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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:811-05576

Name of Fund: BlackRock Global Allocation Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 10/31/2020

Date of reporting period: 04/30/2020

Item 1 – Report to Stockholders


		APRIL 30, 2020

2020 Semi-Annual Report

(Unaudited)

BlackRock Global Allocation Fund, Inc.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The last 12 months have been a time of sudden change in global financial markets, as a long period of growth and positive returns was interrupted in early 2020 by the emergence and spread of the coronavirus. For much of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, leading countries around the world took economically disruptive countermeasures, causing equity prices to fall sharply. While markets have since recovered some of these losses as countries around the world begin reopening, there is still significant uncertainty surrounding the long-term impact of the pandemic on the global economy.

Returns for most securities were robust for the first three quarters of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that had characterized this economic cycle. However, once stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off and unemployment claims spiked. With large portions of the global economy on hold, all types of international equities ended the reporting period with negative performance, while in the U.S. only large-capitalization stocks delivered a slightly positive return.

The performance of different types of fixed-income securities diverged substantially due to a reduced investor appetite for risk. Treasuries benefited from the risk-off environment, and posted healthy returns, as the 10-year yield (which is inversely related to bond prices) fell to an all-time low. Investment-grade corporate bonds also delivered a positive return, while high-yield corporates were down due to credit concerns.

The U.S. Federal Reserve (the “Fed”) reduced interest rates three times in 2019, to support slowing economic growth. After the coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close to zero. To stabilize credit markets, the Fed also announced a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruption is certain to hurt worldwide economic growth, the global expansion is likely to continue once the impact of the outbreak subsides. Nonetheless, there are promising signs that a strong coordinated monetary and fiscal response is underway, both in the United States and abroad. With measures being taken to contain the virus and provide support to impacted businesses and individuals, we anticipate a sharp increase in economic activity as life returns to normal.

Overall, we favor a neutral stance toward risk, given the uncertainty surrounding the economic impact of coronavirus countermeasures. Among equities, we see an advantage in U.S. stocks compared to other developed markets, given the diversity of the U.S. economy and the impressive scope of monetary and fiscal stimulus. In bonds, the swift action taken by the world’s central banks means there are attractive opportunities in credit, and we expect credit spreads to narrow as markets stabilize. Both U.S. Treasuries and sustainable investments can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of April 30, 2020
	6-month	12-month
U.S. large cap equities (S&P 500^® Index)	(3.16)%	0.86%
U.S. small cap equities (Russell 2000^® Index)	(15.47)	(16.39)
International equities (MSCI Europe, Australasia, Far East Index)	(14.21)	(11.34)
Emerging market equities (MSCI Emerging Markets Index)	(10.50)	(12.00)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.85	2.07
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	10.73	19.78
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	4.86	10.84
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(1.26)	2.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	(6.60)	(4.08)
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
Portfolio Information		6
About Fund Performance		7
Disclosure of Expenses		8
Derivative Financial Instruments		8
Financial Statements:
Consolidated Schedule of Investments		9
Consolidated Statement of Assets and Liabilities		40
Consolidated Statement of Operations		41
Consolidated Statements of Changes in Net Assets		42
Consolidated Financial Highlights		43
Notes to Consolidated Financial Statements		48
Statement Regarding Liquidity Risk Management Program		62
Director and Officer Information		63
Additional Information		64
Glossary of Terms Used in this Report		65

LOGO


			3


Fund Summary as of April 30, 2020		BlackRock Global Allocation Fund, Inc.

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For thesix-month period ended April 30, 2020, the Fund outperformed both its reference benchmark, which is comprised of the S&P 500^® Index (36%), FTSE World(ex-US) Index (24%), ICE BofAML Current5-Year U.S. Treasury Index (24%) and FTSENon-U.S. Dollar World Government Bond Index (16%) (the “Reference Benchmark”), and the broad-basedall-equity benchmark, the FTSE World Index. The Fund invests in both equities and bonds; therefore, Fund management believes that the Reference Benchmark provides a more accurate representation of the Fund’s composition and a more comparable means for measurement. The following discussion of relative performance pertains to the Reference Benchmark. The following commentary (and referenced allocation percentages) are based on the economic exposures of the Fund, which reflect adjustments for futures, swaps, and options (except with respect to fixed income securities), and convertible bonds, and may vary relative to the market value.

What factors influenced performance?

From an equity sector perspective, an overweight to health care and an underweight to energy were additive. Stock selection within consumer discretionary, information technology (“IT”), real estate and communication services positively contributed to performance. Within fixed income, an underweight tonon-U.S. sovereign bonds and exposure to credit contributed to performance. Management of positioning along the U.S. yield curve over the period was also additive. Exposure to cash and cash equivalents and gold-related securities positively impacted returns as well.

From an equity sector perspective, stock selection within industrials weighed on returns. Stock selection within financials negatively impacted performance, although this was partially offset by an underweight to the sector. A broad underweight exposure to fixed income detracted slightly from performance. Within fixed income, exposure to U.S. Treasury inflation-protected securities negatively impacted performance. Currency management, notably an underweight to the Australian dollar, detracted from returns as well.

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

Describe recent portfolio activity.

During thesix-month period, the Fund’s overall equity allocation decreased from 65% to 61% of net assets. Within equities, the Fund increased exposure to IT, health care and consumer discretionary, and reduced exposure to industrials, financials, energy and communication services. From a regional perspective, exposure to Japan and Europe decreased, while exposure to the U.S. remained relatively unchanged.

The Fund’s allocation to fixed income decreased from 30% to 25% of net assets. Within fixed income, the Fund decreased exposure to government bonds and securitized securities.

Relative to the beginning of the period, the Fund’s exposure to precious metal securities increased from 2% to 4% of net assets.

Reflecting the changes in the Fund’s overall allocations to the equity, fixed income and precious metal asset classes during the period, the Fund’s exposure to cash and cash equivalent holdings increased from 3% to 10% of net assets. During thesix-month period, cash helped mitigate portfolio volatility and served as a source of funds for new investments and meeting redemptions.

Describe portfolio positioning at period end.

Relative to its Reference Benchmark, the Fund ended the period overweight to equities, underweight to fixed income, and overweight to precious metal securities and cash and cash equivalents. Within equities, the Fund was overweight in health care, consumer discretionary, communication services and IT, and underweight in consumer staples, financials, industrials, real estate and energy. From a regional perspective, the Fund was overweight in the United States and underweight in Europe and Asia, specifically Japan and Australia within the latter region.

Within fixed income, the Fund was underweight in developed European sovereign debt, Japanese government bonds and, to a lesser extent, U.S. Treasuries. In addition, the Fund was overweight in corporate credit and securitized securities. With respect to currency exposure, the Fund was overweight in the U.S. dollar and Japanese yen, and was underweight in the euro, Canadian dollar and Australian dollar.

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		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS


Fund Summary as of April 30, 2020 (continued)		BlackRock Global Allocation Fund, Inc.

Performance Summary for the Period Ended April 30, 2020


				Average Annual Total Returns^(a)^(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		(1.65	)%		2.07	%		N/A			2.94	%		N/A			4.98	%		N/A
Investor A		(1.80	)		1.76			(3.59	)%		2.66			1.56	%		4.70			4.13	%
Investor C		(2.19	)		0.95			(0.01	)		1.89			1.89			3.91			3.91
Class K		(1.66	)		2.10			N/A			3.00			N/A			5.01			N/A
Class R		(1.97	)		1.43			N/A			2.32			N/A			4.34			N/A
FTSE World Index^(c)		(7.71	)		(4.22	)		N/A			5.12			N/A			7.71			N/A
Reference Benchmark^(d)		(2.99	)		1.28			N/A			4.73			N/A			6.33			N/A
U.S. Stocks: S&P 500^® Index^(e)		(3.16	)		0.86			N/A			9.12			N/A			11.69			N/A
Non-U.S. Stocks: FTSE World (ex-U.S.) Index^(f)		(14.36	)		(11.40	)		N/A			0.23			N/A			3.44			N/A
Non-U.S. Bonds: FTSE Non-U.S. Dollar World Government Bond Index^(g)		(1.29	)		3.99			N/A			2.32			N/A			1.62			N/A
U.S. Bonds: ICE BofAML Current 5-Year U.S. Treasury Index^(h)		6.34			11.08			N/A			3.04			N/A			3.25			N/A

^(a)

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

^(b)

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

^(c)

This unmanaged capitalization-weighted index is comprised of 2,620 equities from 35 countries in 4 regions, including the United States.

^(d)

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

^(e)

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

^(f)

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

^(g)

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

^(h)

This unmanaged index is designed to track the total return of the current coupon five-year U.S. Treasury bond. Effective January 1, 2020, the Fund’s benchmark was renamed from ICE BofAML Current 5-Year U.S. Treasury Index to ICE BofA Current 5-Year U.S. Treasury Index.

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

Past performance is not indicative of future results.

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


FUND SUMMARY			5


Fund Summary as of April 30, 2020 (continued)		BlackRock Global Allocation Fund, Inc.

Portfolio Information

OVERALL ASSET EXPOSURE


	Percent of Fund’s Net Assets ^(a)						Reference Benchmark ^(b) Percentages
	04/30/20			10/31/19			Reference Benchmark ^(b) Percentages
U.S. Equities		41	%		41	%		35	%
European Equities		10			11			12
Asia Pacific Equities		9			11			10
Other Equities		1			2			3

Total Equities		61			65			60

U.S. Dollar Denominated Fixed Income Securities		20			24			24
U.S. Issuers		18			22			—
Non-U.S. Issuers		2			2			—
Non-U.S. Dollar Denominated Fixed Income Securities		5			6			16

Total Fixed Income Securities		25			30			40

Commodity-Related		4			2			—

Cash & Short-Term Securities		10			3			—

^(a)

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

^(b)

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

GEOGRAPHIC ALLOCATION


	Percent of Total Investments^(a)
Country/Geographic Region	Long			Short			Total
United States		71	%		—	%^(b)		71	%
Japan		4			—			4
China		4			—			4
Italy		3			—			3
France		2			—			2
Netherlands		2			—			2
United Kingdom		2			—			2
Australia		2			—			2
Switzerland		1			—			1
Germany		1			—			1
Spain		1			—			1
Hong Kong		1			—			1
Taiwan		1			—			1
Other		5			—			5

^(a)

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

^(b)

Rounds to less than 1%.

TEN LARGEST HOLDINGS (EQUITY INVESTMENTS)


Security	Percent of Total Investments^(a)
Microsoft Corp.		2	%
Amazon.com, Inc.		2
Apple, Inc.		2
Alphabet, Inc.		2
UnitedHealth Group, Inc.		1
Charter Communications, Inc.		1
Comcast Corp.		1
Siemens AG, Registered Shares		1
Mastercard, Inc.		1
NextEra Energy, Inc.		1

^(a)

Excludes short-term securities, options purchased, options written and investments sold short.


6		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

About Fund Performance

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

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

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

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

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer toblackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table on page 5 assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), the Fund’s investment adviser has contractually agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. See Note 6 of the Notes to Consolidated Financial Statements for additional information on waivers and/or reimbursements. With respect to the Fund’s contractual waivers, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreements.


ABOUT FUND PERFORMANCE			7


Disclosure of Expenses		BlackRock Global Allocation Fund, Inc.

Shareholders of the Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense example shown below (which is based on a hypothetical investment of $1,000 invested on November 1, 2019 and held through April 30, 2020) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Expense Example


	Actual								Hypothetical^(c)
					Expenses Paid During the Period						Including Dividend Expense and Broker Fees and Expenses on Short Sales				Excluding Dividend Expense and Broker Fees and Expenses on Short Sales
	Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Including Dividend Expense and Broker Fees and Expenses on Short Sales^(a)		Excluding Dividend Expense and Broker Fees and Expenses on Short Sales^(b)		Beginning Account Value (11/01/19)		Ending Account Value (04/30/20)		Expenses Paid During the Period^(a)		Ending Account Value (04/30/20)		Expenses Paid During the Period^(b)
Institutional	$	1,000.00	$	983.00	$	4.04	$	3.99	$	1,000.00	$	1,020.79	$	4.12	$	1,020.84	$	4.07
Investor A		1,000.00		982.00		5.37		5.37		1,000.00		1,019.44		5.47		1,019.44		5.47
Investor C		1,000.00		978.10		9.10		9.05		1,000.00		1,015.66		9.27		1,015.71		9.22
Class K		1,000.00		983.40		3.70		3.65		1,000.00		1,021.13		3.77		1,021.13		3.77
Class R		1,000.00		980.30		7.04		6.99		1,000.00		1,017.75		7.17		1,017.80		7.12

^(a)

For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.82% for Institutional, 1.09% for Investor A, 1.85% for Investor C, 0.75% for Class K and 1.43% for Class R), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

^(b)

For each class of the Fund, expenses are equal to the annualized net expense ratio for the class (0.81% for Institutional, 1.09% for Investor A, 1.84% for Investor C, 0.74% for Class K and 1.42% for Class R), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

^(c)

Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

Derivative Financial Instruments

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


8		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 58.0%

Australia — 0.1%
AGL Energy Ltd.		53,554	$	587,755
BHP Group Ltd.		26,171		534,263
BHP Group PLC		7,159		120,164
Brambles Ltd.		43,954		314,164
Coles Group Ltd.		6,773		67,918
Goodman Group		43,599		371,343
Newcrest Mining Ltd.		459,597		9,161,202
Quintis HoldCo Pty. Ltd.^(a)(x)		43,735,802		7,410,114
Wesfarmers Ltd.		12,625		306,654
Woodside Petroleum Ltd.		6,724		96,283
Woolworths Group Ltd.		3,180		73,591

				19,043,451

Austria — 0.1%
Erste Group Bank AG		408,900		8,862,023


Belgium — 0.1%
KBC Group NV^(b)		294,305		15,963,374
UCB SA		1,590		145,706

				16,109,080

Brazil — 0.1%
Azul SA — ADR^(b)(c)		2,116,869		20,237,268
B3 SA — Brasil Bolsa Balcao		60,896		430,244
Banco do Brasil SA		46,009		241,133
Banco Santander Brasil SA		46,332		230,045
Centrais Eletricas Brasileiras SA		21,844		97,412
Engie Brasil Energia SA		33,736		242,695
Petrobras Distribuidora SA		136,600		490,594
Petroleo Brasileiro SA^(b)		110,722		379,736

				22,349,127

Canada — 0.6%
Barrick Gold Corp.		619,846		15,955,373
Cenovus Energy, Inc.^(b)		26,924		97,680
CGI, Inc.^(b)		6,356		405,347
Constellation Software, Inc.		739		710,639
Enbridge, Inc.		2,639,629		80,879,469
Fairfax Financial Holdings Ltd.		1,028		278,737
First Quantum Minerals Ltd.		1,313,775		8,022,621
George Weston Ltd.		822		58,310
Imperial Oil Ltd.		6,401		103,422
Nutrien Ltd.		5,622		200,776
Thomson Reuters Corp.		8,518		600,137
Wheaton Precious Metals Corp.		439,205		16,688,496

				124,001,007

Chile — 0.0%
Cia Cervecerias Unidas SA, ADR		136,135		1,935,840


China — 2.6%
AAC Technologies Holdings, Inc.^(b)		960,000		4,540,407
Agile Group Holdings Ltd.		164,000		184,462
Aier Eye Hospital Group Co. Ltd., Class A		1,543,659		9,532,977
Alibaba Group Holding Ltd.^(b)		372,200		9,446,144
Alibaba Group Holding Ltd. — ADR^(b)		490,465		99,402,542
Alibaba Health Information Technology Ltd.^(b)		2,792,000		6,678,484
Amoy Diagnostics Co. Ltd., Class A		382,900		4,220,715
Anhui Conch Cement Co. Ltd., Class H		66,000		520,435
ANTA Sports Products Ltd.		877,000		7,468,559
Asymchem Laboratories Tianjin Co. Ltd., Class A		185,603		4,870,753
Autobio Diagnostics Co. Ltd., Class A		297,578		5,606,219
Beijing Capital International Airport Co. Ltd., Class H		276,000		184,925
Beijing Enterprises Holdings Ltd.		129,000		456,994
Brilliance China Automotive Holdings Ltd.		3,476,000		3,216,126


Security	Shares		Value

China (continued)
China CITIC Bank Corp. Ltd., Class H		1,015,000	$	495,862
China East Education Holdings Ltd.^(d)		208,500		334,986
China International Travel Service Corp. Ltd., Class A		490,200		6,260,766
China Longyuan Power Group Corp. Ltd., Class H		354,000		176,940
China Merchants Bank Co. Ltd., Class H		929,000		4,396,315
China Mobile Ltd.		136,500		1,097,331
China National Building Material Co. Ltd., Class H		112,000		139,904
China Oilfield Services Ltd., Class H		1,652,000		1,286,767
China Overseas Land & Investment Ltd.		2,600,000		9,604,259
China Resources Cement Holdings Ltd.		366,000		498,018
China Resources Pharmaceutical Group Ltd.^(d)		1,051,000		660,058
China Resources Power Holdings Co. Ltd.		418,000		495,098
China Telecom Corp. Ltd., Class H		2,558,000		883,534
China Unicom Hong Kong Ltd.		1,146,000		741,155
China United Network Communications Ltd., Class A		230,900		168,728
CNOOC Ltd.		773,000		854,645
Country Garden Services Holdings Co. Ltd.		87,298		403,332
Dali Foods Group Co. Ltd.^(d)		606,500		374,686
Foshan Haitian Flavouring & Food Co. Ltd., Class A		245,393		4,221,029
Fosun International Ltd.		256,000		321,399
Glodon Co. Ltd., Class A		829,930		6,073,657
Great Wall Motor Co. Ltd., Class A		760,348		858,056
Gree Electric Appliances, Inc. of Zhuhai, Class A^(b)		576,600		4,395,214
Guangdong Marubi Biotechnology Co. Ltd.^(b)		406,800		4,138,852
Guangzhou Automobile Group Co. Ltd., Class A		1,759,262		2,417,200
Guangzhou Automobile Group Co. Ltd., Class H		4,034,000		3,619,736
Guangzhou Baiyun International Airport Co. Ltd., Class A		2,497,100		5,535,553
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.		7,700		33,274
Guotai Junan Securities Co. Ltd., Class H^(d)		71,800		102,196
Haidilao International Holding Ltd.^(c)(d)		1,035,000		4,485,407
Haier Smart Home Co. Ltd., Class A		2,018,016		4,339,804
Haitong Securities Co. Ltd., Class H^(b)		188,000		170,200
Han’s Laser Technology Industry Group Co. Ltd., Class A		973,532		4,107,651
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		2,315,397		10,357,378
Hangzhou Robam Appliances Co. Ltd., Class A		1,104,433		4,909,606
Hangzhou Tigermed Consulting Co. Ltd., Class A		497,862		5,317,286
Hansoh Pharmaceutical Group Co. Ltd.^(b)(d)		30,000		115,838
Hengan International Group Co. Ltd.		307,500		2,734,580
Huadian Power International Corp. Ltd., Class H		320,000		111,322
Huadong Medicine Co. Ltd., Class A		9,400		26,195
Huazhu Group Ltd., ADR^(c)		225,768		8,129,906
Hundsun Technologies, Inc., Class A		474,693		6,791,160
HUYA, Inc., ADR^(b)		9,308		151,069
Industrial & Commercial Bank of China Ltd., Class H		6,230,000		4,177,272
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		922,914		3,770,347
Inspur Electronic Information Industry Co. Ltd., Class A		605,704		3,527,412
JD.com, Inc. — ADR^(b)		14,974		645,379
Jiangsu Hengrui Medicine Co. Ltd., Class A		258,337		3,347,533
Jiangxi Copper Co. Ltd., Class H		191,000		185,817
Kingdee International Software Group Co. Ltd.^(b)		9,933,000		14,205,922
Kunlun Energy Co. Ltd.		566,000		368,746
Kweichow Moutai Co. Ltd., Class A		51,000		9,052,155
Lenovo Group Ltd.		3,032,000		1,637,877
Li Ning Co. Ltd.		88,000		277,858
Meituan Dianping, Class B^(b)		753,400		10,087,334
Momo, Inc., ADR		25,045		603,084
NetEase, Inc. — ADR		19,167		6,611,848
New Oriental Education & Technology Group, Inc. — ADR^(b)		37,309		4,762,867


CONSOLIDATED SCHEDULE OF INVESTMENTS			9

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
PICC Property & Casualty Co. Ltd., Class H		398,000	$	380,864
Ping An Insurance Group Co. of China Ltd., Class A		325,800		3,382,197
Shanghai International Airport Co. Ltd., Class A		542,468		5,360,505
Shenzhen Goodix Technology Co. Ltd., Class A		2,600		85,619
Shenzhen Inovance Technology Co. Ltd., Class A		1,616,800		7,397,518
Shenzhen MindrayBio-Medical Electronics Co. Ltd., Class A		160,276		5,721,389
Silergy Corp.		175,000		6,952,460
Sinopec Shanghai Petrochemical Co. Ltd., Class H		234,000		63,531
Tencent Holdings Ltd.		2,088,000		109,764,975
Tencent Music Entertainment Group, ADR^(b)		7,412		84,571
Tingyi Cayman Islands Holding Corp.		84,000		149,108
Trip.com Group Ltd., ADR^(b)		355,912		9,168,293
Tsingtao Brewery Co. Ltd., Class H		20,000		121,499
Venus MedTech Hangzhou, Inc., Class H^(b)(d)		800,500		5,483,256
Venustech Group, Inc., Class A		884,888		5,065,578
Vipshop Holdings Ltd. — ADR^(b)		28,710		457,350
Want Want China Holdings Ltd.		5,275,000		3,759,711
Weichai Power Co. Ltd., Class H		84,000		147,589
Wuhan Raycus Fiber Laser Technologies Co. Ltd., Class A		481,934		6,204,323
WuXi AppTec Co. Ltd., Class A		363,594		5,121,491
Wuxi Biologics Cayman, Inc.^(b)(d)		489,000		7,611,976
Yifeng Pharmacy Chain Co. Ltd., Class A		398,800		5,308,607
Yihai International Holding Ltd.^(b)		677,000		5,394,935
Yonyou Network Technology Co. Ltd., Class A		513,007		3,315,782
Yum China Holdings, Inc.^(b)		176,625		8,559,248
Zhuzhou CRRC Times Electric Co. Ltd., Class H		146,700		448,775

				537,438,295

Denmark — 0.0%
AP Moeller — Maersk A/S, Class A		29		26,871
Coloplast A/S, Class B		1,380		217,659
DSV Panalpina AS		25,982		2,699,535
Genmab A/S^(b)		8,999		2,163,220

				5,107,285

Finland — 0.2%
Fortum OYJ		21,551		357,103
Neste OYJ		1,278,825		45,162,363
Nokia OYJ^(b)		99,653		359,243

				45,878,709

France — 2.0%
Airbus SE^(b)		766		48,502
BNP Paribas SA^(b)		446,615		14,031,001
Carrefour SA		18,380		272,965
Cie de Saint-Gobain^(b)		356,482		9,485,240
CNP Assurances^(b)		46,127		475,879
Danone SA		1,921,070		133,892,870
Eiffage SA^(b)		77,891		6,365,391
Electricite de France SA^(b)		38,463		306,201
Engie SA^(b)		21,698		235,414
EssilorLuxottica SA^(b)		394,985		49,066,788
LVMH Moet Hennessy Louis Vuitton SE		48,797		18,864,556
Safran SA^(b)		763,138		70,949,762
Sanofi		1,143,874		111,726,439
Schneider Electric SE		5,432		501,984
Societe Generale SA^(b)		292,238		4,584,929
Sodexo SA^(c)		54,551		4,361,107
TOTAL SA		1,527		54,197
Vivendi SA		11,539		249,394

				425,472,619

Germany — 1.0%
Bayer AG, Registered Shares		2,760		181,523


Security	Shares		Value

Germany (continued)
Deutsche Boerse AG		3,083	$	477,984
Deutsche Post AG, Registered Shares		34,855		1,035,444
Deutsche Telekom AG, Registered Shares		2,200,178		32,165,756
Evonik Industries AG		6,258		153,949
HeidelbergCement AG		5,728		271,571
Henkel AG & Co. KGaA		10,130		789,667
Knorr-Bremse AG		59,429		5,527,103
Merck KGaA		581		67,430
Siemens AG, Registered Shares		1,767,079		163,071,525
Vonovia SE		224,682		11,110,264

