# EDGAR Filing Document

**Accession Number:** 0001738074
**File Stem:** 0001193125-25-196048
**Filing Date:** 2025-9
**Character Count:** 943346
**Document Hash:** e42980aca1b94ec80e821ead9aefe973
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196048.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196048

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds IV
- **CENTRAL INDEX KEY:** 0001738074

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23341
- **FILM NUMBER:** 251293541

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### BlackRock Systematic Multi-Strategy Fund (Series ID: S000062369)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000202321 | Investor A Shares    |  |
| C000202322 | Investor C Shares    |  |
| C000202323 | Institutional Shares |  |
| C000222461 | Class K              |  |

?xml version='1.0' encoding='ASCII'? BlackRock Funds IV

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-23341

Name of Fund:

---

| |
|:---|
| BlackRock Funds IV |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Systematic Multi-Strategy Fund |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds IV, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

12/31/2025

Date of reporting period:

6/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK Retail Logo](g118933images_5145.jpg)

### BlackRock Systematic Multi-Strategy Fund

### Institutional Shares \| BIMBX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Systematic Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $46 | 0.92%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7794566562 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2368 |
| Portfolio Turnover Rate | &nbsp;&nbsp;134% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)(b)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Corporate Bonds | 45.5% |
| Non-Agency Mortgage-Backed Securities | 25.1% |
| U.S. Treasury Obligations | 19.4% |
| U.S. Government Sponsored Agency Securities | 11.6% |
| Common Stocks | 5.5% |
| Asset-Backed Securities | 1.6% |
| Money Market Funds | 0.2% |
| TBA Sale Commitments | (0.1)% |
| Liabilities in Excess of Other Assets | (8.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Industry allocation** | **Industry allocation** | **Industry allocation** | **Industry allocation** |
|  | *Percent of Total<br> Investments<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(c)</sup>* |
| *Industry* | *Long* | *Short* | *Total* |
| Consumer Discretionary | 8.3% | 4.9% | 13.2% |
| Financials | 10.9% | 2.3% | 13.2% |
| Industrials | 5.3% | 3.6% | 8.9% |
| Information Technology | 4.1% | 3.7% | 7.8% |
| Health Care | 5.1% | 2.1% | 7.2% |
| Consumer Staples | 3.9% | 2.6% | 6.5% |
| Energy | 4.2% | 2.3% | 6.5% |
| Materials | 4.0% | 2.4% | 6.4% |
| Communication Services | 4.0% | 0.9% | 4.9% |
| Utilities | 3.5% | 1.2% | 4.7% |
| Real Estate | 2.5% | 0.5% | 3.0% |
| Other<sup>(d)</sup> | 17.7% | —% | 17.7% |
|  | 73.5 | 26.5 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes underlying investments in equity swaps.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(d)</sup></sup><sup>Consist of Asset-Backed Securities (0.7%), Non-Agency Mortgaged-Backed Securities (11.5%) and U.S. Government Sponsored Agency Obligations (5.4%).</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g118933images_5144.jpg)

BlackRock Systematic Multi-Strategy Fund

Institutional Shares \| BIMBX

Semi-Annual Shareholder Report — June 30, 2025

BIMBX-06/25-SAR

![TSR - BLK Retail Logo](g118933images_5145.jpg)

### BlackRock Systematic Multi-Strategy Fund

### Investor A Shares \| BAMBX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Systematic Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $61 | 1.20%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7794566562 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2368 |
| Portfolio Turnover Rate | &nbsp;&nbsp;134% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)(b)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Corporate Bonds | 45.5% |
| Non-Agency Mortgage-Backed Securities | 25.1% |
| U.S. Treasury Obligations | 19.4% |
| U.S. Government Sponsored Agency Securities | 11.6% |
| Common Stocks | 5.5% |
| Asset-Backed Securities | 1.6% |
| Money Market Funds | 0.2% |
| TBA Sale Commitments | (0.1)% |
| Liabilities in Excess of Other Assets | (8.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Industry allocation** | **Industry allocation** | **Industry allocation** | **Industry allocation** |
|  | *Percent of Total<br> Investments<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(c)</sup>* |
| *Industry* | *Long* | *Short* | *Total* |
| Consumer Discretionary | 8.3% | 4.9% | 13.2% |
| Financials | 10.9% | 2.3% | 13.2% |
| Industrials | 5.3% | 3.6% | 8.9% |
| Information Technology | 4.1% | 3.7% | 7.8% |
| Health Care | 5.1% | 2.1% | 7.2% |
| Consumer Staples | 3.9% | 2.6% | 6.5% |
| Energy | 4.2% | 2.3% | 6.5% |
| Materials | 4.0% | 2.4% | 6.4% |
| Communication Services | 4.0% | 0.9% | 4.9% |
| Utilities | 3.5% | 1.2% | 4.7% |
| Real Estate | 2.5% | 0.5% | 3.0% |
| Other<sup>(d)</sup> | 17.7% | —% | 17.7% |
|  | 73.5 | 26.5 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes underlying investments in equity swaps.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(d)</sup></sup><sup>Consist of Asset-Backed Securities (0.7%), Non-Agency Mortgaged-Backed Securities (11.5%) and U.S. Government Sponsored Agency Obligations (5.4%).</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g118933images_5144.jpg)

BlackRock Systematic Multi-Strategy Fund

Investor A Shares \| BAMBX

Semi-Annual Shareholder Report — June 30, 2025

BAMBX-06/25-SAR

![TSR - BLK Retail Logo](g118933images_5145.jpg)

### BlackRock Systematic Multi-Strategy Fund

### Investor C Shares \| BMBCX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Systematic Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor C Shares | $96 | 1.90%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7794566562 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2368 |
| Portfolio Turnover Rate | &nbsp;&nbsp;134% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)(b)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Corporate Bonds | 45.5% |
| Non-Agency Mortgage-Backed Securities | 25.1% |
| U.S. Treasury Obligations | 19.4% |
| U.S. Government Sponsored Agency Securities | 11.6% |
| Common Stocks | 5.5% |
| Asset-Backed Securities | 1.6% |
| Money Market Funds | 0.2% |
| TBA Sale Commitments | (0.1)% |
| Liabilities in Excess of Other Assets | (8.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Industry allocation** | **Industry allocation** | **Industry allocation** | **Industry allocation** |
|  | *Percent of Total<br> Investments<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(c)</sup>* |
| *Industry* | *Long* | *Short* | *Total* |
| Consumer Discretionary | 8.3% | 4.9% | 13.2% |
| Financials | 10.9% | 2.3% | 13.2% |
| Industrials | 5.3% | 3.6% | 8.9% |
| Information Technology | 4.1% | 3.7% | 7.8% |
| Health Care | 5.1% | 2.1% | 7.2% |
| Consumer Staples | 3.9% | 2.6% | 6.5% |
| Energy | 4.2% | 2.3% | 6.5% |
| Materials | 4.0% | 2.4% | 6.4% |
| Communication Services | 4.0% | 0.9% | 4.9% |
| Utilities | 3.5% | 1.2% | 4.7% |
| Real Estate | 2.5% | 0.5% | 3.0% |
| Other<sup>(d)</sup> | 17.7% | —% | 17.7% |
|  | 73.5 | 26.5 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes underlying investments in equity swaps.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(d)</sup></sup><sup>Consist of Asset-Backed Securities (0.7%), Non-Agency Mortgaged-Backed Securities (11.5%) and U.S. Government Sponsored Agency Obligations (5.4%).</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g118933images_5144.jpg)

BlackRock Systematic Multi-Strategy Fund

Investor C Shares \| BMBCX

Semi-Annual Shareholder Report — June 30, 2025

BMBCX-06/25-SAR

![TSR - BLK Retail Logo](g118933images_5145.jpg)

### BlackRock Systematic Multi-Strategy Fund

### Class K Shares \| BKMBX

#### Semi-Annual Shareholder Report — June 30, 2025

------

This semi-annual shareholder report contains important information about BlackRock Systematic Multi-Strategy Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $41 | 0.81%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Annualized.</sup>

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7794566562 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2368 |
| Portfolio Turnover Rate | &nbsp;&nbsp;134% |

---

#### What did the Fund invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Asset Type<sup>(a)(b)</sup>* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| Corporate Bonds | 45.5% |
| Non-Agency Mortgage-Backed Securities | 25.1% |
| U.S. Treasury Obligations | 19.4% |
| U.S. Government Sponsored Agency Securities | 11.6% |
| Common Stocks | 5.5% |
| Asset-Backed Securities | 1.6% |
| Money Market Funds | 0.2% |
| TBA Sale Commitments | (0.1)% |
| Liabilities in Excess of Other Assets | (8.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Industry allocation** | **Industry allocation** | **Industry allocation** | **Industry allocation** |
|  | *Percent of Total<br> Investments<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(c)</sup>* | *Percent of Total<br> Investments<sup>(c)</sup>* |
| *Industry* | *Long* | *Short* | *Total* |
| Consumer Discretionary | 8.3% | 4.9% | 13.2% |
| Financials | 10.9% | 2.3% | 13.2% |
| Industrials | 5.3% | 3.6% | 8.9% |
| Information Technology | 4.1% | 3.7% | 7.8% |
| Health Care | 5.1% | 2.1% | 7.2% |
| Consumer Staples | 3.9% | 2.6% | 6.5% |
| Energy | 4.2% | 2.3% | 6.5% |
| Materials | 4.0% | 2.4% | 6.4% |
| Communication Services | 4.0% | 0.9% | 4.9% |
| Utilities | 3.5% | 1.2% | 4.7% |
| Real Estate | 2.5% | 0.5% | 3.0% |
| Other<sup>(d)</sup> | 17.7% | —% | 17.7% |
|  | 73.5 | 26.5 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes underlying investments in equity swaps.</sup> |
| <sup><sup>(b)</sup></sup><sup>Excludes short-term securities.</sup> |
| <sup><sup>(c)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>(d)</sup></sup><sup>Consist of Asset-Backed Securities (0.7%), Non-Agency Mortgaged-Backed Securities (11.5%) and U.S. Government Sponsored Agency Obligations (5.4%).</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g118933images_5144.jpg)

BlackRock Systematic Multi-Strategy Fund

Class K Shares \| BKMBX

Semi-Annual Shareholder Report — June 30, 2025

BKMBX-06/25-SAR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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 Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

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

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

------

![](g118933img1b2854b11.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Strategic Global Bond Fund, Inc.** |
| **BlackRock Funds IV** |
| • BlackRock Systematic Multi-Strategy Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [The Benefits and Risks of Leveraging](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_RskDeriv-Footer-FundBookName-881_1)  | 3 |
| [Derivative Financial Instruments](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_RskDeriv-Footer-FundBookName-881_1)  | 3 |
| [Schedules of Investments](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_SOI-Footer-FundBookName-881_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_FS-Footer-FundBookName-881_1)  | 102 |
| [Statements of Operations](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_FS-Footer-FundBookName-881_4)  | 105 |
| [Statements of Changes in Net Assets](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_FS-Footer-FundBookName-881_6)  | 107 |
| [Financial Highlights](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_FIHI-Footer-FundBookName-881_1)  | 108 |
| [Notes to Financial Statements](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_NTF-Footer-FundBookName-881_1)  | 116 |
| [Additional Information](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_ADDInfo-Footer-FundBookName-881_1)  | 132 |
| [Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_IAA1-Footer-FundBookName_1)  | 134 |
| [Glossary of Terms Used in these Financial Statements](#xx_08ea8d75-b5ea-4935-9658-842952e0b94e_Terms-Footer-FundBookName-881_1)  | 138 |

---

------

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance returns and net asset value ("NAV"). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by each Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund's shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to each Fund's shareholders, and the value of these portfolio holdings is reflected in each Fund's per share NAV. However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other ongoing costs of leverage exceed a Fund's return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage.

Furthermore, the value of each Fund's portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can also influence the value of portfolio investments. As a result, changes in interest rates can influence each Fund's NAV positively or negatively in addition to the impact on each Fund's performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that a Fund's leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund's NAV and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV of a Fund's shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of the leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund's ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by each Fund's shareholders and may reduce income.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' 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 a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

