UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-05576
| Name of Fund: | | BlackRock Global Allocation Fund, Inc. |
| Fund Address: | | 100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Global Allocation Fund, Inc., 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 441-7762
Date of fiscal year end: 04/30/2024
Date of reporting period: 04/30/2024
Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.
April 30, 2024
BlackRock Global Allocation Fund, Inc. |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Rob KapitoPresident, BlackRock Advisors, LLCDear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended April 30, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still impressive. Meanwhile, both international developed market equities and emerging market stocks also gained, albeit at a notably slower pace than that of U.S. stocks.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period, and recent statements from the Fed seem to support this view. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, we believe there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
Total Returns as of April 30, 2024 |
| | |
U.S. large cap equities
(S&P 500® Index) | | |
U.S. small cap equities
(Russell 2000® Index) | | |
International equities
(MSCI Europe, Australasia,
Far East Index) | | |
Emerging market equities
(MSCI Emerging Markets Index) | | |
3-month Treasury bills
(ICE BofA 3-Month
U.S. Treasury Bill Index) | | |
U.S. Treasury securities
(ICE BofA 10-Year
U.S. Treasury Index) | | |
U.S. investment grade bonds
(Bloomberg U.S. Aggregate
Bond Index) | | |
Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index) | | |
U.S. high yield bonds
(Bloomberg U.S. Corporate
High Yield 2%
Issuer Capped Index) | | |
Past performance is not an indication of future results. Index
performance is shown for illustrative purposes only. You
cannot invest directly in an index. |
2This Page is not Part of Your Fund Report
Fund Summary as of April 30, 2024
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, 2024, 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, security selection within industrials, consumer discretionary, communication services and information technology detracted from relative performance. Within fixed income, interest rate derivatives used to manage the Fund’s duration and corresponding interest rate sensitivity weighed on performance, most notably those related to yield curve positioning in U.S. rates and to an overweight to European duration. Modest exposure to gold-related securities also detracted over the period.
From a broad asset allocation perspective, an overweight to equities and an underweight to developed market government bonds over the period contributed to relative performance. From an equity sector perspective, an underweight to and security selection in consumer staples was additive. An underweight to real estate also contributed to return, although this was partially offset by security selection within the sector. Within fixed income, exposure to high yield corporate bonds, emerging market government bonds and securitized debt added to returns.
The Fund used derivatives, which may include options, futures, swaps and forward contracts both to seek to enhance returns of the Fund and to hedge (or protect) against adverse movements in currency exchange rates, interest rates and movements in the securities markets. During the period, the Fund’s use of derivatives modestly detracted from the Fund’s performance.
Describe recent portfolio activity.
During the 12-month period, the Fund’s overall equity allocation increased from 56% to 67% of net assets. On a sector basis, the Fund increased exposure to information technology, industrials, financials and consumer discretionary, and reduced exposure to consumer staples.
The Fund’s allocation to fixed income decreased from 37% to 28% of net assets. Within fixed income, the Fund increased exposure to high yield corporate bonds and decreased exposure to government bonds, both U.S. and non-U.S., as well as to securitized debt and investment grade corporate bonds.
The Fund’s exposure to commodity-related securities remained unchanged at less than 1% of net assets.
The Fund’s exposure to cash and cash equivalent holdings ended the period unchanged at 5% of net assets. During the 12-month period, cash helped manage portfolio volatility and served as a source of funds for new investments and for meeting redemptions. Exposure to cash and cash equivalents was additive for the period.
Describe portfolio positioning at period end.
Relative to its Reference Benchmark, the Fund ended the period overweight equities, underweight fixed income, and with a modest allocation to cash and cash equivalents. Within equities, the Fund was overweight the United States and, to a lesser extent, Japan, and underweight Australia. From a sector perspective, the Fund was overweight information technology, consumer discretionary, energy, healthcare and industrials, and underweight consumer staples, real estate and materials. Within fixed income, the Fund was underweight U.S. Treasuries, developed European market sovereign debt and Japanese government bonds. The majority of the Fund’s fixed income exposure was in assets that trade at a yield spread relative to Treasuries, with exposures diversified across corporate bonds, securitized debt and bank loans. With respect to currency exposure, the Fund had modest overweights to the Brazilian real, Japanese yen, and U.S. dollar, and was underweight the Chinese yuan and euro.
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.
42024 BlackRock Annual Report to Shareholders
Fund Summary as of April 30, 2024(continued)
BlackRock Global Allocation Fund, Inc.
GROWTH OF $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) |
| | | |
| | | | | | |
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U.S. Stocks: S&P 500® Index(b) | | | | | | |
Non-U.S. Stocks: FTSE World (ex U.S.) Index(c) | | | | | | |
Non-U.S. Bonds: FTSE Non-U.S. Dollar World Government Bond Index(d) | | | | | | |
U.S. Bonds: ICE BofA Current 5-Year U.S. Treasury Index(e) | | | | | | |
| 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. |
| An unmanaged index that covers 500 leading companies and captures approximately 80% coverage of available market capitalization. |
| 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. |
| An unmanaged market capitalization-weighted index that tracks certain government bond indexes, excluding the United States. |
| 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 as of April 30, 2024(continued)
BlackRock Global Allocation Fund, Inc.
Expense Example
| | | | |
| | | Expenses Paid During the Period | | Including
Dividend
Expense
and Fees | Excluding
Dividend
Expense
and Fees | |
| Beginning
Account
Value
(11/01/23) | Ending
Account
Value
(04/30/24) | Including
Dividend
Expense
and Fees(a) | Excluding
Dividend
Expense
and Fees(a) | Beginning
Account
Value
(11/01/23) | Ending
Account
Value
(04/30/24) | Expenses
Paid
During
the
Period(a) | Ending
Account
Value
(04/30/24) | Expenses
Paid
During
the
Period(a) | Including
Dividend
Expense
and Fees | Excluding
Dividend
Expense
and Fees |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| 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 182/366 (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) |
| Percent of
Total Investments |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
|
| |
Country/Geographic Region | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Excludes short-term securities. |
| Total investments include the gross values of long and short equity securities of the underlying derivative contracts utilized by the Fund and excludes short-term securities. |
| Rounds to less than 0.1% of total investments. |
| Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Consolidated Schedule of Investments for such countries/geographic regions. |
62024 BlackRock Annual Report to Shareholders
About Fund Performance
Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K Shares inception date of June 8, 2016 is that of Institutional Shares. The performance of the Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.
Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.
Class R Shares are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.
BlackRock Advisors, LLC (the "Manager"), the Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver(s) and/or reimbursement(s), the Fund’s performance would have been lower. With respect to the Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to the Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Consolidated Financial Statements for additional information on waivers and/or reimbursements.
Disclosure of Expenses
Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their share class under the heading entitled “Expenses Paid During the Period.”
The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
BlackRock Global Allocation Fund, Inc.
About Fund Performance / Disclosure of Expenses7
Derivative Financial Instruments
The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.
BlackRock Global Allocation Fund, Inc.
82024 BlackRock Annual Report to Shareholders
Consolidated Schedule of InvestmentsApril 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
|
Cayman Islands(a)(b) — 0.4% | |
| | | |
Series 2020-5A, Class A2R, (3-mo. CME Term SOFR + 1.66%), 6.99%, 07/20/34 | | | |
Series 2020-5A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 07/20/34 | | | |
ALM Ltd., Series 2020-1A, Class A2, (3-mo. CME Term SOFR + 2.11%), 7.44%, 10/15/29 | | | |
AMMC CLO Ltd., Series 2018-22A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 04/25/31 | | | |
Anchorage Capital CLO Ltd. | | | |
Series 2014-3RA, Class A, (3-mo. CME Term SOFR + 1.31%), 6.64%, 01/28/31 | | | |
Series 2015-7A, Class A2, (3-mo. CME Term SOFR + 1.35%), 6.68%, 01/28/31 | | | |
Series 2018-10A, Class A2, (3-mo. CME Term SOFR + 1.76%), 7.09%, 10/15/31 | | | |
Apidos CLO XII, Series 2013-12A, Class AR, (3- mo. CME Term SOFR + 1.34%), 6.67%, 04/15/31 | | | |
Apidos CLO XX, Series 2015-20A, Class A2RR, (3-mo. CME Term SOFR + 1.81%), 7.14%, 07/16/31 | | | |
Apidos CLO XXII, Series 2015-7A, Class A2, (3- mo. CME Term SOFR + 1.76%), 7.09%, 04/20/31 | | | |
Apidos CLO XXIII, Series 2015-23A, Class B1R, (3-mo. CME Term SOFR + 1.86%), 7.19%, 04/15/33 | | | |
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, (1-mo. Term SOFR + 1.46%), 6.79%, 11/15/36 | | | |
ARES LII CLO Ltd., Series 2019-52A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 7.04%, 04/22/31 | | | |
Ares LV CLO Ltd., Series 2020-55A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 07/15/34 | | | |
Ares XXXVII CLO Ltd., Series 2015-4A, Class A3R, (3-mo. CME Term SOFR + 1.76%), 7.09%, 10/15/30 | | | |
ASSURANT CLO I Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 2.41%), 7.74%, 10/20/34 | | | |
Assurant CLO IV Ltd., Series 2019-4A, Class CR, (3-mo. CME Term SOFR + 2.66%), 7.99%, 04/20/30 | | | |
Atrium XIII, Series 13A, Class B, (3-mo. CME Term SOFR + 1.76%), 7.09%, 11/21/30 | | | |
Bain Capital Credit CLO Ltd. | | | |
Series 2018-2A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.19%, 07/19/31 | | | |
Series 2020-2A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 07/19/34 | | | |
Battalion CLO VIII Ltd., Series 2015-8A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 6.66%, 07/18/30 | | | |
| | | |
Cayman Islands (continued) | |
Battalion CLO X Ltd., Series 2016-10A, Class A2R2, (3-mo. CME Term SOFR + 1.81%), 7.13%, 01/25/35 | | | |
Battalion CLO XI Ltd., Series 2017-11A, Class BR, (3-mo. CME Term SOFR + 1.98%), 7.30%, 04/24/34 | | | |
Battalion CLO XX Ltd., Series 2021-20A, Class A, (3-mo. CME Term SOFR + 1.44%), 6.77%, 07/15/34 | | | |
Benefit Street Partners CLO Ltd., Series 2015- 6BR, Class A, (3-mo. CME Term SOFR + 1.45%), 6.78%, 07/20/34 | | | |
Benefit Street Partners CLO XIX Ltd., Series 2019- 19A, Class B, (3-mo. CME Term SOFR + 2.26%), 7.59%, 01/15/33 | | | |
Birch Grove CLO Ltd., Series 19A, Class BR, (3- mo. CME Term SOFR + 2.01%), 7.34%, 06/15/31 | | | |
| | | |
Series 2013-2A, Class BR, (3-mo. CME Term SOFR + 1.86%), 7.19%, 10/22/30 | | | |
Series 2014-2A, Class BR2, (3-mo. CME Term SOFR + 2.01%), 7.34%, 10/20/30 | | | |
BlueMountain CLO XXII Ltd., Series 2018-22A, Class B, (3-mo. CME Term SOFR + 1.76%), 7.09%, 07/15/31 | | | |
BlueMountain CLO XXIII Ltd., Series 2018-23A, Class A1, (3-mo. CME Term SOFR + 1.41%), 6.74%, 10/20/31 | | | |
BlueMountain CLO XXIX Ltd., Series 2020-29A, Class BR, (3-mo. CME Term SOFR + 2.01%), 7.34%, 07/25/34 | | | |
| | | |
Series 2016-1A, Class CR, (3-mo. CME Term SOFR + 2.16%), 7.49%, 07/15/31 | | | |
Series 2019-1A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 6.69%, 04/15/32 | | | |
Series 2019-1A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 04/15/32 | | | |
Canyon CLO Ltd., Series 2020-3A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.29%, 01/15/34 | | | |
Catskill Park CLO Ltd., Series 2017-1A, Class A1B, (3-mo. CME Term SOFR + 1.61%), 6.94%, 04/20/29 | | | |
CBAM Ltd., Series 2018-7A, Class A, (3-mo. CME Term SOFR + 1.36%), 6.69%, 07/20/31 | | | |
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, (3-mo. CME Term SOFR + 1.24%), 6.57%, 04/20/31 | | | |
Cedar Funding V CLO Ltd., Series 2016-5A, Class A1R, (3-mo. CME Term SOFR + 1.36%), 6.68%, 07/17/31 | | | |
Cedar Funding XI CLO Ltd., Series 2019-11A, Class A2R, (3-mo. CME Term SOFR + 1.61%), 6.95%, 05/29/32 | | | |
Chenango Park CLO Ltd., Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.81%), 7.14%, 04/15/30 | | | |
Consolidated Schedule of Investments9
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
Cayman Islands (continued) | |
| | | |
Series 2013-1A, Class A2R, (3-mo. CME Term SOFR + 2.01%), 7.34%, 07/16/30 | | | |
Series 2013-4A, Class BRR, (3-mo. CME Term SOFR + 1.86%), 7.19%, 04/27/31 | | | |
Series 2014-5A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 6.78%, 10/17/31 | | | |
Series 2015-3A, Class BR, (3-mo. CME Term SOFR + 1.41%), 6.74%, 04/19/29 | | | |
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.86%), 7.19%, 04/20/31 | | | |
Series 2020-1A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 07/15/36 | | | |
Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.84%), 7.17%, 07/15/33 | | | |
| | | |
Series 2018-55A, Class A1, (3-mo. CME Term SOFR + 1.28%), 6.61%, 04/15/31 | | | |
Series 2018-65A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.19%, 07/18/30 | | | |
Dryden Senior Loan Fund, Series 2016-45A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 10/15/30 | | | |
| | | |
Series 2019-2A, Class AR, (3-mo. CME Term SOFR + 1.41%), 6.74%, 04/20/34 | | | |
Series 2019-2A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 04/20/34 | | | |
Elmwood CLO IV Ltd., Series 2020-1A, Class A, (3-mo. CME Term SOFR + 1.50%), 6.83%, 04/15/33 | | | |
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, (3-mo. CME Term SOFR + 1.23%), 6.56%, 10/15/30 | | | |
Galaxy XXVII CLO Ltd., Series 2018-28A, Class A1, (3-mo. CME Term SOFR + 1.36%), 6.69%, 07/15/31 | | | |
GoldenTree Loan Management U.S. CLO Ltd., Series 2018-3A, Class B1, (3-mo. CME Term SOFR + 1.81%), 7.14%, 04/20/30 | | | |
GoldenTree Loan Opportunities XI Ltd., Series 2015-11A, Class AR2, (3-mo. CME Term SOFR + 1.33%), 6.66%, 01/18/31 | | | |
Greywolf CLO III Ltd., Series 2020-3RA, Class A1R, (3-mo. CME Term SOFR + 1.55%), 6.87%, 04/15/33 | | | |
HPS Loan Management Ltd., Series 6A-2015, Class A1R, (3-mo. CME Term SOFR + 1.26%), 6.53%, 02/05/31 | | | |
Jamestown CLO XV Ltd., Series 2020-15A, Class A, (3-mo. CME Term SOFR + 1.60%), 6.93%, 04/15/33 | | | |
KKR CLO Ltd., Series 17, Class AR, (3-mo. CME Term SOFR + 1.34%), 6.67%, 04/15/34 | | | |
Madison Park Funding XXXI Ltd., Series 2018-31A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.29%, 01/23/31 | | | |
Myers Park CLO Ltd., Series 2018-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 7.19%, 10/20/30 | | | |
Neuberger Berman CLO XIV Ltd., Series 2012- 14A, Class AR2, (3-mo. CME Term SOFR + 1.29%), 6.62%, 01/28/30 | | | |
| | | |
Cayman Islands (continued) | |
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class BRR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 07/15/34 | | | |
Neuberger Berman CLO XXII Ltd., Series 2016- 22A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.23%, 10/17/30 | | | |
Neuberger Berman Loan Advisers CLO Ltd. | | | |
Series 2020-37A, Class BR, (3-mo. CME Term SOFR + 1.71%), 7.04%, 07/20/31 | | | |
Series 2021-46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 01/20/36 | | | |
| | | |
Series 2014-5A, Class A2R, (3-mo. CME Term SOFR + 1.66%), 6.99%, 04/26/31 | | | |
Series 2014-7A, Class A2RR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 07/20/29 | | | |
Series 2020-19A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 10/20/34 | | | |
Octagon Investment Partners Ltd. | | | |
Series 2016-1A, Class AR, (3-mo. CME Term SOFR + 1.44%), 6.76%, 01/24/33 | | | |
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.84%), 7.17%, 07/25/30 | | | |
Series 2020-2A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 07/15/36 | | | |
Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A2R, (3-mo. CME Term SOFR + 1.61%), 6.94%, 07/19/30 | | | |
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A2R2, (3-mo. CME Term SOFR + 1.36%), 6.69%, 01/25/31 | | | |
| | | |
Series 2019-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 07/02/35 | | | |
Series 2020-7A, Class AR, (3-mo. CME Term SOFR + 1.30%), 6.63%, 02/24/37 | | | |
OHA Credit Partners XIII Ltd., Series 2016-13A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.29%, 10/25/34 | | | |
| | | |
Series 2013-2A, Class AR, (3-mo. CME Term SOFR + 1.30%), 6.62%, 05/23/31 | | | |
Series 2016-1A, Class B1R, (3-mo. CME Term SOFR + 1.86%), 7.19%, 01/20/33 | | | |
| | | |
Series 2013-2A, Class A2R3, (3-mo. CME Term SOFR + 1.76%), 7.08%, 10/17/31 | | | |
Series 2015-1A, Class A2R4, (3-mo. CME Term SOFR + 1.96%), 7.28%, 05/21/34 | | | |
Park Avenue Institutional Advisers CLO Ltd. | | | |
Series 2016-1A, Class A1R, (3-mo. CME Term SOFR + 1.46%), 6.78%, 08/23/31 | | | |
Series 2016-1A, Class A2R, (3-mo. CME Term SOFR + 1.81%), 7.12%, 02/14/34 | | | |
Series 2019-1A, Class A2A, (3-mo. CME Term SOFR + 2.26%), 7.57%, 05/15/32 | | | |
| | | |
Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.44%), 6.76%, 07/24/31 | | | |
Series 2021-11A, Class A1, (3-mo. CME Term SOFR + 1.95%), 7.27%, 07/25/34 | | | |
Series 2021-8A, Class A, (3-mo. CME Term SOFR + 1.43%), 6.76%, 07/20/34 | | | |
102024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
Cayman Islands (continued) | |
Rad CLO Ltd., Series 2019-3A, Class BR, (3-mo. CME Term SOFR + 1.81%), 7.14%, 04/15/32 | | | |
Recette CLO Ltd., Series 2015-1A, Class BRR, (3-mo. CME Term SOFR + 1.66%), 6.99%, 04/20/34 | | | |