				214,852,216

Hong Kong — 0.9%
AIA Group Ltd.		10,774,000		98,881,257
CK Infrastructure Holdings Ltd.		790,500		4,695,579
CLP Holdings Ltd.		539,000		5,769,524
Hang Lung Properties Ltd.		3,617,000		7,737,511
HKT Trust & HKT Ltd.^(e)		3,245,000		5,236,521
Hong Kong Exchanges & Clearing Ltd.		1,500		48,093
Hysan Development Co. Ltd.		927,000		3,092,616
Jardine Matheson Holdings Ltd.		143,100		6,267,941
Power Assets Holdings Ltd.		7,000		46,902
Sun Hung Kai Properties Ltd.		4,420,666		60,447,409
WH Group Ltd.^(d)		4,044,000		3,856,974

				196,080,327

India — 0.6%
Asian Paints Ltd.		260,575		6,080,025
HDFC Asset Management Co. Ltd.^(d)		2,916		97,612
Hero MotoCorp Ltd.		63,287		1,805,161
Hindustan Unilever Ltd.		496,489		14,376,100
ICICI Bank Ltd.		1,341,815		6,731,666
Infosys Ltd.		18,233		170,426
Larsen & Toubro Ltd.		326,052		3,866,371
Petronet LNG Ltd.		741,866		2,390,016
Reliance Industries Ltd.		4,732,024		92,004,798
Vedanta Ltd.		453,746		528,911
Wipro Ltd.		132,772		337,088
Zee Entertainment Enterprises Ltd.		1,620,536		3,396,402

				131,784,576

Indonesia — 0.0%
Bank Central Asia Tbk PT		3,556,000		6,159,667


Italy — 1.3%
Enel SpA		18,680,199		127,594,045
Intesa Sanpaolo SpA^(b)		5,650,528		8,823,319
RAI Way SpA^(d)		4,017,745		21,659,836
Snam SpA		1,482,743		6,651,420
UniCredit SpA^(b)		12,955,470		100,052,098

				264,780,718

Japan — 2.6%
AGC, Inc.		20,200		498,135
Ajinomoto Co., Inc.		3,766,800		67,089,626
Astellas Pharma, Inc.		5,089,050		84,168,542
Canon, Inc.		2,900		61,002
Dentsu Group Inc.		4,400		91,889
East Japan Railway Co.		701,773		51,243,447
Eisai Co. Ltd.		700		48,868
FamilyMart Co. Ltd.		26,300		445,986
FUJIFILM Holdings Corp.		4,500		214,346
Fujitsu Ltd.		2,400		233,156
Hitachi Ltd.		15,100		448,159
Hoya Corp.		700,317		63,864,231
Japan Airlines Co. Ltd.		1,303,200		23,246,203
KDDI Corp.		439,500		12,729,796


10		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Keyence Corp.		30,100	$	10,746,062
Maeda Road Construction Co. Ltd.		80,100		1,482,939
Mitsubishi Estate Co. Ltd.		752,700		12,177,278
Mitsubishi Heavy Industries Ltd.		38,700		992,408
Murata Manufacturing Co. Ltd.		905,420		51,017,664
NEC Corp.		26,700		1,024,607
Nintendo Co. Ltd.		700		289,047
Nippon Telegraph & Telephone Corp.		460,800		10,494,092
Nissan Motor Co. Ltd.^(b)		209,300		712,413
NTT Data Corp.		29,400		300,003
Okumura Corp.		7,924		169,074
Olympus Corp.		17,200		272,910
Omron Corp.		3,700		217,320
Otsuka Holdings Co. Ltd.		14,400		565,978
Rakuten, Inc.		20,300		172,128
Recruit Holdings Co. Ltd.		1,400		40,840
Renesas Electronics Corp.^(b)		20,900		110,361
Sekisui House Ltd.		7,500		128,660
Seven & i Holdings Co. Ltd.		11,600		384,158
Shin-Etsu Chemical Co. Ltd.		635,440		70,090,295
Shionogi & Co. Ltd.		2,300		127,023
Sompo Holdings, Inc.		4,500		145,960
Subaru Corp.		1,766,090		35,347,407
Suzuki Motor Corp.		1,420,608		45,339,063
Toagosei Co. Ltd.		73,800		675,222
Tokyo Electron Ltd.		1,200		255,577
Toshiba Corp.		5,500		136,388

				547,798,263

Mexico — 0.0%
Alfa SAB de CV, Series A		104,472		42,741
America Movil SAB de CV, Series L		156,177		94,610
Fomento Economico Mexicano SAB de CV		36,878		238,350
Grupo Bimbo SAB de CV, Series A		177,959		262,792

				638,493

Netherlands — 1.7%
Adyen NV^(b)(d)		33,092		32,680,986
Akzo Nobel NV		50,505		3,832,815
ASML Holding NV		359,114		104,891,911
ING Groep NV^(b)		7,624,983		42,721,142
Koninklijke Ahold Delhaize NV		23,900		580,300
Koninklijke Philips NV^(b)		2,585,587		112,712,138
NXP Semiconductors NV		582,181		57,967,762
Royal Dutch Shell PLC, Class A		1,890		31,117

				355,418,171

Poland — 0.0%
Polski Koncern Naftowy ORLEN SA		12,809		194,432


Portugal — 0.0%
Jeronimo Martins SGPS SA		296,252		5,022,514


Saudi Arabia — 0.0%
Riyad Bank		21,330		96,429


Singapore — 0.4%
CapitaLand Ltd.^(b)		22,804,800		48,386,412
ComfortDelGro Corp. Ltd.		3,567,100		4,158,606
DBS Group Holdings Ltd.		470,500		6,624,220
Singapore Telecommunications Ltd.		2,213,700		4,423,497
United Overseas Bank Ltd.		843,500		12,052,859
Wilmar International Ltd.		136,300		343,242

				75,988,836

South Africa — 0.0%
Anglo American Platinum Ltd.		3,401		178,485
AngloGold Ashanti Ltd.		2,088		50,968


Security	Shares		Value

South Africa (continued)
Aspen Pharmacare Holdings Ltd.^(b)		20,564	$	128,272
Kumba Iron Ore Ltd.		21,547		405,530
MTN Group Ltd.		130,334		342,499
MultiChoice Group^(b)		66,137		309,978
Old Mutual Ltd.		102,284		74,248

				1,489,980

South Korea — 0.2%
Amorepacific Corp.		765		110,810
Amorepacific Group		3,913		187,270
Celltrion, Inc.^(b)		1,791		309,550
Hana Financial Group, Inc.		9,131		208,443
Hyundai Mobis Co. Ltd.		3,033		428,806
Kakao Corp.		50,681		7,658,849
KB Financial Group, Inc.		7,055		201,853
Kia Motors Corp.		19,836		484,488
LG Chem Ltd.		23,457		7,288,399
LG Electronics, Inc.		19,267		867,113
LG Uplus Corp.		19,584		215,053
NCSoft Corp.		14,037		7,437,490
POSCO		22,282		3,366,931
Shinhan Financial Group Co. Ltd.		28,051		711,164
SK Telecom Co. Ltd.		3,453		600,144

				30,076,363

Spain — 0.3%
Cellnex Telecom SA^(d)		1,057,540		55,314,382
Endesa SA		15,471		343,149
Naturgy Energy Group SA		2,416		42,685
Repsol SA		21,671		196,704
Telefonica SA		42,600		194,788

				56,091,708

Sweden — 0.0%
Hennes & Mauritz AB, Class B^(b)		44,629		610,060
Telefonaktiebolaget LM Ericsson, Class B		50,365		430,276

				1,040,336

Switzerland — 1.2%
Alcon, Inc.^(b)		88,940		4,696,883
Glencore PLC^(b)		30,380		56,915
LafargeHolcim Ltd., Registered Shares^(b)		7,781		323,168
Nestle SA, Registered Shares		863,091		91,409,985
Novartis AG, Registered Shares		10,218		871,988
Roche Holding AG		446,666		154,679,250
SGS SA, Registered Shares		59		133,086

				252,171,275

Taiwan — 0.9%
Asustek Computer, Inc.		67,000		452,896
Cathay Financial Holding Co. Ltd.		2,811,000		3,750,769
Chunghwa Telecom Co. Ltd.		1,438,000		5,285,228
Formosa Chemicals & Fibre Corp.		1,334,000		3,379,053
Formosa Petrochemical Corp.		669,000		2,007,210
Formosa Plastics Corp.		1,300,000		3,815,818
Fubon Financial Holding Co. Ltd.		3,058,000		4,323,948
Hon Hai Precision Industry Co. Ltd.		1,937,760		4,979,978
MediaTek, Inc.		50,000		690,421
Nan Ya Plastics Corp.		1,613,000		3,568,368
Taiwan Semiconductor Manufacturing Co. Ltd.		14,808,000		149,380,080
Uni-President Enterprises Corp.		2,630,000		6,123,656
United Microelectronics Corp.		790,000		408,718
Yageo Corp.		468,000		6,055,142

				194,221,285


CONSOLIDATED SCHEDULE OF INVESTMENTS			11

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thailand — 0.1%
Advanced Info Service PCL, Foreign Registered Shares		941,700	$	5,726,289
Intouch Holdings PCL, Class F		3,365,900		5,513,421
Thai Beverage PCL		4,648,100		2,262,481

				13,502,191

Turkey — 0.0%
BIM Birlesik Magazalar AS		15,501		123,083
Tupras Turkiye Petrol Rafinerileri AS^(b)		164,875		2,141,082

				2,264,165

United Arab Emirates — 0.0%
Jawbone Health Hub, Inc., (Acquired 01/24/17, Cost $0)^(a)(f)		1,518,232		15
NMC Health PLC^(a)(b)		1,077,976		14

				29

United Kingdom — 1.6%
Aon PLC		4,551		785,821
AstraZeneca PLC		466,573		48,799,803
Berkeley Group Holdings PLC		210,757		11,063,277
BP PLC		41,018		161,628
Coca-Cola European Partners PLC		9,631		381,773
Compass Group PLC^(b)		12,708		213,843
Experian PLC		5,341		160,392
Fiat Chrysler Automobiles NV		88,590		768,424
GlaxoSmithKline PLC		46,933		979,144
HUT Group (THG), (Acquired 12/03/19, cost $24,716,037)^(a)(f)		38,032		24,309,907
Liberty Global PLC, Class C^(b)		9,366		171,491
RELX PLC		26,102		588,908
Rolls-Royce Holdings PLC^(b)		118,679		491,207
Unilever NV		1,599,645		79,661,164
Unilever PLC		889,304		45,792,195
Vodafone Group PLC		77,482,268		109,302,202

				323,631,179

United States — 39.4%
Abbott Laboratories^(g)		1,047,600		96,473,484
AbbVie, Inc.		1,020,662		83,898,416
Adobe, Inc.^(b)		129,206		45,692,410
Agilent Technologies, Inc.		929,893		71,285,597
Air Products & Chemicals, Inc.		625,413		141,080,665
Alexion Pharmaceuticals, Inc.^(b)		47,922		5,150,177
Alphabet, Inc., Class C^(b)		246,300		332,174,958
Amazon.com, Inc.^(b)(g)		163,907		405,505,918
American International Group, Inc.		14,475		368,099
American Tower Corp.		67,379		16,036,202
Ameriprise Financial, Inc.		1,866		214,478
Amgen, Inc.		1,644		393,278
Anthem, Inc.		458,125		128,609,431
Apellis Pharmaceuticals, Inc.^(b)		132,284		4,533,373
Apple, Inc.		1,221,364		358,836,743
Applied Materials, Inc.		867,119		43,078,472
Aptiv PLC^(b)		561,163		39,028,887
AT&T, Inc.		10,365		315,822
Autodesk, Inc.^(b)(c)		493,095		92,272,867
AutoZone, Inc.^(b)		264		269,364
AvalonBay Communities, Inc.		1,215		197,984
Bank of America Corp.		6,005,859		144,440,909
Bank of New York Mellon Corp.		5,477		205,607
Baxter International, Inc.		106,435		9,449,299
Becton Dickinson & Co.		297,587		75,149,645
Berkshire Hathaway, Inc., Class B^(b)		137,796		25,817,459
BioMarin Pharmaceutical, Inc.^(b)		63,410		5,834,988
Booking Holdings, Inc.^(b)		775		1,147,442


Security	Shares		Value

United States (continued)
Boston Scientific Corp.^(b)		1,209,474	$	45,331,086
Bristol-Myers Squibb Co.		1,466,415		89,172,696
C.H. Robinson Worldwide, Inc.		128,374		9,101,717
Cadence Design Systems, Inc.^(b)		135,880		11,023,944
Capital One Financial Corp.		842,773		54,577,980
Cardinal Health, Inc.		1,028		50,865
Cerner Corp.		13,947		967,782
Charles Schwab Corp.		1,022,580		38,571,718
Charter Communications, Inc., Class A^(b)(g)		361,736		179,142,519
Chevron Corp.		2,290		210,680
Chubb Ltd.		334,579		36,137,878
Cintas Corp.^(c)		2,075		460,297
Cisco Systems, Inc.		11,822		501,016
Citigroup, Inc.		1,163,021		56,476,300
CME Group, Inc.		2,731		486,692
Coca-Cola Co.		4,937		226,559
Colgate-Palmolive Co.		422,396		29,681,767
Comcast Corp., Class A^(g)		4,736,334		178,228,248
Corteva, Inc.^(b)		2,114		55,366
Costco Wholesale Corp.		171,858		52,072,974
Crowdstrike Holdings, Inc., Class A^(b)		146,289		9,897,914
Crown Castle International Corp.		2,601		414,677
Cummins, Inc.		1,299		212,387
CVS Health Corp.		2,875		176,956
D.R. Horton, Inc.		2,777,251		131,141,792
Dell Technologies, Inc., Class C^(b)		11,337		483,977
Delta Air Lines, Inc.^(b)		27,385		709,545
DexCom, Inc.^(b)		12,367		4,145,418
Discover Financial Services		1,123		48,255
Dollar Tree, Inc.^(b)		41,421		3,300,011
DuPont de Nemours, Inc.		12,625		593,628
Eaton Corp. PLC		1,930		161,155
eBay, Inc.		28,736		1,144,555
Edwards Lifesciences Corp.^(b)		100,806		21,925,305
Electronic Arts, Inc.^(b)		4,080		466,181
Eli Lilly & Co.		6,917		1,069,645
Emerson Electric Co.		1,454,536		82,952,188
Exelon Corp.		199,018		7,379,587
Expedia Group, Inc.		16,146		1,146,043
Exxon Mobil Corp.		169,707		7,886,284
Facebook, Inc., Class A^(b)		594,525		121,705,213
FedEx Corp.		2,143		271,668
Ferguson PLC^(b)		118,898		8,572,810
Fieldwood Energy, Inc.		344,621		17,231
Fieldwood Energy, Inc.^(b)		93,042		4,652
FleetCor Technologies, Inc.^(b)		313,961		75,743,091
Ford Motor Co.^(b)		9,278		47,225
Fortinet, Inc.^(b)		103,303		11,129,865
Fortive Corp.^(c)		904,130		57,864,320
Fortune Brands Home & Security, Inc.		126,447		6,094,745
Franklin Resources, Inc.		25,553		481,419
Freeport-McMoRan, Inc.^(b)		941,235		8,311,105
General Electric Co.		19,642		133,566
Gilead Sciences, Inc.		839,271		70,498,764
Global Payments, Inc.		362,159		60,125,637
Guardant Health, Inc.^(b)		130,712		10,059,596
Hartford Financial Services Group, Inc.		249,785		9,489,332
HCA Healthcare, Inc.^(b)		692,988		76,145,521
Hershey Co.		1,351		178,913
Hess Corp.		487,874		23,730,191
Hewlett Packard Enterprise Co.		72,083		725,155
Home Depot, Inc.		476,115		104,664,360
HP, Inc.		37,067		574,909
iHeartMedia, Inc.		10,778		75,662


12		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Illumina, Inc.^(b)		11,670	$	3,723,080
Incyte Corp.^(b)		4,228		412,906
Insulet Corp.^(b)(c)		17,067		3,408,621
Intel Corp.		13,125		787,238
Intercontinental Exchange, Inc.		9,161		819,451
International Flavors & Fragrances, Inc.^(c)		652,806		85,537,170
Intuit, Inc.		78,945		21,300,150
Intuitive Surgical, Inc.^(b)		45,534		23,262,410
IQVIA Holdings, Inc.^(b)(c)		2,120		302,291
JBS SA		765,906		3,357,767
Johnson & Johnson		1,029,925		154,529,947
JPMorgan Chase & Co.		1,601,723		153,380,995
Kroger Co.		15,471		489,038
L3Harris Technologies, Inc.		326,880		63,316,656
Lam Research Corp.		1,380		352,286
Las Vegas Sands Corp.^(b)		53,000		2,545,060
Lennar Corp., Class A		1,024,644		51,303,925
Liberty Broadband Corp., Class C^(b)		17,600		2,159,168
Liberty Media Corp. — Liberty SiriusXM, Class A^(b)		453,787		15,297,160
Liberty Media Corp. — Liberty SiriusXM, Class C^(b)		875,897		29,841,811
Live Nation Entertainment, Inc.^(b)		45,182		2,027,316
Lookout, Inc., (Acquired 03/04/15, cost $2,002,652)^(a)(f)		175,316		850,283
Lowe’s Cos., Inc.		1,012,444		106,053,509
Madison Square Garden Co., Class A^(b)		2,352		402,945
Marathon Petroleum Corp.		300,500		9,640,040
Marsh & McLennan Cos., Inc.^(c)		1,066,907		103,842,058
Marvell Technology Group Ltd.		500,455		13,382,167
Masco Corp.		326,256		13,389,546
Mastercard, Inc., Class A		589,484		162,090,416
McDonald’s Corp.		760,656		142,668,639
Medtronic PLC		96,829		9,453,415
Merck & Co., Inc.		1,510,520		119,844,657
MGM Resorts International		85,836		1,444,620
Microchip Technology, Inc.		420,692		36,907,309
Micron Technology, Inc.^(b)		548,783		26,281,218
Microsoft Corp.		2,320,567		415,868,812
Mondelez International, Inc., Class A		205,866		10,589,747
Monster Beverage Corp.^(b)(c)		940		58,101
Moody’s Corp.		1,674		408,289
Morgan Stanley		3,680,694		145,129,764
Motorola Solutions, Inc.		138,364		19,898,127
Nevro Corp.^(b)		26,003		3,058,993
Newmont Corp.		299,331		17,804,208
NextEra Energy, Inc.		694,512		160,515,613
NortonLifeLock, Inc.		327,783		6,971,944
NVIDIA Corp.		277,026		80,969,159
Okta, Inc.^(b)		68,308		10,335,000
ONEOK, Inc.		15,116		452,422
Oracle Corp.		748,810		39,664,466
Palo Alto Networks, Inc.^(b)		64,829		12,739,547
PayPal Holdings, Inc.^(b)		475,243		58,454,889
Peloton Interactive, Inc., Class A^(b)		701,336		22,092,084
PepsiCo, Inc.		113,707		15,042,299
Pfizer, Inc.		2,785,429		106,849,056
Philip Morris International, Inc.		62,810		4,685,626
Pioneer Natural Resources Co.		202,997		18,129,662
PPG Industries, Inc.		1,193,863		108,438,576
Procter & Gamble Co.		13,011		1,533,607
Prologis, Inc.		479,934		42,824,511
Proofpoint, Inc.^(b)		47,524		5,785,097
PTC Therapeutics, Inc.^(b)		43,411		2,210,488
PTC, Inc.^(b)		110,565		7,656,626
Public Storage		3,964		735,124


Security	Shares		Value

United States (continued)
QUALCOMM, Inc.		9,945	$	782,373
Raytheon Technologies Corp.		2,411,881		156,314,008
Regeneron Pharmaceuticals, Inc.^(b)(c)		5,184		2,726,162
Republic Services, Inc.		1,938		151,823
ResMed, Inc.		49,681		7,716,453
salesforce.com, Inc.^(b)(c)		955,979		154,820,799
Sarepta Therapeutics, Inc.^(b)(c)		39,703		4,680,190
Schlumberger Ltd.		167,732		2,821,252
Seattle Genetics, Inc.^(b)(c)		30,690		4,211,589
ServiceNow, Inc.^(b)		158,363		55,670,929
Simply Good Foods Co.^(b)(c)		316,545		5,966,873
Splunk, Inc.,^(b)(c)		94,966		13,329,428
Stanley Black & Decker, Inc.		5,114		563,563
Starbucks Corp.		2,026,098		155,462,500
Stryker Corp.		48,699		9,078,955
Synchrony Financial		11,322		224,062
Target Corp.		6,399		702,226
Tesla, Inc.^(b)(c)		15,284		11,950,254
Texas Instruments, Inc.		2,378		276,014
Thermo Fisher Scientific, Inc.		316,830		106,036,664
Thor Industries, Inc.		2,924		193,569
TJX Cos., Inc.^(b)		1,664,876		81,662,168
Travelers Cos., Inc.		92,657		9,377,815
Truist Financial Corp.		1,337,830		49,927,816
U.S. Bancorp		335,098		12,231,077
Uber Technologies, Inc.^(b)		2,109,673		63,859,802
Union Pacific Corp.		693,267		110,777,134
United Airlines Holdings, Inc.^(b)		32,194		952,299
United Parcel Service, Inc., Class B		5,558		526,120
UnitedHealth Group, Inc.		783,639		229,190,898
Vail Resorts, Inc.^(b)		1,217		208,107
Verizon Communications, Inc.		198,227		11,388,141
Vertex Pharmaceuticals, Inc.^(b)		177,800		44,663,360
Vertiv Holdings Co., (Acquired 02/04/2020, cost $51,266,950)^(f)		5,126,695		54,291,700
Visa, Inc., Class A		68,748		12,286,643
Vistra Energy Corp.		540,367		10,558,771
VMware, Inc., Class A^(b)		595,209		78,281,888
Walgreens Boots Alliance, Inc.		12,338		534,112
Walmart, Inc.		848,776		103,168,723
Walt Disney Co.		411,032		44,453,111
Wells Fargo & Co.		304,981		8,859,698
Western Digital Corp.		11,099		511,442
Weyerhaeuser Co.		597,857		13,075,133
Williams Cos., Inc.		1,193,283		23,113,892
Willis Towers Watson PLC		3,083		549,668
Winnebago Industries, Inc.		4,589		203,614
Workday, Inc., Class A^(b)		2,795		430,151
Wynn Resorts Ltd.		79,631		6,810,839
Xilinx, Inc.		330,286		28,866,996
Yum! Brands, Inc.		7,033		607,862
Zillow Group, Inc., Class C^(b)		122,341		5,378,110
Zoetis, Inc.		84,969		10,987,341
Zscaler, Inc.^(b)		102,459		6,872,950