The Benefits and Risks of Leveraging / Derivative Financial Instruments

------

Consolidated Schedule of Investments (unaudited)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| **Australia**<sup>(a)(b)</sup> **— 0.2%** | **Australia**<sup>(a)(b)</sup> **— 0.2%** | **Australia**<sup>(a)(b)</sup> **— 0.2%** |  |
| Latitude Australia Credit Card Master Trust, <br> Series 2025-1, Class A, 11/23/37<sup>(c)</sup><br>| AUD | 500 | $328141 |
| Metro Finance Trust, Series 2025-1, Class A, (1-Month <br> BBSW + 1.17%), 4.97%, 10/15/31<br>|  | 500 | 328887 |
| Panorama Auto Trust, Series 25-1, Class A, (1-Month <br> BBSW + 0.97%), 4.71%, 03/15/33<br>|  | 469 | 307621 |
| RESIMAC, Series 2025-1, Class A, (1-Month BBSW + <br> 1.10%), 4.84%, 09/12/56<br>|  | 500 | 329427 |
|  |  |  | 1294076 |
| **Bermuda — 0.4%** | **Bermuda — 0.4%** | **Bermuda — 0.4%** |  |
| Symphony CLO Ltd., Series 2023-40A, Class AR, (3-mo. <br> CME Term SOFR + 1.31%), 5.55%, 01/05/38<sup>(b)(d)</sup><br>| USD | 3050 | 3059862 |
| **Cayman Islands**<sup>(d)</sup> **— 3.1%** | **Cayman Islands**<sup>(d)</sup> **— 3.1%** | **Cayman Islands**<sup>(d)</sup> **— 3.1%** |  |
| AGL CLO Ltd., Series 2021-13A, Class B, (3-mo. CME <br> Term SOFR + 1.91%), 6.18%, 10/20/34<sup>(b)</sup><br>|  | 1000 | 1001005 |
| Apidos CLO LIII, Series 2025-53A, Class A1, (3-mo. <br> CME Term SOFR + 1.32%), 5.65%, 07/20/38<sup>(b)</sup><br>|  | 2000 | 2006390 |
| Apidos CLO XXXVI, Series 2021-36A, Class B, (3-mo. <br> CME Term SOFR + 1.86%), 6.13%, 07/20/34<sup>(b)</sup><br>|  | 250 | 250510 |
| Barings CLO Ltd., Series 2020-1A, Class A1R2, (3-mo. <br> CME Term SOFR + 1.26%), 5.52%, 01/15/38<sup>(b)</sup><br>|  | 1515 | 1518163 |
| Benefit Street Partners CLO VIII Ltd., Series 2015-8A, <br> Class A1AR, (3-mo. CME Term SOFR + 1.36%), <br> 5.63%, 01/20/31<sup>(b)</sup><br>|  | 113 | 112909 |
| Carlyle Global Market Strategies CLO Ltd., Series 2014-<br> 3RA, Class A1B, (3-mo. CME Term SOFR + 1.56%), <br> 5.84%, 07/27/31<sup>(b)</sup><br>|  | 1000 | 1000211 |
| Carlyle U.S. CLO Ltd., Series 2024-6A, Class B, (3-mo. <br> CME Term SOFR + 1.70%), 6.16%, 10/25/37<sup>(b)</sup><br>|  | 2500 | 2503252 |
| Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, <br> (3-mo. CME Term SOFR + 1.91%), 6.19%, <br> 07/17/34<sup>(b)</sup><br>|  | 250 | 250408 |
| CIFC Funding Ltd., Series 2013-1A, Class A2R, (3-mo. <br> CME Term SOFR + 2.01%), 6.27%, 07/16/30<sup>(b)</sup><br>|  | 1000 | 1003342 |
| Diameter Capital CLO Ltd., Series 2021-2A, Class A2R, <br> (3-mo. CME Term SOFR + 1.80%), 6.06%, <br> 10/15/37<sup>(b)</sup><br>|  | 500 | 500717 |
| Dryden CLO Ltd., Series 2017-53A, Class A, (3-mo. <br> CME Term SOFR + 1.38%), 5.64%, 01/15/31<sup>(b)</sup><br>|  | 370 | 370555 |
| Dryden Senior Loan Fund<sup>(b)</sup> <br>|  |  |  |
| Series 2015-37A, Class AR, (3-mo. CME Term SOFR <br> + 1.36%), 5.62%, 01/15/31<br>|  | 283 | 283286 |
| Series 2017-49, Class AR, (3-mo. CME Term SOFR + <br> 1.21%), 5.48%, 07/18/30<br>|  | 280 | 280189 |
| Gracie Point International Funding LLC<sup>(b)</sup> <br>|  |  |  |
| Series 2023-1A, Class A, (90-day Avg SOFR + <br> 1.95%), 6.30%, 09/01/26<br>|  | 93 | 92960 |
| Series 2023-2A, Class A, (90-day Avg SOFR + <br> 2.25%), 6.60%, 03/01/27<br>|  | 179 | 179556 |
| LCM Ltd., Series 26A, Class A1, (3-mo. CME Term <br> SOFR + 1.33%), 5.60%, 01/20/31<sup>(b)</sup><br>|  | 53 | 53135 |
| LCM XVIII LP, Series 18A, Class A1R, (3-mo. CME Term <br> SOFR + 1.28%), 5.55%, 04/20/31<sup>(b)</sup><br>|  | 117 | 116952 |
| Loanpal Solar Loan Ltd., Series 2020-2GF, Class A, <br> 2.75%, 07/20/47<br>|  | 70 | 59133 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |  |
| Octagon Investment Partners 36 Ltd., Series 2018-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.23%), 5.49%, <br> 04/15/31<sup>(b)</sup><br>| USD | 271 | $271017 |
| OHA Credit Funding Ltd., Series 2025-20A, Class A, <br> (3-mo. CME Term SOFR + 1.10%), 5.31%, <br> 04/20/38<sup>(b)</sup><br>|  | 1030 | 1028465 |
| Orion CLO Ltd., Series 2025-5A, Class D1, <br> 07/20/38<sup>(b)(c)(e)</sup><br>|  | 500 | 500000 |
| Park Blue CLO Ltd., Series 2022-2A, Class A1R, (3-mo. <br> CME Term SOFR + 1.42%), 5.69%, 07/20/37<sup>(b)</sup><br>|  | 2000 | 2008004 |
| PFS Financing Corp., Series 2022-D, Class B, 4.90%, <br> 08/15/27<br>|  | 1134 | 1133730 |
| Post CLO VI Ltd.<sup>(b)</sup> <br>|  |  |  |
| Series 2024-2A, Class A1, (3-mo. CME Term SOFR + <br> 1.42%), 5.88%, 01/20/38<br>|  | 2000 | 2009552 |
| Series 2024-2A, Class D1, (3-mo. CME Term SOFR + <br> 3.20%), 7.66%, 01/20/38<br>|  | 1000 | 1002532 |
| Rad CLO Ltd., Series 2023-18A, Class A1R, (3-mo. CME <br> Term SOFR + 1.40%), 5.72%, 07/15/37<sup>(b)</sup><br>|  | 1130 | 1133675 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class A1R, <br> (3-mo. CME Term SOFR + 1.16%), 5.42%, <br> 04/15/38<sup>(b)</sup><br>|  | 2000 | 1998984 |
| Rockford Tower CLO Ltd., Series 2017-3A, Class A, (3-<br> mo. CME Term SOFR + 1.45%), 5.72%, 10/20/30<sup>(b)</sup><br>|  | 105 | 105236 |
| Shackleton CLO Ltd., Series 2013-3A, Class AR, (3-mo. <br> CME Term SOFR + 1.38%), 5.64%, 07/15/30<sup>(b)</sup><br>|  | 22 | 21524 |
| Signal Peak CLO Ltd., Series 2020-8A, Class A1R, (3-<br> mo. CME Term SOFR + 1.39%), 5.66%, 10/20/37<sup>(b)</sup><br>|  | 1000 | 1004571 |
| Steele Creek CLO Ltd., Series 2017-1A, Class A, (3-mo. <br> CME Term SOFR + 1.51%), 5.77%, 10/15/30<sup>(b)</sup><br>|  | 50 | 49781 |
| Symphony CLO XIX Ltd., Series 2018-19A, Class A, <br> (3-mo. CME Term SOFR + 1.22%), 5.48%, <br> 04/16/31<sup>(b)</sup><br>|  | 302 | 302025 |
| Tiaa CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME <br> Term SOFR + 1.41%), 5.67%, 01/16/31<sup>(b)</sup><br>|  | 77 | 76906 |
| TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. <br> CME Term SOFR + 1.91%), 6.17%, 07/15/34<sup>(b)</sup><br>|  | 325 | 325417 |
| Voya CLO Ltd., Series 2017-2A, Class A2AR, (3-mo. <br> CME Term SOFR + 1.91%), 6.17%, 06/07/30<sup>(b)</sup><br>|  | 620 | 622600 |
| Warwick Capital CLO Ltd.<sup>(b)</sup> <br>|  |  |  |
| Series 2024-4A, Class A1, (3-mo. CME Term SOFR + <br> 1.40%), 5.67%, 07/20/37<br>|  | 1000 | 1003790 |
| Series 2025-6A, Class A1, (3-mo. CME Term SOFR + <br> 1.43%), 5.70%, 07/20/38<br>|  | 1000 | 1003100 |
|  |  |  | 27183582 |
| **France**<sup>(a)(b)</sup> **— 0.0%** | **France**<sup>(a)(b)</sup> **— 0.0%** | **France**<sup>(a)(b)</sup> **— 0.0%** |  |
| Noria DE |  |  |  |
| Series 2024-DE1, Class B, (1-mo. EURIBOR + <br> 0.95%), 2.84%, 02/25/43<br>| EUR | 100 | 117652 |
| Series 2024-DE1, Class C, (1-mo. EURIBOR + <br> 1.25%), 3.14%, 02/25/43<br>|  | 100 | 117963 |
|  |  |  | 235615 |
| **Germany**<sup>(a)(b)</sup> **— 0.0%** | **Germany**<sup>(a)(b)</sup> **— 0.0%** | **Germany**<sup>(a)(b)</sup> **— 0.0%** |  |
| FCT Autonoria DE, Series 2023-DE, Class B, (1-mo. <br> EURIBOR + 1.15%), 3.04%, 01/26/43<br>|  | 45 | 53445 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |  |
| Red & Black Auto Germany UG |  |  |  |
| Series 10, Class B, (1-mo. EURIBOR + 1.20%), <br> 3.09%, 09/15/32<br>| EUR | 80 | $93622 |
| Series 8, Class B, (1-mo. EURIBOR + 0.75%), 2.64%, <br> 09/15/30<br>|  | 24 | 28567 |
|  |  |  | 175634 |
| **Ireland**<sup>(a)(b)</sup> **— 0.2%** | **Ireland**<sup>(a)(b)</sup> **— 0.2%** | **Ireland**<sup>(a)(b)</sup> **— 0.2%** |  |
| Aurium CLO VIII DAC, Series 8X, Class D, (3-mo. <br> EURIBOR + 3.00%), 5.01%, 06/23/34<br>|  | 100 | 117839 |
| Avoca CLO XXII DAC, Series 22X, Class B1, (3-mo. <br> EURIBOR + 1.30%), 3.58%, 04/15/35<br>|  | 100 | 116913 |
| CIFC European Funding CLO I DAC, Series 1X, <br> Class DR, (3-mo. EURIBOR + 3.20%), 5.48%, <br> 07/15/32<br>|  | 100 | 117865 |
| CVC Cordatus Loan Fund IV DAC, Series 4X, <br> Class BR1, (3-mo. EURIBOR + 1.30%), 3.36%, <br> 02/22/34<br>|  | 100 | 117075 |
| Dilosk RMBS No. 9 DAC, Series 9, Class A, (3-mo. <br> EURIBOR + 0.68%), 2.84%, 01/25/63<br>|  | 133 | 156230 |
| Harvest CLO XXXII DAC, Series 2032X, Class D, (3-mo. <br> EURIBOR + 3.60%), 5.76%, 07/25/37<br>|  | 100 | 118935 |
| Henley CLO IV DAC, Series 4X, Class B1, (3-mo. <br> EURIBOR + 1.35%), 3.51%, 04/25/34<br>|  | 100 | 117541 |
| Palmer Square European CLO DAC, Series 2022-2X, <br> Class DR, (3-mo. EURIBOR + 4.00%), 6.28%, <br> 01/15/38<br>|  | 100 | 117795 |
| Penta CLO DAC, Series 2024-17X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.39%, 08/15/38<br>|  | 100 | 118008 |
| Providus CLO V DAC, Series 5X, Class D, (3-mo. <br> EURIBOR + 2.95%), 5.09%, 02/15/35<br>|  | 100 | 117782 |
| Providus CLO VI DAC, Series 6X, Class D, (3-mo. <br> EURIBOR + 3.20%), 5.30%, 05/20/34<br>|  | 100 | 118389 |
| Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.49%, 10/20/38<br>|  | 100 | 118649 |
|  |  |  | 1453021 |
| **Italy**<sup>(a)(b)</sup> **— 0.2%** | **Italy**<sup>(a)(b)</sup> **— 0.2%** | **Italy**<sup>(a)(b)</sup> **— 0.2%** |  |
| Auto ABS Italian Stella Loans SRL |  |  |  |
| Series 2024-1, Class A, (1-mo. EURIBOR + 0.73%), <br> 2.66%, 12/29/36<br>|  | 238 | 281115 |
| Series 2024-1, Class B, (1-mo. EURIBOR + 1.20%), <br> 3.13%, 12/29/36<br>|  | 104 | 122517 |
| Series 2025-1, Class B, (1-mo. EURIBOR + 1.00%), <br> 3.04%, 12/28/40<br>|  | 167 | 196954 |
| AutoFlorence SRL, Series 3, Class A, (1-mo. EURIBOR <br> + 0.95%), 2.82%, 12/25/46<br>|  | 312 | 368571 |
| Brignole Co., Series 2024, Class A, (1-mo. EURIBOR + <br> 0.78%), 2.65%, 02/24/42<br>|  | 201 | 236553 |
| Quarzo SRL, Series 2024-1, Class B, (3-mo. EURIBOR <br> + 1.60%), 3.58%, 06/15/41<br>|  | 88 | 104457 |
| Red & Black Auto Italy SRL, Series 3, Class A, (1-mo. <br> EURIBOR + 0.81%), 2.74%, 07/28/36<br>|  | 239 | 282502 |
|  |  |  | 1592669 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Jersey**<sup>(b)(d)</sup> **— 0.6%** | **Jersey**<sup>(b)(d)</sup> **— 0.6%** | **Jersey**<sup>(b)(d)</sup> **— 0.6%** |  |
| AGL CLO Ltd., Series 2023-24A, Class A2R, (3-mo. <br> CME Term SOFR + 1.71%), 6.04%, 03/31/38<br>| USD | 2000 | $2017158 |
| Hamlin Park CLO Ltd., Series 2024-1A, Class A, (3-mo. <br> CME Term SOFR + 1.34%), 5.61%, 10/20/37<br>|  | 3000 | 3010246 |
|  |  |  | 5027404 |
| **Luxembourg**<sup>(a)(b)</sup> **— 0.1%** | **Luxembourg**<sup>(a)(b)</sup> **— 0.1%** | **Luxembourg**<sup>(a)(b)</sup> **— 0.1%** |  |
| Asset-Backed European Securitisation Transaction <br> Twenty-Three SARL, Series 2023, Class B, (1-mo. <br> EURIBOR + 1.30%), 3.18%, 03/21/34<br>| EUR | 100 | 118531 |
| Auto1 Car Funding SARL, Series 2024-1, Class A, (1-<br> mo. EURIBOR + 0.70%), 2.59%, 12/15/33<br>|  | 129 | 151730 |
| FACT SA/LU, Series 2024-1, Class B, (1-mo. EURIBOR <br> + 1.05%), 2.95%, 09/22/31<br>|  | 100 | 118007 |
| Golden Ray SA - Compartment 1, Series 1, Class A2, <br> (1-mo. EURIBOR + 0.80%), 2.89%, 12/27/57<br>|  | 272 | 320538 |
| Pony SA, Series 2024-1, Class B, (1-mo. EURIBOR + <br> 0.85%), 2.74%, 01/14/33<br>|  | 100 | 117509 |
| SC Germany SA Compartment Consumer |  |  |  |
| Series 2024-2, Class B, (1-mo. EURIBOR + 1.10%), <br> 2.99%, 05/14/38<br>|  | 100 | 118300 |
| Series 2025-1, Class B, (1-mo. EURIBOR + 0.95%), <br> 2.86%, 12/14/38<br>|  | 100 | 117960 |
| TREVA Equipment Finance SA - Compartment, <br> Series 2024-1, Class B, (1-mo. EURIBOR + 0.90%), <br> 2.80%, 01/20/35<br>|  | 51 | 60675 |
|  |  |  | 1123250 |
| **Netherlands**<sup>(a)(b)</sup> **— 0.0%** | **Netherlands**<sup>(a)(b)</sup> **— 0.0%** | **Netherlands**<sup>(a)(b)</sup> **— 0.0%** |  |
| Domi BV, Series 2023-1, Class A, (3-mo. EURIBOR + <br> 1.12%), 3.26%, 02/15/55<br>|  | 122 | 144882 |
| Mila BV, Series 2024-1, Class A, (1-mo. EURIBOR + <br> 0.69%), 2.78%, 09/16/41<br>|  | 156 | 183981 |
|  |  |  | 328863 |
| **Spain**<sup>(a)(b)</sup> **— 0.0%** | **Spain**<sup>(a)(b)</sup> **— 0.0%** | **Spain**<sup>(a)(b)</sup> **— 0.0%** |  |
| Autonoria Spain FT, Series 2021-SP, Class B, (1-mo. <br> EURIBOR + 0.80%), 2.69%, 01/31/39<br>|  | 52 | 60914 |
| FTA Consumo Santander, Series 8, Class B, (3-mo. <br> EURIBOR + 1.20%), 3.29%, 01/21/40<br>|  | 100 | 117960 |
|  |  |  | 178874 |
| **United Kingdom**<sup>(a)</sup> **— 0.5%** | **United Kingdom**<sup>(a)</sup> **— 0.5%** | **United Kingdom**<sup>(a)</sup> **— 0.5%** |  |
| Asimi Funding PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2024-1, Class A, (1-day SONIA GBP 1.00%), <br> 5.22%, 09/16/31<br>| GBP | 38 | 51395 |
| Series 2025-1, Class A, (1-day SONIA GBP 0.95%), <br> 5.17%, 05/16/32<br>|  | 131 | 179687 |
| Atlas Funding PLC, Series 2023-1, Class B, (1-day <br> SONIA GBP 1.90%), 6.12%, 01/20/61<sup>(b)</sup><br>|  | 100 | 138683 |
| Dowson PLC, Series 2024-1, Class B, (1-day SONIA <br> GBP 1.25%), 5.47%, 08/20/31<sup>(b)</sup><br>|  | 149 | 204527 |
| Edenbrook Mortgage Funding PLC, Series 2024-1, <br> Class A, (1-day SONIA GBP 0.87%), 5.11%, <br> 03/22/57<sup>(b)</sup><br>|  | 210 | 289604 |
| Elstree Funding PLC, Series 2005, Class A, (1-day <br> SONIA GBP 0.85%), 5.07%, 08/21/61<sup>(b)</sup><br>|  | 252 | 346451 |
| Hermitage PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2023-1, Class B, (1-day SONIA GBP 2.45%), <br> 6.67%, 09/21/33<br>|  | 100 | 137617 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| Hermitage PLC<sup>(b)</sup> (continued) |  |  |  |
| Series 2024-1, Class A, (1-day SONIA GBP 0.90%), <br> 5.12%, 04/21/33<br>| GBP | 196 | $269756 |
| Series 2024-1, Class B, (1-day SONIA GBP 1.25%), <br> 5.47%, 04/21/33<br>|  | 65 | 89962 |
| Hops Hill, Series 5, Class B, 06/21/56<sup>(b)(c)</sup> |  | 100 | 137265 |
| Mortimer Mix PLC, Series 2024-MIX, Class B, (1-day <br> SONIA GBP 1.15%), 5.39%, 09/22/67<sup>(b)</sup><br>|  | 100 | 137420 |
| NewDay Funding, Series 2025-2X, Class B, <br> 07/15/33<sup>(b)(c)</sup><br>|  | 134 | 183935 |
| Newday Funding Master Issuer PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2024-2X, Class A, (1-day SONIA GBP 0.90%), <br> 5.12%, 07/15/32<br>|  | 275 | 378718 |
