N-CSRS 1 e64067ncsrs.htm FORM N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

 

Investment Company Act file number: 811-05576

 

Name of Fund: BlackRock Global Allocation Fund, Inc.

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Global Allocation Fund, Inc., 55 East 52nd Street, New York, NY 10055

 

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

 

Date of fiscal year end: 10/31/2015

 

Date of reporting period: 04/30/2015

 

Item 1 – Report to Stockholders

 
 

APRIL 30, 2015

SEMI-ANNUAL REPORT (UNAUDITED)  

BlackRock Global Allocation Fund, Inc.

Not FDIC Insured • May Lose Value • No Bank Guarantee
 
  

Table of Contents

Page
The Markets in Review
           3
Semi-Annual Report:
               
Fund Summary
           4
About Fund Performance
           6
Disclosure of Expenses
           6
Portfolio Information
           7
Derivative Financial Instruments
           8
Financial Statements:
               
Consolidated Schedule of Investments
           9
Consolidated Statement of Assets and Liabilities
           30
Consolidated Statement of Operations
           31
Consolidated Statements of Changes in Net Assets
           32
Consolidated Financial Highlights
           33
Notes to Consolidated Financial Statements
           38
Officers and Directors
           53
Additional Information
           54

    
2 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
The Markets in Review   

Dear Shareholder,

Financial market performance was generally positive for the 6- and 12-month periods ended April 30, 2015, although volatility increased from the remarkably low levels seen in recent years. In 2014, as the U.S. Federal Reserve (the “Fed”) gradually reduced its bond buying program (which ultimately ended in October), U.S. interest rates surprisingly trended lower and stock prices forged ahead despite high valuations on the back of a multi-year bull market.

Around mid-year, however, geopolitical tensions intensified in Ukraine and the Middle East and oil prices became highly volatile, stoking worries about economic growth outside the United States. As the U.S. economy continued to post stronger data, investors grew concerned that the Fed would raise short-term rates sooner than previously anticipated. The U.S. dollar appreciated and global credit markets tightened, ultimately putting a strain on investor flows, and financial markets broadly weakened in the third quarter.

U.S. economic growth picked up considerably in the fourth quarter while the broader global economy showed signs of slowing. U.S. markets significantly outperformed international markets during this period even as the European Central Bank (“ECB”) and the Bank of Japan eased monetary policy, which drove further strengthening in the U.S. dollar. Oil prices plummeted due to a global supply-and-demand imbalance, sparking a selloff in energy-related assets and stress in emerging markets. Fixed income investors piled into U.S. Treasuries as their persistently low yields became attractive as compared to international sovereign debt.

Equity markets reversed in 2015, with U.S. stocks underperforming international markets. Investors had held high expectations for the U.S. economy, but after a harsh winter, first-quarter data disappointed and high valuations took their toll on U.S. stocks. The continued appreciation of the dollar was an additional headwind for exporters. Although U.S. economic momentum had broadly weakened, the labor market — a key determinant for the Fed’s decision on the future of interest rate policy — showed improvement, keeping investors on edge about when to expect the first rate hike.

In contrast, economic reports in Europe and Asia easily beat investors’ very low expectations, and accommodative policies from central banks in those regions helped international equities rebound. The ECB’s asset purchase program was the largest in scale and effect on the markets. Global sentiment improved with a ceasefire in Ukraine and an improving outlook for Greece’s continued membership in the eurozone. Emerging market stocks rebounded in April as oil prices appeared to stabilize.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

 

Rob Kapito
President, BlackRock Advisors, LLC




 

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of April 30, 2015

         6-month      12-month
U.S. large cap equities
(S&P 500® Index)
           4.40 %           12.98 %  
U.S. small cap equities
(Russell 2000® Index)
           4.65            9.71   
International equities
(MSCI Europe, Australasia, Far East Index)
           6.81            1.66   
Emerging market equities
(MSCI Emerging Markets Index)
           3.92            7.80   
3-month Treasury bill
(BofA Merrill Lynch
3-Month U.S.
Treasury Bill Index)
           0.01            0.02   
U.S. Treasury securities
(BofA Merrill Lynch
10-Year U.S. Treasury Index)
           3.59            8.03   
U.S. investment
grade bonds (Barclays
U.S. Aggregate
Bond Index)
           2.06            4.46   
Tax-exempt municipal
bonds (S&P Municipal
Bond Index)
           1.27            4.86   
U.S. high yield
bonds (Barclays U.S.
Corporate High
Yield 2% Issuer
Capped Index)
           1.52            2.59   

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


THIS PAGE NOT PART OF YOUR FUND REPORT   3
 
 
  
Fund Summary as of April 30, 2015  

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

•    For the six-month period ended April 30, 2015, the Fund outperformed its reference benchmark, which is comprised of the S&P 500® Index (36%), FTSE World (ex U.S.) Index (24%), BofA Merrill Lynch Current 5-Year U.S. Treasury Index (24%) and Citigroup Non-U.S. Dollar World Government Bond Index (16%) (the “Reference Benchmark”). For the same period, the Fund underperformed the broad-based all-equity benchmark, the FTSE World Index. The Fund invests in both equities and bonds; therefore, the Reference Benchmark provides a truer representation of the Fund’s composition and a more comparable means for measurement. The following discussion of relative performance pertains to the Reference Benchmark. The commentary (and referenced allocation percentages) are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps, options and convertible bonds, and may vary relative to the market value.

What factors influenced performance?

•    Within equities, an overweight position in Japan as well as stock selection and an underweight position in the United States contributed to performance. With respect to sectors, stock selection in information technology (“IT”) and industrials added to returns. Stock selection within the energy sector was also additive, although this was partially offset by an overweight position in the energy sector that detracted from returns. An underweight position in fixed income (relative to the Reference Benchmark) contributed positively to performance. From a currency perspective, an overweight position in the U.S. dollar positively impacted performance. Allocation to cash equivalents negatively impacted performance.

Describe recent portfolio activity.

•    During the six-month period, the Fund’s overall equity allocation increased from 62% to 63% of net assets. Within equities, the Fund increased exposure to Asia, notably Japan, and reduced exposure to Europe, notably in Germany and France, and to the United States. On a sector basis, the Fund increased exposures to IT and materials and reduced exposures to financials, health care, energy, utilities, consumer discretionary and industrials. The Fund’s allocation to fixed income
    finished the period essentially unchanged at 22% of net assets. Within fixed income, the Fund increased exposure to corporate debt and reduced exposure to government bonds. With respect to government bonds, the Fund decreased exposure to U.S. Treasuries as well as exposure to Australian and Brazilian sovereign bonds, and increased exposure to European sovereign debt. The Fund’s exposure to commodity-related securities remained essentially unchanged at 1% of net assets.
•    Reflecting the changes in the Fund’s overall allocations to the equity, fixed income and commodity-related asset classes during the period, the Fund’s exposure to cash and cash equivalent holdings decreased from 15% to 14% of net assets. During the six-month period, cash helped mitigate portfolio volatility and served as a source of funds for new investments. In addition, the Fund’s cash position helped keep overall portfolio duration (sensitivity to interest rate movements) relatively low.

Describe portfolio positioning at period end.

•    Relative to its Reference Benchmark, the Fund ended the period overweight in equities, significantly underweight in fixed income, overweight in commodity-related assets and overweight in cash and cash equivalents. Within the equity segment, the Fund was overweight in Japan and Europe and underweight in the United States. Within Europe, the Fund was overweight in France and the Netherlands, and underweight in the United Kingdom. From a sector perspective, the Fund was overweight in health care, industrials, materials and energy, and underweight in consumer staples, financials, consumer discretionary and IT. Within fixed income, the Fund was underweight in U.S. Treasuries, European sovereign debt and Japanese government bonds, and overweight in government bonds in Mexico, Brazil and Australia. In addition, the Fund was overweight in corporate debt.
•    With respect to currency exposure, the Fund was overweight in the U.S. dollar, Mexican peso, Hong Kong dollar, Singapore dollar, Indian rupee and the Brazilian real. The Fund was underweight in the euro, Japanese yen, Canadian dollar, Australian dollar, British pound and the Korean won.


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

4 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
    

Total Return Based on a $10,000 Investment



 

1   Assuming maximum sales charges, if any, transaction costs and other operating expenses, including advisory fees. Institutional Shares do not have a sales charge.
2   The Fund invests in a portfolio of 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.
3   This unmanaged capitalization-weighted index is comprised of 2,531 equities from 35 countries in 4 regions, including the United States.
4   The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% S&P 500® Index; 24% FTSE World (ex U.S.) Index; 24% BofA Merrill Lynch Current 5-Year U.S. Treasury Index; and 16% Citigroup Non-U.S. Dollar World Government Bond Index. Descriptions of these indexes can be found in the footnotes below.

Performance Summary for the Period Ended April 30, 2015

        Average Annual Total Returns5
 
        1 Year
   5 Years
   10 Years
 



 
6-Month
Total Returns

  
w/o sales
charge

 
w/sales
charge

 
w/o sales
charge

 
w/sales
charge

 
w/o sales
charge

 
w/sales
charge

Institutional
        4.39 %        6.04     N/A       7.06     N/A       7.80     N/A  
Investor A
        4.25       5.77       0.22     6.78       5.63     7.52       6.94
Investor B
        3.82       4.98       0.66       5.92       5.60       6.83       6.83  
Investor C
        3.84       5.00       4.05       5.98       5.98       6.70       6.70  
Class R
        4.04       5.39       N/A       6.40       N/A       7.16       N/A  
FTSE World Index
        4.97       7.42       N/A       10.36       N/A       7.62       N/A  
Reference Benchmark
        2.63       4.33       N/A       7.96       N/A       6.50       N/A  
U.S. Stocks: S&P 500® Index6
        4.40       12.98       N/A       14.33       N/A       8.32       N/A  
Non-U.S. Stocks: FTSE World (ex U.S.) Index7
        5.46       1.91       N/A       6.75       N/A       6.74       N/A  
U.S. Bonds: BofA Merrill Lynch Current
5-Year U.S. Treasury Index8
        1.79       3.35       N/A       3.47       N/A       4.43       N/A  
Non-U.S. Bonds: Citigroup Non-U.S. Dollar
World Government Bond Index9
        (4.67     (9.32     N/A       0.93       N/A       2.55       N/A  
                                                               
5   Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 6 for a detailed description of share classes, including any related sales charges and fees.
6   This unmanaged index covers 500 leading companies and captures approximately 80% coverage of available market capitalization.
7   This unmanaged capitalization-weighted index is comprised of 1,887 equities in 34 countries, excluding the United States.
8   This unmanaged index is designed to track the total return of the current coupon five-year U.S. Treasury bond.
9   This unmanaged market capitalization-weighted index tracks 22 government bond indexes, excluding the United States.

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

Past performance is not indicative of future results.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 5
 
  
About Fund Performance    
   
•    Institutional Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to eligible investors.
•    Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase.
•    Investor B Shares are subject to a maximum CDSC of 4.50% declining to 0% after six years. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares automatically convert to Investor A Shares after approximately eight years. (There is no initial sales charge for automatic share conversions.) All returns for periods greater than eight years reflect this conversion. These shares are only available through exchanges and dividend reinvestment by existing shareholders or for purchase by certain employer-sponsored retirement plans.
•    Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year.

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

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer to www.blackrock.com/funds to obtain performance data current to the most recent month end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance table on the previous page assume reinvestment of all dividends and capital gain distributions, if any, at net asset value (“NAV”) on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Dividends 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. The Fund’s investment advisor waived a portion of its fee. Without such waiver, the Fund’s returns would have been lower.


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 below (which is based on a hypothetical investment of $1,000 invested on November 1, 2014 and held through April 30, 2015) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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



Expense Example

   Actual  Hypothetical2   
   Beginning
Account Value
November 1, 2014
  Ending
Account Value
April 30, 2015
  Expenses Paid
During the Period1
  Beginning
Account Value
November 1, 2014
  Ending
Account Value
April 30, 2015
  Expenses Paid
During the Period1
  Annualized
Expense Ratio
Institutional  $1,000.00  $1,043.90  $3.95  $1,000.00  $1,020.93  $3.91  0.78%
Investor A  $1,000.00  $1,042.50  $5.37  $1,000.00  $1,019.54  $5.31  1.06%
Investor B  $1,000.00  $1,038.20  $9.30  $1,000.00  $1,015.67  $9.20  1.84%
Investor C  $1,000.00  $1,038.40  $9.10  $1,000.00  $1,015.87  $9.00  1.80%
Class R  $1,000.00  $1,040.40  $7.08  $1,000.00  $1,017.85  $7.00  1.40%
1   For each class of the Fund, expenses are equal to the annualized net expense ratio for the class multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).
2   Hypothetical 5% annual return before expenses is calculated by pro rating the number of days in the most recent fiscal half year divided by 365.
6 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Portfolio Information    

As of April 30, 2015

         Percent of
Ten Largest Holdings (Equity Investments) Long-Term Investments
Anadarko Petroleum Corp.
           1 %  
The Procter & Gamble Co.
           1    
Google, Inc., Class C
           1    
JPMorgan Chase & Co.
           1    
Wells Fargo & Co.
           1    
Freeport-McMoRan, Inc.
           1    
Phillips 66
           1    
Nestle SA, Registered Shares
           1    
AbbVie, Inc.
           1    
Bank of America Corp.
           1    

         Percent of
Geographic Allocation Long-Term Investments

United States
           48 %  
Japan
           12    
United Kingdom
           6    
France
           3    
Australia
           2    
Brazil
           2    
Canada
           2    
Mexico
           2    
Netherlands
           2    
Switzerland
           2    
Germany
           1    
Hong Kong
           1    
India
           1    
Ireland
           1    
Singapore
           1    
Other1
           14    
1   Includes holdings within countries and geographic regions that are 1% or less of long-term investments. Please refer to the Consolidated Schedule of Investments for such countries.


Overall Asset Exposure

                 Percent of Fund’s Net Assets2            Reference Benchmark4 Percentages
          4/30/2015     10/31/20143    
US Equities
           27 %                        28 %                        35 %          
European Equities
           14 %           15 %           13 %  
Asia Pacific Equities
           19 %           16 %           9 %  
Other Equities
           3 %           3 %           3 %  
Total Equities
           63 %           62 %           60 %  
 
US Dollar Denominated Fixed Income Securities
           13 %           13 %           24 %  
U.S. Issuers
           9 %           10 %              
Non-U.S. Issuers
           5 %           3 %              
Non-U.S. Dollar Denominated Fixed Income Securities
           8 %           9 %           16 %  
Total Fixed Income Securities
           22 %           22 %           40 %  
 
Commodity-Related
           1 %           1 %              
 
Cash & Short-Term Securities
           14 %           15 %              
                             
2   Exposure based on market value and adjusted for the economic value of futures, swaps, options and convertible bonds.
3   Prior period data is updated to reflect the economic value of options and convertible bonds and to present commodity-related exposure separately.
4   The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the S&P 500 Index®; 24% FTSE World (ex U.S.) Index; 24% BofA Merrill Lynch Current 5-Year U.S. Treasury Index; and 16% Citigroup Non-U.S. Dollar World Government Bond Index. Descriptions of these indexes are found on page 5 of this report to shareholders in the “Performance Summary” section.
BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 7
 
  
Derivative Financial Instruments    

The Fund may invest in various derivative financial instruments. Derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities 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. Derivative financial instruments also 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 derivative financial


instrument. The Fund’s ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial 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 are discussed in detail in the Notes to Consolidated Financial Statements.


8 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments April 30, 2015 (Unaudited)  (Percentages shown are based on Net Assets)

Common Stocks            
Shares
  Value
Australia — 0.3%
                           
Commonwealth Bank of Australia
                750,548      $ 52,536,083  
Healthscope Ltd.
                27,699,618       62,076,646  
Mesoblast Ltd. (a)(b)
                5,013,769       14,202,400  
Westpac Banking Corp.
                1,206,748       34,670,677  
 
                         163,485,806  
Belgium — 0.0%
                           
RHJ International (a)
                2,830,379       13,506,886  
Brazil — 0.4%
                           
BR Malls Participacoes SA
                5,183,315       28,213,666  
Cia Brasileira de Distribuicao Grupo Pao de Acucar, Preference Shares
                769,782       26,060,095  
Cosan Ltd., Class A
                3,194,696       23,193,493  
Cyrela Brazil Realty SA
                2,224,324       8,659,726  
Gerdau SA — ADR
                7,987,515       26,838,050  
Itau Unibanco Holding SA, Preference Shares
                2,653,188       33,929,316  
MRV Engenharia e Participacoes SA
                140,358       384,325  
Petroleo Brasileiro SA — ADR (a)(b)
                4,881,257       46,371,942  
Qualicorp SA (a)
                2,985,892       24,577,282  
SLC Agricola SA
                1,994,189       11,549,677  
 
                        229,777,572  
Canada — 1.4%
                           
Athabasca Oil Corp. (a)(b)
                7,808,418       14,303,029  
Barrick Gold Corp.
                4,373,542       56,943,517  
Cameco Corp.
                4,125,987       72,534,852  
Canadian National Railway Co.
                956,992       61,745,124  
Eldorado Gold Corp.
                6,155,536       30,662,886  
Enbridge, Inc.
                102,550       5,359,969  
First Quantum Minerals Ltd.
                10,754,578       164,728,223  
Goldcorp, Inc.
                5,276,252       99,351,825  
Platinum Group Metals, Ltd. (a)(b)
                25,092,228       11,230,670  
Platinum Group Metals, Ltd. (a)
                14,966,812       6,735,065  
Potash Corp. of Saskatchewan, Inc.
                644,059       21,032,677  
Suncor Energy, Inc.
                498,799       16,254,630  
The Toronto-Dominion Bank
                920,835       42,511,819  
TransCanada Corp.
                3,237,382       150,263,897  
Valeant Pharmaceuticals International, Inc. (a)(c)
                164,897       35,771,106  
 
                        789,429,289  

 

Common Stocks            
Shares
  Value
China — 0.5%
                           
Alibaba Group Holding Ltd. — SP ADR (a)
                673,504      $ 54,749,140  
Dalian Wanda Commercial Properties Co., Ltd. (a)(d)
                4,392,300       36,015,750  
Dongfeng Motor Group Co. Ltd., Class H
                7,708,700       12,806,897  
Haitian International Holdings Ltd. (b)
                13,062,600       32,488,483  
Mindray Medical International Ltd., ADR (b)
                982,866       30,350,902  
SINA Corp. (a)
                1,188,862       52,303,984  
Sinopharm Group Co. Ltd., Class H
                5,510,100       26,171,859  
Zhongsheng Group Holdings Ltd. (b)
                19,035,171       17,372,497  
 
                        262,259,512  
Cyprus — 0.0%
                           
Ocean Rig UDW, Inc.
                1,678,794       12,607,743  
Denmark — 0.0%
                           
Novo Nordisk A/S, Class B
                122,540       6,879,478  
TDC A/S
                1,602,668       12,201,763  
 
                        19,081,241  
France — 2.3%
                           
Airbus Group NV
                1,741,964       120,721,754  
Arkema
                613,083       49,336,753  
AtoS
                587,741       45,938,532  
AXA SA
                3,099,184       78,365,459  
BNP Paribas SA
                1,545,068       97,573,005  
Bouygues SA
                337,740       13,943,488  
Compagnie de Saint-Gobain
                1,030,264       46,822,497  
Dassault Aviation SA
                51,071       68,567,450  
GDF Suez
                2,226,564       45,302,535  
Orange SA
                1,437,543       23,678,221  
Renault SA
                282,456       29,719,362  
Safran SA
                2,491,363       182,037,244  
Sanofi
                987,758       100,544,288  
Schneider Electric SE
                621,625       46,465,461  
Societe Generale SA
                559,634       27,978,711  
Total SA
                1,653,257       89,523,786  
Total SA — ADR
                1,997,997       108,091,638  
UbiSoft Entertainment SA (a)
                1,321,209       24,362,769  
Worldline SA (a)(d)
                2,750,968       61,716,703  
 
                        1,260,689,656  

 

Portfolio Abbreviations

ADR
AUD
BBSW
BRL
CAD
CHF
CLP
CME
CNH
CVA
 
EUR
FRA
 
American Depositary Receipts
Australian Dollar
Bank Bill Swap Reference Rate
Brazilian Real
Canadian Dollar
Swiss Franc
Chilean Peso
Chicago Mercantile Exchange
Chinese Renminbi
Certificaten Van Aandelen
(Dutch Certificate)
Euro
Frankfurt Stock Exchange
 
FTSE
GBP
GDR
IDR
INR
JPY
JSC
KRW
LIBOR
LIFFE
 
MXN

NZD
 
Financial Times Stock Exchange
British Pound
Global Depositary Receipt
Indonesian Rupiah
Indian Rupee
Japanese Yen
Joint Stock Company
South Korean Won
London Interbank Offered Rate
London International Financial Futures
and Options Exchange
Mexican Peso
New Zealand Dollar
 
OTC
PCL
PLN
REIT
SGD
S&P
SPDR
TBA
TWD
USD
WIBOR
 
Over-the-Counter
Public Company Limited
Polish Zloty
Real Estate Investment Trust
Singapore Dollar
Standard and Poor’s
Standard & Poor’s Depository Receipts
To-Be-Announced
Taiwan Dollar
U.S. Dollar
Warsaw Interbank Offered Rate

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 9
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
Common Stocks            
Shares
  Value
Germany — 0.8%
                           
Bayer AG, Registered Shares
                417,978      $ 60,160,652  
Bayerische Motoren Werke AG
                489,213       57,709,812  
Deutsche Bank AG, Registered Shares
                1,352,214       43,246,283  
Deutsche Post AG, Registered Shares
                852,391       28,067,735  
Deutsche Telekom AG, Registered Shares
                2,857,071       52,514,824  
Linde AG
                139,462       27,252,209  
SAP AG
                317,260       23,973,750  
Volkswagen AG
                23,192       5,874,851  
Volkswagen AG, Preference Shares
                567,408       146,076,714  
 
                        444,876,830  
Hong Kong — 1.1%
                           
AIA Group Ltd.
                8,602,600       57,211,370  
Beijing Enterprises Holdings Ltd.
                10,367,232       94,743,123  
Chaoda Modern Agriculture Holdings Ltd. (a)(b)
                116,959,394       8,752,469  
China Overseas Land & Investment Ltd.
                13,906,000       57,923,772  
China Resources Land Ltd.
                9,406,000       34,126,933  
Haier Electronics Group Co. Ltd.
                11,447,000       32,928,752  
Sino Biopharmaceutical Ltd.
                25,498,153       29,110,659  
Sun Hung Kai Properties Ltd.
                9,433,166       156,670,839  
Wharf Holdings Ltd. (b)
                17,011,000       122,566,130  
 
                        594,034,047  
India — 0.2%
                           
Cummins India Ltd.
                1,419,420       19,240,562  
Maruti Suzuki India Ltd.
                631,317       37,337,615  
Oil & Natural Gas Corp. Ltd.
                10,574,288       50,508,818  
Reliance Industries Ltd.
                1,022,552       13,868,569  
 
                        120,955,564  
Indonesia — 0.1%
                           
Siloam International Hospitals Tbk PT (a)
                26,816,684       29,376,811  
Ireland — 0.7%
                           
Eaton Corp. PLC
                1,880,981       129,279,824  
King Digital Entertainment PLC
                1,032,674       16,378,210  
Medtronic PLC
                1,236,188       92,034,196  
Seagate Technology PLC
                179,522       10,541,532  
Shire PLC
                1,230,312       99,979,506  
XL Group PLC
                1,081,277       40,093,751  
 
