From net realized gain			(1.89	)		(0.88	)		(1.23	)		(0.98	)		(0.70	)		(0.15	)
Total distributions			(2.02	)		(0.89	)		(1.29	)		(1.08	)		(0.90	)		(0.28	)
Net asset value, end of period		$	17.19		$	21.37		$	18.64		$	18.24		$	17.77		$	19.32
Total Return(c)
Based on net asset value			(11.15	)%		19.74	%(d)		9.54	%(e)		9.35	%		(3.56	)%		12.42	%
Ratios to Average Net Assets(f)
Total expenses			1.50	%		1.47	%(g)		1.47	%		1.46	%		1.47	%		1.50	%
Total expenses after fees waived and/or reimbursed.			1.46	%		1.41	%(g)		1.42	%		1.41	%		1.40	%		1.42	%
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims			1.44	%		1.40	%(g)		1.41	%		1.40	%		1.39	%		1.40	%
Net investment income			0.62	%		0.43	%(g)		0.31	%		0.98	%		0.81	%		0.68	%
Supplemental Data
Net assets, end of period (000)		$	329,831		$	443,409		$	405,400		$	603,073		$	785,653		$	1,060,273
Portfolio turnover rate(h)			124	%		58	%		193	%		156	%		154	%		110	%
(a)   Based on average shares outstanding.
(b)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)   Where applicable, assumes the reinvestment of distributions.
(d)   Aggregate total return.
(e)   Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)   Annualized.
(h)   Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
					Period from 11/01/20
		Year Ended						Year Ended October 31,
		04/30/22			to 04/30/21			2020			2019			2018			2017
	Portfolio turnover rate (excluding MDRs)		112	%		58	%		193	%		156	%		154	%		110	%

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL  HIGHLIGHTS 63

Notes to Consolidated Financial Statements

1. ORGANIZATION

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

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

Share Class	Initial Sales Charge		CDSC			Conversion Privilege
Institutional, Class K and Class R Shares		No		No			None
Investor A Shares		Yes		No	(a)		None
Investor C Shares		No		Yes	(b)		To Investor A Shares after approximately 8 years

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

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

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

Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the account of BlackRock Cayman Global Allocation Fund I, Ltd. (the “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 $144,575,505, which is 0.7% 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 executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2022, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

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Notes to Consolidated Financial Statements (continued)

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

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written, swaps and short sales) 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 investments 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 dates. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Net income and realized gains from investments held by the 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.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The 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”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. 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 that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

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

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

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

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

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

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 65

Notes to Consolidated Financial Statements (continued)

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

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the 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 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 pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and 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. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

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

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

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

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

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

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

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Notes to Consolidated Financial Statements (continued)

As of April 30, 2022, certain investments of the Fund were fair valued using NAV per share (or its equivalent) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

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

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

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

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 67

Notes to Consolidated Financial Statements (continued)

debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

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

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

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

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

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

Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
BlackRock Global Allocation Fund, Inc.	CML Paradise Plaza	$	2,349,957	$	2,349,957	$	2,319,863	$	(30,094	)
	CML Trigrams		16,722,032		16,699,563		16,663,505		(36,058	)
	Opendoor Mezz Commitment		21,996,442		21,996,442		21,996,442		—
	Starwood Property Trust, Inc.		1,777,579		1,769,635		1,762,093		(7,542	)

Special Purpose Acquisition Companies: Special purpose acquisition companies (SPACs) are companies that have no operations but go public with the intention of merging with or acquiring a company using the proceeds of the SPAC’s initial public offering. The Fund may enter into a commitment with a SPAC for a private investment in a public equity (PIPE) and will satisfy the commitment if and when the SPAC completes its merger or acquisition. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a registration statement for the shares is filed and declared effective. Unfunded SPAC PIPE commitments are marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations. As of period end, the Fund had the following unfunded SPAC PIPE commitments:

Fund Name	Investment Name	Commitment Amount		Value		Unrealized Appreciation (Depreciation)
BlackRock Global Allocation Fund, Inc.	Symbotic, Inc.		$  4,367,000		$  4,367,000		$               —

Forward Commitments, When-Issued and Delayed Delivery Securities: The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since

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Notes to Consolidated Financial Statements (continued)

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

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

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

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

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

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

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

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 69

Notes to Consolidated Financial Statements (continued)