Regatta VII Funding Ltd., Series 2016-1A, Class A1R2, (3-mo. CME Term SOFR + 1.41%), 6.74%, 06/20/34 | | | |
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 01/15/34 | | | |
| | | |
Series 2017-1A, Class BR2A, (3-mo. CME Term SOFR + 1.91%), 7.24%, 04/20/34 | | | |
Series 2017-2A, Class BR, (3-mo. CME Term SOFR + 1.76%), 7.09%, 10/15/29 | | | |
Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 6.68%, 05/20/31 | | | |
Romark CLO II Ltd., Series 2018-2A, Class A1, (3-mo. CME Term SOFR + 1.44%), 6.76%, 07/25/31 | | | |
RR Ltd., Series 2024-28R, Class A1R, (3-mo. CME Term SOFR + 1.55%), 6.84%, 04/15/37 | | | |
| | | |
Series 2021-4A, Class A2, (3-mo. CME Term SOFR + 2.11%), 7.44%, 07/15/34 | | | |
Series 2021-5A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.39%, 07/15/34 | | | |
| | | |
Series 2018-5A, Class A1R, (3-mo. CME Term SOFR + 1.55%), 6.88%, 04/25/37 | | | |
Series 2020-8A, Class A, (3-mo. CME Term SOFR + 1.53%), 6.86%, 04/20/33 | | | |
Series 2020-8A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.24%, 04/20/33 | | | |
Sound Point CLO XV Ltd., Series 2017-1A, Class BR, (3-mo. CME Term SOFR + 1.76%), 7.09%, 01/23/29 | | | |
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, (3-mo. CME Term SOFR + 1.41%), 6.74%, 10/15/31 | | | |
| | | |
Series 2016-6A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 6.71%, 01/15/34 | | | |
Series 2016-6A, Class BR2, (3-mo. CME Term SOFR + 1.76%), 7.09%, 01/15/34 | | | |
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.24%, 07/15/34 | | | |
Trestles CLO III Ltd., Series 2020-3A, Class A1, (3-mo. CME Term SOFR + 1.59%), 6.92%, 01/20/33 | | | |
Trimaran CAVU Ltd., Series 2019-1A, Class B, (3-mo. CME Term SOFR + 2.46%), 7.79%, 07/20/32 | | | |
| | | |
Series 2020-14A, Class B, (3-mo. CME Term SOFR + 2.26%), 7.59%, 01/25/34 | | | |
Series 2020-14A, Class C, (3-mo. CME Term SOFR + 3.26%), 8.59%, 01/25/34 | | | |
| | | |
Cayman Islands (continued) | |
| | | |
Series 2013-3A, Class A1RR, (3-mo. CME Term SOFR + 1.41%), 6.74%, 10/18/31 | | | |
Series 2017-3A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 6.63%, 04/20/34 | | | |
Series 2017-4A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.04%, 10/15/30 | | | |
Series 2018-3A, Class A1A, (3-mo. CME Term SOFR + 1.41%), 6.74%, 10/15/31 | | | |
Series 2018-3A, Class A1R2, (3-mo. CME Term SOFR + 1.20%), 10/15/31(c) | | | |
| | | |
Series 2020-2A, Class A1R, (3-mo. CME Term SOFR + 1.48%), 6.80%, 10/24/34 | | | |
Series 2020-2A, Class BR, (3-mo. CME Term SOFR + 2.01%), 7.33%, 10/24/34 | | | |
| | | |
| |
Avoca CLO XV DAC, Series 15X, Class B2R, (3- mo. EURIBOR + 1.05%), 4.96%, 04/15/31(d) | | | |
CIFC European Funding CLO II DAC, Series 2X, Class B1, (3-mo. EURIBOR + 1.60%), 5.51%, 04/15/33(d) | | | |
Harvest CLO XVIII DAC, Series 18X, Class B, (3- mo. EURIBOR + 1.20%), 5.11%, 10/15/30(d) | | | |
Holland Park CLO DAC, Series 1X, Class A1RR, (3-mo. EURIBOR + 0.92%), 4.83%, 11/14/32(d) | | | |
OAK Hill European Credit Partners V Designated Activity Co., Series 2016-5A, Class BR, (3-mo. EURIBOR + 1.90%), 5.80%, 01/21/35(b) | | | |
OAK Hill European Credit Partners VI DAC, Series 2017-6X, Class B1, (3-mo. EURIBOR + 1.20%), 5.10%, 01/20/32(d) | | | |
OCP Euro CLO DAC, Series 2017-2X, Class B, (3-mo. EURIBOR + 1.35%), 5.26%, 01/15/32(d) | | | |
| | | |
Series 2021-1A, Class B, (1-mo. Term SOFR + 2.61%), 7.93%, 07/25/51 | | | |
Series 2021-1A, Class C, (1-mo. Term SOFR + 3.86%), 9.18%, 07/25/51 | | | |
Series 2021-1A, Class D, (1-mo. Term SOFR + 6.01%), 11.33%, 07/25/51 | | | |
| | | |
| |
Unique Pub Finance Co. PLC, Class N, 6.46%, 03/30/32(d) | | | |
| |
AccessLex Institute, Series 2007-A, Class A3, (3- mo. CME Term SOFR + 0.56%), 5.89%, 05/25/36(a) | | | |
AIMCO CLO, Series 2018-AA, Class B, (3-mo. CME Term SOFR + 1.66%), 6.98%, 04/17/31(a)(b) | | | |
Apidos CLO XV, Series 2013-15A, Class A1RR, (3-mo. CME Term SOFR + 1.27%), 6.60%, 04/20/31(a)(b) | | | |
Bankers Healthcare Group Securitization Trust, Series 2020-A, Class C, 5.17%, 09/17/31(b) | | | |
Clear Creek CLO, Series 2015-1A, Class AR, (3- mo. CME Term SOFR + 1.46%), 6.79%, 10/20/30(a)(b) | | | |
Consolidated Schedule of Investments11
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) | |
College Ave Student Loans LLC, Series 2021-B, Class D, 3.78%, 06/25/52(b) | | | |
Cook Park CLO Ltd., Series 2018-1A, Class B, (3-mo. CME Term SOFR + 1.66%), 6.98%, 04/17/30(a)(b) | | | |
GoodLeap Sustainable Home Solutions Trust, Series 2021-3CS, Class A, 2.10%, 05/20/48(b) | | | |
Lendmark Funding Trust, Series 2021-2A, Class D, 4.46%, 04/20/32(b) | | | |
Madison Park Funding XIII Ltd., Series 2014-13A, Class BR2, (3-mo. CME Term SOFR + 1.76%), 7.09%, 04/19/30(a)(b) | | | |
Mariner Finance Issuance Trust, Series 2020-AA, Class A, 2.19%, 08/21/34(b) | | | |
Navient Private Education Refi Loan Trust(b) | | | |
Series 2021-DA, Class A, (Prime - 1.99%), 6.51%, 04/15/60(a) | | | |
Series 2021-DA, Class B, 2.61%, 04/15/60 | | | |
Series 2021-DA, Class C, 3.48%, 04/15/60 | | | |
Series 2021-DA, Class D, 4.00%, 04/15/60 | | | |
Nelnet Student Loan Trust(b) | | | |
Series 2021-A, Class D, 4.93%, 04/20/62 | | | |
Series 2021-BA, Class C, 3.57%, 04/20/62 | | | |
Series 2021-CA, Class C, 3.36%, 04/20/62 | | | |
Pagaya AI Debt Selection Trust, Series 2021-2, Class A, 3.00%, 01/25/29(b) | | | |
Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A, Class A2R, (3-mo. CME Term SOFR + 2.06%), 7.38%, 08/23/31(a)(b) | | | |
Progress Residential, Series 2021-SFR3, Class F, 3.44%, 05/17/26(b) | | | |
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33(b)(e) | | | |
SLM Private Education Loan Trust, Series 2010-C, Class A5, (1-mo. Term SOFR + 4.86%), 10.19%, 10/15/41(a)(b) | | | |
SMB Private Education Loan Trust(b) | | | |
Series 2021-A, Class C, 2.99%, 01/15/53 | | | |
Series 2021-C, Class B, 2.30%, 01/15/53 | | | |
Series 2021-C, Class C, 3.00%, 01/15/53 | | | |
Series 2021-C, Class D, 3.93%, 01/15/53 | | | |
Sofi Personal Loan Term(b) | | | |
Series 2023-1, Class A, 6.00%, 11/12/30 | | | |
Series 2023-1, Class R1, 0.00%, 10/15/30 | | | |
Series 2024-1, Class A, 6.06%, 02/12/31(e) | | | |
Series 2024-1, Class R1, 0.00%, 02/12/31 | | | |
| | | |
Total Asset-Backed Securities — 1.2%
(Cost: $222,221,520) | |
| | | |
| |
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| | | |
| | | |
| | | |
Quintis HoldCo. Pty. Ltd. (e)(f)(g) | | | |
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| | | |
B3 SA - Brasil Bolsa Balcao | | | |
BB Seguridade Participacoes SA | | | |
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Wheaton Precious Metals Corp. | | | |
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| |
| | | |
| | | |
Canadian National Railway Co. | | | |
| | | |
Fairfax Financial Holdings Ltd. | | | |
| | | |
| | | |
Magna International, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
Shopify, Inc., Class A (g) | | | |
| | | |
| | | |
| | | |
| |
Aier Eye Hospital Group Co. Ltd., Class A | | | |
Anhui Gujing Distillery Co. Ltd., Class B | | | |
Budweiser Brewing Co. APAC Ltd. (b) | | | |
| | | |
China Tower Corp. Ltd., Class H (b) | | | |
Contemporary Amperex Technology Co. Ltd., Class A | | | |
Great Wall Motor Co. Ltd., Class A | | | |
Haidilao International Holding Ltd. (b)(h) | | | |
Huadong Medicine Co. Ltd., Class A | | | |
| | | |
Jiangxi Copper Co. Ltd., Class A | | | |
Li Auto, Inc., Class A (g) | | | |
Nongfu Spring Co. Ltd., Class H (b) | | | |
PetroChina Co. Ltd., Class H | | | |
122024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
| |
| | | |
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | | | |
Shenzhen Transsion Holdings Co. Ltd., Class A | | | |
SITC International Holdings Co. Ltd. | | | |
Sunny Optical Technology Group Co. Ltd. | | | |
| | | |
Weichai Power Co. Ltd., Class A | | | |
Wilmar International Ltd. | | | |
WuXi AppTec Co. Ltd., Class H (b) | | | |
Xiaomi Corp., Class B (b)(g) | | | |
Zhongji Innolight Co. Ltd., Class A | | | |
| | | |
| |
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| |
| | | |
| |
AP Moller - Maersk A/S, Class B | | | |
| | | |
| | | |
Novo Nordisk A/S, Class B | | | |
Novonesis (Novozymes) B, Class B | | | |
| | | |
| | | |
Vestas Wind Systems A/S (g) | | | |
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La Francaise des Jeux SAEM, Class A (b) | | | |
| | | |
LVMH Moet Hennessy Louis Vuitton SE | | | |
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| |
Bank of Georgia Group PLC | | | |
| |
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Bayerische Motoren Werke AG | | | |
| | | |
CTS Eventim AG & Co. KGaA | | | |
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| |
Deutsche Lufthansa AG, Registered Shares (g) | | | |
Fresenius Medical Care AG | | | |
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Mercedes-Benz Group AG, Class N | | | |
MTU Aero Engines AG, Class N | | | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class N, Registered Shares | | | |
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Siemens AG, Class N, Registered Shares | | | |
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| |
National Bank of Greece SA | | | |
Piraeus Financial Holdings SA | | | |
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Hongkong Land Holdings Ltd. | | | |
Jardine Matheson Holdings Ltd. | | | |
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MOL Hungarian Oil & Gas PLC | | | |
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Aditya Birla Capital Ltd. (g) | | | |
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Bharat Petroleum Corp. Ltd. | | | |
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Godrej Consumer Products Ltd. | | | |
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Hindustan Aeronautics Ltd. | | | |
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InterGlobe Aviation Ltd. (b)(g) | | | |
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Think & Learn Private Ltd., Class J-B, (Acquired 12/11/20, Cost: $8,580,000) (e)(i) | | | |
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| |
Astra International Tbk PT | | | |
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Bank Mandiri Persero Tbk PT | | | |
Consolidated Schedule of Investments13
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
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| |
Bank Syariah Indonesia Tbk PT | | | |
Ciputra Development Tbk PT | | | |
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Coca-Cola HBC AG, Class DI | | | |
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FinecoBank Banca Fineco SpA | | | |
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Mediobanca Banca di Credito Finanziario SpA | | | |
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Wizz Air Holdings PLC (b)(g)(h) | | | |
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BayCurrent Consulting, Inc. | | | |
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Chugai Pharmaceutical Co. Ltd. | | | |
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GMO Payment Gateway, Inc. | | | |
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Kusuri no Aoki Holdings Co. Ltd. | | | |
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Mitsubishi Electric Corp. | | | |
Mitsubishi UFJ Financial Group, Inc. | | | |
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Mizuho Financial Group, Inc. | | | |
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Morinaga & Co. Ltd./Japan | | | |
Morinaga Milk Industry Co. Ltd. | | | |
MS&AD Insurance Group Holdings, Inc. | | | |
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Nippon Paint Holdings Co. Ltd. | | | |
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Nomura Research Institute Ltd. | | | |
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Ono Pharmaceutical Co. Ltd. | | | |
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Renesas Electronics Corp. | | | |
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Santen Pharmaceutical Co. Ltd. | | | |
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Sumitomo Rubber Industries Ltd. | | | |
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Takeda Pharmaceutical Co. Ltd. | | | |
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Hikma Pharmaceuticals PLC | | | |
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142024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
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Fomento Economico Mexicano SAB de CV | | | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | | |
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Wal-Mart de Mexico SAB de CV | | | |
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Koninklijke Ahold Delhaize NV | | | |
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Wolters Kluwer NV, Class C | | | |
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Bloomberry Resorts Corp. (g) | | | |
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Metropolitan Bank & Trust Co. | | | |
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Powszechna Kasa Oszczednosci Bank Polski SA | | | |
Powszechny Zaklad Ubezpieczen SA | | | |
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Abdullah Al Othaim Markets Co. | | | |
Dr Sulaiman Al Habib Medical Services Group Co. | | | |
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Saudi Arabian Oil Co. (b) | | | |
Saudi Basic Industries Corp. | | | |
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Yanbu National Petrochemical Co. | | | |
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Oversea-Chinese Banking Corp. Ltd. | | | |
Singapore Technologies Engineering Ltd. | | | |
Singapore Telecommunications Ltd. | | | |
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United Overseas Bank Ltd. | | | |
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Capitec Bank Holdings Ltd. | | | |
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GS Engineering & Construction Corp. (g) | | | |
Hanwha Aerospace Co. Ltd. | | | |
HD Hyundai Infracore Co. Ltd. | | | |
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Meritz Financial Group, Inc. | | | |
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Orion Corp./Republic of Korea | | | |
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Samsung Electronics Co. Ltd. | | | |
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Banco Bilbao Vizcaya Argentaria SA | | | |
| | | |
| | | |
| | | |
Industria de Diseno Textil SA | | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | | |
Industrivarden AB, Class A | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Volta Trucks, Series C, (Acquired 02/22/22, Cost: $3,635,023) (e)(i) | | | |
| | | |
| | | |
Volvo Car AB, Class B (g) | | | |
| | | |
| |
| | | |
Banque Cantonale Vaudoise, Registered Shares | | | |
Clariant AG, Class N, Registered Shares | | | |
Flughafen Zurich AG, Class N, Registered Shares | | | |
| | | |
Geberit AG, Class N, Registered Shares | | | |
Julius Baer Group Ltd., Class N | | | |
Kuehne and Nagel International AG, Registered Shares | | | |
Lonza Group AG, Registered Shares | | | |
Consolidated Schedule of Investments15
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
| |
Novartis AG, Class N, Registered Shares | | | |
PSP Swiss Property AG, Class N, Registered Shares | | | |
SGS SA, Registered Shares | | | |
Sika AG, Registered Shares | | | |
Swiss Prime Site AG, Registered Shares | | | |
UBS Group AG, Registered Shares | | | |
| | | |
| |
| | | |
| | | |
ASE Technology Holding Co. Ltd. | | | |
| | | |
Chicony Electronics Co. Ltd. | | | |
Chunghwa Telecom Co. Ltd. | | | |
| | | |
Far EasTone Telecommunications Co. Ltd. | | | |
Genius Electronic Optical Co. Ltd. | | | |
| | | |
| | | |
Novatek Microelectronics Corp. | | | |
| | | |
Realtek Semiconductor Corp. | | | |
| | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | |
| | | |
| | | |
| | | |
| |
Advanced Info Service PCL, Registered Shares | | | |
| | | |
| | | |
| | | |
United Arab Emirates — 0.0% | |
Abu Dhabi Commercial Bank PJSC | | | |
| | | |
| | | |
| | | |
Jawbone Health Hub, Inc., (Acquired 01/24/17, Cost: $0) (e)(i) | | | |
| | | |
| | | |
| |
| | | |
| | | |
Auto Trader Group PLC (b) | | | |
| | | |
| | | |
British American Tobacco PLC | | | |
| | | |
| | | |
Direct Line Insurance Group PLC | | | |
| | | |
| | | |
| | | |
| | | |
London Stock Exchange Group PLC | | | |
| | | |
| | | |
| | | |
| | | |
United Kingdom (continued) | |
| | | |
Rolls-Royce Holdings PLC (g) | | | |
Spirax-Sarco Engineering PLC | | | |
| | | |
| | | |
| | | |
Teya Services Ltd., (Acquired 11/16/21, Cost: $10,172,087) (e)(i) | | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | | |
Advanced Micro Devices, Inc. (g) | | | |
| | | |
Alphabet, Inc., Class C (g)(j) | | | |
Altair Engineering, Inc., Class A (g)(h) | | | |
Altice USA, Inc., Class A (g) | | | |
| | | |
| | | |
| | | |
American Water Works Co., Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Astra Space, Inc., Class A | | | |
| | | |
Atlassian Corp., Class A (g) | | | |
| | | |
| | | |
| | | |
| | | |
Baxter International, Inc. | | | |
| | | |
Berkshire Hathaway, Inc., Class B (g) | | | |
| | | |
| | | |
Boston Scientific Corp. (g) | | | |
| | | |
| | | |
| | | |
| | | |
Builders FirstSource, Inc. (g) | | | |
| | | |
Cadence Design Systems, Inc. (g) | | | |
Caesars Entertainment, Inc. (g) | | | |
| | | |
Capital One Financial Corp. | | | |
| | | |
| | | |
| | | |
| | | |
Centuri Holdings, Inc. (g) | | | |
CF Industries Holdings, Inc. | | | |
| | | |
| | | |
| | | |
162024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) | |
| | | |
Cincinnati Financial Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Confluent, Inc., Class A (g)(h) | | | |
| | | |
| | | |
| | | |
| | | |
Crowdstrike Holdings, Inc., Class A (g) | | | |
| | | |
Crown PropTech Acquisitions(e) | | | |
Crown PropTech Acquisitions, Class A (g) | | | |
| | | |
| | | |
Customers Bancorp, Inc. (g)(h) | | | |
| | | |
Davidson Kempner Merchant Co-investment Fund LP, (Acquired 04/01/21, Cost: $4,809,288) (g)(i)(k) | | | |
Deckers Outdoor Corp. (g) | | | |
Dell Technologies, Inc., Class C | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Edwards Lifesciences Corp. (g) | | | |
| | | |
| | | |
Enterprise Products Partners LP | | | |
| | | |
| | | |
Epic Games, Inc., (Acquired 07/02/20, Cost: $23,484,725) (e)(i) | | | |
| | | |
| | | |
Expeditors International of Washington, Inc. | | | |
| | | |
| | | |
Fanatics Holdings, Inc., (Acquired 12/15/21, Cost: $40,652,984) (e)(i) | | | |
Farmer’s Business Network, Inc. (e) | | | |
| | | |
First Citizens BancShares, Inc., Class A | | | |
Floor & Decor Holdings, Inc., Class A (g)(h) | | | |
| | | |
Formentera Partners Fund II LP (e)(k) | | | |
| | | |
| | | |
| | | |
| | | |
Freeport-McMoRan, Inc. (j) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Golden Entertainment, Inc. | | | |