                        388,307,019  
Israel — 0.7%
                           
Check Point Software Technologies Ltd. (a)(b)
                147,149       12,283,998  
Mobileye NV (a)(b)
                4,679,736       209,932,957  
Teva Pharmaceutical Industries Ltd. — ADR
                2,489,416       150,410,515  
 
                        372,627,470  
Italy — 0.5%
                           
Banco Popolare SC (a)
                260,127       4,112,468  
Ei Towers SpA (a)(e)
                1,319,709       80,167,279  
Enel SpA
                9,121,920       43,237,344  
Eni SpA
                305,869       5,868,357  
Intesa Sanpaolo SpA
                17,266,106       58,005,493  
RAI Way SpA (a)(d)
                7,359,751       36,113,224  
Telecom Italia SpA (a)
                9,466,543       11,173,047  
Telecom Italia SpA, Non-Convertible Savings Shares
                4,852,222       4,669,747  
UniCredit SpA
                4,188,712       30,067,105  
Unione di Banche Italiane SCpA
                612,325       4,860,251  
 
                         278,274,315  

 

Common Stocks            
Shares
  Value
Japan — 9.9%
                           
Aisin Seiki Co. Ltd.
                1,549,690      $ 70,864,115  
Ajinomoto Co., Inc.
                1,049,000       23,259,120  
Alpine Electronics, Inc.
                295,200       5,998,849  
Asahi Group Holdings Ltd.
                358,900       11,541,159  
Asahi Kasei Corp.
                5,641,900       53,127,675  
ASKUL Corp.
                10,900       255,216  
Astellas Pharma, Inc.
                2,179,550       33,937,110  
Autobacs Seven Co., Ltd.
                176,900       2,755,309  
The Bank of Yokohama Ltd.
                1,671,000       10,605,110  
Benesse Holdings, Inc.
                64,100       2,008,943  
Bridgestone Corp.
                3,457,700        144,821,188  
Canon Marketing Japan, Inc.
                203,100       3,815,172  
Canon, Inc.
                751,500       26,794,522  
The Chiba Bank Ltd.
                1,420,000       11,670,148  
Chiyoda Corp.
                372,000       3,375,843  
Chubu Electric Power Co., Inc.
                2,701,300       35,804,641  
COMSYS Holdings Corp.
                118,900       1,656,487  
Daihatsu Motor Co. Ltd.
                141,800       2,054,033  
Daikin Industries Ltd.
                932,500       62,821,605  
Daikyo, Inc.
                2,787,000       4,193,285  
Daito Trust Construction Co. Ltd.
                334,200       38,917,793  
Dena Co. Ltd. (b)
                1,248,600       24,942,065  
Denso Corp.
                3,522,980       174,901,001  
East Japan Railway Co.
                1,879,173       166,094,405  
Eisai Co. Ltd.
                332,700       22,176,915  
Electric Power Development Co. Ltd.
                328,700       11,034,236  
Exedy Corp.
                25,800       633,635  
FamilyMart Co. Ltd.
                601,300       25,893,787  
FANUC Corp.
                260,780       57,361,866  
Fuji Heavy Industries Ltd.
                7,116,990       237,992,063  
Fukuoka Financial Group, Inc.
                5,762,000       33,104,096  
Futaba Industrial Co. Ltd.
                1,775,850       8,923,451  
Gree, Inc. (b)
                5,076,100       32,773,707  
GS Yuasa Corp.
                5,707,000       26,830,139  
GungHo Online Entertainment, Inc. (b)
                6,222,000       25,542,248  
Hitachi Chemical Co. Ltd.
                2,329,300       45,085,783  
Hitachi High-Technologies Corp.
                327,800       9,499,522  
Hitachi Kokusai Electric, Inc.
                224,000       3,102,572  
Hitachi Ltd.
                14,844,500       101,282,578  
Honda Motor Co. Ltd.
                2,769,281       92,841,141  
Hoya Corp.
                1,333,817       51,406,457  
IHI Corp.
                7,642,000       35,035,728  
Inpex Corp.
                10,207,500       128,107,451  
Isuzu Motors Ltd.
                3,852,500       51,060,301  
Japan Airlines Co. Ltd.
                4,082,600       136,122,774  
Japan Tobacco, Inc.
                803,500       28,058,914  
JGC Corp.
                1,289,630       26,838,310  
JSR Corp.
                2,640,100       45,033,326  
Kamigumi Co. Ltd.
                416,000       4,165,055  
The Kansai Electric Power Co., Inc. (a)
                562,200       5,650,044  
KDDI Corp.
                2,239,700       52,996,538  
Keyence Corp.
                33,500       17,883,929  
Kinden Corp.
                466,000       6,545,284  
Kirin Holdings Co. Ltd.
                1,632,800       21,612,077  
Koito Manufacturing Co. Ltd.
                691,100       24,183,191  
Komatsu Ltd.
                1,580,700       31,802,290  
Kubota Corp.
                2,157,510       33,767,223  
Kuraray Co. Ltd.
                2,544,620       34,410,191  
Kyocera Corp.
                1,089,900       56,894,364  
Kyushu Electric Power Co., Inc. (a)
                782,700       8,347,607  
Mabuchi Motor Co. Ltd.
                221,200       13,244,967  
Maeda Road Construction Co. Ltd.
                223,000       3,675,173  
Medipal Holdings Corp.
                90,800       1,238,739  

See Notes to Consolidated Financial Statements.

10 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
Common Stocks            
Shares
  Value
Japan (continued)
                           
Mitsubishi Corp.
                5,090,830      $  109,843,288  
Mitsubishi Electric Corp.
                7,900,000       103,171,640  
Mitsubishi Estate Co. Ltd.
                2,368,000       55,736,257  
Mitsubishi Heavy Industries Ltd.
                9,740,000       53,966,602  
Mitsubishi UFJ Financial Group, Inc.
                21,980,700       156,158,584  
Mitsui & Co. Ltd.
                11,373,934       159,077,241  
MS&AD Insurance Group Holdings, Inc.
                1,232,162       35,260,824  
Murata Manufacturing Co. Ltd.
                223,840       31,542,181  
Nabtesco Corp.
                557,200       15,325,241  
Namco Bandai Holdings, Inc.
                423,100       8,691,900  
NEC Corp.
                15,850,000       52,733,128  
Nexon Co. Ltd.
                628,900       8,021,674  
Nikon Corp.
                3,334,600       47,412,913  
Nintendo Co. Ltd.
                548,900       92,160,333  
Nippo Corp.
                86,000       1,438,268  
Nippon Express Co. Ltd.
                2,454,000       14,087,058  
Nippon Steel & Sumitomo Metal
                9,407,000       24,469,640  
Nippon Telegraph & Telephone Corp.
                843,650       56,967,434  
Nitto Denko Corp.
                1,797,300       115,180,903  
Nomura Holdings, Inc.
                4,195,800       27,219,891  
Nomura Real Estate Holdings, Inc.
                1,007,900       20,487,595  
NS Solutions Corp.
                22,300       748,200  
NTT DoCoMo, Inc.
                743,000       13,160,373  
Okumura Corp.
                5,925,620       28,384,375  
Omron Corp.
                463,300       21,273,824  
Otsuka Holdings Co. Ltd.
                1,109,200       35,011,371  
Rinnai Corp.
                639,875       48,549,270  
Rohm Co. Ltd.
                1,454,700       100,904,934  
Ryohin Keikaku Co. Ltd.
                210,300       33,538,712  
Sanrio Co. Ltd. (b)
                1,541,900       41,302,130  
Sawai Pharmaceutical Co. Ltd.
                154,400       8,789,302  
SCSK Corp.
                49,000       1,430,837  
Secom Co. Ltd.
                122,500       8,681,741  
Sega Sammy Holdings, Inc.
                2,219,700       30,987,853  
Seino Holdings Co Ltd.
                650,700       7,469,321  
Shimamura Co. Ltd.
                58,800       5,860,883  
Shin-Etsu Chemical Co. Ltd.
                2,197,740       134,345,203  
Ship Healthcare Holdings, Inc.
                748,500       18,293,453  
The Shizuoka Bank Ltd.
                958,000       10,546,775  
SHO-BOND Holdings Co. Ltd.
                19,800       872,896  
SMC Corp.
                78,200       23,524,269  
Sohgo Security Services Co. Ltd.
                318,300       10,375,803  
Sompo Japan Nipponkoa Holdings, Inc.
                783,900       25,609,872  
Sony Corp. (a)
                1,103,800       33,369,792  
Sony Financial Holdings, Inc.
                2,669,300       47,920,690  
Stanley Electric Co. Ltd.
                231,300       5,189,821  
Sumco Corp.
                1,759,000       26,540,108  
Sumitomo Corp.
                5,090,000       60,101,282  
Sumitomo Electric Industries Ltd.
                3,051,000       43,105,005  
Sumitomo Mitsui Financial Group, Inc.
                3,047,700       133,076,561  
Suntory Beverage & Food Ltd.
                777,200       33,054,488  
Suzuki Motor Corp.
                3,856,908       124,663,386  
Takeda Pharmaceutical Co. Ltd.
                48,700       2,500,308  
THK Co. Ltd.
                234,600       5,893,385  
Toda Corp.
                6,901,900       28,446,560  
Tokio Marine Holdings, Inc.
                2,482,021       101,181,296  
Tokyo Gas Co. Ltd.
                19,206,285       110,835,601  
Toyota Industries Corp.
                2,910,080       164,810,434  
Toyota Motor Corp.
                2,234,100       155,513,735  
Toyota Tsusho Corp.
                673,700       17,321,954  
Trend Micro, Inc.
                418,200       14,148,329  
TV Asahi Corp.
                206,600       3,812,234  
Ube Industries Ltd.
                18,580,500       30,825,824  

 

Common Stocks            
Shares
  Value
Japan (concluded)
                           
Yahoo! Japan Corp.
                5,156,100      $ 21,063,839  
Yamada Denki Co. Ltd. (b)
                10,681,200       43,718,888  
Yamaha Corp.
                580,000       10,539,857  
Yamato Kogyo Co. Ltd.
                25,500       599,962  
 
                         5,485,219,797  
Kazakhstan — 0.1%
                           
KazMunaiGas Exploration Production
JSC — GDR
                2,190,194       24,858,702  
Luxembourg — 0.0%
                           
RTL Group SA
                57,536       5,394,047  
Malaysia — 0.2%
                           
Axiata Group Bhd
                21,088,953       39,851,750  
IHH Healthcare Bhd
                40,966,800       68,095,874  
Telekom Malaysia Bhd
                9,463,934       19,651,522  
 
                        127,599,146  
Mexico — 0.3%
                           
America Movil SAB de CV, Series L — ADR
                2,041,718       42,651,489  
America Movil SAB de CV, Series L
                25,248,541       26,512,449  
Fibra Uno Administracion SA de CV
                25,639,808       63,974,179  
PLA Administradora Industrial S de RL de CV (a)
                6,720,405       13,272,603  
 
                        146,410,720  
Netherlands — 0.9%
                           
Akzo Nobel NV
                1,060,940       81,176,454  
CNH Industrial NV, Special Voting Shares
                759,054       6,618,951  
Constellium NV, Class A (a)
                3,678,828       67,580,070  
ING Groep NV CVA (a)
                4,151,770       63,694,543  
Koninklijke DSM NV
                969,328       55,281,352  
Koninklijke Philips Electronics NV
                874,732       25,056,036  
Royal Dutch Shell PLC, A Shares
                1,350,296       42,814,089  
Royal Dutch Shell PLC, Class A
                483,314       15,239,004  
Royal Dutch Shell PLC, Class B
                301,155       9,641,715  
SBM Offshore NV (a)(b)(e)
                10,142,314       130,976,451  
 
                        498,078,665  
Norway — 0.4%
                           
Statoil ASA
                10,292,775       218,210,525  
Peru — 0.3%
                           
Southern Copper Corp.
                4,559,121       148,536,162  
Portugal — 0.1%
                           
Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA
                3,964,174       28,874,002  
Russia — 0.0%
                           
Novorossiysk Commercial Sea Trade
Port — GDR
                1,481,125       3,006,684  
Singapore — 0.7%
                           
CapitaLand Ltd.
                32,986,100       91,794,867  
Global Logistic Properties Ltd.
                52,269,900       108,409,874  
Keppel Corp. Ltd.
                13,413,900       88,105,510  
Raffles Medical Group Ltd. (b)
                7,184,200       21,880,536  
Singapore Telecommunications Ltd.
                16,005,210       53,482,948  
 
                        363,673,735  
South Africa — 0.1%
                           
Life Healthcare Group Holdings Ltd.
                7,389,356       25,378,385  
South Korea — 0.5%
                           
Hyundai Motor Co.
                363,767       57,089,991  
Hyundai Wia Corp.
                140,815       19,953,319  
Samsung Electronics Co. Ltd.
                125,398       164,503,835  

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 11
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
Common Stocks            
Shares
  Value
South Korea (concluded)
                           
Samsung Electronics Co. Ltd., Preference Shares
                12,964      $  13,154,459  
Samsung SDI Co., Ltd. (b)
                110,827       12,338,544  
SK Hynix, Inc.
                663,439       28,385,273  
 
                        295,425,421  
Spain — 0.1%
                           
Banco Bilbao Vizcaya Argentaria SA
                4,542,336       45,641,742  
Banco Santander SA
                3,369,502       25,475,350  
Gas Natural SDG SA
                191,188       4,700,944  
 
                        75,818,036  
Sweden — 0.2%
                           
Electrolux AB, Class B
                249,049       7,457,179  
Getinge AB, Class B
                600,611       14,597,775  
Lundin Petroleum AB (a)(b)
                5,256,988       85,093,712  
Svenska Handelsbanken AB, Class A
                553,556       25,551,551  
 
                        132,700,217  
Switzerland — 1.7%
                           
ACE Ltd.
                100,968       10,802,566  
Credit Suisse Group AG, Registered Shares (a)
                629,608       16,663,872  
Nestle SA, Registered Shares
                3,337,365       258,926,835  
Novartis AG, Registered Shares
                1,800,182       183,748,387  
Roche Holding AG
                562,475       160,955,087  
Syngenta AG, Registered Shares
                380,339       127,272,652  
TE Connectivity Ltd.
                198,117       13,184,686  
UBS Group AG (a)
                6,716,147       134,170,670  
Zurich Insurance Group AG (a)
                88,830       27,417,660  
 
                        933,142,415  
Taiwan — 0.2%
                           
Cheng Shin Rubber Industry Co. Ltd.
                9,436,672       22,584,187  
Far EasTone Telecommunications Co. Ltd.
                7,168,099       17,090,554  
Taiwan Mobile Co. Ltd.
                4,967,000       17,498,978  
Taiwan Semiconductor Manufacturing Co. Ltd.
                12,000,000       57,771,259  
Yulon Motor Co. Ltd.
                11,478,000       14,977,862  
 
                        129,922,840  
Thailand — 0.1%
                           
Bangkok Dusit Medical Services PCL (b)
                78,606,300       48,167,671  
Bumrungrad Hospital PCL
                6,052,700       29,469,387  
 
                        77,637,058  
United Arab Emirates — 0.2%
                           
Al Noor Hospitals Group PLC
                2,508,104       34,572,447  
NMC Health PLC
                4,251,472       49,728,177  
 
                        84,300,624  
United Kingdom — 3.0%
                           
Antofagasta PLC
                13,686,757       163,820,649  
AstraZeneca PLC
                1,835,955       125,995,331  
AstraZeneca PLC — ADR
                382,414       26,187,711  
Barclays PLC
                4,366,710       17,084,533  
BG Group PLC
                417,951       7,570,572  
BP PLC
                2,239,651       16,153,247  
BT Group PLC
                7,812,410       54,488,306  
Coats Group PLC (a)
                9,662,955       3,911,434  
Delphi Automotive PLC
                861,008       71,463,664  
Delta Topco Ltd., (Acquired 5/02/12, cost $48,436,537) (e)
                78,481,957       45,103,581  
Diageo PLC
                469,785       13,042,340  
Diageo PLC — ADR
                578,726       64,250,160  
GlaxoSmithKline PLC
                305,833       7,063,723  

 

Common Stocks            
Shares
  Value
United Kingdom (concluded)
                           
HSBC Holdings PLC
                17,694,371      $  176,757,875  
Legal & General Group PLC
                8,485,590       33,730,854  
Lloyds Banking Group PLC
                42,959,355       50,875,763  
Manchester United PLC, Class A (a)(b)
                17,880       277,498  
National Grid PLC
                4,117,087       55,388,574  
Ophir Energy PLC (a)
                19,188,964       41,830,855  
Prudential PLC
                3,609,390       89,864,855  
Rio Tinto PLC
                4,371,480       195,628,337  
Royal Dutch Shell PLC — ADR, Class A
                1,639,328       103,982,575  
SABMiller PLC
                2,926,558       154,911,114  
Spire Healthcare Group PLC (a)(d)
                8,794,627       43,071,554  
Standard Chartered PLC
                1,507,498       24,681,057  
Vodafone Group PLC
                9,054,311       31,900,204  
Vodafone Group PLC, ADR
                1,048,791       36,917,443  
 
                        1,655,953,809  
United States — 27.6%
                           
3M Co.
                70,380       11,006,728  
Abbott Laboratories (c)
                777,896       36,109,932  
AbbVie, Inc. (c)
                3,988,851       257,919,106  
Accenture PLC, Class A
                118,920       11,017,938  
Actavis PLC (a)
                694,295       196,388,284  
Activision Blizzard, Inc. (c)
                6,059,486       138,247,173  
Adobe Systems, Inc. (a)
                160,255       12,188,995  
The AES Corp.
                2,852,133       37,790,762  
Aetna, Inc. (c)
                1,081,562       115,586,531  
Agilent Technologies, Inc.
                1,585,757       65,602,767  
Alexion Pharmaceuticals, Inc. (a)
                294,933       49,911,512  
Alliance Data Systems Corp. (a)
                37,099       11,029,904  
The Allstate Corp.
                559,065       38,944,468  
Amdocs Ltd.
                215,677       11,877,332  
American Capital Agency Corp.
                679,804       14,027,756  
American Electric Power Co., Inc.
                1,229,995       69,949,816  
American Express Co.
                1,442,548       111,725,343  
American International Group, Inc.
                1,887,990       106,274,957  
American Tower Corp.
                612,944       57,941,596  
American Water Works Co., Inc.
                978,636       53,355,235  
Ameriprise Financial, Inc.
                89,953       11,269,312  
AmerisourceBergen Corp.
                127,679       14,593,710  
Amgen, Inc.
                1,145,989       180,963,123  
Anadarko Petroleum Corp.
                4,371,396       411,348,364  
Anthem Inc.
                121,584       18,350,673  
Apple, Inc. (c)
                1,176,843       147,281,901  
Archer-Daniels-Midland Co.
                230,755       11,279,304  
AT&T, Inc.
                4,324,235       149,791,500  
Avnet, Inc.
                158,716       6,766,063  
Axis Capital Holdings Ltd.
                175,867       9,155,636  
Baker Hughes, Inc.
                73,325       5,019,830  
Bank of America Corp. (c)
                16,171,908       257,618,494  
The Bank of New York Mellon Corp.
                1,363,694       57,738,804  
Baxter International, Inc. (c)
                284,357       19,546,700  
Becton Dickinson & Co.
                105,424       14,851,079  
Berkshire Hathaway, Inc., Class A
Class A (a)
                555       118,437,000  
Berkshire Hathaway, Inc., Class B (a)
                1,134,336       160,179,587  
Biogen Idec, Inc. (a)
                167,014       62,451,545  
The Boeing Co.
                69,856       10,013,159  
BorgWarner, Inc.
                789,029       46,710,517  
Boulder Brands, Inc. (a)
                327,900       3,128,166  
Bristol-Myers Squibb Co.
                1,517,653       96,720,026  
Calpine Corp. (a)
                2,961,831       64,597,534  
Capital One Financial Corp.
                703,716       56,895,439  
Cardinal Health, Inc.
                184,541       15,564,188  
Catalent, Inc. (a)
                1,492,303       42,933,557  

See Notes to Consolidated Financial Statements.