| Series 2024-3X, Class B, (1-day SONIA GBP 1.30%), <br> 5.52%, 11/15/32<br>|  | 100 | 137715 |
| PCL Funding IX PLC, Series 2024-1, Class A, (1-day <br> SONIA GBP 0.90%), 5.12%, 07/16/29<sup>(b)</sup><br>|  | 318 | 437507 |
| PCL Funding VIII PLC, Series 2023-1, Class A, (1-day <br> SONIA GBP 1.18%), 5.40%, 05/15/28<sup>(b)</sup><br>|  | 400 | 551311 |
| Polaris PLC, Series 2023-1, Class B, (1-day SONIA GBP <br> 2.75%), 6.97%, 02/23/61<sup>(b)</sup><br>|  | 160 | 223557 |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<br>|  | 62 | 88853 |
| Winchester PLC, Series 2001, Class B, (1-day SONIA <br> GBP 1.20%), 5.50%, 10/21/56<sup>(b)</sup><br>|  | 100 | 137270 |
|  |  |  | 4121233 |
| **United States**<sup>(d)</sup> **— 3.7%** | **United States**<sup>(d)</sup> **— 3.7%** | **United States**<sup>(d)</sup> **— 3.7%** |  |
| Affirm Asset Securitization Trust |  |  |  |
| Series 2024-A, Class A, 5.61%, 02/15/29 | USD | 570 | 572593 |
| Series 2025-X1, Class C, 5.34%, 04/15/30 |  | 100 | 100076 |
| Affirm Master Trust, Series 2025-1A, Class A, 4.99%, <br> 02/15/33<br>|  | 610 | 614685 |
| Aqua Finance Trust, Series 2021-A, Class A, 1.54%, <br> 07/17/46<br>|  | 27 | 24528 |
| BHG Securitization Trust |  |  |  |
| Series 2021-A, Class A, 1.42%, 11/17/33 |  | 24 | 23305 |
| Series 2021-A, Class B, 2.79%, 11/17/33 |  | 100 | 96588 |
| Brex Commercial Charge Card Master Trust, <br> Series 2024-1, Class A1, 6.05%, 07/15/27<br>|  | 129 | 129988 |
| College Avenue Student Loans LLC, Series 2023-B, <br> Class A1A, 6.50%, 06/25/54<br>|  | 291 | 305598 |
| College Avenue Student Loans Trust, Series 2024-A, <br> Class A1B, (30-day Avg SOFR + 1.75%), 6.06%, <br> 06/25/54<sup>(b)</sup><br>|  | 336 | 341449 |
| Concord Music Royalties LLC, Series 2024-1A, Class A, <br> 5.64%, 10/20/74<br>|  | 895 | 897357 |
| ELFI Graduate Loan Program LLC, Series 2023-A, <br> Class A, 6.37%, 02/04/48<br>|  | 557 | 579710 |
| Enterprise Fleet Financing LLC, Series 2024-4, Class A4, <br> 4.70%, 06/20/31<br>|  | 65 | 65745 |
| FIGRE Trust, Series 2025-HE3, Class A, 5.56%, <br> 05/25/55<sup>(b)</sup><br>|  | 2015 | 2028343 |
| Flatiron CLO LLC, Series 2023-1A, Class DR, (3-mo. <br> CME Term SOFR + 2.70%), 7.01%, 04/17/36<sup>(b)</sup><br>|  | 700 | 702982 |
| FNA 8 LLC, Series 2025-1, Class A, 5.62%, 03/15/45<sup>(b)</sup> |  | 294 | 294863 |
| Foundation Finance Trust |  |  |  |
| Series 2021-2A, Class A, 2.19%, 01/15/42 |  | 90 | 85629 |
| Series 2023-2A, Class A, 6.53%, 06/15/49 |  | 221 | 230734 |
| Series 2024-2A, Class B, 4.93%, 03/15/50 |  | 97 | 97107 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| Goldman Home Improvement Trust Issuer Trust, <br> Series 2022-GRN2, Class A, 6.80%, 10/25/52<br>| USD | 48 | $49247 |
| GoodLeap Home Improvement Solutions Trust |  |  |  |
| Series 2024-1A, Class A, 5.35%, 10/20/46 |  | 599 | 606142 |
| Series 2025-1A, Class A, 5.38%, 02/20/49 |  | 521 | 527521 |
| Series 2025-1A, Class B, 6.27%, 02/20/49 |  | 24 | 24136 |
| Series 2025-2A, Class A, 5.32%, 06/20/49 |  | 1036 | 1045241 |
| Series 2025-2A, Class B, 5.98%, 06/20/49 |  | 288 | 291539 |
| GoodLeap Sustainable Home Solutions Trust |  |  |  |
| Series 2021-3CS, Class A, 2.10%, 05/20/48 |  | 209 | 163623 |
| Series 2022-3CS, Class A, 4.95%, 07/20/49 |  | 24 | 21725 |
| Gracie Point International Funding LLC, Series 2024-1A, <br> Class A, (90-day Avg SOFR + 1.70%), 6.12%, <br> 03/01/28<sup>(b)</sup><br>|  | 306 | 306568 |
| GreenSky Home Improvement Trust, Series 2024-1, <br> Class A4, 5.67%, 06/25/59<br>|  | 304 | 309743 |
| Huntington Bank Auto Credit-Linked Notes<sup>(b)</sup> <br>|  |  |  |
| Series 2024-1, Class B2, (30-day Avg SOFR + <br> 1.40%), 5.70%, 05/20/32<br>|  | 177 | 177679 |
| Series 2024-2, Class B2, (30-day Avg SOFR + <br> 1.35%), 5.65%, 10/20/32<br>|  | 287 | 288056 |
| Lendmark Funding Trust |  |  |  |
| Series 2024-1A, Class B, 5.88%, 06/21/32 |  | 100 | 101735 |
| Series 2024-2A, Class B, 4.86%, 02/21/34 |  | 100 | 99630 |
| Series 2025-1A, Class A, 4.94%, 09/20/34 |  | 316 | 318469 |
| Series 2025-1A, Class B, 5.33%, 09/20/34 |  | 310 | 314238 |
| Lyra Music Assets Delaware LP, Series 2024-2A, <br> Class A2, 5.76%, 12/22/64<br>|  | 419 | 420838 |
| Mariner Finance Issuance Trust |  |  |  |
| Series 2023-AA, Class A, 6.70%, 10/22/35 |  | 1468 | 1478887 |
| Series 2023-AA, Class B, 7.11%, 10/22/35 |  | 789 | 802972 |
| Series 2024-AA, Class A, 5.13%, 09/22/36 |  | 241 | 244077 |
| Series 2024-BA, Class D, 6.36%, 11/20/38 |  | 100 | 101932 |
| Series 2025-AA, Class A, 4.98%, 05/20/38 |  | 469 | 475364 |
| Series 2025-AA, Class B, 5.33%, 05/20/38 |  | 172 | 175138 |
| Mosaic Solar Loan Trust, Series 2023-4, Class A, 6.40%, <br> 05/20/53<br>|  | 201 | 203269 |
| Navient Private Education Loan Trust, Series 2014-AA, <br> Class A3, (1 mo. Term SOFR + 1.71%), 6.03%, <br> 10/15/31<sup>(b)</sup><br>|  | 29 | 28577 |
| Navient Private Education Refi Loan Trust |  |  |  |
| Series 2020-CA, Class A2B, (1 mo. Term SOFR + <br> 1.71%), 6.03%, 11/15/68<sup>(b)</sup><br>|  | 378 | 379904 |
| Series 2021-DA, Class A, (Prime - 1.99%), 5.51%, <br> 04/15/60<sup>(b)</sup><br>|  | 136 | 134693 |
| Series 2024-A, Class A, 5.66%, 10/15/72 |  | 564 | 571656 |
| Navient Student Loan Trust |  |  |  |
| Series 2023-B, Class A1B, (30-day Avg SOFR + <br> 1.70%), 6.00%, 03/15/72<sup>(b)</sup><br>|  | 159 | 160490 |
| Series 2023-BA, Class A1A, 6.48%, 03/15/72 |  | 111 | 113382 |
| Nelnet Student Loan Trust |  |  |  |
| Series 2021-A, Class B1, 2.85%, 04/20/62 |  | 136 | 120280 |
| Series 2021-DA, Class B, 2.90%, 04/20/62 |  | 700 | 624237 |
| Series 2021-DA, Class C, 3.50%, 04/20/62 |  | 100 | 85846 |
| Series 2023-PL1A, Class A1A, (30-day Avg SOFR + <br> 2.25%), 6.56%, 11/25/53<sup>(b)</sup><br>|  | 106 | 107750 |
| Series 2025-AA, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.40%, 03/15/57<sup>(b)</sup><br>|  | 597 | 592328 |
| OneMain Direct Auto Receivables Trust, Series 2025-1A, <br> Class D, 6.10%, 07/14/37<br>|  | 100 | 101518 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| OneMain Financial Issuance Trust |  |  |  |
| Series 2020-2A, Class B, 2.21%, 09/14/35 | USD | 1132 | $1077637 |
| Series 2022-2A, Class B, 5.24%, 10/14/34 |  | 189 | 189668 |
| Series 2023-2A, Class D, 7.52%, 09/15/36 |  | 552 | 568203 |
| Series 2024-1A, Class A, 5.79%, 05/14/41 |  | 764 | 799470 |
| Point Broadband Funding LLC, Series 2025-1A, <br> Class A2, 07/20/55<sup>(c)</sup><br>|  | 271 | 270996 |
| Regional Management Issuance Trust |  |  |  |
| Series 2021-1, Class B, 2.42%, 03/17/31 |  | 256 | 254329 |
| Series 2021-2, Class B, 2.35%, 08/15/33 |  | 990 | 916400 |
| Series 2022-1, Class A, 3.07%, 03/15/32 |  | 223 | 221388 |
| Series 2024-2, Class A, 5.11%, 12/15/33 |  | 100 | 100547 |
| Republic Finance Issuance Trust |  |  |  |
| Series 2021-A, Class A, 2.30%, 12/22/31 |  | 186 | 184864 |
| Series 2021-A, Class B, 2.80%, 12/22/31 |  | 136 | 133275 |
| Series 2021-A, Class C, 3.53%, 12/22/31 |  | 100 | 97217 |
| Series 2021-A, Class D, 5.23%, 12/22/31 |  | 800 | 775404 |
| Series 2024-B, Class A, 5.42%, 11/20/37 |  | 424 | 430298 |
| Series 2024-B, Class B, 5.86%, 11/20/37 |  | 152 | 154484 |
| Service Experts Issuer LLC |  |  |  |
| Series 2021-1A, Class A, 2.67%, 02/02/32 |  | 115 | 112133 |
| Series 2024-1A, Class A, 6.39%, 11/20/35 |  | 141 | 143193 |
| Sesac Finance LLC, Series 2024-1, Class A2, 6.42%, <br> 01/25/54<br>|  | 50 | 51358 |
| SMB Private Education Loan Trust |  |  |  |
| Series 2024-A, Class A1B, (30-day Avg SOFR + <br> 1.45%), 5.75%, 03/15/56<sup>(b)</sup><br>|  | 712 | 719333 |
| Series 2024-A, Class B, 5.88%, 03/15/56 |  | 408 | 418575 |
| Series 2024-C, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.40%, 06/17/52<sup>(b)</sup><br>|  | 147 | 145584 |
| SoFi Consumer Loan Program Trust |  |  |  |
| Series 2025-1, Class A, 4.80%, 02/27/34 |  | 854 | 855857 |
| Series 2025-1, Class B, 5.12%, 02/27/34 |  | 100 | 100983 |
| Series 2025-2, Class A, 4.82%, 06/25/34 |  | 2807 | 2811400 |
| SoFi Personal Loan Term |  |  |  |
| Series 2024-1, Class R1, 0.00%, 02/12/31 |  | 10 | 281388 |
| Series 2024-1A, Class A, 6.06%, 02/12/31 |  | 214 | 214848 |
| Subway Funding LLC, Series 2024-1A, Class A2II, <br> 6.27%, 07/30/54<br>|  | 232 | 237508 |
| Towd Point Mortgage Trust, Series 2024-CES2, <br> Class A1A, 6.13%, 02/25/64<sup>(b)</sup><br>|  | 1385 | 1397014 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST4, <br> Class A, 5.50%, 08/16/32<br>|  | 202 | 202000 |
|  |  |  | 32625064 |
| **Total Asset-Backed Securities — 9.0%** <br>**(Cost: $77,261,222)** | **Total Asset-Backed Securities — 9.0%** <br>**(Cost: $77,261,222)** | **Total Asset-Backed Securities — 9.0%** <br>**(Cost: $77,261,222)** | 78399147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.0%** | **Australia — 0.0%** |  |
| IREN Ltd.<sup>(f)</sup> | 7890 | 114957 |
| **Canada — 0.0%** | **Canada — 0.0%** |  |
| Algoma Steel Group, Inc. | 26292 | 181152 |
| **Chile — 0.0%** | **Chile — 0.0%** |  |
| Wom New Holdco<sup>(e)(f)</sup> | 1029 | 28812 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China — 0.1%** | **China — 0.1%** |  |
| Alibaba Group Holding Ltd., ADR | 1519 | $172270 |
| BYD Co. Ltd., Class H | 7500 | 116775 |
| Tencent Holdings Ltd. | 924 | 59539 |
|  |  | 348584 |
| **France — 0.0%** | **France — 0.0%** |  |
| LVMH Moet Hennessy Louis Vuitton SE | 128 | 66993 |
| **Italy — 0.1%** | **Italy — 0.1%** |  |
| Intesa Sanpaolo SpA | 17084 | 98411 |
| Prysmian SpA | 1501 | 106269 |
| UniCredit SpA | 1076 | 72182 |
|  |  | 276862 |
| **Japan — 0.0%** | **Japan — 0.0%** |  |
| Rakuten Group, Inc.<sup>(f)</sup> | 25300 | 139408 |
| **Spain — 0.0%** | **Spain — 0.0%** |  |
| CaixaBank SA | 24433 | 211707 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| Genius Sports Ltd.<sup>(f)</sup> | 21560 | 224224 |
| **United States — 1.1%** | **United States — 1.1%** |  |
| AMC Networks, Inc., Class A<sup>(f)</sup> | 12756 | 79980 |
| Amentum Holdings, Inc.<sup>(f)</sup> | 13314 | 314344 |
| Anduril Industries, Inc.<sup>(e)(f)</sup> | 3592 | 146841 |
| Apollo Global Management, Inc. | 1115 | 158185 |
| Bank of America Corp. | 1883 | 89104 |
| Boeing Co.<sup>(f)</sup> | 786 | 164691 |
| Boston Scientific Corp.<sup>(f)</sup> | 1417 | 152200 |
| Broadcom, Inc. | 276 | 76079 |
| Caesars Entertainment, Inc.<sup>(f)</sup> | 3619 | 102743 |
| Capital One Financial Corp. | 1656 | 352331 |
| Carrier Global Corp. | 868 | 63529 |
| Cirkul, Inc., (Expires 04/25/35, Strike Price USD <sup>(e)(f)</sup> | 995 | 13612 |
| Cirkul, Inc., (Expires 04/25/35, Strike Price USD <sup>(e)(f)</sup> | 1021 | 4707 |
| Citigroup, Inc. | 1478 | 125807 |
| CommScope Holding Co., Inc.<sup>(f)</sup> | 14815 | 122668 |
| Coreweave, Inc., (Acquired 10/03/24, Cost: <br> $220,865)<sup>(f)(g)</sup><br>| 4700 | 766382 |
| Costco Wholesale Corp. | 46 | 45537 |
| D.R. Horton, Inc. | 753 | 97077 |
| Delta Air Lines, Inc. | 2771 | 136278 |
| DF Residential III LP<sup>(e)(f)</sup> | 358703 | 358703 |
| Duke Energy Corp. | 1500 | 177000 |
| Eli Lilly & Co. | 191 | 148890 |
| EOG Resources, Inc. | 988 | 118175 |
| Flagstar Financial, Inc. | 60626 | 642636 |
| Flowco Holdings, Inc., Class A | 12475 | 222180 |
| Freewire Equity<sup>(e)(f)</sup> | 6 |  |
| HNG Hospitality Offshore LP, (Acquired 02/16/24, Cost: <br> $538,000)<sup>(e)(f)(g)</sup><br>| 538000 | 419640 |
| Home Depot, Inc. | 186 | 68195 |
| JPMorgan Chase & Co. | 430 | 124661 |
| Lam Research Corp. | 1189 | 115737 |
| Lockheed Martin Corp. | 359 | 166267 |
| Lumen Technologies, Inc.<sup>(f)</sup> | 56004 | 245298 |
| Meta Platforms, Inc., Class A | 226 | 166808 |
| Micron Technology, Inc. | 1695 | 208909 |
| MNTN, Inc., Series D, (Acquired 11/05/21, Cost: <br> $138,642)<sup>(f)(g)</sup><br>| 6037 | 132029 |
| Netflix, Inc.<sup>(f)</sup> | 173 | 231670 |
| NRG Energy, Inc. | 1166 | 187236 |
| NVIDIA Corp. | 1260 | 199067 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Palladyne AI Corp<sup>(f)</sup> | 305 | $2641 |
| Solaris Energy Infrastructure, Inc., Class A | 23932 | 677036 |
| Sonder Holdings, Inc., Class A<sup>(f)</sup> | 2292 | 6188 |
| Space Exploration Technologies Corp., Class A, <br> (Acquired 08/21/23, Cost: $85,374)<sup>(e)(f)(g)</sup><br>| 1054 | 194990 |
| Space Exploration Technologies Corp., Class C, <br> (Acquired 08/21/23, Cost: $91,692)<sup>(e)(f)(g)</sup><br>| 1132 | 209420 |
| Toll Brothers, Inc. | 773 | 88223 |
| Trane Technologies PLC | 213 | 93168 |
| Uber Technologies, Inc.<sup>(f)</sup> | 2943 | 274582 |
| United Airlines Holdings, Inc.<sup>(f)</sup> | 1570 | 125019 |
| Venture Global, Inc., Class A | 866 | 13492 |
| Vertiv Holdings Co., Class A | 2237 | 287253 |
| Viper Energy, Inc., Class A | 2413 | 92008 |
| Vistra Corp. | 1328 | 257380 |
| Walmart, Inc. | 1117 | 109220 |
| Walt Disney Co. | 791 | 98092 |
| Warner Bros Discovery, Inc., Class A<sup>(f)</sup> | 32211 | 369138 |
|  |  | 9843046 |
| **Total Common Stocks — 1.3%** <br>**(Cost: $9,507,871)** | **Total Common Stocks — 1.3%** <br>**(Cost: $9,507,871)** | 11435745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Argentina**<sup>(d)</sup> **— 0.1%** | **Argentina**<sup>(d)</sup> **— 0.1%** | **Argentina**<sup>(d)</sup> **— 0.1%** | **Argentina**<sup>(d)</sup> **— 0.1%** |
| Pampa Energia SA, 7.88%, 12/16/34 | USD | 39 | 38907 |
| Telecom Argentina SA, 9.25%, 05/28/33 |  | 40 | 40705 |
| Vista Energy Argentina SAU |  |  |  |
| 8.50%, 06/10/33 |  | 126 | 126913 |
| 7.63%, 12/10/35 |  | 239 | 231304 |
| YPF SA, 9.50%, 01/17/31 |  | 156 | 163410 |
|  |  |  | 601239 |
| **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** | **Australia — 0.8%** |
| FMG Resources August 2006 Pty. Ltd.<sup>(d)</sup> <br>|  |  |  |
| 4.38%, 04/01/31 |  | 2 | 1869 |
| 6.13%, 04/15/32 |  | 107 | 108838 |
| Glencore Capital Finance DAC<sup>(a)</sup> <br>|  |  |  |
| 1.13%, 03/10/28 | EUR | 1929 | 2186214 |
| 3.75%, 02/04/32 |  | 792 | 936286 |