Goldman Sachs Group, Inc. | | | |
| | | |
United States (continued) | |
Grand Rounds, Inc., Class E, (Acquired 02/11/22, Cost: $31,181,561) (e)(i) | | | |
| | | |
Hartford Financial Services Group, Inc. | | | |
Hawkeye 360, Series D1(e) | | | |
| | | |
Healthpeak Properties, Inc. | | | |
Hilton Worldwide Holdings, Inc. | | | |
| | | |
Honeywell International, Inc. | | | |
| | | |
Huntington Bancshares, Inc. | | | |
iHeartMedia, Inc., Class A (g) | | | |
Illinois Tool Works, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
International Bancshares Corp. | | | |
| | | |
Intuitive Surgical, Inc. (g) | | | |
| | | |
Invesco Municipal Opportunity Trust | | | |
| | | |
Invesco Quality Municipal Income Trust | | | |
Invesco S&P 500 Equal Weight ETF (h) | | | |
Invesco Trust for Investment Grade Municipals | | | |
Invesco Value Municipal Income Trust | | | |
James Hardie Industries PLC (g) | | | |
| | | |
| | | |
| | | |
Keysight Technologies, Inc. (g) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Lions Gate Entertainment Corp., Class A (g) | | | |
Lions Gate Entertainment Corp., Class B (g) | | | |
| | | |
| | | |
| | | |
Lookout, Inc., (Acquired 03/04/15, Cost: $2,002,652) (e)(i) | | | |
LPL Financial Holdings, Inc. | | | |
Lululemon Athletica, Inc. (g) | | | |
| | | |
| | | |
MarketAxess Holdings, Inc. | | | |
Marsh & McLennan Cos., Inc. | | | |
| | | |
| | | |
| | | |
Mastercard, Inc., Class A | | | |
| | | |
| | | |
| | | |
| | | |
Consolidated Schedule of Investments17
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) | |
Meta Platforms, Inc., Class A | | | |
Mettler-Toledo International, Inc. (g) | | | |
MGM Resorts International (g) | | | |
Microchip Technology, Inc. | | | |
| | | |
| | | |
Mirion Technologies, Inc., Class A | | | |
Mirion Technologies, Inc., Class A (g) | | | |
| | | |
Molson Coors Beverage Co., Class B | | | |
Mondelez International, Inc., Class A | | | |
Monolithic Power Systems, Inc. | | | |
| | | |
| | | |
Mythic AI, Inc., Series C, (Acquired 01/26/21, Cost: $6,129,222) (e)(i) | | | |
| | | |
Nestle SA, Class N, Registered Shares | | | |
| | | |
| | | |
New York Community Bancorp, Inc., Class A | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Nuveen Municipal Value Fund, Inc. | | | |
| | | |
Old Dominion Freight Line, Inc. | | | |
| | | |
Opendoor Technologies, Inc. (g)(h) | | | |
| | | |
| | | |
Packaging Corp. of America | | | |
| | | |
Palo Alto Networks, Inc. (g) | | | |
Paramount Global, Class B | | | |
Park Hotels & Resorts, Inc. | | | |
Playstudios, Inc., Class A | | | |
PNC Financial Services Group, Inc. | | | |
| | | |
Principal Financial Group, Inc. | | | |
| | | |
| | | |
Regeneron Pharmaceuticals, Inc. (g) | | | |
| | | |
| | | |
| | | |
| | | |
Royal Caribbean Cruises Ltd. (g) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Sarcos Technology & Robotics Corp. | | | |
| | | |
Screaming Eagle Acquisition Corp., Class A (g) | | | |
Seagate Technology Holdings PLC | | | |
| | | |
United States (continued) | |
| | | |
| | | |
| | | |
| | | |
| | | |
Smith Douglas Homes Corp. (g)(h) | | | |
| | | |
Snorkel AI, Inc., (Acquired 06/30/21, Cost: $1,060,929) (e)(i) | | | |
Snowflake, Inc., Class A (g) | | | |
| | | |
Sonder Holdings, Inc., Class A | | | |
Space Exploration Technologies Corp., (Acquired 08/21/23, Cost: $8,130,699), A shares (e)(i) | | | |
Space Exploration Technologies Corp., (Acquired 08/21/23, Cost: $8,726,616), C shares (e)(i) | | | |
SPDR S&P Regional Banking ETF (h) | | | |
| | | |
| | | |
| | | |
Sun Country Airlines Holdings, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
Texas Capital Bancshares, Inc. (g)(h) | | | |
Thermo Fisher Scientific, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Uber Technologies, Inc. (g) | | | |
| | | |
United Parcel Service, Inc., Class B | | | |
| | | |
Universal Health Services, Inc., Class B | | | |
| | | |
| | | |
| | | |
Vertex Pharmaceuticals, Inc. (g) | | | |
| | | |
| | | |
| | | |
Volato Group, Inc., (Acquired 12/03/23, Cost: $364) (i) | | | |
| | | |
| | | |
| | | |
Workday, Inc., Class A (g) | | | |
| | | |
| | | |
| | | |
| | | |
182024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
| |
First Quantum Minerals Ltd. | | | |
Total Common Stocks — 65.5%
(Cost: $8,043,700,746) | |
| | | |
|
|
YPF SA, 9.50%, 01/17/31(b) | | | |
|
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 | | | |
Mineral Resources Ltd., 9.25%, 10/01/28(b) | | | |
Oceana Australian Fixed Income Trust, A Note | | | |
| | | |
| | | |
| | | |
Quintis Australia Pty. Ltd.(b)(e)(f) | | | |
| | | |
| | | |
| | | |
|
| | | |
| | | |
| | | |
| | | |
|
Anheuser-Busch InBev SA/NV, 4.00%, 09/24/25 | | | |
KBC Group NV, (1-year UK Government Bond + 0.92%), 1.25%, 09/21/27(a) | | | |
| | | |
|
3R Lux SARL, 9.75%, 02/05/31(b) | | | |
Azul Secured Finance LLP, 11.93%, 08/28/28(b) | | | |
Banco Votorantim SA, 4.50%, 09/24/24(d) | | | |
Braskem Netherlands Finance BV, (5-year CMT + 8.22%), 8.50%, 01/23/81(a)(b) | | | |
Cosan Luxembourg SA, 7.25%, 06/27/31(b) | | | |
Embraer Netherlands Finance BV, 7.00%, 07/28/30(b) | | | |
MC Brazil Downstream Trading SARL | | | |
| | | |
| | | |
Raizen Fuels Finance SA(b) | | | |
| | | |
| | | |
Samarco Mineracao SA, (9.50% PIK), 9.50%, 06/30/31(d)(n) | | | |
St Marys Cement, Inc./Canada, 5.75%, 04/02/34(b) | | | |
Suzano Austria GmbH, 3.13%, 01/15/32 | | | |
| | | |
|
Air Canada, 3.88%, 08/15/26(b) | | | |
Dye & Durham Ltd., 8.63%, 04/15/29(b) | | | |
| | | |
|
Garda World Security Corp.(b) | | | |
| | | |
| | | |
HR Ottawa LP, 11.00%, 03/31/31(b) | | | |
Rogers Communications, Inc., 5.00%, 02/15/29 | | | |
Toronto-Dominion Bank, 2.88%, 04/05/27(d) | | | |
| | | |
|
AES Andes SA, 6.30%, 03/15/29(b) | | | |
Banco de Credito e Inversiones SA, (5-year CMT + 4.94%), 8.75%(a)(b)(o) | | | |
Banco del Estado de Chile, 2.70%, 01/09/25(d) | | | |
Empresa Nacional del Petroleo | | | |
| | | |
| | | |
Engie Energia Chile SA, 3.40%, 01/28/30(d) | | | |
Kenbourne Invest SA(g)(p) | | | |
| | | |
| | | |
| | | |
|
BOC Aviation Ltd., 3.50%, 09/18/27(d) | | | |
Fantasia Holdings Group Co. Ltd.(d)(g)(p) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Far East Horizon Ltd., 6.63%, 04/16/27(d) | | | |
| | | |
| | | |
| | | |
Geely Automobile Holdings Ltd., (5-year CMT + 5.45%), 4.00%(a)(d)(o) | | | |
Huarong Finance Co. Ltd., Series 2019, (5-year CMT + 6.98%), 4.25%(a)(d)(o) | | | |
Meituan, 3.05%, 10/28/30(d) | | | |
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.15%, 05/01/27 | | | |
Tencent Holdings Ltd., 3.93%, 01/19/38(d) | | | |
Tencent Music Entertainment Group, 2.00%, 09/03/30 | | | |
Yanlord Land HK Co. Ltd., 5.13%, 05/20/26(d) | | | |
| | | |
|
| | | |
(5-year CMT + 2.93%), 6.91%, 10/18/27 | | | |
(5-year CMT + 2.94%), 4.63%, 12/18/29 | | | |
Ecopetrol SA, 8.88%, 01/13/33 | | | |
Gran Tierra Energy, Inc., 9.50%, 10/15/29(b) | | | |
SierraCol Energy Andina LLC, 6.00%, 06/15/28(d) | | | |
| | | |
|
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31(b) | | | |
|
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30(d) | | | |
Consolidated Schedule of Investments19
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
Dominican Republic — 0.0% |
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b) | | | |
|
Altice France SA/France(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
(1-day SOFR + 0.91%), 1.68%, 06/30/27(a)(b) | | | |
(3-mo. EURIBOR + 1.80%), 2.13%, 01/23/27(a)(d) | | | |
BPCE SA, 4.50%, 03/15/25(b) | | | |
Forvia SE, 2.75%, 02/15/27(d) | | | |
| | | |
| | | |
(3-mo. EURIBOR + 4.00%), 7.84%, 02/01/30(a) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Nova Alexandre III SAS, (3-mo. EURIBOR + 5.25%), 9.11%, 07/15/29(a)(b) | | | |
Sabena Technics Sas, (Acquired 10/28/22, Cost: $7,098,853), 8.90%, 09/30/29(e)(i) | | | |
Societe Generale SA, 1.88%, 10/03/24(d) | | | |
TotalEnergies Capital International SA, 1.66%, 07/22/26(d) | | | |
| | | |
|
Adler Pelzer Holding GmbH, 9.50%, 04/01/27(b) | | | |
APCOA Parking Holdings GmbH, (3-mo. EURIBOR + 5.00%), 8.91%, 01/15/27(a)(b) | | | |
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a) | | | |
IHO Verwaltungs GmbH(d)(n) | | | |
(3.88% PIK), 3.88%, 05/15/27 | | | |
(4.50% PIK), 3.75%, 09/15/26 | | | |
(8.75% Cash or 9.50% PIK), 8.75%, 05/15/28 | | | |
Lanxess AG, (13.35% PIK), 13.35%, 03/31/31(e)(n) | | | |
Mahle GmbH, 05/02/31(b)(c) | | | |
| | | |
| | | |
| | | |
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29(d)(n) | | | |
TK Elevator Holdco GmbH, 6.63%, 07/15/28(d) | | | |
TK Elevator Midco GmbH, 4.38%, 07/15/27(d) | | | |
TUI Cruises GmbH, 6.25%, 04/15/29(b) | | | |
Volkswagen Financial Services AG, 0.88%, 01/31/28(d) | | | |
Volkswagen Financial Services NV(d) | | | |
| | | |
| | | |
| | | |
| | | |
|
Kosmos Energy Ltd., 7.50%, 03/01/28(d) | | | |
|
Millicom International Cellular SA, 7.38%, 04/02/32(b) | | | |
|
| | | |
| | | |
(5-year CMT + 1.76%), 2.70%(a)(o) | | | |
FWD Group Holdings Ltd., 8.40%, 04/05/29(b) | | | |
HKT Capital No. 6 Ltd., 3.00%, 01/18/32(d) | | | |
Melco Resorts Finance Ltd. | | | |
| | | |
| | | |
| | | |
| | | |
|
Adani Green Energy UP Ltd./Prayatna Developers Pvt. Ltd./Parampujya Solar Energey, 6.70%, 03/12/42(b) | | | |
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(d) | | | |
CA Magnum Holdings, 5.38%, 10/31/26(d) | | | |
Diamond II Ltd., 7.95%, 07/28/26(b) | | | |
Greenko Dutch BV, 3.85%, 03/29/26(d) | | | |
Greenko Wind Projects Mauritius Ltd., 5.50%, 04/06/25(d) | | | |
India Green Power Holdings, 4.00%, 02/22/27(d) | | | |
Indian Railway Finance Corp. Ltd., 3.25%, 02/13/30(d) | | | |
Network i2i Ltd., (5-year CMT + 3.39%), 3.98%(a)(d)(o) | | | |
Periama Holdings LLC, 5.95%, 04/19/26(d) | | | |
Power Finance Corp. Ltd., 4.50%, 06/18/29(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
ReNew Pvt Ltd., 5.88%, 03/05/27(d) | | | |
Shriram Finance Ltd., 6.63%, 04/22/27(d) | | | |
TML Holdings Pte. Ltd., 4.35%, 06/09/26(d) | | | |
Vedanta Resources Finance II PLC | | | |
| | | |
| | | |
| | | |
|
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(d) | | | |
Freeport Indonesia PT, 4.76%, 04/14/27(d) | | | |
LLPL Capital Pte. Ltd., 6.88%, 02/04/39(d) | | | |
Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28(d) | | | |
Medco Maple Tree Pte Ltd., 8.96%, 04/27/29(b) | | | |
| | | |
| | | |
| | | |
Pakuwon Jati Tbk PT, 4.88%, 04/29/28(d) | | | |
202024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
|
Pertamina Geothermal Energy PT, 5.15%, 04/27/28(d) | | | |
Pertamina Persero PT, 3.65%, 07/30/29(d) | | | |
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(d) | | | |
Theta Capital Pte. Ltd., 8.13%, 01/22/25(d) | | | |
| | | |
|
Dell Bank International DAC, 0.50%, 10/27/26(d) | | | |
|
Energean Israel Finance Ltd., 8.50%, 09/30/33(b)(d) | | | |
Leviathan Bond Ltd., 6.75%, 06/30/30(b)(d) | | | |
Teva Pharmaceutical Finance Netherlands II BV | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Azzurra Aeroporti SpA, 2.13%, 05/30/24(d) | | | |
Forno d’Asolo SpA, (3-mo. EURIBOR + 5.50%), 9.41%, 04/30/27(a)(b) | | | |
IMA Industria Macchine Automatiche SpA(a) | | | |
(3-mo. EURIBOR + 3.75%), 7.65%, 04/15/29(b) | | | |
| | | |
Immobiliare Grande Distribuzione SIIQ SpA, 5.50%, 05/17/27(d) | | | |
Marcolin SpA, 6.13%, 11/15/26(b) | | | |
Rekeep SpA, 7.25%, 02/01/26(d) | | | |
Shiba Bidco SpA, 4.50%, 10/31/28(b) | | | |
Taurus Law130 Securities Srl, (Acquired 07/14/23, Cost: $11,097,385), 7.17%, 08/15/27(e)(i) | | | |
| | | |
|
Mitsubishi UFJ Financial Group, Inc., (1-year CMT + 0.45%), 0.96%, 10/11/25(a) | | | |
Nissan Motor Co. Ltd., 2.65%, 03/17/26(d) | | | |
| | | |
| | | |
| | | |
Takeda Pharmaceutical Co. Ltd., 2.25%, 11/21/26(d) | | | |
| | | |
|
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 | | | |
TER Finance Jersey Ltd., 0.00%, 01/02/25(e)(q) | | | |
| | | |
|
| | | |
| | | |
| | | |
| | | |
| | | |
|
Herens Midco SARL, 5.25%, 05/15/29(b) | | | |
| | | |
|
INEOS Finance PLC, 6.63%, 05/15/28(b) | | | |
Matterhorn Telecom SA, 3.13%, 09/15/26(d) | | | |
Sani/Ikos Financial Holdings 1 SARL, 5.63%, 12/15/26(b) | | | |
| | | |
|
MGM China Holdings Ltd.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Studio City Co. Ltd., 7.00%, 02/15/27(d) | | | |
Studio City Finance Ltd.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
CIMB Bank Bhd, 2.13%, 07/20/27 | | | |
Dua Capital Ltd., 2.78%, 05/11/31 | | | |
Gohl Capital Ltd., 4.25%, 01/24/27 | | | |
Khazanah Capital Ltd., 4.88%, 06/01/33 | | | |
TNB Global Ventures Capital Bhd, 4.85%, 11/01/28 | | | |
| | | |
|
Braskem Idesa SAPI, 6.99%, 02/20/32(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Trust Fibra Uno, 4.87%, 01/15/30(d) | | | |
| | | |
|
| | | |
| | | |
| | | |
| | | |
|
Bio City Development Co. B.V, 8.00%, 07/06/24(b)(e)(f)(g)(m)(p) | | | |
| | | |
| | | |
| | | |
Cooperatieve Rabobank UA, (1-year UK Government Bond + 1.05%), 1.88%, 07/12/28(a)(d) | | | |
ING Groep NV, 3.00%, 02/18/26(d) | | | |
Nobian Finance BV, 3.63%, 07/15/26(d) | | | |
Sigma Holdco BV, 5.75%, 05/15/26(d) | | | |
Consolidated Schedule of Investments21
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
|
Trivium Packaging Finance BV(b) | | | |
| | | |
| | | |
VZ Vendor Financing II BV, 2.88%, 01/15/29(d) | | | |
| | | |
|
IHS Holding Ltd., 6.25%, 11/29/28(b) | | | |
|
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b) | | | |
|
Inkia Energy Ltd., 5.88%, 11/09/27(d) | | | |
Intercorp Peru Ltd., 3.88%, 08/15/29(b) | | | |
| | | |
|
Globe Telecom, Inc., (5-year CMT + 5.53%), 4.20%(a)(o) | | | |
Metropolitan Bank & Trust Co., 5.38%, 03/06/29 | | | |
Rizal Commercial Banking Corp., 5.50%, 01/18/29 | | | |
| | | |
|
Hana Bank, (5-year CMT + 2.41%), 3.50%(a)(d)(o) | | | |
Hanwha Life Insurance Co. Ltd., (5-year CMT + 1.85%), 3.38%, 02/04/32(a)(d) | | | |
Hyundai Capital Services, Inc.(d) | | | |
| | | |
| | | |
LG Chem Ltd., 2.38%, 07/07/31(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
SK Broadband Co. Ltd., 4.88%, 06/28/28(d) | | | |
SK Hynix, Inc., 5.50%, 01/16/27(d) | | | |
| | | |
|
Puma International Financing SA, 7.75%, 04/25/29(d) | | | |
|
United Group BV, (3-mo. EURIBOR + 4.25%), 8.13%, 02/15/31(a)(b) | | | |
|
| | | |
| | | |
| | | |
| | | |
|
Hyundai Card Co. Ltd., 5.75%, 04/24/29(d) | | | |
| | | |
| | | |
| | | |
SK Battery America, Inc.(d) | | | |
| | | |
| | | |
| | | |
|
SK Hynix, Inc., 5.50%, 01/16/29(d) | | | |
Woori Card Co. Ltd., 1.75%, 03/23/26(d) | | | |
| | | |
|
Banco Santander SA, (1-year UK Government Bond + 1.80%), 3.13%, 10/06/26(a) | | | |
Cellnex Telecom SA, 0.75%, 11/20/31(m) | | | |
Cirsa Finance International SARL, 7.88%, 07/31/28 | | | |
Telefonica Emisiones SA, 5.38%, 02/02/26 | | | |
| | | |
|
Heimstaden Bostad Treasury BV | | | |
| | | |
| | | |
Swedbank AB, (1-year UK Government Bond + 1.00%), 1.38%, 12/08/27(a)(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Verisure Midholding AB, 5.25%, 02/15/29(d) | | | |
| | | |
|
| | | |
| | | |
(1-day SOFR + 2.04%), 2.19%, 06/05/26(a)(b) | | | |
(1-year CMT + 1.55%), 4.49%, 05/12/26(a)(b) | | | |
| | | |
|
Bangkok Bank PCL/Hong Kong | | | |
| | | |
| | | |
(5-year CMT + 1.90%), 3.73%, 09/25/34(a)(d) | | | |
Minor International PCL, (5-year CMT + 7.92%), 2.70%(a)(d)(o) | | | |
Muang Thai Life Assurance PCL, (10-year CMT + 2.40%), 3.55%, 01/27/37(a)(d) | | | |
| | | |
|
| | | |
| | | |
| | | |
Turkiye Varlik Fonu Yonetimi A/S, 8.25%, 02/14/29(d) | | | |
| | | |
|
Metinvest BV, 7.65%, 10/01/27 | | | |
MHP Lux SA, 6.25%, 09/19/29 | | | |
VF Ukraine PAT via VFU Funding PLC, 6.20%, 02/11/25 | | | |
| | | |
United Arab Emirates — 0.1% |
Abu Dhabi National Energy Co. PJSC, 4.70%, 04/24/33(b) | | | |
| | | |
| | | |
222024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United Arab Emirates (continued) |
DAE Funding LLC(d) (continued) | | | |
| | | |
DIB Sukuk Ltd., 5.24%, 03/04/29(d) | | | |
DP World Salaam, (5-year CMT + 5.75%), 6.00%(a)(d)(o) | | | |
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC | | | |
| | | |
| | | |
MDGH GMTN RSC Ltd., 4.38%, 11/22/33(b) | | | |
Shelf Drilling Holdings Ltd., 9.63%, 04/15/29(b) | | | |
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25(b) | | | |
| | | |
|
10X Future Technologies Service Ltd., (Acquired 12/19/23, Cost: $8,960,015), 06/19/26(c)(e)(i)(n) | | | |
AA Bond Co. Ltd., 6.50%, 01/31/26(d) | | | |
Ardonagh Finco Ltd., 6.88%, 02/15/31(b) | | | |
| | | |
| | | |
| | | |
| | | |
BCP V Modular Services Finance II PLC | | | |
| | | |
| | | |
BCP V Modular Services Finance PLC, 6.75%, 11/30/29(b) | | | |
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(d) | | | |
Bellis Finco PLC, 4.00%, 02/16/27(d) | | | |
Boparan Finance PLC, 7.63%, 11/30/25(d) | | | |
CK Hutchison Group Telecom Finance SA, 2.63%, 10/17/34(d) | | | |
CK Hutchison International 23 Ltd., 4.88%, 04/21/33(d) | | | |
CK Hutchison International 24 Ltd., 5.38%, 04/26/29(d) | | | |
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Flutter Treasury Designated Activity Co.(b) | | | |
| | | |
| | | |
| | | |
(1-day SOFR + 2.61%), 5.21%, 08/11/28 | | | |
(3-mo. LIBOR GBP + 1.31%), 1.75%, 07/24/27 | | | |
INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29(d) | | | |
Informa PLC, 3.13%, 07/05/26(d) | | | |
| | | |
| | | |
| | | |
Lloyds Banking Group PLC, 2.25%, 10/16/24(d) | | | |
Market Bidco Finco PLC(d) | | | |
| | | |
| | | |
Marks & Spencer PLC, 3.75%, 05/19/26(d) | | | |
| | | |
United Kingdom (continued) |
National Grid PLC, 0.16%, 01/20/28(d) | | | |
| | | |
(1-year GBP Swap + 1.49%), 2.88%, 09/19/26 | | | |
(1-year GBP Swap + 2.01%), 3.13%, 03/28/27 | | | |
Pinewood Finco PLC, 6.00%, 03/27/30(b) | | | |
Punch Finance PLC, 6.13%, 06/30/26(d) | | | |
Rolls-Royce PLC, 3.63%, 10/14/25(b) | | | |
Santander U.K. Group Holdings PLC, 3.63%, 01/14/26(d) | | | |
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25(d) | | | |
Thames Water Utilities Finance PLC, 4.00%, 06/19/25(d) | | | |
Virgin Media Secured Finance PLC(d) | | | |
| | | |
| | | |
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28(d) | | | |
Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/31(d) | | | |
Vodafone Group PLC, (5-year UK Government Bond + 3.84%), 8.00%, 08/30/86(a)(d) | | | |
| | | |
|
AbbVie, Inc., 1.38%, 05/17/24 | | | |
Affinity Interactive, 6.88%, 12/15/27(b) | | | |
Alexander Funding Trust II, 7.47%, 07/31/28(b) | | | |
Allegiant Travel Co., 7.25%, 08/15/27(b) | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27(b) | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.88%, 06/01/28(d) | | | |
| | | |
| | | |
| | | |
American Honda Finance Corp. | | | |
| | | |
| | | |
American Tower Corp., 0.45%, 01/15/27 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Amkor Technology, Inc., 6.63%, 09/15/27(b) | | | |
Aon North America, Inc., 5.15%, 03/01/29 | | | |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28(d) | | | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Consolidated Schedule of Investments23