12 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
Common Stocks            
Shares
  Value
United States (continued)
                           
Celgene Corp. (a)
                637,319      $  68,868,691  
CenterPoint Energy, Inc.
                1,609,323       33,747,503  
CF Industries Holdings, Inc.
                37,833       10,875,853  
The Charles Schwab Corp.
                1,770,655       54,004,978  
Chevron Corp.
                524,226       58,220,540  
The Chubb Corp.
                84,518       8,312,345  
Cigna Corp.
                22,636       2,821,351  
Cintas Corp.
                144,539       11,555,893  
Cisco Systems, Inc.
                6,973,372       201,042,315  
Citigroup, Inc. (c)
                3,567,744       190,232,110  
CME Group, Inc.
                504,598       45,873,004  
CNA Financial Corp.
                228,700       9,216,610  
Coach, Inc.
                2,280,418       87,134,772  
The Coca-Cola Co.
                4,179,320       169,513,219  
Colfax Corp. (a)(b)
                2,029,350       100,635,466  
Colgate-Palmolive Co.
                1,030,311       69,319,324  
Comcast Corp., Class A
                2,835,393       163,772,300  
Computer Sciences Corp.
                201,627       12,994,860  
ConocoPhillips
                208,661       14,172,255  
CONSOL Energy, Inc.
                4,240,646       137,736,182  
Constellation Brands, Inc., Class A (a)
                127,666       14,801,596  
Crown Castle International Corp.
                722,145       60,320,772  
Crown Holdings, Inc. (a)
                1,003,373       54,443,019  
CSX Corp.
                1,406,334       50,754,594  
CVS Health Corp.
                142,182       14,117,251  
Danaher Corp.
                549,472       44,990,767  
Diamondback Energy, Inc. (a)
                641,874       52,999,536  
Discover Financial Services
                812,104       47,077,669  
DISH Network Corp., Class A (a)
                794,587       53,761,756  
Dominion Resources, Inc.
                1,009,702       72,375,439  
Dover Corp.
                134,135       10,156,702  
The Dow Chemical Co.
                674,724       34,410,924  
eBay, Inc. (a)
                2,512,489       146,377,609  
Eclipse Resources Corp. (a)(b)
                524,540       3,320,338  
Electronic Arts, Inc. (a)
                723,404       42,022,538  
Eli Lilly & Co.
                84,424       6,067,553  
Emerson Electric Co.
                952,653       56,044,576  
Energizer Holdings, Inc.
                75,069       10,255,927  
Envision Healthcare Holdings, Inc. (a)
                1,541,848       58,528,550  
EOG Resources, Inc.
                92,913       9,193,741  
EQT Corp.
                334,238       30,061,366  
Expedia, Inc.
                125,214       11,798,915  
Express Scripts Holding Co. (a)
                63,512       5,487,437  
Exxon Mobil Corp.
                717,639       62,700,119  
Facebook, Inc., Class A (a)
                1,052,136       82,876,753  
FedEx Corp.
                852,578       144,571,651  
Fidelity National Information Services, Inc.
                206,630       12,912,309  
FMC Corp.
                1,223,179       72,546,746  
Ford Motor Co.
                8,993,790       142,101,882  
Freeport-McMoRan, Inc.
                11,494,966       267,487,859  
The Fresh Market, Inc. (a)
                145,283       5,105,245  
General Dynamics Corp.
                97,995       13,456,673  
General Electric Co. (c)
                6,333,020       171,498,182  
Gilead Sciences, Inc. (a)
                685,220       68,871,462  
GoDaddy, Inc., Class A (a)(b)
                786,100       19,707,527  
The Goldman Sachs Group, Inc.
                336,717       66,137,953  
Google, Inc., Class A (a)
                291,887       160,178,829  
Google, Inc., Class C (a)
                607,705       326,543,981  
Gulfport Energy Corp. (a)
                298,813       14,623,908  
Halliburton Co.
                143,612       7,029,807  
Harris Corp.
                131,928       10,585,903  
HCA Holdings, Inc. (a)
                1,552,869       114,927,835  
HealthSouth Corp.
                626,403       28,325,944  

 

Common Stocks            
Shares
  Value
United States (continued)
                           
Helmerich & Payne, Inc.
                117,423      $ 9,155,471  
The Home Depot, Inc.
                91,246       9,761,497  
Horizon Pharma PLC (a)
                386,697       10,873,920  
Humana, Inc. (c)
                403,714       66,855,038  
Intel Corp.
                253,852       8,262,883  
International Business Machines Corp.
                429,214       73,520,066  
International Paper Co.
                220,151       11,826,512  
Intuit, Inc.
                122,432       12,283,603  
Invitae Corp. (a)
                2,220       24,309  
Invitae Corp., (Acquired 10/08/14, cost $28,390,380) (a)(f)
                2,365,865       24,610,911  
JB Hunt Transport Services, Inc.
                838,668       73,131,850  
Johnson & Johnson (c)
                242,237       24,029,910  
JPMorgan Chase & Co. (c)
                4,772,155        301,886,525  
Kansas City Southern
                471,466       48,320,550  
Kimberly-Clark Corp.
                604,514       66,309,141  
Kinder Morgan, Inc.
                287,957       12,367,753  
KLA-Tencor Corp.
                399,875       23,512,650  
Kohl’s Corp.
                156,618       11,221,680  
The Kroger Co.
                223,066       15,371,478  
L-3 Communications Holdings, Inc.
                41,968       4,822,543  
Las Vegas Sands Corp.
                482,579       25,518,778  
Lear Corp.
                142,403       15,811,005  
Liberty Broadband Corp. (a)
                1,286,786       69,821,008  
Liberty Broadband Corp., Class A (a)
                490,535       26,606,618  
Liberty Media Corp., Class A (a)
                1,404,160       53,891,661  
Liberty Media Corp., Class C (a)
                3,139,062       119,127,403  
Lincoln National Corp.
                285,656       16,136,707  
Lookout, Inc. (Acquired 3/4/15, cost 2,096,082) (f)
                183,495       2,096,082  
Lowe’s Cos., Inc.
                141,139       9,718,832  
LyondellBasell Industries NV, Class A
                491,206       50,849,645  
Macy’s, Inc.
                145,586       9,409,223  
Marathon Oil Corp.
                264,024       8,211,146  
Marathon Petroleum Corp.
                1,230,762       121,316,210  
Marsh & McLennan Cos., Inc.
                1,133,398       63,651,632  
Mastercard, Inc., Class A
                1,831,727       165,240,093  
McDonald’s Corp.
                1,294,140       124,949,217  
McKesson Corp.
                498,068       111,268,391  
Merck & Co., Inc. (c)
                1,914,196       114,009,514  
MetLife, Inc. (c)
                1,081,506       55,470,443  
Microsoft Corp.
                5,073,178       246,759,378  
Molson Coors Brewing Co., Class B
                170,775       12,553,670  
Monsanto Co.
                425,326       48,470,151  
Morgan Stanley
                766,934       28,614,308  
Mylan NV (a)
                1,711,824       123,696,402  
NextEra Energy Partners LP
                366,981       15,548,985  
NextEra Energy, Inc.
                766,291       77,341,751  
Northrop Grumman Corp.
                103,098       15,881,216  
NRG Energy, Inc.
                2,225,696       56,176,567  
NRG Yield, Inc., Class A
                386,407       19,011,224  
Nuance Communications, Inc. (a)
                1,583,537       24,275,622  
Occidental Petroleum Corp.
                131,461       10,530,026  
Oceaneering International, Inc.
                2,093,389       115,366,668  
Oracle Corp.
                3,914,710       170,759,650  
PACCAR, Inc.
                791,882       51,749,489  
Parker Hannifin Corp.
                76,602       9,143,215  
PepsiCo, Inc.
                653,584       62,168,910  
PerkinElmer, Inc.
                898,784       46,071,668  
Perrigo Co. PLC
                250,730       45,953,794  
Pfizer, Inc. (c)
                7,163,435       243,055,350  
Philip Morris International, Inc.
                2,102,166       175,467,796  
Phillips 66
                3,265,734       259,005,364  

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 13
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
Common Stocks            
Shares
  Value
United States (concluded)
                           
Pioneer Natural Resources Co.
                262,611      $ 45,373,929  
PPG Industries, Inc.
                70,646       15,652,328  
PPL Corp.
                622,059       21,168,668  
Precision Castparts Corp.
                517,462       106,954,221  
The Procter & Gamble Co.
                4,271,547       339,630,702  
Prologis, Inc.
                1,047,422       42,106,364  
Prudential Financial, Inc. (c)
                441,914       36,060,182  
QUALCOMM, Inc.
                1,369,692       93,139,056  
Raytheon Co.
                128,402       13,353,808  
Receptos, Inc. (a)
                82,846       12,206,530  
Regeneron Pharmaceuticals, Inc. (a)
                59,752       27,334,150  
Regions Financial Corp.
                6,502,335       63,917,953  
Reinsurance Group of America, Inc.
                124,103       11,370,317  
Rockwell Automation, Inc.
                886,217       105,105,336  
SanDisk Corp.
                165,541       11,081,315  
Schlumberger Ltd.
                218,088       20,633,306  
Sealed Air Corp.
                1,111,519       50,685,266  
SeaWorld Entertainment, Inc.
                838,929       17,785,295  
Sempra Energy
                672,536       71,403,147  
The St. Joe Co. (a)(e)
                9,138,361       159,464,399  
Stanley Black & Decker, Inc.
                992,126       97,922,836  
Stone Energy Corp. (a)
                1,050,014       17,923,739  
Stryker Corp.
                25,863       2,385,603  
SunTrust Banks, Inc.
                658,347       27,321,401  
Sysco Corp.
                725,792       26,876,078  
Tenet Healthcare Corp. (a)(c)
                1,451,737       69,480,133  
TerraForm Power, Inc., Class A
                871,148       34,436,480  
Tesla Motors, Inc. (a)(b)(c)
                129,993       29,384,918  
Thermo Fisher Scientific, Inc.
                1,012,409       127,239,563  
Tiffany & Co.
                313,590       27,432,853  
Time Warner Cable, Inc.
                105,812       16,455,882  
Twitter, Inc. (a)
                5,580,815       217,428,552  
Tyco International PLC
                1,679,101       66,122,997  
Union Pacific Corp.
                1,286,875       136,704,731  
United Continental Holdings, Inc. (a)(c)
                2,264,491       135,280,692  
United Parcel Service, Inc., Class B
                1,327,601       133,463,729  
United Technologies Corp.
                982,843       111,798,391  
UnitedHealth Group, Inc.
                207,592       23,125,749  
US Bancorp
                2,053,524       88,034,574  
Valero Energy Corp.
                330,663       18,814,725  
Veeva Systems, Inc., Class A (a)(b)(e)
                3,724,532       98,886,325  
VeriSign, Inc. (a)
                175,111       11,121,300  
Verizon Communications, Inc.
                4,490,281       226,443,189  
Vertex Pharmaceuticals, Inc. (a)
                553,518       68,237,699  
Visa, Inc., Class A
                3,459,484       228,498,918  
WABCO Holdings, Inc. (a)
                266,360       33,148,502  
Wal-Mart Stores, Inc.
                1,873,326       146,213,094  
Waters Corp. (a)
                307,385       38,481,528  
Wells Fargo & Co.
                5,004,612       275,754,121  
Western Digital Corp.
                169,673       16,583,839  
Whirlpool Corp.
                84,664       14,866,998  
The Williams Cos., Inc.
                113,968       5,834,022  
Wyndham Worldwide Corp.
                133,431       11,395,007  
Zimmer Holdings, Inc.
                330,858       36,341,443  
 
                        15,244,429,045  
Total Common Stocks — 55.6%
                        30,683,859,796  
 
Corporate Bonds           Par
(000)
  Value
Argentina — 0.3%
                           
Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (d)
        USD       6,511      $ 5,241,355  
YPF SA (d):
                           
8.88%, 12/19/18
                33,270       35,141,437  
8.75%, 4/04/24
                22,468       23,447,605  
8.50%, 7/28/25
                110,022       111,672,330  
 
                         175,502,727  
Australia — 0.1%
                           
TFS Corp. Ltd., 11.00%, 7/15/18 (d)
                68,396       72,102,174  
Brazil — 0.3%
                           
Odebrecht Finance Ltd., 4.38%, 4/25/25 (d)
                30,805       26,492,300  
Petrobras Global Finance BV:
                           
2.42%, 1/15/19 (g)
                79,501       73,546,375  
6.25%, 3/17/24
                36,792       36,556,531  
Petrobras International Finance Co., 5.38%, 1/27/21
                17,200       16,508,560  
 
                        153,103,766  
Canada — 0.1%
                           
Viterra, Inc., 5.95%, 8/01/20 (d)
                30,683       34,184,636  
Chile — 0.1%
                           
Banco Santander Chile, 2.14%, 6/07/18 (d)(g)
                40,084       40,685,260  
Inversiones Alsacia SA (d):
                           
8.00%, 8/18/18
                27,583       3  
8.00%, 12/31/18
                35,209       21,477,661  
 
                        62,162,924  
China — 0.2%
                           
Alibaba Group Holding Ltd. (d):
                           
3.13%, 11/28/21
                45,929       45,927,071  
3.60%, 11/28/24
                48,775       48,555,902  
Celestial Nutrifoods Ltd., 0.00%, 6/12/11 (a)(h)(i)
        SGD       88,600       669,589  
China Milk Products Group Ltd., 0.00%, 1/15/49 (a)(h)(j)
        USD       39,500       395,000  
SINA Corp., 1.00%, 12/01/18 (i)
                29,594       27,670,390  
 
                        123,217,952  
Colombia — 0.0%
                           
Colombia Telecomunicaciones SA ESP, 5.38%, 9/27/22 (d)
                13,961       14,236,032  
France — 0.2%
                           
BNP Paribas SA, 2.40%, 12/12/18
                83,540       85,122,582  
Germany — 0.1%
                           
Deutsche Bank AG, 1.88%, 2/13/18
                33,165       33,246,188  
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23 (d)
                13,784       14,421,510  
 
                        47,667,698  
Hong Kong — 0.1%
                           
Hutchison Whampoa International Ltd., 3.50%, 1/13/17 (d)
                27,479       28,369,567  
Sun Hung Kai Properties Capital Market Ltd., 4.50%, 2/14/22
                24,392       26,312,919  
 
                        54,682,486  

See Notes to Consolidated Financial Statements.

14 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
 
Corporate Bonds           Par
(000)
  Value
India — 0.3%
                           
REI Agro Ltd., 5.50%, 11/13/15
        USD       54,787      $  2,739,350  
State Bank of India, 3.62%, 4/17/19 (d)
                40,687       42,125,407  
Suzlon Energy, Ltd., Series SUEL, 3.25%, 7/16/19 (d)(i)(k)
                102,956       145,167,960  
 
                        190,032,717  
Indonesia — 0.0%
                           
Bumi Investment Property Ltd., 10.75%, 10/06/17 (a)(d)(h)
                21,164       6,878,300  
Italy — 0.3%
                           
Intesa Sanpaolo SpA:
                           
3.13%, 1/15/16
                10,554       10,679,983  
3.88%, 1/16/18
                14,934       15,609,704  
3.88%, 1/15/19
                65,638       68,997,550  
Telecom Italia SpA, 5.30%, 5/30/24 (d)
                43,375       45,652,187  
 
                        140,939,424  
Japan — 0.1%
                           
Sumitomo Mitsui Banking Corp., 2.45%, 1/10/19
                36,080       36,592,769  
Luxembourg — 0.3%
                           
Actavis Funding SCS, 3.00%, 3/12/20
                46,950       47,749,559  
Intelsat Jackson Holdings SA, 7.50%, 4/01/21
                36,428       37,839,585  
Telecom Italia Finance SpA, 6.13%, 11/15/16 (d)(i)
        EUR       40,800       62,476,490  
 
                        148,065,634  
Malaysia — 0.2%
                           
Petronas Capital, Ltd., 3.50%, 3/18/25 (d)
        USD       83,146       84,669,401  
Mexico — 0.2%
                           
Petroleos Mexicanos:
                           
5.75%, 3/01/18
                38,518       42,083,611  
3.50%, 7/23/20 (d)
                52,831       54,019,698  
Trust F/1401, 5.25%, 12/15/24 (d)
                19,282       20,438,920  
 
                        116,542,229  
Netherlands — 0.4%
                           
Bio City Development Co. BV, 8.00%, 7/06/18 (a)(d)(h)(i)
                140,850       64,664,235  
Constellium NV (d):
                           
7.00%, 1/15/23
        EUR       20,901       24,480,186  
8.00%, 1/15/23
        USD       5,675       6,121,906  
ING Groep NV, 6.00% (g)(l)
                22,155       22,058,072  
Rabobank Nederland, 3.95%, 11/09/22
                14,559       14,934,302  
Volkswagen International Finance NV, 5.50%, 11/09/15 (d)(i)
        EUR       59,200       88,947,802  
 
                        221,206,503  
Singapore — 0.4%
                           
CapitaLand Ltd. (i):
                           
2.10%, 11/15/16
        SGD       57,500       43,400,941  
2.95%, 6/20/22
                109,500       82,828,408  
1.95%, 10/17/23 (d)
                50,500       41,409,084  
Olam International Ltd., 6.00%, 10/15/16 (i)
        USD       47,800       50,668,000  
 
                        218,306,433  
South Korea — 0.0%
                           
Export-Import Bank of Korea, 2.88%, 9/17/18
                19,188       19,870,057  
Corporate Bonds           Par
(000)
  Value
Spain — 0.2%
                           
Telefonica Participaciones SAU, Series TEF, 4.90%, 9/25/17 (i)
        EUR       65,400      $ 81,144,992  
Telefonica SA, 6.00%, 7/14/17
                19,200       25,001,645  
 
                        106,146,637  
Switzerland — 0.0%
                           
UBS AG/Stamford CT, 2.38%, 8/14/19
        USD       26,955       27,176,085  
United Arab Emirates — 0.1%
                           
Dana Gas Sukuk Ltd., 7.00%, 10/31/17 (d)(i)
                96,220       76,976,000  
United Kingdom — 0.7%
                           
BAT International Finance PLC, 2.13%, 6/07/17 (d)
                27,226       27,645,988  
Delta Topco Ltd., (Acquired 5/02/12, cost $66,971,037), 10.00%, 11/24/60 (a)(f)
                72,398       72,496,791  
HSBC Holdings PLC, Series., 6.38% (g)(l)
                87,920       90,909,280  
Lloyds Bank PLC, 2.30%, 11/27/18
                11,792       12,001,084  
Lloyds TSB Bank PLC, 13.00% (g)(l)
        GBP       51,874       141,548,244  
Standard Chartered PLC, 6.50% (d)(g)(l)
        USD       31,655       31,984,275  
 
                         376,585,662  
United States — 4.2%
                           
Ally Financial, Inc.:
                           
2.75%, 1/30/17
                41,814       41,667,651  
3.50%, 1/27/19
                28,683       28,467,878  
AliphCom, (Acquired 4/27/15, cost 167,501,000) 0.00%, 4/01/20 (a)(i)(f)
                167,501       167,501,000  
American Tower Corp., 3.40%, 2/15/19
                12,677       13,135,324  
Anheuser-Busch InBev Worldwide, Inc., 1.38%, 7/15/17
                19,731       19,881,252  
AT&T, Inc.:
                           
2.38%, 11/27/18
                72,984       74,011,031  
3.00%, 6/30/22 (m)
                109,165       108,454,882  
Bank of America Corp.:
                           
2.00%, 1/11/18
                38,500       38,752,098  
1.33%, 3/22/18 (g)
                22,339       22,618,193  
6.88%, 4/25/18
                26,256       29,944,758  
2.60%, 1/15/19
                26,512       26,921,133  
BioMarin Pharmaceutical, Inc. (i):
                           
0.75%, 10/15/18
                11,220       15,329,325  
1.50%, 10/15/20
                11,220       15,743,063  
Cablevision Systems Corp., 5.88%, 9/15/22
                17,908       18,982,480  
Capital One Bank USA NA, 2.15%, 11/21/18
                30,565       30,885,291  
Chesapeake Energy Corp., 3.53%, 4/15/19 (g)
                28,631       27,485,760  
CIT Group, Inc., 1.80%, 2/05/18
                79,790       79,930,590  
Citigroup, Inc. (g)(l):
                           
5.88%
                55,393       55,739,206  
5.95%
                21,828       21,746,145  
Cobalt International Energy, Inc. (i):
                           
2.63%, 12/01/19
                64,250       49,311,875  
3.13%, 5/15/24
                79,020       61,783,762  
Crown Cork & Seal Co., Inc., 7.50%, 12/15/96
                5,770       5,596,900  
Discover Bank/Greenwood Delaware, 2.00%, 2/21/18
                5,536       5,544,365  
Ford Motor Credit Co. LLC:
                           
1.72%, 12/06/17
                69,755       69,659,784  
2.38%, 1/16/18
                28,603       29,038,509  
5.00%, 5/15/18
                36,496       39,726,443  

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 15
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
 
Corporate Bonds           Par
(000)
  Value
United States (concluded)
                           
Forest City Enterprises, Inc., 4.25%, 8/15/18 (i)
        USD       28,520      $ 34,544,850  
Forest Laboratories, Inc. (d):
                           
4.38%, 2/01/19
                34,570       36,916,439  
5.00%, 12/15/21
                24,088       26,628,585  
General Electric Capital Corp.:
                           
5.55%, 5/04/20
                20,917       24,320,593  
6.38%, 11/15/67 (g)
                31,175       34,058,687  
General Motors Financial Co., Inc., 3.50%, 7/10/19
                41,488       42,488,732  
Gilead Sciences, Inc., Series D, 1.63%, 5/01/16 (i)
                22,554       99,533,621  
Glencore Funding LLC, 2.13%, 4/16/18 (d)
                6,655       6,647,640  
The Goldman Sachs Group, Inc., Series M, 5.38% (g)(l)
                47,590       47,542,410  
HSBC USA, Inc., 1.63%, 1/16/18
                28,587       28,700,719  
Hughes Satellite Systems Corp., 7.63%, 6/15/21
                9,375       10,453,125  
Hyundai Capital America (d):
                           
2.13%, 10/02/17
                17,991       18,145,903  
2.00%, 3/19/18
                17,360       17,481,537  
Intel Corp., 3.25%, 8/01/39 (i)
                16,771       27,326,248  
JPMorgan Chase & Co.:
                           
6.13%, 6/27/17
                22,027       24,056,744  
Series X, 6.10% (g)(l)
                108,147       111,932,145  
Medtronic, Inc., 3.15%, 3/15/22 (d)
                60,300       62,287,126  
Morgan Stanley, 7.30%, 5/13/19
                18,163       21,569,162  
Mylan, Inc.:
                           
3.75%, 9/15/15 (i)
                28,291       153,036,628  
2.55%, 3/28/19
                37,392       37,512,178  
NBCUniversal Enterprise, Inc., 5.25% (d)(l)
                27,711       29,235,105  
Reliance Holding USA, Inc. (d):
                           
4.50%, 10/19/20
                20,431       21,826,969  
5.40%, 2/14/22
                9,888       10,901,649  
Sabine Pass Liquefaction LLC, 5.63%, 4/15/23
                21,452       21,666,520  
Salesforce.com, Inc., 0.25%, 4/01/18 (i)
                31,072       38,801,160  
SanDisk Corp. (i):
                           
1.50%, 8/15/17
                27,522       39,562,875  
0.50%, 10/15/20
                27,522       28,313,258  
SunGard Data Systems, Inc., 7.38%, 11/15/18
                13,188       13,715,520  
Synchrony Financial, 3.75%, 8/15/21
                26,275       27,118,822  
Take-Two Interactive Software, Inc., 1.75%, 12/01/16 (i)
                29,028       38,625,382  
Twitter, Inc., 1.00%, 9/15/21 (d)(i)
                26,173       23,719,281  
WellPoint, Inc., 2.75%, 10/15/42 (i)
                31,706       63,947,039  
Xerox Corp., 6.35%, 5/15/18
                17,876       20,113,610  
 
                        2,340,588,960  
Total Corporate Bonds — 8.9%
                         4,932,559,788  

Credit Linked Notes — 0.3%
  
 
India — 0.3%
                           
Credit Suisse AG, (Housing Development Finance Corporation Ltd., 7.77%, AAA rated, due 1/15/16) (d)
                174,380       173,193,344  
 
Floating Rate Loan Interests (g)           Par
(000)
  Value
Cyprus — 0.0%
                           
Drillships Ocean Ventures, Inc., Term Loan B, 5.50%, 7/25/21
        USD       27,903      $ 24,127,500  
Germany — 0.1%
                           
Deutsche Raststatten Gruppe IV GmbH:
                           
Term Loan A, 3.27%, 12/10/18
        EUR       28,153       31,661,420  
Term Loan B, 3.52%, 12/10/19
                11,352       12,779,958  
 
                        44,441,378  
Ireland — 0.2%
                           
Grifols Worldwide Operations USA, Inc., Term Loan B, 3.18%, 2/27/21
        USD       81,135       81,314,029  
Luxembourg — 0.0%
                           
Mallinckrodt International Finance SA, Term Loan B, 3.25%, 3/19/21
                14,754       14,741,035  
Netherlands — 0.2%
                           
Promontoria Blue Holding 2 BV, Mezzanine, 1.00%, 4/17/20
        EUR       71,791       80,005,937  
Norway — 0.0%
                           
Drillships Financing Holding, Inc., Term Loan B1, 6.00%, 3/31/21
        USD       30,160       24,364,666  
United States — 0.7%
                           
AP One Channel Center Owner LP, Mezzanine Term Loan, 6.43%, 7/15/19
                23,359       23,359,000  
Fieldwood Energy LLC, 2nd Lien Term Loan, 8.38%, 9/30/20
                41,969       32,525,717  
Hilton Worldwide Finance LLC, Term Loan B2, 3.50%, 10/26/20
                126,539       126,966,577  
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15
                12,214       12,122,538  
Seadrill Partners Finco LLC, Term Loan B, 4.00%, 2/21/21
                55,537       45,401,299  
Sheridan Investment Partners II LP:
                           
Term Loan A, 4.25%, 12/16/20
                62,317       56,240,643  
Term Loan B, 4.25%, 12/16/20
                3,233       2,917,682  
Term Loan M, 4.25%, 12/16/20
                8,669       7,823,490  
Univision Communications, Inc., Term Loan C4, 4.00%, 3/01/20
                60,598       60,631,814  
 
                        367,988,760  
Total Floating Rate Loan Interests — 1.2%
           636,983,305  

Foreign Agency Obligations
Argentina Bonar Bonds:
                           
7.00%, 4/17/17
                113,808       108,718,523  
8.75%, 5/07/24
                93,113       92,154,480  
Australia Government Bond, 2.75%, 10/21/19
        AUD       705,895       575,228,820  
Brazil Notas do Tesouro Nacional:
                           
10.00%, 1/01/17
        BRL       436,039       137,542,372  
10.00%, 1/01/21
                484,055       143,672,948  
10.00%, 1/01/25
                801,632       227,824,090  
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 5/15/23
                22,614       19,887,515  
Brazilian Government International Bond:
                           
6.00%, 1/17/17
        USD       36,250       39,005,000  
4.88%, 1/22/21
                19,946       21,312,301  
City of Buenos Aires Argentina, 8.95%, 2/19/21 (d)
                27,711       29,650,770  
Colombia Government International Bond, 7.38%, 1/27/17
                54,840       60,515,940  

See Notes to Consolidated Financial Statements.