| Insurance Australia Group Ltd., (1-Month BBSW + <br> 1.68%), 5.39%, 06/15/37<sup>(a)(b)</sup><br>| AUD | 200 | 129324 |
| IREN Ltd., Series IREN, 3.50%, 12/15/29<sup>(d)(h)</sup> | USD | 132 | 170676 |
| Mineral Resources Ltd.<sup>(d)</sup> <br>|  |  |  |
| 8.00%, 11/01/27 |  | 100 | 100466 |
| 9.25%, 10/01/28 |  | 135 | 138160 |
| 8.50%, 05/01/30 |  | 220 | 218911 |
| NSW Electricity Networks Finance Pty. Ltd., (1-Month <br> BBSW + 2.05%), 5.78%, 03/11/55<sup>(a)(b)</sup><br>| AUD | 470 | 307558 |
| Oceana Australian Fixed Income Trust, A Note Upsize<sup>(e)</sup> <br>|  |  |  |
| 12.00%, 07/31/25 |  | 166 | 109395 |
| 12.50%, 07/31/26 |  | 248 | 167302 |
| 12.50%, 07/31/27 |  | 414 | 285771 |
| 10.50%, 07/31/28 |  | 348 | 232197 |
| Origin Energy Finance Ltd., 1.00%, 09/17/29<sup>(a)</sup> | EUR | 962 | 1034015 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
| Pacific National Finance Pty. Ltd., 7.75%, 12/11/54<sup>(a)(b)</sup> | AUD | 960 | $627142 |
| Scentre Group Trust 1, (1-Month BBSW + 2.00%), <br> 5.60%, 03/31/55<sup>(a)(b)</sup><br>|  | 400 | 260891 |
|  |  |  | 7015015 |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| KBC Group NV, (1-year UK Government Bond + 0.92%), <br> 1.25%, 09/21/27<sup>(a)(b)</sup><br>| GBP | 100 | 131731 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| Golar LNG Ltd., 2.75%, 12/15/30<sup>(d)(h)</sup> | USD | 76 | 77900 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| 3R Lux SARL, 9.75%, 02/05/31<sup>(d)</sup> |  | 200 | 202250 |
| Azul Secured Finance LLP, 11.93%, 08/28/28<sup>(f)(i)</sup> |  | 223 | 51321 |
| MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(d)</sup><br>|  | 202 | 160069 |
| Pluxee NV, 3.50%, 09/04/28<sup>(a)</sup> | EUR | 100 | 118921 |
| Raizen Fuels Finance SA, 6.70%, 02/25/37<sup>(a)</sup> | USD | 200 | 195875 |
| Samarco Mineracao SA<sup>(j)</sup> <br>|  |  |  |
| (9.50% PIK), 9.50%, 06/30/31<sup>(a)</sup> |  | 504 | 493810 |
| (9.50% PIK), 9.50%, 06/30/31<sup>(d)</sup> |  | 136 | 133662 |
| Suzano Austria GmbH |  |  |  |
| 6.00%, 01/15/29 |  | 200 | 205500 |
| 5.00%, 01/15/30 |  | 200 | 199486 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 61 | 59628 |
|  |  |  | 1820522 |
| **Canada — 0.7%** | **Canada — 0.7%** | **Canada — 0.7%** | **Canada — 0.7%** |
| Air Canada Pass-Through Trust, Series 2020-1, Class C, <br> 10.50%, 07/15/26<sup>(d)</sup><br>|  | 302 | 317855 |
| Baytex Energy Corp., 7.38%, 03/15/32<sup>(d)</sup> |  | 138 | 131775 |
| Bombardier, Inc.<sup>(d)</sup> <br>|  |  |  |
| 7.25%, 07/01/31 |  | 4 | 4199 |
| 7.00%, 06/01/32 |  | 103 | 107262 |
| 6.75%, 06/15/33 |  | 7 | 7253 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(d)</sup> <br>|  |  |  |
| 6.25%, 09/15/27 |  | 100 | 99577 |
| 5.00%, 06/15/29 |  | 65 | 59155 |
| 4.88%, 02/15/30 |  | 145 | 129426 |
| Burger King (Restaurant Brands International, Inc.)/New <br> Red Finance, Inc.<sup>(d)</sup> <br>|  |  |  |
| 3.88%, 01/15/28 |  | 100 | 97406 |
| 4.38%, 01/15/28 |  | 291 | 285369 |
| 4.00%, 10/15/30 |  | 108 | 100642 |
| Garda World Security Corp.<sup>(d)</sup> <br>|  |  |  |
| 7.75%, 02/15/28 |  | 44 | 45521 |
| 8.38%, 11/15/32 |  | 182 | 186952 |
| HR Ottawa LP, 11.00%, 03/31/31<sup>(d)</sup> |  | 1942 | 2110262 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br> LLC, 9.00%, 02/15/29<sup>(d)</sup><br>|  | 100 | 104555 |
| NOVA Chemicals Corp.<sup>(d)</sup> <br>|  |  |  |
| 5.25%, 06/01/27 |  | 163 | 162148 |
| 9.00%, 02/15/30 |  | 142 | 153354 |
| Open Text Corp., 3.88%, 12/01/29<sup>(d)</sup> |  | 88 | 82889 |
| Open Text Holdings, Inc., 4.13%, 12/01/31<sup>(d)</sup> |  | 92 | 84705 |
| Prime Investment Partners Ltd., 11.00%, 05/01/30<sup>(e)</sup> |  | 904 | 902242 |
| Rogers Communications, Inc., (5-year CMT + 2.65%), <br> 7.00%, 04/15/55<sup>(b)</sup><br>|  | 100 | 102236 |
| Toronto-Dominion Bank, 2.88%, 04/05/27<sup>(a)</sup> | GBP | 100 | 133516 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo <br> U.S. LLC, 9.50%, 05/15/30<sup>(d)</sup><br>| USD | 341 | $348576 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(d)</sup> |  | 102 | 106188 |
|  |  |  | 5863063 |
| **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
| AES Andes SA, (5-year CMT + 3.84%), 8.15%, <br> 06/10/55<sup>(b)(d)</sup><br>|  | 400 | 412588 |
| Corp. Nacional del Cobre de Chile, 3.15%, 01/14/30<sup>(a)</sup> |  | 200 | 185563 |
| Empresa Nacional de Telecomunicaciones SA, 4.75%, <br> 08/01/26<sup>(a)</sup><br>|  | 200 | 200450 |
| Telefonica Moviles Chile SA, 3.54%, 11/18/31<sup>(d)</sup> |  | 164 | 101975 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(d)(h)(j)</sup><br>|  | 544 | 532688 |
| WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31<sup>(d)(j)</sup> |  | 303 | 298093 |
|  |  |  | 1731357 |
| **China — 0.3%** | **China — 0.3%** | **China — 0.3%** | **China — 0.3%** |
| Alibaba Group Holding Ltd., 0.50%, 06/01/31<sup>(h)</sup> |  | 61 | 77703 |
| Fantasia Holdings Group Co. Ltd., 11.88%, <br> 06/01/23<sup>(a)(f)(i)</sup><br>|  | 200 | 5500 |
| Far East Horizon Ltd., 6.00%, 10/01/28<sup>(a)</sup> |  | 825 | 821420 |
| Fortune Star BVI Ltd., 3.95%, 10/02/26<sup>(a)</sup> | EUR | 1500 | 1701302 |
| Prosus NV, 3.06%, 07/13/31<sup>(a)</sup> | USD | 200 | 177000 |
|  |  |  | 2782925 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| ABRA Global Finance, (6.00% Cash & 8.00% PIK), <br> 14.00%, 10/22/29<sup>(d)(j)</sup><br>|  | 485 | 366395 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 69 | 71070 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(d)</sup> |  | 412 | 313297 |
| Promigas SA ESP/Gases del Pacifico SAC, 3.75%, <br> 10/16/29<sup>(a)</sup><br>|  | 400 | 370588 |
|  |  |  | 1121350 |
| **Czech Republic**<sup>(a)</sup> **— 0.1%** | **Czech Republic**<sup>(a)</sup> **— 0.1%** | **Czech Republic**<sup>(a)</sup> **— 0.1%** | **Czech Republic**<sup>(a)</sup> **— 0.1%** |
| Allwyn Entertainment Financing U.K. PLC, 7.25%, <br> 04/30/30<br>| EUR | 200 | 250315 |
| Czechoslovak Group A/S, 01/10/31<sup>(c)</sup> |  | 125 | 149498 |
| EP Infrastructure AS, 1.82%, 03/02/31 |  | 393 | 412359 |
|  |  |  | 812172 |
| **Denmark — 0.1%** | **Denmark — 0.1%** | **Denmark — 0.1%** | **Denmark — 0.1%** |
| Carlsberg Breweries A/S, 3.25%, 02/28/32<sup>(a)</sup> |  | 540 | 634567 |
| SGL Group ApS, (3-mo. EURIBOR + 4.75%), 7.01%, <br> 04/22/30<sup>(b)</sup><br>|  | 200 | 236019 |
|  |  |  | 870586 |
| **Estonia — 0.0%** | **Estonia — 0.0%** | **Estonia — 0.0%** | **Estonia — 0.0%** |
| Eesti Energia AS, (5-year EURIBOR ICE Swap + <br> 5.17%), 7.88%<sup>(a)(b)(k)</sup><br>|  | 160 | 195157 |
| **Finland**<sup>(a)</sup> **— 0.0%** | **Finland**<sup>(a)</sup> **— 0.0%** | **Finland**<sup>(a)</sup> **— 0.0%** | **Finland**<sup>(a)</sup> **— 0.0%** |
| Ahlstrom Holding 3 OY, 3.63%, 02/04/28 |  | 100 | 115678 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 |  | 100 | 118294 |
|  |  |  | 233972 |
| **France — 1.4%** | **France — 1.4%** | **France — 1.4%** | **France — 1.4%** |
| Altice France SA, 4.25%, 10/15/29<sup>(a)</sup> |  | 100 | 98653 |
| Atos SE<sup>(a)(l)</sup> <br>|  |  |  |
| 5.20%, 12/18/30 |  | 58 | 58084 |
| 9.36%, 12/18/29 |  | 94 | 122813 |
| Banijay Entertainment SAS, 7.00%, 05/01/29<sup>(a)</sup> |  | 100 | 123108 |
| Banque Federative du Credit Mutuel SA, (5-year <br> EURIBOR ICE Swap + 1.75%), 4.00%, 01/15/35<sup>(a)(b)</sup><br>|  | 600 | 715904 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(a)(b)</sup><br>| EUR | 111 | $128137 |
| BNP Paribas SA, 1.88%, 12/14/27<sup>(a)</sup> | GBP | 100 | 129054 |
| Electricite de France SA<sup>(a)</sup> <br>|  |  |  |
| 3.75%, 06/05/27 | EUR | 300 | 361366 |
| 5.50%, 10/17/41 | GBP | 300 | 370440 |
| Elior Group SA, 5.63%, 03/15/30<sup>(a)</sup> | EUR | 100 | 120154 |
| Elis SA, 3.75%, 03/21/30<sup>(a)</sup> |  | 100 | 121167 |
| Engie SA, (5-year EURIBOR ICE Swap + 2.37%), <br> 5.13%<sup>(a)(b)(k)</sup><br>|  | 100 | 123408 |
| Eutelsat SA<sup>(a)</sup> <br>|  |  |  |
| 1.50%, 10/13/28 |  | 100 | 107110 |
| 9.75%, 04/13/29 |  | 100 | 126977 |
| Forvia SE, 5.50%, 06/15/31<sup>(a)</sup> |  | 300 | 348607 |
| Iliad Holding SASU |  |  |  |
| 7.00%, 10/15/28<sup>(d)</sup> | USD | 400 | 407309 |
| 5.38%, 04/15/30<sup>(a)</sup> | EUR | 134 | 162107 |
| 6.88%, 04/15/31<sup>(a)</sup> |  | 100 | 125599 |
| 8.50%, 04/15/31<sup>(d)</sup> | USD | 400 | 427850 |
| iliad SA<sup>(a)</sup> <br>|  |  |  |
| 5.38%, 02/15/29 | EUR | 200 | 247255 |
| 5.63%, 02/15/30 |  | 200 | 251713 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(a)</sup> |  | 102 | 121803 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.56%, 07/01/29<sup>(a)(b)</sup><br>|  | 100 | 118330 |
| Loxam SAS, 6.38%, 05/31/29<sup>(a)</sup> |  | 100 | 122712 |
| Nova Alexandre III SAS, (3-mo. EURIBOR + 5.25%), <br> 7.53%, 07/15/29<sup>(a)(b)</sup><br>|  | 100 | 119271 |
| Opal Bidco SAS, 5.50%, 03/31/32<sup>(a)</sup> |  | 105 | 126159 |
| Paprec Holding SA, 7.25%, 11/17/29<sup>(a)</sup> |  | 300 | 370381 |
| RCI Banque SA, (5-year EURIBOR ICE Swap + 2.75%), <br> 5.50%, 10/09/34<sup>(a)(b)</sup><br>|  | 100 | 123892 |
| RTE Reseau de Transport d'Electricite SADIR, 1.13%, <br> 09/09/49<sup>(a)</sup><br>|  | 400 | 252925 |
| Sabena technics SAS, (3-mo. EURIBOR + 5.00%), <br> (Acquired 10/28/22, Cost: $293,231), 6.98%, <br> 09/30/29<sup>(b)(e)(g)</sup><br>|  | 297 | 350380 |
| Societe Generale SA<sup>(a)</sup> <br>|  |  |  |
| 1.25%, 12/07/27 | GBP | 100 | 127105 |
| 1.75%, 03/22/29 | EUR | 400 | 451374 |
| (3-mo. EURIBOR + 0.95%), 0.50%, 06/12/29<sup>(b)</sup> |  | 800 | 880811 |
| (3-mo. EURIBOR + 1.28%), 0.88%, 09/22/28<sup>(b)</sup> |  | 100 | 113661 |
| (3-mo. EURIBOR + 1.45%), 3.75%, 07/15/31<sup>(b)</sup> |  | 500 | 597401 |
| TotalEnergies Capital International SA<sup>(a)</sup> <br>|  |  |  |
| 1.66%, 07/22/26 | GBP | 100 | 133505 |
| 3.50%, 03/03/37 | EUR | 900 | 1030757 |
| Worldline SA/France<sup>(a)</sup> <br>|  |  |  |
| 0.00%, 07/30/25<sup>(h)(m)</sup> |  | 12 | 16631 |
| 4.13%, 09/12/28 |  | 1000 | 1034956 |
| 5.25%, 11/27/29 |  | 1200 | 1239815 |
|  |  |  | 12008684 |
| **Germany — 2.1%** | **Germany — 2.1%** | **Germany — 2.1%** | **Germany — 2.1%** |
| Aroundtown SA, 0.00%, 07/16/26<sup>(a)</sup> |  | 100 | 114188 |
| Bayer AG, 1.38%, 07/06/32<sup>(a)</sup> |  | 200 | 203562 |
| Daimler Truck International Finance BV, 3.00%, <br> 11/27/29<sup>(a)</sup><br>|  | 700 | 824987 |
| Deutsche Bahn Finance GMBH, 1.13%, 05/29/51<sup>(a)</sup> |  | 141 | 93048 |
| Deutsche Bank AG<sup>(a)(b)</sup> <br>|  |  |  |
| (3-mo. EURIBOR + 0.95%), 4.00%, 07/12/28 |  | 200 | 241417 |
| (5-year EURIBOR ICE Swap + 5.26%), 8.13%<sup>(k)</sup> |  | 200 | 251527 |
| Deutsche Telekom AG<sup>(a)</sup> <br>|  |  |  |
| 2.25%, 03/29/39 |  | 55 | 55007 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Deutsche Telekom AG<sup>(a)</sup> (continued) |  |  |  |
| 3.63%, 02/03/45 | EUR | 526 | $578359 |
| 1.75%, 12/09/49 |  | 129 | 98853 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(a)</sup> |  | 100 | 120742 |
| E.ON SE, 4.13%, 03/25/44<sup>(a)</sup> |  | 306 | 358375 |
| EnBW International Finance BV<sup>(a)</sup> <br>|  |  |  |
| 4.30%, 05/23/34 |  | 356 | 441668 |
| 3.75%, 11/20/35 |  | 211 | 249087 |
| Eurogrid GmbH<sup>(a)</sup> <br>|  |  |  |
| 0.74%, 04/21/33 |  | 500 | 478319 |
| 3.73%, 10/18/35 |  | 300 | 350619 |
| 4.06%, 05/28/37 |  | 200 | 238164 |
| Fressnapf Holding SE, 5.25%, 10/31/31<sup>(a)</sup> |  | 116 | 138028 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(a)</sup> |  | 100 | 118534 |
| HT Troplast GmbH, 9.38%, 07/15/28<sup>(a)</sup> |  | 100 | 123973 |
| IHO Verwaltungs GmbH, (8.75% Cash or 9.50% PIK), <br> 8.75%, 05/15/28<sup>(a)(j)</sup><br>|  | 200 | 246616 |
| Lanxess AG, (6-mo. EURIBOR at 0.00% Floor + 9.50%, <br> 13.41% Cash or 13.41% PIK), 11.88%, <br> 04/01/31<sup>(b)(e)(j)</sup><br>|  | 394 | 426744 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(a)</sup> |  | 100 | 119568 |
| Mercedes-Benz International Finance BV, 2.50%, <br> 09/05/28<sup>(a)</sup><br>|  | 230 | 269928 |
| Mercer International, Inc., 5.13%, 02/01/29 | USD | 244 | 199032 |
| Nidda Healthcare Holding GmbH<sup>(a)</sup> <br>|  |  |  |
| 7.00%, 02/21/30 | EUR | 202 | 248370 |
| (3-mo. EURIBOR + 3.75%), 5.89%, 10/23/30<sup>(b)</sup> |  | 104 | 122856 |
| PCF GmbH, 4.75%, 04/15/29<sup>(a)</sup> |  | 122 | 118524 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 6.03%, 07/01/29<sup>(a)(b)</sup><br>|  | 100 | 118355 |
| ProGroup AG, 5.13%, 04/15/29<sup>(a)</sup> |  | 100 | 119120 |
| Schaeffler AG, 4.25%, 04/01/28<sup>(a)</sup> |  | 100 | 118530 |
| Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29<sup>(a)(j)</sup> |  | 112 | 90329 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(a)</sup> |  | 186 | 219085 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(d)</sup> | USD | 400 | 399720 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(a)</sup> | EUR | 100 | 118464 |
| Volkswagen Bank GmbH<sup>(a)</sup> <br>|  |  |  |
| 1.25%, 12/15/25 |  | 76 | 89031 |
| 4.25%, 01/07/26 |  | 1300 | 1544795 |
| 2.50%, 07/31/26 |  | 2200 | 2589150 |
| 4.63%, 05/03/31 |  | 400 | 494469 |
| Volkswagen Financial Services AG<sup>(a)</sup> <br>|  |  |  |
| 3.75%, 09/10/26 |  | 169 | 201961 |
| 0.13%, 02/12/27 |  | 1805 | 2046643 |
| Volkswagen Financial Services NV, 4.25%, 10/09/25<sup>(a)</sup> | GBP | 100 | 136921 |
| Volkswagen Leasing GmbH<sup>(a)</sup> <br>|  |  |  |
| 0.38%, 07/20/26 | EUR | 570 | 657357 |
| 3.63%, 10/11/26 |  | 51 | 60922 |
| Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br> Swap + 3.94%), 6.12%<sup>(a)(b)(k)</sup><br>|  | 203 | 244205 |
| Wintershall Dea Finance BV, 4.36%, 10/03/32<sup>(a)</sup> |  | 1908 | 2249975 |
| ZF Finance GmbH, 5.75%, 08/03/26<sup>(a)</sup> |  | 100 | 118737 |
| ZF North America Capital, Inc., 6.88%, 04/23/32<sup>(d)</sup> | USD | 150 | 138636 |
|  |  |  | 18586500 |