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) |
| | | |
| | | |
| | | |
(1-day SOFR + 1.37%), 1.92%, 10/24/31 | | | |
(1-day SOFR + 1.53%), 1.90%, 07/23/31 | | | |
(1-day SOFR + 1.65%), 5.47%, 01/23/35 | | | |
(3-mo. CME Term SOFR + 1.07%), 3.37%, 01/23/26 | | | |
(3-mo. CME Term SOFR + 1.25%), 2.50%, 02/13/31 | | | |
(3-mo. CME Term SOFR + 1.30%), 3.42%, 12/20/28 | | | |
(3-mo. EURIBOR + 0.91%), 1.95%, 10/27/26(d) | | | |
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28(b) | | | |
Baxter International, Inc., 2.27%, 12/01/28 | | | |
Becton Dickinson Euro Finance SARL, 3.55%, 09/13/29 | | | |
Berry Global, Inc., 1.57%, 01/15/26 | | | |
BG Energy Capital PLC, 5.13%, 12/01/25(d) | | | |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) | | | |
BP Capital Markets PLC, 2.52%, 04/07/28(d) | | | |
Breeze Aviation Group, Inc.(e)(i) | | | |
(Acquired 01/26/24, Cost: $3,489,153), 20.00%, 01/30/28 | | | |
(20.00% PIK) , (Acquired 01/26/24, Cost: $6,978,306), 20.00%, 01/30/28(n) | | | |
Bristol-Myers Squibb Co., 3.90%, 02/20/28 | | | |
| | | |
| | | |
| | | |
Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 07/15/28(b) | | | |
Champions Financing, Inc., 8.75%, 02/15/29(b) | | | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | |
| | | |
| | | |
Churchill Downs, Inc., 5.75%, 04/01/30(b) | | | |
Citibank NA, 5.44%, 04/30/26 | | | |
| | | |
| | | |
| | | |
(1-day SOFR + 0.53%), 1.28%, 11/03/25(a) | | | |
(1-day SOFR + 1.17%), 2.56%, 05/01/32(a) | | | |
(1-day SOFR + 1.37%), 4.14%, 05/24/25(a) | | | |
Citizens Bank NA/Providence RI(a) | | | |
(1-day SOFR + 1.40%), 4.12%, 05/23/25 | | | |
(1-day SOFR + 1.45%), 6.06%, 10/24/25 | | | |
Civitas Resources, Inc.(b) | | | |
| | | |
| | | |
Cloud Software Group, Inc.(b) | | | |
| | | |
| | | |
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/30(b) | | | |
CNX Resources Corp., 7.25%, 03/01/32(b) | | | |
| | | |
| | | |
| | | |
CommScope Technologies LLC, 6.00%, 06/15/25(b) | | | |
| | | |
United States (continued) |
CommScope, Inc., 6.00%, 03/01/26(b) | | | |
| | | |
| | | |
| | | |
Crescent Energy Finance LLC, 7.63%, 04/01/32(b) | | | |
| | | |
| | | |
| | | |
| | | |
Dana Financing Luxembourg SARL(d) | | | |
| | | |
| | | |
DISH DBS Corp., 5.88%, 11/15/24 | | | |
DISH Network Corp., 0.00%, 12/15/25(m)(q) | | | |
Duke Energy Corp., 3.10%, 06/15/28 | | | |
Elevance Health, Inc., 4.10%, 03/01/28 | | | |
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b) | | | |
EQM Midstream Partners LP(b) | | | |
| | | |
| | | |
EquipmentShare.com, Inc., 9.00%, 05/15/28(b) | | | |
Fidelity National Information Services, Inc., 1.50%, 05/21/27 | | | |
Fiesta Purchaser, Inc., 7.88%, 03/01/31(b) | | | |
First Horizon Bank, 5.75%, 05/01/30 | | | |
Flyr Convertible Notes, (8.00% PIK) , 8.00%, 08/10/27(e)(n) | | | |
Flyr Secured Notes, (10.33% PIK), 10.33%, 05/10/27(e)(n) | | | |
Ford Motor Credit Co. LLC | | | |
| | | |
| | | |
Freed Corp., 12.00%, 11/30/28(e) | | | |
Freewire Technology Notes, (6.00% PIK) , 6.00%, 02/20/28(e)(n) | | | |
Frontier Communications Holdings LLC(b) | | | |
| | | |
| | | |
Frontier Florida LLC, 6.86%, 02/01/28 | | | |
Frontier North, Inc., 6.73%, 02/15/28 | | | |
Full House Resorts, Inc., 8.25%, 02/15/28(b) | | | |
GCI LLC, 4.75%, 10/15/28(b) | | | |
| | | |
| | | |
| | | |
General Motors Financial Co., Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Goldman Sachs Group, Inc. | | | |
| | | |
| | | |
| | | |
(1-day SOFR + 0.82%), 1.54%, 09/10/27(a) | | | |
(1-day SOFR + 0.91%), 1.95%, 10/21/27(a) | | | |
GoTo Group, Inc., 5.50%, 05/01/28(b) | | | |
Green Plains SPE LLC, 11.75%, 02/08/26(b)(e) | | | |
| | | |
| | | |
| | | |
242024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) |
| | | |
| | | |
| | | |
| | | |
| | | |
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 05/01/29(b)(c) | | | |
Hyatt Hotels Corp., 5.38%, 04/23/25 | | | |
Insight M, Inc., 7.00%, 01/25/29(e) | | | |
International Business Machines Corp., 3.38%, 02/06/27 | | | |
International Flavors & Fragrances, Inc., 1.83%, 10/15/27(b) | | | |
John Deere Capital Corp., 4.50%, 01/16/29 | | | |
| | | |
(1-day SOFR + 0.49%), 0.77%, 08/09/25 | | | |
(1-day SOFR + 0.89%), 1.58%, 04/22/27 | | | |
(1-day SOFR + 0.93%), 5.57%, 04/22/28 | | | |
(1-day SOFR + 1.56%), 4.32%, 04/26/28 | | | |
(3-mo. CME Term SOFR + 0.54%), 0.82%, 06/01/25 | | | |
(3-mo. EURIBOR + 0.76%), 1.09%, 03/11/27(d) | | | |
(3-mo. LIBOR GBP + 0.68%), 0.99%, 04/28/26(d) | | | |
Kraft Heinz Foods Co., 4.13%, 07/01/27(d) | | | |
Landsea Homes Corp., 11.00%, 07/17/28(e) | | | |
Lessen, Inc., 13.83%, 01/05/28(b)(e) | | | |
Level 3 Financing, Inc.(b) | | | |
| | | |
| | | |
LGI Homes, Inc., 8.75%, 12/15/28(b) | | | |
Lightning eMotors, Inc., 7.50%, 05/15/24(b)(g)(m)(p) | | | |
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b) | | | |
Lowe’ s Cos., Inc., 4.80%, 04/01/26 | | | |
Matador Resources Co., 6.50%, 04/15/32(b) | | | |
Mauser Packaging Solutions Holding Co., 7.88%, 04/15/27(b) | | | |
| | | |
(1-day SOFR + 0.53%), 0.79%, 05/30/25 | | | |
(1-day SOFR + 0.56%), 1.16%, 10/21/25 | | | |
(1-day SOFR + 0.75%), 0.86%, 10/21/25 | | | |
(1-day SOFR + 1.01%), 5.65%, 04/13/28 | | | |
(1-day SOFR + 1.18%), 2.24%, 07/21/32 | | | |
(1-day SOFR + 1.73%), 5.47%, 01/18/35 | | | |
(3-mo. CME Term SOFR + 1.40%), 3.77%, 01/24/29 | | | |
(3-mo. EURIBOR + 0.83%), 1.34%, 10/23/26 | | | |
Nasdaq, Inc., 4.50%, 02/15/32 | | | |
Nationstar Mortgage Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
NCR Atleos Corp., 9.50%, 04/01/29(b) | | | |
Netflix, Inc., 3.63%, 05/15/27 | | | |
Olympus Water U.S. Holding Corp.(b) | | | |
| | | |
| | | |
ONEOK Partners LP, 4.90%, 03/15/25 | | | |
| | | |
| | | |
| | | |
| | | |
United States (continued) |
Pacific Gas and Electric Co., 6.10%, 01/15/29 | | | |
Palomino Funding Trust I, 7.23%, 05/17/28(b) | | | |
Paramount Global, 7.88%, 07/30/30 | | | |
PennyMac Financial Services, Inc., 7.88%, 12/15/29(b) | | | |
Permian Resources Operating LLC(b) | | | |
| | | |
| | | |
Pioneer Midco Notes, (10.50% PIK), 10.50%, 11/18/30(e)(n) | | | |
Pitney Bowes, Inc., 6.88%, 03/15/27(b) | | | |
Playtika Holding Corp., 4.25%, 03/15/29(b) | | | |
Post Holdings, Inc., 6.25%, 02/15/32(b) | | | |
PPG Industries, Inc., 1.88%, 06/01/25 | | | |
Procter & Gamble Co., 4.88%, 05/11/27 | | | |
Rand Parent LLC, 8.50%, 02/15/30(b) | | | |
Republic Services, Inc., 4.88%, 04/01/29 | | | |
Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 04/16/29(d) | | | |
RingCentral, Inc., 8.50%, 08/15/30(b) | | | |
| | | |
| | | |
| | | |
Sally Holdings LLC/Sally Capital, Inc., 6.75%, 03/01/32 | | | |
Santander Holdings USA, Inc., 3.45%, 06/02/25 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b) | | | |
Sonder Holdings, Inc., (14.35% PIK), 14.35%, 12/10/26(e)(n) | | | |
Southern California Edison Co. | | | |
| | | |
| | | |
Spirit AeroSystems, Inc.(b) | | | |
| | | |
| | | |
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/25(b) | | | |
Stem, Inc., 0.50%, 12/01/28(b)(m) | | | |
STL Holding Co. LLC, 8.75%, 02/15/29(b) | | | |
Super Micro Computer, Inc., 0.00%, 03/01/29(b)(m)(q) | | | |
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b) | | | |
Talen Energy Supply LLC, 8.63%, 06/01/30(b) | | | |
Talos Production, Inc., 9.38%, 02/01/31(b) | | | |
Tenneco, Inc., 8.00%, 11/17/28(b) | | | |
Texas Capital Bancshares, Inc., (5-year CMT + 3.15%), 4.00%, 05/06/31(a) | | | |
Texas Capital Bank NA, (1-mo. LIBOR US + 4.50%), 9.94%, 09/30/24(a)(b) | | | |
Thermo Fisher Scientific, Inc., 1.38%, 09/12/28 | | | |
| | | |
| | | |
| | | |
Consolidated Schedule of Investments25
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) |
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) | | | |
Transocean, Inc., 8.25%, 05/15/29(b) | | | |
Truist Financial Corp., (1-day SOFR + 1.62%), 5.44%, 01/24/30(a) | | | |
Uber Technologies, Inc., 0.88%, 12/01/28(b)(m) | | | |
UnitedHealth Group, Inc., 4.70%, 04/15/29 | | | |
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) | | | |
Vantage Drilling International, 9.50%, 02/15/28(b) | | | |
Verizon Communications, Inc. | | | |
| | | |
| | | |
| | | |
VF Corp., 2.40%, 04/23/25 | | | |
VICI Properties LP/VICI Note Co., Inc.(b) | | | |
| | | |
| | | |
Vistra Operations Co. LLC(b) | | | |
| | | |
| | | |
Vital Energy, Inc., 7.88%, 04/15/32(b) | | | |
VMware, Inc., 4.65%, 05/15/27 | | | |
| | | |
| | | |
| | | |
(1-day SOFR + 1.78%), 5.50%, 01/23/35(a) | | | |
(1-day SOFR + 1.98%), 4.81%, 07/25/28(a) | | | |
Westbay, 11.00%, 02/06/30(e) | | | |
WRKCo, Inc., 4.00%, 03/15/28 | | | |
Xerox Holdings Corp., 8.88%, 11/30/29(b) | | | |
Zayo Group Holdings, Inc., 4.00%, 03/01/27(b) | | | |
| | | |
|
First Quantum Minerals Ltd. | | | |
| | | |
| | | |
| | | |
Total Corporate Bonds — 13.1%
(Cost: $2,587,368,766) | |
Fixed Rate Loan Interests |
|
CML ST Regis Aspen, Term Loan, 7.27%, 02/09/27 | | | |
OD Intermediate SUBI Holdco II LLC, Mezzanine Term Loan, 10.00%, 01/23/26 | | | |
Total Fixed Rate Loan Interests — 0.2%
(Cost: $26,780,580) | |
Floating Rate Loan Interests(a) |
|
Apollo Finco, 2021 EUR Term Loan B, (6-mo. EURIBOR at 0.00% Floor + 4.85%), 8.74%, 10/02/28 | | | |
| | | |
|
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.15%), 11.49%, 12/22/26 | | | |
|
Ecopetrol SA, 2023 Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.00%, 09/06/30(e) | | | |
|
Mehilainen Yhtiot Oy, 2024 EUR Term Loan B, 08/09/28(r) | | | |
|
Babar Bidco SASU, 2021 EUR Term Loan B, (3- mo. EURIBOR at 0.00% Floor + 4.00%), 7.89%, 11/17/27 | | | |
Parts Europe SA, EUR Term Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.75%), 7.65%, 02/03/31 | | | |
| | | |
|
Mosel Bidco SE, EUR Term Loan B, (3-mo. EURIBOR at 0.00% Floor + 4.75%), 8.65%, 09/16/30 | | | |
TK Elevator Midco GMBH, EUR Term Loan B, (3-mo. EURIBOR at 0.00% Floor + 4.00%), 7.93%, 04/30/30 | | | |
| | | |
|
GVC Holdings (Gibraltar) Limited, 2024 EUR Term Loan B, 06/30/28(r) | | | |
|
| | | |
EUR Term Loan B, (6-mo. EURIBOR at 0.00% Floor + 7.00%), 10.95%, 07/06/27 | | | |
GBP Incremental Term Loan, (1-day SONIA + 7.00%), 12.19%, 07/06/27 | | | |
| | | |
|
INEOS Finance PLC, 2022 EUR Term Loan B, (1-mo. EURIBOR at 0.50% Floor + 4.00%), 7.85%, 11/08/27 | | | |
Speed Midco 3 S.a r.l.(e) | | | |
EUR Term Loan B1, (3-mo. EURIBOR at 0.00% Floor + 6.40%), 10.30%, 05/16/29 | | | |
GBP Term Loan B1, (1-day SONIA at 0.00% Floor + 6.90%), 12.09%, 05/16/29 | | | |
| | | |
|
Cypher Bidco BV, EUR Term Loan, (6-mo. EURIBOR at 0.00% Floor + 4.50%), 8.34%, 12/30/28(e) | | | |
Unit4 Group Holding BV, 2024 EUR Fungible Term Loan B, 06/29/28(r) | | | |
262024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
|
Upfield BV, 2023 GBP Term Loan B8, (1-day SONIA at 0.00% Floor + 5.75%), 10.98%, 01/03/28 | | | |
Ziggo BV, 2019 EUR Term Loan H, (1-mo. EURIBOR at 0.00% Floor + 3.00%), 6.88%, 01/31/29 | | | |
| | | |
|
Galapagos SA, 2023 EUR Term Loan, (3-mo. EURIBOR at 0.00% Floor + 3.90%), 7.80%, 03/01/26(e) | | | |
PAX Holdco Spain SL, 2024 EUR Term Loan B3, 12/31/29(r) | | | |
Promontoria Challenger I SA, EUR Term Loan, (1-mo. EURIBOR + 3.25%), 7.10%, 12/20/24(e) | | | |
| | | |
|
CD&R Firefly Bidco PLC, 2024 GBP Term Loan B6, 06/21/28(r) | | | |
CML Project Horizons, GBP Term Loan, (3-mo. SONIA + 3.75%), 8.94%, 03/05/28(e) | | | |
INEOS Quattro Holdings U.K. Ltd., 2023 EUR 1st Lien Term Loan B, (1-mo. EURIBOR at 0.00% Floor + 4.50%), 8.35%, 04/02/29 | | | |
Lorca Finco PLC, 2024 EUR Term Loan, 04/17/31(r) | | | |
Market Bidco Ltd., EUR Term Loan B1, (3-mo. EURIBOR at 0.00% Floor + 4.75%), 8.65%, 11/04/27 | | | |
| | | |
GBP Term Loan A1, (3-mo. SONIA + 2.40%), 7.59%, 04/09/26 | | | |
GBP Term Loan A2, (3-mo. SONIA + 2.40%), 7.59%, 04/09/26 | | | |
GBP Term Loan B1, (1-day SONIA + 2.40%), 7.59%, 04/09/26 | | | |
WM Morrison, GBP Term Loan B2, (1-day SONIA at 0.00% Floor + 5.61%), 10.79%, 11/04/27 | | | |
| | | |
|
Aimbridge Acquisition Co., Inc., 2020 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.86%), 10.18%, 02/02/26 | | | |
Alorica, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 1.50% Floor + 6.88%), 12.19%, 12/21/27(e) | | | |
Altar Bidco, Inc., 2021 2nd Lien Term Loan, (12- mo. CME Term SOFR at 0.50% Floor + 5.60%), 10.91%, 02/01/30 | | | |
American Auto Auction Group, LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.15%), 10.46%, 12/30/27 | | | |
Avaya, Inc., 2023 Exit Term Loan, (CME Term SOFR at 1.00% Floor + 1.50%, 7.00% PIK), 13.82%, 08/01/28(n) | | | |
| | | |
2024 First Out New Money Term Loan, 04/05/28 | | | |
2024 First Lien Second Out PIK TL, 04/14/28 | | | |
| | | |
United States (continued) |
City Brewing Co. LLC(r) (continued) | | | |
2024 FLFO Roll Up Term Loan, 04/14/28(e) | | | |
CML Hyatt Lost Pines, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.55%), 8.75%, 09/09/26(e) | | | |
CML La Quinta Resort, Term Loan, (1-mo. CME Term SOFR + 3.20%), 8.52%, 12/09/26(e) | | | |
CML Lake Tahoe Resort Hotel, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.90%), 8.34%, 10/25/26(e) | | | |
CML Terranea Resort, Term Loan, (1-mo. CME Term SOFR + 4.35%), 9.68%, 01/01/28(e) | | | |
CML Trigrams, Term Loan, (1-mo. CME Term SOFR + 2.86%), 8.19%, 09/15/24(e) | | | |
Cotiviti Corporation, 2024 Term Loan, 05/01/31(r) | | | |
Digital Room Holdings, Inc., 2021 Term Loan, (1- mo. CME Term SOFR + 5.35%), 10.67%, 12/21/28 | | | |
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.43%, 08/02/27 | | | |
| | | |
2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.07%, 08/31/30 | | | |
2024 Term Loan B, 08/31/30(r) | | | |
Emerald Electronics Manufacturing Services, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.40%), 11.74%, 12/29/27(e) | | | |
First Brands Group LLC, 2023 EUR Incremental Term Loan, (3-mo. EURIBOR at 1.00% Floor + 5.00%), 8.87%, 03/30/27(e) | | | |
Galaxy Universal LLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.15%), 11.46%, 11/12/26(e) | | | |
| | | |
2024 Second Out Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 10.17%, 04/30/28 | | | |
2024 New Money Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 10.17%, 04/30/28 | | | |
Green Plains Operating Co. LLC, Term Loan, (3- mo. LIBOR US at 0.00% Floor + 8.00%), 13.59%, 07/20/26(e) | | | |
Helios Service Partners LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 6.51%), 11.81%, 03/19/27(e) | | | |
Hydrofarm Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR + 5.61%), 10.93%, 10/25/28(e) | | | |
Indy U.S. Holdco LLC, 2023 EUR Incremental Term Loan, (1-mo. EURIBOR at 0.00% Floor + 6.50%), 10.35%, 03/06/28 | | | |
J&J Ventures Gaming LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.43%, 04/26/28 | | | |
Jack Ohio Finance LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.86%), 10.18%, 10/04/28 | | | |
Consolidated Schedule of Investments27
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) |
Level 3 Financing Inc., 2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 11.88%, 04/15/29 | | | |
| | | |
2024 PIK Term Loan, 06/03/28(r) | | | |
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.76%), 12.80%, 06/03/28 | | | |
Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.10%), 11.40%, 01/24/30 | | | |
Orion Group Holdco LLC(e) | | | |
2022 1st Amendment Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.76%), 12.06%, 03/19/27 | | | |
2022 First A&R Amendment Incremental DDTL, (3-mo. CME Term SOFR at 1.00% Floor + 6.76%), 12.06%, 03/19/27 | | | |
2023 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.51%), 11.58%, 03/19/27 | | | |
Delayed Draw Term Loan, (3-mo. CME Term SOFR + 6.26%), 11.56%, 03/19/27 | | | |
First Lien Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27 | | | |
First Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27 | | | |
Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.26%), 11.56%, 03/19/27 | | | |
Quartz Acquireco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.81%, 06/28/30 | | | |
| | | |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.86%), 13.18%, 04/27/29 | | | |
2021 Term Loan, (1-mo. CME Term SOFR + 4.86%), 10.18%, 04/27/28 | | | |
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.83%, 03/16/27 | | | |
Sheraton Austin, CML Term Loan, (1-mo. CME Term SOFR + 3.48%), 8.92%, 06/01/26(e) | | | |
Starwood Property Trust, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.67%), 7.99%, 06/09/26(e) | | | |
Vaco Holdings LLC, 2022 Term Loan, (3-mo. CME Term SOFR + 5.25%), 10.43%, 01/21/29 | | | |
Xerox Corp., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 11/17/29 | | | |
| | | |
Total Floating Rate Loan Interests — 3.7%
(Cost: $642,464,802) | |
Foreign Agency Obligations |
| |
Bahrain Government International Bond, 5.45%, 09/16/32(d) | | | |
| | | |
| |
Benin Government International Bond, 7.96%, 02/13/38(b) | | | |
| |
Brazil Letras do Tesouro Nacional(q) | | | |
| | | |
| | | |
Brazil Notas do Tesouro Nacional | | | |
| | | |
| | | |
| | | |
Brazilian Government International Bond, 7.13%, 05/13/54 | | | |
| | | |
| |
Chile Government International Bond, 4.34%, 03/07/42 | | | |
| |
Colombia Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
Costa Rica Government International Bond | | | |
| | | |
| | | |
| | | |
| |
Czech Republic Government Bond | | | |
| | | |
| | | |
| | | |
Dominican Republic — 0.1% | |
Dominican Republic International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
Egypt Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
282024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
| |
Guatemala Government Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
Honduras Government International Bond, 5.63%, 06/24/30(b) | | | |
| |
Hungary Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
Magyar Export-Import Bank Zrt, 6.00%, 05/16/29(d) | | | |
| | | |
| |
Indonesia Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27(b) | | | |
| | | |
| |
Ivory Coast Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| |
Jordan Government International Bond, 4.95%, 07/07/25(d) | | | |
| |
Republic of Kenya Government International Bond, 9.75%, 02/16/31(b) | | | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Mexico Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| |
Mexico Government International Bond (continued) | | | |
| | | |
| | | |
| | | |
| |
Montenegro Government International Bond, 2.88%, 12/16/27(d) | | | |
| |
Morocco Government International Bond, 5.95%, 03/08/28(b) | | | |
| |
Nigeria Government International Bond | | | |
| | | |
| | | |
| | | |
| |
Oman Government International Bond | | | |
| | | |
| | | |
Oman Sovereign Sukuk Co., 4.40%, 06/01/24 | | | |
| | | |
| |
Panama Government International Bond, 6.40%, 02/14/35 | | | |
| |
Paraguay Government International Bond | | | |
| | | |
| | | |
| | | |
| |
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25(d) | | | |
Peruvian Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