16 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
 
Foreign Agency Obligations           Par
(000)
  Value
Hungary Government International Bond, 4.13%, 2/19/18
        USD       60,984      $ 63,652,050  
Indonesia Government International Bond, 6.88%, 1/17/18 (d)
                33,037       37,307,032  
Indonesia Treasury Bond:
                           
7.88%, 4/15/19
        IDR        1,703,366,000       132,589,878  
8.38%, 3/15/24
                449,430,000       36,145,094  
Italy Buoni Poliennali Del Tesoro:
                           
2.50%, 12/01/24
        EUR       68,768       84,302,498  
1.50%, 6/01/25
                828,941       931,841,113  
Japan Government Bond, 0.10%, 3/15/17
        JPY       11,078,850       92,923,901  
Mexican Bonos:
                           
8.00%, 12/07/23
        MXN       33,716       250,660,002  
10.00%, 12/05/24
                66,276       559,481,621  
Poland Government Bond:
                           
5.25%, 10/25/20
        PLN       520,970       166,623,279  
5.75%, 10/25/21
                257,615       85,975,433  
Provincia de Buenos Aires, 10.88%, 1/26/21
        USD       14,766       15,356,640  
Turkey Government International Bond, 6.75%, 4/03/18
                32,178       35,556,690  
United Kingdom Gilt, 2.25%, 9/07/23
        GBP       409,457       652,123,532  
Total Foreign Agency Obligations — 8.3%
                        4,600,051,522  

U.S. Government Sponsored Agency Securities
Mortgage-Backed Securities — 0.7%
         
Fannie Mae Mortgage-Backed Securities, 3.00%, 6/1/40–5/1/45 (n)
        USD       386,240       393,066,879  
Total U.S. Government Sponsored Agency Securities — 0.7%
                        393,066,879  

U.S. Treasury Obligations
U.S. Treasury Inflation Indexed Bond, 0.25%, 1/15/25
                21,955       22,236,368  
U.S. Treasury Notes:
                           
0.25%, 7/31/15 (u)
                185,536       185,608,544  
1.38%, 3/31/20 (o)
                604,959       603,021,217  
1.75%, 3/31/22
                219,947       219,225,354  
2.25%, 11/15/24 (o)
                632,600       644,313,018  
2.00%, 2/15/25
                82,568       82,232,410  
Total U.S. Treasury Obligations — 3.2%
                        1,756,636,911  
Total Fixed Income Securities — 22.6%
                        12,492,491,749  

Investment Companies (a)(u)
                Shares          
United States — 0.7%
                           
ETFS Gold Trust (e)
                1,201,717       139,086,725  
ETFS Palladium Trust (e)
                390,434       29,387,967  
ETFS Platinum Trust (e)
                329,619       36,442,677  
iShares Gold Trust (p)
                11,663,809       133,433,975  
SPDR Gold Shares
                385,793       43,775,932  
Total Investment Companies — 0.7%
                        382,127,276  
 
Preferred Securities           Par
(000)
  Value
Capital Trusts
                           
Germany — 0.0%
                           
Deutsche Bank Capital Funding Trust VII, 5.63% (d)(g)(l)
        USD       6,863      $  7,013,986  
Switzerland — 0.1%
                           
Credit Suisse Group Guernsey I Ltd., 7.88%, 2/24/41 (g)
                27,444       29,056,335  
United States — 0.4%
                           
American Express Co., Series C, 4.90% (g)(l)
                29,965       29,571,709  
General Electric Capital Corp., Series B, 6.25% (g)(l)
                40,600       45,675,000  
The Goldman Sachs Group, Inc., Series L, 5.70% (g)(l)
                47,147       47,382,735  
JPMorgan Chase & Co., Series Q, 5.15% (g)(l)
                52,731       51,116,113  
Morgan Stanley, Series H, 5.45% (g)(l)
                34,459       34,717,443  
USB Capital IX, 3.50% (g)(l)
                39,646       33,251,100  
 
                        241,714,100  
Total Capital Trusts — 0.5%
                        277,784,421  

Preferred Stocks
                Shares          
Belgium — 0.0%
                           
BHF Kleinwort Benson, 0.00%
                890,354       4,240,133  
Ireland — 0.2%
                           
Actavis PLC, Series A, 5.50% (i)
                95,459       95,522,003  
United Kingdom — 0.2%
                           
HSBC Holdings PLC, Series 2, 8.00%
                1,134,036       29,779,785  
Royal Bank of Scotland Group PLC:
                           
Series M, 6.40%
                893,525       22,364,931  
Series Q, 6.75%
                724,633       18,282,491  
Series T, 7.25%
                1,058,710       26,912,408  
 
                        97,339,615  
United States — 1.8%
                           
American Tower Corp., Series A, 5.25% (i)
                233,294       24,187,922  
Cliffs Natural Resources, Inc., 7.00% (i)
                859,231       5,138,201  
Crown Castle International Corp., Series A, 4.50% (i)
                631,072       66,073,238  
Dominion Resources, Inc., 6.38%
                511,780       25,409,877  
Domo, Inc., Series E, (Acquired 4/1/15, cost 68,828,525) 0.00% (a)(f)
                8,163,163       68,828,525  
DropBox, Inc., Series C (Acquired 1/28/14, cost $150,070,985), 0.00% (a)(f)
                7,856,626       143,226,292  
Fannie Mae, Series S, 8.25% (b)(g)
                2,886,805       14,434,025  
Forestar Group, Inc., 6.00% (i)
                1,175,795       25,067,949  
Grand Rounds, Inc., Series C, (Acquired 3/31/15, cost 27,587,148) 0.00% (a)(f)
                9,935,944       27,587,149  
Health Care REIT, Inc., Series I, 6.50% (i)
                916,720       58,440,900  
Lookout, Inc., Series F (Acquired 9/19/14 – 10/22/14, cost $53,322,391), 0.00% (a)(f)
                4,667,944       53,799,922  
NextEra Energy, Inc., 5.59% (i)
                697,006       45,479,641  
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $58,747,474), 0.00% (a)(f)
                9,583,601       85,198,213  

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 17
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
Preferred Stocks            
 
Shares
  Value
United States (concluded)
                           
RBS Capital Funding Trust VII, 6.08%
                1,970,611      $ 48,798,897  
Stanley Black & Decker, Inc., 6.25% (a)(i)
                161,207       18,838,650  
Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $90,664,966), 0.00% (a)(f)
                5,844,432       198,536,524  
United Technologies Corp., 7.50% (i)
                380,933       22,406,479  
US Bancorp, 6.00% (g)
                579,854       15,656,058  
US Bancorp, Series F, 6.50% (g)
                1,115,051       33,206,219  
Wells Fargo & Co., Series L, 7.50% (i)
                20,536       25,028,250  
 
                         1,005,342,931  
Total Preferred Stocks — 2.2%
                        1,202,444,682  

 
Trust Preferreds
                             
United States — 0.3%
                           
Citigroup Capital XIII, 7.88%
                1,861,690       47,282,854  
GMAC Capital Trust I, Series 2, 8.13%
                2,486,820       64,287,233  
RBS Capital Funding Trust V, 5.90%
                1,563,140       38,500,138  
Total Trust Preferreds — 0.3%
                        150,070,225  
Total Preferred Securities — 3.0%
                        1,630,299,328  

 
Warrants (q)
                           
Australia — 0.0%
                           
TFS Corp. Ltd., (Issued/exercisable 8/01/11, 1 share for 1 warrant, Expires 7/15/18, Strike Price AUD 1.28)
                21,267,513       11,380,650  
Total Long-Term Investments
(Cost — $ 38,312,302,435) — 81.9%
                        45,200,158,799  

 
Short-Term Securities
                Par
(000)
         
Foreign Agency Obligations (r)
                           
Japan Treasury Discount Bill:
                           
0.00%, 5/07/15
        JPY       19,440,000       162,814,070  
0.00%, 5/12/15
                16,670,000       139,613,205  
0.00%, 6/01/15
                19,240,000       161,138,384  
0.00%, 6/22/15
                22,090,000       185,008,560  
0.00%, 7/10/15
                11,110,000       93,049,600  
0.00%, 7/13/15
                11,020,000       92,296,007  
0.00%, 8/03/15
                13,750,000       115,162,353  
0.00%, 8/10/15
                13,890,000       116,335,148  
0.00%, 10/13/15
                18,990,000       159,050,634  
Mexico Cetes (r):
                           
0.00%, 5/28/15
        MXN       166,869       108,530,099  
0.00%, 6/11/15
                168,655       109,571,949  
0.00%, 6/25/15
                111,157       72,138,597  
0.00%, 7/09/15
                221,640       143,636,970  
0.00%, 7/23/15
                195,996       126,852,131  
0.00%, 8/06/15
                222,333       143,725,263  
0.00%, 8/20/15
                195,629       126,304,772  
0.00%, 9/03/15
                83,151       53,616,983  
0.00%, 9/17/15
                221,105       142,388,370  
0.00%, 10/01/15
                219,625       141,250,473  
0.00%, 10/15/15
                157,435       101,129,898  
Total Foreign Agency Obligations — 4.5%
                        2,493,613,466  
 
Money Market Funds           Shares/
Beneficial
Interest
  Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.08% (p)(s)
        USD       46,270,124      $ 46,270,124  
BlackRock Liquidity Series, LLC, Money Market Series,
0.22% (p)(s)(t)
                429,730       429,729,801  
Total Money Market Funds — 0.9%
                        475,999,925  

Time Deposits
                Par
(000)
         
Canada — 0.0%
                           
Brown Brothers Harriman & Co., 0.15%, 5/01/15
        CAD       1,860       1,541,692  
Europe — 0.0%
                           
Brown Brothers Harriman & Co., (0.19)%, 5/01/15
        EUR       2,016       2,263,138  
Hong Kong — 0.0%
                           
Brown Brothers Harriman & Co., 0.01%, 5/01/15
        HKD       2,345       302,555  
United States — 0.0%
                           
Wells Fargo Co., 0.08%, 5/01/15
        GBP       6,761       10,378,274  
Total Time Deposits — 0.0%
                        14,485,659  

U.S. Treasury Obligations (r)
     
U.S. Treasury Bills:
                           
0.01%, 5/07/15
        USD       19,000       18,999,981  
0.02%, 5/14/15
                38,394       38,393,923  
0.02% — 0.06%, 5/21/15
                215,000       215,001,290  
0.01% — 0.02%, 5/28/15
                103,500       103,500,414  
0.01% — 0.04%, 6/04/15
                445,000       444,995,995  
0.01% — 0.02%, 6/11/15
                853,000       852,994,882  
0.01% — 0.08%, 6/18/15
                551,500       551,507,170  
0.01% — 0.12%, 6/25/15
                1,665,000       1,665,000,000  
0.03% — 0.04%, 7/02/15
                571,000       571,000,000  
0.02%, 7/09/15
                578,000       578,000,000  
0.03% — 0.04%, 7/16/15
                365,000       365,000,000  
0.04% — 0.06%, 7/23/15
                300,300       300,294,895  
0.02%, 8/06/15
                65,000       64,998,700  
0.02%, 8/13/15
                138,000       137,996,964  
0.02% — 0.06%, 8/20/15
                906,500       906,479,151  
0.04% — 0.07%, 8/27/15
                259,500       259,493,512  
0.03% — 0.04%, 9/03/15
                463,500       463,483,777  
0.04% — 0.05%, 9/10/15
                231,500       231,480,787  
Total U.S. Treasury Obligations — 14.1%
                        7,768,621,441  
Total Short-Term Securities
(Cost — $10,789,041,291) — 19.5%
                        10,752,720,491  

Options Purchased
(Cost — $672,954,343) — 1.6%
                        857,032,988  
Total Investments Before Investments Sold Short, TBA Sale Commitments and Options Written
(Cost — $49,774,298,069) — 103.0%
                        56,809,912,278  

See Notes to Consolidated Financial Statements.

18 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)  (Percentages shown are based on Net Assets)
Investments Sold Short            
Shares
  Value
United States — (0.2)%
                           
Avery Dennison Corp.
                (1,083,334    $ (60,222,537
Camden Property Trust
                (425,712     (31,962,457
Gentex Corp.
                (1,067,188     (18,515,712
Mead Johnson Nutrition Co.
                (347,763     (33,357,427
Total Investments Sold Short
(Proceeds — $(142,700,308) — (0.2)%
                         (144,058,133
 
TBA Sale Commitments (n)           Par
(000)
  Value
Fannie Mae Mortgage-Backed Securities, 3.00%, 5/13/45
        USD       193,753      $ (198,104,874
Total TBA Sale Commitments
(Proceeds — $(198,104,874) — (0.4)%
                        (198,104,874

Options Written (Premiums Received — $(210,049,385) — (0.5)%
          (253,916,029
Total Investments, Net of Investments Sold Short, TBA Sale Commitments and Options Written
(Cost — $49,223,443,502) — 101.9%
          56,213,833,242  
Liabilities in Excess of Other Assets — (1.9)%
          (1,051,567,378
Net Assets — 100.0%
                       $ 55,162,265,864  

Notes to Consolidated Schedule of Investments

(a)      
Non-income producing security.
(b)      
Security, or a portion of security, is on loan.
(c)      
All or a portion of the security has been pledged as collateral in connection with outstanding options written.
(d)      
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.
(e)      
During the period ended April 30, 2015, investments in issuers (whereby the Fund held 5% or more of the companies’ outstanding securities) that were considered to be an affiliate, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, (“1940 Act”), were as follows:

Affiliate       Shares Held at
October 31,
2014
  Shares
Purchased
  Shares
Sold
  Shares Held at
April 30,
2015
  Value at
April 30,
2015
  Income   Realized
Gain (Loss)
Ei Towers SpA
        1,398,336       25,533       (104,160     1,319,709      $ 80,167,279            $ (576,002
ETFS Gold Trust
        1,201,717                   1,201,717      $ 139,086,725              
ETFS Palladium Trust
        419,461             (29,027     390,434      $ 29,387,967             829,440  
ETFS Platinum Trust
        354,124             (24,505     329,619      $ 36,442,677             (1,009,809
SBM Offshore NV
        8,153,279       2,635,345       (646,310     10,142,314      $ 130,976,451             (2,374,432
The St. Joe Co.
        9,138,361                   9,138,361      $ 159,464,399              
Veeva Systems, Inc., Class A
        3,480,279       547,410       (303,157     3,724,532      $ 98,886,325             (681,452

(f)      
Restricted security as to resale. As of report date, the Fund held restricted securities with a current value of $915,691,983 and an original cost of $793,102,988 which was 1.6% of its net assets.
(g)      
Variable rate security. Rate shown is as of report date.
(h)      
Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(i)      
Convertible security.
(j)      
Zero-coupon bond.
(k)      
Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.
(l)      
Security is perpetual in nature and has no stated maturity date.
(m)      
When-issued security. Unsettled when-issued transactions were as follows:

Counterparty   Value   Unrealized
Depreciation
J.P. Morgan Securities LLC
   $ 108,454,882      $ (677,369

(n)      
Represents or includes a TBA transaction. As of April 30, 2015, unsettled TBA transactions were as follows:

Counterparty   Value   Unrealized
Depreciation
Bank of America Securities, Inc.
   $ 194,962,187      $ (1,298,869

(o)      
All or a portion of security has been pledged as collateral in connection with outstanding swaps.

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 19
 
  
Consolidated Schedule of Investments (continued)   
 
(p)      
During the period ended April 30, 2015, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Affiliate   Shares/
Beneficial
Interest Held at
October 31, 2014
  Shares/
Beneficial
Interest
Purchased
  Shares/
Beneficial
Interest
Sold
  Shares/
Beneficial
Interest Held at
April 30, 2015
  Value at
April 30,
2015
  Income   Realized
Gain (Loss)
BlackRock Liquidity Funds, TempFund,
Institutional Class
    21,549,953       24,720,171           46,270,124      $ 46,270,124      $ 9,679        
BlackRock Liquidity Series, LLC,
Money Market Series
   $ 436,475,361            $ (6,745,560 )    $ 429,729,801      $ 429,729,801      $ 4,219,800        
iShares Gold Trust
    11,663,809                   11,663,809      $ 133,433,975              
1 Represents net shares/beneficial interest purchased.
2  Represents net shares/beneficial interest sold.

(q)      
Warrants entitle the Fund to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any.
(r)      
Rates shown are discount rates paid at the time of purchase.
(s)      
Represents the current yield as of report date.
(t)      
Security was purchased with the cash collateral from loaned securities. The Fund may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC, Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.
(u)      
All or a portion of Security is held by a wholly owned subsidiary. See Note 1 of the Consolidated Notes to Financial Statements for details on the wholly owned subsidiary.
•       
As of April 30, 2015, financial futures contracts outstanding were as follows:

Contracts
Long/(Short)
  Issue   Exchange   Expiration   Notional
Value
    Unrealized
Appreciation
(Depreciation)
 
852
 
Dax Index
 
Eurex Mercantile
 
June 2015
 
USD
274,790,953    $ (13,475,783
(104)
 
Euro Stoxx 50 Index
 
Eurex Mercantile
 
June 2015
 
USD
4,166,581     51,855  
(628)
 
FTSE 100 Index
 
Euronext LIFFE
 
June 2015
 
USD
66,794,153     (1,276,125
(623)
 
NASDAQ 100 E-Mini Index
 
Chicago Mercantile
 
June 2015
 
USD
54,926,795     (493,087
(1,919)
 
Russell 2000 Mini Index
 
ICE Futures U.S. Indices
 
June 2015
 
USD
233,427,160     1,535,279  
2,069
 
Topix Index
 
Osaka Exchange
 
June 2015
 
USD
275,260,176     11,355,512  
(709)
 
Yen Denom Nikkei Index
 
Chicago Mercantile
 
June 2015
 
USD
57,628,518     (884,765
(14,262)
 
S&P 500 E-Mini Index
 
Chicago Mercantile
 
June 2015
 
USD
1,482,463,590     (17,444,698
Total
 
 
 
 
 
 
 
 
     $ (20,631,812

•       
As of April 30, 2015, forward foreign currency contracts outstanding were as follows:

Currency Purchased     Currency Sold       Counterparty   Settlement
Date
    Unrealized
Appreciation
(Depreciation)
USD
784,854    
BRL
2,301,976    
Brown Brothers Harriman & Co.
 
5/04/15
   $ 20,826  
USD
232,030    
BRL
686,113    
Brown Brothers Harriman & Co.
 
5/05/15
    4,309  
KRW
157,229,143,680    
USD
147,011,822    
Deutsche Bank AG
 
5/05/15
    (342,845
KRW
128,857,127,000    
USD
120,483,522    
Credit Suisse International
 
5/05/15
    (280,978
USD
147,011,822    
KRW 
157,229,143,680    
Deutsche Bank AG
 
5/05/15
    342,845  
USD
120,483,522    
KRW
128,857,127,000    
Credit Suisse International
 
5/05/15
    280,978  
KRW
128,857,127,000    
USD
120,539,876    
Credit Suisse International
 
5/05/15
    (337,332
KRW
157,229,143,680    
USD
146,805,923    
Deutsche Bank AG
 
5/05/15
    (136,946
USD
115,195,000    
KRW
128,857,127,000    
Credit Suisse International
 
5/05/15
    (5,007,544
USD
143,024,000    
KRW
157,229,143,680    
Deutsche Bank AG
 
5/05/15
    (3,644,977
USD
116,064,616    
AUD
152,716,600    
Deutsche Bank AG
 
5/07/15
    (4,767,406
USD
164,792,547    
JPY
19,440,000,000    
Credit Suisse International
 
5/07/15
    1,978,477  
USD
228,592,000    
JPY
27,711,065,200    
JPMorgan Chase Bank N.A.
 
5/07/15
    (3,493,973
USD
184,392,617    
JPY
22,336,584,002    
JPMorgan Chase Bank N.A.
 
5/07/15
    (2,680,951
USD
54,529,000    
SGD
75,983,435    
Morgan Stanley Capital Services LLC
 
5/07/15
    (2,892,643
USD
49,633,874    
AUD
65,733,700    
Morgan Stanley Capital Services LLC
 
5/08/15
    (2,372,859
USD
19,890,702    
JPY
2,377,272,000    
Morgan Stanley Capital Services LLC
 
5/08/15
    (19,573
USD
217,592,788    
JPY
25,949,463,123    
Morgan Stanley Capital Services LLC
 
5/08/15
    259,249  
USD
93,286,369    
JPY
11,135,034,200    
UBS AG
 
5/08/15
    27,546  
USD
141,993,186    
JPY
16,670,000,000    
Deutsche Bank AG
 
5/12/15
    2,374,102  
USD
271,816,000    
JPY
32,947,089,176    
Deutsche Bank AG
 
5/14/15
    (4,134,788
USD
271,816,000    
JPY
32,976,988,936    
JPMorgan Chase Bank N.A.
 
5/14/15
    (4,385,216
USD
273,403,000    
JPY
33,068,502,954    
BNP Paribas S.A.
 
5/15/15
    (3,567,329
USD
55,555,000    
JPY
6,643,433,565    
UBS AG
 
5/15/15
    (88,099
EUR
126,533,000    
USD
137,576,168    
BNP Paribas S.A.
 
5/21/15
    4,530,654  

See Notes to Consolidated Financial Statements.

20 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)   

       
As of April 30, 2015, forward foreign currency contracts outstanding were as follows (continued):

Currency Purchased Currency Sold  Counterparty   Settlement
Date
    Unrealized
Appreciation
(Depreciation)
EUR
        25,195,814    
USD
    27,408,006    
Morgan Stanley Capital Services LLC
 
5/21/15
   $ 888,936  
EUR
        25,196,093    
USD
    27,422,168    
Morgan Stanley Capital Services LLC
 
5/21/15
    875,088  
EUR
        25,196,093    
USD
    27,446,104    
Morgan Stanley Capital Services LLC
 
5/21/15
    851,152  
USD
        54,308,000    
CAD
    67,655,549    
BNP Paribas S.A.
 
5/21/15
    (1,752,488
USD
        140,764,799    
EUR
    126,533,000    
BNP Paribas S.A.
 
5/21/15
    (1,342,023
USD
        101,095,428    
JPY
    12,123,717,530    
Credit Suisse International
 
5/21/15
    (454,419
USD
        101,096,279    
JPY
    12,124,072,340    
UBS AG
 
5/21/15
    (456,540
EUR
        50,861,000    
USD
    55,102,807    
Deutsche Bank AG
 
5/22/15
    2,018,963  
EUR
        76,250,000    
USD
    82,629,075    
Deutsche Bank AG
 
5/22/15
    3,006,971  
USD
        115,163,557    
BRL
    360,922,588    
BNP Paribas S.A.
 