				8,233,434,683


Total Common Stocks — 58.0% (Cost — $10,033,673,183)				12,112,935,272


CONSOLIDATED SCHEDULE OF INVESTMENTS			13

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities — 0.4%
AIMCO CLO Series, Series2018-AA, Class B, (3 mo. LIBOR US + 1.40%), 2.53%, 04/17/31^(d)(h)	USD		466	$	418,725
Ares XXIX CLO Ltd., Series2014-1A, Class BR, (3 mo. LIBOR US + 2.30%), 3.43%, 04/17/26^(d)(h)			500		471,499
Atrium XII, Series 12A^(d)(h):
Class AR, (3 mo. LIBOR US + 0.83%), 1.93%, 04/22/27			1,135		1,108,728
Class BR, (3 mo. LIBOR US + 1.35%), 2.45%, 04/22/27			695		639,057
Barings CLO Ltd., Series2016-2A, Class AR, (3 mo. LIBOR US + 1.08%), 2.22%, 07/20/28^(d)(h)			1,147		1,107,086
Benefit Street Partners CLO II Ltd.,Series 2013-IIA, Class A1R, (3 mo. LIBOR US + 1.25%), 2.47%, 07/15/29^(d)(h)			1,156		1,126,408
Benefit Street Partners Clo XII Ltd.,Series 2017-12A, Class A1, (3 mo. LIBOR US + 1.25%), 2.47%, 10/15/30^(d)(h)			1,147		1,113,205
BlueMountain CLO Ltd.^(d)(h):
Series2013-2A, Class A1R, (3 mo. LIBOR US + 1.18%), 2.28%, 10/22/30			463		443,938
Series2014-2A, Class BR2, (3 mo. LIBOR US + 1.75%), 2.89%, 10/20/30			465		417,705
California Street CLO XII Ltd., Series2013-12A, Class CR, (3 mo. LIBOR US + 2.10%), 3.32%, 10/15/25^(d)(h)			613		578,737
Chenango Park CLO Ltd., Series2018-1A, Class A2, 2.77%, 04/15/30^(d)(i)			1,143		1,042,754
CIFC Funding Ltd., Series2015-5A, Class A1R, (3 mo. LIBOR US + 0.86%), 1.85%, 10/25/27^(d)(h)			1,359		1,295,285
Clear Creek CLO, Series2015-1A, Class AR, (3 mo. LIBOR US + 1.20%), 2.34%, 10/20/30^(d)(h)			400		373,934
Cook Park CLO Ltd., Series2018-1A, Class B, 2.53%, 04/17/30^(d)(i)			1,148		1,040,894
Deer Creek Clo Ltd., Series2017-1A, Class A, (3 mo. LIBOR US + 1.18%), 2.32%, 10/20/30^(d)(h)			900		844,291
Dryden XXVI Senior Loan Fund, Series2013-26A, Class AR, (3 mo. LIBOR US + 0.90%), 2.12%, 04/15/29^(d)(h)			1,157		1,087,218
Figueroa CLO Ltd., 3.32%, 01/15/27^(d)(i)			500		485,312
Goldentree Loan Management US CLO 6 Ltd., Series2019-6A, Class B1, (3 mo. LIBOR US + 1.90%), 3.04%, 01/20/33^(d)(h)			924		849,505
Madison Park Funding XII Ltd., Series2014-12A, Class B1R, (3 mo. LIBOR US + 1.65%), 2.79%, 07/20/26^(d)(h)			559		539,255
Madison Park Funding XVIII Ltd., Series2015-18A, Class A1R, (3 mo. LIBOR US + 1.19%), 2.30%, 10/21/30^(d)(h)			1,538		1,480,201
Navient Private Education Loan Trust,Series 2014-AA, Class A3, (1 mo. LIBOR US + 1.60%), 1.78%, 10/15/31^(d)(h)			5,929		5,761,976
Navient Private Education Refi Loan Trust,Series 2019-A, Class A2A, 3.42%, 01/15/43^(d)			2,364		2,390,816
OCP CLO Ltd.^(d):
3.02%, 07/15/30⁽ⁱ⁾			1,146		1,056,174
Series2015-9A, Class A1R, (3 mo. LIBOR US + 0.80%), 2.02%, 07/15/27^(h)			645		638,622
Series2017-13A, Class A1A, (3 mo. LIBOR US + 1.26%), 2.48%, 07/15/30^(h)			1,157		1,132,468


Security		Par (000)		Value

Asset-Backed Securities (continued)
OneMain Financial Issuance Trust, Series2020-1A, Class A, 3.84%, 05/14/32^(d)	USD		20,810	$	20,808,414
Palmer Square Loan Funding Ltd., Series2019-2A, Class A2, 2.74%, 04/20/27^(d)(i)			1,663		1,548,586
SLM Private Credit Student Loan Trust,Series 2005-B, Class A4, (3 mo. LIBOR US + 0.33%), 1.07%, 06/15/39^(h)			4,773		4,363,744
SLM Private Education Loan Trust, Series2010-C, Class A5, (1 mo. LIBOR US + 4.75%), 4.93%, 10/15/41^(d)(h)			16,108		17,119,470
SMB Private Education Loan Trust, Series2019-A, Class A2A, 3.44%, 07/15/36^(d)			5,978		6,065,750
Sofi Professional Loan Program LLC,Series 2019-A, Class A2FX, 3.69%, 06/15/48^(d)			3,790		3,887,117
Sofi Professional Loan Program Trust,Series 2018-B, Class A2FX, 3.34%, 08/25/47^(d)			1,765		1,781,202
TIAA CLO II Ltd., Series2017-1A, Class A, (3 mo. LIBOR US + 1.28%), 2.42%, 04/20/29^(d)(h)			431		411,370
TICP CLO XV Ltd., Series2020-15A, Class A, (3 mo. LIBOR US + 1.28%), 2.92%, 04/20/33^(d)(h)			1,663		1,577,636
Tryon Park CLO Ltd., Series2013-1A, Class A2R, (3 mo. LIBOR US + 1.50%), 2.72%, 04/15/29^(d)(h)			431		398,261
Whitebox CLO I Ltd., Series2019-1A, Class ANA, (3 mo. LIBOR US + 1.41%), 2.43%, 07/24/32^(d)(h)			397		387,046
York CLO 1 Ltd., Series2014-1A, Class BRR, 2.75%, 10/22/29^(d)(i)			466		425,584


Total Asset-Backed Securities — 0.4% (Cost — $85,765,835)					86,217,973


Corporate Bonds — 6.5%

Australia — 0.8%
FMG Resources August 2006 Pty, Ltd.^(d):
4.75%, 05/15/22			407		408,831
5.13%, 03/15/23			277		279,604
5.13%, 05/15/24			419		425,159
Quintis Australia Pty. Ltd.^(a)(d)(j)(x):
(0.00% Cash), 0.00%, 10/01/28			82,685		82,684,528
(7.50% Cash or 8.00% PIK), 7.50%, 10/01/26			78,975		78,974,665

					162,772,787

Brazil — 0.0%
JBS Investments II GmbH, 5.75%, 01/15/28^(d)			414		403,650


Canada — 0.0%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.25%, 09/15/27^(d)			341		312,015
Canadian National Railway Co., 2.45%, 05/01/50			3,885		3,780,618
Mattamy Group Corp., 4.63%, 03/01/30^(d)			5,140		4,550,956

					8,643,589

Chile — 0.0%
Corp. Nacional del Cobre de Chile, 4.25%, 07/17/42			735		713,869


China — 0.0%
China Milk Products Group Ltd., 0.00%, 01/15/49^(b)(k)			39,500		79,000


14		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Colombia — 0.0%
Ecopetrol SA, 6.88%, 04/29/30	USD		3,482	$	3,564,697


Greece — 0.1%
Ellaktor Value PLC, 6.38%, 12/15/24^(d)	EUR		16,171		11,536,360


India — 0.0%
REI Agro Ltd., 5.50%, 11/13/20^{(a)(b)(d)(k)(i)}	USD		52,701		445


Indonesia — 0.0%
Pertamina Persero PT, 3.65%, 07/30/29			534		506,966


Japan — 0.0%
Mitsubishi UFJ Financial Group, Inc., 3.78%, 03/02/25			6,209		6,691,776


Malaysia — 0.0%
Petronas Capital Ltd., 3.50%, 04/21/30^(d)			2,507		2,625,456


Mexico — 0.0%
Comision Federal de Electricidad, 4.75%, 02/23/27			739		699,972


Morocco — 0.0%
MGM China Holdings Ltd.^(d):
5.38%, 05/15/24			409		398,264
5.88%, 05/15/26			413		401,126
Wynn Macau Ltd., 4.88%, 10/01/24^(d)			324		311,850

					1,111,240

Netherlands — 0.2%
ING Groep NV, 4.10%, 10/02/23			20,246		21,665,122
NXP BV/NXP Funding LLC/NXP USA, Inc.^(d):
2.70%, 05/01/25			390		394,326
3.15%, 05/01/27			930		939,633
3.40%, 05/01/30			625		624,797
Shell International Finance BV, 2.38%, 04/06/25			9,930		10,241,811

					33,865,689

Saudi Arabia — 0.0%
Saudi Arabian Oil Co., 4.25%, 04/16/39			1,210		1,251,739


Singapore — 0.0%
CapitaLand Ltd., 1.95%, 10/17/23^(d)(l)	SGD		15,000		10,083,608


Switzerland — 0.1%
UBS Group AG, 4.13%, 09/24/25^(d)	USD		9,563		10,517,603


Turkey — 0.1%
Bio City Development Co. BV, 8.00%, 07/06/20^{(a)(b)(d)(k)(l)(x)}			140,850		17,085,105


United Kingdom — 0.1%
HSBC Holdings PLC:
(3 mo. LIBOR US + 1.06%), 3.26%, 03/13/23^(m)			7,337		7,523,405
4.95%, 03/31/30			3,359		3,971,976
International Game Technology PLC^(d):
6.25%, 02/15/22			840		819,525
6.50%, 02/15/25			659		645,813

					12,960,719

United States — 5.1%
Air Products and Chemicals, Inc.:
2.70%, 05/15/40			2,760		2,797,802
2.80%, 05/15/50			1,065		1,085,317
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC:
6.63%, 06/15/24			684		707,085
5.75%, 03/15/25			687		705,892
7.50%, 03/15/26^(d)			357		390,469


Security		Par (000)		Value

United States (continued)
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.50%, 02/15/23^(d)	USD		433	$	424,340
Allergan Funding SCS, 3.45%, 03/15/22			16,681		17,096,468
AMC Networks, Inc.:
5.00%, 04/01/24			541		524,500
4.75%, 08/01/25			429		391,827
Anthem, Inc.:
2.25%, 05/15/30			12,190		12,151,833
3.13%, 05/15/50			6,545		6,528,507
Aramark Services, Inc.:
4.75%, 06/01/26			273		260,715
5.00%, 02/01/28^(d)			637		619,482
Avantor, Inc., 6.00%, 10/01/24^(d)			844		889,998
Bank of America Corp.:
4.13%, 01/22/24			18,136		19,681,947
4.00%, 01/22/25			7,530		8,135,421
(Secured Overnight Financing Rate + 2.15%), 2.59%, 04/29/31^(m)			18,790		19,281,533
Bausch Health Cos., Inc.^(d):
5.50%, 11/01/25			746		775,467
5.75%, 08/15/27			222		234,121
Becton Dickinson & Co.:
3.13%, 11/08/21			13,658		13,954,927
2.89%, 06/06/22			15,867		16,269,346
Boeing Co., 5.81%, 05/01/50			15,808		15,808,000
Buckeye Partners LP:
4.35%, 10/15/24			1,250		1,150,000
4.13%, 03/01/25^(d)			6,275		5,804,375
Cedar Fair LP, 5.25%, 07/15/29^(d)			275		236,500
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 04/15/27			280		249,200
Centene Corp.:
4.75%, 01/15/25			8,444		8,705,342
5.25%, 04/01/25^(d)			612		638,010
5.38%, 06/01/26^(d)			9,461		10,017,307
5.38%, 08/15/26^(d)			413		439,886
4.25%, 12/15/27^(d)			1,367		1,430,224
Charles River Laboratories International, Inc., 5.50%, 04/01/26^(d)			283		294,999
Charter Communications Operating LLC/Charter Communications Operating Capital, 2.80%, 04/01/31^(c)			16,135		16,246,108
Cheniere Energy Partners LP:
5.63%, 10/01/26			612		584,827
Series WI, 5.25%, 10/01/25			814		777,044
Churchill Downs, Inc., 5.50%, 04/01/27^(d)			333		320,406
Citigroup, Inc.^(m):
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25			10,575		11,113,592
(Secured Overnight Financing Rate + 2.75%), 3.11%, 04/08/26			17,415		18,244,721
(Secured Overnight Financing Rate + 3.91%), 4.41%, 03/31/31			9,106		10,483,315
(Secured Overnight Financing Rate + 4.55%), 5.32%, 03/26/41			5,588		7,160,634
Clean Harbors, Inc., 4.88%, 07/15/27^(d)			294		303,555
Coca-Cola Co.:
2.60%, 06/01/50			10,397		10,362,982
2.75%, 06/01/60			15,596		15,511,477
Colfax Corp., 6.00%, 02/15/24^(d)			339		344,085
Comcast Corp., 3.70%, 04/15/24			29,968		32,827,496
Crown Castle International Corp., 4.15%, 07/01/50			10,250		12,005,813


CONSOLIDATED SCHEDULE OF INVESTMENTS			15

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(d)	USD		631	$	511,179
CSC Holdings LLC, 5.50%, 05/15/26^(d)			3,763		3,903,736
CVS Health Corp.:
3.63%, 04/01/27			3,340		3,644,165
3.75%, 04/01/30			6,665		7,403,765
Darling Ingredients, Inc., 5.25%, 04/15/27^(d)			280		282,450
DaVita, Inc., 5.00%, 05/01/25			804		816,060
DuPont de Nemours, Inc., 2.17%, 05/01/23			6,020		6,060,162
Elanco Animal Health, Inc.:
4.66%, 08/27/21			272		278,174
5.02%, 08/28/23			421		444,155
Endeavor Energy Resources LP/EER Finance, Inc.^(d):
5.50%, 01/30/26			270		238,923
5.75%, 01/30/28			553		493,829
Energy Transfer Operating LP, 4.05%, 03/15/25			4,537		4,454,116
Enterprise Products Operating LLC:
3.35%, 03/15/23			13,458		13,948,696
3.90%, 02/15/24			3,673		3,894,632
ESH Hospitality, Inc., 5.25%, 05/01/25^(d)			703		660,820
Exxon Mobil Corp.:
2.99%, 03/19/25			16,790		17,930,558
3.45%, 04/15/51			7,550		8,258,039
Forestar Group, Inc., 5.00%, 03/01/28^(d)			10,855		9,470,987
Fox Corp., 3.05%, 04/07/25			780		827,792
General Electric Co.:
3.63%, 05/01/30			3,415		3,427,658
4.25%, 05/01/40			2,865		2,874,748
4.35%, 05/01/50			4,525		4,559,444
General Mills, Inc., 2.88%, 04/15/30			10,978		11,744,543
Georgia-Pacific LLC^(d):
2.10%, 04/30/27			4,070		4,070,921
2.30%, 04/30/30			18,105		18,171,997
Goldman Sachs Group, Inc.:
(3 mo. LIBOR US + 1.05%), 2.91%, 06/05/23^(m)			14,090		14,401,803
3.63%, 02/20/24			16,424		17,397,789
3.50%, 04/01/25			36,940		39,306,618
4.75%, 10/21/45			1,500		1,820,123
H&E Equipment Services, Inc., 5.63%, 09/01/25			528		502,973
Hanesbrands, Inc., 4.63%, 05/15/24^(d)			495		494,845
HCA, Inc., 3.50%, 09/01/30			19,840		18,964,128
HD Supply, Inc., 5.38%, 10/15/26^(d)			421		429,378
Hilton Domestic Operating Co., Inc., 5.13%, 05/01/26			825		814,522
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.:
4.63%, 04/01/25			486		476,280
4.88%, 04/01/27			332		321,907
Home Depot, Inc., 3.30%, 04/15/40			9,775		10,680,182
Howard Hughes Corp., 5.38%, 03/15/25^(d)			548		531,198
Hughes Satellite Systems Corp., 7.63%, 06/15/21			2,510		2,606,610
iHeart Communications, Inc.:
6.38%, 05/01/26			15,276		14,435,626
8.38%, 05/01/27			5,523		4,546,143
5.25%, 08/15/27^(d)			417		378,428
International Business Machines Corp.:
1.95%, 05/15/30			10,537		10,497,908
2.85%, 05/15/40			6,010		5,971,836
2.95%, 05/15/50			3,055		3,029,674


Security		Par (000)		Value

United States (continued)
IQVIA, Inc.^(d):
5.00%, 10/15/26	USD		581	$	598,430
5.00%, 05/15/27			613		629,667
JBS Investments II GmbH, 7.00%, 01/15/26^(d)			564		585,094
JBS USA LUX SA/JBS USA Finance, Inc.^(d):
5.75%, 06/15/25			570		569,288
6.75%, 02/15/28			532		564,919
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29^(d)			832		879,848
JPMorgan Chase & Co.^(m):
(3 mo. LIBOR US + 1.00%), 4.02%, 12/05/24			18,792		20,341,293
(Secured Overnight Financing Rate + 1.85%), 2.08%, 04/22/26			16,410		16,640,511
(Secured Overnight Financing Rate + 2.44%), 3.11%, 04/22/51			8,570		8,874,446
Kimberly-Clark Corp., 3.10%, 03/26/30			550		614,066
Lam Research Corp.:
1.90%, 06/15/30			2,680		2,671,156
2.88%, 06/15/50			2,555		2,548,280
3.13%, 06/15/60			1,645		1,640,081
Lamar Media Corp., 5.75%, 02/01/26			367		373,276
Lamb Weston Holdings, Inc.^(d):
4.63%, 11/01/24			458		466,931
4.88%, 11/01/26			461		463,305
Lennar Corp.:
4.75%, 04/01/21			270		271,512
4.13%, 01/15/22			321		322,271
4.50%, 04/30/24			365		372,300
Level 3 Financing, Inc.:
5.13%, 05/01/23			373		371,135
5.25%, 03/15/26			425		434,563
Lowe’s Cos., Inc., 5.13%, 04/15/50			5,795		7,564,101
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			433		410,268
Marsh & McLennan Cos., Inc., 4.38%, 03/15/29			1,621		1,888,983
Masonite International Corp., 5.38%, 02/01/28^(d)			281		267,653
McDonald’s Corp.:
3.50%, 07/01/27			4,825		5,322,273
4.20%, 04/01/50			420		500,208
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc., 5.63%, 05/01/24			600		609,126
Molina Healthcare, Inc., 5.38%, 11/15/22			392		405,230
Mondelez International, Inc., 2.75%, 04/13/30			8,780		9,345,548
Morgan Stanley:
(Secured Overnight Financing Rate + 1.99%), 2.19%, 04/28/26^(m)			12,170		12,318,786
(Secured Overnight Financing Rate + 3.12%), 3.62%, 04/01/31^(m)			25,095		27,539,859
Series F, 3.88%, 04/29/24			11,982		12,924,055
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27			778		793,560
Netflix, Inc., 5.50%, 02/15/22			392		407,680
Newell Brands, Inc., 4.35%, 04/01/23			762		775,335
Norfolk Southern Corp., 3.05%, 05/15/50			4,660		4,649,049
Northern Trust Corp., 1.95%, 05/01/30			7,965		7,960,595
NRG Energy, Inc.:
7.25%, 05/15/26			570		612,750
6.63%, 01/15/27			686		732,305
5.75%, 01/15/28			461		495,575
5.25%, 06/15/29^(d)			413		441,910
NVIDIA Corp., 3.50%, 04/01/50			4,885		5,605,464


16		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
ONEOK Partners LP, 4.90%, 03/15/25	USD		10,424	$	10,379,582
ONEOK, Inc., 2.75%, 09/01/24			6,117		5,616,864
Oracle Corp.:
2.80%, 04/01/27			19,331		20,743,588
2.95%, 04/01/30			19,331		21,107,372
3.60%, 04/01/40			19,331		21,807,859
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27^(d)			364		347,584
Parsley Energy LLC/Parsley Finance Corp.^(d):
5.38%, 01/15/25			3,360		3,015,600
5.25%, 08/15/25			7,000		6,177,500
5.63%, 10/15/27			390		333,450
PayPal Holdings, Inc., 2.65%, 10/01/26			565		592,677
Pilgrim’s Pride Corp., 5.88%, 09/30/27^(d)			478		483,712
Quicken Loans, Inc.^(d):
5.75%, 05/01/25			650		637,000
5.25%, 01/15/28			546		530,057
Sirius XM Radio, Inc.^(d):
3.88%, 08/01/22			540		543,375
4.63%, 07/15/24			814		829,954
5.38%, 04/15/25			544		561,000
5.38%, 07/15/26			553		573,738
5.00%, 08/01/27			836		856,641
5.50%, 07/01/29			702		740,329
Six Flags Entertainment Corp., 4.88%, 07/31/24^(d)			543		477,949
Spirit AeroSystems, Inc., 7.50%, 04/15/25^(d)			6,140		6,047,900
Standard Industries, Inc., 5.00%, 02/15/27^(d)			276		276,690
State Street Corp.(Secured Overnight Financing Rate + 2.60%), 2.90%, 03/30/26^(d)(m)			2,730		2,899,518
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23			343		343,326
Sunoco LP/Sunoco Finance Corp.:
6.00%, 04/15/27			332		323,700
Series WI, 4.88%, 01/15/23			534		517,980
Series WI, 5.50%, 02/15/26			436		420,740
T-Mobile USA, Inc.^(d):
3.50%, 04/15/25			5,745		6,074,878
3.75%, 04/15/27			19,170		20,589,155
3.88%, 04/15/30			19,169		21,036,636
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
6.75%, 03/15/24			320		302,400
5.13%, 02/01/25			274		246,600
5.88%, 04/15/26			558		500,247
5.38%, 02/01/27			279		237,150
6.50%, 07/15/27			450		405,000
6.88%, 01/15/29			456		418,198
Teleflex, Inc., 4.63%, 11/15/27			275		281,875
Tempur Sealy International, Inc., 5.50%, 06/15/26			327		311,644
Tenet Healthcare Corp.:
4.63%, 07/15/24			1,001		987,967
4.63%, 09/01/24^(d)			328		321,440
5.13%, 05/01/25			756		706,860
4.88%, 01/01/26^(d)			1,131		1,112,565
6.25%, 02/01/27^(d)			844		831,002
Terex Corp., 5.63%, 02/01/25^(d)			330		299,343
TransDigm, Inc., 6.25%, 03/15/26^(d)			40,003		39,152,936
United Rentals North America, Inc.:
4.63%, 10/15/25			403		395,948
5.88%, 09/15/26			568		583,620
6.50%, 12/15/26			628		649,980
5.50%, 05/15/27			569		574,690
4.88%, 01/15/28			906		907,993
US Concrete, Inc., 6.38%, 06/01/24			327		308,770


Security		Par (000)		Value

United States (continued)
Verizon Communications, Inc., 3.50%, 11/01/24	USD		15,664	$	17,108,525
VICI Properties LP/VICI Note Co., Inc.^(d):
3.50%, 02/15/25			3,730		3,506,200
3.75%, 02/15/27			3,595		3,343,350
4.13%, 08/15/30			4,285		3,899,350
Vistra Operations Co. LLC^(d):
5.50%, 09/01/26			559		575,490
5.63%, 02/15/27			13,854		14,581,335
5.00%, 07/31/27			721		735,348
Wells Fargo & Co.:
3.75%, 01/24/24			9,499		10,138,401
(Secured Overnight Financing Rate + 2.53%), 3.07%, 04/30/41^(m)			10,223		10,140,601
(3 mo. LIBOR US + 4.24%), 5.01%, 04/04/51^(m)			9,259		12,155,562
Wells Fargo Bank NA, (3 mo. LIBOR US + 0.65%), 2.08%, 09/09/22^(m)			39,028		39,362,546
William Carter Co., 5.63%, 03/15/27^(d)			281		284,867
Williams Cos., Inc., 3.70%, 01/15/23			8,087		8,183,717
WPX Energy, Inc., 5.75%, 06/01/26			274		248,326
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(d)			277		253,455
XPO Logistics, Inc.^(d):
6.13%, 09/01/23			294		297,675
6.75%, 08/15/24			579		596,138

					1,071,582,568


Total Corporate Bonds — 6.5% (Cost — $1,559,028,507)					1,356,696,838


Floating Rate Loan Interests^(h) — 0.5%

France — 0.1%
Casino Guichard-Perrachon, EUR Term Loan B, (3 mo. EURIBOR + 5.50%), 5.50%, 01/31/24	EUR		24,454		25,324,021


Netherlands — 0.2%
Ziggo BV, 2019 EUR Term Loan H, (6 mo. EURIBOR + 3.00%), 3.00%, 01/31/29			39,843		41,515,330


United States — 0.2%
Airbnb, Inc., Term Loan, 04/17/25⁽ⁿ⁾	USD		7,630		7,715,837
Fieldwood Energy LLC, :
Exit 1st Lien TL, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 04/11/22			11,070		2,324,786
Exit 2nd Lien TL, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.25%, 04/11/23^(a)			14,945		7,473
Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 2.24%, 06/22/26			19,245		18,218,738
iHeartCommunications, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.40%, 05/01/26			8,520		7,613,531
Opendoor GP II LLC, Mezzanine Term Loan, (Fixed), 10.00%, 01/23/26^(a)			7,955		7,970,910

					43,851,275


Total Floating Rate Loan Interests — 0.5% (Cost — $140,156,350)					110,690,626


Foreign Agency Obligations — 5.0%

Argentina — 0.1%
Argentine Republic Government International Bond:
3.38%, 01/15/23	EUR		11,746		3,185,783
6.88%, 01/26/27^(b)	USD		35,612		8,813,970
5.88%, 01/11/28^(k)			34,952		8,563,240
5.25%, 01/15/28	EUR		2,767		701,200
7.82%, 12/31/33			12,539		3,984,778

					25,248,971


CONSOLIDATED SCHEDULE OF INVESTMENTS			17

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Australia — 0.8%
Australia Government Bond, 3.00%, 03/21/47	AUD		189,269	$	159,211,667