Philippines Government International Bond, 2.65%, 12/10/45 | | | |
| |
Republic of Poland Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| |
Korea National Oil Corp., 4.88%, 04/03/29(d) | | | |
Republic of North Macedonia — 0.0% | |
North Macedonia Government International Bond, 6.96%, 03/13/27(d) | | | |
| |
Romanian Government International Bond | | | |
| | | |
Consolidated Schedule of Investments29
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
| |
Romanian Government International Bond (continued) | | | |
| | | |
| | | |
| | | |
| | | |
| |
Saudi Government International Bond | | | |
| | | |
| | | |
| | | |
| |
Senegal Government International Bond, 6.25%, 05/23/33(d) | | | |
| |
Republic of South Africa Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | | |
| |
Ukraine Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | | |
| |
Uruguay Government International Bond, 5.75%, 10/28/34 | | | |
| | | |
| |
Republic of Uzbekistan International Bond, 7.85%, 10/12/28(b) | | | |
Total Foreign Agency Obligations — 4.4%
(Cost: $766,569,041) | |
| | | |
|
| |
iShares Bitcoin Trust (f)(g)(k) | | | |
Total Grantor Trust — 0.0%
(Cost: $1,792,042) | |
|
| |
iShares 0-5 Year TIPS Bond ETF (f) | | | |
iShares iBoxx $ Investment Grade Corporate Bond ETF (f)(h) | | | |
iShares JP Morgan USD Emerging Markets Bond ETF (f)(h) | | | |
iShares Latin America 40 ETF (f)(h) | | | |
iShares MSCI Brazil ETF (f)(h) | | | |
iShares MSCI Emerging Markets ETF (f) | | | |
iShares Russell Mid-Cap Growth ETF (f) | | | |
SPDR Bloomberg High Yield Bond ETF (h) | | | |
VanEck J. P. Morgan EM Local Currency Bond ETF | | | |
VanEck Semiconductor ETF (g) | | | |
Total Investment Companies — 0.9%
(Cost: $147,511,326) | |
| | | |
|
| |
Florida Development Finance Corp., Refunding RB, AMT, 07/15/32(a)(b)(c) | | | |
Total Municipal Bonds — 0.1%
(Cost: $14,675,500) | |
Non-Agency Mortgage-Backed Securities |
|
RIAL Issuer Ltd., Series 2022-FL8, Class A, (1-mo. Term SOFR + 2.25%), 7.57%, 01/19/37(a)(b) | | | |
Cayman Islands(a)(b) — 0.1% |
Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL2, Class A, (1-mo. Term SOFR + 1.85%), 7.17%, 05/15/37 | | | |
302024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
Cayman Islands (continued) |
FS Rialto, Series 2021-FL3, Class A, (1-mo. Term SOFR + 1.36%), 6.68%, 11/16/36 | | | |
Greystone CRE Notes Ltd., Series 2021-FL3, Class A, (1-mo. Term SOFR + 1.13%), 6.46%, 07/15/39 | | | |
MF1 Ltd., Series 2021-FL6, Class A, (1-mo. Term SOFR + 1.21%), 6.53%, 07/16/36 | | | |
MF1 Trust, Series 2021-W10, Class F, (1-mo. Term SOFR + 3.37%), 8.69%, 12/15/34 | | | |
| | | |
|
1211 Avenue of the Americas Trust, Series 2015- 1211, Class D, 4.28%, 08/10/35(a)(b) | | | |
Ajax Mortgage Loan Trust(a)(b) | | | |
Series 2021-E, Class A1, 1.74%, 12/25/60 | | | |
Series 2021-E, Class A2, 2.69%, 12/25/60 | | | |
Series 2021-E, Class B1, 3.73%, 12/25/60 | | | |
Series 2021-E, Class M1, 2.94%, 12/25/60 | | | |
Alen Mortgage Trust, Series 2021-ACEN, Class D, (1-mo. Term SOFR + 3.21%), 8.54%, 04/15/34(a)(b) | | | |
Arbor Multifamily Mortgage Securities Trust, Series 2020-MF1, Class E, 1.75%, 05/15/53(b) | | | |
BAMLL Commercial Mortgage Securities Trust(a)(b) | | | |
Series 2015-200P, Class D, 3.72%, 04/14/33 | | | |
Series 2018-DSNY, Class A, (1-mo. Term SOFR + 1.15%), 6.47%, 09/15/34 | | | |
Bayview Commercial Asset Trust(a)(b) | | | |
Series 2005-3A, Class M6, (1-mo. Term SOFR + 1.16%), 6.13%, 11/25/35 | | | |
Series 2006-3A, Class M1, (1-mo. Term SOFR + 0.62%), 5.94%, 10/25/36 | | | |
BBCMS Mortgage Trust, Series 2018-TALL, Class C, (1-mo. Term SOFR + 1.32%), 6.64%, 03/15/37(a)(b) | | | |
Beast Mortgage Trust(a)(b) | | | |
Series 2021-SSCP, Class A, (1-mo. Term SOFR + 0.86%), 6.19%, 04/15/36 | | | |
Series 2021-SSCP, Class B, (1-mo. Term SOFR + 1.21%), 6.54%, 04/15/36 | | | |
Series 2021-SSCP, Class C, (1-mo. Term SOFR + 1.46%), 6.79%, 04/15/36 | | | |
Series 2021-SSCP, Class D, (1-mo. Term SOFR + 1.71%), 7.04%, 04/15/36 | | | |
Series 2021-SSCP, Class E, (1-mo. Term SOFR + 2.21%), 7.54%, 04/15/36 | | | |
Series 2021-SSCP, Class F, (1-mo. Term SOFR + 3.01%), 8.34%, 04/15/36 | | | |
Series 2021-SSCP, Class G, (1-mo. Term SOFR + 3.91%), 9.24%, 04/15/36 | | | |
Series 2021-SSCP, Class H, (1-mo. Term SOFR + 5.02%), 10.34%, 04/15/36 | | | |
Benchmark Mortgage Trust, Series 2021-B23, Class XA, 1.37%, 02/15/54(a) | | | |
BHMS, Series 2018-ATLS, Class A, (1-mo. Term SOFR + 1.55%), 6.87%, 07/15/35(a)(b) | | | |
BHMS Mortgage Trust, Series 2018-ATLS, Class C, (1-mo. Term SOFR + 2.20%), 7.52%, 07/15/35(a)(b) | | | |
| | | |
United States (continued) |
BOCA Commercial Mortgage Trust, Series 2022- BOCA, Class A, (1-mo. Term SOFR + 1.77%), 7.09%, 05/15/39(a)(b) | | | |
BWAY Mortgage Trust, Series 2013-1515, Class D, 3.63%, 03/10/33(b) | | | |
BX Commercial Mortgage Trust(b) | | | |
Series 2020-VIV4, Class A, 2.84%, 03/09/44 | | | |
Series 2020-VKNG, Class G, (1-mo. Term SOFR + 3.36%), 8.69%, 10/15/37(a) | | | |
Series 2021-NWM, Class A, (1-mo. Term SOFR + 1.02%), 6.35%, 02/15/33(a) | | | |
Series 2021-NWM, Class B, (1-mo. Term SOFR + 2.26%), 7.59%, 02/15/33(a) | | | |
Series 2021-NWM, Class C, (1-mo. Term SOFR + 4.36%), 9.69%, 02/15/33(a) | | | |
Series 2021-SOAR, Class G, (1-mo. Term SOFR + 2.91%), 8.24%, 06/15/38(a) | | | |
Series 2021-VINO, Class F, (1-mo. Term SOFR + 2.92%), 8.24%, 05/15/38(a) | | | |
Series 2021-XL2, Class A, (1-mo. Term SOFR + 0.80%), 6.12%, 10/15/38(a) | | | |
Series 2021-XL2, Class F, (1-mo. Term SOFR + 2.36%), 7.68%, 10/15/38(a) | | | |
Series 2024-XL5, Class A, (1-mo. Term SOFR + 1.39%), 6.71%, 03/15/41(a) | | | |
| | | |
Series 2019-OC11, Class D, 4.08%, 12/09/41 | | | |
Series 2019-OC11, Class E, 4.08%, 12/09/41 | | | |
Series 2021-ARIA, Class E, (1-mo. Term SOFR + 2.36%), 7.68%, 10/15/36 | | | |
Series 2021-MFM1, Class E, (1-mo. Term SOFR + 2.36%), 7.69%, 01/15/34 | | | |
Series 2021-MFM1, Class F, (1-mo. Term SOFR + 3.11%), 8.44%, 01/15/34 | | | |
Series 2024-CNYN, Class A, (1-mo. Term SOFR + 1.44%), 6.76%, 04/15/29 | | | |
CAMB Commercial Mortgage Trust, Series 2019- LIFE, Class E, (1-mo. Term SOFR + 2.45%), 7.77%, 12/15/37(a)(b) | | | |
CD Mortgage Trust, Series 2017-CD6, Class B, 3.91%, 11/13/50(a) | | | |
Cold Storage Trust, Series 2020-ICE5, Class A, (1-mo. Term SOFR + 1.01%), 6.33%, 11/15/37(a)(b) | | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-LION, Class A, (1-mo. Term SOFR + 3.44%), 8.76%, 02/15/25(a)(b)(e) | | | |
CSAIL Commercial Mortgage Trust, Series 2016- C5, Class C, 4.80%, 11/15/48(a) | | | |
| | | |
Series 2020-FACT, Class E, (1-mo. Term SOFR + 5.23%), 10.55%, 10/15/37(a) | | | |
Series 2020-NET, Class A, 2.26%, 08/15/37 | | | |
DBGS Mortgage Trust(a)(b) | | | |
Series 2018-BIOD, Class A, (1-mo. Term SOFR + 1.10%), 6.42%, 05/15/35 | | | |
Series 2018-BIOD, Class D, (1-mo. Term SOFR + 1.60%), 6.92%, 05/15/35 | | | |
Series 2018-BIOD, Class F, (1-mo. Term SOFR + 2.30%), 7.62%, 05/15/35 | | | |
Consolidated Schedule of Investments31
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) |
ELP Commercial Mortgage Trust, Series 2021-ELP, Class F, (1-mo. Term SOFR + 2.78%), 8.10%, 11/15/38(a)(b) | | | |
Extended Stay America Trust(a)(b) | | | |
Series 2021-ESH, Class D, (1-mo. Term SOFR + 2.36%), 7.69%, 07/15/38 | | | |
Series 2021-ESH, Class E, (1-mo. Term SOFR + 2.96%), 8.29%, 07/15/38 | | | |
Freddie Mac STACR REMIC Trust, Series 2022- DNA1, Class B1, (30-day Avg SOFR + 3.40%), 8.73%, 01/25/42(a)(b) | | | |
FS Rialto Issuer LLC, Series 2022-FL6, Class A, (1-mo. Term SOFR + 2.58%), 7.90%, 08/17/37(a)(b) | | | |
GCT Commercial Mortgage Trust, Series 2021- GCT D, Class D, (1-mo. Term SOFR + 2.46%), 7.79%, 02/15/38(a)(b) | | | |
GS Mortgage Securities Corp. Trust(a)(b) | | | |
Series 2021-DM, Class E, (1-mo. Term SOFR + 3.05%), 8.37%, 11/15/36 | | | |
Series 2021-ROSS, Class A, (1-mo. Term SOFR + 1.26%), 6.59%, 05/15/26 | | | |
Series 2022-ECI, Class A, (1-mo. Term SOFR + 2.19%), 7.52%, 08/15/39 | | | |
GS Mortgage Securities Trust | | | |
Series 2020-GC47, Class AS, 2.73%, 05/12/53 | | | |
Series 2020-GSA2, Class XA, 1.82%, 12/12/53(a)(b) | | | |
Series 2021-IP, Class A, (1-mo. Term SOFR + 1.06%), 6.39%, 10/15/36(a)(b) | | | |
Hudson Yards Mortgage Trust, Series 2016-10HY, Class E, 3.08%, 08/10/38(a)(b) | | | |
Independence Plaza Trust, Series 2018-INDP, Class B, 3.91%, 07/10/35(b) | | | |
JP Morgan Chase Commercial Mortgage Securities | | | |
Series 2018-WPT, Class DFL, (1-mo. Term SOFR + 2.49%), 7.81%, 07/05/33 | | | |
Series 2021-INV5, Class F, (1-mo. Term SOFR + 3.06%), 8.64%, 04/15/38 | | | |
Series 2021-MHC, Class E, (1-mo. Term SOFR + 2.56%), 8.14%, 04/15/38 | | | |
Series 2022-NXSS, Class A, (1-mo. Term SOFR + 2.18%), 7.50%, 09/15/39 | | | |
Series 2022-OPO, Class C, 3.56%, 01/05/39 | | | |
JP Morgan Mortgage Trust(a)(b) | | | |
Series 2021-INV7, Class A2A, 2.50%, 12/25/51 | | | |
Series 2021-INV7, Class A3A, 2.50%, 02/25/52 | | | |
Series 2021-INV7, Class A4A, 2.50%, 02/25/52 | | | |
LUXE Trust, Series 2021-TRIP, Class E, (1-mo. Term SOFR + 2.86%), 8.19%, 10/15/38(a)(b) | | | |
| | | |
| | | |
| | | |
| | | |
Series 2021, Class A, (1-mo. Term SOFR + 1.06%), 6.39%, 11/15/38 | | | |
| | | |
United States (continued) |
MED Trust(a)(b) (continued) | | | |
Series 2021, Class F, (1-mo. Term SOFR + 4.11%), 9.44%, 11/15/38 | | | |
Series 2021-MDLN, Class G, (1-mo. Term SOFR + 5.36%), 10.69%, 11/15/38 | | | |
MHC Commercial Mortgage Trust(a)(b) | | | |
Series 2021-MHC, Class E, (1-mo. Term SOFR + 2.22%), 7.54%, 04/15/38 | | | |
Series 2021-MHC, Class F, (1-mo. Term SOFR + 2.72%), 8.04%, 04/15/38 | | | |
MHP Trust, Series 2021-STOR, Class G, (1-mo. Term SOFR + 2.86%), 8.19%, 07/15/38(a)(b) | | | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class C, 4.47%, 05/15/48(a) | | | |
Morgan Stanley Capital I Trust, Series 2018-MP, Class A, 4.42%, 07/11/40(a)(b) | | | |
PKHL Commercial Mortgage Trust, Series 2021- MF, Class F, (1-mo. Term SOFR + 3.46%), 8.79%, 07/15/38(a)(b) | | | |
Ready Capital Mortgage Financing LLC, Series 2022-FL10, Class A, (1-mo. Term SOFR + 2.55%), 7.87%, 10/25/39(a)(b) | | | |
| | | |
Series 2021-MFP, Class A, (1-mo. Term SOFR + 0.85%), 6.17%, 11/15/38 | | | |
Series 2021-MFP, Class F, (1-mo. Term SOFR + 2.74%), 8.06%, 11/15/38 | | | |
Series 2021-MFP2, Class F, (1-mo. Term SOFR + 2.73%), 8.05%, 11/15/36 | | | |
Starwood Trust, Series 2021-FLWR, Class E, (1- mo. Term SOFR + 2.04%), 7.36%, 07/15/36(a)(b) | | | |
| | | |
Series 21-1, 0.00%, 02/01/51 | | | |
Series 21-1, Class A, 2.38%, 02/01/51 | | | |
UBS Commercial Mortgage Trust, Series 2019- C17, Class A4, 2.92%, 10/15/52 | | | |
VNDO Trust, Series 2016-350P, Class D, 4.03%, 01/10/35(a)(b) | | | |
Wells Fargo Commercial Mortgage Trust(a) | | | |
Series 2015-C28, Class AS, 3.87%, 05/15/48 | | | |
Series 2017-C41, Class B, 4.19%, 11/15/50 | | | |
Series 2018-1745, Class A, 3.87%, 06/15/36(b) | | | |
Series 2020-C58, Class XA, 1.92%, 07/15/53 | | | |
Series 2021-C59, Class XA, 1.65%, 04/15/54 | | | |
| | | |
Total Non-Agency Mortgage-Backed Securities — 3.0%
(Cost: $551,688,515) | |
322024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
|
| |
Sprott Private Resource Streaming(e)(s) | | | |
Total Other Interests — 0.1%
(Cost: $21,471,327) | |
| | | |
|
|
| |
BNP Paribas SA, 4.63%(b)(o) | | | |
| |
Bank Negara Indonesia Persero Tbk PT, 4.30%(d)(o) | | | |
| |
Banco Mercantil del Norte SA, 5.88%(b)(o) | | | |
| |
Rizal Commercial Banking Corp., 6.50%(d)(o) | | | |
| |
Kookmin Bank, 4.35%(d)(o) | | | |
| |
DBS Group Holdings Ltd., 3.30%(d)(o) | | | |
| |
Shinhan Financial Group Co. Ltd., 2.88%(d)(o) | | | |
| |
UBS Group AG, 4.88%(b)(o) | | | |
| |
Krung Thai Bank PCL/Cayman Islands, 4.40%(d)(o) | | | |
United Arab Emirates(d)(o) — 0.0% | |
Abu Dhabi Commercial Bank PJSC, 8.00% | | | |
MAF Global Securities Ltd., 6.38% | | | |
| | | |
| |
| | | |
| |
Citigroup, Inc., 4.15%(o) | | | |
Edison International, 7.88%, 06/15/54 | | | |
JPMorgan Chase & Co., 3.65%(o) | | | |
Paramount Global, 6.38%, 03/30/62 | | | |
| | | |
| | | |
| | | |
| | | |
|
| |
| | | |
Cia Energetica de Minas Gerais | | | |
| | | |
| |
Neon Pagamentos SA, Series F(e) | | | |
| | | |
| | | |
| |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $33,821,714)(e)(i) | | | |
| |
| | | |
| |
Dr Ing hc F Porsche AG(b) | | | |
| | | |
Volocopter GmbH, Series D, (Acquired 03/03/21, Cost: $22,418,516)(e)(i) | | | |
| | | |
| |
Think & Learn Private Ltd., Series F, (Acquired 12/11/20, Cost: $13,030,114)(e)(i) | | | |
| |
| | | |
Series D-2, (Acquired 03/19/21, Cost: $11,638,040) | | | |
Series D-4, (Acquired 09/20/22, Cost: $10,933,893) | | | |
| | | |
| |
10X Future Technologies Service Ltd., Series D, (Acquired 12/19/23, Cost: $21,869,474)(e)(i) | | | |
| |
Breeze Aviation Group, Inc., Series B, (Acquired 07/30/21, Cost: $10,090,875)(i) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Series F, (Acquired 10/22/19, Cost: $11,769,837) | | | |
Series G, (Acquired 02/01/21, Cost: $13,141,188) | | | |
Dream Finders Homes, Inc., 9.00%, 12/31/49 | | | |
Exo Imaging, Inc., Series C, (Acquired 06/24/21, Cost: $8,339,244)(i) | | | |
GM Cruise Holdings LLCClass G, (Acquired 03/25/21, Cost: $9,841,593)(i) | | | |
Insight M, Inc., Series D | | | |
| | | |
Series E-1, (Acquired 10/30/20, Cost: $11,778,091) | | | |
Series F, (Acquired 09/03/21, Cost: $2,543,928) | | | |
| | | |
| | | |
Series C, (Acquired 10/05/20, Cost: $10,694,460) | | | |
Series D, (Acquired 01/27/22, Cost: $2,628,040) | | | |
Consolidated Schedule of Investments33
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) | |
Lookout, Inc., Series F, (Acquired 09/19/14, Cost: $50,945,689)(i) | | | |
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $7,559,970)(i) | | | |
Noodle Partners, Inc., Series C, (Acquired 08/26/21, Cost: $9,816,152)(i) | | | |
NYCB PIPE, Series C, (Acquired 03/07/24, Cost: $4,464,000), 13.00%, 03/30/49(i) | | | |
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost: $5,269,814)(i) | | | |
| | | |
Relativity Space, Inc., Series E, (Acquired 05/27/21, Cost: $9,126,025)(i) | | | |
SambaNova Systems, Inc.(i) | | | |
Series C, (Acquired 02/19/20, Cost: $11,739,902) | | | |
Series D, (Acquired 04/09/21, Cost: $6,878,356) | | | |
SCI PH Parent, Inc., Series F, (Acquired 02/10/23, Cost: $3,949,000), 12.50%, 12/31/79(i) | | | |
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost: $3,799,839)(i) | | | |
Ursa Major Technologies, Inc.(i) | | | |
Series C, (Acquired 09/13/21, Cost: $9,742,600) | | | |
Series D, (Acquired 10/14/22, Cost: $1,326,169) | | | |
| | | |
Series B, (Acquired 11/05/21, Cost: $9,084,159) | | | |
Series C, (Acquired 09/06/23, Cost: $1,451,493) | | | |
Versa Networks, Inc., Series E, (Acquired 10/14/22, Cost: $5,641,940), 12.00%, 10/07/32(i) | | | |
| | | |
Series C-1, (Acquired 05/07/20, Cost: $8,796,956) | | | |
Series D, (Acquired 07/05/22, Cost: $1,648,279) | | | |
| | | |
| | | |
|
| |
Citigroup Capital XIII, 11.96%, 10/30/40(a) | | | |
Wells Fargo & Co., 7.50%(m)(o) | | | |
| | | |
Total Preferred Securities — 2.6%
(Cost: $500,405,002) | |
| | | |
U.S. Government Sponsored Agency Securities |
Commercial Mortgage-Backed Securities(a) — 0.1% | |
Fannie Mae-Aces, Series 2018-M13, Class A2, 3.86%, 09/25/30 | | | |
Freddie Mac Multifamily Structured Pass Through Certificates | | | |
Series K105, Class X1, 1.64%, 01/25/30 | | | |
Series K109, Class X1, 1.69%, 04/25/30 | | | |
| | | |
Commercial Mortgage-Backed Securities (continued) | |
Freddie Mac Multifamily Structured Pass Through Certificates (continued) | | | |
Series K110, Class X1, 1.81%, 04/25/30 | | | |
Series K116, Class X1, 1.53%, 07/25/30 | | | |
Series K120, Class X1, 1.13%, 10/25/30 | | | |
Series KL06, Class XFX, 1.47%, 12/25/29 | | | |
Series KW09, Class X1, 0.94%, 05/25/29 | | | |
| | | |
Mortgage-Backed Securities — 0.6% | |
Uniform Mortgage-Backed Securities, 3.50%, 05/01/54(t) | | | |
Total U.S. Government Sponsored Agency Securities — 0.7%
(Cost: $115,846,224) | |
U.S. Treasury Obligations |
U.S. Treasury Notes, 4.63%, 09/30/28(u) | | | |
Total U.S. Treasury Obligations — 0.4%
(Cost: $74,495,206) | |
| | | |
|
| |
Lavoro Ltd., (Issued 12/27/22, Exercisable 12/27/23, 1 Share for 1 Warrant, Expires 12/27/27, Strike Price USD 11.50)(g) | | | |
| |
Deep Instinct Ltd., Series C, (Acquired 09/20/22, Cost: $0), (Exercisable 09/20/22, 1 Share for 1 Warrant, Expires 09/20/32, Strike Price USD 0.01)(e)(i) | | | |
Innovid Corp., (Issued/Exercisable 01/28/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50) | | | |
| | | |
| |
10X Future Technologies Service Ltd., (Acquired 12/19/23, Cost: $0), (Expires 11/17/30, Strike Price GBP 0.01)(e)(g)(i) | | | |
| |
Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 0.01 Shares for 1 Warrant, Expires 06/03/26, Strike Price USD 1,150.00)(e) | | | |
Crown PropTech Acquisitions, (Issued 02/05/21, 1 Share for 1 Warrant, Expires 02/01/26, Strike Price USD 11.50)(e) | | | |
Crown PropTech Acquisitions, (Issued/Exercisable 01/25/21, 1 Share for 1 Warrant, Expires 12/31/27, Strike Price USD 11.50)(e) | | | |
EVgo, Inc., (Issued/Exercisable 11/10/20, 1 Share for 1 Warrant, Expires 09/15/25, Strike Price USD 11.50) | | | |
Flyr Warrants, (Issued/Exercisable 05/10/22, 1 Share for 1 Warrant, Expires 05/10/32, Strike Price USD 3.95)(e) | | | |
342024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.(Percentages shown are based on Net Assets)
| | | |
United States (continued) | |
Green Plains, Inc., (Issued 02/05/21, 1 Share for 1 Warrant, Expires 04/28/26, Strike Price USD 22.00) | | | |
Hawkeye 360, (Issued 07/07/23, 1 Share for 1 Warrant, Expires 07/07/33, Strike Price USD 11.17)(e) | | | |
Hawkeye 360, (Issued 07/07/23, 1 Share for 1 Warrant, Expires 07/07/33, Strike Price USD 0.01)(e) | | | |
Hippo Holdings, Inc., (Issued/Exercisable 01/04/21, 0.04 Shares for 1 Warrant, Expires 08/02/26, Strike Price USD 287.50) | | | |
Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)(h) | | | |
Lightning eMotors, Inc., (Issued/Exercisable 05/13/20, 1 Share for 1 Warrant, Expires 05/18/25, Strike Price USD 230.00) | | | |
New York Community Bancorp, Inc., Series D, (Acquired 04/10/24, Cost: $0), (Issued/Exercisable 03/11/24, 1,000 Shares for 1 Warrant, Expires 03/11/31, Strike Price USD 2.50)(e)(i) | | | |
Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50) | | | |
Palladyne AI Corp., (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 09/24/26, Strike Price USD 11.50) | | | |
RapidSOS, (Expires 12/13/33, Strike Price USD 0.01)(e) | | | |
Sarcos Technology & Robotics Corp., (Issued 01/15/21, 1 Share for 1 Warrant, Expires 06/15/27, Strike Price USD 69.00) | | | |
Sonder Holdings, Inc., (Issued 11/19/20, Exercisable 01/19/21, 1 Share for 1 Warrant, Expires 11/19/26, Strike Price USD 12.50)(e) | | | |
Versa Networks, Inc., (Acquired 10/14/22, Cost: $0), (Exercisable 10/14/22, 1 Share for 1 Warrant, Expires 10/07/32, Strike Price USD 0.01)(e)(i) | | | |