5/22/15
    (3,911,218
USD
        32,627,070    
BRL
    104,449,039    
Deutsche Bank AG
 
5/22/15
    (1,832,524
USD
        107,771,594    
BRL
    337,271,202    
Morgan Stanley Capital Services LLC
 
5/22/15
    (3,500,169
USD
        136,444,761    
EUR
    127,111,000    
Deutsche Bank AG
 
5/22/15
    (6,313,055
USD
        137,585,000    
JPY
    16,506,347,620    
Credit Suisse International
 
5/22/15
    (675,644
USD
        113,760,087    
MXN
    1,668,689,840    
BNP Paribas S.A.
 
5/28/15
    5,171,620  
USD
        137,109,789    
GBP
    92,163,000    
UBS AG
 
5/29/15
    (4,335,756
USD
        55,710,000    
IDR
    735,650,550,000    
Credit Suisse International
 
5/29/15
    (655,751
USD
        152,184,629    
JPY
    18,279,093,590    
BNP Paribas S.A.
 
5/29/15
    (935,090
USD
        38,549,367    
JPY
    4,597,436,000    
BNP Paribas S.A.
 
5/29/15
    37,714  
USD
        161,450,029    
JPY
    19,240,000,000    
UBS AG
 
6/01/15
    276,428  
EUR
        73,917,859    
USD
    80,368,301    
BNP Paribas S.A.
 
6/04/15
    2,662,543  
USD
        15,480,013    
EUR
    14,150,994    
BNP Paribas S.A.
 
6/04/15
    (415,591
USD
        65,380,468    
EUR
    59,766,865    
BNP Paribas S.A.
 
6/04/15
    (1,754,773
USD
        139,274,000    
JPY
    16,534,330,732    
Deutsche Bank AG
 
6/04/15
    761,860  
USD
        166,666,000    
JPY
    19,807,254,104    
Morgan Stanley Capital Services LLC
 
6/04/15
    735,779  
USD
        119,884,810    
JPY
    14,202,753,440    
BNP Paribas S.A.
 
6/05/15
    933,776  
USD
        54,339,241    
MXN
    812,491,205    
Credit Suisse International
 
6/05/15
    1,496,863  
USD
        54,820,716    
MXN
    819,756,100    
UBS AG
 
6/05/15
    1,505,847  
USD
        85,581,000    
CNH
    538,088,826    
JPMorgan Chase Bank N.A.
 
6/09/15
    (815,625
EUR
        127,475,000    
USD
    137,709,968    
UBS AG
 
6/11/15
    5,494,031  
USD
        55,019,898    
AUD
    72,252,000    
Credit Suisse International
 
6/11/15
    (2,037,357
USD
        72,266,040    
AUD
    95,040,000    
UBS AG
 
6/11/15
    (2,786,852
USD
        137,796,000    
JPY
    16,511,667,512    
Credit Suisse International
 
6/11/15
    (537,997
USD
        112,698,193    
MXN
    1,686,551,000    
JPMorgan Chase Bank N.A.
 
6/11/15
    3,056,095  
USD
        137,918,000    
KRW
    154,109,573,200    
Morgan Stanley Capital Services LLC
 
6/12/15
    (5,009,535
USD
        53,592,471    
MXN
    826,771,047    
BNP Paribas S.A.
 
6/12/15
    (151,797
USD
        53,629,393    
MXN
    827,394,275    
Deutsche Bank AG
 
6/12/15
    (155,388
USD
        117,523,224    
AUD
    152,330,815    
Deutsche Bank AG
 
6/18/15
    (2,726,094
USD
        136,528,389    
GBP
    91,219,000    
UBS AG
 
6/18/15
    (3,449,475
USD
        120,730,919    
AUD
    155,983,100    
Morgan Stanley Capital Services LLC
 
6/19/15
    (2,394,769
USD
        85,156,341    
CAD
    104,441,697    
Credit Suisse International
 
6/19/15
    (1,351,708
USD
        142,468,342    
CHF
    137,485,512    
BNP Paribas S.A.
 
6/19/15
    (5,138,474
USD
        102,897,075    
JPY
    12,325,783,360    
BNP Paribas S.A.
 
6/19/15
    (380,629
USD
        183,062,000    
JPY
    22,090,000,000    
UBS AG
 
6/22/15
    (2,038,688
USD
        85,483,178    
JPY
    10,158,820,900    
Credit Suisse International
 
6/25/15
    354,500  
USD
        92,729,351    
JPY
    11,019,956,109    
HSBC Bank USA N.A.
 
6/25/15
    384,549  
USD
        73,738,737    
MXN
    1,111,574,590    
Morgan Stanley Capital Services LLC
 
6/25/15
    1,547,719  
INR
        3,849,390,265    
USD
    60,314,000    
Credit Suisse International
 
6/26/15
    (431,376
INR
        3,496,949,196    
USD
    54,905,781    
Credit Suisse International
 
6/26/15
    (505,869
USD
        44,801,097    
EUR
    41,327,900    
Brown Brothers Harriman & Co.
 
6/29/15
    (1,637,245
USD
        150,941,890    
MXN
    2,216,400,530    
UBS AG
 
7/09/15
    7,140,702  
USD
        93,597,304    
JPY
    11,110,000,000    
Credit Suisse International
 
7/10/15
    477,123  
USD
        91,734,719    
JPY
    11,020,000,000    
Deutsche Bank AG
 
7/13/15
    (634,530
USD
        75,141,283    
MXN
    1,112,369,010    
Credit Suisse International
 
7/23/15
    3,040,076  
USD
        56,074,528    
MXN
    847,594,530    
Deutsche Bank AG
 
7/23/15
    1,135,395  
USD
        115,818,733    
JPY
    13,750,000,000    
JPMorgan Chase Bank N.A.
 
8/03/15
    536,872  
INR
        3,832,449,580    
USD
    59,161,000    
Credit Suisse International
 
8/05/15
    27,411  
USD
        148,991,858    
MXN
    2,223,331,000    
Credit Suisse International
 
8/06/15
    5,020,468  
USD
        54,704,000    
CNH
    349,443,682    
Morgan Stanley Capital Services LLC
 
8/07/15
    (1,125,061
USD
        117,215,190    
JPY
    13,890,000,000    
Deutsche Bank AG
 
8/10/15
    747,650  
USD
        56,000,534    
MXN
    847,663,280    
BNP Paribas S.A.
 
8/20/15
    1,165,774  
USD
        72,585,238    
MXN
    1,108,630,630    
Deutsche Bank AG
 
8/20/15
    868,678  
USD
        59,365,000    
CLP
    35,686,082,450    
Morgan Stanley Capital Services LLC
 
8/24/15
    1,616,163  

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 21
 
  
Consolidated Schedule of Investments (continued)   

       
As of April 30, 2015, forward foreign currency contracts outstanding were as follows (concluded):

Currency Purchased   Currency Sold   Counterparty   Settlement
Date
    Unrealized
Appreciation
(Depreciation)
 
USD
59,466,000  
CLP
35,761,960,410  
UBS AG
 
8/26/15
   $ 1,604,755  
USD
52,514,456  
MXN
831,513,890  
BNP Paribas S.A.
 
9/03/15
    (1,221,259
CLP
36,085,693,800  
USD
57,766,964  
JPMorgan Chase Bank N.A.
 
9/15/15
    513,523  
USD
59,371,000  
CLP
36,085,693,800  
JPMorgan Chase Bank N.A.
 
9/15/15
    1,090,513  
USD
71,455,592  
MXN
1,107,061,490  
Morgan Stanley Capital Services LLC
 
9/17/15
    (14,880
USD
72,194,190  
MXN
1,103,993,550  
Morgan Stanley Capital Services LLC
 
9/17/15
    921,780  
USD
72,521,342  
MXN
1,117,974,500  
Deutsche Bank AG
 
10/01/15
    419,122  
USD
70,672,028  
MXN
1,078,278,460  
JPMorgan Chase Bank N.A.
 
10/01/15
    1,129,949  
USD
158,265,827  
JPY
18,990,000,000  
JPMorgan Chase Bank N.A.
 
10/13/15
    (1,144,911
USD
101,065,459  
MXN
1,574,347,180  
Deutsche Bank AG
 
10/15/15
    (367,599
USD
110,642,831  
KRW
118,830,400,000  
Credit Suisse International
 
10/27/15
    799,965  
USD
134,151,049  
KRW
  144,413,604,000  
Deutsche Bank AG
 
10/27/15
    659,920  
Total
   
 
   
 
 
 
   $ (31,750,359

•       
As of April 30, 2015, exchange-traded options purchased were as follows:

Description   Put/
Call
  Strike
Price
  Expiration
Date
  Contracts   Value
Apple, Inc.
 
Call
 
 
  USD  135.00       8/21/15       791      $ 310,467  
SPDR Gold Shares1
 
Call
 
 
  USD  135.00       6/19/15       11,874       77,181  
Total
 
 
 
 
                           $ 387,648  

•       
As of April 30, 2015, OTC options purchased were as follows:

Description   Counterparty   Put/
Call
  Strike
Price
  Expiration
Date
  Contracts   Notional
Amount
(000)
    Value  
Phillips 66
 
Citibank N.A.
 
Call
 
USD
75.00   5/15/15   1,393,035      $ 6,407,961  
Phillips 66
 
Deutsche Bank AG
 
Call
 
USD
75.00   5/15/15   279,424       1,285,350  
Topix Index
 
Goldman Sachs International
 
Call
 
JPY
1,550.00   6/12/15   19,241,447        10,857,922  
Topix Index
 
Morgan Stanley & Co. International PLC
 
Call
 
JPY
1,600.00   6/12/15   13,863,283       4,289,634  
AbbVie, Inc.
 
Barclays Bank PLC
 
Call
 
USD
55.00   6/19/15   2,816,400       27,459,900  
Aetna, Inc.
 
Barclays Bank PLC
 
Call
 
USD
80.00   6/19/15   2,238,200       60,191,353  
Humana, Inc.
 
Goldman Sachs International
 
Call
 
USD
125.00   6/19/15   1,422,629       57,901,000  
Johnson & Johnson Co.
 
Deutsche Bank AG
 
Call
 
USD
110.00   7/17/15   5,507,400       605,814  
Glaxosmithkline PLC
 
Barclays Bank PLC
 
Call
 
USD
44.00   8/21/15   5,481,527       16,444,581  
Topix Index
 
Bank of America N.A.
 
Call
 
JPY
1,615.00   9/11/15   13,611,900       7,169,186  
Topix Index
 
BNP Paribas S.A.
 
Call
 
JPY
1,600.00   9/11/15   8,771,009       5,145,241  
SPDR Gold Trust1
 
JPMorgan Chase Bank N.A.
 
Call
 
USD
120.00   9/18/15   1,248,368       2,683,991  
STOXX Europe 600 Index
 
Bank of America N.A.
 
Call
 
EUR
404.13   9/18/15   367,867       5,047,090  
Morgan Stanley Japan Custom Index
 
Morgan Stanley & Co. International PLC
 
Call
 
JPY
131.28   12/11/15   100,235,739       21,286,830  
Morgan Stanley Japan Custom Index
 
Morgan Stanley & Co. International PLC
 
Call
 
JPY
139.99   12/11/15   25,713,659       5,561,193  
Topix Index
 
Bank of America N.A.
 
Call
 
JPY
1,525.00   12/11/15   18,438,336       19,544,118  
Topix Index
 
Citibank N.A.
 
Call
 
JPY
1,585.00   12/11/15   19,311,652       15,118,217  
Topix Index
 
USB AG
 
Call
 
JPY
1,425.00   12/11/15   9,518,600       15,589,200  
Euro STOXX 50 Index
 
JPMorgan Chase Bank N.A.
 
Call
 
EUR
 3,325.00   12/18/15   42,704       17,127,461  
Abbott Laboratories, Inc.
 
Citibank N.A.
 
Call
 
USD
49.00   1/15/16   2,722,500       4,529,233  
Activision Blizzard, Inc.
 
Deutsche Bank AG
 
Call
 
USD
19.00   1/15/16    2,647,391       12,083,513  
Bank of America Corp.
 
Goldman Sachs International
 
Call
 
USD
16.50   1/15/16   7,668,200       6,684,907  
Citigroup, Inc.
 
Goldman Sachs International
 
Call
 
USD
50.50   1/15/16   3,559,400       19,865,617  
General Electric Co.
 
Deutsche Bank AG
 
Call
 
USD
28.50   1/15/16   5,416,826       4,379,612  
Gilead Sciences, Inc.
 
Citibank N.A.
 
Call
 
USD
95.00   1/15/16   548,900       6,998,475  
International Business Machines Corp.
 
Barclays Bank PLC
 
Call
 
USD
182.00   1/15/16   557,358       3,106,257  
International Business Machines Corp.
 
Deutsche Bank AG
 
Call
 
USD
182.00   1/15/16   557,357       3,106,251  
JPMorgan Chase & Co.
 
Goldman Sachs International
 
Call
 
USD
59.00   1/15/16   2,737,200       17,155,839  
Merck & Co., Inc.
 
Goldman Sachs International
 
Call
 
USD
59.00   1/15/16   5,455,879       19,435,314  
MetLife, Inc.
 
Goldman Sachs International
 
Call
 
USD
57.50   1/15/16   4,432,660       5,651,642  
Phizer, Inc.
 
Citibank N.A.
 
Call
 
USD
33.00   1/15/16   11,065,600       23,702,515  
  1   All or a portion of Security is held by a wholly owned subsidiary. See Note 1 of the Consolidated Notes to Financial Statements for details on the wholly owned subsidiary.

See Notes to Consolidated Financial Statements.

22 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)   

       
As of April 30, 2015, OTC options purchased were as follows (concluded):

Description   Counterparty   Put/
Call
  Strike
Price
  Expiration
Date
  Contracts   Notional
Amount
(000)
    Value  
Prudential Financial, Inc.
 
Citibank N.A.
 
Call
 
USD
90.00   1/15/16   3,435,627      $ 9,928,962  
The Goldman Sachs Group, Inc.
 
Deutsche Bank AG
 
Call
 
USD
220.00   1/15/16   421,200       1,674,270  
Wells Fargo Co.
 
Goldman Sachs International
 
Call
 
USD
60.00   1/15/16   1,404,000       1,354,860  
Topix Index
 
Citibank N.A.
 
Call
 
JPY
1,585.00   3/11/16   27,328,400       25,252,806  
Baxter International
 
Goldman Sachs International
 
Call
 
USD
72.75   3/18/16   1,083,364       2,123,307  
Johnson & Johnson Co.
 
Goldman Sachs International
 
Call
 
USD
103.00   4/15/16   5,410,539       17,944,972  
Topix Index
 
Citibank N.A.
 
Call
 
JPY
1,675.00   6/10/16   17,327,007       12,043,555  
Topix Index
 
Morgan Stanley & Co. International PLC
 
Call
 
JPY
1,675.00   6/10/16   9,208,067       6,400,289  
STOXX Europe 600 Index
 
JPMorgan Chase Bank N.A.
 
Call
 
EUR
348.12   9/16/16   383,067       22,831,083  
Taiwan Stock Exchange Weighted Index
 
Citibank N.A.
 
Call
 
TWD
9,000.77   9/21/16   480,300       14,560,501  
Taiwan Stock Exchange Weighted Index
 
Citibank N.A.
 
Call
 
TWD
9,483.14   9/21/16   436,835       9,769,515  
Euro STOXX 50 Index
 
Goldman Sachs International
 
Call
 
EUR
3,293.01   12/16/16   101,572       46,160,173  
STOXX Europe 600 Index
 
Credit Suisse International
 
Call
 
EUR
347.97   12/16/16   320,701       19,639,127  
Euro STOXX 50 Index
 
Morgan Stanley & Co. International PLC
 
Call
 
EUR
3,450.00   3/17/17   39,533       15,182,338  
STOXX Europe 600 Index
 
Credit Suisse International
 
Call
 
EUR
355.61   3/17/17   361,239       20,822,790  
Euro STOXX 50 Index
 
Citibank N.A.
 
Call
 
EUR
3,500.00   6/16/17   36,703       13,276,106  
Euro STOXX 50 Index
 
Bank of America N.A
 
Call
 
EUR
3,600.00   9/15/17   39,432       13,552,464  
STOXX Europe 600 Index
 
JPMorgan Chase Bank N.A.
 
Call
 
EUR
372.06   9/15/17   234,650       11,370,033  
Euro STOXX 50 Index
 
Barclays Bank PLC
 
Call
 
EUR
3,500.00   12/15/17   40,448       18,082,791  
Nikkei 225 Index
 
Goldman Sachs International
 
Call
 
JPY
21,968.28   3/09/18   1,144,461       14,487,082  
Euro STOXX 50 Index
 
Goldman Sachs International
 
Call
 
EUR
3,500.00   3/16/18   33,589       14,202,802  
Euro STOXX 50 Index
 
UBS AG
 
Call
 
EUR
3,600.00   6/15/18   16,276       6,415,649  
Euro STOXX 50 Index
 
Deutsche Bank AG
 
Call
 
EUR
3,426.55   9/21/18   15,600       7,474,137  
Taiwan Stock Exchange Weighted Index
 
Goldman Sachs International
 
Call
 
TWD
9,677.00   12/21/16   443,400       9,222,972  
Nikkei 225 Index
 
Goldman Sachs International
 
Put
 
USD
4,250.00   5/15/15   40,702       496,564  
Russell 2000 Index
 
Deutsche Bank AG
 
Put
 
USD
1,240.00   5/15/15   224,628       5,885,254  
Russell 2000 Index
 
Morgan Stanley & Co. International PLC
 
Put
 
USD
1,250.00   5/15/15   131,892       4,372,220  
S&P 500 Index
 
Citibank N.A.
 
Put
 
USD
2,050.00   5/15/15   67,716       785,506  
S&P 500 Index
 
Morgan Stanley & Co. International PLC
 
Put
 
USD
2,025.00   5/15/15   81,615       571,305  
S&P 500 Index
 
UBS AG
 
Put
 
USD
2,050.00   5/15/15   67,716       785,506  
Transocean Ltd.
 
Citibank N.A.
 
Put
 
USD
26.00   5/15/15   4,466,803       32,831,002  
Ibovespa Brasil Sao Paulo Stock Exchange Index
 
Goldman Sachs International
 
Put
 
BRL
48,000.00   6/17/15   7,253       206,981  
Chevron Corp.
 
Citibank N.A.
 
Put
 
USD
95.00   6/19/15   1,644,333       600,182  
JPY Currency
 
JPMorgan Chase Bank N.A.
 
Put
 
USD
116.00   6/19/15     273,765     738,619  
S&P 500 Index
 
Credit Suisse International
 
Put
 
USD
2,065.00   6/19/15   192,739       6,842,235  
Ibovespa Brasil Sao Paulo Stock Exchange Index
 
Bank of America N.A.
 
Put
 
BRL
47,604.37   8/12/15   9,191       869,175  
Total
 
 
 
 
 
 
                 $ 815,172,350  

•       
As of April 30, 2015, OTC interest rate swaptions purchased were as follows:

Description   Counterparty   Put/
Call
  Exercise
Rate
  Pay/
Receive
Exercise
Rate
  Floating Rate
Index
  Expiration
Date
  Notional
Amount
(000)
 
Value
5-Year Interest Rate Swap
 
Deutsche Bank AG
 
Call
 
1.50%
 
Receive
 
3-month USD LIBOR
 
6/30/15
 
USD
2,765,642    $ 8,211,302
5-Year Interest
Rate Swap
 
Goldman Sachs International
 
Call
 
1.65%
 
Receive
 
3-month USD LIBOR
 
7/23/15
 
USD
1,942,430     12,063,306
5-Year Interest
Rate Swap
 
Deutsche Bank AG
 
Call
 
1.53%
 
Receive
 
3-month USD LIBOR
 
8/12/15
 
USD
4,403,240     19,108,653
10-Year Interest Rate Swap
 
Goldman Sachs International
 
Put
 
1.35%
 
Pay
 
6-month JPY LIBOR
 
1/25/16
 
JPY
24,235,132     486,647
10-Year Interest Rate Swap
 
Goldman Sachs International
 
Put
 
1.35%
 
Pay
 
6-month JPY LIBOR
 
1/25/16
 
JPY
12,066,812     242,304
10-Year Interest Rate Swap
 
Deutsche Bank AG
 
Put
 
1.25%
 
Pay
 
6-month JPY LIBOR
 
7/29/16
 
JPY
14,080,590     712,810
5-Year Interest Rate Swap
 
Deutsche Bank AG
 
Put
 
1.07%
 
Pay
 
3-month JPY LIBOR
 
4/04/18
 
JPY
12,739,074     647,968
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     $ 41,472,990

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 23
 
  
Consolidated Schedule of Investments (continued)   

•       
As of April 30, 2015, exchange-traded options written were as follows:

 

Description   Put/
Call
  Strike
Price
Expiration
Date
Contracts   Value
Apple Inc.   Call     USD     150.00 8/21/15 791    $ (97,293
Apple, Inc.   Put     USD   120.00 8/21/15 791     (456,802
Total                    $ (554,095

•       
As of April 30, 2015, OTC barrier options written were as follows:

 

Description Counterparty   Strike
Price
  Barrier
Price
  Expiration
Date
  Contracts   Value
Nikkei 225 Index Goldman Sachs International   JPY   17,974.04   JPY   14,978.37   3/09/18   1,144,461    $ (19,594,813
Euro STOXX 50 Index Deutsche Bank AG   EUR   2,586.07   EUR   2,165.83   9/21/18   15,600     (2,756,440
Total                              $ (22,351,253

•       
As of April 30, 2015, OTC options written were as follows:

Description       Counterparty   Put/
Call
  Strike
Price
  Expiration
Date
  Contracts   Value
AbbVie, Inc.
     
Barclays Bank PLC
 
Call
 
USD
    60.00       5/15/15       1,095,000      $ (5,310,750
Topix Index
     
Morgan Stanley & Co. International PLC
 
Call
 
JPY
    1,750.00       6/12/15       9,242,188       (183,177
Ibovespa Brasil Sao Paulo
Stock Exchange Index
     
Goldman Sachs International
 
Call
 
BRL
    54,500.00       6/17/15       7,253       (7,783,536
AbbVie, Inc.
     
Barclays Bank PLC
 
Call
 
USD
    65.00       6/19/15       2,816,400       (6,196,080
Aetna, Inc.
     
Barclays Bank PLC
 
Call
 
USD
    90.00       6/19/15       2,238,200       (44,308,459
Humana, Inc.
     
Goldman Sachs International
 
Call
 
USD
    155.00       6/19/15       1,422,629       (18,920,966
S&P 500 Index
     
Credit Suisse International
 
Call
 
USD
    2,175.00       6/19/15       192,739       (848,052
Tesla Motors, Inc.
     
Deutsche Bank AG
 
Call
 
USD
    210.00       6/19/15       129,993       (3,054,836
Ibovespa Brasil Sao Paulo Stock Exchange Index
     
Bank of America N.A.
 
Call
 
BRL
    55,416.37       8/12/15       9,191       (12,224,014
GlaxoSmithKline PLC
     
Barclays Bank PLC
 
Call
 
USD
    50.00       8/21/15       5,481,527       (3,151,878
Tenet Healthcare Corp.
     
Goldman Sachs International
 
Call
 
USD
    49.00       8/21/15       656,938       (2,529,211
Topix Index
     
Citibank N.A.
 
Call
 
JPY
    1,800.00       12/11/15       19,311,652       (4,262,706
Abbott Laboratories
     
Citibank N.A.
 
Call
 
USD
    55.00       1/15/16       2,722,500       (1,129,838
Activision Blizzard Inc.
     