| **Greece**<sup>(a)(b)</sup> **— 0.1%** | **Greece**<sup>(a)(b)</sup> **— 0.1%** | **Greece**<sup>(a)(b)</sup> **— 0.1%** | **Greece**<sup>(a)(b)</sup> **— 0.1%** |
| Eurobank SA |  |  |  |
| (1-year EUR Swap + 1.80%), 4.00%, 09/24/30 | EUR | 100 | 120839 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Greece (continued)** | **Greece (continued)** | **Greece (continued)** | **Greece (continued)** |
| Eurobank SA (continued) |  |  |  |
| (1-year EURIBOR ICE Swap + 1.70%), 4.00%, <br> 02/07/36<br>| EUR | 100 | $115631 |
| (5-year EURIBOR ICE Swap + 2.17%), 4.88%, <br> 04/30/31<br>|  | 100 | 125135 |
| National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<br>|  | 211 | 265056 |
|  |  |  | 626661 |
| **Hong Kong — 0.2%** | **Hong Kong — 0.2%** | **Hong Kong — 0.2%** | **Hong Kong — 0.2%** |
| AIA Group Ltd., 5.40%, 09/30/54<sup>(a)</sup> | USD | 1000 | 933120 |
| Elect Global Investments Ltd., 4.85%<sup>(a)(k)</sup> |  | 200 | 128062 |
| FWD Group Holdings Ltd., 8.40%, 04/05/29<sup>(a)</sup> |  | 350 | 360246 |
| Melco Resorts Finance Ltd., 7.63%, 04/17/32<sup>(d)</sup> |  | 200 | 202400 |
|  |  |  | 1623828 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| MVM Energetika Zrt, 7.50%, 06/09/28<sup>(a)</sup> |  | 200 | 210569 |
| **India — 1.0%** | **India — 1.0%** | **India — 1.0%** | **India — 1.0%** |
| Clean Renewable Power Mauritius Pte. Ltd., 4.25%, <br> 03/25/27<sup>(a)</sup><br>|  | 805 | 779844 |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27<sup>(a)</sup> |  | 1000 | 1028750 |
| Continuum Green Energy India Pvt./Co-Issuers, 7.50%, <br> 06/26/33<sup>(a)</sup><br>|  | 313 | 322475 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(a)</sup> |  | 1000 | 1008100 |
| Flourishing Trade & Investment Ltd., (11.04% PIK), <br> 11.04%, 04/02/28<sup>(d)(e)(j)</sup><br>|  | 1123 | 1145460 |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(a)</sup><br>|  | 995 | 1002960 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(a)</sup> |  | 790 | 777162 |
| Muthoot Finance Ltd., 6.38%, 04/23/29<sup>(a)</sup> |  | 300 | 298500 |
| Power Finance Corp. Ltd., 1.84%, 09/21/28<sup>(a)</sup> | EUR | 100 | 111823 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(a)</sup> | USD | 200 | 198370 |
| Vedanta Resources Finance II PLC |  |  |  |
| 10.88%, 09/17/29<sup>(a)</sup> |  | 1200 | 1243500 |
| 10.88%, 09/17/29<sup>(d)</sup> |  | 728 | 754390 |
| 9.48%, 07/24/30<sup>(d)</sup> |  | 200 | 199250 |
| 11.25%, 12/03/31<sup>(d)</sup> |  | 200 | 209500 |
|  |  |  | 9080084 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Freeport Indonesia PT<sup>(a)</sup> <br>|  |  |  |
| 4.76%, 04/14/27 |  | 200 | 199940 |
| 6.20%, 04/14/52 |  | 1000 | 977810 |
| Indofood CBP Sukses Makmur Tbk PT, 4.75%, <br> 06/09/51<sup>(a)</sup><br>|  | 455 | 365365 |
| Medco Maple Tree Pte. Ltd. |  |  |  |
| 8.96%, 04/27/29<sup>(a)</sup> |  | 1000 | 1038750 |
| 8.96%, 04/27/29<sup>(d)</sup> |  | 104 | 108030 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik <br> Negara, 1.88%, 11/05/31<sup>(a)</sup><br>| EUR | 1000 | 1022980 |
| Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(a)</sup><br>| USD | 200 | 188000 |
|  |  |  | 3900875 |
| **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** | **Ireland — 0.1%** |
| Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), <br> 7.64%, 05/15/28<sup>(a)(b)</sup><br>| EUR | 150 | 177796 |
| Flutter Treasury DAC<sup>(a)</sup> <br>|  |  |  |
| 4.00%, 06/04/31 |  | 115 | 135676 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
| Flutter Treasury DAC<sup>(a)</sup> (continued) |  |  |  |
| 6.13%, 06/04/31 | GBP | 100 | $138239 |
| GGAM Finance Ltd., 8.00%, 02/15/27<sup>(d)</sup> | USD | 88 | 90731 |
| Virgin Media O2 Vendor Financing Notes V DAC, 7.88%, <br> 03/15/32<sup>(a)</sup><br>| GBP | 100 | 140121 |
|  |  |  | 682563 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| 4.38%, 05/09/30 | EUR | 100 | 119540 |
| 7.88%, 09/15/31 |  | 120 | 168565 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26 | USD | 197 | 192628 |
| 6.75%, 03/01/28 |  | 263 | 272534 |
|  |  |  | 753267 |
| **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** | **Italy — 0.6%** |
| A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), <br> 5.00%<sup>(a)(b)(k)</sup><br>| EUR | 100 | 121940 |
| Almaviva-The Italian Innovation Co. SpA, 10/30/30<sup>(a)(c)</sup> |  | 162 | 190828 |
| ASTM SpA, 1.50%, 01/25/30<sup>(a)</sup> |  | 100 | 109628 |
| Banca Monte dei Paschi di Siena SpA, 10/02/35<sup>(a)(b)(c)</sup> |  | 200 | 235630 |
| Bubbles Bidco SpA, 6.50%, 09/30/31<sup>(a)</sup> |  | 122 | 145672 |
| Continuum Energy Pte. Ltd., (12.85% Cash or 7.85% <br> PIK), 5.00%, 09/11/27<sup>(d)(e)(j)</sup><br>| USD | 415 | 415533 |
| Dolcetto Holdco SpA, 07/14/32<sup>(a)(c)</sup> | EUR | 100 | 118680 |
| Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(a)</sup><br>|  | 100 | 124439 |
| Fiber Bidco SpA<sup>(a)</sup> <br>|  |  |  |
| 6.13%, 06/15/31 |  | 300 | 338003 |
| (3-mo. EURIBOR + 4.00%), 5.98%, 01/15/30<sup>(b)</sup> |  | 200 | 229123 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<sup>(a)</sup> |  | 100 | 118549 |
| 5.13%, 06/30/32<sup>(a)</sup> |  | 100 | 117960 |
| 6.00%, 09/30/34<sup>(d)</sup> | USD | 200 | 187168 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(a)</sup> | EUR | 300 | 356399 |
| IMA Industria Macchine Automatiche SpA<sup>(a)</sup> <br>|  |  |  |
| 3.75%, 01/15/28 |  | 100 | 116828 |
| (3-mo. EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(b)</sup> |  | 200 | 236815 |
| Infrastrutture Wireless Italiane SpA, 1.63%, 10/21/28<sup>(a)</sup> |  | 100 | 112664 |
| Intesa Sanpaolo SpA, 5.15%, 06/10/30<sup>(a)</sup> | GBP | 100 | 136085 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 5.73%, <br> 12/15/29<sup>(a)(b)</sup><br>| EUR | 100 | 117954 |
| Lottomatica Group SpA, 4.88%, 01/31/31<sup>(a)</sup> |  | 100 | 120780 |
| Nexi SpA, 0.00%, 02/24/28<sup>(a)(h)(m)</sup> |  | 200 | 213494 |
| Pachelbel Bidco SpA, (3-mo. EURIBOR + 4.25%), <br> 6.44%, 05/17/31<sup>(a)(b)</sup><br>|  | 100 | 118408 |
| Prysmian SpA, 3.63%, 11/28/28<sup>(a)</sup> |  | 200 | 240084 |
| Rossini SARL<sup>(a)</sup> <br>|  |  |  |
| 6.75%, 12/31/29 |  | 100 | 124348 |
| (3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29<sup>(b)</sup> |  | 43 | 50965 |
| TeamSystem SpA<sup>(a)(c)</sup> <br>|  |  |  |
| 07/01/31 |  | 100 | 117713 |
| 07/01/32<sup>(b)</sup> |  | 109 | 128278 |
| UniCredit SpA, (5-year USD ICE Swap + 4.91%), 7.30%, <br> 04/02/34<sup>(b)(d)</sup><br>| USD | 200 | 211548 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(a)</sup> | EUR | 100 | 123611 |
|  |  |  | 4979127 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Jamaica — 0.0%** | **Jamaica — 0.0%** | **Jamaica — 0.0%** | **Jamaica — 0.0%** |
| Digicel Group Holdings Ltd., Series 2B14, 0.00%, <br> 12/31/30<sup>(d)(e)(m)</sup><br>| USD | 71 | $4262 |
| Digicel Intermediate Holdings Ltd./Digicel International <br> Finance Ltd./Difl U.S., (9.00% Cash and 3.00% PIK), <br> 12.00%, 05/25/27<sup>(j)</sup><br>|  | 95 | 95442 |
| Digicel Midco Ltd./Difl U.S. II LLC, (10.50% Cash or <br> 11.00% PIK), 10.50%, 11/25/28<sup>(j)</sup><br>|  | 69 | 68881 |
|  |  |  | 168585 |
| **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** | **Japan — 0.3%** |
| Nissan Motor Co. Ltd., 4.81%, 09/17/30<sup>(d)</sup> |  | 400 | 366968 |
| Nomura Holdings, Inc., 5.10%, 07/03/25 |  | 200 | 200004 |
| Rakuten Group, Inc., 9.75%, 04/15/29<sup>(d)</sup> |  | 400 | 438151 |
| SoftBank Group Corp.<sup>(a)</sup> <br>|  |  |  |
| 5.38%, 01/08/29 | EUR | 200 | 239303 |
| 4.00%, 09/19/29 |  | 150 | 171773 |
| 3.88%, 07/06/32 |  | 300 | 320697 |
| (5-year USD ICE Swap + 4.85%), 6.88%<sup>(b)(k)</sup> | USD | 585 | 571123 |
|  |  |  | 2308019 |
| **Jersey — 0.0%** | **Jersey — 0.0%** | **Jersey — 0.0%** | **Jersey — 0.0%** |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| 10.00%, 03/31/29<sup>(d)</sup> |  | 200 | 189378 |
| 10.38%, 03/31/29<sup>(a)</sup> | GBP | 100 | 127889 |
|  |  |  | 317267 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br> 12/31/28<sup>(j)</sup><br>| EUR | 220 | 272066 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., 5.38%, <br> 05/21/30<sup>(a)</sup><br>|  | 103 | 124108 |
| Currenta Group Holdings SARL<sup>(a)</sup> <br>|  |  |  |
| 5.50%, 05/15/30 |  | 100 | 120104 |
| (3-mo. EURIBOR + 4.00%), 6.14%, 05/15/32<sup>(b)</sup> |  | 100 | 118073 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(a)</sup> |  | 200 | 253378 |
| Essendi SA, 5.63%, 05/15/32<sup>(a)</sup> |  | 100 | 118734 |
| INEOS Finance PLC, 6.38%, 04/15/29<sup>(a)</sup> |  | 200 | 238786 |
| ION Trading Technologies SARL, 5.75%, 05/15/28<sup>(d)</sup> | USD | 400 | 385937 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(a)</sup> | EUR | 100 | 110448 |
| Maxam Prill SARL, 07/15/30<sup>(a)(c)</sup> |  | 154 | 180316 |
| Summer BC Holdco B SARL, (3-mo. EURIBOR + <br> 4.25%), 6.39%, 02/15/30<sup>(a)(b)</sup><br>|  | 100 | 116616 |
|  |  |  | 2038566 |
| **Macau — 0.3%** | **Macau — 0.3%** | **Macau — 0.3%** | **Macau — 0.3%** |
| Sands China Ltd., 4.38%, 06/18/30 | USD | 500 | 476875 |
| Studio City Finance Ltd., 5.00%, 01/15/29<sup>(a)</sup> |  | 488 | 446178 |
| Wynn Macau Ltd. |  |  |  |
| 5.63%, 08/26/28<sup>(a)</sup> |  | 1204 | 1180823 |
| 5.63%, 08/26/28<sup>(d)</sup> |  | 400 | 392300 |
|  |  |  | 2496176 |
| **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** | **Mexico — 0.6%** |
| Banco Mercantil del Norte SA, (5-year CMT + 4.07%), <br> 8.38%<sup>(b)(d)(k)</sup><br>|  | 200 | 202576 |
| FIEMEX Energia - Banco Actinver SA Institucion de <br> Banca Multiple, 7.25%, 01/31/41<sup>(d)</sup><br>|  | 199 | 201042 |
| Food Service Project SA, 5.50%, 01/21/27<sup>(a)</sup> | EUR | 100 | 117919 |
| Grupo Aeromexico SAB de C.V., 8.25%, 11/15/29<sup>(a)</sup> | USD | 200 | 195440 |
| Grupo Posadas SAB de C.V., (5.00% Cash or 7.00% <br> PIK), 8.00%, 12/30/27<sup>(a)(b)(j)</sup><br>|  | 200 | 189895 |
| Petroleos Mexicanos |  |  |  |
| 6.88%, 10/16/25 |  | 162 | 161751 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** | **Mexico (continued)** |
| Petroleos Mexicanos (continued) |  |  |  |
| 7.50%, 03/31/26<sup>(d)</sup> | USD | 2154 | $2118997 |
| 3.75%, 04/16/26<sup>(a)</sup> | EUR | 115 | 133754 |
| 6.50%, 03/13/27 | USD | 892 | 885756 |
| 4.75%, 02/26/29<sup>(a)</sup> | EUR | 164 | 184371 |
| 8.75%, 06/02/29 | USD | 258 | 266535 |
| 6.84%, 01/23/30 |  | 175 | 168858 |
| 5.95%, 01/28/31 |  | 46 | 41474 |
| 10.00%, 02/07/33 |  | 37 | 39601 |
| 7.69%, 01/23/50 |  | 174 | 136590 |
|  |  |  | 5044559 |
| **Morocco**<sup>(d)</sup> **— 0.0%** | **Morocco**<sup>(d)</sup> **— 0.0%** | **Morocco**<sup>(d)</sup> **— 0.0%** | **Morocco**<sup>(d)</sup> **— 0.0%** |
| OCP SA |  |  |  |
| 6.75%, 05/02/34 |  | 202 | 208977 |
| 7.50%, 05/02/54 |  | 200 | 199294 |
|  |  |  | 408271 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| ABN AMRO Bank NV, (5-year EURIBOR ICE Swap + <br> 2.45%), 5.13%, 02/22/33<sup>(a)(b)</sup><br>| EUR | 1200 | 1477376 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(a)</sup> |  | 144 | 175959 |
| Cooperatieve Rabobank UA<sup>(a)</sup> <br>|  |  |  |
| 4.00%, 01/10/30 |  | 1000 | 1232989 |
| (1-year UK Government Bond + 1.05%), 1.88%, <br> 07/12/28<sup>(b)</sup><br>| GBP | 100 | 130293 |
| IMCD NV<sup>(a)</sup> <br>|  |  |  |
| 2.13%, 03/31/27 | EUR | 1195 | 1394475 |
| 4.88%, 09/18/28 |  | 100 | 124162 |
| ING Groep NV<sup>(a)</sup> <br>|  |  |  |
| 3.00%, 02/18/26 | GBP | 100 | 135931 |
| (3-mo. EURIBOR + 1.10%), 3.50%, 09/03/30<sup>(b)</sup> | EUR | 1000 | 1198455 |
| (5-year EUR Swap + 1.78%), 4.25%, 08/26/35<sup>(b)</sup> |  | 100 | 120769 |
| Nobian Finance BV, Class B, 3.63%, 07/15/26<sup>(a)</sup> |  | 105 | 123229 |
| Q-Park Holding I BV<sup>(a)</sup> <br>|  |  |  |
| 5.13%, 03/01/29 |  | 100 | 121477 |
| 5.13%, 02/15/30 |  | 215 | 261554 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(d)</sup> | USD | 200 | 189150 |
| Trivium Packaging Finance BV, 12.25%, 01/15/31<sup>(d)</sup> |  | 400 | 428774 |
| Viterra Finance BV, 0.38%, 09/24/25<sup>(a)</sup> | EUR | 100 | 117224 |
| VZ Secured Financing BV |  |  |  |
| 3.50%, 01/15/32<sup>(a)</sup> |  | 270 | 291776 |
| 5.00%, 01/15/32<sup>(d)</sup> | USD | 201 | 178811 |
| VZ Vendor Financing II BV, 2.88%, 01/15/29<sup>(a)</sup> | EUR | 170 | 181754 |
|  |  |  | 7884158 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| IHS Holding Ltd., 6.25%, 11/29/28<sup>(d)</sup> | USD | 200 | 194875 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |
| Aeropuerto Internacional de Tocumen SA, 5.13%, <br> 08/11/61<sup>(d)</sup><br>|  | 200 | 141100 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<sup>(d)</sup><br>|  | 100 | 102765 |
| Volcan Cia Minera SAA |  |  |  |
| 8.75%, 01/24/30<sup>(d)</sup> |  | 83 | 82222 |
| 8.75%, 01/24/30<sup>(a)</sup> |  | 61 | 60428 |
|  |  |  | 245415 |
| **Philippines**<sup>(a)(k)</sup> **— 0.2%** | **Philippines**<sup>(a)(k)</sup> **— 0.2%** | **Philippines**<sup>(a)(k)</sup> **— 0.2%** | **Philippines**<sup>(a)(k)</sup> **— 0.2%** |
| ACEN Finance Ltd., 4.00% |  | 267 | 173550 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** | **Philippines (continued)** |
| Petron Corp., (5-year CMT + 7.57%), 5.95%<sup>(b)</sup> | USD | 444 | $439005 |
| San Miguel Corp., (5-year CMT + 10.24%), 5.50%<sup>(b)</sup> |  | 289 | 288422 |
| San Miguel Global Power Holdings Corp., (1-year CMT + <br> 6.40%), 8.13%<sup>(b)</sup><br>|  | 1000 | 982500 |
|  |  |  | 1883477 |
| **Portugal**<sup>(a)(b)</sup> **— 0.1%** | **Portugal**<sup>(a)(b)</sup> **— 0.1%** | **Portugal**<sup>(a)(b)</sup> **— 0.1%** | **Portugal**<sup>(a)(b)</sup> **— 0.1%** |
| EDP SA |  |  |  |
| (5-year EUR Swap + 1.84%), 1.70%, 07/20/80 | EUR | 100 | 117755 |
| (5-year EUR Swap + 2.38%), 1.88%, 08/02/81 |  | 200 | 232242 |
| (5-year EURIBOR ICE Swap + 2.40%), 4.63%, <br> 09/16/54<br>|  | 100 | 119442 |