Volato Group, Inc., (Acquired 12/03/23, Cost: $181,758), (Expires 12/03/28, Strike Price USD 11.50)(i) | | | |
| | | |
Total Warrants — 0.1%
(Cost: $3,858,448) | |
Total Long-Term Investments — 96.0%
(Cost: $13,720,849,045) | |
| | | |
Money Market Funds — 3.1% | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.49%(f)(w)(x) | | | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.18%(f)(w) | | | |
| |
| | | |
| |
| |
Royal Bank of Canada, 3.76%, 05/01/24 | | | |
| |
Hongkong & Shanghai Banking Corp. Ltd., 1.67%, 05/01/24 | | | |
| |
BNP Paribas, 6.40%, 05/01/24 | | | |
| |
U.S. Treasury Obligations — 0.4% | |
U.S. Treasury Bills, 5.42%, 05/09/24(u)(v) | | | |
U.S. Treasury Notes, 4.25%, 12/31/24(k) | | | |
| |
Total Short-Term Securities — 3.8%
(Cost: $642,695,734) | |
Options Purchased — 0.2%
(Cost: $95,923,632) | |
Total Investments Before Options Written — 100.0%
(Cost: $14,459,468,411) | |
Options Written — (0.3)%
(Premiums Received: $(41,741,398)) | |
Total Investments, Net of Options Written — 99.7%
(Cost: $14,417,727,013) | |
Other Assets Less Liabilities — 0.3% | |
| |
Consolidated Schedule of Investments35
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
| 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. |
| 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. |
| |
| This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| |
| Non-income producing security. |
| All or a portion of this security is on loan. |
| Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $461,806,123, representing 2.7% of its net assets as of period end, and an original cost of $532,150,970. |
| All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
| 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. |
| Investment does not issue shares. |
| |
| 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. |
| Perpetual security with no stated maturity date. |
| Issuer filed for bankruptcy and/or is in default. |
| |
| 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. |
| Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. |
| Represents or includes a TBA transaction. |
| All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. |
| Rates are discount rates or a range of discount rates as of period end. |
| Annualized 7-day yield as of period end. |
| All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | Change in
Unrealized
Appreciation
(Depreciation) | | Par/Shares
Held at
04/30/24 | | Capital Gain
Distributions
from
Underlying
Funds |
Bio City Development Co. B.V | | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | | | | | | | | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | | | | | | | |
iShares 0-5 Year TIPS Bond ETF | | | | | | | | | |
iShares Biotechnology ETF(c) | | | | | | | | | |
| | | | | | | | | |
iShares China Large-Cap ETF(c) | | | | | | | | | |
iShares iBoxx $ Investment Grade Corporate Bond ETF | | | | | | | | | |
iShares JP Morgan USD Emerging Markets Bond ETF | | | | | | | | | |
iShares Latin America 40 ETF | | | | | | | | | |
| | | | | | | | | |
iShares MSCI Emerging Markets ETF | | | | | | | | | |
iShares Russell Mid-Cap Growth ETF | | | | | | | | | |
Quintis Australia Pty. Ltd. | | | | | | | | | |
Quintis Australia Pty. Ltd. | | | | | | | | | |
Quintis HoldCo. Pty. Ltd. | | | | | | | | | |
SL Liquidity Series, LLC, Money Market Series(c) | | | | | | | | | |
| | | | | | | | | |
| Represents net amount purchased (sold). |
| 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. |
| As of period end, the entity is no longer held. |
362024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | Value/
Unrealized
Appreciation
(Depreciation) |
| | | | |
| | | | |
Exchange Traded Bitcoin Futures(a) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
10-Year Australian Treasury Bonds | | | | |
| | | | |
| | | | |
E-mini Russell 2000 Index | | | | |
| | | | |
MSCI Emerging Markets Index | | | | |
| | | | |
5-Year U.S. Treasury Note | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
10-Year Japanese Government Treasury Bonds | | | | |
Nikkei 225 Yen-Denominated | | | | |
10-Year U.S. Treasury Note | | | | |
10-Year U.S. Ultra Long Treasury Note | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
2-Year U.S. Treasury Note | | | | |
| | | | |
| | | | |
| 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
| | | | Unrealized
Appreciation
(Depreciation) |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Credit Agricole Corporate and Investment Bank | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
Consolidated Schedule of Investments37
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Forward Foreign Currency Exchange Contracts (continued)
| | | | Unrealized Appreciation (Depreciation) |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Credit Agricole Corporate and Investment Bank | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | State Street Bank and Trust Co. | | |
| | | | State Street Bank and Trust Co. | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
382024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Forward Foreign Currency Exchange Contracts (continued)
| | | | Unrealized Appreciation (Depreciation) |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | The Bank of New York Mellon | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | State Street Bank and Trust Co. | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | Goldman Sachs International | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Credit Agricole Corporate and Investment Bank | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | The Bank of New York Mellon | | |
| | | | | | |
Consolidated Schedule of Investments39
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Forward Foreign Currency Exchange Contracts (continued)
| | | | Unrealized Appreciation (Depreciation) |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | State Street Bank and Trust Co. | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | State Street Bank and Trust Co. | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | State Street Bank and Trust Co. | | |
| | | | State Street Bank and Trust Co. | | |
| | | | State Street Bank and Trust Co. | | |
| | | | State Street Bank and Trust Co. | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | State Street Bank and Trust Co. | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | | | |
| | | | | | |
402024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Forward Foreign Currency Exchange Contracts (continued)
| | | | Unrealized Appreciation (Depreciation) |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | Morgan Stanley & Co. International PLC | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| |
Exchange-Traded Options Purchased
| | | | | |
| | | | | | | |
| | | | | | | |
InvesCo QQQ Trust, Series 1 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Advanced Micro Devices, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
CF Industries Holdings, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Edwards Lifesciences Corp. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Paramount Global, Class B | | | | | | | |
Paramount Global, Class B | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Consolidated Schedule of Investments41
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Exchange-Traded Options Purchased (continued)
| | | | | |
| | | | | | | |
Advanced Micro Devices, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Crowdstrike Holdings, Inc., Class A | | | | | | | |
| | | | | | | |
Discover Financial Services | | | | | | | |
Edwards Lifesciences Corp. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Meta Platforms, Inc., Class A | | | | | | | |
Meta Platforms, Inc., Class A | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Paramount Global, Class B | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Meta Platforms, Inc., Class A | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
10-Year U.S. Treasury Note Future | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
iShares iBoxx $ High Yield Corporate Bond ETF | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
iShares iBoxx $ High Yield Corporate Bond ETF | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
422024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Exchange-Traded Options Purchased (continued)
| | | | | |
| | | | | | | |
iShares iBoxx $ High Yield Corporate Bond ETF | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
OTC Barrier Options Purchased
OTC Currency Options Purchased
| | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Goldman Sachs International | | | | | | |
| | | | | | | |
| | | | | | | |
OTC Dual Binary Options Purchased
| | | | | | |
| | | | | | | | |
Dual Binary Option payout at expiry if USD JPY ˃= 154.25 and JPY 10-year swap ˃= 1.27% | | | | | | | | |
| | | | | | | | |
| Option only pays if both terms are met on the expiration date. |
OTC Credit Default Swaptions Purchased
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | Morgan Stanley & Co. International PLC | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | Morgan Stanley & Co. International PLC | | | | | | |
Consolidated Schedule of Investments43
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
OTC Credit Default Swaptions Purchased (continued)
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | Morgan Stanley & Co. International PLC | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 12/20/28 | | | | | Goldman Sachs International | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | Goldman Sachs International | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 12/20/28 | | | | | Morgan Stanley & Co. International PLC | | | | | | |
Bought Protection on 5-Year Credit Default Swap, 12/20/28 | | | | | Morgan Stanley & Co. International PLC | | | | | | |
| | | | | | | | | | | |
| 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
| | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
10-Year Interest Rate Swap, 05/30/34 | | | | | | | | | | |
1-Year Interest Rate Swap, 05/30/25 | | | | | Goldman Sachs International | | | | | |
2-Year Interest Rate Swap, 05/30/26 | | | | | | | | | | |
1-Year Interest Rate Swap, 05/30/25 | | | | | Goldman Sachs International | | | | | |
2-Year Interest Rate Swap, 06/05/26 | | | | | Goldman Sachs International | | | | | |
2-Year Interest Rate Swap, 07/20/26 | | | | | | | | | | |
10-Year Interest Rate Swap, 10/25/34 | | | | | | | | | | |
2-Year Interest Rate Swap, 10/26/26 | | | | | | | | | | |
10-Year Interest Rate Swap, 01/25/35 | | | | | Goldman Sachs International | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
2-Year Interest Rate Swap, 11/20/26 | | | Tokyo Overnight Average Rate, 0.08% | | | | | | | |
| | | | | | | | | | |
442024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Exchange-Traded Options Written
| | | | | |
| | | | | | | |
| | | | | | | |
InvesCo QQQ Trust, Series 1 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
iShares iBoxx $ High Yield Corporate Bond ETF | | | | | | | |
Paramount Global, Class B | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Advanced Micro Devices, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Meta Platforms, Inc., Class A | | | | | | | |
| | | | | | | |
| | | | | | | |
Paramount Global, Class B | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
10-Year U.S. Treasury Note Future | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Advanced Micro Devices, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Edwards Lifesciences Corp. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Advanced Micro Devices, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Crowdstrike Holdings, Inc., Class A | | | | | | | |
| | | | | | | |
Discover Financial Services | | | | | | | |
Edwards Lifesciences Corp. | | | | | | | |
| | | | | | | |
| | | | | | | |
Consolidated Schedule of Investments45
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Exchange-Traded Options Written (continued)
| | | | | |
| | | | | | | |
| | | | | | | |
iShares iBoxx $ High Yield Corporate Bond ETF | | | | | | | |
| | | | | | | |
| | | | | | | |
Meta Platforms, Inc., Class A | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Meta Platforms, Inc., Class A | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
OTC Currency Options Written
| | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Goldman Sachs International | | | | | | |
| | | | | | | |
| | | | | | | |
462024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
OTC Credit Default Swaptions Written
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Sold Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | | | | | | | |
Sold Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | Morgan Stanley & Co. International PLC | | | | | | |
Sold Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | Morgan Stanley & Co. International PLC | | | | | | |
Sold Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | | | | | | | |
Sold Protection on 5-Year Credit Default Swap, 06/20/29 | | | | | Goldman Sachs International | | | | | | |
| | | | | | | | | | | |
| Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Interest Rate Swaptions Written
| | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
1-Year Interest Rate Swap, 05/30/25 | | | | | Goldman Sachs International | | | | | |
2-Year Interest Rate Swap, 05/30/26 | | | | | | | | | | |
1-Year Interest Rate Swap, 05/30/25 | | | | | Goldman Sachs International | | | | | |
2-Year Interest Rate Swap, 06/05/26 | | | | | Goldman Sachs International | | | | | |
2-Year Interest Rate Swap, 07/20/26 | | | | | | | | | | |
10-Year Interest Rate Swap, 10/25/34 | | | | | | | | | | |
2-Year Interest Rate Swap, 10/26/26 | | | | | | | | | | |
10-Year Interest Rate Swap, 01/25/35 | | | | | Goldman Sachs International | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
5-Year Interest Rate Swap, 05/04/29 | | | | | | | | | | |
2-Year Interest Rate Swap, 05/08/26 | | | | | Goldman Sachs International | | | | | |
2-Year Interest Rate Swap, 05/24/26 | | | | | Goldman Sachs International | | | | | |
1-Year Interest Rate Swap, 05/30/25 | | | | | Goldman Sachs International | | | | | |
2-Year Interest Rate Swap, 05/30/26 | | | | | | | | | | |
1-Year Interest Rate Swap, 05/30/25 | | | | | Goldman Sachs International | | | | | |
Consolidated Schedule of Investments47
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
OTC Interest Rate Swaptions Written (continued)
| | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
2-Year Interest Rate Swap, 06/05/26 | | | | | Goldman Sachs International | | | | | |
5-Year Interest Rate Swap, 06/09/29 | | | | | Goldman Sachs International | | | | | |
5-Year Interest Rate Swap, 07/03/29 | | | | | Morgan Stanley & Co. International PLC | | | | | |
2-Year Interest Rate Swap, 07/04/26 | | | | | | | | | | |
5-Year Interest Rate Swap, 07/04/29 | | | | | | | | | | |
2-Year Interest Rate Swap, 07/20/26 | | | | | | | | | | |
2-Year Interest Rate Swap, 07/20/26 | | | | | | | | | | |
5-Year Interest Rate Swap, 07/20/29 | | | | | | | | | | |
2-Year Interest Rate Swap, 11/20/26 | Tokyo Overnight Average Rate, 0.08% | | | | | | | | | |
2-Year Interest Rate Swap, 11/23/26 | | | | | | | | | | |
2-Year Interest Rate Swap, 04/27/27 | | | | | Goldman Sachs International | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Centrally Cleared Credit Default Swaps — Buy Protection
Reference Obligation/Index | Financing
Rate Paid
by the Fund | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing
Rate Received
by the Fund | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement. |
482024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Centrally Cleared Inflation Swaps
| | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | |
Eurostat Eurozone HICP Ex Tobacco Unrevised | | | | | | | | | |
Centrally Cleared Interest Rate Swaps
| | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | Tokyo Overnight Average Rate, 0.08% | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
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| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Tokyo Overnight Average Rate, 0.08% | | | | | | | | | | |
Consolidated Schedule of Investments49
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Centrally Cleared Interest Rate Swaps (continued)
| | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | |
Tokyo Overnight Average Rate, 0.08% | | | | | | | | | | |
| | | | | | | | | | |
| | | | | |
OTC Credit Default Swaps — Buy Protection
Reference Obligations/Index | Financing
Rate Paid
by the Fund | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | |
| | | | | | | | | |
American Airlines Group Inc. | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Community Health Systems Inc. | | | | | | | | | |
Community Health Systems Inc. | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Paramount Global, Class B | | | | | | | | | |
Paramount Global, Class B | | | | | | | | | |
Paramount Global, Class B | | | | | | | | | |
Simon Property Group., LP | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | Morgan Stanley & Co. International PLC | | | | | | |
Ladbrokes Coral Group Ltd. | | | | | | | | | |
Ladbrokes Coral Group Ltd. | | | | | | | | | |
Ladbrokes Coral Group Ltd. | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing
Rate Received
by the Fund | | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
Vistra Operations Company LLC | | | | | | | | | | |
| | | Morgan Stanley & Co. International PLC | | | | | | | |
| | | | | | | | | | |
502024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
OTC Credit Default Swaps — Sell Protection (continued)
Reference Obligation/Index | Financing Rate Received by the Fund | | | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| 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
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
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| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | Morgan Stanley & Co. International PLC | | | | | | | |
1-Day CLP Interbank Rate, 23,847.87% | | | | | | | | | | | |
Consolidated Schedule of Investments51
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
OTC Interest Rate Swaps (continued)
| | | | | | | | | |
| | | | | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
1-Day CLP Interbank Rate, 23,847.87% | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | 1-Day CLP Interbank Rate, 23,847.87% | | | | | | | | | |
| | 1-Day CLP Interbank Rate, 23,847.87% | | | | | | | | | |
| | | | | | |
OTC Total Return Swaps
| | | | | | | | | |
| | | | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | Citi Equity US 1W Volatility Carry Index | | | | | | | | | |
522024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
OTC Total Return Swaps