Deutsche Bank AG
 
Call
 
USD
    24.00       1/15/16       2,647,391       (4,362,503
Bank of America Corp.
     
Goldman Sachs International
 
Call
 
USD
    19.00       1/15/16       7,668,200       (1,791,138
Citigroup, Inc.
     
Goldman Sachs International
 
Call
 
USD
    57.50       1/15/16       3,559,400       (7,314,567
General Electric Co.
     
Deutsche Bank AG
 
Call
 
USD
    32.00       1/15/16       5,416,826       (1,029,197
JPMorgan Chase & Co.
     
Goldman Sachs International
 
Call
 
USD
    66.00       1/15/16       2,737,200       (7,021,876
Merck & Co., Inc.
     
Goldman Sachs International
 
Call
 
USD
    65.00       1/15/16       5,455,879       (7,529,113
MetLife, Inc.
     
Goldman Sachs International
 
Call
 
USD
    67.50       1/15/16       4,432,660       (1,193,494
Pfizer, Inc.
     
Citibank N.A.
 
Call
 
USD
    37.50       1/15/16       11,065,600       (6,869,856
Prudential Financial, Inc.
     
Citibank N.A.
 
Call
 
USD
    105.00       1/15/16       3,435,627       (1,906,773
United Continental Holdings, Inc.
     
Citibank N.A.
 
Call
 
USD
    60.00       1/15/16       471,414       (3,747,741
Valeant Pharmaceutical
     
Barclays Bank PLC
 
Call
 
USD
    240.00       1/15/16       80,900       (1,419,795
Baxter International
     
Goldman Sachs International
 
Call
 
USD
    82.00       3/18/16       1,083,364       (560,067
Johnson & Johnson Co.
     
Goldman Sachs International
 
Call
 
USD
    113.00       4/15/16       5,410,539       (5,641,461
S&P 500 Index
     
Credit Suisse International
 
Put
 
USD
    1,950.00       6/19/15       192,739       (2,293,594
Topix Index
     
Bank of America N.A.
 
Put
 
JPY
    1,435.00       9/11/15       13,611,900       (2,544,781
STOXX Europe 600 Index
     
Bank of America N.A.
 
Put
 
EUR
    368.48       9/18/15       367,867       (4,130,594
Morgan Stanley Japan Custom Index
     
Morgan Stanley & Co. International PLC
 
Put
 
JPY
    137.22       12/11/15       25,713,659       (534,226
Morgan Stanley Japan Custom Index
     
Morgan Stanley & Co. International PLC
 
Put
 
JPY
    128.68       12/11/15       100,235,739       (1,705,576
Topix Index
     
Bank of America N.A.
 
Put
 
JPY
    1,425.00       12/11/15       18,438,336       (5,593,809
Topix Index
     
Citibank N.A.
 
Put
 
JPY
    1,400.00       12/11/15       19,311,652       (4,969,839
Topix Index
     
UBS AG
 
Put
 
JPY
    1,225.00       12/11/15       9,518,600       (721,008
Topix Index
     
Citibank N.A.
 
Put
 
JPY
    1,435.00       3/11/16       27,328,400       (11,884,169
Topix Index
     
Citibank N.A.
 
Put
 
JPY
    1,500.00       6/10/16       8,663,503       (6,641,812
Topix Index
     
Citibank N.A.
 
Put
 
JPY
    1,475.00       6/10/16       8,663,504       (5,909,498
Topix Index
     
Morgan Stanley Capital Services LLC
 
Put
 
JPY
    1,450.00       6/10/16       9,208,067       (5,570,584

See Notes to Consolidated Financial Statements.

24 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)   

       
As of April 30, 2015, OTC options written were as follows (concluded):

Description       Counterparty   Put/
Call
  Strike
Price
  Expiration
Date
  Contracts   Value
Taiwan Stock Exchange Weighted Index
     
Citibank N.A.
 
Put
 
TWD
    8,691.29       9/21/16       436,835      $ (5,362,383
Taiwan Stock Exchange Weighted Index
     
Citibank N.A.
 
Put
 
TWD
    8,100.70       9/21/16       480,300       (3,621,569
Taiwan Stock Exchange Weighted Index
     
Goldman Sachs International
 
Put
 
TWD
    8,868.97       12/16/21       443,400       (7,310,337
Total
     
 
 
 
 
 
                           $ (229,084,863

•        As of April 30, 2015, OTC interest rate swaptions written were as follows:

Description       Counterparty   Put/
Call
  Exercise
Rate
  Pay/ Receive
Exercise Rate
  Floating Rate
Index
  Expiration
Date
  Notional
Amount
(000)
  Value
5-Year Interest Rate Swap
     
Goldman Sachs International
 
Call
 
1.40%
 
Pay
 
3-month USD LIBOR
 
7/23/15
 
USD
    832,480      $ (1,925,818

•        As of April 30, 2015, centrally cleared credit default swaps — buy protection outstanding were as follows:

Issuer       Pay
Fixed
Rate
  Clearinghouse   Expiration
Date
  Notional
Amount
(000)
  Unrealized
Depreciation
Dow Jones CDX North America High Yield Index, Series 24, Version 1      
5.00%
 
Chicago Mercantile
    6/20/20    
USD
    85,071      $ (70,228

•       
As of April 30, 2015, centrally cleared credit default swaps — sold protection outstanding were as follows:

Issuer       Receive
Fixed
Rate
  Clearinghouse   Expiration
Date
  Credit
Rating1
  Notional
Amount
(000)2
 
Value
  Unrealized
Depreciation
Markit iTraxx XO, Series 23, Version 1      
5.00%
 
Intercontinental Exchange
 
6/20/20
 
B
    EUR 111,393      $ 13,145,375      $ (1,807,159
1 Using S&P’s rating of the underlying securities of the index.
  2 The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

•       
As of April 30, 2015, centrally cleared interest rate swaps outstanding were as follows:

Fixed
Rate
      Floating
Rate
  Clearinghouse   Effective
Date
  Expiration
Date
  Notional
Amount
(000)
  Unrealized
Appreciation
(Depreciation)
1.03%3
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    3/11/17       USD       1,378,120      $ (6,646,512
0.97%3
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    3/17/17       USD       693,720       (2,536,478
0.99%3
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    3/17/17       USD       2,774,730       (11,180,447
1.08%3
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    4/07/17       USD       2,806,820       (15,548,995
3.48%4
     
3 Month FRA
 
Chicago Mercantile
 
N/A
    2/05/20       NZD       83,216       (358,386
3.60%4
     
3 Month FRA
 
Chicago Mercantile
 
N/A
    2/09/20       NZD       166,745       (2,605
3.59%4
     
3 Month FRA
 
Chicago Mercantile
 
N/A
    2/09/20       NZD       142,308       (48,043
1.88%4
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    3/11/20       USD       567,696       8,577,943  
2.89%4
     
6 Month BBSW
 
Chicago Mercantile
 
6/11/154
    6/11/20       AUD       70,497       787,856  
2.16%4
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    3/17/25       USD       152,630       539,101  
2.18%4
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    3/17/25       USD       305,240       1,705,472  
2.23%4
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    3/17/25       USD       305,190       3,203,591  
2.22%4
     
3 Month LIBOR
 
Chicago Mercantile
 
N/A
    4/07/25       USD       608,620       5,456,726  
Total
     
 
 
 
 
 
                           $ (16,050,777
3 Fund pays the fixed rate and receives the floating rate.
4 Fund pays the floating rate and received the fixed rate.
5 Forward swap.

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 25
 
  
Consolidated Schedule of Investments (continued)   

•       
As of April 30, 2015, OTC currency swaps outstanding were as follows:

        Notional Amount (000)                    
Fund Pays   Fund
Receives
  Fund
Pays
  Fund
Receives
  Counterparty   Expiration
Date
 
Value
  Premiums
Paid
(Received)
  Unrealized
Depreciation
0.10%
 
1.23%
 
USD 92,066
 
JPY 11,078,850
 
Bank of America N.A.
 
3/15/17
 
$(779,128)
 
(24,558)
 
$ (754,570)

•       
As of April 30, 2015, OTC interest rate swaps outstanding were as follows:

Fixed Rate       Floating Rate   Counterparty   Expiration
Date
  Notional
Amount
(000)
 
Value
  Premiums
Paid
(Received)
  Unrealized
Depreciation
2.06%1
     
6-month WIBOR
 
Deutsche Bank AG
 
3/17/20
 
PLN
    164,227      $ (98,822          $ (98,822
2.05%1
     
6-month WIBOR
 
Deutsche Bank AG
 
3/19/20
 
PLN
    54,759       (38,102           (38,102
Total
     
 
 
 
 
 
 
 
           $ (136,924          $ (136,924
1 Fund pays the fixed rate and receives the floating rate.

•       
As of April 30, 2015, OTC total return swaps outstanding were as follows:
Reference Entity       Fixed Rate/
Floating Rate
  Counterparty   Expiration
Date
  Notional
Amount
(000)
  Value   Premiums
Paid
(Received)
  Appreciation
Siloam International Hospitals       1-month LIBOR +0.50%2   Credit Suisse
Securities (USA) LLC
    2/09/16     USD     14,193      $ 1,010,654            $ 1,010,654  
SGX Nikkei Stock Average Dividend Point Index Future December 2015       JPY 2,703,510,0003   BNP Paribas S.A.     4/01/16     JPY     1,026     5,636,985             5,636,985  
SGX Nikkei Stock Average Dividend Point Index Future December 2015       JPY 2,773,800,0003   BNP Paribas S.A.     4/01/16     JPY     1,035     5,296,357             5,296,357  
SGX Nikkei Stock Average Dividend Point Index Future December 2016       JPY 2,726,515,0003   BNP Paribas S.A.     4/03/17     JPY     979     6,723,451             6,723,451  
SGX Nikkei Stock Average Dividend Point Index Future December 2016       JPY 2,778,300,0003   BNP Paribas S.A.     4/03/17     JPY     980     6,319,932             6,319,932  
Total                                    $ 24,987,379            $ 24,987,379  
2   Fund receives the total return of the reference entity and pays the floating rate. Net payment at termination.
3 Fund receives the total return of the reference entity and pays the fixed amount. Net payment at termination.
4 Contract amount shown.

     
Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

     
Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access
     
Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
     
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

       
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

See Notes to Consolidated Financial Statements.

26 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (continued)   
 
       
As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

        Level 1   Level 2   Level 3   Total
Assets:
                                   
Investments:
                                   
Common Stocks:
                                   
Australia
             $ 163,485,806            $ 163,485,806  
Belgium
       $ 13,506,886                   13,506,886  
Brazil
        229,777,572                   229,777,572  
Canada
        789,429,289                   789,429,289  
China
        137,404,026       124,855,486             262,259,512  
Cyprus
        12,607,743                   12,607,743  
Denmark
              19,081,241             19,081,241  
France
        169,808,341        1,090,881,315             1,260,689,656  
Germany
              444,876,830             444,876,830  
Hong Kong
        8,752,469       585,281,578             594,034,047  
India
              120,955,564             120,955,564  
Indonesia
        29,376,811                   29,376,811  
Ireland
        288,327,513       99,979,506             388,307,019  
Israel
        372,627,470                   372,627,470  
Italy
        116,280,503       161,993,812             278,274,315  
Japan
              5,485,219,797             5,485,219,797  
Kazakhstan
        24,858,702                   24,858,702  
Luxembourg
              5,394,047             5,394,047  
Malaysia
        68,095,874       59,503,272             127,599,146  
Mexico
        146,410,720                   146,410,720  
Netherlands
        74,199,021       423,879,644             498,078,665  
Norway
              218,210,525             218,210,525  
Peru
        148,536,162                   148,536,162  
Portugal
              28,874,002             28,874,002  
Russia
        3,006,684                   3,006,684  
Singapore
        21,880,536       341,793,199             363,673,735  
South Africa
              25,378,385             25,378,385  
South Korea
              295,425,421             295,425,421  
Spain
              75,818,036             75,818,036  
Sweden
              132,700,217             132,700,217  
Switzerland
        23,987,252       909,155,163             933,142,415  
Taiwan
              129,922,840             129,922,840  
Thailand
        77,637,058                   77,637,058  
United Arab Emirates
        84,300,624                   84,300,624  
United Kingdom
        303,079,051       1,307,771,177      $ 45,103,581       1,655,953,809  
United States
        15,213,057,212       29,275,751       2,096,082       15,244,429,045  
Corporate Bonds
              4,457,448,202        475,111,586       4,932,559,788  
Credit Linked Notes
              173,193,344             173,193,344  
Floating Rate Loan Interests
              521,495,830       115,487,475       636,983,305  
Foreign Agency Obligations
              4,600,051,522             4,600,051,522  
U.S. Government Sponsored Agency Securities
              393,066,879             393,066,879  
U.S. Treasury Obligations
              1,756,636,911             1,756,636,911  
Investment Companies
        382,127,276                   382,127,276  
Preferred Securities
        746,030,200       307,092,503       577,176,625       1,630,299,328  
Warrants
              11,380,650             11,380,650  
Short-Term Securities:
                                   
Foreign Agency Obligations
              2,493,613,466             2,493,613,466  
Money Market Funds
        46,270,124       429,729,801             475,999,925  
Time Deposits
              14,485,659             14,485,659  
U.S. Treasury Obligations
              7,768,621,441             7,768,621,441  
Options Purchased
                           
Equity contracts
        103,831,339       710,990,040             814,821,379  
Foreign currency exchange contracts
              738,619             738,619  
Interest rate contracts
              41,472,990             41,472,990  

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 27
 
  
Consolidated Schedule of Investments (continued)   

        Level 1   Level 2   Level 3   Total
Liabilities:
                                   
Investments:
                                   
Investments Sold Short
       $ (144,058,133                $ (144,058,133
TBA sale commitments
             $ (198,104,874           (198,104,874
Total
       $ 19,491,148,325      $ 35,761,625,597      $ 1,214,975,349      $ 56,467,749,271  

        Level 1   Level 2   Level 3   Total
Derivative Financial Instruments1
                                   
Assets:
                                   
Equity contracts
       $ 12,942,646      $ 24,987,379            $ 37,930,025  
Foreign currency exchange contracts
              70,795,259             70,795,259  
Interest contracts
              20,270,689             20,270,689  
Liabilities:
                                   
Credit contracts
              (1,877,387           (1,877,387
Equity contracts
        (63,376,193     (222,188,476           (285,564,669
Foreign currency exchange contracts
              (102,545,618           (102,545,618
Interest contracts
              (39,138,778           (39,138,778
Total
       $  (50,433,547    $  (249,696,932          $  (300,130,479
1 Derivative financial instruments are swaps, financial futures contracts, foreign currency exchange contracts and options written. Swaps, financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

       
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

        Level 1   Level 2   Level 3   Total
Assets:
                                   
Cash held for investments sold short
       $ 133,305,157                  $ 133,305,157  
Foreign currency at value
        684,951                   684,951  
Cash pledged for centrally cleared swaps
        55,525,000                   55,525,000  
Liabilities:
                                   
Bank overdraft
             $ (4,160,937           (4,160,937
Collateral on securities loaned at value
              (429,729,801           (429,729,801
Cash received as collateral for OTC derivatives
        (653,548,669                 (653,548,669
Total
       $  (464,033,561    $  (433,890,738          $  (897,924,299

       
During the period ended April 30, 2015, there were no transfers between Level 1 and Level 2.
       
A reconciliation of Level 3 investments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
        Common
Stocks
  Corporate
Bonds
  Floating
Rate
Loan Interests
  Preferred
Securities
  Total
Assets:                                            
Opening Balance, as of October 31, 2014        $ 45,990,427      $ 248,074,286      $ 45,883,966      $ 364,409,258      $ 704,357,937  
Transfers into Level 3               89,571,720                   89,571,720  
Transfers out of Level 3               (83,308,291           (28,390,380     (111,698,671
Accrued discounts/premiums               2,775,298       17,837             2,793,135  
Net realized gain (loss)               (20,889,096     18,043             (20,871,053
Net change in unrealized appreciation (depreciation)2         (886,846     32,400,056       3,502,268       144,742,073       179,757,551  
Purchases         2,096,082       253,056,046       76,432,636       96,415,674       428,000,438  
Sales               (46,568,433     (10,367,275           (56,935,708
Closing Balance, as of April 30, 2015        $ 47,199,663      $ 475,111,586      $ 115,487,475      $ 577,176,625      $ 1,214.975,349  
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 20153        $ (886,846    $ (25,754,270    $ 3,502,268      $ 144,742,072      $ 121,603,224  
2 Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.
3 Any difference between Net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2015 is generally due to investments no longer held or categorized as Level 3 at period end.

See Notes to Consolidated Financial Statements.

28 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Schedule of Investments (concluded)   

       
The following table summarizes the valuation techniques used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of April 30, 2015. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $551,280,202. A significant change in such third party pricing information could result in a significantly lower or higher value of such Level 3 investments.

    Value   Valuation Techniques   Unobservable Inputs   Range of
Unobservable
Inputs Utilized
  Weighted
Average of
Unobservable
Input
Assets:
                                       
Common Stocks
   $ 45,103,581    
Market Comparable Companies
 
Run Rate EBITDA Multiple1
 
21.25x
 
Corporate Bonds
    72,496,791    
Market Comparable Companies
 
Run Rate EBITDA Multiple1
 
21.25x
 
 
    669,589    
Recovery Value
 
Recovery Rate1
 
 
 
    64,664,235    
Discounted Cash Flow
 
Discount Rate2
 
15.00%
 
Preferred Stocks
    283,734,737    
Market Comparable Companies
 
Current Year Revenue Multiple1
 
21.25x
 
 
         
 
 
Next Fiscal Year Revenue Multiple1
 
17.50x
 
 
         
 
 
Net Revenue Growth Rate1
 
372.80%
 
 
         
 
 
Compounded Annual Net Revenue Growth Rate1
 
95.02%
 
 
    197,026,214    
Market Comparable Companies
 
2015 Gross Billings Multiple1
 
11.90x
 
 
         
Options Pricing Model
 
2015P Revenue Multiple1
 
9.5x
 
 
         
 
 
Years to IPO2
 
1-3
 
 
         
 
 
Risk Free Rate2
 
0.31% — 0.99%
 
0.50%
 
         
 
 
Volatility1
 
40.00% — 55.00%
 
44.10%
Total
   $ 663,695,147                                  
1 Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.
2 Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 29
 
  
Consolidated Statement of Assets and Liabilities  

April 30, 2015 (Unaudited)         
Assets
Investments at value — unaffiliated (including securities loaned at value of $406,925,496) (cost — $48,416,179,758)
        $ 55,526,066,555   
Investments at value — affiliated (cost — $1,358,118,311)
           1,283,845,723   
Cash held for investments sold short
           133,305,157   
Investments sold receivable
           453,661,348   
TBA sale commitments receivable
           198,104,874   
Interest receivable
           131,540,108   
Dividends receivable
           100,698,026   
Unrealized appreciation on forward foreign currency exchange contracts
           70,795,259   
Capital shares sold receivable
           65,160,180   
Options written receivable
           29,455,509   
Unrealized appreciation on OTC derivatives
           24,987,379   
Variation margin receivable on financial futures contracts
           13,285,364   
Swaps receivable
           1,755,303   
Foreign currency at value (cost — $685,188)
           684,951   
Securities lending income receivable — affiliated
           660,699   
Cash pledged for centrally cleared swaps
           55,525,000   
Prepaid expenses
           714,222   
Total assets
           58,090,245,657   
 
Liabilities
Collateral on securities loaned at value
           429,729,801   
Investments purchased payable
           940,417,244   
Cash received as collateral for OTC derivatives
           653,548,669   
Options written at value (premiums received — $210,049,385)
           253,916,029   
TBA sale commitments at value (proceeds — $198,104,874)
           198,104,874   
Investments sold short at value (proceeds — $142,700,308)
           144,058,133   
Unrealized depreciation on forward foreign currency exchange contracts
           102,545,618   
Capital shares redeemed payable
           89,151,664   
Options written payable
           39,368,445   
Investment advisory fees payable
           30,163,005   
Service and distribution fees payable
           16,964,444   
Bank overdraft
           4,160,937   
Swaps payable
           1,581,166   
Unrealized depreciation on OTC derivatives
           891,494   
Deferred foreign capital gain tax payable
           683,338   
Other affiliates payable
           299,615   
Officer’s and Directors’ fees payable
           117,521   
Swap premiums received
           24,558   
Variation margin payable on centrally cleared swaps
           86,893   
Other accrued expenses payable
           22,166,345   
Total liabilities
           2,927,979,793   
Net Assets
        $ 55,162,265,864   
 
Net Assets Consist of
Paid-in capital
        $ 46,250,327,552   
Distributions in excess of net investment income
           (283,980,255 )  
Accumulated net realized gain
           2,253,502,400   
Net unrealized appreciation (depreciation)
           6,942,416,167   
Net Assets
        $ 55,162,265,864   
 
Net Asset Value
Institutional — Based on net assets of $20,939,361,011 and 1,006,640,661 shares outstanding, 2 billion shares authorized, $0.10 par value
        $ 20.80   
Investor A — Based on net assets of $17,346,717,560 and 838,868,739 shares outstanding, 2 billion shares authorized, $0.10 par value
        $ 20.68   
Investor B — Based on net assets of $265,334,024 and 13,168,397 shares outstanding, 1.5 billion shares authorized, $0.10 par value
        $ 20.15   
Investor C — Based on net assets of $15,372,187,606 and 810,654,364 shares outstanding, 2 billion shares authorized, $0.10 par value
        $ 18.96   
Class R — Based on net assets of $1,238,665,663 and 62,396,000 shares outstanding, 2 billion shares authorized, $0.10 par value
        $ 19.85   
 

See Notes to Consolidated Financial Statements.