|  |  |  | 469439 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Al Rajhi Sukuk Ltd., (6 year USD CMT + 1.59%), <br> 6.25%<sup>(a)(b)(k)</sup><br>| USD | 200 | 200318 |
| Greensaif Pipelines Bidco SARL, 6.10%, 08/23/42<sup>(d)</sup> |  | 200 | 199575 |
| Saudi Arabian Oil Co., 4.75%, 06/02/30<sup>(d)</sup> |  | 200 | 200321 |
| Saudi Electricity Sukuk Programme Co., 4.94%, <br> 02/13/29<sup>(a)</sup><br>|  | 200 | 201414 |
|  |  |  | 801628 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(a)</sup> |  | 435 | 445658 |
| **Slovenia**<sup>(a)</sup> **— 0.0%** | **Slovenia**<sup>(a)</sup> **— 0.0%** | **Slovenia**<sup>(a)</sup> **— 0.0%** | **Slovenia**<sup>(a)</sup> **— 0.0%** |
| United Group BV |  |  |  |
| 6.75%, 02/15/31 | EUR | 100 | 120591 |
| 6.50%, 10/31/31 |  | 100 | 119017 |
| (3-mo. EURIBOR + 4.25%), 6.39%, 02/15/31<sup>(b)</sup> |  | 100 | 117795 |
|  |  |  | 357403 |
| **South Africa**<sup>(a)</sup> **— 0.2%** | **South Africa**<sup>(a)</sup> **— 0.2%** | **South Africa**<sup>(a)</sup> **— 0.2%** | **South Africa**<sup>(a)</sup> **— 0.2%** |
| Anglo American Capital PLC, 4.13%, 03/15/32 |  | 1365 | 1648261 |
| Transnet SOC Ltd., 8.25%, 02/06/28 |  | 200 | 206938 |
|  |  |  | 1855199 |
| **South Korea**<sup>(a)</sup> **— 0.2%** | **South Korea**<sup>(a)</sup> **— 0.2%** | **South Korea**<sup>(a)</sup> **— 0.2%** | **South Korea**<sup>(a)</sup> **— 0.2%** |
| Hyundai Card Co. Ltd., 5.75%, 04/24/29 |  | 200 | 206570 |
| LG Energy Solution Ltd. |  |  |  |
| 5.38%, 04/02/30 |  | 500 | 500400 |
| (1-day SOFR + 1.70%), 6.04%, 04/02/30<sup>(b)</sup> |  | 500 | 498750 |
| Tongyang Life Insurance Co. Ltd., (5-year CMT + <br> 2.40%), 6.25%, 05/07/35<sup>(b)</sup><br>|  | 500 | 513075 |
|  |  |  | 1718795 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap <br> + 2.45%), 4.63%, 12/11/36<sup>(a)(b)</sup><br>| EUR | 100 | 120138 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.82%, 05/01/30<sup>(a)(b)</sup><br>|  | 103 | 122288 |
| Banco Bilbao Vizcaya Argentaria SA, (5-year CMT + <br> 3.25%), 7.75%<sup>(b)(k)</sup><br>| USD | 200 | 202742 |
| Banco Santander SA, (1-year UK Government Bond + <br> 1.80%), 3.13%, 10/06/26<sup>(a)(b)</sup><br>| GBP | 100 | 136669 |
| Bankinter SA<sup>(a)(b)</sup> <br>|  |  |  |
| (5-year EUR Swap + 6.71%), 6.25%<sup>(k)</sup> | EUR | 200 | 239674 |
| (5-year EURIBOR ICE Swap + 2.35%), 5.00%, <br> 06/25/34<br>|  | 100 | 123261 |
| CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%), <br> 6.25%<sup>(a)(b)(k)</sup><br>|  | 200 | 240302 |
| Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31<sup>(a)(h)</sup> |  | 100 | 104964 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Cirsa Finance International SARL, (3-mo. EURIBOR + <br> 4.50%), 6.69%, 07/31/28<sup>(a)(b)</sup><br>| EUR | 54 | $64265 |
| Lorca Telecom Bondco SA<sup>(a)</sup> <br>|  |  |  |
| 4.00%, 09/18/27 |  | 100 | 117698 |
| 5.75%, 04/30/29 |  | 168 | 206622 |
| Telefonica Emisiones SA<sup>(a)</sup> <br>|  |  |  |
| 5.38%, 02/02/26 | GBP | 133 | 183177 |
| 3.94%, 06/25/35 | EUR | 400 | 468598 |
|  |  |  | 2330398 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Atlas Copco Finance DAC, 3.50%, 04/01/35<sup>(a)</sup> |  | 349 | 411274 |
| Balder Finland OYJ, 1.00%, 01/20/29<sup>(a)</sup> |  | 100 | 108832 |
| Heimstaden Bostad Treasury BV, 1.38%, 03/03/27<sup>(a)</sup> |  | 136 | 155956 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(a)</sup> |  | 80 | 98146 |
| Stena International SA, 7.25%, 01/15/31<sup>(d)</sup> | USD | 200 | 200620 |
| Swedbank AB, (1-year UK Government Bond + 1.00%), <br> 1.38%, 12/08/27<sup>(a)(b)</sup><br>| GBP | 100 | 131380 |
|  |  |  | 1106208 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** | **Switzerland — 0.2%** | **Switzerland — 0.2%** |
| Dufry One BV, 4.50%, 05/23/32<sup>(a)</sup> | EUR | 100 | 118224 |
| gategroup Finance Luxembourg SA, 3.00%, 02/28/27<sup>(a)</sup> | CHF | 125 | 154984 |
| UBS Group AG<sup>(a)</sup> <br>|  |  |  |
| 0.63%, 01/18/33 | EUR | 228 | 219208 |
| 0.63%, 02/24/33 |  | 1104 | 1061069 |
| VistaJet Malta Finance PLC/Vista Management Holding, <br> Inc.<sup>(d)</sup> <br>|  |  |  |
| 9.50%, 06/01/28 | USD | 40 | 41112 |
| 6.38%, 02/01/30 |  | 6 | 5625 |
|  |  |  | 1600222 |
| **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** |
| Bangkok Bank PCL/Hong Kong |  |  |  |
| 5.30%, 09/21/28<sup>(d)</sup> |  | 200 | 204276 |
| (5-year CMT + 4.73%), 5.00%<sup>(a)(b)(k)</sup> |  | 200 | 199360 |
| Muangthai Capital PCL, 6.88%, 09/30/28<sup>(a)</sup> |  | 1000 | 993750 |
|  |  |  | 1397386 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Sisecam U.K. PLC, 8.25%, 05/02/29<sup>(a)</sup> |  | 200 | 201784 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| NAK Naftogaz Ukraine via Kondor Finance PLC, (7.13% <br> PIK), 7.13%, 07/19/26<sup>(a)(j)</sup><br>| EUR | 483 | 483381 |
| VF Ukraine PAT via VFU Funding PLC |  |  |  |
| 9.63%, 02/11/27<sup>(a)</sup> | USD | 150 | 143293 |
| 9.63%, 02/11/27<sup>(d)</sup> |  | 150 | 143293 |
|  |  |  | 769967 |
| **United Arab Emirates**<sup>(a)</sup> **— 0.1%** | **United Arab Emirates**<sup>(a)</sup> **— 0.1%** | **United Arab Emirates**<sup>(a)</sup> **— 0.1%** | **United Arab Emirates**<sup>(a)</sup> **— 0.1%** |
| Alpha Star Holding VIII Ltd., 8.38%, 04/12/27 |  | 200 | 207100 |
| DP World Salaam, (5-year CMT + 5.75%), 6.00%<sup>(b)(k)</sup> |  | 400 | 399624 |
|  |  |  | 606724 |
| **United Kingdom — 2.3%** | **United Kingdom — 2.3%** | **United Kingdom — 2.3%** | **United Kingdom — 2.3%** |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(a)</sup> | EUR | 100 | 123249 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<sup>(a)</sup> |  | 318 | 384906 |
| 7.75%, 02/15/31<sup>(d)</sup> | USD | 200 | 209094 |
| Barclays PLC<sup>(a)</sup> <br>|  |  |  |
| 3.00%, 05/08/26 | GBP | 100 | 135537 |
| 3.25%, 02/12/27 |  | 100 | 134598 |
| (1-year EUR Swap + 1.26%), 0.58%, 08/09/29<sup>(b)</sup> | EUR | 151 | 166290 |
| (1-year EUR Swap + 1.75%), 4.92%, 08/08/30<sup>(b)</sup> |  | 328 | 412243 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Barclays PLC<sup>(a)</sup> (continued) |  |  |  |
| (1-year EUR Swap + 2.55%), 5.26%, 01/29/34<sup>(b)</sup> | EUR | 183 | $237006 |
| (1-year EURIBOR ICE Swap + 1.38%), 3.54%, <br> 08/14/31<sup>(b)</sup><br>|  | 209 | 247968 |
| (1-year GBP Swap + 2.55%), 7.09%, 11/06/29<sup>(b)</sup> | GBP | 1390 | 2030403 |
| BCP V Modular Services Finance II PLC, 6.13%, <br> 11/30/28<sup>(a)</sup><br>|  | 123 | 163128 |
| Bellis Acquisition Co. PLC, 8.13%, 05/14/30<sup>(a)</sup> |  | 250 | 323002 |
| Belron U.K. Finance PLC, 4.63%, 10/15/29<sup>(a)</sup> | EUR | 139 | 167001 |
| British Telecommunications PLC<sup>(a)</sup> <br>|  |  |  |
| 3.88%, 01/20/34 |  | 185 | 221970 |
| 3.75%, 01/03/35 |  | 335 | 392320 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br> PLC, 5.63%, 02/15/32<sup>(a)</sup><br>|  | 100 | 121158 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(a)</sup> | GBP | 200 | 282221 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(d)</sup><br>| USD | 400 | 402051 |
| ContourGlobal Power Holdings SA, 5.00%, 02/28/30<sup>(a)</sup> | EUR | 100 | 118677 |
| CPUK Finance Ltd., 4.50%, 08/28/27<sup>(a)</sup> | GBP | 100 | 133947 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(a)</sup> | EUR | 100 | 114981 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(a)</sup> | GBP | 206 | 294523 |
| Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, <br> 08/15/29<sup>(d)</sup><br>| USD | 282 | 275925 |
| Global Switch Finance BV, 1.38%, 10/07/30<sup>(a)</sup> | EUR | 100 | 110306 |
| Heathrow Finance PLC<sup>(a)</sup> <br>|  |  |  |
| 3.88%, 03/01/27<sup>(l)</sup> | GBP | 100 | 133052 |
| 4.13%, 09/01/29<sup>(l)</sup> |  | 130 | 164157 |
| 6.63%, 03/01/31 |  | 100 | 136440 |
| HSBC Holdings PLC<sup>(b)</sup> <br>|  |  |  |
| 2.26%, 11/13/26<sup>(a)</sup> |  | 347 | 471975 |
| (1-day SONIA GBP 1.31%), 1.75%, 07/24/27 |  | 1910 | 2543222 |
| (1-day SONIA GBP 2.12%), 6.80%, 09/14/31 |  | 1930 | 2861294 |
| (1-Month BBSW + 1.87%), 5.60%, 03/11/35<sup>(a)</sup> | AUD | 300 | 195591 |
| Imperial Brands Finance PLC, 3.88%, 02/12/34<sup>(a)</sup> | EUR | 628 | 727311 |
| Informa PLC<sup>(a)</sup> <br>|  |  |  |
| 3.13%, 07/05/26 | GBP | 100 | 135168 |
| 3.38%, 06/09/31 | EUR | 230 | 269506 |
| 3.63%, 10/23/34 |  | 538 | 624789 |
| Market Bidco Finco PLC, 5.50%, 11/04/27<sup>(a)</sup> | GBP | 200 | 269048 |
| Mobico Group PLC<sup>(a)</sup> <br>|  |  |  |
| 4.88%, 09/26/31 | EUR | 100 | 95370 |
| (5-year UK Government Bond + 4.14%), 4.25%<sup>(b)(k)</sup> | GBP | 100 | 82565 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(a)</sup> | EUR | 200 | 220925 |
| NAK Naftogaz Ukraine via Kondor Finance PLC, (7.63% <br> PIK), 7.63%, 11/08/28<sup>(a)(j)</sup><br>| USD | 234 | 182139 |
| NatWest Group PLC<sup>(a)(b)</sup> <br>|  |  |  |
| (1-year GBP Swap + 1.49%), 2.88%, 09/19/26 | GBP | 100 | 136624 |
| (1-year GBP Swap + 2.01%), 3.13%, 03/28/27 |  | 100 | 135880 |
| OEG Finance PLC, 09/27/29<sup>(a)(c)</sup> | EUR | 100 | 120740 |
| Pinewood Finco PLC, 6.00%, 03/27/30<sup>(a)</sup> | GBP | 155 | 210102 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(a)</sup> |  | 200 | 290178 |
| Santander U.K. Group Holdings PLC, 3.63%, 01/14/26<sup>(a)</sup> |  | 100 | 136553 |
| SCC Power PLC<sup>(d)(j)</sup> <br>|  |  |  |
| (4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 | USD | 190 | 121238 |
| (4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 13 | 3154 |
| Stonegate Pub Co. Financing PLC, 10.75%, 07/31/29<sup>(a)</sup> | GBP | 100 | 142302 |
| Thames Water Utilities Finance PLC, 4.00%, 06/19/27<sup>(a)</sup> |  | 100 | 95645 |
| Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(d)(m)</sup> |  | 1 | 859 |
| Virgin Media Secured Finance PLC, 5.50%, 05/15/29<sup>(d)</sup> | USD | 262 | 257699 |
| Virgin Media Vendor Financing Notes III DAC, 4.88%, <br> 07/15/28<sup>(a)</sup><br>| GBP | 300 | 391720 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.25%, 01/31/31<sup>(d)</sup> | USD | 200 | $183224 |
| 4.50%, 07/15/31<sup>(a)</sup> | GBP | 307 | 377156 |
| Series JUL, 04/15/32<sup>(a)(c)</sup> | EUR | 209 | 246654 |
| Vodafone Group PLC<sup>(b)</sup> <br>|  |  |  |
| (5-year CMT + 2.77%), 4.13%, 06/04/81 | USD | 19 | 17364 |
| (5-year EUR Swap + 3.48%), 3.00%, 08/27/80<sup>(a)</sup> | EUR | 500 | 558702 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(a)</sup> |  | 152 | 190239 |
|  |  |  | 19931089 |
| **United States — 17.5%** | **United States — 17.5%** | **United States — 17.5%** | **United States — 17.5%** |
| AbbVie, Inc. |  |  |  |
| 4.25%, 11/21/49 | USD | 420 | 346001 |
| 5.40%, 03/15/54 |  | 437 | 424919 |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(d)</sup> |  | 243 | 250346 |
| Acrisure LLC/Acrisure Finance, Inc., 4.25%, 02/15/29<sup>(d)</sup> |  | 242 | 232253 |
| Adient Global Holdings Ltd., 7.50%, 02/15/33<sup>(d)</sup> |  | 132 | 134983 |
| AES Corp., (5-year CMT + 2.89%), 6.95%, 07/15/55<sup>(b)</sup> |  | 100 | 97551 |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(d)</sup><br>|  | 100 | 104893 |
| Air Products and Chemicals, Inc., 4.00%, 03/03/35 | EUR | 238 | 289270 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(d)</sup> <br>|  |  |  |
| 6.50%, 02/15/28 | USD | 100 | 102383 |
| 6.25%, 03/15/33 |  | 100 | 103083 |
| Alcoa Nederland Holding BV, 7.13%, 03/15/31<sup>(d)</sup> |  | 200 | 209898 |
| Allegiant Travel Co., 7.25%, 08/15/27<sup>(d)</sup> |  | 88 | 88026 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(d)</sup> <br>|  |  |  |
| 6.75%, 04/15/28 |  | 319 | 324297 |
| 7.00%, 01/15/31 |  | 100 | 103441 |
| 6.50%, 10/01/31 |  | 130 | 132418 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(d)</sup> |  | 200 | 208938 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL<br>|  |  |  |
| 3.63%, 06/01/28<sup>(a)</sup> | EUR | 100 | 114858 |
| 4.63%, 06/01/28<sup>(d)</sup> | USD | 200 | 194134 |
| 4.88%, 06/01/28<sup>(a)</sup> | GBP | 200 | 263174 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(d)</sup> | USD | 100 | 103085 |
| Alphabet, Inc., 4.00%, 05/06/54 | EUR | 437 | 506229 |
| Amazon.com, Inc. |  |  |  |
| 3.10%, 05/12/51 | USD | 468 | 315496 |
| 2.70%, 06/03/60 |  | 179 | 102802 |
| 4.10%, 04/13/62 |  | 984 | 769468 |
| AMC Networks, Inc. |  |  |  |
| 10.25%, 01/15/29<sup>(d)</sup> |  | 360 | 373214 |
| 4.25%, 02/15/29 |  | 226 | 181051 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(d)</sup> |  | 124 | 127615 |
| American Airlines Pass-Through Trust |  |  |  |
| Series 2019-1, Class AA, 3.15%, 08/15/33 |  | 62 | 56880 |
| Series 2019-1, Class B, 3.85%, 08/15/29 |  | 50 | 47902 |
| American Airlines, Inc.<sup>(d)</sup> <br>|  |  |  |
| 7.25%, 02/15/28 |  | 139 | 141954 |
| 8.50%, 05/15/29 |  | 200 | 209707 |
| American Axle & Manufacturing, Inc. |  |  |  |
| 6.88%, 07/01/28 |  | 19 | 19009 |
| 5.00%, 10/01/29 |  | 200 | 183026 |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, <br> 06/01/28<sup>(d)</sup><br>|  | 200 | 206228 |
| Amgen, Inc. |  |  |  |
| 5.50%, 12/07/26<sup>(a)</sup> | GBP | 100 | 139057 |
| 4.66%, 06/15/51 | USD | 403 | 345027 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Amgen, Inc. (continued) |  |  |  |
| 5.75%, 03/02/63 | USD | 1407 | $1367871 |
| AmWINS Group, Inc., 6.38%, 02/15/29<sup>(d)</sup> |  | 156 | 159001 |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.38%, 06/15/29<sup>(d)</sup><br>|  | 103 | 102226 |
| Arches Buyer, Inc., 4.25%, 06/01/28<sup>(d)</sup> |  | 200 | 191428 |
| Archrock Partners LP/Archrock Partners Finance Corp., <br> 6.63%, 09/01/32<sup>(d)</sup><br>|  | 200 | 203768 |
| Arcosa, Inc., 6.88%, 08/15/32<sup>(d)</sup> |  | 200 | 207564 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| 2.13%, 08/15/26<sup>(a)</sup> | EUR | 100 | 112362 |
| 4.13%, 08/15/26<sup>(d)</sup> | USD | 804 | 754851 |