| | | | | Accrued
Unrealized
Appreciation
(Depreciation) | Net Value of
Reference
Entity | Gross
Notional
Amount
Net Asset
Percentage |
Equity Securities Long/Short | | | | | | | |
| | JPMorgan Chase Bank N.A.(d) | | | | | |
| | | | | | | |
| 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. |
| Amount includes $769,260 of net dividends and financing fees. |
| Amount includes $724,029 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: |
| | |
| 0-150 basis points
USD - 1D Overnight Bank Funding Rate (OBFR01) | 15-400 basis points
USD - 1D Overnight Bank Funding Rate (OBFR01) |
The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination dates 05/31/24 — 02/24/28:
| | | |
| | | |
| | | |
| | | |
| | | |
Total Reference Entity — Long | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | | |
Hapvida Participacoes e Investimentos S/A | | | |
| | | |
| | | |
| | | |
| | | |
Brookfield Asset Management Ltd. | | | |
Brookfield Corp., Class A | | | |
| | | |
Rogers Communications, Inc. | | | |
| | | |
| | | |
Agricultural Bank of China Ltd. | | | |
Anhui Conch Cement Co., Ltd. | | | |
China Resources Power Holdings Co., Ltd. | | | |
China Vanke Co., Ltd., Class H | | | |
CSPC Pharmaceutical Group Ltd. | | | |
| | | |
| | | |
| | | |
Postal Savings Bank of China Co. Ltd. | | | |
| | | |
| | | |
Zijin Mining Group Co. Ltd. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Bandai Namco Holdings, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
Iida Group Holdings Co. Ltd. | | | |
Kansai Electric Power Co., Inc. | | | |
| | | |
Consolidated Schedule of Investments53
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
| | | |
| | | |
| | | |
| | | |
| | | |
Mitsubishi Heavy Industries Ltd. | | | |
| | | |
| | | |
Nomura Real Estate Holdings, Inc. | | | |
| | | |
| | | |
| | | |
Recruit Holdings Co. Ltd. | | | |
| | | |
| | | |
| | | |
Sumitomo Chemical Co. Ltd. | | | |
| | | |
| | | |
| | | |
Tokyo Ohka Kogyo Co., Ltd. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cie Financiere Richemont SA | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Partners Group Holding AG | | | |
| | | |
| | | |
| | | |
Cathay Financial Holding Co., Ltd. | | | |
Chailease Holding Co., Ltd. | | | |
Fubon Financial Holding Co. Ltd. | | | |
Unimicron Technology Corp. | | | |
| | | |
| | | |
| | | |
Legal & General Group PLC | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
American International Group, Inc. | | | |
Apollo Global Management, Inc. | | | |
| | | |
| | | |
Blackstone, Inc., Class A | | | |
| | | |
| | | |
| | | |
Charles River Laboratories International, Inc. | | | |
Charter Communications, Inc. | | | |
Constellation Brands, Inc., Class A | | | |
Constellation Energy Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Lamb Weston Holdings, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Super Micro Computer, Inc. | | | |
Take-Two Interactive Software, Inc. | | | |
| | | |
| | | |
Veeva Systems, Inc., Class A | | | |
| | | |
542024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
| | | |
United States (continued) | | | |
| | | |
Walgreens Boots Alliance, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Total Reference Entity — Short | | | |
Net Value of Reference Entity — Citibank N.A. | | |
The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination dates 02/10/25 — 02/18/25:
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
New York Community Bancorp, Inc. | | | |
Total Reference Entity — Long | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | | |
Hapvida Participacoes e Investimentos S/A | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
China Resources Power Holdings Co., Ltd. | | | |
China Southern Airlines Co., Ltd., Class H | | | |
PICC Property & Casualty Co. Ltd. | | | |
Shandong Gold Mining Co. Ltd., Class H | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Sino Biopharmaceutical Ltd. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Square Enix Holdings Co. Ltd. | | | |
| | | |
Tokyo Ohka Kogyo Co., Ltd. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Bank Polska Kasa Opieki SA | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Growthpoint Properties Ltd. | | | |
Impala Platinum Holdings Ltd. | | | |
| | | |
| | | |
Delivery Hero SE, Class A | | | |
Consolidated Schedule of Investments55
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Tecan Group AG, Registered Shares | | | |
| | | |
| | | |
Chailease Holding Co., Ltd. | | | |
| | | |
| | | |
| | | |
Air Transport Services Group, Inc. | | | |
| | | |
Atlantic Union Bankshares Corp. | | | |
| | | |
| | | |
| | | |
| | | |
Charles River Laboratories International, Inc. | | | |
Community Bank System, Inc. | | | |
| | | |
Dime Community Bancshares, Inc. | | | |
| | | |
| | | |
First Bancorp/Southern Pines NC | | | |
Frontier Communications Parent, Inc. | | | |
| | | |
United States (continued) | | | |
| | | |
Independent Bank Group, Inc. | | | |
| | | |
Lamb Weston Holdings, Inc. | | | |
OceanFirst Financial Corp. | | | |
Provident Financial Services, Inc. | | | |
| | | |
Sandy Spring Bancorp, Inc. | | | |
Simon Property Group, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
iShares iBoxx $ High Yield Corporate Bond ETF | | | |
iShares iBoxx $ Investment Grade Corporate Bond ETF | | | |
Vanguard Intermediate-Term Corporate Bond ETF | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Total Reference Entity — Short | | | |
Net Value of Reference Entity — JPMorgan Chase Bank N.A. | | |
Balances Reported in the Consolidated Statement of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written
| | | | | |
Centrally Cleared Swaps(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:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Assets — Derivative Financial Instruments | | | | | | | |
Futures contracts
Unrealized appreciation on futures contracts(a) | | | | | | | |
562024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Derivative Financial Instruments Categorized by Risk Exposure (continued)
| | | | Foreign Currency Exchange Contracts | | | |
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts | | | | | | | |
Options purchased
Investments at value — unaffiliated(b) | | | | | | | |
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a) | | | | | | | |
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid | | | | | | | |
| | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | |
Futures contracts
Unrealized depreciation on futures contracts(a) | | | | | | | |
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts | | | | | | | |
Options written
Options written at value | | | | | | | |
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a) | | | | | | | |
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received | | | | | | | |
| | | | | | | |
| 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). |
| Includes options purchased at value as reported in the Consolidated Schedule of Investments. |
For the period ended April 30, 2024, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Net Realized Gain (Loss) from: | | | | | | | |
| | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | |
| | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
| Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
Consolidated Schedule of Investments57
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| |
Average notional value of contracts — long | |
Average notional value of contracts — short | |
Forward foreign currency exchange contracts: | |
Average amounts purchased — in USD | |
Average amounts sold — in USD | |
| |
Average value of option contracts purchased | |
Average value of option contracts written | |
Average notional value of swaption contracts purchased | |
Average notional value of swaption contracts written | |
| |
Average notional value — buy protection | |
Average notional value — sell protection | |
| |
Average notional value — pays fixed rate | |
Average notional value — receives fixed rate | |
| |
Average notional value — receives fixed rate | |
| |
| |
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:
| | |
Derivative Financial Instruments | | |
| | |
Forward foreign currency exchange contracts | | |
| | |
Swaps — centrally cleared | | |
| | |
Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | |
Total derivative assets and liabilities subject to an MNA | | |
| 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. |
| 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:
| 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) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Credit Agricole Corporate and Investment Bank | | | | | |
| | | | | |
| | | | | |
Goldman Sachs International | | | | | |
| | | | | |
| | | | | |
Morgan Stanley & Co. International PLC | | | | | |
| | | | | |
582024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
| 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) |
| | | | | |
| | | | | |
State Street Bank and Trust Co. | | | | | |
The Bank of New York Mellon | | | | | |
| | | | | |
| | | | | |
| | | | | |
| Derivative
Liabilities
Subject to
an MNA by
Counterparty | Derivatives
Available
for Offset(a) | Non-Cash
Collateral
Pledged(b) | | Net Amount
of Derivative
Liabilities(c)(e) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Credit Agricole Corporate and Investment Bank | | | | | |
| | | | | |
| | | | | |
Goldman Sachs International | | | | | |
| | | | | |
| | | | | |
Morgan Stanley & Co. International PLC | | | | | |
| | | | | |
| | | | | |
| | | | | |
State Street Bank and Trust Co. | | | | | |
The Bank of New York Mellon | | | | | |
| | | | | |
| | | | | |
| The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| Net amount represents the net amount receivable from the counterparty in the event of default. |
| 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.
Consolidated Schedule of Investments59
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Fair Value Hierarchy as of Period End (continued)
| | | | |
Common Stocks (continued) | | | | |
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602024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Fair Value Hierarchy as of Period End (continued)
| | | | |
Corporate Bonds (continued) | | | | |
| | | | |
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| | | | |
| | | | |
Fixed Rate Loan Interests | | | | |
Floating Rate Loan Interests | | | | |
Foreign Agency Obligations | | | | |
| | | | |
| | | | |
| | | | |
Non-Agency Mortgage-Backed Securities | | | | |
| | | | |
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U.S. Government Sponsored Agency Securities | | | | |
U.S. Treasury Obligations | | | | |
| | | | |
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Consolidated Schedule of Investments61
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
Fair Value Hierarchy as of Period End (continued)
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
| | | | |
Foreign Currency Exchange Contracts | | | | |
| | | | |
| | | | |
| | | | |
Unfunded Floating Rate Loan Interests(a) | | | | |
| | | | |
Investments Valued at NAV(b) | | | | |
| | | | |
Derivative Financial Instruments(c) | | | | |
| | | | |
| | | | |
| | | | |
Foreign Currency Exchange Contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Foreign Currency Exchange Contracts | | | | |
| | | | |
| | | | |
| Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |
| Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| | | | | Floating
Rate Loan
Interests | Non-Agency
Mortgage-Backed
Securities |
| | | | | | |
Opening balance, as of April 30, 2023 | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Accrued discounts/premiums | | | | | | |
| | | | | | |
Net change in unrealized appreciation (depreciation)(b)(c) | | | | | | |
| | | | | | |
| | | | | | |
Closing balance, as of April 30, 2024 | | | | | | |
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2024(c) | | | | | | |
622024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
| | | | Unfunded
Floating
Rate Loan
Interests | | |
| | | | | | |
Opening balance, as of April 30, 2023 | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Accrued discounts/premiums | | | | | | |
| | | | | | |
Net change in unrealized appreciation (depreciation)(b)(c) | | | | | | |
| | | | | | |
| | | | | | |
Closing balance, as of April 30, 2024 | | | | | | |
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2024(c) | | | | | | |
| Certain Level 3 investments were re-classified between Common Stocks, Corporate Bonds, Fixed Rate Loan Interests, Floating Rate Loan Interests, Non-Agency Mortgage-Backed
Securities and Preferred Stocks. |
| Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations. |
| Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2024 is generally due to investments no longer held or categorized as Level 3 at period end. |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $134,692,058. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.
| | | | Range of
Unobservable
Inputs
| Weighted
Average of
Unobservable
Inputs Based
on Fair Value |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Non-Agency Mortgage-Backed Securities | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Floating Rate Loan Interests | | | | | |
| | | | | |
| | | | | |
Fixed Rate Loan Interests | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Consolidated Schedule of Investments63
Consolidated Schedule of Investments (continued)April 30, 2024
BlackRock Global Allocation Fund, Inc.
| | | | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value |
| | | | | |
| | | | | |
| | | Market Adjustment Multiple | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
| For the period end April 30, 2024, the valuation technique for certain investments classified as Preferred Stock used recent prior transaction prices as inputs within the model used for the approximation of fair value. |
See notes to consolidated financial statements.
642024 BlackRock Annual Report to Shareholders
Consolidated Statement of Assets and LiabilitiesApril 30, 2024
| BlackRock Global
Allocation Fund, Inc. |
| |
Investments, at value — unaffiliated(a)(b) | |
Investments, at value — affiliated(c) | |
| |
Cash held for investments sold short | |
| |
Collateral — OTC derivatives | |
| |
| |
Foreign currency, at value(d) | |
| |
| |
| |
Securities lending income — affiliated | |
| |
| |
| |
| |
| |
Variation margin on futures contracts | |
| |
Unrealized appreciation on: | |
Forward foreign currency exchange contracts | |
| |
| |
| |
| |
Cash received as collateral for OTC derivatives | |
Collateral on securities loaned | |
Options written, at value(e) | |
| |
| |
| |
| |
| |
| |
Deferred foreign capital gain tax | |
| |
Directors’ and Officer’s fees | |
| |
| |
| |
| |
Service and distribution fees | |
| |
Variation margin on futures contracts | |
Variation margin on centrally cleared swaps | |
| |
Unrealized depreciation on: | |
Forward foreign currency exchange contracts | |
Consolidated Financial Statements65
Consolidated Statement of Assets and Liabilities (continued)April 30, 2024 | BlackRock Global Allocation Fund, Inc. |
| |
Unfunded floating rate loan interests | |
| |
Commitments and contingent liabilities | |
| |
| |
| |
| |
| |
(a)Investments, at cost—unaffiliated | |
(b)Securities loaned, at value | |
(c)Investments, at cost—affiliated | |
(d)Foreign currency, at cost | |
| |
662024 BlackRock Annual Report to Shareholders
Consolidated Statement of Assets and Liabilities (continued)April 30, 2024
| BlackRock Global
Allocation Fund, Inc. |
| |
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See notes to consolidated financial statements.
Consolidated Financial Statements67
Consolidated Statement of OperationsYear Ended April 30, 2024
| BlackRock Global
Allocation Fund, Inc. |
| |
| |
| |
| |
Securities lending income — affiliated — net | |
Other income — unaffiliated | |
| |
| |
| |
| |
Service and distribution — class specific | |
Transfer agent — class specific | |
| |
| |
| |
| |
| |
| |
| |
Total expenses excluding dividend expense and interest expense | |
Dividends expense — unaffiliated | |
Interest expense — unaffiliated | |
| |
| |
Fees waived and/or reimbursed by the Manager | |
Total expenses after fees waived and/or reimbursed | |
| |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments — unaffiliated(a) | |
| |
Forward foreign currency exchange contracts | |
Foreign currency transactions | |
| |
| |
Short sales — unaffiliated | |
| |
| |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated(b) | |
| |
Forward foreign currency exchange contracts | |
Foreign currency translations | |
| |
| |
Short sales — unaffiliated | |
| |
Unfunded floating rate loan interests | |
| |
Net realized and unrealized gain | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | |
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of | |
(b) Net of increase in deferred foreign capital gain tax of | |
See notes to consolidated financial statements.
682024 BlackRock Annual Report to Shareholders
Consolidated Statements of Changes in Net Assets
| BlackRock Global Allocation Fund, Inc. |
| | |
|
INCREASE (DECREASE) IN NET ASSETS | | |
| | |
| | |
| | |
Net change in unrealized appreciation (depreciation) | | |
Net increase (decrease) in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | |
| | |
| | |
| | |
| | |
| | |
Decrease in net assets resulting from distributions to shareholders | | |
CAPITAL SHARE TRANSACTIONS | | |
Net decrease in net assets derived from capital share transactions | | |
| | |
Total decrease in net assets | | |
| | |
| | |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to consolidated financial statements.
Consolidated Financial Statements69
Consolidated Financial Highlights(For a share outstanding throughout each period)
| BlackRock Global Allocation Fund, Inc. |
| |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Net asset value, beginning of period | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Net increase (decrease) from investment operations | | | | | | |
| | | | | | |
From net investment income | | | | | | |
| | | | | | |
| | | | | | |
Net asset value, end of period | | | | | | |
| | | | | | |
| | | | | | |
Ratios to Average Net Assets(g) | | | | | | |
| | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | | | | | | |
| | | | | | |
| | | | | | |
Net assets, end of period (000) | | | | | | |
Portfolio turnover rate(i)(j) | | | | | | |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| Amount is greater than $(0.005) per share. |
| Where applicable, assumes the reinvestment of distributions. |
| |
| Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
| Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Portfolio turnover rate (excluding MDRs) | | | | | | |
| Excludes underlying investments in total return swaps. |
See notes to consolidated financial statements.