30 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Statement of Operations    
 
Six Months Ended April 30, 2015 (Unaudited)
Investment Income
Dividends — unaffiliated
        $ 334,325,426   
Interest
           253,221,334   
Securities lending — affiliated — net
           4,219,800   
Dividends — affiliated
           9,679   
Foreign taxes withheld
           (18,246,623 )  
Total income
           573,529,616   
 
Expenses
Investment advisory
           206,638,554   
Service — Investor A
           21,529,102   
Service and distribution — Investor B
           1,481,765   
Service and distribution — Investor C
           76,962,765   
Service and distribution — Class R
           3,085,641   
Transfer agent — Institutional
           8,811,306   
Transfer agent — Investor A
           9,258,504   
Transfer agent — Investor B
           205,901   
Transfer agent — Investor C
           7,419,752   
Transfer agent — Class R
           1,236,957   
Custodian
           3,649,218   
Accounting services
           2,778,437   
Professional
           577,764   
Officer and Directors
           377,498   
Printing
           370,060   
Registration
           284,592   
Miscellaneous
           355,415   
Total expenses excluding dividend expense and stock loan fees
           345,023,231   
Dividend expense
           1,228,599   
Stock loan fees
           6,004   
Total expenses
           346,257,834   
Less fees waived by Manager
           (23,678,329 )  
Total expenses after fees waived
           322,579,505   
Net investment income
           250,950,111   
 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
                    
Investments (including $3,342,575 foreign capital gain tax)
           1,681,161,114   
Investments — affiliated
           (3,812,255 )  
Financial futures contracts
           20,287,411   
Foreign currency transactions
           740,560,136   
Options written
           55,548,767   
Short sales
           (9,635,520 )  
Swaps
           51,758,171   
 
           2,535,867,824   
Net change in unrealized appreciation (depreciation) on:
                    
Investments — unaffiliated (including $683,338 foreign capital gain tax)
           (353,394,104 )  
Investments — affiliated
           32,547,647   
Financial futures contracts
           (15,175,818 )  
Foreign currency translations
           (206,266,592 )  
Options written
           11,064,261   
Swaps
           (14,076,926 )  
Short sales
           (1,127,070 )  
 
           (546,428,602 )  
Net realized and unrealized gain
           1,989,439,222   
Net Increase in Net Assets Resulting from Operations
        $  2,240,389,333   

See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 31
 
  
Consolidated Statements of Changes in Net Assets    
 
         Six Months
Ended
April 30,
     Year Ended
Increase (Decrease) in Net Assets:          2015
(Unaudited)
     October 31,
2014
Operations
Net investment income
        $ 250,950,111         $ 712,386,073   
Net realized gain
           2,535,867,824            4,133,411,709   
Net change in unrealized appreciation (depreciation)
           (546,428,602 )           (2,009,738,629 )  
Net increase in net assets resulting from operations
           2,240,389,333            2,836,059,153   
 
Distributions to Shareholders From1  
Net investment income:
                                        
Institutional
           (334,242,984 )           (327,137,897 )  
Investor A
           (249,750,829 )           (241,707,008 )  
Investor B
           (3,234,467 )           (1,624,272 )  
Investor C
           (186,264,998 )           (108,337,878 )  
Class R
           (16,512,825 )           (12,766,828 )  
Net realized gain:
                                        
Institutional
           (1,447,355,150 )           (923,415,222 )  
Investor A
           (1,191,743,896 )           (833,382,646 )  
Investor B
           (21,915,871 )           (21,372,435 )  
Investor C
           (1,159,361,043 )           (768,908,083 )  
Class R
           (88,285,445 )           (59,125,782 )  
Decrease in net assets resulting from distributions to shareholders
           (4,698,667,508 )           (3,297,778,051 )  
 
Capital Share Transactions
Net increase in net assets derived from capital share transactions
           170,572,246            117,188,082   
 
Net Assets
Total decrease in net assets
           (2,287,705,929 )           (344,530,816 )  
Beginning of period
           57,449,971,793            57,794,502,609   
End of period
        $ 55,162,265,864         $ 57,449,971,793   
Undistributed (distributions in excess of) net investment income, end of period
        $ (283,980,255 )        $ 251,647,130   
1   Distributions for annual periods determined in accordance with federal income tax regulations.

See Notes to Consolidated Financial Statements.

32 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Financial Highlights    
 
      Institutional
        Six Months
Ended
April 30,
2015
(Unaudited)
   
             
             
        Year Ended October 31,
      2014   2013   2012   2011   2010
Per Share Operating Performance
Net asset value, beginning of period
       $ 21.77      $ 21.95      $ 19.54      $ 19.16      $ 19.07      $ 17.42  
Net investment income1
        0.13       0.35       0.28       0.31       0.38       0.33  
Net realized and unrealized gain
        0.72       0.77       2.43       0.64       0.08 2     1.65 2
Net increase from investment operations
        0.85       1.12       2.71       0.95       0.46       1.98  
Distributions from:3
                                                   
Net investment income
        (0.34     (0.33     (0.30     (0.38     (0.37     (0.33
Net realized gain
        (1.48     (0.97           (0.19            
Total distributions
        (1.82     (1.30     (0.30     (0.57     (0.37     (0.33
Net asset value, end of period
       $ 20.80      $ 21.77      $ 21.95      $ 19.54      $ 19.16      $ 19.07  
                                                
Total Return4
Based on net asset value
        4.39% 5      5.35%       13.97%       5.20%       2.39%       11.54%  
                                                
Ratios to Average Net Assets
Total expenses
        0.87% 6      0.87%       0.87%       0.87%       0.87%       0.88%  
Total expenses after fees waived
        0.78% 6      0.78%       0.78%       0.79%       0.78%       0.81%  
Total expenses after fees waived and excluding
interest expense, dividend expense and stock loan fees
        0.78% 6      0.78%       0.78%       0.79%       0.78%       0.81%  
Net investment income
        1.30% 6      1.60%       1.35%       1.61%       1.92%       1.83%  
                                                
Supplemental Data
Net assets, end of period (000)
       $ 20,939,339      $ 22,075,330      $ 20,968,279      $ 18,657,773      $ 16,879,389      $ 12,894,088  
Portfolio turnover rate7
        38%       75%       50%       39%       31%       29%  
1   Based on average shares outstanding.
2   Includes a redemption fee, which is less than $0.01 per share.
3   Distributions for annual periods determined in accordance with federal income tax regulations.
4   Where applicable, assumes the reinvestment of distributions.
5   Aggregate total return.
6   Annualized.
7   Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

        Six Months
Ended
April 30,
2015
(Unaudited)

   
           
      Year Ended December 31,



 
 
2014
 
2013
 
2012
 
2011
 
2010
Portfolio turnover rate (excluding MDRs)
        37                              









See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 33
 
  
Consolidated Financial Highlights (continued)   
 
      Investor A
        Six Months
Ended
April 30,
2015
(Unaudited)
   
             
             
        Year Ended October 31,
      2014   2013   2012   2011   2010
Per Share Operating Performance
Net asset value, beginning of period
       $ 21.65      $ 21.83      $ 19.44      $ 19.06      $ 18.97      $ 17.34  
Net investment income1
        0.10       0.29       0.22       0.25       0.32       0.28  
Net realized and unrealized gain
        0.72       0.77       2.41       0.65       0.09 2      1.64 2 
Net increase from investment operations
        0.82       1.06       2.63       0.90       0.41       1.92  
Distributions from:3
                                                   
Net investment income
        (0.31     (0.27     (0.24     (0.33     (0.32     (0.29
Net realized gain
        (1.48     (0.97           (0.19            
Total distributions
        (1.79     (1.24     (0.24     (0.52     (0.32     (0.29
Net asset value, end of period
       $ 20.68      $ 21.65      $ 21.83      $ 19.44      $ 19.06      $ 18.97  
                                                
Total Return4
Based on net asset value
        4.25% 5      5.10%       13.63%       4.92%       2.13%       11.20%  
                                                
Ratios to Average Net Assets
Total expenses
        1.14% 6      1.13%       1.13%       1.15%       1.14%       1.15%  
Total expenses after fees waived
        1.06% 6      1.04%       1.05%       1.07%       1.06%       1.08%  
Total expenses after fees waived and excluding
interest expense, dividend expense and stock loan fees
        1.06% 6      1.04%       1.05%       1.07%       1.06%       1.08%  
Net investment income
        1.03% 6      1.33%       1.08%       1.33%       1.63%       1.56%  
                                                
Supplemental Data
Net assets, end of period (000)
       $ 17,346,718      $ 17,792,885      $ 18,858,846      $ 17,292,587      $ 17,638,914      $ 15,724,095  
Portfolio turnover rate7
        38%       75%       50%       39%       31%       29%  
1   Based on average shares outstanding.
2   Includes a redemption fee, which is less than $0.01 per share.
3   Distributions for annual periods determined in accordance with federal income tax regulations.
4   Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
5   Aggregate total return.
6   Annualized.
7   Includes MDRs. Additional information regarding portfolio turnover rate is as follows:
        Six Months
Ended
April 30,
2015
(Unaudited)

   
           
      Year Ended December 31,



 
 
2014
 
2013
 
2012
 
2011
 
2010
Portfolio turnover rate (excluding MDRs)
        37                              








See Notes to Consolidated Financial Statements.

34 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Financial Highlights (continued)    
 
      Investor B
        Six Months
Ended
April 30,
2015
(Unaudited)
   
             
             
        Year Ended October 31,
      2014   2013   2012   2011   2010
Per Share Operating Performance
Net asset value, beginning of period
       $ 21.13      $ 21.31      $ 18.96      $ 18.57      $ 18.49      $ 16.91  
Net investment income1
        0.02       0.11       0.06       0.09       0.10       0.13  
Net realized and unrealized gain
        0.70       0.76       2.35       0.65       0.14 2      1.61 2 
Net increase from investment operations
        0.72       0.87       2.41       0.74       0.24       1.74  
Distributions from:3
                                                   
Net investment income
        (0.22     (0.08     (0.06     (0.16     (0.16     (0.16
Net realized gain
        (1.48     (0.97           (0.19            
Total distributions
        (1.70     (1.05     (0.06     (0.35     (0.16     (0.16
Net asset value, end of period
       $ 20.15      $ 21.13      $ 21.31      $ 18.96      $ 18.57      $ 18.49  
                                                
Total Return4
Based on net asset value
        3.82% 5      4.27%       12.75%       4.10%       1.25%       10.35%  
                                                
Ratios to Average Net Assets
Total expenses
        1.92% 6      1.93%       1.95%       1.95%       1.97%       1.96%  
Total expenses after fees waived
        1.84% 6      1.84%       1.86%       1.86%       1.87%       1.89%  
Total expenses after fees waived and excluding
interest expense, dividend expense and stock loan fees
        1.84% 6      1.84%       1.86%       1.86%       1.87%       1.89%  
Net investment income
        0.22% 6      0.54%       0.28%       0.51%       0.50%       0.74%  
                                                
Supplemental Data
Net assets, end of period (000)
       $ 265,334      $ 335,683      $ 500,197      $ 660,370      $ 930,028      $ 1,209,744  
Portfolio turnover rate7
        38%       75%       50%       39%       31%       29%  
1   Based on average shares outstanding.
2   Includes a redemption fee, which is less than $0.01 per share.
3   Distributions for annual periods determined in accordance with federal income tax regulations.
4   Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
5   Aggregate total return.
6   Annualized.
7   Includes MDRs. Additional information regarding portfolio turnover rate is as follows:
        Six Months
Ended
April 30,
2015
(Unaudited)

   
           
      Year Ended December 31,



 
 
2014
 
2013
 
2012
 
2011
 
2010
Portfolio turnover rate (excluding MDRs)
        37                              








See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 35
 
  
Consolidated Financial Highlights (continued)    
 
      Investor C
        Six Months
Ended
April 30,
2015
(Unaudited)
   
             
             
        Year Ended October 31,
      2014   2013   2012   2011   2010
Per Share Operating Performance
Net asset value, beginning of period
       $ 20.00      $ 20.27      $ 18.06      $ 17.75      $ 17.70      $ 16.21  
Net investment income1
        0.03       0.12       0.06       0.10       0.16       0.13  
Net realized and unrealized gain
        0.65       0.71       2.26       0.59       0.08 2      1.54 2 
Net increase from investment operations
        0.68       0.83       2.32       0.69       0.24       1.67  
Distributions from:3
                                                   
Net investment income
        (0.24     (0.13     (0.11     (0.19     (0.19     (0.18
Net realized gain
        (1.48     (0.97           (0.19            
Total distributions
        (1.72     (1.10     (0.11     (0.38     (0.19     (0.18
Net asset value, end of period
       $ 18.96      $ 20.00      $ 20.27      $ 18.06      $ 17.75      $ 17.70  
                                                
Total Return4
Based on net asset value
        3.84% 5      4.29%       12.86%       4.08%       1.34%       10.37%  
                                                
Ratios to Average Net Assets
Total expenses
        1.88% 6      1.87%       1.88%       1.90%       1.90%       1.91%  
Total expenses after fees waived
        1.80% 6      1.79%       1.80%       1.82%       1.81%       1.84%  
Total expenses after fees waived and excluding
interest expense, dividend expense and stock loan fees
        1.80% 6      1.79%       1.80%       1.82%       1.81%       1.84%  
Net investment income
        0.28% 6      0.59%       0.33%       0.58%       0.89%       0.81%  
                                                
Supplemental Data
Net assets, end of period (000)
       $ 15,372,188      $ 15,976,240      $ 16,170,658      $ 15,179,009      $ 15,853,615      $ 14,921,531  
Portfolio turnover rate7
        38%       75%       50%       39%       31%       29%  
1   Based on average shares outstanding.
2   Includes a redemption fee, which is less than $0.01 per share.
3   Distributions for annual periods determined in accordance with federal income tax regulations.
4   Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
5   Aggregate total return.
6   Annualized.
7   Includes MDRs. Additional information regarding portfolio turnover rate is as follows:
        Six Months
Ended
April 30,
2015
(Unaudited)

   
           
      Year Ended December 31,



 
 
2014
 
2013
 
2012
 
2011
 
2010
Portfolio turnover rate (excluding MDRs)
        37                              








See Notes to Consolidated Financial Statements.

36 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Consolidated Financial Highlights (concluded)    
 
      Class R
        Six Months
Ended
April 30,
2015
(Unaudited)
   
             
             
        Year Ended October 31,
      2014   2013   2012   2011   2010
Per Share Operating Performance
Net asset value, beginning of period
       $ 20.86      $ 21.08      $ 18.78      $ 18.44      $ 18.36      $ 16.80  
Net investment income1
        0.07       0.21       0.15       0.18       0.21       0.21  
Net realized and unrealized gain
        0.68       0.74       2.33       0.62       0.13 2      1.59 2 
Net increase from investment operations
        0.75       0.95       2.48       0.80       0.34       1.80  
Distributions from:3
                                                   
Net investment income
        (0.28     (0.20     (0.18     (0.27     (0.26     (0.24
Net realized gain
        (1.48     (0.97           (0.19            
Total distributions
        (1.76     (1.17     (0.18     (0.46     (0.26     (0.24
Net asset value, end of period
       $ 19.85      $ 20.86      $ 21.08      $ 18.78      $ 18.44      $ 18.36  
                                                
Total Return4
Based on net asset value
        4.04% 5      4.73%       13.26%       4.52%       1.84%       10.83%  
                                                
Ratios to Average Net Assets
Total expenses
        1.49% 6      1.47%       1.48%       1.51%       1.47%       1.49%  
Total expenses after fees waived
        1.40% 6      1.38%       1.39%       1.43%       1.38%       1.42%  
Total expenses after fees waived and excluding interest
expense, dividend expense and stock loan fees
        1.40% 6      1.38%       1.39%       1.43%       1.38%       1.42%  
Net investment income
        0.68% 6      0.99%       0.74%       0.97%       1.11%       1.22%  
                                                
Supplemental Data
Net assets, end of period (000)
       $ 1,238,666      $ 1,269,833      $ 1,296,522      $ 1,171,179      $ 1,077,174      $ 926,471  
Portfolio turnover rate7
        38%       75%       50%       39%       31%       29%  
1   Based on average shares outstanding.
2   Includes a redemption fee, which is less than $0.01 per share.
3   Distributions for annual periods determined in accordance with federal income tax regulations.
4   Where applicable, assumes the reinvestment of distributions.
5   Aggregate total return.
6   Annualized.
7   Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:
        Six Months
Ended
April 30,
2015
(Unaudited)

   
           
      Year Ended December 31,



 
 
2014
 
2013
 
2012
 
2011
 
2010
Portfolio turnover rate (excluding MDRs)
        37                              








See Notes to Consolidated Financial Statements.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 37
 
  
Notes to Consolidated Financial Statements (unaudited)    

1. Organization:

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

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to shareholder servicing and distribution of such shares. Institutional Shares are sold only to certain eligible investors. Investor B Shares are only available through exchanges and distribution reinvestments by current holders and for purchase by certain employer-sponsored retirement plans. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are available 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 B shareholders may vote on material changes to the Investor A distribution and service plan).


Share Class



   
Initial
Sales Charge

   
CDSC
   
Conversion Privilege
Institutional and Class R Shares
           No             No        None
Investor A Shares
           Yes             No 1      None
Investor B Shares
           No             Yes             To Investor A Shares after
approximately 8 years
 
Investor C Shares
           No             Yes        None
1 Investor A Shares may be subject to a CDSC where no initial sales charge was paid at the time of purchase.

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

Basis of Consolidation: The accompanying consolidated financial statements include the accounts of BlackRock Cayman Global Allocation Fund I, Ltd. (the “Subsidiary”), which is a wholly owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Subsidiary enables the Fund to hold these commodity-related instruments and other derivatives and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. During the six months ended April 30, 2015, there were no transactions in the Subsidiary. The Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Subsidiary may invest without limitation in commodity-related instruments.

2. Significant Accounting Policies:

The Fund’s 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 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 following is a summary of significant accounting policies followed by the Fund:

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

Bond investments are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more brokers or dealers as obtained from a pricing service. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche. Financial futures contracts traded on exchanges are valued at their last sale price. Swap agreements are valued utilizing quotes received daily by the Fund’s pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Certain centrally cleared swaps are valued at the price determined by the relevant exchange or clearinghouse. Investments in open-end registered investment companies are valued at NAV each business day.

38 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Notes to Consolidated Financial Statements (continued)    

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

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

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.

The Fund values its investments in BlackRock Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments will follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act. The Fund may withdraw up to 25% of its investment daily, although the manager of the Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

In the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Investments”). When determining the price for Fair Value Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement, which include the market approach, income approach and/or in the case of recent investments, the cost approach, as appropriate. The market approach generally consists of using comparable market transactions. The income approach generally is used to discount future cash flows to present value and is adjusted for liquidity as appropriate. These factors include but are not limited to: (i) attributes specific to the investment or asset; (ii) the principal market for the investment or asset; (iii) the customary participants in the principal market for the investment or asset; (iv) data assumptions by market participants for the investment or asset, if reasonably available; (v) quoted prices for similar investments or assets in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. Due to the inherent uncertainty of valuations of such investments, the fair values may differ from the values that would have been used had an active market existed. The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of the Fund’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Value Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of business on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of business on the NYSE that may not be reflected in the computation of the Fund’s net assets. If events (e.g., a company announcement, market volatility or a natural disaster) occur during such periods that are expected to materially affect the value of such instruments, those instruments may be Fair Value Investments and be valued at their fair value, as determined in good faith by the Global Valuation Committee, or its delegate, using a pricing service and/or policies approved by the Board. Each business day, the Fund uses a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and OTC options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of business on the NYSE, which follows the close of the local markets.

Foreign Currency: The Fund’s books and records are maintained in U.S. dollars. Purchases and sales of investment securities are recorded at the rates of exchange prevailing on the respective date of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund’s investments denominated in that currency will lose value because that currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in foreign currency exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments but

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 39
 
  
Notes to Consolidated Financial Statements (continued)    


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 federal income tax purposes.

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

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

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

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. Accordingly, the net investment income (loss) and realized gains (losses) reported in the Fund’s financial statements presented under U.S. GAAP for such investments held by the Subsidiary may differ significantly from distributions. As such, any net gain will pass through to the Fund as ordinary income for federal income tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.

Recent Accounting Standard: In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance will require expanded disclosure for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings. It is effective for financial statements with fiscal years beginning on or after December 15, 2014 and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Fund’s financial statement disclosures.

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

The Fund has an arrangement with its custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Consolidated Statement of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Securities and Other Investments:

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

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

Capital Trusts and Trust Preferred Securities: The Fund may invest in capital trusts and/or trust preferred securities. These securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured as either fixed or adjustable coupon securities that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank

40 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Notes to Consolidated Financial Statements (continued)    


or corporation will pay interest to the trust, which will then be distributed to holders of the trust preferred securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. Payments on these securities are treated as interest rather than dividends for federal income tax purposes. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stock: The Fund may invest in preferred stock. 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.

Floating Rate Loan Interests: The Fund may invest in floating rate loan interests. The floating rate loan interests held by the Fund are typically issued to companies (the “borrower”) by banks, other financial institutions, and 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. The Fund may invest in obligations of borrowers who are in bankruptcy proceedings. 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. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. The Fund considers these investments to be investments in debt securities for purposes of its investment policies.

When the 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, the 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 the Fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. The 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. The 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 the Fund having a contractual relationship only with the lender, not with the borrower. The Fund will have 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, the 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, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the Participation. The 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, the 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 the Fund having a direct contractual relationship with the borrower, and the Fund may enforce compliance by the borrower with the terms of the loan agreement.

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

Short Sales: The Fund may enter into short sale transactions in which the Fund sells a security it does not hold in anticipation of a decline in the market price of that security. When the Fund makes a short sale, it will borrow the security sold short and deliver the security to the counterparty to which it sold the security short. An amount equal to the proceeds received by the Fund is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund is required to repay the counterparty any dividends received on the security sold short, which is shown as dividend expense in the Consolidated Statement of Operations. The Fund may pay a

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 41
 
  
Notes to Consolidated Financial Statements (continued)    


fee on the assets borrowed from the counterparty, which is shown as stock loan fees in the Consolidated Statement of Operations. The Fund maintains a segregated account of securities or deposits cash with the broker-dealer as collateral for the short sales. The Fund may receive interest on the cash collateral deposited with the broker-dealer. The 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 a theoretically unlimited loss since there is a theoretically unlimited potential for the market price of the security sold short to increase. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited as to the dollar amount, will be 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 the 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 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. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of securities on loan and the value of the related collateral are shown separately in the Consolidated Statement of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. As of April 30, 2015, any securities on loan were collateralized by cash. The cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Consolidated Schedule of Investments.

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

As of April 30, 2015, the following table is a summary of the Fund’s securities lending agreements by counterparty which are subject to offset under an MSLA:


Counterparty



   
Securities
Loaned at Value

   
Cash Collateral
Received1

   
Net Amount
Barclays Capital, Inc.
        $ 10,233,607         $ (10,233,607 )              
BNP Paribas Prime Brokerage, Inc.
           14,005,311            (14,005,311 )              
Citigroup Global Markets, Inc.
           42,306,548            (42,306,548 )              
Credit Suisse Securities (USA) LLC
           46,524,692            (46,524,692 )              
Goldman Sachs & Co.
           61,506,190            (61,506,190 )              
JP Morgan Clearing Corp.
           54,475,227            (54,475,227 )              
Merrill Lynch, Pierce, Fenner & Smith, Inc.
           36,237,016            (36,237,016 )              
Morgan Stanley & Co. LLC
           112,791,939            (112,791,939 )              
National Financial Services LLC
           5,062,285            (5,062,285 )              
Nomura Securities International, Inc.
           12,506,782            (12,506,782 )              
SG Americas Securities LLC
           903,450            (903,450 )              
UBS Securities LLC
           10,372,449            (10,372,449 )              
Total
        $  406,925,496         $ (406,925,496 )              
1 Collateral with a value of $429,729,801 has been received in connection with securities lending agreements. Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

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

42 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Notes to Consolidated Financial Statements (continued)    

4. 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 economically manage its exposure to certain risks such as credit risk, equity risk, interest rate risk and foreign currency exchange rate risk. These contracts may be transacted on an exchange or OTC.

Financial Futures Contracts: The Fund invests in long and/or short positions in financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in the value of equity securities (equity risk). Financial futures contracts are agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.

Upon entering into a financial futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Securities deposited as initial margin are designated on the Consolidated Schedule of Investments and cash deposited, if any, is recorded on the Consolidated Statement of Assets and Liabilities as cash pledged for financial futures contracts. 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 value of the contract. Such receipts or payments are known as variation margin. Variation margin is recorded by the Fund as unrealized appreciation (depreciation) and, if applicable, as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities.

When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest or foreign currency exchange rates and the underlying assets.

Forward Foreign Currency Exchange Contracts: The Fund enters into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from, 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 future date. Forward foreign currency exchange contracts, when used by the Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of a foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies.

Options: The Fund purchases and writes call and put options to increase or decrease its exposure to underlying instruments (including equity risk, foreign currency exchange rate risk and/or interest rate 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. When the Fund purchases (writes) an option, an amount equal to the premium paid (received) by the Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or the Fund enters into a closing transaction), the Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss 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 “covered,” meaning that the Fund holds the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swap option is granting or buying 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.