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

Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received at Fair Value	(a)		Net Amount
Barclays Capital, Inc.	$	8,048,751	$	(8,048,751	)	$	—		$	—
BofA Securities, Inc.		206,976		(206,976	)		—			—
Citigroup Global Markets, Inc.		8,955,397		(8,955,397	)		—			—
Credit Suisse Securities (USA) LLC		108,636		(108,636	)		—			—
Deutsche Bank Securities, Inc.		111,820		(111,820	)		—			—
Goldman Sachs & Co. LLC		13,253,074		(13,253,074	)		—			—
J.P. Morgan Securities LLC		63,614,379		(63,614,379	)		—			—
Jefferies LLC		219,154		(219,154	)		—			—
Morgan Stanley		35,145,514		(35,145,514	)		—			—
National Financial Services LLC		1,528,343		(1,528,343	)		—			—
SG Americas Securities LLC		9,383,199		(9,383,199	)		—			—
State Street Bank & Trust Co.		3,000,169		(3,000,169	)		—			—
Toronto Dominion Bank		2,820		(2,820	)		—			—
UBS Securities LLC		10,908		(10,908	)		—			—
	$	143,589,140	$	(143,589,140	)	$	—		$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

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

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

70 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Consolidated Financial Statements (continued)

and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Consolidated Statement of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

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

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

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

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

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

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

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

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

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

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

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 71

Notes to Consolidated Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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

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 a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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.

72 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Consolidated Financial Statements (continued)

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

For the year ended April 30, 2022, the Fund reimbursed the Manager for certain accounting services, which is included in accounting services in the Consolidated Statement of Operations. The reimbursements were $45,562.

Effective May 11, 2021, the Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited (“BRS”), an affiliate of the Manager. The Manager pays BRS for services it provides for that portion of the Fund for which BRS acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

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:

Share Class	Service Fees			Distribution Fees
Investor A		0.25	%		N/A
Investor C		0.25			0.75	%
Class R		0.25			0.25

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

For the year ended April 30, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

	Investor A		Investor C		Class R		Total
Service and distribution fees — class specific	$	31,627,385	$	10,389,243	$	2,000,192	$	44,016,820

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended April 30, 2022, the Fund paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Consolidated Statement of Operations:

	Institutional		Investor A		Total
Amounts paid to affiliates	$	43,107	$	625	$	43,732

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended April 30, 2022, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations:

	Institutional		Investor A		Investor C		Class K		Class R		Total
Reimbursed amounts	$	18,341	$	205,516	$	90,381	$	1,610	$	2,253	$	318,101

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 73

Notes to Consolidated Financial Statements (continued)

For the year ended April 30, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

	Institutional		Investor A		Investor C		Class K		Class R		Total
Transfer agent fees — class specific	$	8,230,604	$	11,012,928	$	1,146,611	$	71,296	$	839,066	$	21,300,505

Other Fees: For the year ended April 30, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $145,152.

For the year ended April 30, 2022, affiliates received CDSCs as follows:

	Investor A		Investor C		Total
CDSC	$	214,586	$	81,175	$	295,761

Expense Waivers and Reimbursements: The Manager contractually agreed to waive a portion of its investment advisory fees payable by the Fund through June 30, 2023, so that the Manager receives such fees as a percentage of average daily net assets of the Fund as follows:

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

This contractual waiver may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Fund as defined in the 1940 Act (the “Independent Directors”), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. During the year ended April 30, 2022, the Manager waived $11,534,230 pursuant to this agreement.

The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the year ended April 30, 2022, the amounts waived were $472,929.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. 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 year ended April 30, 2022, the Manager waived $723,249 in investment advisory fees pursuant to this arrangement.

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

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

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

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

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the year ended April 30, 2022, the Fund paid BIM $539,387 for securities lending agent services.

74 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Consolidated Financial Statements (continued)

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 year ended April 30, 2022, the Fund did not participate in the Interfund Lending Program.

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

Other Transactions: The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the year ended April 30, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Fund Name	Purchases		Sales		Net Realized Gain (Loss)
BlackRock Global Allocation Fund, Inc.	$	31,947,321	$	19,760,676	$	(1,319,424	)

7. PURCHASES AND SALES

For the year ended April 30, 2022, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls, excluding short-term investments, were as follows:

		U.S. Government Securities				Other Securities
Fund Name		Purchases		Sales		Purchases		Sales
BlackRock Global Allocation Fund, Inc.	$	929,674,932	$	941,903,256	$	28,806,891,627	$	35,910,650,263

For the year ended April 30, 2022, purchases and sales related to mortgage dollar rolls were $2,827,678,965 and $2,833,684,447, respectively.

8. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements.

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

Fund Name	Paid-in Capital		Accumulated Earnings (Loss)
BlackRock Global Allocation Fund, Inc.	$	50,090,778	$	(50,090,778	)

The tax character of distributions paid was as follows:

Fund Name	Year Ended 04/30/22		Period from 11/01/20 to 04/30/21		Year Ended 10/31/20
BlackRock Global Allocation Fund, Inc.(a)
Ordinary income	$	1,909,259,718	$	828,015,381	$	701,602,430
Long-term capital gains		639,458,459		324,273,863		1,005,848,390

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 75

Notes to Consolidated Financial Statements (continued)

Fund Name	Year Ended 04/30/22		Period from 11/01/20 to 04/30/21		Year Ended 10/31/20
	$	2,548,718,177	$	1,152,289,244	$	1,707,450,820

^(a) Distribution amounts may include a portion of the proceeds from redeemed shares.

As of April 30, 2022, the tax components of accumulated earnings (loss) were as follows:

Fund Name	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)(a)		Qualified Late-Year Loss(b)			Total
BlackRock Global Allocation Fund, Inc.	$	565,089,169	$	576,805,904	$	1,376,669,460	$	(182,360,779	)	$	2,336,203,754

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

^(b)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
BlackRock Global Allocation Fund, Inc.	$	20,252,269,927	$	4,142,519,185	$	(2,085,988,333	)	$	2,056,530,852

9. BANK BORROWINGS

The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended April 30, 2022, the Fund did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

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

76 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Consolidated Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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 may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

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

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 77

Notes to Consolidated Financial Statements (continued)

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

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

		Year Ended 04/30/22						Period from 11/01/20 to 04/30/21						Year Ended 10/31/20
Fund Name / Share Class	Shares			Amounts			Shares			Amounts			Shares			Amounts
BlackRock Global Allocation Fund, Inc.
Institutional
Shares sold		112,206,208		$	2,425,678,802			52,184,951		$	1,147,477,917			60,012,764		$	1,165,102,853
Shares issued in reinvestment of distributions		42,161,228			897,692,084			17,333,353			372,320,424			26,172,269			505,101,847
Shares redeemed		(103,640,373	)		(2,170,736,899	)		(39,492,853	)		(868,663,017	)		(134,369,913	)		(2,548,330,718	)
		50,727,063		$	1,152,633,987			30,025,451		$	651,135,324			(48,184,880	)	$	(878,126,018	)
Investor A
Shares sold and automatic conversion of shares		56,283,602		$	1,200,338,507			63,193,306		$	1,383,070,747			106,473,620		$	2,061,125,684
Shares issued in reinvestment of distributions		54,435,080			1,152,860,845			24,962,356			532,197,425			34,097,475			653,789,198
Shares redeemed		(144,523,875	)		(3,082,883,351	)		(44,931,575	)		(981,580,809	)		(125,629,074	)		(2,384,215,581	)
		(33,805,193	)	$	(729,683,999	)		43,224,087		$	933,687,363			14,942,021		$	330,699,301
Investor C
Shares sold		5,027,108		$	95,141,109			4,665,375		$	90,681,638			5,032,820		$	85,563,106
Shares issued in reinvestment of distributions		5,676,334			106,059,115			2,323,190			44,094,135			10,648,558			181,375,674
Shares redeemed and automatic conversion of shares		(22,527,616	)		(420,506,402	)		(35,378,800	)		(686,739,602	)		(109,980,242	)		(1,877,176,344	)
		(11,824,174	)	$	(219,306,178	)		(28,390,235	)	$	(551,963,829	)		(94,298,864	)	$	(1,610,237,564	)
Class K
Shares sold		23,427,639		$	506,528,605			18,219,996		$	402,547,780			22,010,657		$	426,992,355
Shares issued in reinvestment of distributions		8,273,872			176,619,803			3,345,444			71,826,686			4,276,611			82,541,947
Shares redeemed		(33,229,989	)		(713,022,978	)		(7,276,430	)		(160,853,349	)		(18,785,979	)		(368,238,193	)
		(1,528,478	)	$	(29,874,570	)		14,289,010		$	313,521,117			7,501,289		$	141,296,109
Class R
Shares sold		2,027,790		$	39,703,840			1,261,227		$	26,068,999			2,333,994		$	42,200,269
Shares issued in reinvestment of distributions		2,002,426			39,833,702			942,598			18,983,922			1,949,910			35,361,742
Shares redeemed		(5,597,411	)		(111,326,075	)		(3,202,736	)		(65,689,243	)		(15,591,980	)		(277,730,473	)
		(1,567,195	)	$	(31,788,533	)		(998,911	)	$	(20,636,322	)		(11,308,076	)	$	(200,168,462	)
		2,002,023		$	141,980,707			58,149,402		$	1,325,743,653			(131,348,510	)	$	(2,216,536,634	)

