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