| Aretec Group, Inc., 10.00%, 08/15/30<sup>(d)</sup> |  | 204 | 224179 |
| Asbury Automotive Group, Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.63%, 11/15/29 |  | 59 | 56964 |
| 5.00%, 02/15/32 |  | 85 | 80875 |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(d)</sup> <br>|  |  |  |
| 4.63%, 08/01/29 |  | 37 | 35335 |
| 4.63%, 04/01/30 |  | 97 | 92242 |
| AT&T, Inc. |  |  |  |
| 2.90%, 12/04/26 | GBP | 100 | 134243 |
| 5.50%, 03/15/27<sup>(a)</sup> |  | 50 | 69720 |
| 3.65%, 06/01/51 | USD | 868 | 616664 |
| 3.50%, 09/15/53 |  | 3724 | 2520617 |
| 3.55%, 09/15/55 |  | 170 | 114707 |
| 3.65%, 09/15/59 |  | 1496 | 1003673 |
| ATI, Inc., 7.25%, 08/15/30 |  | 115 | 120509 |
| Avantor Funding, Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.63%, 07/15/28 |  | 126 | 123727 |
| 3.88%, 11/01/29 |  | 158 | 149595 |
| Avient Corp., 6.25%, 11/01/31<sup>(d)</sup> |  | 118 | 119103 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<sup>(d)</sup> <br>|  |  |  |
| 5.38%, 03/01/29 |  | 102 | 98307 |
| 8.25%, 01/15/30 |  | 43 | 44909 |
| 8.00%, 02/15/31 |  | 72 | 74573 |
| Axalta Coating Systems LLC/Axalta Coating Systems <br> Dutch Holding B BV, 4.75%, 06/15/27<sup>(d)</sup><br>|  | 300 | 298157 |
| Axon Enterprise, Inc., 6.25%, 03/15/33<sup>(d)</sup> |  | 28 | 28831 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 103 | 122926 |
| Baltimore Gas and Electric Co., 5.40%, 06/01/53 | USD | 101 | 96318 |
| Bank of America Corp. |  |  |  |
| 4.13%, 06/12/28<sup>(a)</sup> | EUR | 1206 | 1485050 |
| (3-mo. CME Term SOFR + 1.78%), 4.33%, <br> 03/15/50<sup>(b)</sup><br>| USD | 531 | 440988 |
| (3-mo. CME Term SOFR + 3.41%), 4.08%, <br> 03/20/51<sup>(b)</sup><br>|  | 955 | 758410 |
| (3-mo. EURIBOR + 0.89%), 1.66%, 04/25/28<sup>(a)(b)</sup> | EUR | 2964 | 3443481 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(d)</sup> | USD | 267 | 278681 |
| BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% <br> PIK), 7.75%, 04/01/27<sup>(d)(j)</sup><br>|  | 14 | 13531 |
| Beach Acquisition Bidco LLC, 07/15/32<sup>(a)(c)</sup> | EUR | 100 | 118679 |
| BG Energy Capital PLC<sup>(a)</sup> <br>|  |  |  |
| 5.13%, 12/01/25 | GBP | 133 | 182770 |
| 2.25%, 11/21/29 | EUR | 973 | 1117792 |
| Booking Holdings, Inc. |  |  |  |
| 3.50%, 03/01/29 |  | 1692 | 2044116 |
| 4.25%, 05/15/29 |  | 218 | 270349 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(d)</sup> | USD | 400 | 424606 |
| Boyd Gaming Corp. |  |  |  |
| 4.75%, 12/01/27 |  | 111 | 110177 |
| 4.75%, 06/15/31<sup>(d)</sup> |  | 9 | 8626 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| BP Capital Markets PLC, 1.10%, 11/15/34<sup>(a)</sup> | EUR | 143 | $135137 |
| Brink's Co., 6.75%, 06/15/32<sup>(d)</sup> | USD | 105 | 109347 |
| Bristol-Myers Squibb Co. |  |  |  |
| 3.90%, 03/15/62 |  | 335 | 239843 |
| 5.65%, 02/22/64 |  | 1073 | 1041783 |
| Buckeye Partners LP, 6.88%, 07/01/29<sup>(d)</sup> |  | 187 | 193736 |
| Builders FirstSource, Inc., 4.25%, 02/01/32<sup>(d)</sup> |  | 200 | 185292 |
| Burlington Northern Santa Fe LLC |  |  |  |
| 3.05%, 02/15/51 |  | 362 | 240268 |
| 5.20%, 04/15/54 |  | 349 | 330319 |
| Caesars Entertainment, Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.63%, 10/15/29 |  | 147 | 140317 |
| 7.00%, 02/15/30 |  | 200 | 207116 |
| 6.00%, 10/15/32 |  | 47 | 46093 |
| California Resources Corp., 8.25%, 06/15/29<sup>(d)</sup> |  | 97 | 99568 |
| Calpine Corp.<sup>(d)</sup> <br>|  |  |  |
| 5.13%, 03/15/28 |  | 238 | 237733 |
| 5.00%, 02/01/31 |  | 51 | 50451 |
| Camelot Return Merger Sub, Inc., 8.75%, 08/01/28<sup>(d)</sup> |  | 119 | 109743 |
| Carnival PLC, 1.00%, 10/28/29 | EUR | 130 | 137996 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.13%, 05/01/27<sup>(d)</sup> | USD | 472 | 470482 |
| 6.38%, 09/01/29<sup>(d)</sup> |  | 100 | 102004 |
| 4.75%, 03/01/30<sup>(d)</sup> |  | 190 | 184072 |
| 7.38%, 03/01/31<sup>(d)</sup> |  | 184 | 191987 |
| 4.75%, 02/01/32<sup>(d)</sup> |  | 174 | 165044 |
| 4.50%, 05/01/32 |  | 85 | 79156 |
| 4.50%, 06/01/33<sup>(d)</sup> |  | 230 | 210227 |
| 4.25%, 01/15/34<sup>(d)</sup> |  | 100 | 89019 |
| Celanese U.S. Holdings LLC |  |  |  |
| 6.50%, 04/15/30 |  | 105 | 107481 |
| 6.75%, 04/15/33 |  | 200 | 202077 |
| Central Garden & Pet Co., 4.13%, 04/30/31<sup>(d)</sup> |  | 55 | 51058 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(d)</sup><br>|  | 234 | 193494 |
| Charles River Laboratories International, Inc., 4.00%, <br> 03/15/31<sup>(d)</sup><br>|  | 46 | 42149 |
| Chart Industries, Inc., 7.50%, 01/01/30<sup>(d)</sup> |  | 100 | 104693 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |  |
| 4.40%, 12/01/61 |  | 392 | 274865 |
| 3.95%, 06/30/62 |  | 868 | 559267 |
| Chemours Co., 5.38%, 05/15/27 |  | 113 | 111989 |
| Chobani LLC/Chobani Finance Corp., Inc., 7.63%, <br> 07/01/29<sup>(d)</sup><br>|  | 31 | 32304 |
| CHS/Community Health Systems, Inc.<sup>(d)</sup> <br>|  |  |  |
| 6.00%, 01/15/29 |  | 200 | 192374 |
| 5.25%, 05/15/30 |  | 100 | 88675 |
| 4.75%, 02/15/31 |  | 192 | 164137 |
| 10.88%, 01/15/32 |  | 100 | 105987 |
| Churchill Downs, Inc.<sup>(d)</sup> <br>|  |  |  |
| 5.50%, 04/01/27 |  | 150 | 149711 |
| 5.75%, 04/01/30 |  | 200 | 200652 |
| Cinemark USA, Inc.<sup>(d)</sup> <br>|  |  |  |
| 5.25%, 07/15/28 |  | 15 | 14929 |
| 7.00%, 08/01/32 |  | 200 | 207633 |
| Citigroup, Inc. |  |  |  |
| 1.75%, 10/23/26 | GBP | 100 | 132485 |
| (3-mo. EURIBOR + 1.05%), 3.75%, 05/14/32<sup>(a)(b)</sup> | EUR | 480 | 579032 |
| Civitas Resources, Inc.<sup>(d)</sup> <br>|  |  |  |
| 5.00%, 10/15/26 | USD | 162 | 159971 |
| 8.38%, 07/01/28 |  | 141 | 144371 |
| 8.63%, 11/01/30 |  | 121 | 122844 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| 6.75%, 05/15/28<sup>(d)</sup> | USD | 185 | $189894 |
| 4.75%, 06/15/31<sup>(a)</sup> | EUR | 111 | 131255 |
| Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup> <br>|  |  |  |
| 9.00%, 09/15/28 | USD | 86 | 90113 |
| 7.88%, 04/01/30 |  | 166 | 171353 |
| Cleveland-Cliffs, Inc.<sup>(d)</sup> <br>|  |  |  |
| 7.50%, 09/15/31 |  | 200 | 192891 |
| 7.00%, 03/15/32 |  | 111 | 104635 |
| Cloud Software Group, Inc.<sup>(d)</sup> <br>|  |  |  |
| 6.50%, 03/31/29 |  | 303 | 305822 |
| 9.00%, 09/30/29 |  | 367 | 380405 |
| Clydesdale Acquisition Holdings, Inc.<sup>(d)</sup> <br>|  |  |  |
| 6.63%, 04/15/29 |  | 182 | 184636 |
| 8.75%, 04/15/30 |  | 249 | 254683 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(d)</sup> |  | 100 | 103541 |
| Coca-Cola Co. |  |  |  |
| 2.50%, 03/15/51 |  | 25 | 15011 |
| 5.20%, 01/14/55 |  | 221 | 211569 |
| Comcast Corp. |  |  |  |
| 2.89%, 11/01/51 |  | 396 | 240997 |
| 5.35%, 05/15/53 |  | 213 | 197368 |
| 2.94%, 11/01/56 |  | 339 | 199044 |
| 2.99%, 11/01/63 |  | 14 | 7872 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(d)</sup> |  | 300 | 299070 |
| Core Scientific, Inc., 0.00%, 06/15/31<sup>(d)(h)(m)</sup> |  | 44 | 47795 |
| Cornerstone Building Brands, Inc., 9.50%, 08/15/29<sup>(d)</sup> |  | 83 | 76304 |
| Credit Acceptance Corp., 6.63%, 03/15/30<sup>(d)</sup> |  | 100 | 101234 |
| Crescent Energy Finance LLC, 7.38%, 01/15/33<sup>(d)</sup> |  | 356 | 340267 |
| Crown Americas LLC/Crown Americas Capital Corp. V, <br> 4.25%, 09/30/26<br>|  | 72 | 71596 |
| CSC Holdings LLC<sup>(d)</sup> <br>|  |  |  |
| 11.25%, 05/15/28 |  | 200 | 199247 |
| 11.75%, 01/31/29 |  | 200 | 190231 |
| CVR Energy, Inc., 8.50%, 01/15/29<sup>(d)</sup> |  | 200 | 200078 |
| Dana Financing Luxembourg SARL, 8.50%, 07/15/31<sup>(a)</sup> | EUR | 200 | 256407 |
| Dana, Inc., 5.38%, 11/15/27 | USD | 57 | 57191 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(a)</sup> | EUR | 100 | 119219 |
| Darling Ingredients, Inc., 5.25%, 04/15/27<sup>(d)</sup> | USD | 137 | 136728 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<sup>(d)</sup> <br>|  |  |  |
| 8.63%, 03/15/29 |  | 244 | 253243 |
| 7.38%, 06/30/33 |  | 26 | 25879 |
| Delta Air Lines, Inc. |  |  |  |
| 4.95%, 07/10/28 |  | 940 | 945369 |
| 5.25%, 07/10/30 |  | 755 | 759846 |
| DISH Network Corp.<sup>(h)</sup> <br>|  |  |  |
| 0.00%, 12/15/25<sup>(m)</sup> |  | 254 | 228600 |
| 3.38%, 08/15/26 |  | 72 | 59796 |
| Duke Energy Corp., 3.75%, 04/01/31 | EUR | 1296 | 1549814 |
| EchoStar Corp. |  |  |  |
| (6.75% PIK), 6.75%, 11/30/30<sup>(j)</sup> | USD | 104 | 94651 |
| 10.75%, 11/30/29 |  | 300 | 309000 |
| Edgewell Personal Care Co., 5.50%, 06/01/28<sup>(d)</sup> |  | 43 | 42783 |
| Edison International, 5.45%, 06/15/29 |  | 13 | 12858 |
| Elevance Health, Inc. |  |  |  |
| 5.13%, 02/15/53 |  | 233 | 208030 |
| 5.65%, 06/15/54 |  | 66 | 63420 |
| Eli Lilly & Co., 5.20%, 08/14/64 |  | 870 | 823537 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<sup>(a)</sup> | EUR | 108 | 133629 |
| 6.63%, 12/15/30<sup>(d)</sup> | USD | 102 | 104262 |
| 6.75%, 07/15/31<sup>(d)</sup> |  | 135 | 139724 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(d)</sup><br>| USD | 12 | $13252 |
| Encompass Health Corp., 4.50%, 02/01/28 |  | 193 | 191263 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(d)</sup> |  | 200 | 211712 |
| Energizer Holdings, Inc., 4.38%, 03/31/29<sup>(d)</sup> |  | 197 | 186325 |
| Energy Transfer LP, (5-year CMT + 4.02%), 8.00%, <br> 05/15/54<sup>(b)</sup><br>|  | 20 | 21278 |
| Entegris, Inc., 5.95%, 06/15/30<sup>(d)</sup> |  | 100 | 101589 |
| EquipmentShare.com, Inc.<sup>(d)</sup> <br>|  |  |  |
| 9.00%, 05/15/28 |  | 44 | 46483 |
| 8.63%, 05/15/32 |  | 200 | 212538 |
| Exelon Corp., 4.10%, 03/15/52 |  | 172 | 131866 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.63%, 01/15/29 |  | 6 | 5747 |
| 6.75%, 01/15/30 |  | 189 | 174409 |
| Florida Power & Light Co., 2.88%, 12/04/51 |  | 1530 | 963667 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(d)</sup> |  | 126 | 128616 |
| Fortress Transportation and Infrastructure Investors <br> LLC<sup>(d)</sup> <br>|  |  |  |
| 7.00%, 05/01/31 |  | 100 | 103544 |
| 7.00%, 06/15/32 |  | 125 | 129066 |
| Freedom Mortgage Corp.<sup>(d)</sup> <br>|  |  |  |
| 12.00%, 10/01/28 |  | 15 | 16131 |
| 12.25%, 10/01/30 |  | 168 | 186290 |
| Freedom Mortgage Holdings LLC<sup>(d)</sup> <br>|  |  |  |
| 9.25%, 02/01/29 |  | 100 | 103868 |
| 9.13%, 05/15/31 |  | 129 | 132971 |
| Frontier Communications Holdings LLC<sup>(d)</sup> <br>|  |  |  |
| 5.00%, 05/01/28 |  | 100 | 99958 |
| 6.00%, 01/15/30 |  | 300 | 303869 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(d)</sup> |  | 50 | 48584 |
| Gap, Inc., 3.88%, 10/01/31<sup>(d)</sup> |  | 80 | 71506 |
| Gen Digital, Inc., 6.75%, 09/30/27<sup>(d)</sup> |  | 2 | 2035 |
| General Electric Co. |  |  |  |
| 4.13%, 09/19/35<sup>(a)</sup> | EUR | 744 | 917903 |
| 2.13%, 05/17/37 |  | 691 | 694425 |
| Gilead Sciences, Inc., 2.80%, 10/01/50 | USD | 1959 | 1231494 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(d)</sup><br>|  | 155 | 163011 |
| Goldman Sachs Group, Inc. |  |  |  |
| 7.25%, 04/10/28 | GBP | 50 | 73428 |
| 0.88%, 05/09/29<sup>(a)</sup> | EUR | 200 | 219130 |
| 3.13%, 07/25/29<sup>(a)</sup> | GBP | 1876 | 2437529 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 5.00%, 07/15/29 | USD | 129 | 126085 |
| 5.63%, 04/30/33 |  | 165 | 157981 |
| Graphic Packaging International LLC, 6.38%, <br> 07/15/32<sup>(d)</sup><br>|  | 62 | 63307 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(b)</sup> |  | 1930 | 1962656 |
| Hanesbrands, Inc., 9.00%, 02/15/31<sup>(d)</sup> |  | 102 | 107990 |
| HCA, Inc. |  |  |  |
| 5.95%, 09/15/54 |  | 86 | 83580 |
| 6.20%, 03/01/55 |  | 2426 | 2443279 |
| 6.10%, 04/01/64 |  | 2086 | 2034276 |
| Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL, 7.88%, 05/01/29<sup>(a)</sup><br>| EUR | 226 | 275401 |
| Herc Holdings, Inc., 5.50%, 07/15/27<sup>(d)</sup> | USD | 112 | 112010 |
| Hess Midstream Operations LP, 4.25%, 02/15/30<sup>(d)</sup> |  | 144 | 138452 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(d)</sup> <br>|  |  |  |
| 5.75%, 02/01/29 |  | 15 | 14805 |
| 8.38%, 11/01/33 |  | 172 | 178465 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(d)</sup> (continued) |  |  |  |
| 7.25%, 02/15/35 | USD | 100 | $97785 |
| Hilton Domestic Operating Co., Inc.<sup>(d)</sup> <br>|  |  |  |
| 3.75%, 05/01/29 |  | 166 | 159130 |
| 4.00%, 05/01/31 |  | 102 | 95903 |
| 6.13%, 04/01/32 |  | 30 | 30724 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<sup>(d)</sup> <br>|  |  |  |
| 5.00%, 06/01/29 |  | 134 | 128887 |
| 4.88%, 07/01/31 |  | 96 | 88460 |
| 6.63%, 01/15/32 |  | 200 | 203106 |
| Hologic, Inc., 3.25%, 02/15/29<sup>(d)</sup> |  | 2 | 1906 |
| Home Depot, Inc., 5.40%, 06/25/64 |  | 2564 | 2461644 |
| Honeywell International, Inc. |  |  |  |
| 0.75%, 03/10/32 | EUR | 1082 | 1090499 |
| 3.75%, 05/17/32 |  | 247 | 298400 |
| Howard Hughes Corp.<sup>(d)</sup> <br>|  |  |  |
| 5.38%, 08/01/28 | USD | 23 | 22828 |
| 4.13%, 02/01/29 |  | 100 | 95229 |
| HUB International Ltd.<sup>(d)</sup> <br>|  |  |  |
| 5.63%, 12/01/29 |  | 114 | 114015 |
| 7.25%, 06/15/30 |  | 200 | 209007 |
| Hyundai Capital America, (1-day SOFR + 1.35%), <br> 5.76%, 03/27/30<sup>(a)(b)</sup><br>|  | 1000 | 996878 |
| iHeartCommunications, Inc., 7.75%, 08/15/30<sup>(d)</sup> |  | 155 | 119544 |
| Imola Merger Corp., 4.75%, 05/15/29<sup>(d)</sup> |  | 80 | 77239 |
| IQVIA, Inc., 5.00%, 10/15/26<sup>(d)</sup> |  | 203 | 202792 |
| Iron Mountain, Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.88%, 09/15/27 |  | 100 | 99431 |
| 7.00%, 02/15/29 |  | 86 | 89027 |
| 5.25%, 07/15/30 |  | 181 | 178524 |
| 5.63%, 07/15/32 |  | 190 | 188490 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(d)</sup> |  | 211 | 200651 |
| Jane Street Group/JSG Finance, Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.50%, 11/15/29 |  | 39 | 37834 |
| 6.13%, 11/01/32 |  | 31 | 31296 |
| 6.75%, 05/01/33 |  | 186 | 191246 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(d)</sup><br>|  | 200 | 193335 |