12. SUBSEQUENT EVENTS

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

78 2 0 2 2   BLACK ROCK  ANNUAL   REPORT   TO   SHAREHOLDERS

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying consolidated statement of assets and liabilities of BlackRock Global Allocation Fund, Inc. (the “Fund”), including the consolidated schedule of investments, as of April 30, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for the year then ended, for the period from November 1, 2020 through April 30, 2021, and for the year ended October 31, 2020, the consolidated financial highlights for the year then ended, for the period from November 1, 2020 through April 30, 2021, and for each of the four years in the period ended October 31, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2022, and the results of its operations for the year then ended, the changes in its net assets for the year then ended, for the period from November 1, 2020 through April 30, 2021 and for the year ended October 31, 2020, and the financial highlights for the year then ended, for the period from November 1, 2020 through April 30, 2021, and for each of the four years in the period ended October 31, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

June 28, 2022

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

REPORT   OF   INDEPENDENT   REGISTERED   PUBLIC   ACCOUNTING   FIRM 79

Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2022:

Fund Name	Qualified Dividend Income
BlackRock Global Allocation Fund, Inc.	$	233,024,260

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended April 30, 2022:

Fund Name	20% Rate Long-Term Capital Gain Dividends
BlackRock Global Allocation Fund, Inc.	$	663,261,996

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended April 30, 2022:

Fund Name	Foreign Source Income Earned		Foreign Taxes Paid
BlackRock Global Allocation Fund, Inc.	$	—	$	3,931,051

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2022 qualified for the dividends-received deduction for corporate shareholders:

Fund Name	Dividends-Received Deduction
BlackRock Global Allocation Fund, Inc.		4.53	%

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2022:

Fund Name	Interest Related Dividends		Qualified Short-Term Capital Gains
BlackRock Global Allocation Fund, Inc.	$	111,642,218	$	1,666,026,766

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended April 30, 2022:

Fund Name	Interest Dividend
BlackRock Global Allocation Fund, Inc.	$	95,533,245

80 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock Global Allocation Fund, Inc. (the “Fund”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Fund met on November 9-10, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for the Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. Derivative exposure was also considered in such calculation.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish the Fund’s reasonably anticipated trading size (“RATS”). The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to the Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V). The Committee also considered other types of borrowing available to the Fund, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT  REGARDING  LIQUIDITY  RISK   MANAGEMENT  PROGRAM 81

Director and Officer Information

Independent Directors(a)
Name Year of Birth(b)	Position(s) Held ( Length of Service)(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Mark Stalnecker 1951	Chair of the Board and Director (Since 2019)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	29 RICs consisting of 163 Portfolios	None
Susan J. Carter 1956	Director (Since 2019)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021.	29 RICs consisting of 163 Portfolios	None
Collette Chilton 1958	Director (Since 2019)	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	29 RICs consisting of 163 Portfolios	None
Neil A. Cotty 1954	Director (Since 2019)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	29 RICs consisting of 163 Portfolios	None
Lena G. Goldberg 1949	Director (Since 2016)	Director, Charles Stark Draper Laboratory, Inc. since 2013; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	29 RICs consisting of 163 Portfolios	None

82 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Director and Officer Information  (continued)

Independent Directors(a) (continued)
Name Year of Birth(b)	Position(s) Held ( Length of Service)(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Henry R. Keizer 1956	Director (Since 2016)	Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010.	29 RICs consisting of 163 Portfolios	Hertz Global Holdings (car rental); GrafTech International Ltd. (materials manufacturing); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 to 2015; WABCO (commercial vehicle safety systems) from 2015 to 2020; Sealed Air Corp. (packaging) from 2015 to 2021.
Cynthia A. Montgomery 1952	Director (Since 2019)	Professor, Harvard Business School since 1989.	29 RICs consisting of 163 Portfolios	Newell Rubbermaid, Inc. (manufacturing) from 1995 to 2016.
Donald C. Opatrny 1952	Director (Since 2015)	Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020.	29 RICs consisting of 163 Portfolios	None
Joseph P. Platt 1947	Director (Since 2019)	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.	29 RICs consisting of 163 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.