China — 0.6%
China Government Bond, 3.29%, 05/23/29	CNY		819,960		122,436,196


Colombia — 0.0%
Colombia Government International Bond, 4.50%, 03/15/29	USD		2,924		2,960,550


Dominican Republic — 0.0%
Dominican Republic International Bond, 5.50%, 01/27/25			2,784		2,599,560


Germany — 0.2%
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 08/15/50	EUR		25,483		29,431,484


India — 0.0%
Export-Import Bank of India, 3.88%, 02/01/28	USD		2,599		2,547,020


Indonesia — 0.0%
Indonesia Government International Bond, 4.20%, 10/15/50			2,890		2,933,350


Italy — 1.3%
Italy Buoni Poliennali Del Tesoro:
1.35%, 04/01/30	EUR		153,653		161,956,183
3.85%, 09/01/49^(d)			77,325		106,175,937

					268,132,120

Japan — 1.1%
Japan Government Thirty Year Bond, 0.40%, 09/20/49	JPY		23,342,050		215,884,871


Mexico — 0.0%
Mexico Government International Bond, 4.75%, 04/27/32	USD		5,387		5,424,709


Panama — 0.0%
Panama Government International Bond, 6.70%, 01/26/36			1,850		2,421,187


Paraguay — 0.0%
Paraguay Government International Bond, 4.95%, 04/28/31^(d)			756		774,900


Peru — 0.0%
Peruvian Government International Bond, 6.55%, 03/14/37			1,871		2,680,792


Philippines — 0.0%
Philippine Government International Bond, 2.95%, 05/05/45			1,507		1,548,443


Qatar — 0.1%
Qatar Government International Bond, 3.40%, 04/16/25^(d)			10,625		11,305,664


Romania — 0.0%
Romanian Government International Bond, 6.13%, 01/22/44^(d)			412		490,280


Saudi Arabia — 0.0%
Saudi Government International Bond, 4.63%, 10/04/47			2,333		2,444,984


Spain — 0.8%
Spain Government Bond^(d):
0.60%, 10/31/29	EUR		136,711		148,471,154
2.70%, 10/31/48			14,679		20,683,348

					169,154,502


Security		Par (000)		Value

Ukraine — 0.0%
Ukraine Government International Bond, 7.75%, 09/01/25^(d)	USD		2,740	$	2,559,160


United Arab Emirates — 0.0%
Abu Dhabi Government International Bond, 3.13%, 04/16/30^(d)			5,790		6,137,352


Uruguay — 0.0%
Uruguay Government International Bond, 5.10%, 06/18/50			90		102,181


Total Foreign Agency Obligations — 5.0% (Cost — $1,100,446,645)					1,036,429,943


		Shares

Investment Companies — 4.9%

Equity Funds — 4.2%
Consumer Discretionary Select Sector SPDR Fund^(c)			190,872		22,255,675
Financial Select Sector SPDR Fund			933,299		21,269,884
Industrial Select Sector SPDR Fund			341,163		21,906,076
iShares ChinaLarge-Cap ETF^(x)			537,503		20,742,241
iShares MSCI Emerging Markets ETF^(x)			84,232		3,086,260
iShares Nasdaq Biotechnology ETF^(c)(x)			29,547		3,663,828
iShares Russell 2000 ETF^(c)(x)			187,218		24,396,378
iShares S&P 500 Value ETF^(x)			227,346		24,210,076
KraneShares CSI China Internet ETF^(c)			136,579		6,602,229
SPDR Gold Shares^(o)			2,799,959		444,633,489
SPDR S&P 500 ETF Trust^(c)			940,797		273,282,713
United States Oil Fund LP^(o)			205,863		3,936,091
VanEck Vectors Semiconductor ETF			85,158		11,388,179

					881,373,119

Fixed Income Funds — 0.7%
iShares iBoxx $ Investment Grade Corporate Bond ETF^(x)			303,359		39,184,882
iShares iBoxx USD High Yield Corporate Bond ETF^(c)(x)			1,300,645		104,610,877

					143,795,759


Total Investment Companies — 4.9% (Cost — $1,037,045,873)					1,025,168,878


		Par (000)

Non-Agency Mortgage-Backed Securities — 0.1%

Commercial Mortgage-Backed Securities — 0.1%
BX Trust, Series 2019-OC11^(d)(i):
Class D, 4.08%, 12/09/41	USD		8,408		7,207,044
Class E, 4.08%, 12/09/41			11,784		9,776,733


TotalNon-Agency Mortgage-Backed Securities — 0.1% (Cost — $19,966,711)					16,983,777


Preferred Securities — 1.7%

Capital Trusts — 0.6%

United Kingdom — 0.3%
HSBC Holdings PLC, 6.38%^(m)(p)			27,290		26,573,637
Lloyds Bank PLC, 13.00%^(m)(p)			15,271		32,937,919

					59,511,556

United States — 0.3%
American Express Co., Series C, 4.03%^(m)(p)			9,293		7,957,131


18		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Citigroup, Inc., Series Q, 5.95%^(m)(p)	USD		13,466	$	12,407,573
Goldman Sachs Group, Inc., Series M, 4.37%^(m)(p)			14,960		13,928,807
Morgan Stanley, Series H, 4.83%^(m)(p)			10,558		9,502,200
NBCUniversal Enterprise, Inc., 5.25%^(d)(p)			11,404		11,561,375
Prudential Financial, Inc.^(m):
5.88%, 09/15/42			8,044		8,474,998
5.63%, 06/15/43			5,623		5,802,936
USB Capital IX, 3.50%^(m)(p)			3,935		3,187,350

					72,822,370


Total Capital Trusts — 0.6%					132,333,926


		Shares

Preferred Stocks — 0.9%

Brazil — 0.0%
Banco Bradesco SA, Preference Shares, 0.00%			24,843		87,487
Centrais Eletricas Brasileiras SA, Preference ‘B’ Shares, 0.00%			35,440		181,439
Itau Unibanco Holding SA, Preference Shares, 0.00%			997,172		4,175,437
Petroleo Brasileiro SA, Preference Shares, 0.00%^(b)			66,915		222,111

					4,666,474

United States — 0.9%
C3.ai, Inc., Series D, (Acquired 10/07/19, cost $21,206,692), 0.00%^(a)(f)			4,782,853		20,374,954
C3.ai, Inc., Series E, (Acquired 10/07/19, cost $2,435,741), 0.00%^(a)(f)			549,345		2,340,210
Databricks, Inc., Series F, (Acquired 10/22/2019, cost $11,769,837), 0.00%^(a)(f)			274,046		13,899,613
Grand Rounds, Inc., Series C, (Acquired 3/31/15, cost $26,357,523), 0.00%^(a)(f)			9,493,075		32,940,970
Grand Rounds, Inc., Series D, (Acquired 05/01/18, cost $4,824,038), 0.00%^(a)(f)			1,990,402		6,846,983
Lookout, Inc., Series F, (Acquired 9/19/14, cost $50,945,690), 0.00%^(a)(f)			4,459,883		49,772,294
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $58,747,474), 0.00%^(a)(f)			9,583,601		51,368,101
SambaNova Systems, Inc., Series C, (Acquired 02/19/20 , cost $11,739,902), 0.00%^(a)(f)			220,503		11,598,458

					189,141,583


Total Preferred Stocks — 0.9%					193,808,057


Trust Preferreds — 0.2%

United States — 0.2%
Citigroup Capital XIII, 7.13%, 10/30/40^(m)			656,166		17,565,564
GMAC Capital Trust I, Series 2, 6.17%, 2/15/40^(m)			720,790		16,253,814
Wells Fargo & Co., Series L, 7.50%^(l)(p)			5,825		8,148,243


Total Trust Preferreds — 0.2%					41,967,621


Total Preferred Securities — 1.7% (Cost — $369,061,030)					368,109,604


Security		Par (000)		Value

U.S. Government Sponsored Agency Securities — 2.6%

Mortgage-Backed Securities — 2.6%
Uniform Mortgage-Backed Securities, 4.00%, 04/01/44 — 05/01/50^(q)	USD		505,998	$	547,368,832


Total U.S. Government Sponsored Agency Securities — 2.6% (Cost — $537,563,101)					547,368,832


U.S. Treasury Obligations — 9.6%
Treasury Inflation Protected Security, 0.13%, 01/15/30			116,153		122,864,301
U.S. Treasury Bonds, 2.38%, 11/15/49^(r)(s)(t)			186,432		236,849,002
U.S. Treasury Inflation Protected Security:
0.63%, 04/15/23			94,251		95,696,218
0.50%, 04/15/24			378,760		388,475,723
0.13%, 10/15/24			292,307		299,033,220
U.S. Treasury Notes:
0.13%, 04/15/25			276,882		283,937,893
1.75%, 11/15/29^(r)(t)			512,516		566,710,675


Total U.S. Treasury Obligations — 9.6% (Cost — $1,874,046,035)					1,993,567,032


Total Long-Term Investments — 89.3% (Cost — $16,756,753,270)					18,654,168,775


Short-Term Securities — 15.7%

Foreign Agency Obligations — 5.0%
Japan Treasury Discount Bill^(u):
(0.15%), 05/07/20	JPY		18,695,350		174,213,377
(0.37%), 05/11/20			14,790,350		137,826,360
(0.43%), 05/18/20			6,343,350		59,113,304
(0.43%), 05/25/20			19,056,450		177,592,169
(0.40%), 06/22/20			19,541,350		182,134,363
(0.16%), 07/20/20			15,410,700		143,651,891
(0.20%), 07/27/20			16,845,500		157,031,147


Total Foreign Agency Obligations — 5.0%					1,031,562,611


		Shares

Money Market Funds— 2.3%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 0.12%^(v)(x)			19,926,769		19,926,769
SL Liquidity Series, LLC, Money Market Series, 0.69%^(v)(w)(x)			449,576,183		449,935,844


Total Money Market Funds — 2.3%					469,862,613


		Par (000)

Time Deposits — 0.1%

Australia — 0.0%
Brown Brothers Harriman & Co., 0.07%, 05/03/20	AUD		12		7,778

Canada — 0.0%
Brown Brothers Harriman & Co., 0.04%, 05/01/20	CAD		4,284		3,077,451

Europe — 0.0%
BNP Paribas SA, (0.65%), 05/01/20	EUR		4		4,853

Singapore — 0.0%
Hongkong & Shanghai Banking Corp. Ltd., 0.01%, 05/04/20	SGD		147		103,997


CONSOLIDATED SCHEDULE OF INVESTMENTS			19

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)			Value

Switzerland — 0.0%
BNP Paribas SA, (1.50%), 05/04/20	CHF		1,515		$	1,569,256

United Kingdom — 0.0%
Citibank NA, New York, 0.01%, 05/01/20	GBP		9			11,287

United States — 0.1%
Barclays Bank PLC, 0.10%, 05/01/20	USD		16,626			16,625,991


Total Time Deposits — 0.1%						21,400,613


U.S. Treasury Obligations — 8.3%
U.S. Treasury Bills :
1.57%, 05/14/20			154,670			154,665,532
0.06%, 05/19/20			130,000			129,994,637
1.58%, 05/21/20			163,000			162,992,303
1.00%, 05/28/20			235,150			235,140,300
0.67%, 06/04/20^(t)			125,000			124,989,080
0.32%, 06/11/20			90,000			89,990,134
0.08%, 06/16/20			51,000			50,994,787
1.53%, 06/18/20			60,000			59,993,400
0.11%, 06/23/20			60,000			59,992,271
1.55%, 07/09/20			60,000			59,989,650
0.10%, 07/23/20			50,000			49,990,201
0.11%, 08/06/20			100,000			99,971,035
0.71%, 08/20/20			129,000			128,956,745
0.78%, 08/27/20			140,000			139,950,096
0.11%, 09/10/20			40,000			39,984,233
0.13%, 09/22/20			75,000			74,955,000
1.75%, 11/15/20^(o)(g)			75,132			75,795,678


Total U.S. Treasury Obligations						1,738,345,082


Total Short-Term Securities — 15.7% (Cost — $3,235,541,731)						3,261,170,919


Options Purchased — 0.8% (Cost — $162,589,822)						174,494,258


Total Investments Before TBA Sale Commitments and Options Written — 105.8% (Cost — $20,154,884,823)						22,089,833,952


TBA Sale Commitments — (1.7%)

Mortgage-Backed Securities — (1.7%)
Uniform Mortgage-Backed Securities, 4.00%, 05/01/50^(q)			322,085			(343,057,980	)


Total TBA Sale Commitments — (1.7)% (Proceeds — $344,017,157)						(343,057,980	)


		Shares

Investments Sold Short — (0.1%)

Common Stocks — (0.1%)

United States — (0.1%)
Netflix, Inc.			(38,593	)		(16,203,271	)


Total Common Stocks — (0.1)% (Proceeds — $11,888,304)						(16,203,271	)


Options Written — (0.8)% (Premiums Received — $186,401,586)						(169,576,311	)


Total Investments, Net of TBA Sale Commitments and Options Written — 103.2% (Cost — $19,612,577,776)						21,560,996,390

Liabilities in Excess of Other Assets — (3.2)%						(677,986,516	)


Net Assets — 100.0%					$	20,883,009,874

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

^(b)	Non-income producing security.

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

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

^(f)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $268,593,488, representing 1.3% of its net assets as of period end, and an original cost of $266,012,536.

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

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

⁽ⁱ⁾	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

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

^(l)	Convertible security.

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

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

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

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

^(q)	Represents or includes a TBA transaction.

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

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

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

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

^(v)	Annualized7-day yield as of period end.

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

^(x)	Investments in issuers considered to be an affiliate/affiliates of the Fund during the six months ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


20		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.


Affiliated Issuer	Par/ Shares Held at 10/31/19		Par/ Shares Purchased			Par/ Shares Sold			Par/ Shares Held at 04/30/20		Value at 04/30/20		Income			Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
Bio City Development Co. BV	$	140,850,000	$	—		$	—		$	140,850,000	$	17,085,105	$	—		$	—		$	(1,577,520	)
BlackRock Liquidity Funds,T-Fund, Institutional Class		15,160,728		4,766,041	^(b)		—			19,926,769		19,926,769		260,477			156			—
iShares ChinaLarge-Cap ETF		—		1,739,512			(1,202,009	)		537,503		20,742,241		445,819			(2,220,290	)		(2,144,261	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		954,419			(651,060	)		303,359		39,184,882		71,998			20,225,742			1,743,063
iShares iBoxx USD High Yield Corporate Bond ETF		—		2,930,145			(1,629,500	)		1,300,645		104,610,877		—			16,143,756			2,139,430
iShares MSCI Emerging Markets ETF		—		1,346,371			(1,262,139	)		84,232		3,086,260		—			(7,714,905	)		(673,519	)
iShares Nasdaq Biotechnology ETF		—		29,547			—			29,547		3,663,828		—			—			307,357
iShares Russell 2000 ETF		—		552,700			(365,482	)		187,218		24,396,378		117,522			(17,426,795	)		(6,346,075	)
iShares S&P 500 Value ETF		97,927		143,520			(14,101	)		227,346		24,210,076		363,082			41,968			(4,034,160	)
Quintis Australia Pty. Ltd.	$	82,684,528	$	—		$	—		$	82,684,528		82,684,528		—			—			131,273
Quintis Australia Pty. Ltd.	$	75,937,178	$	3,037,487	^(b)	$	—		$	78,974,665		78,974,665		3,052,674			—			7,329
Quintis HoldCo Pty. Ltd.	$	43,735,802	$	—		$	—		$	43,735,802		7,410,114		—			—			(18,819,754	)
SL Liquidity Series, LLC, Money Market Series		132,202,187		317,373,996	^(b)		—			449,576,183		449,935,844		1,331,286	^(c)		66,988			188,897

											$	875,911,567	$	5,642,858		$	9,116,620		$	(29,077,940	)

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares/par value purchase (sold).

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)			Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro BTP		245		06/08/20	$	37,212		$	24,718
Euro OAT		1,173		06/08/20		217,019			3,001,138
10-Year Australian Treasury Bond		739		06/15/20		71,681			(555,380	)
10-Year U.S. Treasury Note		2,144		06/19/20		298,150	��		1,401,225
10-Year U.S. Ultra Long Treasury Note		3,329		06/19/20		522,757			3,856,443
Euro Stoxx 50		2,988		06/19/20		94,532			12,241,186
MSCI Emerging Markets Index		631		06/19/20		28,581			1,035,932
U.S. Ultra Long Treasury Bond		2,715		06/19/20		610,281			677,745

									21,683,007

Short Contracts
Yen Denom Nikkei Index		310		06/11/20		28,872			(844,648	)
SPI 200 Index		35		06/18/20		3,159			(211,604	)
NASDAQ 100E-Mini Index		671		06/19/20		120,626			(21,469,880	)
S&P 500E-Mini Index		3,532		06/19/20		512,564			(35,794,578	)
U.S. Long Treasury Bond		187		06/19/20		33,853			(127,558	)
2-Year U.S. Treasury Note		9,540		06/30/20		2,102,899			(922,401	)
5-Year U.S. Treasury Note		5,559		06/30/20		697,568			(44,556	)

									(59,415,225	)

								$	(37,732,218	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			21

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
IDR	863,517,166,000	USD	56,017,980	JPMorgan Chase Bank N.A.		05/04/20	$	2,033,594
USD	44,968,964	BRL	244,141,000	Credit Suisse International		05/04/20		72,772
USD	57,915,075	BRL	244,141,000	Credit Suisse International		05/04/20		13,018,884
USD	59,924,855	IDR	863,517,166,000	JPMorgan Chase Bank N.A.		05/04/20		1,873,281
USD	59,672,388	MXN	1,191,765,000	Citibank N.A.		05/04/20		10,223,610
USD	47,237,000	CNH	330,375,578	Morgan Stanley & Co. International PLC		05/07/20		562,717
JPY	4,466,116,000	USD	40,868,539	JPMorgan Chase Bank N.A.		05/08/20		748,866
USD	67,203,468	BRL	283,686,000	Deutsche Bank AG		05/08/20		15,046,677
CHF	53,470,000	USD	55,140,197	JPMorgan Chase Bank N.A.		05/14/20		267,599
USD	51,990,176	INR	3,789,252,000	BNP Paribas S.A.		06/05/20		1,943,924
USD	58,742,713	JPY	6,187,076,295	JPMorgan Chase Bank N.A.		06/05/20		1,067,693
GBP	7,791,172	EUR	8,544,919	JPMorgan Chase Bank N.A.		06/12/20		443,591
JPY	17,091,617,000	USD	156,617,537	Morgan Stanley & Co. International PLC		06/12/20		2,726,088
USD	47,162,932	CLP	38,234,989,000	HSBC Bank USA N.A.		06/12/20		1,323,969
GBP	15,590,382	EUR	17,123,820	Morgan Stanley & Co. International PLC		06/17/20		858,460
GBP	15,623,275	EUR	17,129,000	JPMorgan Chase Bank N.A.		06/18/20		893,899
GBP	15,606,574	EUR	17,129,000	Morgan Stanley & Co. International PLC		06/18/20		872,861
JPY	4,105,118,238	EUR	34,531,788	Bank of America N.A.		06/18/20		401,113
USD	22,227,722	JPY	2,383,901,000	Goldman Sachs International		06/18/20		349
USD	20,677,297	ZAR	322,518,000	Citibank N.A.		06/18/20		3,355,948
JPY	7,441,130,961	USD	69,147,633	Morgan Stanley & Co. International PLC		06/19/20		234,386
JPY	7,519,041,404	EUR	63,329,000	Deutsche Bank AG		06/25/20		645,828
AUD	80,526,000	USD	47,879,391	UBS AG		06/26/20		4,603,232
EUR	58,961,000	USD	63,810,772	Barclays Bank PLC		06/26/20		869,490
USD	24,492,459	CAD	34,008,000	JPMorgan Chase Bank N.A.		07/02/20		57,036
GBP	57,500,000	USD	71,130,013	JPMorgan Chase Bank N.A.		07/09/20		1,311,488
JPY	20,647,929,750	USD	192,002,501	JPMorgan Chase Bank N.A.		07/09/20		592,403
GBP	95,801,000	USD	119,669,273	BNP Paribas S.A.		07/23/20		1,031,376
GBP	48,374,000	USD	59,507,363	Barclays Bank PLC		07/23/20		1,439,529

								68,520,663

BRL	244,141,000	USD	44,968,964	Credit Suisse International		05/04/20		(72,772	)
BRL	244,141,000	USD	59,488,548	Credit Suisse International		05/04/20		(14,592,356	)
IDR	863,517,166,000	USD	60,364,709	JPMorgan Chase Bank N.A.		05/04/20		(2,313,135	)
MXN	1,191,765,000	USD	60,624,936	Goldman Sachs International		05/04/20		(11,176,158	)
USD	56,017,980	IDR	863,517,166,000	JPMorgan Chase Bank N.A.		05/04/20		(2,033,594	)
HKD	30,739,000	USD	3,965,146	JPMorgan Chase Bank N.A.		05/07/20		(197	)
KRW	84,320,089,000	USD	71,336,793	JPMorgan Chase Bank N.A.		05/07/20		(2,100,762	)
MXN	449,854,000	USD	23,811,626	Barclays Bank PLC		05/07/20		(5,152,696	)
MXN	449,956,000	USD	23,876,932	Citibank N.A.		05/07/20		(5,213,771	)
MXN	452,627,000	USD	23,996,766	Citibank N.A.		05/07/20		(5,222,819	)
RUB	1,516,444,000	USD	23,712,963	BNP Paribas S.A.		05/07/20		(3,280,532	)
RUB	1,516,787,000	USD	23,781,546	Bank of America N.A.		05/07/20		(3,344,493	)
RUB	1,530,751,000	USD	24,023,085	Bank of America N.A.		05/07/20		(3,397,882	)
USD	39,905,000	HKD	310,071,351	BNP Paribas S.A.		05/07/20		(90,347	)
USD	79,325,000	HKD	616,386,980	Morgan Stanley & Co. International PLC		05/07/20		(181,251	)
ZAR	456,435,000	USD	30,858,989	Barclays Bank PLC		05/07/20		(6,240,216	)
BRL	101,990,000	USD	23,801,634	Credit Suisse International		05/08/20		(5,050,370	)
BRL	103,787,000	USD	23,823,482	Deutsche Bank AG		05/08/20		(4,741,833	)
EUR	101,149,000	USD	112,875,547	JPMorgan Chase Bank N.A.		05/08/20		(2,025,823	)
USD	71,661,680	EUR	65,460,000	Morgan Stanley & Co. International PLC		05/08/20		(76,280	)
USD	40,889,249	JPY	4,466,116,000	Deutsche Bank AG		05/08/20		(728,156	)
HKD	30,739,000	USD	3,965,095	JPMorgan Chase Bank N.A.		05/14/20		(494	)
USD	119,493,000	HKD	928,400,864	Morgan Stanley & Co. International PLC		05/14/20		(248,643	)
BRL	103,907,000	USD	23,983,151	Credit Suisse International		05/15/20		(4,890,255	)
MXN	451,569,000	USD	23,989,003	Citibank N.A.		05/15/20		(5,284,337	)
RUB	1,533,494,000	USD	23,919,732	BNP Paribas S.A.		05/15/20		(3,301,360	)
JPY	6,078,828,847	USD	57,175,000	Deutsche Bank AG		06/04/20		(509,786	)
USD	54,742,031	JPY	6,078,828,847	Citibank N.A.		06/04/20		(1,923,183	)
JPY	7,296,330,450	USD	68,610,000	Citibank N.A.		06/05/20		(594,674	)
USD	9,974,859	JPY	1,109,254,155	Citibank N.A.		06/05/20		(365,446	)
JPY	5,818,430,000	USD	54,459,948	Goldman Sachs International		06/11/20		(216,249	)