702024 BlackRock Annual Report to Shareholders
Consolidated Financial Highlights (continued)(For a share outstanding throughout each period)
| BlackRock Global Allocation Fund, Inc. (continued) |
| |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Net asset value, beginning of period | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Net increase (decrease) from investment operations | | | | | | |
| | | | | | |
From net investment income | | | | | | |
| | | | | | |
| | | | | | |
Net asset value, end of period | | | | | | |
| | | | | | |
| | | | | | |
Ratios to Average Net Assets(g) | | | | | | |
| | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | | | | | | |
| | | | | | |
| | | | | | |
Net assets, end of period (000) | | | | | | |
Portfolio turnover rate(i)(j) | | | | | | |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| Amount is greater than $(0.005) per share. |
| Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| |
| Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
| Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Portfolio turnover rate (excluding MDRs) | | | | | | |
| Excludes underlying investments in total return swaps. |
See notes to consolidated financial statements.
Consolidated Financial Highlights71
Consolidated Financial Highlights (continued)(For a share outstanding throughout each period)
| BlackRock Global Allocation Fund, Inc. (continued) |
| |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Net asset value, beginning of period | | | | | | |
Net investment income (loss)(a) | | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Net increase (decrease) from investment operations | | | | | | |
| | | | | | |
From net investment income | | | | | | |
| | | | | | |
| | | | | | |
Net asset value, end of period | | | | | | |
| | | | | | |
| | | | | | |
Ratios to Average Net Assets(g) | | | | | | |
| | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | | | | | | |
Net investment income (loss) | | | | | | |
| | | | | | |
Net assets, end of period (000) | | | | | | |
Portfolio turnover rate(i)(j) | | | | | | |
| Based on average shares outstanding. |
| Amount is greater than $(0.005) per share. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| |
| Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
| Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Portfolio turnover rate (excluding MDRs) | | | | | | |
| Excludes underlying investments in total return swaps. |
See notes to consolidated financial statements.
722024 BlackRock Annual Report to Shareholders
Consolidated Financial Highlights (continued)(For a share outstanding throughout each period)
| BlackRock Global Allocation Fund, Inc. (continued) |
| |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Net asset value, beginning of period | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Net increase (decrease) from investment operations | | | | | | |
| | | | | | |
From net investment income | | | | | | |
| | | | | | |
| | | | | | |
Net asset value, end of period | | | | | | |
| | | | | | |
| | | | | | |
Ratios to Average Net Assets(g) | | | | | | |
| | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | | | | | | |
| | | | | | |
| | | | | | |
Net assets, end of period (000) | | | | | | |
Portfolio turnover rate(i)(j) | | | | | | |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| Amount is greater than $(0.005) per share. |
| Where applicable, assumes the reinvestment of distributions. |
| |
| Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
| Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Portfolio turnover rate (excluding MDRs) | | | | | | |
| Excludes underlying investments in total return swaps. |
See notes to consolidated financial statements.
Consolidated Financial Highlights73
Consolidated Financial Highlights (continued)(For a share outstanding throughout each period)
| BlackRock Global Allocation Fund, Inc. (continued) |
| |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Net asset value, beginning of period | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Net increase (decrease) from investment operations | | | | | | |
| | | | | | |
From net investment income | | | | | | |
| | | | | | |
| | | | | | |
Net asset value, end of period | | | | | | |
| | | | | | |
| | | | | | |
Ratios to Average Net Assets(g) | | | | | | |
| | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding dividend expense and professional fees for foreign withholding tax claims | | | | | | |
| | | | | | |
| | | | | | |
Net assets, end of period (000) | | | | | | |
Portfolio turnover rate(i)(j) | | | | | | |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| Amount is greater than $(0.005) per share. |
| Where applicable, assumes the reinvestment of distributions. |
| |
| Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| |
| Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| | | | Period from
11/01/20
to 04/30/21 | | |
|
Portfolio turnover rate (excluding MDRs) | | | | | | |
| Excludes underlying investments in total return swaps. |
See notes to consolidated financial statements.
742024 BlackRock Annual Report to Shareholders
Notes to Consolidated Financial Statements
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).
| | | |
Institutional, Class K and Class R Shares | | | |
| | | |
| | | To Investor A Shares after approximately 8 years |
| 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. |
| A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. |
The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the account of BlackRock Cayman Global Allocation Fund I, Ltd. (the “Cayman Subsidiary”), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $105,880,318, which is 0.6% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.
The accompanying consolidated financial statements of the Fund include the account of BlackRock Global Allocation Fund Subsidiary LLC (the “Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of the Fund. The Taxable Subsidiary enables the Fund to hold certain pass-through investments and satisfy regulated Investment Company tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for the Fund. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for the Fund. Taxes payable or deferred as of April 30, 2024, if any, are disclosed in the Consolidated Statement of Assets and Liabilities. The Fund may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $10,645,323, which is 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to the Fund.
2.
SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market
Notes to Consolidated Financial Statements75
Notes to Consolidated Financial Statements (continued)
prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2024, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.
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.
Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Fund are recorded on the ex-dividend dates. Distributions from net investment income are declared and paid annually. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Consolidated Statement of Operations.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the consolidated financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Fund (the “Board”) has approved the designation of the Fund’s Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
•Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.
•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a
762024 BlackRock Annual Report to Shareholders
Notes to Consolidated Financial Statements (continued)
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.
•Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.
•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.
•Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.
| Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services |
| | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
| | recapitalizations and other transactions across the capital structure; and |
| | market multiples of comparable issuers. |
| | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
| | quoted prices for similar investments or assets in active markets; and |
| | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
| | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
| | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; |
| | relevant news and other public sources; and |
| | 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 involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
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.
Notes to Consolidated Financial Statements77
Notes to Consolidated Financial Statements (continued)
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;
•Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
•Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
As of April 30, 2024, certain investments of the Fund were fair valued using NAV as a practical expedient (or its equivalent) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is
782024 BlackRock Annual Report to Shareholders
Notes to Consolidated Financial Statements (continued)
lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower 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:
| | | | | Unrealized
Appreciation
(Depreciation) |
BlackRock Global Allocation Fund, Inc. | | | | | |
Notes to Consolidated Financial Statements79
Notes to Consolidated Financial Statements (continued)
| | | | | Unrealized Appreciation (Depreciation) |
BlackRock Global Allocation Fund, Inc. (continued) | | | | | |
| | | | | |
| Starwood Property Trust, Inc. | | | | |
| | | | | |
Forward Commitments, When-Issued and Delayed Delivery Securities: The Fund may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Fund may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations.
Mortgage Dollar Roll Transactions: The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Commitments: Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of April 30, 2024, the Fund had outstanding commitments of $27,077,753. These commitments are not included in the net assets of the Fund as of April 30, 2024.
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 related collateral, if any, are shown separately in the Consolidated Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in
802024 BlackRock Annual Report to Shareholders
Notes to Consolidated Financial Statements (continued)
connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Fund’s securities on loan by counterparty which are subject to offset under an MSLA:
| Securities
Loaned at Value | | Non-Cash Collateral
Received, at Fair Value(a) | |
| | | | |
Citigroup Global Markets, Inc. | | | | |
| | | | |
J.P. Morgan Securities LLC | | | | |
| | | | |
| | | | |
State Street Bank & Trust Co. | | | | |
| | | | |
| | | | |
| Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Consolidated Statement of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedule of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk), foreign currencies (foreign currency exchange rate risk) or bitcoin (commodity risk).
Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. The Fund may invest in cash-settled bitcoin futures that are traded on commodity exchanges registered with the Commodity Futures Trading Commission. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Consolidated Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC
Notes to Consolidated Financial Statements81
Notes to Consolidated Financial Statements (continued)
derivatives in the Consolidated Statement of Assets and Liabilities. The Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Options: The Fund may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
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 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.
822024 BlackRock Annual Report to Shareholders
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.
•Forward swaps — The Fund may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.
•Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the
Notes to Consolidated Financial Statements83
Notes to Consolidated Financial Statements (continued)
Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Fund entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.
For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 0.75% of the average daily value of the Fund’s net assets.
The Manager provides investment management and other services to the Cayman Subsidiary and Taxable Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiary and Taxable Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund’s net assets, which includes the assets of the Cayman Subsidiary and Taxable Subsidiary.
The Manager entered into separate sub-advisory agreements with each of BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of the Fund for which BIL and BSL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.
Service and Distribution Fees: The Fund entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:
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, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:
| | | | |
Service and distribution fees — class specific | | | | |
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, 2024, the Fund did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended April 30, 2024, 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:
For the year ended April 30, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:
| | | | | | |
Transfer agent fees — class specific | | | | | | |
Other Fees: For the year ended April 30, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $48,276.
842024 BlackRock Annual Report to Shareholders
Notes to Consolidated Financial Statements (continued)
For the year ended April 30, 2024, affiliates received CDSCs as follows:
| | |
BlackRock Global Allocation Fund, Inc. | | |
Expense Waivers and Reimbursements: The Manager contractually agreed to waive a portion of its investment advisory fees payable by the Fund through June 30, 2025, so that the Manager receives such fee as a percentage of average daily net assets of the Fund as follows:
| |
| |
$10 billion — $15 billion | |
$15 billion — $20 billion | |
$20 billion — $25 billion | |
$25 billion — $30 billion | |
$30 billion — $40 billion | |
$40 billion — $60 billion | |
$60 billion — $80 billion | |
| |
The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the year ended April 30, 2024, the Manager waived $4,753,530 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, 2025. 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, 2024, the amount waived was $565,896.
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, 2025. 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, 2024, the Manager waived $695,865 in investment advisory fees pursuant to this arrangement.
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee, is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral, (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 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, 2024, the Fund paid BIM $215,150 for securities lending agent services.
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency
Notes to Consolidated Financial Statements85
Notes to Consolidated Financial Statements (continued)
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, 2024, 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.
For the year ended April 30, 2024, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls, excluding short-term securities, were as follows:
| U.S. Government Securities | |
| | | | |
BlackRock Global Allocation Fund, Inc. | | | | |
For the year ended April 30, 2024, purchases and sales related to mortgage dollar rolls were $7,132,034,230 and $7,126,718,413, respectively.
It is the Fund’ s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’ s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2024, 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 nondeductible expenses and income recognized from the Fund’s wholly owned subsidiary were reclassified to the following accounts:
| | Accumulated
Earnings (Loss) |
BlackRock Global Allocation Fund, Inc. | | |
The tax character of distributions paid was as follows:
| | |
BlackRock Global Allocation Fund, Inc. | | |
| | |
| | |
| | |
As of April 30, 2024, the tax components of accumulated earnings (loss) were as follows:
| Undistributed
Ordinary Income | | | |
BlackRock Global Allocation Fund, Inc. | | | | |
| The difference between basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion methods of premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income, the accounting for swap agreements, the characterization of corporate actions, the classification of investments and the realization for tax purposes of unrealized gains on constructive sales. |
| The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year. |
During the year ended April 30, 2024, the Fund utilized the following amount of its capital loss carryforward:
| |
BlackRock Global Allocation Fund, Inc. | |
862024 BlackRock Annual Report to Shareholders
Notes to Consolidated Financial Statements (continued)
As of April 30, 2024, 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:
| | Gross Unrealized
Appreciation | Gross Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
BlackRock Global Allocation Fund, Inc. | | | | |
The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple 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 2025 unless extended or renewed. Prior to April 11, 2024, the aggregate commitment amount was $2.50 billion. 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, 2024, the Fund did not borrow under the credit agreement.
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 discretionary liquidity fees under certain circumstances.
Market Risk: The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.
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.
Notes to Consolidated Financial Statements87
Notes to Consolidated Financial Statements (continued)
For OTC options purchased, the Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Fund should the counterparty fail to perform under the contracts. Options written by the Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty, to perform. The Fund may be exposed to counterparty credit risk with respect to options written to the extent the Fund deposits collateral with its counterparty to a written option.
With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Consolidated Schedule of Investments.
The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Fund’s performance.
The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11.
CAPITAL SHARE TRANSACTIONS
Transactions in capital shares for each class were as follows:
| | |
| | | | |
BlackRock Global Allocation Fund, Inc. | | | | |
| | | | |
| | | | |
Shares issued in reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
Shares sold and automatic conversion of shares | | | | |
Shares issued in reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Shares issued in reinvestment of distributions | | | | |
Shares redeemed and automatic conversion of shares | | | | |
| | | | |
882024 BlackRock Annual Report to Shareholders
Notes to Consolidated Financial Statements (continued)
| | |
Fund Name / Share Class (continued) | | | | |
BlackRock Global Allocation Fund, Inc. (continued) | | | | |
| | | | |
| | | | |
Shares issued in reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Shares issued in reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
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.
Notes to Consolidated Financial Statements89
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, 2024, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the three years in the period then ended, for the period from November 1, 2020 through April 30, 2021, and for each of the two 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, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, for the period from November 1, 2020 through April 30, 2021, and for each of the two 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, 2024, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
June 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 1992.
902024 BlackRock Annual Report to Shareholders
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, 2024:
| |
BlackRock Global Allocation Fund, Inc. | |
The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2024:
| |
BlackRock Global Allocation Fund, Inc. | |
The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended April 30, 2024:
| Federal Obligation
Interest |
BlackRock Global Allocation Fund, Inc. | |
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2024 qualified for the dividends-received deduction for corporate shareholders:
| Dividends-Received
Deduction |
BlackRock Global Allocation Fund, Inc. | |
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, 2024:
| |
BlackRock Global Allocation Fund, Inc. | |
The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2024:
| Interest-
Related
Dividends |
BlackRock Global Allocation Fund, Inc. | |
Important Tax Information91
Disclosure of Investment Sub-Advisory Agreement
The Board of Directors (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Global Allocation Fund, Inc. (the “Fund”) met on March 5-7, 2024 (the “Meeting”) to consider the initial approval of the proposed sub-advisory agreement (the “Sub-Advisory Agreement”) between BlackRock Advisors, LLC (the “Manager”), the Fund’s investment advisor, and BlackRock International Limited (the “Sub-Advisor”).
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), at the Meeting, the Board reviewed materials relating to its consideration of the Sub-Advisory Agreement. The Board Members who are not “interested persons” of the Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board previously met on May 23-24, 2023 (the “May 2023 Meeting”) to consider the approval of the continuation of the Fund’s investment advisory agreement (the “Advisory Agreement”) between the Fund and the Manager. At the May 2023 Meeting, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement for a one-year term ending June 30, 2024. A discussion of the basis for the Board’s approval of the Advisory Agreement at the May 2023 Meeting is included in the semi-annual shareholder report for the Fund for the period ended October 31, 2023. The factors considered by the Board at the Meeting in connection with the approval of the proposed Sub-Advisory Agreement were substantially the same as the factors considered at the May 2023 Meeting with respect to approval of the Advisory Agreement.
Following discussion, the Board, including the Independent Board Members, unanimously approved the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Sub-Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.
922024 BlackRock 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 16-17, 2023 (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, 2022 through September 30, 2023 (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. A fund’s 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 utilized for liquidity classifications. 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, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, 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 classification 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 Program93
Director and Officer Information
|
| | Principal Occupation(s) During Past 5 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 5 Years |
| 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. | 28 RICs consisting of 164 Portfolios | |
| | 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 from 2018 to 2022; Advisory Board Member, Bridges Fund Management from 2016 to 2018; 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; Member of the President’s Counsel, Commonfund since 2023. | 28 RICs consisting of 164 Portfolios | |
| | Senior advisor, Insignia since 2024; Chief Investment Officer, Williams College from 2006 to 2023; 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. | 28 RICs consisting of 164 Portfolios | |
| | 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. | 28 RICs consisting of 164 Portfolios | |
| | Director, Pioneer Public Interest Law Center since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; 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. | 28 RICs consisting of 164 Portfolios | |
942024 BlackRock Annual Report to Shareholders
Director and Officer Information (continued)
Independent Directors(a) (continued) |
| Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 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 5 Years |
| | Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022. | 28 RICs consisting of 164 Portfolios | GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021. |
Cynthia A. Montgomery
1952 | | Professor, Harvard Business School since 1989. | 28 RICs consisting of 164 Portfolios | |
| | Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and Trustee thereof since 2020; 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; Member of Affordable Housing Supply Board of Jackson, Wyoming from 2017 to 2022; Member, Investment Funds Committee, State of Wyoming from 2017 to 2023; 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. | 28 RICs consisting of 164 Portfolios | |
| | 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 2001, Emeritus since 2022; 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. | 28 RICs consisting of 164 Portfolios | |
| | Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022. | 28 RICs consisting of 164 Portfolios | |
Director and Officer Information95
Director and Officer Information (continued)
Interested Directors(a)(d) |
| | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised
(“RICs”) Consisting of Investment
Portfolios (“Portfolios”) Overseen | Public Company and Other
Investment Company
Directorships Held During
Past 5 Years |
| | 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. | 96 RICs consisting of 266 Portfolios | |
| 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. | 98 RICs consisting of 268 Portfolios | |
| The address of each Director is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
| 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. |
| 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; Mark Stalnecker, 2015; Kenneth L. Urish, 1999; Claire A. Walton, 2016. |
| Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Fund 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. |
| Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
962024 BlackRock Annual Report to Shareholders
Director and Officer Information (continued)
Officers Who Are Not Directors(a) |
| Position(s) Held
(Length of Service) | Principal Occupation(s) During Past 5 Years |
| Vice President
(Since 2014) | Managing Director of BlackRock, Inc. since 2016. |
| Chief Financial Officer
(Since 2021) | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019. |
| | Managing Director of BlackRock, Inc. since 2007. |
| Chief Compliance Officer
(Since 2023) | Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023. |
| 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 BlackRock, Inc. since 2018. |
| The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
| 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 July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Fund. |
Effective June 1, 2024, Lori Richards was appointed as a Director of the Fund. |
Director and Officer Information97
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Fund.
General Information
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this report.
Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.
Availability of Quarterly Schedule of Investments
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
982024 BlackRock Annual Report to Shareholders
Additional Information (continued)
BlackRock Privacy Principles (continued)
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
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
Accounting Agent
State Street Bank and Trust Company
Boston, MA 02114
Custodian
Brown Brothers Harriman & Co.
Boston, MA 02109
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Fund
100 Bellevue Parkway
Wilmington, DE 19809
Glossary of Terms Used in this Report
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| American Depositary Receipt |
| |
| Overnight Brazil Interbank Deposit (CETIP) |
| Certificate of Deposit Rate |
| Collateralized Loan Obligation |
| Constant Maturity Treasury |
| Columbia Overnight Interbank Reference Rate |
| Designated Activity Company |
| |
| |
| Euro Interbank Offered Rate |
| Financial Times Stock Exchange |
| |
| Johannesburg Interbank Average Rate |
| |
| London Interbank Offered Rate |
| |
| Mumbai InterBank Overnight Rate |
| Morgan Stanley Capital International |
| Mexico Interbank TIIE 28-Day |
| Non-Voting Depositary Receipt |
| |
| |
| Private Investment in Public Equity |
| Public Joint Stock Company |
| |
| Real Estate Investment Trust |
| Real Estate Mortgage Investment Conduit |
| |
| Societe en Commandite par Actions |
| Secured Overnight Financing Rate |
| Sterling Overnight Interbank Average Rate |
| Standard & Poor’s Depository Receipt |
| |
| Structured Agency Credit Risk |
| Warsaw Interbank Offered Rate |
1002024 BlackRock Annual Report to Shareholders
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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.
(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. | | $83,130 | | $83,130 | | $407 | | $44 | | $28,960 | | $34,400 | | $0 | | $218 |
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
2
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
| | | | |
| | | Current Fiscal Year End | | Previous Fiscal Year End |
(b) Audit-Related Fees1 | | $0 | | $0 |
(c) Tax Fees2 | | $0 | | $0 |
(d) All Other Fees3 | | $2,149,000 | | $2,154,000 |
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 $2,149,000 and $2,154,000 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,”
3
“Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
| | | | |
| Entity Name | | Current Fiscal Year
End | | Previous Fiscal
Year End |
| BlackRock Global Allocation Fund, Inc. | | $29,367 | | $34,662 |
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 |
$2,149,000 | | $2,154,000 |
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 |
(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 |
4
| Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
| Item 11 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
| Item 13 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
| Item 14 – | Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
5
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Global Allocation Fund, Inc.
| | | | |
| | By: | | /s/ John M. Perlowski |
| | | | John M. Perlowski |
| | | | Chief Executive Officer (principal executive officer) of |
| | | | BlackRock Global Allocation Fund, Inc. |
Date: June 24, 2024
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 24, 2024
| | | | |
| | By: | | /s/ Trent Walker |
| | | | Trent Walker |
| | | | Chief Financial Officer (principal financial officer) of |
| | | | BlackRock Global Allocation Fund, Inc. |
Date: June 24, 2024
6