DIRECTOR   AND   OFFICER   INFORMATION 83

Director and Officer Information  (continued)

Independent Directors(a) (continued)
Name Year of Birth(b)	Position(s) Held ( Length of Service)(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Kenneth L. Urish 1951	Director (Since 2019)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter- Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	29 RICs consisting of 163 Portfolios	None
Claire A. Walton 1957	Director (Since 2019)	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	29 RICs consisting of 163 Portfolios	None
Interested Directors(a)(d)
Name Year of Birth(b)	Position(s) Held ( Length of Service)(c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Robert Fairbairn 1965	Director (Since 2015)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.	98 RICs consisting of 262 Portfolios	None
John M. Perlowski(e) 1964	Director (Since 2015) President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	100 RICs consisting of 264 Portfolios	None
(a)   The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b)   Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are “interested persons,” as defined in the 1940 Act, serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate. (c)   Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. In addition, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Director joined the Board, certain Independent Directors first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Susan J. Carter, 2016; Collette Chilton, 2015; Neil A. Cotty, 2016; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Mark Stalnecker, 2015; Kenneth L. Urish, 1999; Claire A. Walton, 2016.

84 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Director and Officer Information  (continued)

^(d)  Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Corporation based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

^(e)  Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

Officers Who Are Not Directors(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years
Jennifer McGovern 1977	Vice President (Since 2014)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.
Trent Walker 1974	Chief Financial Officer (Since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Lisa Belle 1968	Anti-Money Laundering Compliance Officer (Since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.
Janey Ahn 1975	Secretary (Since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.
(a)   The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b)   Officers of the Fund serve at the pleasure of the Board.

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.

Effective December 31, 2021, Bruce R. Bond retired as a Director of the Fund.

DIRECTOR   AND   OFFICER   INFORMATION 85

Additional Information

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

86 2 0 2 2  BLACK ROCK  ANNUAL  REPORT  TO  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.

Fund and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock (Singapore) Limited

079912 Singapore

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 (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809

ADDITIONAL   INFORMATION 87

Glossary of Terms Used in this Report

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

Portfolio Abbreviation
ADR	American Depositary Receipt
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
CDI	CREST Depository Interest
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
DIP	Debtor-In-Possession
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FTSE	Financial Times Stock Exchange
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MTN	Medium-Term Note
MXIBOR	Mexico Interbank Offered Rate
PCL	Public Company Limited
PIK	Payment-in-Kind
PIPE	Private Investment in Public Equity
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s
SCA	Societe en Commandite par Actions
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
SPAC	Special Purpose Acquisition Company
SPDR	Standard & Poor’s Depository Receipt
ST	Special Tax
STACR	Structured Agency Credit Risk
TAN	Tax Anticipation Notes

88 2 0 2 2   BLACK ROCK   ANNUAL   REPORT   TO   SHAREHOLDERS

Want to know more?

blackrock.com | 800-441-7762

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

GA-04/22-AR

            

(b) Not Applicable

Item 2 – Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year     End	Previous Fiscal Year     End	Current Fiscal Year     End	Previous Fiscal Year     End	Current Fiscal Year     End	Previous Fiscal Year     End	Current Fiscal Year     End	Previous Fiscal Year     End
BlackRock Global Allocation Fund, Inc.	$79,184	$97,002	$0	$0	$20,000	$26,300	$0	$0

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

2

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,098,000	$2,032,000

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

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

³ Non-audit fees of $2,098,000 and $2,032,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

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

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

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

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

(f) Not Applicable

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

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Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Global Allocation Fund, Inc.	$20,000	$26,300

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

Current Fiscal Year End	Previous Fiscal Year End
$2,098,000	$2,032,000

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

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

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

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

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

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

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

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Item 11 – Controls and Procedures

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

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

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

Item 13 – Exhibits attached hereto

(a)(2) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

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

BlackRock Global Allocation Fund, Inc.

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

Date: June 28, 2022

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

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

Date: June 28, 2022

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

Date: June 28, 2022

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