22		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	52,413,566	JPY	5,818,430,000	Citibank N.A.		06/11/20	$	(1,830,132	)
EUR	71,996,000	USD	81,426,684	Goldman Sachs International		06/12/20		(2,471,076	)
USD	18,346,646	JPY	2,036,532,763	Citibank N.A.		06/12/20		(639,768	)
USD	136,839,522	JPY	15,055,084,237	UBS AG		06/12/20		(3,517,689	)
USD	46,568,845	INR	3,559,722,512	JPMorgan Chase Bank N.A.		06/15/20		(371,918	)
USD	48,025,600	INR	3,656,669,184	JPMorgan Chase Bank N.A.		06/15/20		(193,564	)
USD	101,802,093	CNH	721,899,000	JPMorgan Chase Bank N.A.		06/16/20		(85,328	)
EUR	42,336,000	USD	47,441,214	Deutsche Bank AG		06/18/20		(1,006,675	)
JPY	7,956,637,200	USD	76,372,255	Deutsche Bank AG		06/18/20		(2,184,970	)
USD	50,218,403	JPY	5,572,736,200	Citibank N.A.		06/18/20		(1,741,509	)
EUR	76,645,000	USD	87,620,280	Goldman Sachs International		06/19/20		(3,553,465	)
JPY	5,352,571,000	USD	51,098,432	Goldman Sachs International		06/19/20		(1,190,403	)
NOK	332,111,000	USD	34,395,763	JPMorgan Chase Bank N.A.		06/19/20		(1,971,003	)
USD	49,661,886	JPY	5,352,571,000	HSBC Bank USA N.A.		06/19/20		(246,143	)
USD	67,112,597	JPY	7,300,944,479	HSBC Bank USA N.A.		06/22/20		(966,099	)
USD	101,800,953	CNH	721,952,000	Morgan Stanley & Co. International PLC		06/23/20		(79,662	)
USD	44,080,315	INR	3,475,292,000	JPMorgan Chase Bank N.A.		06/24/20		(1,682,272	)
JPY	9,119,520,000	USD	85,659,377	Deutsche Bank AG		06/25/20		(618,379	)
EUR	45,368,591	GBP	39,870,458	JPMorgan Chase Bank N.A.		07/02/20		(453,562	)
GBP	95,762,000	USD	121,012,649	Barclays Bank PLC		07/02/20		(370,147	)
USD	28,775,922	AUD	47,392,784	JPMorgan Chase Bank N.A.		07/02/20		(2,112,564	)
USD	25,529,665	AUD	42,338,322	Morgan Stanley & Co. International PLC		07/02/20		(2,064,550	)
USD	31,037,500	AUD	48,571,000	UBS AG		07/24/20		(619,438	)
JPY	12,271,320,084	EUR	105,670,176	Goldman Sachs International		07/31/20		(1,503,512	)

								(125,843,698	)

	Net unrealized depreciation						$	(57,323,035	)

Interest Rate Caps — Purchased


Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)		Value		Premiums Paid (Received)		Unrealized Depreciation
Call
2Y–10Y CMS Index CAP		0.50	%	Morgan Stanley & Co. International PLC		05/06/20		USD 2,377,280	$	24	$	1,069,776	$	(1,069,752	)
2Y-10Y CMS Index CAP		0.50		Goldman Sachs International		08/27/20		USD 2,298,002		3,132,222		5,859,905		(2,727,683	)

									$	3,132,246	$	6,929,681	$	(3,797,435	)

Exchange-Traded Options Purchased


Description	Number of Contracts	Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Amazon.com, Inc.	86		05/15/20	USD	2,500.00	USD	21,276	$	779,375
CVS Health Corp.	936		05/15/20	USD	65.00	USD	5,761		81,432
Invesco QQQ Trust	1,815		05/15/20	USD	230.00	USD	39,732		159,720
Microsoft Corp.	682		05/15/20	USD	170.00	USD	12,222		664,950
SPDR S&P 500 ETF Trust	7,846		05/15/20	USD	270.00	USD	227,911		17,551,502
U.S. Long Bond	925		05/22/20	USD	185.00	USD	167		520,313
Costco Wholesale Corp.	397		06/19/20	USD	300.00	USD	12,029		585,575
Exxon Mobil Corp.	3,950		06/19/20	USD	62.50	USD	18,356		33,575
Fortive Corp.	1,831		06/19/20	USD	60.00	USD	11,718		1,190,150
Intuitive Surgical, Inc.	32		06/19/20	USD	630.00	USD	1,635		3,360
NXP Semiconductors NV	1,145		06/19/20	USD	95.00	USD	11,401		1,176,487
SPDR S&P 500 ETF Trust	1,911		06/19/20	USD	328.00	USD	55,511		94,595
iShares Nasdaq Biotechnology ETF	3,268		06/19/20	USD	120.00	USD	40,523		2,712,440
salesforce.com, Inc.	722		06/19/20	USD	145.00	USD	11,693		1,514,395
Amazon.com, Inc.	164		07/17/20	USD	2,300.00	USD	40,574		4,398,480
Autodesk, Inc.	686		07/17/20	USD	155.00	USD	12,837		2,622,235
Financial Select Sector SPDR Fund	13,757		07/17/20	USD	25.00	USD	31,352		887,327


CONSOLIDATED SCHEDULE OF INVESTMENTS			23

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Purchased (continued)


Description	Number of Contracts	Expiration Date		Exercise Price		Notional Amount (000)		Value
Invesco QQQ Trust	1,944		07/17/20	USD	228.00	USD	42,556	$	1,348,164
SPDR S&P 500 ETF Trust	3,302		07/17/20	USD	285.00	USD	95,916		6,034,405
SPDR S&P 500 ETF Trust	1,985		07/17/20	USD	300.00	USD	57,660		1,866,892
SPDR S&P 500 ETF Trust	2,064		07/17/20	USD	310.00	USD	59,955		1,047,480
VMware, Inc., Class A	1,881		07/17/20	USD	140.00	USD	24,739		1,307,295
Boston Scientific Corp.	3,095		08/21/20	USD	35.00	USD	11,600		1,377,275
Boston Scientific Corp.	2,864		08/21/20	USD	40.00	USD	10,734		495,472
Home Depot, Inc.	2,475		08/21/20	USD	185.00	USD	54,408		10,197,000
Home Depot, Inc.	895		08/21/20	USD	200.00	USD	19,675		2,707,375
L3Harris Technologies, Inc.	546		08/21/20	USD	200.00	USD	10,576		761,670
PPG Industries, Inc.	1,166		08/21/20	USD	95.00	USD	10,591		623,810
Capital One Financial Corp.	1,923		09/18/20	USD	60.00	USD	12,453		2,197,027
NXP Semiconductors NV	1,064		09/18/20	USD	110.00	USD	10,594		843,220
SPDR S&P 500 ETF Trust	1,246		09/18/20	USD	290.00	USD	36,194		2,504,460
Walt Disney Co.	1,337		09/18/20	USD	110.00	USD	14,460		1,186,587
iShares Russell 2000 ETF	3,244		09/18/20	USD	140.00	USD	42,273		2,087,514
SPDR S&P 500 ETF Trust	986		09/30/20	USD	294.00	USD	28,641		1,811,775
Apple, Inc.	720		10/16/20	USD	300.00	USD	21,154		1,616,400
Starbucks Corp.	1,401		10/16/20	USD	77.50	USD	10,750		984,203
Wells Fargo & Co.	2,977		10/16/20	USD	35.00	USD	8,648		388,499
Bank of America Corp.	5,755		12/18/20	USD	27.00	USD	13,841		1,096,327
JPMorgan Chase & Co.	1,323		12/18/20	USD	110.00	USD	12,669		830,183
Microsoft Corp.	1,253		12/18/20	USD	165.00	USD	22,455		3,248,402
SPDR S&P 500 ETF Trust	6,848		12/18/20	USD	300.00	USD	198,921		13,439,200
SPDR S&P 500 ETF Trust	4,419		12/18/20	USD	290.00	USD	128,363		11,206,584
Amazon.com, Inc.	36		01/15/21	USD	2,350.00	USD	8,906		1,319,850
VanEck Vectors Semiconductor ETF	2,230		01/15/21	USD	145.00	USD	29,822		2,642,550
SPDR S&P 500 ETF Trust	2,557		12/17/21	USD	305.00	USD	74,276		6,556,148

									116,701,678

Put
SPDR S&P 500 ETF Trust	2,713		05/15/20	USD	270.00	USD	78,807		644,338
SPDR S&P 500 ETF Trust	7,973		05/15/20	USD	260.00	USD	231,600		1,096,287
SPDR S&P 500 ETF Trust	1,301		06/19/20	USD	280.00	USD	37,791		1,267,174
UnitedHealth Group, Inc.	719		09/18/20	USD	280.00	USD	21,029		1,430,810

									4,438,609

								$	121,140,287

OTC Barrier Options Purchased


Description	Type of Option	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Barrier Price/Range		Notional Amount (000)			Value
Call
CAD Currency	One-touch	Citibank N.A.		—		05/04/20		CAD	84.00	JPY	84.00		CAD	3,150	$	5
CAD Currency	One-touch	UBS AG		—		05/04/20		CAD	84.00	JPY	84.00		CAD	6,444		9
EUR Currency	Instant one-touch	Bank of America N.A.		—		05/25/20		EUR	1.16	CHF	1.16		EUR	1,615		13,399
EUR Currency	Instantone-touch	Bank of America N.A.		—		05/25/20		EUR	1.16	CHF	1.16		EUR	1,602		13,291
AUD Currency	One-touch	JPMorgan Chase Bank N.A.		—		06/08/20		AUD	76.00	JPY	76.00		AUD	7,357		65,493
USD Currency	One-touch	Standard Chartered Bank		—		06/16/20		USD	6.70	CNH	6.70		USD	4,843		124,843
S&P 500 Index	Down-and-in	Goldman Sachs International		30,188		06/19/20		USD	2,500.00		USD 2,250.00			75,470		—
S&P 500 Index	Down-and-in	Goldman Sachs International		22,783		06/19/20		USD	2,800.00	USD	2,500.00			63,792		—
EUR Currency	One-touch	Bank of America N.A.		—		06/25/20		EUR	1.00	USD	1.00		EUR	2,960		66,581
EUR Currency	Instantone-touch	Bank of America N.A.		—		08/25/20		EUR	1.17	CHF	1.17		EUR	1,615		63,879
EUR Currency	Instantone-touch	Bank of America N.A.		—		08/25/20		EUR	1.17	CHF	1.17		EUR	1,602		63,365

																410,865

Put
USD Currency	One-touch	Bank of America N.A.		—		05/13/20		USD	105.00	JPY	105.00		USD	1,223		96,798
USD Currency	One-touch	HSBC Bank PLC		—		05/13/20		USD	105.00	JPY	105.00		USD	4,049		320,421
USD Currency	One-touch	Bank of America N.A.		—		06/11/20		USD	105.00	JPY	105.00		USD	1,682		296,075
USD Currency	Down-and-in	Bank of America N.A.		—		07/29/20		USD	105.61	JPY	105.61		USD	3,375		127,055
USD Currency	Down-and-in	Bank of America N.A.		—		07/29/20		USD	104.95	USD	104.95		USD	3,139		97,770
EUR Currency	One-touch	Goldman Sachs International		—		08/13/20		EUR	1.05	USD	1.05		EUR	2,315		240,188

																1,178,307

															$	1,589,172


24		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

OTC Interest Rate Swaptions Purchased

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration
Date

Exercise
Rate

Notional
Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

10-Year Interest Rate Swap, 08/15/30

3-Month LIBOR,
0.56%

Quarterly

1.08%

Semi-Annual

Bank of America N.A.

08/13/20

1.08

USD

142,054

6,467,756

Put

10-Year Interest Rate Swap, 08/13/30

1.80

Semi-Annual

3-Month LIBOR, 0.56%

Quarterly

JPMorgan Chase Bank N.A.

08/11/20

1.80

USD

248,953

37,542

10-Year Interest Rate Swap, 08/15/30

2.08

Semi-Annual

3-Month LIBOR, 0.56%

Quarterly

Bank of America N.A.

08/13/20

2.08

USD

141,092

9,134

10-Year Interest Rate Swap, 10/04/30

0.75

Semi-Annual

3-Month LIBOR, 0.56

Quarterly

JPMorgan Chase Bank N.A.

10/02/20

0.75

USD

63,653

780,650

827,326

7,295,082

OTC Options Purchased


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price				Notional Amount (000)			Value
Call
SPDR Gold Shares^(a)	Morgan Stanley & Co. International PLC		383,739		05/01/20		USD	$	160.00		USD	60,938	$	186,113
Agilent Technologies, Inc.	Nomura International PLC		347,268		05/15/20		USD		87.50		USD	26,622		64,245
SPDR Gold Shares^(a)	Societe Generale		1,085,384		05/29/20		USD		165.00		USD	172,359		1,774,603
S&P 500 Index	Goldman Sachs International		10,404		06/02/20		USD		3,113.65		USD	30,301		158,052
Eli Lilly & Co.	Citibank N.A.		177,643		06/19/20		USD		142.00		USD	27,471		2,726,273
HCA Healthcare, Inc.	Morgan Stanley & Co. International PLC		41,582		06/19/20		USD		135.00		USD	4,569		66,531
LVMH Moet Hennessy Louis Vuitton SE	Barclays Bank PLC		20,648		06/19/20		EUR		345.00		EUR	7,277		444,057
SPDR Gold Shares^(a)	Morgan Stanley & Co. International PLC		633,810		06/30/20		USD		160.00		USD	100,649		3,248,276
SPDR Gold Shares^(a)	Societe Generale		1,085,837		07/17/20		USD		168.00		USD	172,431		3,449,085
SPDR Gold Shares^(a)	Societe Generale		1,411,634		08/21/20		USD		167.00		USD	224,167		6,678,610
Apple, Inc.	Morgan Stanley & Co. International PLC		133,874		09/18/20		USD		320.00		USD	39,332		1,640,824
SPDR Gold Shares^(a)	Goldman Sachs International		173,599		09/18/20		USD		167.00		USD	27,568		976,494
SPDR Gold Shares^(a)	Morgan Stanley & Co. International PLC		976,155		09/18/20		USD		170.00		USD	155,013		4,734,352
Capital One Financial Corp.	Nomura International PLC		156,407		11/20/20		USD		55.00		USD	10,129		2,489,709
LVMH Moet Hennessy Louis Vuitton SE	Barclays Bank PLC		20,648		12/18/20		EUR		360.00		EUR	7,277		656,186
SPDR S&P 500 ETF Trust	Morgan Stanley & Co. International PLC		575,800		06/18/21		USD		360.00		USD	167,258		2,077,106

														31,370,516

Put
USD Currency	JPMorgan Chase Bank N.A.		—		05/04/20		BRL	$	3.93		USD	59,478	$	60
USD Currency	Bank of America N.A.		—		05/04/20		IDR		14,000.00		USD	59,478		60
USD Currency	Citibank N.A.		—		05/04/20		MXN		19.00		USD	59,478		59
USD Currency	Citibank N.A.		—		05/04/20		TRY		5.70		USD	118,956		119
USD Currency	Citibank N.A.		—		05/04/20		ZAR		14.40		USD	118,956		119
EUR Currency	UBS AG		—		05/08/20		USD		1.09		EUR	675,479		781,676
USD Currency	Morgan Stanley & Co. International PLC		—		05/26/20		JPY		108.00		USD	48,868		600,875
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		1,367,543		06/17/20		USD		282.85		USD	416,417		223,142
USD Currency	BNP Paribas S.A.		—		06/18/20		JPY		108.00		USD	210,929		3,283,743
USD Currency	Morgan Stanley & Co. International PLC		—		07/09/20		JPY		103.00		USD	179,947		766,574
ASML Holding NV	UBS AG		34,677		07/17/20		EUR		245.00		EUR	9,385		406,988
EUR Currency	Bank of America N.A.		—		07/23/20		USD		1.12		EUR	35,879		874,751
EUR Currency	HSBC Bank PLC		—		08/19/20		JPY		116.50		EUR	63,280		1,149,954
EUR Currency	Citibank N.A.		—		08/19/20		USD		1.07		EUR	105,465		628,028
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		2,127,065		08/19/20		USD		284.45		USD	647,691		786,525
Tencent Holdings Ltd.	JPMorgan Chase Bank N.A.		208,314		09/29/20		HKD		392.22		HKD	86,867		464,282

														9,966,955

													$	41,337,471

^(a)

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


CONSOLIDATED SCHEDULE OF INVESTMENTS			25

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Written


Description	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
SPDR S&P 500 ETF Trust	1,278		05/01/20		USD	285.00		USD	37,123	$	(713,124	)
SPDR S&P 500 ETF Trust	1,985		05/01/20		USD	287.50		USD	57,660		(714,600	)
Alibaba Group Holding Ltd. - ADR	972		05/15/20		USD	230.00		USD	19,700		(37,908	)
Amazon.com, Inc.	171		05/15/20		USD	2,700.00		USD	42,305		(551,475	)
Facebook, Inc., Class A	543		05/15/20		USD	210.00		USD	11,116		(159,099	)
McDonald’s Corp.	1,102		05/15/20		USD	195.00		USD	20,669		(200,013	)
Microsoft Corp.	682		05/15/20		USD	195.00		USD	12,222		(24,893	)
SPDR S&P 500 ETF Trust	1,278		05/15/20		USD	285.00		USD	37,123		(1,311,867	)
SPDR S&P 500 ETF Trust	3,313		05/15/20		USD	290.00		USD	96,236		(2,294,253	)
SPDR S&P 500 ETF Trust	2,713		05/15/20		USD	305.00		USD	78,807		(283,508	)
ServiceNow, Inc.	353		05/15/20		USD	350.00		USD	12,409		(515,380	)
Starbucks Corp.	2,675		05/15/20		USD	82.50		USD	20,525		(133,750	)
U.S. Long Bond	925		05/22/20		USD	197.00		USD	167		(57,812	)
SPDR S&P 500 ETF Trust	1,217		05/29/20		USD	300.00		USD	35,351		(498,970	)
Abbott Laboratories	1,193		06/19/20		USD	90.00		USD	10,986		(635,273	)
Alphabet, Inc., Class C	80		06/19/20		USD	1,400.00		USD	10,789		(265,600	)
Amazon.com, Inc.	85		06/19/20		USD	2,800.00		USD	21,029		(358,700	)
Amazon.com, Inc.	85		06/19/20		USD	2,740.00		USD	21,029		(473,025	)
Apple, Inc.	729		06/19/20		USD	310.00		USD	21,418		(524,880	)
Becton Dickinson & Co.	388		06/19/20		USD	290.00		USD	9,798		(33,950	)
Costco Wholesale Corp.	397		06/19/20		USD	345.00		USD	12,029		(59,550	)
Facebook, Inc., Class A	1,163		06/19/20		USD	205.00		USD	23,808		(1,064,145	)
McDonald’s Corp.	1,121		06/19/20		USD	195.00		USD	21,025		(521,265	)
NVIDIA Corp.	356		06/19/20		USD	330.00		USD	10,405		(290,140	)
NXP Semiconductors NV	1,145		06/19/20		USD	105.00		USD	11,401		(609,713	)
SPDR S&P 500 ETF Trust	811		06/19/20		USD	300.00		USD	23,558		(551,480	)
Tesla, Inc.	152		06/19/20		USD	950.00		USD	11,885		(475,380	)
UnitedHealth Group, Inc.	711		06/19/20		USD	320.00		USD	20,795		(190,903	)
Walt Disney Co.	939		06/19/20		USD	120.00		USD	10,155		(175,123	)
salesforce.com, Inc.	722		06/19/20		USD	185.00		USD	11,693		(117,686	)
Amazon.com, Inc.	86		07/17/20		USD	2,640.00		USD	21,276		(923,640	)
Amazon.com, Inc.	85		07/17/20		USD	2,700.00		USD	21,029		(731,425	)
Autodesk, Inc.	681		07/17/20		USD	195.00		USD	12,744		(800,175	)
Autodesk, Inc.	1,163		07/17/20		USD	210.00		USD	21,763		(761,765	)
Comcast Corp., Class A	5,418		07/17/20		USD	42.50		USD	20,388		(289,863	)
Johnson & Johnson	661		07/17/20		USD	170.00		USD	9,918		(40,321	)
SPDR S&P 500 ETF Trust	2,001		07/17/20		USD	281.00		USD	58,125		(4,207,103	)
Starbucks Corp.	1,419		07/17/20		USD	82.50		USD	10,888		(368,231	)
UnitedHealth Group, Inc.	355		07/17/20		USD	320.00		USD	10,383		(217,437	)
VMware, Inc., Class A	1,881		07/17/20		USD	160.00		USD	24,739		(315,067	)
Abbott Laboratories	1,084		08/21/20		USD	110.00		USD	9,983		(137,668	)
D.R. Horton, Inc.	1,268		08/21/20		USD	47.50		USD	5,987		(608,640	)
Home Depot, Inc.	2,922		08/21/20		USD	220.00		USD	64,234		(4,945,485	)
Home Depot, Inc.	927		08/21/20		USD	240.00		USD	20,378		(709,155	)
Lennar Corp.	1,056		08/21/20		USD	50.00		USD	5,287		(654,720	)
Charter Communications, Inc., Class A	396		09/18/20		USD	600.00		USD	19,611		(281,160	)
NXP Semiconductors NV	1,064		09/18/20		USD	140.00		USD	10,594		(156,940	)
NextEra Energy, Inc.	847		09/18/20		USD	280.00		USD	19,576		(156,695	)
UnitedHealth Group, Inc.	719		09/18/20		USD	320.00		USD	21,029		(781,913	)
Walt Disney Co.	1,337		09/18/20		USD	125.00		USD	14,460		(467,950	)
SPDR S&P 500 ETF Trust	5,489		09/30/20		USD	230.00		USD	159,444		(36,103,898	)
SPDR S&P 500 ETF Trust	1,002		09/30/20		USD	253.00		USD	29,106		(4,706,394	)
Apple, Inc.	1,439		10/16/20		USD	330.00		USD	42,278		(1,424,610	)
Starbucks Corp.	2,802		10/16/20		USD	87.50		USD	21,500		(884,031	)
Microsoft Corp.	1,253		12/18/20		USD	190.00		USD	22,455		(1,732,273	)
Amazon.com, Inc.	73		01/15/21		USD	2,900.00		USD	18,060		(1,113,980	)

											(77,364,004	)

Put
Boston Scientific Corp.	2,864		05/15/20		USD	30.00		USD	10,734	$	(37,232	)
CVS Health Corp.	936		05/15/20		USD	55.00		USD	5,761		(47,736	)
McDonald’s Corp.	1,102		05/15/20		USD	165.00		USD	20,669		(45,182	)


26		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Exchange-Traded Options Written (continued)


Description	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Raytheon Technologies Corp.	389		05/15/20		USD	170.00		USD	2,521	$	(779,945	)
SPDR S&P 500 ETF Trust	995		05/15/20		USD	290.00		USD	28,903		(689,535	)
SPDR S&P 500 ETF Trust	7,846		05/15/20		USD	220.00		USD	227,911		(152,997	)
SPDR S&P 500 ETF Trust	6,626		05/15/20		USD	255.00		USD	192,472		(685,791	)
SPDR S&P 500 ETF Trust	5,406		05/15/20		USD	230.00		USD	157,033		(159,477	)
ServiceNow, Inc.	702		05/15/20		USD	260.00		USD	24,678		(31,590	)
Starbucks Corp.	2,675		05/15/20		USD	67.50		USD	20,525		(97,637	)
Alphabet, Inc., Class C	83		06/19/20		USD	1,040.00		USD	11,194		(18,675	)
Capital One Financial Corp.	1,923		06/19/20		USD	42.50		USD	12,453		(149,032	)
Capital One Financial Corp.	2,195		06/19/20		USD	35.00		USD	14,215		(82,312	)
Exxon Mobil Corp.	3,950		06/19/20		USD	55.00		USD	18,356		(3,801,875	)
Facebook, Inc., Class A	1,189		06/19/20		USD	170.00		USD	24,340		(197,374	)
Fortive Corp.	1,831		06/19/20		USD	45.00		USD	11,718		(92,465	)
Intuitive Surgical, Inc.	32		06/19/20		USD	500.00		USD	1,635		(77,120	)
Microsoft Corp.	1,253		06/19/20		USD	135.00		USD	22,455		(68,288	)
SPDR S&P 500 ETF Trust	1,911		06/19/20		USD	250.00		USD	55,511		(744,335	)
SPDR S&P 500 ETF Trust	2,604		06/19/20		USD	245.00		USD	75,641		(856,716	)
SPDR S&P 500 ETF Trust	3,302		06/19/20		USD	210.00		USD	95,916		(308,737	)
SPDR S&P 500 ETF Trust	3,268		06/19/20		USD	205.00		USD	94,929		(256,538	)
iShares Nasdaq Biotechnology ETF	3,268		06/19/20		USD	94.00		USD	40,523		(81,700	)
salesforce.com, Inc.	1,423		06/19/20		USD	135.00		USD	23,045		(302,387	)
Autodesk, Inc.	1,327		07/17/20		USD	140.00		USD	24,832		(504,260	)
Comcast Corp., Class A	5,672		07/17/20		USD	32.50		USD	21,344		(482,120	)
Financial Select Sector SPDR Fund	13,757		07/17/20		USD	19.00		USD	31,352		(742,878	)
Invesco QQQ Trust	972		07/17/20		USD	160.00		USD	21,278		(156,978	)
JPMorgan Chase & Co.	2,214		07/17/20		USD	85.00		USD	21,201		(924,345	)
Morgan Stanley	2,683		07/17/20		USD	35.00		USD	10,579		(501,721	)
SPDR S&P 500 ETF Trust	2,001		07/17/20		USD	281.00		USD	58,125		(2,611,305	)
SPDR S&P 500 ETF Trust	2,064		07/17/20		USD	240.00		USD	59,955		(958,728	)
VMware, Inc., Class A	1,881		07/17/20		USD	100.00		USD	24,739		(352,688	)
Walt Disney Co.	1,943		07/17/20		USD	90.00		USD	21,014		(495,465	)
Boston Scientific Corp.	3,095		08/21/20		USD	26.00		USD	11,600		(123,800	)
Home Depot, Inc.	2,189		08/21/20		USD	135.00		USD	48,121		(585,558	)
Home Depot, Inc.	448		08/21/20		USD	140.00		USD	9,848		(105,504	)
L3Harris Technologies, Inc.	546		08/21/20		USD	145.00		USD	10,576		(232,050	)
PPG Industries, Inc.	1,166		08/21/20		USD	70.00		USD	10,591		(154,495	)
NXP Semiconductors NV	1,064		09/18/20		USD	80.00		USD	10,594		(569,240	)
Netflix, Inc.	385		09/18/20		USD	300.00		USD	16,164		(310,887	)
UnitedHealth Group, Inc.	719		09/18/20		USD	230.00		USD	21,029		(521,275	)
SPDR S&P 500 ETF Trust	5,489		09/30/20		USD	230.00		USD	159,444		(3,965,803	)
SPDR S&P 500 ETF Trust	1,002		09/30/20		USD	253.00		USD	29,106		(1,163,823	)
SPDR S&P 500 ETF Trust	4,419		09/30/20		USD	205.00		USD	128,363		(1,747,715	)
Amazon.com, Inc.	36		01/15/21		USD	1,850.00		USD	8,906		(282,780	)