The Fund also purchases or sells listed or OTC foreign currency options, foreign currency futures and related options on foreign currency futures as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies (foreign currency exchange rate risk). When foreign currency is purchased or sold through an exercise of a foreign currency option, the related premium paid (or received) is added to (or deducted from) the basis of the foreign currency acquired or deducted from (or added to) the proceeds of the foreign currency sold (receipts from the foreign currency purchased). Such transactions may be effected with respect to hedges on non-U.S. dollar denominated instruments owned by the Fund but not yet delivered, or committed or anticipated to be purchased by the Fund.

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 43
 
  
Notes to Consolidated Financial Statements (continued)    

The Fund may also purchase and write a variety of options with non-standard payout structures or other features (“barrier options”). Barrier options 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 and up-and-out options. Down-and-out options are similar to standard options, except that the option expires worthless to the purchaser of the option if the price of the underlying instrument reaches a specific barrier price level prior to the option’s expiration date. Down-and-in options expire worthless to the purchaser of the option unless the price of the underlying instrument falls below a specific barrier price level prior to the option’s expiration date. Double no-touch options provide the purchaser of the option 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 provide the purchaser of the option an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price level prior to the option’s expiration date. Up-and-out options expire worthless if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the option’s expiration date. Barrier options may also be referred to as knockout options. In a reverse knockout option, the option expires worthless if the price of the underlying instrument decreases beyond a predetermined barrier price level prior to the option’s expiration date.

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 the Fund 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.

For the six months ended April 30, 2015, transactions in options written were as follows:


         Calls
    Puts



   
Contracts
   
Notional
(000)1,2

   
Premiums
Received

   
Contracts
   
Notional
(000)1,2

   
Premiums
Received

Outstanding options, beginning of year
           108,880,928            559,951         $ 99,250,140            142,595,281            559,951         $ 169,365,514   
Options written
           114,493,877            11,734,940            138,519,018            327,965,344            554,990            180,299,220   
Options exercised
           (4,984,830 )                       (8,429,520 )           (1,746,596 )                       (13,417,912 )  
Options expired
           (4,440,025 )                       (15,767,868 )           (10,235,292 )                       (26,849,067 )  
Options closed
           (115,157,949 )           (11,462,411 )           (129,201,120 )           (214,803,384 )           (1,114,941 )           (183,719,020 )  
Outstanding options, end of period
           98,792,001            832,480         $ 84,370,650               243,775,353                     $ 125,678,735   
1 Amount shown is in the currency in which the transaction was denominated.
2 Includes currency options and swaptions.

As of April 30, 2015 the value of portfolio securities subject to covered call options written was $3,598,802,193.

Swaps: The Fund enters into swap agreements in which the Fund and a counterparty agree either 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”). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation).

For OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and 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 OTC swap. Payments received or made by the Fund for OTC swaps are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is notated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a 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 on the Consolidated Schedule of Investments and cash deposited is recorded on the Consolidated Statement of Assets and Liabilities as cash pledged for centrally cleared swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Consolidated Statement of Operations.

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

44 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Notes to Consolidated Financial Statements (continued)    
•  
  Credit default swaps — The Fund enters into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occur. As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
•  
  Total return swaps — The Fund enters into total return swaps to obtain exposure to a security or market without owning such security or investing directly in that market or to transfer the risk/return of one market (e.g., fixed income) to another market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk). Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (coupons plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty.
•  
  Currency swaps — The Fund enters into currency swaps to gain or reduce exposure to foreign currencies or as an economic hedge against either specific transactions or portfolio instruments (foreign currency exchange rate and/or interest rate risk). Currency swaps are interest rate swaps in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Currency swaps may also involve an exchange of notional amounts at the start, during and/or at expiration of the contract, either at the current spot rate or another specified rate.
•  
  Forward interest rate swaps — The Fund may enter into forward interest rate swaps and forward total return swaps. In a forward swap, each Fund and the counterparty agree to make either periodic net payments beginning on a specified future effective date or a net payment at termination, unless terminated earlier.
•  
  Interest rate swaps — The Fund enters into interest rate swaps to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds, which may decrease when interest rates rise (interest rate risk). Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex swaps, the notional principal amount may decline (or amortize) over time.

The following is a summary of the Fund’s derivative financial instruments categorized by risk exposure:

Fair Values of Derivative Financial Instrument as of April 30, 2015
     Value
  Consolidated Statement of Assets and Liabilities Location     Derivative
Assets
   
Derivative
Liabilities
Interest rate contracts
Net unrealized appreciation (depreciation)1; Unrealized appreciation (depreciation) on OTC derivatives; Investments at value — unaffiliated; swap premium received
     $ 61,743,679         $ (39,163,336 )  
Foreign currency exchange contracts
Investments at value — unaffiliated; Net unrealized appreciation/depreciation on forward foreign currency exchange contracts
        71,533,878            (102,545,618 )  
Credit contracts
Net unrealized appreciation (depreciation)1
                    (1,877,387 )  
Equity contracts
Net unrealized appreciation (depreciation)1; Unrealized appreciation (depreciation) on OTC derivatives; Investments at value — unaffiliated; Written options at value
        852,751,404            (285,564,669 )  
 
 
                                     
Total
 
     $ 986,028,961         $ (429,151,010 )  
1 Includes cumulative appreciation (depreciation) on financial futures contracts and centrally cleared swaps, if any, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 45
 
  
Notes to Consolidated Financial Statements (continued)    
The Effect of Derivative Financial Instruments in the Consolidated Statement of Operations as of April 30, 2015
      Net Realized
Gain (Loss)
From
  Net Change in
Unrealized Appreciation
(Depreciation) on
Interest rate contracts:                    
Swaps        $ 27,555,841      $ (18,728,624
Options2         (9,846,159     28,684,829  
Foreign currency exchange contracts:                    
Foreign currency transactions/translations         768,247,736       (210,041,783
Options2         40,171,699       (20,132,194
Credit contracts:                    
Swaps         22,680,874       (9,206,136
Equity contracts:                    
Financial futures contracts         20,287,411       (15,175,818
Swaps         1,521,456       13,857,834  
Options2         107,699,248       239,606,590  
Total        $ 978,318,106      $ 8,864,698  
                     
2 Options purchased are included in the net realized gain (loss) from investments and net change in unrealized appreciation (depreciation) on investments.

For the six months ended April 30, 2015, the average quarterly balances of outstanding derivative financial instruments were as follows:


Financial futures contracts:
                    
Average notional value of contracts — long
        $ 328,627,924   
Average notional value of contracts — short
        $ 1,695,189,595   
Foreign currency exchange contracts:
                    
Average amounts purchased USD
        $ 7,819,213,017   
Average amounts sold USD
        $ 1,262,234,120   
Options:
                    
Average notional value of option contracts purchased
        $ 709,167,055   
Average notional value of option contracts written
        $ 230,541,433   
Average notional value of swaption contracts purchased
        $ 9,536,448,576   
Average notional value of swaption contracts written
        $ 416,240,000   
Credit default swaps:
                    
Average notional value — buy protection
        $ 153,942,725   
Average notional value — sell protection
        $ 125,475,712   
Interest rate swaps:
                    
Average notional value — pays fixed rate
        $ 8,763,360,000   
Average notional value — receives fixed rate
        $ 2,703,395,459   
Currency swaps:
                    
Average notional amount-pays
        $ 46,393,844   
Total return swaps:
                    
Average notional value
        $ 106,226,469   

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

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

With exchange—traded options purchased and futures and centrally cleared swaps, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a 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) of the clearing broker or clearinghouse. 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.

46 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Notes to Consolidated Financial Statements (continued)    

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.

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

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold (typically either $250,000 or $500,000) 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 Fund and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to the Fund from its 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.

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.

As of April 30, 2015, the Fund’s derivative assets and liabilities (by type) are as follows:





   
Assets
   
Liabilities
Derivative Financial Instruments:
                                        
Financial futures contracts
        $ 13,285,364               
Forward foreign currency exchange contracts
           70,795,259         $ 102,545,618   
Options
           857,032,988            253,916,029   
Swaps — Centrally cleared
                       86,893   
Swaps — OTC2
           24,987,379            916,052   
Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities
           966,100,990            357,464,592   
Derivatives not subject to an Master Netting Agreement or similar agreement (“MNA”)
           (13,673,012 )           (640,988 )  
Total derivative assets and liabilities subject to an MNA
        $ 952,427,978         $ 356,823,604   
1 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.
2 Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Consolidated Statement of Assets and Liabilities.
BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 47
 
  
Notes to Consolidated Financial Statements (continued)    

As of April 30, 2015, the following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:


Counterparty



   
Derivative Assets
Subject to an
MNA by
Counterparty

   
Derivatives
Available for Offset1

   
Non-cash
Collateral Received

   
Cash Collateral
Received2

   
Net Amount
of Derivative
Assets3

Bank of America N.A.
        $ 46,182,033         $ (25,272,326 )        $ (20,909,707 )                          
Barclays Bank PLC
           125,284,882            (60,386,962 )                    $ (64,897,920 )              
BNP Paribas S.A.
           43,624,047            (20,570,671 )                       (23,053,376 )              
Brown Brothers
Harriman & Co.
           25,135            (25,135 )                                      
Citibank N.A.
           175,804,536            (56,306,184 )                       (119,498,352 )              
Credit Suisse
International
           60,780,013            (15,417,621 )                       (37,450,000 )        $ 7,912,392   
Credit Suisse Securities
(USA) LLC
           1,010,654                                                1,010,654   
Deutsche Bank AG
           77,510,440            (36,396,052 )                       (41,114,388 )              
Goldman Sachs
International
           256,544,211            (89,116,397 )                       (167,427,814 )              
HSBC Bank USA N.A.
           384,549                                                384,549   
JPMorgan Chase
Bank N.A.
           61,078,139            (12,520,676 )                       (48,557,463 )              
Morgan Stanley & Co.
International PLC
           57,663,809            (2,422,979 )                       (55,240,830 )              
Morgan Stanley Capital
Services LLC
           7,695,866            (7,695,866 )                                      
UBS AG
           38,839,664            (13,876,418 )           (24,664,531 )                       298,715   
Total
        $ 952,427,978         $ (340,007,287 )        $ (45,574,238 )        $ (557,240,143 )        $ 9,606,310   
 

Counterparty



   
Derivative Liabilities
Subject to an
MNA by
Counterparty

   
Derivatives
Available for Offset1

   
Non-cash
Collateral Pledged

   
Cash Collateral
Pledged4

   
Net Amount
of Derivative
Liabilities5

Bank of America N.A.
        $ 25,272,326         $ (25,272,326 )                                   
Barclays Bank PLC
          60,386,962           (60,386,962 )                                   
BNP Paribas S.A.
          20,570,671           (20,570,671 )                                   
Brown Brothers
Harriman & Co.
          1,637,245           (25,135 )                              $ 1,612,110   
Citibank N.A.
          56,306,184           (56,306,184 )                                   
Credit Suisse
International
          15,417,621           (15,417,621 )                                   
Deutsche Bank AG
          36,396,052           (36,396,052 )                                   
Goldman Sachs
International
          89,116,397           (89,116,397 )                                   
JPMorgan Chase
Bank N.A.
          12,520,676           (12,520,676 )                                   
Morgan Stanley & Co.
International PLC
          2,422,979           (2,422,979 )                                   
Morgan Stanley
Capital Services LLC
          22,900,073           (7,695,866 )                                15,204,207   
UBS AG
          13,876,418           (13,876,418 )                                   
Total
        $ 356,823,604         $ (340,007,287 )                              $ 16,816,317   
1 The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
2 Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.
3 Net amount represents the net amount receivable from the counterparty in the event of default.
4 Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.
5 Net amount represents the net amount payable due to the counterparty in the event of default.
48 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Notes to Consolidated Financial Statements (continued)    

5. Investment Advisory Agreement and Other Transactions with Affiliates:

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

The Fund entered into an Investment Advisory Agreement with the Manager, the Fund’s investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of the Fund’s portfolio and provides the necessary 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 of 0.75% of the Fund’s average daily net assets.

The Manager voluntarily agreed to waive a portion of its fees payable by the Fund, which is included in fees waived by Manager in the Consolidated Statement of Operations. Such fee was reduced for average daily net assets as follows:


In excess of $10 Billion, but not exceeding $15 Billion
           0.69 %  
In excess of $15 Billion, but not exceeding $20 Billion
           0.68 %  
In excess of $20 Billion, but not exceeding $25 Billion
           0.67 %  
In excess of $25 Billion, but not exceeding $30 Billion
           0.65 %  
In excess of $30 Billion, but not exceeding $40 Billion
           0.63 %  
In excess of $40 Billion, but not exceeding $60 Billion
           0.62 %  
In excess of $60 Billion, but not exceeding $80 Billion
           0.61 %  
Greater than $80 Billion
           0.60 %  

For the six months ended April 30, 2015, the Manager waived $23,668,034, which is included in fees waived by Manager in the Consolidated Statement of Operations. This voluntary waiver may be reduced or discontinued at any time without notice.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with the Fund’s investment in other affiliated investment companies, if any. This amount is included in fees waived by the Manager in the Consolidated Statement of Operations. For the six months ended April 30, 2015, the amount waived was $10,295.

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

For the six months ended April 30, 2015, the Fund reimbursed the Manager $299,005 for certain accounting services, which is included in accounting services in the Consolidated Statement of Operations.

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 shares of the Fund as follows:





   
Investor A
   
Investor B
   
Investor C
   
Class R
Service Fee
           0.25%           0.25%           0.25%           0.25%  
Distribution Fee
     
        0.75%           0.75%           0.25%  

Pursuant to sub-agreements with BRIL, broker-dealers and BRIL provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to Investor A, Investor B, Investor C and Class R shareholders.

For the six months ended April 30, 2015, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares, which totaled $800,592.

For the six months ended April 30, 2015, affiliates received CDSCs as follows:


Investor A
        $ 113,880   
Investor B
        $ 25,392   
Investor C
        $ 573,906   
BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 49
 
  
Notes to Consolidated Financial Statements (continued)    

The Manager maintains a call center, which is responsible for providing certain shareholder services to the Fund, such as responding to shareholder inquiries and processing transactions based upon instructions from shareholders with respect to the subscription and redemption of Fund shares. For the six months ended April 30, 2015, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations:


Institutional
        $ 33,449   
Investor A
        $ 154,964   
Investor B
        $ 4,807   
Investor C
        $ 112,059   
Class R
        $ 908    

The U.S. Securities and Exchange Commission has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment advisor to the private investment company will not charge any advisory fees with respect to shares purchased by the Fund.

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

Pursuant to a securities lending agreement effective January 1, 2015, the Fund retains 80% of securities lending income, and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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

For the period February 1, 2014 through May 31, 2014, the Fund retained 70% (75% commencing on the business day following the date that the aggregate securities lending income earned across the Equity-Bond Complex in the calendar year 2014 exceeded a specified threshold (the “Hurdle Date”) and for the remainder of that calendar year) of securities lending income, and this amount retained could never be less than 65% of the total of securities lending income plus the collateral investment expenses. For the period June 1, 2014 through December 31, 2014, the Fund retained 75% (80% commencing on the Hurdle Date and for the remainder of that calendar year) of securities lending income, and this amount retained could never be less than 65% 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 — affiliated — net in the Consolidated Statement of Operations. For the six months ended April 30, 2015, the Fund paid BIM $1,047,939 for securities lending agent services.

Certain officers and/or directors of the Fund are officers and/or directors 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 officer and directors in the Consolidated Statement of Operations.

The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the six months ended April 30, 2015, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were $20,202,831 and $37,514,590, respectively.

6. Purchases and Sales:

For the six months ended April 30, 2015, purchases and sales of investments including paydowns and mortgage dollar rolls and excluding short-term securities for were as follows:





   
Purchases
   
Sales
Non-U.S. Government Securities
        $ 13,550,663,734         $ 16,461,063,431   
U.S. Government Securities
        $ 3,604,529,010         $ 4,660,099,594   

Purchases and sales related to mortgage dollar rolls for the six months ended April 30, 2015 were as follows:





   
Purchases
   
Sales
MDRs
        $ 394,365,929         $ 396,580,603   
50 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Notes to Consolidated Financial Statements (continued)    

7. Income Tax Information:

It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no 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 remains open for each of the four years ended October 31, 2014. 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, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of April 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:


Tax cost
        $ 50,127,586,961   
Gross unrealized appreciation
        $ 8,951,549,529   
Gross unrealized depreciation
           (2,269,224,212 )  
Net unrealized appreciation
        $ 6,682,325,317   

8. Bank Borrowings:

The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.1 billion credit agreement with a group of lenders, under which 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 $1.6 billion, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.06% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2016 unless extended or renewed. Prior to November 25, 2014, the aggregate commitment amount was $1.1 billion, of which the Participating Funds, including the Fund, could borrow up to $650 million at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. Participating Funds paid administration, legal and arrangement fees, which are included in miscellaneous expenses in the Consolidated Statement of Operations, and along with commitment fees, were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. For the six months ended April 30, 2015, the Fund did not borrow under the credit agreement.

9. Principal Risks:

In the normal course of business, the Fund invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and price fluctuations. Similar to issuer credit risk, the Fund may be exposed to counterparty credit risk, or the risk that an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund manages counterparty credit risk by entering into transactions only with counterparties that it believes has the financial resources to honor its 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 generally approximated by its value recorded in the Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.

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

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 51
 
  
Notes to Consolidated Financial Statements (concluded)    

The Fund invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund’s investments.

As of April 30, 2015, the Fund had the following industry classifications:


Industry

Percent of
Long-Term
Investments

Banks
8 %  
Oil, Gas & Consumable Fuels
7    
Pharmaceuticals
6    
Other1
79    
1 Consists of U.S. Treasury Obligations and Foreign Government Obligations (14%), all other industries less than 4% of long-term investments (65%).

10. Capital Share Transactions:

Transactions in capital shares for each class were as follows:

         Six Months Ended
April 30, 2015

   
   
Year Ended
October 31, 2014




   
Shares
   
Amount
   

   
Shares
   
Amount
Institutional
Shares sold
           98,017,106         $ 2,015,372,733                          267,936,698         $ 5,827,054,865   
Shares issued to shareholders in reinvestment of distributions
           83,527,292            1,639,636,815                          54,549,228            1,148,613,001   
Shares redeemed
           (188,863,192 )           (3,897,169,900 )                         (263,807,908 )           (5,716,577,951 )  
Net increase (decrease)
           (7,318,794 )        $ (242,160,352 )                         58,678,018         $ 1,259,089,915   
 
Investor A
Shares sold
           51,411,515         $ 1,053,495,434                          132,532,020         $ 2,856,984,212   
Shares issued to shareholders in reinvestment of distributions
           69,114,793            1,349,805,121                          48,122,202            1,007,924,714   
Shares redeemed
           (103,504,984 )           (2,121,818,978 )                         (222,522,504 )           (4,822,660,092 )  
Net increase (decrease)
           17,021,324         $ 281,481,577                          (41,868,282 )        $ (957,751,166 )  
 
Investor B
Shares sold
           49,739         $ 1,015,101                          156,982         $ 3,335,396   
Shares issued to shareholders in reinvestment of distributions
           1,204,126            22,986,729                          1,024,822            20,907,311   
Shares redeemed
           (3,975,382 )           (79,664,594 )                         (8,764,964 )           (184,509,072 )  
Net decrease
           (2,721,517 )        $ (55,662,764 )                         (7,583,160 )        $ (160,266,365 )  
 
Investor C
Shares sold
           36,383,777         $ 685,829,800                          95,880,065         $ 1,913,456,863   
Shares issued to shareholders in reinvestment of distributions
           69,986,144            1,256,939,374                          42,231,571            817,979,281   
Shares redeemed
           (94,577,441 )           (1,780,318,780 )                         (137,140,748 )           (2,740,323,509 )  
Net increase (decrease)
           11,792,480         $ 162,450,394                          970,888         $ (8,887,365 )  
 
Class R
Shares sold
           5,702,431         $ 112,428,624                          12,589,737         $ 262,113,249   
Shares issued to shareholders in reinvestment of distributions
           5,579,865            104,734,062                          3,559,691            71,864,086   
Shares redeemed
           (9,771,454 )           (192,699,295 )                         (16,772,524 )           (348,974,272 )  
Net increase (decrease)
           1,510,842         $ 24,463,391                          (623,096 )        $ (14,996,937 )  
Total Net Increase
           20,284,335         $ 170,572,246                          9,574,368         $ 117,188,082   

11. Subsequent Events:

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

52 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Officers and Directors   

Robert M. Hernandez, Chair of the Board and Director
Fred G. Weiss, Vice Chair of the Board and Director
James H. Bodurtha, Director
Bruce R. Bond, Director
Donald W. Burton, Director
Honorable Stuart E. Eizenstat, Director
Robert Fairbairn, Director
Kenneth A. Froot, Director
Henry Gabbay, Director
John F. O’Brien, Director
Roberta Cooper Ramo, Director
David H. Walsh, Director
John M. Perlowski, Director, President and Chief Executive Officer
Jennifer McGovern, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Charles Park, Chief Compliance Officer
Fernanda Piedra, Anti-Money Laundering Compliance Officer
Benjamin Archibald, Secretary

Effective December 31, 2014, Paul L. Audet and Laurence D. Fink resigned as Directors of the Fund. Effective January 1, 2015, Robert Fairbairn and John M. Perlowski were appointed to serve as Directors of the Fund.
Effective March 1, 2015, Charles Park resigned as Anti-Money Laundering Officer of the Fund and Fernanda Piedra became Anti-Money Laundering Compliance Officer of the Fund.
Effective May 14, 2015, Valerie G. Brown and Donald C. Opatrny were appointed to serve as Directors of the Fund.

Investment Advisor
BlackRock Advisors, LLC
Wilmington, DE 19809
     
Custodian
Brown Brothers Harriman & Co.
Boston, MA 02109
  
Distributor
BlackRock Investments, LLC
New York, NY 10022
  
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
 
 
     
Transfer Agent
BNY Mellon Investment
Servicing (U.S.) Inc.
Wilmington, DE 19809
  
Independent Registered
Public Accounting Firm

Deloitte & Touche LLP
Boston, MA 02116
  
Address of the Fund
100 Bellevue Parkway
Wilmington, DE 19809
 
 
     
Accounting Agent
State Street Bank and Trust Company
Boston, MA 02110
                                     
BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 53
 
  
Additional Information   

General Information

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Procedures

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

Availability of Proxy Voting Record

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

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.

54 BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015
 
  
Additional Information (concluded)   

BlackRock Privacy Principles

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

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

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

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

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

BLACKROCK GLOBAL ALLOCATION FUND, INC. APRIL 30, 2015 55
 
  

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



GA-4/15-SAR



 
  
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 – Audit Committee of Listed Registrants – Not Applicable
Item 6 – Investments
  (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
  (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.
Item 11 – Controls and Procedures
  (a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
  (b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Exhibits attached hereto
  (a)(1) – Code of Ethics – Not Applicable to this semi-annual report
  (a)(2) – Certifications – Attached hereto
  (a)(3) – Not Applicable
  (b) – Certifications – Attached hereto

 

2
 
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
     
  BlackRock Global Allocation Fund, Inc.
     
  By: /s/ John M. Perlowski
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Global Allocation Fund, Inc.
     
  Date: July 1, 2015
     
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
     
  By: /s/ John M. Perlowski
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Global Allocation Fund, Inc.
     
     
  Date: July 1, 2015
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Global Allocation Fund, Inc.
     
  Date: July 1, 2015
         
3