											(27,258,094	)

										$	(104,622,098	)

OTC Barrier Options Written

Description

Type of Option

Counterparty

Number of
Contracts

Expiration
Date

Exercise
Price

Barrier
Price/Range

Notional
Amount (000)

Value

Put

S&P 500 Index

Down-and-in

Goldman Sachs International

10,404

06/02/20

USD

2,871.81

USD 2,569.51

USD 29,878

(609,171

)


CONSOLIDATED SCHEDULE OF INVESTMENTS			27

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

OTC Interest Rate Swaptions Written


Description	Paid by the Fund			Received by the Fund			Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
Description	Rate		Frequency	Rate		Frequency	Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)			Value
Call
2-Year Interest Rate Swap, 08/15/22		0.88%	Semi-Annual		3-Month LIBOR, 0.56%	Quarterly	Bank of America N.A.		08/13/20		0.88	%		USD	623,327	$	(7,606,667	)
10-Year Interest Rate Swap, 09/12/30		0.68	Semi-Annual		3-Month LIBOR, 0.56	Quarterly	Morgan Stanley & Co. International PLC		09/10/20		0.68			USD	20,212		(335,937	)
10-Year Interest Rate Swap, 09/25/30		0.66	Semi-Annual		3-Month LIBOR, 0.56	Quarterly	JPMorgan Chase Bank N.A.		09/23/20		0.66			USD	30,500		(500,277	)
10-Year Interest Rate Swap, 09/27/30		0.76	Semi-Annual		3-Month LIBOR, 0.56	Quarterly	Deutsche Bank AG		09/25/20		0.76			USD	24,400		(545,559	)
5-Year Interest Rate Swap, 04/10/27		(0.02)	Annual		6-Month EURIBOR, -0.17	Semi-Annual	Barclays Bank PLC		04/08/22		(0.02	)		EUR	170,960		(3,316,132	)
5-Year Interest Rate Swap, 04/21/27		(0.15)	Annual		6-Month EURIBOR, -0.17	Semi-Annual	Barclays Bank PLC		04/19/22		(.015	)		EUR	45,113		(666,214	)
5-Year Interest Rate Swap, 04/21/27		(0.13)	Annual		6-Month EURIBOR, -0.17	Semi-Annual	Barclays Bank PLC		04/19/22		(0.13	)		EUR	112,700		(1,744,658	)

																	(14,715,444	)

Put
10-Year Interest Rate Swap, 06/04/30		3-Month LIBOR, 0.56	Quarterly		0.75	Semi-Annual	JPMorgan Chase Bank N.A.		06/02/20		.75			USD	95,480		(294,544	)
30-Year Interest Rate Swap, 07/16/50		3-Month LIBOR, 0.56	Quarterly		1.48	Semi-Annual	JPMorgan Chase Bank N.A.		07/14/20		1.48			USD	24,404		(67,529	)
30-Year Interest Rate Swap, 07/16/50		3-Month LIBOR, 0.56	Quarterly		1.33	Semi-Annual	JPMorgan Chase Bank N.A.		07/14/20		1.33			USD	24,404		(124,892	)
2-Year Interest Rate Swap, 08/15/22		3-Month LIBOR, 0.56	Quarterly		1.88	Semi-Annual	Bank of America N.A.		08/13/20		1.88			USD	701,808		(7	)
10-Year Interest Rate Swap, 09/12/30		3-Month LIBOR, 0.56	Quarterly		0.68	Semi-Annual	Morgan Stanley & Co. International PLC		09/10/20		.68			USD	20,212		(284,828	)
10-Year Interest Rate Swap, 09/25/30		3-Month LIBOR, 0.56	Quarterly		0.66	Semi-Annual	JPMorgan Chase Bank N.A.		09/23/20		.66			USD	30,500		(474,620	)
10-Year Interest Rate Swap, 09/27/30		3-Month LIBOR, 0.56	Quarterly		0.76	Semi-Annual	Deutsche Bank AG		09/25/20		.76			USD	24,400		(277,099	)
10-Year Interest Rate Swap, 02/13/32		3-Month LIBOR, 0.56	Quarterly		2.00	Semi-Annual	JPMorgan Chase Bank N.A.		02/11/22		2.00			USD	248,953		(1,072,977	)
5-Year Interest Rate Swap, 04/10/27		6-Month EURIBOR, -0.17	Semi-Annual		(0.02)	Annual	Barclays Bank PLC		04/08/22		(0.02	)		EUR	170,960		(1,227,408	)
5-Year Interest Rate Swap, 04/21/27		6-Month EURIBOR, -0.17	Semi-Annual		(0.15)	Annual	Barclays Bank PLC		04/19/22		(0.15	)		EUR	45,113		(447,062	)
5-Year Interest Rate Swap, 04/21/27		6-Month EURIBOR, -0.17	Semi-Annual		(0.13)	Annual	Barclays Bank PLC		04/19/22		(0.13	)		EUR	112,700		(1,064,037	)

																	(5,335,003	)

																$	(20,050,447	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
SPDR Gold Shares^(a)	Morgan Stanley & Co. International PLC		139,541		05/01/20	USD	170.00	USD	22,159	$	—
SPDR Gold Shares^(a)	Societe Generale		434,154		05/29/20	USD	180.00	USD	68,944		(108,539	)
USD-JPY Currency	Deutsche Bank AG		—		06/03/20	JPY	110.50	USD	73,904		(68,879	)
USD-JPY Currency	JPMorgan Chase Bank N.A.		—		06/11/20	JPY	110.50	USD	73,857		(101,553	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		2,035,911		06/17/20	TWD	325.00	USD	619,935		(326,418	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		1,367,543		06/17/20	TWD	327.52	USD	416,417		(188,776	)
Comcast Corp., Class A	Citibank N.A.		1,116,389		06/19/20	USD	40.00	USD	42,010		(1,015,914	)
Eli Lilly & Co.	Citibank N.A.		177,643		06/19/20	USD	153.00	USD	27,471		(1,298,773	)
HCA Healthcare, Inc.	Morgan Stanley & Co. International PLC		41,582		06/19/20	USD	150.00	USD	4,569		(6,237	)


28		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Roche Holding AG	BNP Paribas S.A.		39,262		06/19/20	CHF	360.00	CHF	13,170	$	(125,629	)
Sanofi	Barclays Bank PLC		96,557		06/19/20	EUR	96.00	EUR	8,612		(62,406	)
USD-ZAR Currency	Morgan Stanley & Co. International PLC		—		06/25/20	ZAR	21.00	USD	54,277		(353,452	)
SPDR Gold Shares^(a)	Morgan Stanley & Co. International PLC		211,269		06/30/20	USD	175.00	USD	33,550		(310,565	)
ASML Holding NV	UBS AG		34,677		07/17/20	EUR	290.00	EUR	9,385		(396,951	)
SPDR Gold Shares^(a)	Societe Generale		434,332		07/17/20	USD	188.00	USD	68,972		(447,844	)
EUR-USD Currency	Bank of America N.A.		—		07/23/20	USD	1.12	EUR	195,399		(1,040,019	)
AUD-USD Currency	JPMorgan Chase Bank N.A.		—		07/24/20	USD	0.67	AUD	130,262		(846,136	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		2,127,065		08/19/20	TWD	321.88	USD	647,691		(820,898	)
SPDR Gold Shares^(a)	Societe Generale		760,113		08/21/20	USD	187.00	USD	120,706		(1,195,445	)
Roche Holding AG	Barclays Bank PLC		28,628		09/18/20	CHF	385.00	CHF	9,603		(118,853	)
SPDR Gold Shares^(a)	Goldman Sachs International		173,599		09/18/20	USD	195.00	USD	27,568		(297,722	)
SPDR Gold Shares^(a)	Morgan Stanley & Co. International PLC		325,336		09/18/20	USD	200.00	USD	51,663		(466,857	)
Tencent Holdings Ltd.	JPMorgan Chase Bank N.A.		208,314		09/29/20	HKD	454.15	HKD	86,867		(403,652	)
Capital One Financial Corp.	Nomura International PLC		156,407		11/20/20	USD	70.00	USD	10,129		(1,220,990	)

											(11,222,508	)

Put
Agilent Technologies, Inc.	Nomura International PLC		231,513		05/15/20	USD	77.50	USD	17,748		(591,430	)
Alibaba Group Holding Ltd. — ADR	Societe Generale		112,621		05/15/20	USD	190.00	USD	22,825		(266,877	)
USD-JPY Currency	Morgan Stanley & Co. International PLC		—		05/26/20	JPY	103.00	USD	48,868		(46,668	)
SPDR Gold Shares^(a)	Societe Generale		542,691		05/29/20	USD	145.00	USD	86,179		(252,308	)
USD-JPY Currency	Deutsche Bank AG		—		06/03/20	JPY	102.00	USD	73,904		(69,544	)
USD-JPY Currency	JPMorgan Chase Bank N.A.		—		06/11/20	JPY	102.00	USD	73,857		(107,757	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		1,367,543		06/17/20	TWD	253.08	USD	416,417		(27,542	)
USD-JPY Currency	Morgan Stanley & Co. International PLC				06/18/20	JPY	102.00	USD	210,929		(391,484	)
Apple, Inc.	Morgan Stanley & Co. International PLC		133,874		06/19/20	USD	260.00	USD	39,332		(598,805	)
Eli Lilly & Co.	Citibank N.A.		177,643		06/19/20	USD	126.00	USD	27,471		(191,153	)
HCA Healthcare, Inc.	Morgan Stanley & Co. International PLC		41,582		06/19/20	USD	100.00	USD	4,569		(222,392	)
LVMH Moet Hennessy Louis Vuitton SE	Barclays Bank PLC		41,297		06/19/20	EUR	285.00	EUR	14,555		(114,496	)
Roche Holding AG	Barclays Bank PLC		39,262		06/19/20	CHF	290.00	CHF	13,170		(106,570	)
Sanofi	Barclays Bank PLC		96,557		06/19/20	EUR	80.00	EUR	8,612		(170,357	)
USD-ZAR Currency	Morgan Stanley & Co. International PLC		—		06/25/20	ZAR	17.50	USD	54,277		(377,551	)
SPDR Gold Shares^(a)	Morgan Stanley & Co. International PLC		422,540		06/30/20	USD	145.00	USD	67,099		(517,257	)
USD-JPY Currency	Morgan Stanley & Co. International PLC				07/09/20	JPY	97.00	USD	179,947		(175,088	)
ASML Holding NV	UBS AG		34,677		07/17/20	EUR	220.00	EUR	9,385		(164,238	)
SPDR Gold Shares^(a)	Societe Generale		542,918		07/17/20	USD	152.00	USD	86,215		(1,791,678	)
USD-JPY Currency	JPMorgan Chase Bank N.A.		—		07/21/20	JPY	103.00	USD	195,421		(1,008,568	)
EUR-USD Currency	Bank of America N.A.		—		07/23/20	USD	1.03	EUR	195,399		(264,876	)
AUD-USD Currency	JPMorgan Chase Bank N.A.		—		07/24/20	USD	0.58	AUD	130,262		(264,842	)
EUR-JPY Currency	Deutsche Bank AG		—		08/19/20	JPY	110.00	EUR	63,280		(393,812	)
Taiwan Semiconductor Manufacturing Co. Ltd.	Morgan Stanley & Co. International PLC		2,127,065		08/19/20	TWD	250.02	USD	647,691		(189,181	)
Capital One Financial Corp.	Nomura International PLC		156,407		08/21/20	USD	44.00	USD	10,129		(325,718	)
SPDR Gold Shares^(a)	Societe Generale		977,286		08/21/20	USD	145.00	USD	155,193		(2,350,793	)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley & Co. International PLC		643,513		09/11/20	JPY	3,820.96	JPY	1,830,151		(5,913,370	)
SPDR Gold Shares^(a)	Morgan Stanley & Co. International PLC		542,308		09/18/20	USD	145.00	USD	86,119		(1,663,264	)
Tencent Holdings Ltd.	JPMorgan Chase Bank N.A.		208,314		09/29/20	HKD	350.94	HKD	86,867		(146,276	)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley & Co. International PLC		644,795		12/11/20	JPY	3,786.60	JPY	1,833,797		(6,222,413	)
Sumitomo Mitsui Financial Group, Inc.	Morgan Stanley & Co. International PLC		541,031		03/12/21	JPY	3,400.00	JPY	1,538,692		(4,256,065	)
Topix-Bank Index	BNP Paribas S.A.		13,948,849		03/12/21	JPY	131.00	JPY	1,593,656		(3,889,714	)

											(33,072,087	)

										$	(44,294,595	)

^(a)

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

Centrally Cleared Credit Default Swaps — Buy Protection


Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.IG.33.V1		1.00	%		Quarterly		12/20/24		USD	885,749	$	(7,497,569	)	$	(18,090,685	)	$	10,593,116
CDX.NA.HY.34.V1		5.00			Quarterly		06/20/25		USD	145,874		6,747,782			6,782,017			(34,235	)

											$	(749,787	)	$	(11,308,668	)	$	10,558,881


CONSOLIDATED SCHEDULE OF INVESTMENTS			29

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Termination Date		Credit Rating^(a)		Notional Amount (000)^(b)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Markit iTraxx XO, Series 32, Version 1		5.00	%		Quarterly		12/20/24		BB-		EUR	22,561	$	409,088	$	3,164,584	$	(2,755,496	)
Markit iTraxx XO, Series 33, Version 1		5.00			Quarterly		06/21/25		BB-		EUR	64,129		662,311		228,106		434,205

													$	1,071,399	$	3,392,690	$	(2,321,291	)

^(a)

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

^(b)

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

Centrally Cleared Interest Rate Swaps


Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
6-Month CAD BA	Semi-Annual	1.91%	Semi-Annual		N/A			07/09/21	CAD	749,816	$	8,624,932		$	3,504	$	8,621,428
3-Month LIBOR, 0.56%	Quarterly	1.21	Semi-Annual		N/A			03/27/22	USD	453,255		7,265,580			3,402		7,262,178
1.06	Semi-Annual	3-Month LIBOR, 0.56%	Quarterly		N/A			03/27/22	USD	1,561,211		(20,305,601	)		11,719		(20,317,320	)
1.60	Semi-Annual	3-Month LIBOR, 0.56%	Quarterly		N/A			01/24/25	USD	444,746		(26,909,608	)		11,007		(26,920,615	)
1.04	Semi-Annual	3-Month LIBOR, 0.56%	Quarterly		07/16/20	^(a)		07/16/50	USD	9,894		(584,320	)		323		(584,643	)

											$	(31,909,017	)	$	29,955	$	(31,938,972	)

^(a)

Forward swap.

OTC Total Return Swaps — Future


Reference Entity	Fixed Amount Paid/(Received) by the Fund^(a)		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
S&P 500 Index Annual Dividend Future December 2020	USD	6,260,738	Goldman Sachs International		12/18/20	USD	6,261	$	270,787			—	$	270,787
S&P 500 Index Annual Dividend Future December 2021	USD	7,937,925	BNP Paribas S.A.		12/17/21	USD	7,938		(604,950	)		—		(604,950	)

								$	(334,163	)		—	$	(334,163	)

^(a)

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

OTC Total Return Swaps

References

Frequency

Reference

Frequency

Counterparty

Effective
Date

Termination
Date

Notional
Amount
(000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

iShares iBoxx USD High Yield Corporate Bond ETF

Semi-Annual

1-month LIBOR
minus 2.95%

Monthly

Citibank N.A.

N/A

06/20/20

USD

28,864

(218,843

)

—

(218,843

)

SHELL: GSCBBL8X

Semi-Annual

3-month LIBOR
minus 0.10%

Quarterly

Goldman Sachs
International

N/A

01/22/21

USD

21,655

621,525

—

621,525

SHELL: GSCBBL8X

Semi-Annual

3-month LIBOR
plus 0.10%

Quarterly

Goldman Sachs
International

N/A

01/24/21

USD

26,346

824,034

—

824,034

1,226,716

—

1,226,716


30		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

OTC Total Return Swaps^(a)


Reference Entity	Counterparty	Termination Date		Net Notional Amount			Unrealized Appreciation (Depreciation)			Net Value of Reference Entities			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short:	Citibank N.A.		02/24/2023-02/27/2023	$	(3,584,015	)	$	(201,334	)^(b)	$	(3,736,356	)		0.14	%
	JPMorgan Chase Bank N.A.		02/08/23		(15,393,546	)		(943,033	)^(c)		(16,263,647	)		0.18

				$	(18,977,561	)	$	(1,144,367	)	$	(20,000,003	)

^(a)

In regards to total return swaps with multiple financing rate benchmarks, the Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of1-600 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

USD — 1D Overnight Bank Funding Rate (OBFR01)

USD — 1M US Dollar LIBOR BBA

USD — 1W US Dollar LIBOR BBA

^(b)

Amount includes $(48,993) of net dividends and financing fees.

^(c)

Amount includes $(72,932) of net dividends and financing fees.


CONSOLIDATED SCHEDULE OF INVESTMENTS			31

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of April 30, 2020 termination dates 02/24/23 — 02/27/23:


	Shares			Value			% of Basket Value

Reference Entity — Long

Italy
Leonardo SPA		1,460,440		$	10,085,923			(269.9	)%


Total Reference Entity — Long				$	10,085,923


Reference Entity—Short

China
58.Com, Inc. — ADR		(2,468	)		(128,213	)		3.4
China Communications Services Corp. Ltd., Class H		(350,000	)		(249,484	)		6.7
China Eastern Airlines Corp Ltd., Class H		(772,000	)		(313,749	)		8.4
China Molybdenum Co. Ltd., Class H		(828,000	)		(249,808	)		6.7
Longfor Group Holdings Ltd.		(135,500	)		(688,886	)		18.5
Pinduoduo, Inc. — ADR		(2,217	)		(105,174	)		2.8
Ping An Healthcare and Technology Co. Ltd.		(35,500	)		(489,048	)		13.1
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		(113,000	)		(426,913	)		11.4
Sunac China Holdings Ltd.		(14,000	)		(62,625	)		1.7
Xiaomi Corp., Class B		(684,200	)		(897,393	)		24.0
ZTE Corp., Class H		(53,400	)		(150,516	)		4.0
ZTO Express Cayman, Inc., ADR		(10,688	)		(318,075	)		8.5

					(4,079,884	)

Denmark
Danske Bank AS		(9,513	)		(112,949	)		3.0


Germany
Deutsche Bank AG		(37,230	)		(275,734	)		7.4
Porsche Automobil Holding SE		(6,342	)		(320,231	)		8.6

					(595,965	)

Hong Kong
China Everbright International Ltd.		(429,000	)		(248,088	)		6.6
China Resources Gas Group Ltd.		(40,000	)		(224,813	)		6.0
China Resources Land Ltd.		(24,000	)		(99,173	)		2.7
Galaxy Entertainment Group Ltd.		(73,000	)		(469,500	)		12.6
Sino Biopharmaceutical Ltd.		(309,000	)		(450,398	)		12.1
Wharf Real Estate Investment Co. Ltd.		(25,000	)		(105,837	)		2.8

					(1,597,809	)

Japan
ANA Holdings, Inc.		(6,900	)		(146,625	)		3.9
LINE Corp.		(1,300	)		(63,590	)		1.7
Oriental Land Co Ltd.		(1,100	)		(139,090	)		3.7
Z Holdings Corp.		(40,500	)		(156,302	)		4.2

					(505,607	)

Netherlands
Prosus NV		(7,546	)		(572,069	)		15.3


Poland
Polskie Gornictwo Naftowe i Gazownictwo SA		(110,381	)		(99,357	)		2.7


South Korea
Celltrion Healthcare Co. Ltd.		(9,070	)		(628,646	)		16.8
Korea Shipbuilding & Offshore Engineering Co. Ltd.		(7,231	)		(490,500	)		13.1
LG Display Co. Ltd.		(15,643	)		(141,923	)		3.8
Lotte Corp.		(17,760	)		(586,298	)		15.7

					(1,847,367	)


	Shares			Value			% of Basket Value

Sweden
Svenska Handelsbanken AB, Class A		(32,598	)	$	(297,533	)		7.9	%
Swedbank AB, Class A		(16,971	)		(200,837	)		5.4

					(498,370	)

Switzerland
Schindler Holding AG, Participation Certificates		(567	)		(126,189	)		3.4


Taiwan
China Steel Corp.		(66,000	)		(44,205	)		1.2
Hotai Motor Co. Ltd.		(27,000	)		(498,504	)		13.3
Shanghai Commercial & Savings Bank Ltd.		(33,000	)		(48,595	)		1.3

					(591,304	)

United States
Archer-Daniels-Midland Co.		(11,099	)		(412,217	)		11.0
Diamondback Energy, Inc.		(9,541	)		(415,415	)		11.1
Fidelity National Information Services, Inc.		(1,119	)		(147,585	)		3.9
General Dynamics Corp.		(946	)		(123,567	)		3.3
Halliburton Co.		(9,102	)		(95,571	)		2.6
Marriott International Inc., Class A		(11,451	)		(1,041,354	)		27.9
Occidental Petroleum Corp.		(12,390	)		(205,674	)		5.5
T-Mobile U.S. Inc.		(8,588	)		(754,026	)		20.2

					(3,195,409	)


Total Reference Entity — Short					(13,822,279	)


Net Value of Reference Entity — Citibank N.A.				$	(3,736,356	)


32		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

The following table represents the individual short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of April 30, 2020 termination date 02/08/23:


	Shares			Value			% of Basket Value

Reference Entity— Short

Australia
Insurance Australia Group		(37,025	)	$	(138,337	)		0.8	%
Ramsay Health Care Ltd.		(5,549	)		(225,353	)		1.4
Scentre Group REIT		(23,430	)		(35,198	)		0.2
Sydney Airport		(22,940	)		(93,443	)		0.6
Transurban Group		(63,529	)		(566,346	)		3.5

					(1,058,677	)

Brazil
Atacadao SA		(17,898	)		(65,827	)		0.4
Hapvida Participacoes e Investimentos SA		(12,126	)		(116,936	)		0.7
Lojas Americanas SA, Preference Shares		(9,961	)		(45,574	)		0.3
Magazine Luiza SA		(82,006	)		(749,499	)		4.6
Suzano Papel e Celulose SA		(104,879	)		(760,088	)		4.7
TIM Participacoes SA		(26,836	)		(62,970	)		0.4
WEG SA		(40,635	)		(298,454	)		1.8

					(2,099,348	)

China
Aluminum Corp of China Ltd., Class H		(884,000	)		(186,053	)		1.1
Autohome, Inc., ADR		(6,606	)		(542,683	)		3.3
China Southern Airlines Co. Ltd., Class H		(1,914,000	)		(957,059	)		5.9
Dongfeng Motor Group Co. Ltd., Class H		(140,000	)		(92,857	)		0.6
iQIYI, Inc., ADR		(53,026	)		(899,851	)		5.5
Shenzhou International Group Holdings Ltd.		(11,800	)		(136,191	)		0.8
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		(24,800	)		(24,317	)		0.2

					(2,839,011	)

Hong Kong
China Everbright International Ltd.		(639,000	)		(369,530	)		2.3
China Gas Holdings Ltd.		(52,200	)		(189,942	)		1.2
China Jinmao Holdings Group Ltd.		(700,000	)		(492,843	)		3.0
China State Construction International Holdings Ltd.		(1,070,000	)		(829,577	)		5.1
Geely Automobile Holdings Ltd.		(337,000	)		(524,211	)		3.2

					(2,406,103	)

Japan
Dai-ichi Life Holdings, Inc.		(4,500	)		(56,395	)		0.3
Kajima Corp.		(27,000	)		(280,551	)		1.7
Kintetsu Group Holdings Co. Ltd.		(3,600	)		(171,974	)		1.1
Makita Corp.		(1,300	)		(42,331	)		0.3
Nippon Paint Holdings Co. Ltd.		(3,000	)		(173,386	)		1.1


	Shares			Value			% of Basket Value

Japan (continued)
Shimano, Inc.		(300	)	$	(44,207	)		0.3	%
SoftBank Group Corp.		(2,600	)		(111,443	)		0.7
Sony Financial Holdings, Inc.		(25,900	)		(490,977	)		3.0
Taisei Corp.		(1,600	)		(49,875	)		0.3
Toyota Industries Corp.		(1,700	)		(85,567	)		0.5

					(1,506,706	)

Netherlands
Heineken NV		(1,031	)		(87,697	)		0.5


Poland
mBank SA		(1,097	)		(58,420	)		0.4
Santander Bank Polska SA		(2,484	)		(98,739	)		0.6

					(157,159	)

Singapore
Jardine Cycle & Carriage Ltd.		(20,700	)		(294,311	)		1.8


South Africa
Capitec Bank Holdings Ltd.		(5,111	)		(249,156	)		1.5
Pepkor Holdings Ltd.		(42,219	)		(27,562	)		0.2
Shoprite Holdings Ltd.		(70,599	)		(408,042	)		2.5
Vodacom Group Ltd.		(39,958	)		(265,632	)		1.6

					(950,392	)

South Korea
AMOREPACIFIC Group		(1,070	)		(34,010	)		0.2
Hyundai Steel Co.		(34,921	)		(621,102	)		3.8
Lotte Corp.		(4,597	)		(151,758	)		1.0
Samsung C&T Corp.		(3,751	)		(328,453	)		2.0

					(1,135,323	)

United Kingdom
Tesco PLC		(42,323	)		(125,184	)		0.8


United States
Caterpillar, Inc.		(851	)		(99,039	)		0.6
Conagra Brands, Inc.		(19,085	)		(638,203	)		3.9
DISH Network Corp., Class A		(1,820	)		(45,527	)		0.3
Fox Corp., Class A		(29,214	)		(755,766	)		4.7
Fox Corp., Class B		(23,518	)		(601,120	)		3.7
Hilton Worldwide Holdings, Inc.		(7,597	)		(575,169	)		3.5
Hormel Foods Corp.		(2,655	)		(124,387	)		0.8
Roper Technologies, Inc.		(1,586	)		(540,874	)		3.3
Ross Stores, Inc.		(1,862	)		(170,112	)		1.1
Ventas, Inc.		(1,655	)		(53,539	)		0.3

					(3,603,736	)


Total Reference Entity— Short					(16,263,647	)


Net Value of Reference Entity— JPMorgan Chase Bank N.A.				$	(16,263,647	)

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


	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps^(a)	$	10,204,662	$	(18,090,685	)	$	26,910,927	$	(50,612,309	)	$	—
OTC Swaps		—		—			1,716,346		(1,968,160	)		—
Options Written		N/A		N/A			78,100,861		(61,275,586	)		(169,576,311	)

^(a)

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


CONSOLIDATED SCHEDULE OF INVESTMENTS			33

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	13,277,118	$	—	$	8,961,269	$	—	$	22,238,387
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		68,520,663		—		—		68,520,663
Options purchased^(b)
Investments at value — unaffiliated		—		—		153,871,427		9,675,190		10,947,641		—		174,494,258
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		11,027,321		—		—		15,883,606		—		26,910,927
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		1,716,346		—		—		—		1,716,346

	$	—	$	11,027,321	$	168,864,891	$	78,195,853	$	35,792,516	$	—	$	293,880,581

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	58,320,710	$	—	$	1,649,895	$	—	$	59,970,605
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		125,843,698		—		—		125,843,698
Options written
Options written at value		—		—		143,957,823		5,510,229		20,108,259		—		169,576,311
Swaps—centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		2,789,731		—		—		47,822,578		—		50,612,309
Swaps—OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		1,968,160		—		—		—		1,968,160

	$	—	$	2,789,731	$	204,246,693	$	131,353,927	$	69,580,732	$	—	$	407,971,083

^(a)

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

^(b)

Includes options purchased at value as reported in the Consolidated Schedule of Investments.


34		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

For the six months ended April 30, 2020, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	180,795,231		$	—		$	161,009,406		$	—	$	341,804,637
Forward foreign currency exchange contracts		—		—		—			(43,441,302	)		—			—		(43,441,302	)
Options purchased^(a)		—		—		78,485,142			(4,698,169	)		(20,890,366	)		—		52,896,607
Options written		—		—		(5,787,695	)		17,561,227			12,880,833			—		24,654,365
Swaps		—		12,098,956		(9,995,342	)		—			(5,666,918	)		—		(3,563,304	)

	$	—	$	12,098,956	$	243,497,336		$	(30,578,244	)	$	147,332,955		$	—	$	372,351,003


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(6,597,432	)	$	—		$	12,467,858		$	—	$	5,870,426
Forward foreign currency exchange contracts		—		—		—			(72,850,148	)		—			—		(72,850,148	)
Options purchased^(b)		—		—		24,117,735			(6,978,072	)		11,792,993			—		28,932,656
Options written		—		—		(10,606,335	)		2,330,760			(4,485,670	)		—		(12,761,245	)
Swaps		—		9,639,780		(973,133	)		—			(30,427,397	)		—		(21,760,750	)

	$	—	$	9,639,780	$	5,940,835		$	(77,497,460	)	$	(10,652,216	)	$	—	$	(72,569,061	)

^(a)

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

^(b)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	3,231,904,024
Average notional value of contracts — short	$	2,375,253,363
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,705,715,408
Average amounts sold — in USD	$	2,918,213,066
Options:
Average value of option contracts purchased	$	118,891,879
Average value of option contracts written	$	100,596,390
Average notional value of swaption contracts purchased	$	560,635,799
Average notional value of swaption contracts written	$	2,568,773,863
Credit default swaps:
Average notional value — buy protection	$	1,039,568,506
Average notional value — sell protection	$	60,009,894
Interest rate swaps:
Average notional value — pays fixed rate	$	1,230,298,179
Average notional amount — receives fixed rate .	$	828,607,202
Total return swaps:
Average notional amounts	$	62,945,353

Derivative Financial Instruments — Offsetting as of Period End


	Assets			Liabilities
Futures contracts	$	9,897,585		$	3,914,318
Swaps — Centrally cleared		—			217,520
Forward foreign currency exchange contracts		68,520,663			125,843,698
Options		174,494,258	^(a)		169,576,311
Swaps — OTC^(b)		1,716,346			1,968,160

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities	$	254,628,852		$	301,520,007

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(131,037,872	)		(108,753,936	)

Total derivative assets and liabilities subject to an MNA	$	123,590,980		$	192,766,071

^(a)

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

^(b)

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


CONSOLIDATED SCHEDULE OF INVESTMENTS			35

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

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


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Received^(b)			Cash Collateral Received^(b)			Net Amount of Derivative Assets^(c)(d)
Bank of America N.A.	$	8,591,027	$	(8,591,027	)	$	—		$	—		$	—
Barclays Bank PLC		3,409,262		(3,409,262	)		—			—			—
BNP Paribas S.A.		6,259,043		(6,259,043	)		—			—			—
Citibank N.A.		16,934,161		(16,934,161	)		—			—			—
Credit Suisse International		13,091,656		(13,091,656	)		—			—			—
Deutsche Bank AG		15,692,505		(11,144,692	)		—			(4,547,813	)		—
Goldman Sachs International		6,223,651		(6,223,651	)		—			—			—
HSBC Bank PLC		1,470,375		—			—			—			1,470,375
HSBC Bank USA N.A.		1,323,969		(1,212,242	)		(111,727	)		—			—
JPMorgan Chase Bank N.A.		10,637,477		(10,637,477	)		—			—			—
Morgan Stanley & Co. International PLC		19,584,854		(19,584,854	)		—			—			—
Nomura International PLC		2,553,954		(2,138,138	)		—			(415,816	)		—
Societe Generale		11,902,298		(6,413,484	)		—			(5,488,814	)		—
Standard Chartered Bank		124,843		—			—			(124,843	)		—
UBS AG		5,791,905		(4,698,316	)		(1,093,589	)		—			—

	$	123,590,980	$	(110,338,003	)	$	(1,205,316	)	$	(10,577,286	)	$	1,470,375


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Pledged^(d)			Cash Collateral Pledged		Net Amount of Derivative Liabilities^(e)(f)
Bank of America N.A.	$	15,653,944	$	(8,591,027	)	$	—		$	—	$	7,062,917
Barclays Bank PLC		20,801,252		(3,409,262	)		(8,400,323	)		—		8,991,667
BNP Paribas S.A.		11,292,532		(6,259,043	)		(5,033,489	)		—		—
Citibank N.A.		25,741,656		(16,934,161	)		(1,923,039	)		—		6,884,456
Credit Suisse International		24,605,753		(13,091,656	)		(11,514,097	)		—		—
Deutsche Bank AG		11,144,692		(11,144,692	)		—			—		—
Goldman Sachs International		21,017,756		(6,223,651	)		—			—		14,794,105
HSBC Bank USA N.A.		1,212,242		(1,212,242	)		—			—		—
JPMorgan Chase Bank N.A.		21,700,872		(10,637,477	)		(6,189,945	)		—		4,873,450
Morgan Stanley & Co. International PLC		26,345,434		(19,584,854	)		(6,760,580	)		—		—
Nomura International PLC		2,138,138		(2,138,138	)		—			—		—
Societe Generale		6,413,484		(6,413,484	)		—			—		—
UBS AG		4,698,316		(4,698,316	)		—			—		—

	$	192,766,071	$	(110,338,003	)	$	(39,821,473	)	$	—	$	42,606,595

^(a)

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

^(b)

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

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

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

^(e)

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

^(f)

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


36		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Fair Value Hierarchy as of Period End

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

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


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Asset-Backed Securities	$	—		$	86,217,973		$	—	$	86,217,973
Capital Trusts^(a)		—			132,333,926			—		132,333,926
Common Stocks:
Australia		—			11,633,337			7,410,114		19,043,451
Austria		—			8,862,023			—		8,862,023
Belgium		—			16,109,080			—		16,109,080
Brazil		22,349,127			—			—		22,349,127
Canada		124,001,007			—			—		124,001,007
Chile		1,935,840			—			—		1,935,840
China		138,576,157			398,862,138			—		537,438,295
Denmark		—			5,107,285			—		5,107,285
Finland		—			45,878,709			—		45,878,709
France		—			425,472,619			—		425,472,619
Germany		—			214,852,216			—		214,852,216
Hong Kong		—			196,080,327			—		196,080,327
India		—			131,784,576			—		131,784,576
Indonesia		—			6,159,667			—		6,159,667
Italy		—			264,780,718			—		264,780,718
Japan		—			547,798,263			—		547,798,263
Mexico		638,493			—			—		638,493
Netherlands		90,648,748			264,769,423			—		355,418,171
Poland		—			194,432			—		194,432
Portugal		—			5,022,514			—		5,022,514
Saudi Arabia		—			96,429			—		96,429
Singapore		—			75,988,836			—		75,988,836
South Africa		—			1,489,980			—		1,489,980
South Korea		—			30,076,363			—		30,076,363
Spain		—			56,091,708			—		56,091,708
Sweden		—			1,040,336			—		1,040,336
Switzerland		4,634,923			247,536,352			—		252,171,275
Taiwan		—			194,221,285			—		194,221,285
Thailand		—			13,502,191			—		13,502,191
Turkey		—			2,264,165			—		2,264,165
United Arab Emirates		—			—			29		29
United Kingdom		1,339,085			297,982,187			24,309,907		323,631,179
United States		8,169,622,345			62,962,055			850,283		8,233,434,683
Corporate Bonds^(a)		10,083,608			1,167,868,487			178,744,743		1,356,696,838
Floating Rate Loan Interests^(a)		—			102,712,243			7,978,383		110,690,626
Foreign Agency Obligations^(a)		—			2,067,992,554			—		2,067,992,554
Investment Companies		1,025,168,878			—			—		1,025,168,878
Money Market		19,926,769			—			—		19,926,769
Non-Agency Mortgage-Backed Securities		—			16,983,777			—		16,983,777
Options Purchased		121,140,287			53,353,971			—		174,494,258
Preferred Stocks^(a)		4,666,474			—			189,141,583		193,808,057
Time Deposits^(a)		—			21,400,613			—		21,400,613
Trust Preferreds^(a)		41,967,621			—			—		41,967,621
U.S. Government Sponsored Agency Securities		—			547,368,832			—		547,368,832
U.S. Treasury Obligations		—			3,731,912,114			—		3,731,912,114
Unfunded Floating Rate Loan Interests^(b)		—			—			31,820		31,820

Liabilities:
Investments:
TBA Sale Commitments	$	—		$	(343,057,980	)	$	—	$	(343,057,980	)
Investments Sold Short		(16,203,271	)		—			—		(16,203,271	)

Subtotal	$	9,760,496,091		$	11,111,705,724		$	408,466,862	$	21,280,668,677

Investments Valued at NAV^(c)										449,935,844

Total Investments									$	21,730,604,521


CONSOLIDATED SCHEDULE OF INVESTMENTS			37

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(d)
Assets:
Credit contracts	$	—		$	11,027,321		$	—	$	11,027,321
Equity contracts		13,277,118			1,716,346			—		14,993,464
Forward foreign currency contracts		—			68,520,663			—		68,520,663
Interest rate contracts		8,961,269			15,883,606			—		24,844,875
Liabilities:
Credit contracts		—			(2,789,731	)		—		(2,789,731	)
Equity contracts		(162,121,521	)		(42,125,172	)		—		(204,246,693	)
Forward foreign currency contracts		—			(131,353,927	)		—		(131,353,927	)
Interest rate contracts		(1,707,707	)		(67,873,025	)		—		(69,580,732	)

	$	(141,590,841	)	$	(146,993,919	)	$	—	$	(288,584,760	)

^(a)

See above Consolidated Schedule of Investments for values in each country.

^(b)

Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

^(c)

As of April 30, 2020, certain of the Fund’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

^(d)

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

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


	Common Stocks			Corporate Bonds			Floating rate Loan Interests			Preferred Stocks			Unfunded Floating Rate Loan Interests		Total
Assets:
Opening Balance, as of October 31, 2019	$	37,705,545		$	177,284,776		$	—		$	156,271,267		$	—	$	371,261,588
Transfers into Level 3.		32,700,907			—			7,098,902			—			—		39,799,809
Transfers out of Level 3		(11,379,238	)		—			—			—			—		(11,379,238	)
Accrued discounts (premiums)		—			(138,603	)		—			—			—		(138,603	)
Net realized gain (loss)		1,730,740			—			—			74			—		1,730,814
Net change in unrealized appreciation (depreciation)^(a)(b)		(50,918,274	)		(1,438,917	)		(7,075,519	)		21,143,494			31,820		(38,257,396	)
Purchases		24,716,038			3,037,487			7,955,000			23,509,739			—		59,218,264
Sales		(1,985,385	)		—			—			(11,782,991	)				(13,768,376	)

Closing Balance, as of April 30, 2020	$	32,570,333		$	178,744,743			7,978,383			189,141,583		$	31,820	$	408,466,862

Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2020^(b)	$	(50,918,274	)	$	(1,438,917	)	$	(7,075,519	)		21,143,601		$	31,820	$	(38,257,289	)

^(a)

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

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.


38		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

April 30, 2020

BlackRock Global Allocation Fund, Inc.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $39,767. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.


	Value		Valuation Approaches		Unobservable Inputs		Range of Unobservable Inputs Utilized^(a)			Weighted Average of Unobservable Inputs
Assets:
Common Stocks	$	32,570,304		Market		Revenue Multiple		2.55x - 12.75x			2.89x
						EBITDA		27.00x			—
						Time to Exit		2.1 years			—
						Volatility		48	%		—
				Income		Discount Rate		16	%		—
Corporate Bonds		178,744,298		Income		Discount Rate		16% - 27	%		17	%
Floating Rate Loan Interests		7,970,910		Income		Discount Rate		11	%		—
Preferred Stocks^(b)(c)		189,141,583		Market		Revenue Multiple		6.25x – 12.75x			10.40x
						Time to Exit		2.1 years -3.0 years			2.3 years
						Volatility		48% - 61	%		50	%

Total	$	408,427,095

^(a)

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

^(b)

For the period ended April 30, 2020, the valuation technique for investments classified as Preferred Stocks amounting to $36,617,777 changed to Current Value Method. The investments were previously valued utilizing Transaction Price approach. The change was due to consideration of the information that was available at the time the investments were valued.

^(c)

For the period ended April 30, 2020, the valuation technique for investments classified as Preferred Stocks amounting to $39,787,953 changed to Current Value Method. The investments were previously valued utilizing Probability-Weighted Expected Return Method. The change was due to consideration of the information that was available at the time the investments were valued.

See notes to consolidated financial statements.


CONSOLIDATED SCHEDULE OF INVESTMENTS			39

Consolidated Statement of Assets and Liabilities (unaudited)

April 30, 2020


	BlackRock Global Allocation Fund, Inc.

ASSETS
Investments at value — unaffiliated (including securities loaned at value of $435,617,975, cost — $19,123,219,627)	$	21,213,922,385
Investments at value — affiliated (cost — $1,031,665,196)		875,911,567
Cash		56,666,607
Cash pledged for centrally cleared swaps		53,891,000
Foreign currency at value (cost — $1,618,032)		1,631,748
Receivables:
Investments sold		73,837,898
Options written		4,575,853
Securities lending income — affiliated		146,855
Swaps		175,445
TBA sale commitments		344,017,157
Capital shares sold		14,315,170
Dividends — affiliated		462,900
Dividends — unaffiliated		20,039,575
Interest — unaffiliated		22,870,282
Variation margin on futures contracts		9,897,585
Unrealized appreciation on:
Forward foreign currency exchange contracts		68,520,663
OTC swaps		1,716,346
Unfunded floating rate loan interests		31,820
Prepaid expenses		361,475

Total assets		22,762,992,331


LIABILITIES
Investments sold short at value (proceeds — $11,888,304)		16,203,271
Cash received:
Collateral — OTC derivatives		35,421,000
Collateral — Centrally cleared swaps		60
Cash collateral on securities loaned at value		449,576,845
Options written at value (premiums received — $186,401,586)		169,576,311
TBA sale commitments at value (proceeds — $344,017,157)		343,057,980
Payables:
Investments purchased		652,839,140
Swaps		3,793,084
Capital shares redeemed		37,216,901
Deferred foreign capital gain tax		1,063,228
Investment advisory fees		24,079,712
Directors’ and Officer’s fees		51,942
Options written		4,701,900
Other accrued expenses		6,377,723
Other affiliates		100,965
Service and distribution fees		3,978,699
Variation margin on futures contracts		3,914,318
Variation margin on centrally cleared swaps		217,520
Unrealized depreciation on:
Forward foreign currency exchange contracts		125,843,698
OTC swaps		1,968,160

Total liabilities		1,879,982,457


NET ASSETS	$	20,883,009,874


NET ASSETS CONSIST OF
Paid-in capital	$	18,254,027,110
Accumulated earnings		2,628,982,764

NET ASSETS	$	20,883,009,874


NET ASSET VALUE
Institutional — Based on net assets of $7,305,918,696 and 398,821,997 shares outstanding, 2 billion shares authorized, $0.10 par value	$	18.32

Investor A — Based on net assets of $9,615,538,777 and 528,683,584 shares outstanding, 2 billion shares authorized, $0.10 par value	$	18.19

Investor C — Based on net assets of $2,396,351,040 and 148,154,635 shares outstanding, 2 billion shares authorized, $0.10 par value	$	16.17

Class K — Based on net assets of $1,129,838,746 and 61,699,674 shares outstanding, 2 billion shares authorized, $0.10 par value	$	18.31

Class R — Based on net assets of $435,362,615 and 25,283,307 shares outstanding, 2 billion shares authorized, $0.10 par value	$	17.22

See notes to consolidated financial statements.


40		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statement of Operations (unaudited)

Six Months Ended April 30, 2020


	BlackRock Global Allocation Fund, Inc.

INVESTMENT INCOME
Dividends — affiliated	$	4,311,572
Dividends — unaffiliated		120,724,901
Interest — unaffiliated		89,060,821
Securities lending income — affiliated — net		1,331,286
Other income		294,120
Foreign taxes withheld		(5,343,471	)

Total investment income		210,379,229


EXPENSES
Investment advisory		84,672,991
Service and distribution — class specific		27,863,879
Transfer agent — class specific		10,504,790
Accounting services		1,097,040
Custodian		859,438
Professional		250,910
Directors and Officer		169,491
Registration		134,077
Printing		127,063
Miscellaneous		181,860

Total expenses excluding dividend expense and fees		125,861,539
Dividend expense — unaffiliated		863,767
Stock loan fees		3,305

Total expenses		126,728,611
Less:
Fees waived and/or reimbursed by the Manager		(4,751,937	)
Fees paid indirectly		(23,405	)

Total expenses after fees waived and/or reimbursed and paid indirectly		121,953,269

Net investment income		88,425,960


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Capital gain distributions from investment companies — affiliated		156
Futures contracts		341,804,637
Forward foreign currency exchange contracts		(43,441,302	)
Foreign currency transactions		5,069,453
Investments — affiliated		9,116,464
Investments — unaffiliated (net of $638,960 foreign capital gain tax)		709,298,709
Options written		24,654,365
Payment by affiliate		11,053
Short sales		(13,472	)
Swaps		(3,563,304	)

		1,042,936,759

Net change in unrealized appreciation (depreciation) on:
Futures contracts		5,870,426
Forward foreign currency exchange contracts		(72,850,148	)
Foreign currency translations		169,039
Investments — affiliated		(29,077,940	)
Investments — unaffiliated (net of $3,370,956 foreign capital gain tax)		(1,407,831,247	)
Options written		(12,761,245	)
Short sales		(4,314,967	)
Swaps		(21,760,750	)
Unfunded floating rate loan interests		31,820

		(1,542,525,012	)

Net realized and unrealized loss		(499,588,253	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(411,162,293	)

See notes to consolidated financial statements.


FINANCIAL STATEMENTS			41

Consolidated Statements of Changes in Net Assets


	BlackRock Global Allocation Fund, Inc.
	Six Months Ended 04/30/20 (unaudited)			Year Ended 10/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	88,425,960		$	359,384,978
Net realized gain		1,042,936,759			1,657,511,891
Net change in unrealized appreciation (depreciation)		(1,542,525,012	)		460,854,493

Net increase (decrease) in net assets resulting from operations		(411,162,293	)		2,477,751,362


DISTRIBUTIONS^(a)
Institutional		(325,461,010	)		(740,960,412	)
Investor A		(395,495,742	)		(660,060,342	)
Investor C		(112,087,094	)		(268,550,116	)
Class K		(45,415,301	)		(81,596,844	)
Class R		(21,757,706	)		(44,354,639	)

Decrease in net assets resulting from distributions to shareholders		(900,216,853	)		(1,795,522,353	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(1,917,388,554	)		(7,595,454,785	)


NET ASSETS
Total decrease in net assets		(3,228,767,700	)		(6,913,225,776	)
Beginning of period		24,111,777,574			31,025,003,350

End of period	$	20,883,009,874		$	24,111,777,574

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

See notes to consolidated financial statements.


42		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc.

	Institutional
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	19.36		$	18.81		$	20.39		$	18.43		$	19.88		$	21.77

Net investment income^(a)		0.10			0.30			0.28			0.25			0.25			0.26
Net realized and unrealized gain (loss)		(0.38	)		1.45			(0.84	)		2.12			(0.05	)		(0.22	)

Net increase (decrease) from investment operations		(0.28	)		1.75			(0.56	)		2.37			0.20			0.04


Distributions^(b)
From net investment income		(0.12	)		(0.22	)		(0.32	)		(0.26	)		(0.15	)		(0.45	)
From net realized gain		(0.64	)		(0.98	)		(0.70	)		(0.15	)		(1.50	)		(1.48	)

Total distributions		(0.76	)		(1.20	)		(1.02	)		(0.41	)		(1.65	)		(1.93	)


Net asset value, end of period	$	18.32		$	19.36		$	18.81		$	20.39		$	18.43		$	19.88	^(c)


Total Return^(d)
Based on net asset value		(1.65	)%^(e)(f)		9.96	%		(2.94	)%		13.10	%		1.34	%		0.31	%^(c)


Ratios to Average Net Assets^(g)
Total expenses		0.86	%^(h)		0.85	%		0.87	%		0.90	%		0.88	%		0.87	%

Total expenses after fees waived and/or reimbursed and paid indirectly		0.82	%^(h)		0.80	%		0.80	%		0.82	%		0.80	%		0.78	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		0.81	%^(h)		0.80	%		0.79	%		0.80	%		0.79	%		0.78	%

Net investment income		1.05	%^(h)		1.59	%		1.43	%		1.28	%		1.39	%		1.28	%


Supplemental Data
Net assets, end of period (000)	$	7,305,919		$	8,617,256		$	12,963,106		$	16,164,754		$	16,122,793		$	20,210,226

Portfolio turnover rate⁽ⁱ⁾		136	%		156	%		154	%		110	%		131	%		84	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Aggregate total return.

^(f)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)	Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:


	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		—	%		0.01	%		0.01	%		0.01	%		—	%

^(h)	Annualized.

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


	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015
Portfolio turnover rate (excluding MDRs)		136	%		156	%		154	%		110	%		131	%		82	%

See notes to consolidated financial statements.


CONSOLIDATED FINANCIAL HIGHLIGHTS			43

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc. (continued)

	Investor A
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	19.23		$	18.68		$	20.26		$	18.29		$	19.76		$	21.65

Net investment income^(a)		0.07			0.24			0.23			0.19			0.20			0.21
Net realized and unrealized gain (loss)		(0.38	)		1.46			(0.85	)		2.11			(0.04	)		(0.23	)

Net increase (decrease) from investment operations		(0.31	)		1.70			(0.62	)		2.30			0.16			(0.02	)


Distributions^(b)
From net investment income		(0.09	)		(0.17	)		(0.26	)		(0.18	)		(0.13	)		(0.39	)
From net realized gain		(0.64	)		(0.98	)		(0.70	)		(0.15	)		(1.50	)		(1.48	)

Total distributions		(0.73	)		(1.15	)		(0.96	)		(0.33	)		(1.63	)		(1.87	)


Net asset value, end of period	$	18.19		$	19.23		$	18.68		$	20.26		$	18.29		$	19.76	^(c)


Total Return^(d)
Based on net asset value		(1.80	)%^(e)(f)		9.71	%		(3.24	)%		12.77	%		1.08	%		0.02	%^(c)


Ratios to Average Net Assets^(g)
Total expenses		1.14	%^(h)		1.13	%		1.14	%		1.18	%		1.15	%		1.14	%

Total expenses after fees waived and/or reimbursed and paid indirectly		1.09	%^(h)		1.08	%		1.07	%		1.10	%		1.08	%		1.05	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		1.09	%^(h)		1.08	%		1.07	%		1.07	%		1.07	%		1.05	%

Net investment income		0.77	%^(h)		1.29	%		1.14	%		1.00	%		1.10	%		1.01	%


Supplemental Data
Net assets, end of period (000)	$	9,615,539		$	10,601,653		$	10,547,464		$	12,809,356		$	13,447,603		$	16,016,234

Portfolio turnover rate⁽ⁱ⁾		136	%		156	%		154	%		110	%		131	%		84	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Aggregate total return.

^(f)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)	Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:


	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		—	%		0.01	%		0.01	%		0.01	%		—	%

^(h)	Annualized.

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


	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015
Portfolio turnover rate (excluding MDRs)		136	%		156	%		154	%		110	%		131	%		82	%

See notes to consolidated financial statements.


44		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc. (continued)

	Investor C
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	17.17		$	16.82		$	18.33		$	16.57		$	18.11		$	20.00

Net investment income^(a)		—	^(b)		0.09			0.07			0.04			0.06			0.05
Net realized and unrealized gain (loss)		(0.34	)		1.30			(0.76	)		1.91			(0.04	)		(0.21	)

Net increase (decrease) from investment operations		(0.34	)		1.39			(0.69	)		1.95			0.02			(0.16	)


Distributions^(c)
From net investment income		(0.02	)		(0.06	)		(0.12	)		(0.04	)		(0.06	)		(0.25	)
From net realized gain		(0.64	)		(0.98	)		(0.70	)		(0.15	)		(1.50	)		(1.48	)

Total distributions		(0.66	)		(1.04	)		(0.82	)		(0.19	)		(1.56	)		(1.73	)


Net asset value, end of period	$	16.17		$	17.17		$	16.82		$	18.33		$	16.57		$	18.11	^(d)


Total Return^(e)
Based on net asset value		(2.19	)%^(f)(g)		8.88	%		(3.95	)%		11.92	%		0.36	%		(0.73	)%^(d)


Ratios to Average Net Assets^(h)
Total expenses		1.89	%⁽ⁱ⁾		1.88	%		1.88	%		1.92	%		1.89	%		1.88	%

Total expenses after fees waived and/or reimbursed and paid indirectly		1.85	%⁽ⁱ⁾		1.83	%		1.81	%		1.84	%		1.82	%		1.79	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		1.84	%⁽ⁱ⁾		1.82	%		1.81	%		1.82	%		1.82	%		1.79	%

Net investment income		0.01	%⁽ⁱ⁾		0.56	%		0.38	%		0.27	%		0.37	%		0.27	%


Supplemental Data
Net assets, end of period (000)	$	2,396,351		$	3,143,501		$	5,402,163		$	7,545,249		$	11,029,706		$	14,085,089

Portfolio turnover rate^(j)		136	%		156	%		154	%		110	%		131	%		84	%

^(a)	Based on average shares outstanding.

^(b)	Amount is less than $0.005 per share.

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

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

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

^(f)	Aggregate total return.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:


	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		—	%		0.01	%		0.01	%		0.01	%		—	%

⁽ⁱ⁾	Annualized.

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


	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015
Portfolio turnover rate (excluding MDRs)		136	%		156	%		154	%		110	%		131	%		82	%

See notes to consolidated financial statements.


CONSOLIDATED FINANCIAL HIGHLIGHTS			45

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc. (continued)

	Class K
	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			Period from 06/08/16 ^(a) to 10/31/16

Net asset value, beginning of period	$	19.36		$	18.80		$	20.39		$	18.44		$	18.23

Net investment income^(b)		0.10			0.31			0.30			0.27			0.08
Net realized and unrealized gain (loss)		(0.39	)		1.46			(0.85	)		2.12	��		0.13

Net increase (decrease) from investment operations		(0.29	)		1.77			(0.55	)		2.39			0.21


Distributions^(c)
From net investment income		(0.12	)		(0.23	)		(0.34	)		(0.29	)		—
From net realized gain		(0.64	)		(0.98	)		(0.70	)		(0.15	)		—

Total distributions		(0.76	)		(1.21	)		(1.04	)		(0.44	)		—


Net asset value, end of period	$	18.31		$	19.36		$	18.80		$	20.39		$	18.44


Total Return^(d)
Based on net asset value		(1.66	)%^(e)(f)		10.10	%		(2.91	)%		13.20	%		1.15	%^(e)


Ratios to Average Net Assets^(g)
Total expenses		0.79	%^(h)		0.78	%		0.80	%		0.82	%		0.79	%

Total expenses after fees waived and/or reimbursed and before paid indirectly		0.75	%^(h)		0.73	%		0.73	%		0.74	%		0.71	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		0.74	%^(h)		0.72	%		0.72	%		0.72	%		0.71	%

Net investment income		1.11	%^(h)		1.67	%		1.53	%		1.39	%		1.06	%


Supplemental Data
Net assets, end of period (000)	$	1,129,839		$	1,146,295		$	1,326,617		$	1,341,925		$	604,611

Portfolio turnover rate⁽ⁱ⁾		136	%		156	%		154	%		110	%		131	%^(j)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Aggregate total return.

^(f)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)	Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:


	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			Period from 06/08/16 ^(a) to 10/31/16
Investments in underlying funds		0.01	%		—	%		0.01	%		0.01	%		0.01	%

^(h)	Annualized.

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


	Six Months Ended 04/30/20 (unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			Period from 06/08/16^(a) to 10/31/16
Portfolio turnover rate (excluding MDRs)		136	%		156	%		154	%		110	%		131	%

^(j)	Portfolio turnover rate is representative of the Portfolio for the entire year.

See notes to consolidated financial statements.


46		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Allocation Fund, Inc. (continued)

	Class R
	Six Months Ended 04/30/20 (Unaudited)			Year Ended October 31,
	Six Months Ended 04/30/20 (Unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	18.24		$	17.77		$	19.32		$	17.46		$	18.96		$	20.86

Net investment income^(a)		0.04			0.17			0.15			0.13			0.14			0.13
Net realized and unrealized gain (loss)		(0.36	)		1.38			(0.80	)		2.01			(0.04	)		(0.22	)

Net increase (decrease) from investment operations		(0.32	)		1.55			(0.65	)		2.14			0.10			(0.09	)


Distributions^(b)
From net investment income		(0.06	)		(0.10	)		(0.20	)		(0.13	)		(0.10	)		(0.33	)
From net realized gain		(0.64	)		(0.98	)		(0.70	)		(0.15	)		(1.50	)		(1.48	)

Total distributions		(0.70	)		(1.08	)		(0.90	)		(0.28	)		(1.60	)		(1.81	)


Net asset value, end of period	$	17.22		$	18.24		$	17.77		$	19.32		$	17.46		$	18.96	^(c)


Total Return^(d)
Based on net asset value		(1.97	)%^(e)(f)		9.35	%		(3.56	)%		12.42	%		0.79	%		(0.37	)%^(c)


Ratios to Average Net Assets^(g)
Total expenses		1.47	%^(h)		1.46	%		1.47	%		1.50	%		1.47	%		1.48	%

Total expenses after fees waived and/or reimbursed and paid indirectly		1.43	%^(h)		1.41	%		1.40	%		1.42	%		1.39	%		1.40	%

Total expenses after fees waived and/or reimbursed and paid indirectly and excluding dividend expense, interest expense, broker fees and expenses on short sales		1.42	%^(h)		1.40	%		1.39	%		1.40	%		1.39	%		1.40	%

Net investment income		0.44	%^(h)		0.98	%		0.81	%		0.68	%		0.79	%		0.67	%


Supplemental Data
Net assets, end of period (000)	$	435,363		$	603,073		$	785,653		$	1,060,273		$	1,131,647		$	1,186,678

Portfolio turnover rate⁽ⁱ⁾		136	%		156	%		154	%		110	%		131	%		84	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Aggregate total return.

^(f)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)	Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:


	Six Months Ended 04/30/20 (unaudited)						Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		—	%		0.01	%		0.01	%		0.01	%		—	%

^(h)	Annualized.

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


	Six Months Ended 04/30/20 (unaudited)						Year Ended October 31,
	Six Months Ended 04/30/20 (unaudited)			2019			2018			2017			2016			2015
Portfolio turnover rate (excluding MDRs)		136	%		156	%		154	%		110	%		131	%		82	%

See notes to consolidated financial statements.


FINANCIAL HIGHLIGHTS			47

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 anopen-end management investment company. The Fund is organized as a Maryland corporation. The Fund is classified as diversified.

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


Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional, Class K and Class R Shares	No		No		None
Investor A Shares	Yes		No	^(a)	None
Investor C Shares	No		Yes	^(b)	To Investor A Shares after approximately 10 years

^(a)

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

^(b)

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

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

Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the account of BlackRock Cayman Global Allocation Fund I, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary as of period end were $517,323,909, which is 2.5% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Subsidiary may invest without limitation in commodity-related instruments.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition:For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Fund is informed of theex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

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

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

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

Distributions: Distributions paid by the Fund are recorded on theex-dividend date. Distributions of capital gains are recorded on theex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.


48		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

Recent Accounting Standards: The Fund adopted Financial Accounting Standards Board Accounting Standards Update2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities withnon-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis beginning with the fiscal period ended April 30, 2020. The adjusted cost basis of securities at October 31, 2019 is $21,758,799,568.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Fund.

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

•

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

•

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

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

•

Investments inopen-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

•

The Fund values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule2a-7 under the 1940 Act.

•

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

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			49

Notes to Consolidated Financial Statements (unaudited) (continued)

•

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

•

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

•

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

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

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


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

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

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

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

•

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

•

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

•

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification


50		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of April 30, 2020, certain investments of the Fund were fair valued using NAV (or its equivalent) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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

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

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

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

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

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generallynon-investment grade, often involve borrowers whose financial condition is troubled or


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			51

Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

Fund Name

Borrower

Par

Commitment

Amount

Value

Unrealized
Appreciation

BlackRock Global Allocation Fund, Inc

Opendoor GP II LLC

15,910,000

15,941,820

31,820

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

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

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

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


52		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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


Counterparty	Securities Loaned at Value		Cash Collateral Received^(a)			Net Amount
BofA Securities, Inc.	$	25,350,796	$	(25,350,796	)	$	—
Citigroup Global Markets Inc.		10,082,724		(10,082,724	)		—
Credit Suisse Securities (USA) LLC		11,660		(11,660	)		—
Deutsche Bank Securities, Inc.		183,325		(183,325	)		—
Goldman Sachs & Co		7,335,103		(7,335,103	)		—
Jefferies LLC		1,238,604		(1,238,604	)		—
JP Morgan Securities LLC		255,604,171		(255,604,171	)		—
Morgan Stanley & Co LLC		1,071,509		(1,071,509	)		—
National Financial Services LLC		15,395,792		(15,395,792	)		—
Nomura Securities International Inc.		106,286,632		(106,286,632	)		—
SG Americas Securities LLC		3,518,370		(3,518,370	)		—
State Street Bank & Trust Company		9,539,289		(9,539,289	)		—

	$	435,617,975	$	(435,617,975	)	$	—

^(a)

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

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


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			53

Notes to Consolidated Financial Statements (unaudited) (continued)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

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

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

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

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

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

•

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

•

Interest rate caps — Interest rate caps are entered into to gain or reduce exposure to interest rates (interest rate risk and/or other risk). Caps are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes exceed a specified rate, or “cap.” The maximum potential amount of future payments that the Fund would be required to make under an interest rate cap would be the notional amount times the percentage increase in interest rates determined by the difference between the interest rate index current value and the value at the time the cap was entered into.


54		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

•

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

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

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

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

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

•

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

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

•

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

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

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

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

•

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


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			55

Notes to Consolidated Financial Statements (unaudited) (continued)

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

•

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

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

•

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

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

Service and Distribution Fees:The Fund entered into a Distribution Agreement and Distribution Plans with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution Plans and in accordance with Rule12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:


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

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


56		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

For the six months ended April 30, 2020, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:


Investor A		Investor C		Class R		Total
$	12,667,905	$	13,878,931	$	1,317,043	$	27,863,879

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended April 30, 2020, the Fund paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Consolidated Statement of Operations:


Institutional		Investor A		Total
$	47,360	$	76	$	47,436

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended April 30, 2020, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations:


Institutional		Investor A		Investor C		Class K		Class R		Total
$	12,705	$	91,329	$	44,625	$	1,218	$	1,886	$	151,763

For the six months ended April 30, 2020, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:


Institutional		Investor A		Investor C		Class K		Class R		Total
$	3,146,835	$	5,247,009	$	1,557,405	$	49,109	$	504,432	$	10,504,790

Other Fees: For the six months ended April 30, 2020, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares, which totaled $57,448.

For the six months ended April 30, 2020, affiliates received CDSCs as follows:


Investor A		Investor C		Total
$	40,387	$	30,922	$	71,309

Expense Waivers and Reimbursements:The Manager contractually agreed to waive a portion of its investment advisory fees payable by the Fund through February 28, 2021, so that the Manager receives such fee as a percentage of average daily net assets of the Fund as follows:


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

The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Fund as defined in the 1940 Act the (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. During the six months ended April 30, 2020, the Manager waived $4,313,132 pursuant to this agreement.

The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through February 28, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of the Fund. Prior to February 28, 2020, this waiver was voluntary. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended April 30, 2020, the Manager waived $16,650.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through February 28, 2021. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended April 30, 2020, the Manager waived $422,155 in investment advisory fees pursuant to this arrangement.

For the six months ended April 30, 2020, the Fund reimbursed the Manager $152,604 for certain accounting services, which is included in accounting services in the Consolidated Statement of Operations.

Securities Lending:The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			57

Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the six months ended April 30, 2020, the Fund paid BIM $281,426 for securities lending agent services.

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

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board. During the six months ended April 30, 2020, the Fund did not participate in the Interfund Lending Program.

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

Other Transactions: During the six months ended April 30, 2020, the Fund received a reimbursement of $11,053, from an affiliate, which is included in payment by affiliate in the Consolidated Statement of Operations, related to an operating event.

The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the six months ended April 30, 2020, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule17a-7 under the 1940 Act were as follows:


Purchases		Sales		Net Realized Gain (Loss)
$	11,605,560	$	—	$	—

7.	*PURCHASES AND SALES*

For the six months ended April 30, 2020, purchases and sales of investments, including paydowns and mortgage dollar rolls, excluding short-term securities, were as follows:


	Purchases		Sales
Non-U.S. Government Securities	$	25,178,416,756	$	26,883,375,752
U.S. Government Securities		2,136,128,325		3,223,223,859

For the six months ended April 30, 2020, sales related to mortgage dollar rolls were $361,836,608.

8.	*INCOME TAX INFORMATION*

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


58		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for each of the four years ended October 30, 2019. 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, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements.

As of April 30, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	20,302,971,791

Gross unrealized appreciation	$	3,211,508,153
Gross unrealized depreciation		(1,530,168,486	)

Net unrealized appreciation	$	1,681,339,667

9.	*BANK BORROWINGS*

The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of(a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2021 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended April 30, 2020, the Fund did not borrow under the credit agreement.

10.

PRINCIPAL RISKS

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

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

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

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

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

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The impact of the pandemic may be short term or may last for an extended period of time.


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			59

Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

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

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

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

The Fund invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When 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 more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Consolidated Schedule of Investments.


60		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:


	Six Months Ended 04/30/20						Year Ended 10/31/19
	Shares			Amount			Shares			Amount
Institutional
Shares sold		25,520,456		$	477,754,216			65,547,601		$	1,211,921,527
Shares issued in reinvestment of distributions		15,421,478			295,783,936			38,223,294			679,170,797
Shares redeemed		(87,111,834	)		(1,614,988,319	)		(348,120,063	)		(6,489,291,802	)

Net decrease		(46,169,900	)	$	(841,450,167	)		(244,349,168	)	$	(4,598,199,478	)


Investor A
Shares sold and automatic conversion of shares		34,414,324		$	641,294,437			114,513,713		$	2,131,384,710
Shares issued in reinvestment of distributions		19,304,228			368,131,617			34,806,478			615,764,480
Shares redeemed		(76,300,140	)		(1,418,398,901	)		(162,648,789	)		(3,008,794,310	)

Net decrease		(22,581,588	)	$	(408,972,847	)		(13,328,598	)	$	(261,645,120	)


Investor C
Shares sold		2,578,143		$	42,749,212			7,512,871		$	123,175,408
Shares issued in reinvestment of distributions		6,271,069			106,608,173			16,253,238			256,393,304
Shares redeemed		(43,738,261	)		(727,137,420	)		(161,893,916	)		(2,696,127,334	)

Net decrease		(34,889,049	)	$	(577,780,035	)		(138,127,807	)	$	(2,316,558,622	)


Class K
Shares sold		8,397,073		$	156,790,369			15,405,222		$	288,087,479
Shares issued in reinvestment of distributions		2,347,930			45,009,825			4,551,509			80,871,066
Shares redeemed		(8,254,960	)		(156,087,863	)		(31,310,151	)		(589,431,669	)

Net increase (decrease)		2,490,043		$	45,712,331			(11,353,420	)	$	(220,473,124	)


Class R
Shares sold		1,353,455		$	23,985,011			4,070,448		$	71,438,095
Shares issued in reinvestment of distributions		1,203,613			21,749,285			2,644,412			44,332,192
Shares redeemed		(10,332,636	)		(180,632,132	)		(17,862,274	)		(314,348,728	)

Net decrease		(7,775,568	)	$	(134,897,836	)		(11,147,414	)	$	(198,578,441	)

Total Net Decrease		(108,926,062	)	$	(1,917,388,554	)		(418,306,407	)	$	(7,595,454,785	)

12.

SUBSEQUENT EVENTS

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


NOTESTO CONSOLIDATED FINANCIAL STATEMENTS			61

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Directors (the “Board”) of BlackRock Global Allocation Fund, Inc., on behalf of BlackRock Global Allocation Fund, Inc., met on November 12-13, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the BlackRock open-end funds, excluding money market funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the operation of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

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

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

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

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

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


62		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Director and Officer Information

Mark Stalnecker, Chair of the Board and Director

Bruce R. Bond, Director

Susan J. Carter, Director

Collette Chilton, Director

Neil A. Cotty, Director

Lena G. Goldberg, Director

Henry R. Keizer, Director

Cynthia A. Montgomery, Director

Donald C. Opatrny, Director

Joseph P. Platt, Director

Kenneth L. Urish, Director

Claire A. Walton, Director

Robert Fairbairn, Director

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

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Lisa Belle, Anti-Money Laundering Compliance Officer

Janey Ahn, Secretary

Effective December 31, 2019, Robert M. Hernandez retired as Director of the Fund.

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Accounting Agent

State Street Bank and Trust Company

Boston, MA 02111

Custodian

Brown Brothers Harriman & Co.

Boston, MA 02109

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809


DIRECTORAND OFFICER INFORMATION			63

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 as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Form N-PORT andN-Q are available on the SEC’s website at sec.gov. The Fund’s FormN-Q may also be obtained upon request and without charge by calling(800) 441-7762.

Availability of Proxy Voting Policies and Procedures

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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


64		2020 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Additional Information (continued)

BlackRock Privacy Principles

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

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

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

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

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

Glossary of Terms Used in this Report


Currency

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

CLP		Chilean Peso

DKK		Danish Krone

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

NOK		Norwegian Krone

NZD		New Zealand Dollar

SEK		Swedish Krona

SGD		Singapore Dollar

TRY		Turkish Lira

TWD		Taiwan New Dollar

USD		U.S. Dollar

ZAR		South African Rand


Portfolio Abbreviations

ADR		American Depositary Receipts

CME		Chicago Mercantile Exchange

ETF		Exchange-Traded Fund

MSCI		Morgan Stanley Capital International

OTC		Over-the-Counter

PCL		Public Company Limited

PIK		Payment-In-Kind

REIT		Real Estate Investment Trust

S&P		S&P Global Ratings

SPDR		Standard & Poor’s Depository Receipts


ADDITIONAL INFORMATION / GLOSSARYOF TERMS USEDINTHIS REPORT			65

Want to know more?

blackrock.com | 800-441-7762

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

GA-4/20-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 FormN-CSR filing.

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

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

Item 9 –		Purchases of Equity Securities byClosed-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 Rule30a-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 Rule30a-3(b) under the 1940 Act and Rule15d-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 Rule30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Item 13 –		Exhibits attached hereto

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

		(a)(2) – Section 302 Certifications are attached

		(a)(3) – Not Applicable

		(a)(4) – Not Applicable

		(b) – Section 906 Certifications are attached

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 2, 2020

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 2, 2020


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

Date: July 2, 2020

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