| Jefferies GmbH, (Update Replacements.xls: ESTR3MA + <br> 0.80%), 3.16%, 07/22/26<sup>(a)(b)</sup><br>| EUR | 900 | 1058640 |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/30<sup>(d)</sup> | USD | 100 | 103615 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(d)</sup><br>|  | 300 | 291864 |
| JetBlue Pass-Through Trust, Series 2019-1, Class AA, <br> 2.75%, 11/15/33<br>|  | 59 | 52083 |
| Johnson & Johnson, 1.65%, 05/20/35 | EUR | 514 | 527177 |
| JPMorgan Chase & Co.<sup>(b)</sup> <br>|  |  |  |
| (1-day SOFR + 1.58%), 3.33%, 04/22/52 | USD | 2909 | 2038213 |
| (1-day SOFR + 2.44%), 3.11%, 04/22/51 |  | 580 | 390278 |
| (3-mo. EURIBOR + 0.87%), 1.05%, 11/04/32<sup>(a)</sup> | EUR | 984 | 1018522 |
| (3-mo. EURIBOR + 1.28%), 4.46%, 11/13/31<sup>(a)</sup> |  | 1538 | 1931903 |
| Kaiser Aluminum Corp., 4.50%, 06/01/31<sup>(d)</sup> |  | 98 | 91680 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(d)</sup><br>|  | 141 | 146027 |
| KLA Corp., 5.25%, 07/15/62 |  | 390 | 366283 |
| Kohl's Corp., 5.13%, 05/01/31 |  | 149 | 106962 |
| Kraft Heinz Foods Co., 4.13%, 07/01/27<sup>(a)</sup> | GBP | 100 | 136438 |
| Kronos International, Inc., 9.50%, 03/15/29<sup>(a)</sup> | EUR | 105 | 133200 |
| Lamar Media Corp., 4.88%, 01/15/29 | USD | 131 | 129496 |
| Lamb Weston Holdings, Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.88%, 05/15/28 |  | 100 | 99382 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Lamb Weston Holdings, Inc.<sup>(d)</sup> (continued) |  |  |  |
| 4.38%, 01/31/32 | USD | 55 | $51507 |
| LBM Acquisition LLC, 6.25%, 01/15/29<sup>(d)</sup> |  | 264 | 229020 |
| LCM Investments Holdings II LLC<sup>(d)</sup> <br>|  |  |  |
| 4.88%, 05/01/29 |  | 107 | 104052 |
| 8.25%, 08/01/31 |  | 155 | 164793 |
| Lessen LLC, (3-mo. CME Term SOFR + 8.50%), 12.79%, <br> 01/05/28<sup>(b)(d)(e)</sup><br>|  | 807 | 743186 |
| Level 3 Financing, Inc.<sup>(d)</sup> <br>|  |  |  |
| 10.75%, 12/15/30 |  | 100 | 113375 |
| 10.00%, 10/15/32 |  | 79 | 79749 |
| 6.88%, 06/30/33 |  | 31 | 31914 |
| LGI Homes, Inc.<sup>(d)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 |  | 131 | 136180 |
| 7.00%, 11/15/32 |  | 260 | 247455 |
| LifePoint Health, Inc., 11.00%, 10/15/30<sup>(d)</sup> |  | 200 | 220639 |
| Light & Wonder International, Inc.<sup>(d)</sup> <br>|  |  |  |
| 7.25%, 11/15/29 |  | 100 | 103026 |
| 7.50%, 09/01/31 |  | 100 | 104641 |
| Lithia Motors, Inc., 4.38%, 01/15/31<sup>(d)</sup> |  | 142 | 135024 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(d)</sup> |  | 100 | 98913 |
| Lowe's Cos., Inc. |  |  |  |
| 3.00%, 10/15/50 |  | 308 | 192425 |
| 5.63%, 04/15/53 |  | 349 | 335646 |
| 5.75%, 07/01/53 |  | 100 | 97763 |
| Magnera Corp.<sup>(d)</sup> <br>|  |  |  |
| 4.75%, 11/15/29 |  | 100 | 88369 |
| 7.25%, 11/15/31 |  | 100 | 94290 |
| Matador Resources Co., 6.25%, 04/15/33<sup>(d)</sup> |  | 40 | 39704 |
| Match Group Holdings II LLC, 3.63%, 10/01/31<sup>(d)</sup> |  | 66 | 59053 |
| Mauser Packaging Solutions Holding Co.<sup>(d)</sup> <br>|  |  |  |
| 7.88%, 04/15/27 |  | 93 | 94524 |
| 9.25%, 04/15/27 |  | 353 | 350525 |
| McAfee Corp., 7.38%, 02/15/30<sup>(d)</sup> |  | 180 | 169989 |
| McGraw-Hill Education, Inc., 7.38%, 09/01/31<sup>(d)</sup> |  | 160 | 166903 |
| Medline Borrower LP<sup>(d)</sup> <br>|  |  |  |
| 3.88%, 04/01/29 |  | 100 | 95924 |
| 5.25%, 10/01/29 |  | 316 | 313537 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(d)</sup><br>|  | 200 | 205457 |
| Medtronic Global Holdings SCA, 1.75%, 07/02/49 | EUR | 200 | 150058 |
| Meta Platforms, Inc. |  |  |  |
| 4.65%, 08/15/62 | USD | 1647 | 1388337 |
| 5.75%, 05/15/63 |  | 103 | 104118 |
| 5.55%, 08/15/64 |  | 1442 | 1409176 |
| MGM Resorts International |  |  |  |
| 4.63%, 09/01/26 |  | 100 | 99871 |
| 4.75%, 10/15/28 |  | 2 | 1976 |
| 6.50%, 04/15/32 |  | 31 | 31506 |
| MidAmerican Energy Co. |  |  |  |
| 5.85%, 09/15/54 |  | 74 | 76160 |
| 5.30%, 02/01/55 |  | 50 | 47560 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, 04/15/31<sup>(d)</sup><br>|  | 194 | 203240 |
| Molina Healthcare, Inc., 3.88%, 05/15/32<sup>(d)</sup> |  | 198 | 180221 |
| Morgan Stanley<sup>(b)</sup> <br>|  |  |  |
| (3-mo. EURIBOR + 1.04%), 3.79%, 03/21/30 | EUR | 546 | 662304 |
| (3-mo. EURIBOR + 1.30%), 4.66%, 03/02/29 |  | 3228 | 3988886 |
| MSD Netherlands Capital BV, 3.25%, 05/30/32 |  | 1267 | 1503355 |
| National Grid North America, Inc., 1.05%, 01/20/31<sup>(a)</sup> |  | 306 | 320617 |
| Nationstar Mortgage Holdings, Inc.<sup>(d)</sup> <br>|  |  |  |
| 6.50%, 08/01/29 | USD | 100 | 102145 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Nationstar Mortgage Holdings, Inc.<sup>(d)</sup> (continued) |  |  |  |
| 5.13%, 12/15/30 | USD | 72 | $72870 |
| 7.13%, 02/01/32 |  | 126 | 130876 |
| NCL Corp. Ltd., 6.75%, 02/01/32<sup>(d)</sup> |  | 200 | 204326 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(d)</sup> |  | 200 | 203254 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(d)</sup> |  | 176 | 192784 |
| NCR Voyix Corp., 5.00%, 10/01/28<sup>(d)</sup> |  | 194 | 192034 |
| Nestle Finance International Ltd.<sup>(a)</sup> <br>|  |  |  |
| 0.63%, 02/14/34 | EUR | 254 | 243602 |
| 1.50%, 03/29/35 |  | 255 | 256349 |
| 3.25%, 01/23/37 |  | 371 | 426636 |
| New Generation Gas Gathering LLC, (3-mo. CME Term <br> SOFR at 2.00% Floor + 5.75%), 10.05%, <br> 09/30/29<sup>(b)(d)(e)</sup><br>| USD | 761 | 755373 |
| New York Life Global Funding, 4.35%, 09/16/25<sup>(a)</sup> | GBP | 150 | 205815 |
| Newell Brands, Inc. |  |  |  |
| 8.50%, 06/01/28<sup>(d)</sup> | USD | 31 | 32557 |
| 6.63%, 09/15/29 |  | 118 | 116804 |
| 6.38%, 05/15/30 |  | 52 | 50587 |
| 6.63%, 05/15/32 |  | 84 | 80132 |
| Nexstar Media, Inc., 5.63%, 07/15/27<sup>(d)</sup> |  | 193 | 192549 |
| NextEra Energy Operating Partners LP, 7.25%, <br> 01/15/29<sup>(d)</sup><br>|  | 200 | 205026 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(d)</sup> |  | 159 | 161897 |
| Northern Oil & Gas, Inc., 8.75%, 06/15/31<sup>(d)</sup> |  | 100 | 103050 |
| Novelis Corp.<sup>(d)</sup> <br>|  |  |  |
| 6.88%, 01/30/30 |  | 200 | 206786 |
| 3.88%, 08/15/31 |  | 25 | 22464 |
| NRG Energy, Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.45%, 06/15/29 |  | 40 | 39353 |
| 5.25%, 06/15/29 |  | 193 | 191944 |
| 6.00%, 02/01/33 |  | 200 | 201993 |
| NuStar Logistics LP, 5.63%, 04/28/27 |  | 100 | 100868 |
| OI European Group BV, 6.25%, 05/15/28<sup>(a)</sup> | EUR | 171 | 207976 |
| Olin Corp., 5.00%, 02/01/30 | USD | 200 | 193007 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 4.25%, 10/01/28<sup>(d)</sup> |  | 201 | 191143 |
| 9.63%, 11/15/28<sup>(a)</sup> | EUR | 300 | 371054 |
| 9.75%, 11/15/28<sup>(d)</sup> | USD | 259 | 272735 |
| Oncor Electric Delivery Co. LLC, 3.63%, 06/15/34<sup>(a)</sup> | EUR | 250 | 294186 |
| ONE Gas, Inc., 2.00%, 05/15/30 | USD | 35 | 31362 |
| OneMain Finance Corp., 7.13%, 11/15/31 |  | 40 | 41619 |
| Oracle Corp. |  |  |  |
| 6.90%, 11/09/52 |  | 76 | 84538 |
| 5.38%, 09/27/54 |  | 195 | 178257 |
| 6.00%, 08/03/55 |  | 2426 | 2421912 |
| 5.50%, 09/27/64 |  | 4166 | 3794225 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV |  |  |  |
| 2.88%, 04/30/28<sup>(a)</sup> | EUR | 100 | 114865 |
| 5.13%, 04/30/31<sup>(d)</sup> | USD | 400 | 347142 |
| 7.88%, 05/15/34<sup>(d)</sup> |  | 400 | 361219 |
| OT Midco Ltd., 10.00%, 02/15/30<sup>(d)</sup> |  | 217 | 167470 |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp., 5.00%, 08/15/27<sup>(d)</sup><br>|  | 200 | 199001 |
| Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(d)</sup><br>|  | 185 | 189590 |
| Pacific Gas and Electric Co. |  |  |  |
| 3.50%, 08/01/50 |  | 856 | 548854 |
| 5.90%, 10/01/54 |  | 145 | 131464 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(d)</sup> |  | 239 | 248262 |
| Paramount Global, (3-mo. SOFR US + 4.16%), 6.25%, <br> 02/28/57<sup>(b)</sup><br>|  | 270 | 254136 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Park Intermediate Holdings LLC/PK Domestic Property <br> LLC/PK Finance Co-Issuer<sup>(d)</sup> <br>|  |  |  |
| 5.88%, 10/01/28 | USD | 300 | $299619 |
| 4.88%, 05/15/29 |  | 166 | 160838 |
| PECO Energy Co. |  |  |  |
| 2.85%, 09/15/51 |  | 343 | 216001 |
| 4.38%, 08/15/52 |  | 290 | 239816 |
| 5.25%, 09/15/54 |  | 192 | 181942 |
| PennyMac Financial Services, Inc.<sup>(d)</sup> <br>|  |  |  |
| 7.13%, 11/15/30 |  | 100 | 103639 |
| 6.88%, 02/15/33 |  | 100 | 102500 |
| Performance Food Group, Inc., 5.50%, 10/15/27<sup>(d)</sup> |  | 102 | 101787 |
| Permian Resources Operating LLC<sup>(d)</sup> <br>|  |  |  |
| 5.38%, 01/15/26 |  | 14 | 13976 |
| 8.00%, 04/15/27 |  | 180 | 184032 |
| 6.25%, 02/01/33 |  | 146 | 147355 |
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, <br> 02/15/29<sup>(d)</sup><br>|  | 500 | 485871 |
| Pfizer Investment Enterprises Pte. Ltd., 5.34%, 05/19/63 |  | 2574 | 2387308 |
| Pilgrim's Pride Corp., 6.25%, 07/01/33 |  | 219 | 231544 |
| Post Holdings, Inc.<sup>(d)</sup> <br>|  |  |  |
| 5.50%, 12/15/29 |  | 338 | 336450 |
| 4.50%, 09/15/31 |  | 100 | 92821 |
| Prestige Brands, Inc., 3.75%, 04/01/31<sup>(d)</sup> |  | 94 | 86620 |
| Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 6.25%, 01/15/28<sup>(d)</sup><br>|  | 174 | 174272 |
| QUALCOMM, Inc., 4.50%, 05/20/52 |  | 172 | 145638 |
| Quikrete Holdings, Inc.<sup>(d)</sup> <br>|  |  |  |
| 6.38%, 03/01/32 |  | 110 | 113115 |
| 6.75%, 03/01/33 |  | 231 | 238352 |
| Resort Communities LoanCo. LP, 12.50%, 11/21/28<sup>(d)(e)</sup> |  | 2337 | 2351779 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(d)</sup> |  | 152 | 144604 |
| RHP Hotel Properties LP/RHP Finance Corp., 4.50%, <br> 02/15/29<sup>(d)</sup><br>|  | 200 | 195478 |
| Rocket Cos., Inc., 6.13%, 08/01/30<sup>(d)</sup> |  | 102 | 103941 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(d)</sup> <br>|  |  |  |
| 3.63%, 03/01/29 |  | 101 | 95976 |
| 4.00%, 10/15/33 |  | 102 | 91256 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(d)</sup> |  | 173 | 169833 |
| RR Donnelley & Sons Co.<sup>(d)</sup> <br>|  |  |  |
| 9.50%, 08/01/29 |  | 27 | 27000 |
| 10.88%, 08/01/29 |  | 231 | 223150 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(d)</sup> |  | 106 | 102523 |
| SBA Communications Corp., 3.88%, 02/15/27 |  | 388 | 382025 |
| SCIH Salt Holdings, Inc., 4.88%, 05/01/28<sup>(d)</sup> |  | 342 | 333207 |
| SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, <br> 07/15/28<sup>(a)</sup><br>| EUR | 150 | 185737 |
| Scotts Miracle-Gro Co., 4.00%, 04/01/31 | USD | 82 | 75317 |
| Seagate HDD Cayman |  |  |  |
| 4.09%, 06/01/29 |  | 100 | 95631 |
| 8.50%, 07/15/31 |  | 100 | 107318 |
| Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, <br> 02/01/28<sup>(d)</sup><br>|  | 100 | 101466 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(d)</sup> |  | 221 | 222320 |
| Sensata Technologies BV, 4.00%, 04/15/29<sup>(d)</sup> |  | 400 | 380432 |
| Service Corp. International, 5.75%, 10/15/32 |  | 95 | 95969 |
| Service Properties Trust |  |  |  |
| 3.95%, 01/15/28 |  | 196 | 181039 |
| 8.38%, 06/15/29 |  | 460 | 478440 |
| 4.95%, 10/01/29 |  | 76 | 66317 |
| 4.38%, 02/15/30 |  | 165 | 138749 |
| 8.63%, 11/15/31<sup>(d)</sup> |  | 2 | 2147 |
| 8.88%, 06/15/32 |  | 499 | 513101 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(d)</sup> | USD | 100 | $101022 |
| Sirius XM Radio LLC<sup>(d)</sup> <br>|  |  |  |
| 3.13%, 09/01/26 |  | 2 | 1962 |
| 5.00%, 08/01/27 |  | 361 | 357908 |
| 4.00%, 07/15/28 |  | 100 | 96042 |
| 5.50%, 07/01/29 |  | 12 | 11921 |
| 3.88%, 09/01/31 |  | 128 | 113781 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(d)</sup><br>|  | 106 | 110989 |
| Six Flags Entertainment Corp.<sup>(d)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 100 | 99785 |
| 7.25%, 05/15/31 |  | 200 | 205537 |
| SM Energy Co.<sup>(d)</sup> <br>|  |  |  |
| 6.75%, 08/01/29 |  | 60 | 59779 |
| 7.00%, 08/01/32 |  | 100 | 98539 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(d)</sup> |  | 200 | 209691 |
| Snap, Inc., 6.88%, 03/01/33<sup>(d)</sup> |  | 142 | 145710 |
| Solaris Energy Infrastructure, Inc., 4.75%, 05/01/30<sup>(d)(h)</sup> |  | 413 | 551097 |
| Somnigroup International, Inc., 3.88%, 10/15/31<sup>(d)</sup> |  | 100 | 90916 |
| Sonder Holdings, Inc., (13.59% PIK), 7.00%, <br> 12/10/27<sup>(e)(j)</sup><br>|  | 918 | 787645 |
| Sonic Automotive, Inc.<sup>(d)</sup> <br>|  |  |  |
| 4.63%, 11/15/29 |  | 64 | 62096 |
| 4.88%, 11/15/31 |  | 56 | 53227 |
| Spirit AeroSystems, Inc., 9.75%, 11/15/30<sup>(d)</sup> |  | 487 | 537088 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| Class A, 3.65%, 08/15/31<sup>(f)(i)</sup> |  | 224 | 193601 |
| Series 2015-1A, Class A, 4.10%, 10/01/29 |  | 7 | 6754 |
| Series 2017-1AA, Class AA, 3.38%, 08/15/31 |  | 86 | 75730 |
| SS&C Technologies, Inc.<sup>(d)</sup> <br>|  |  |  |
| 5.50%, 09/30/27 |  | 120 | 120105 |
| 6.50%, 06/01/32 |  | 85 | 88240 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(d)</sup> |  | 107 | 102348 |
| Standard Industries, Inc.<sup>(d)</sup> <br>|  |  |  |
| 5.00%, 02/15/27 |  | 2 | 1995 |
| 3.38%, 01/15/31 |  | 259 | 232270 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(d)</sup> |  | 133 | 139892 |
| Starwood Property Trust, Inc.<sup>(d)</sup> <br>|  |  |  |
| 3.63%, 07/15/26 |  | 193 | 189720 |
| 6.00%, 04/15/30 |  | 12 | 12137 |
| Station Casinos LLC, 6.63%, 03/15/32<sup>(d)</sup> |  | 186 | 190187 |
| Stem, Inc., 0.50%, 12/01/28<sup>(d)(h)</sup> |  | 27 | 6548 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(d)</sup> |  | 95 | 99249 |
| Sunoco LP<sup>(d)</sup> <br>|  |  |  |
| 7.25%, 05/01/32 |  | 100 | 104998 |
| 6.25%, 07/01/33 |  | 156 | 158605 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(d)</sup> <br>|  |  |  |
| 6.00%, 03/01/27 |  | 100 | 99979 |
| 5.50%, 01/15/28 |  | 31 | 30818 |
| 6.00%, 12/31/30 |  | 180 | 176619 |
| Teleflex, Inc., 4.25%, 06/01/28<sup>(d)</sup> |  | 21 | 20517 |
| Tenet Healthcare Corp. |  |  |  |
| 6.13%, 10/01/28 |  | 383 | 383537 |
| 4.38%, 01/15/30 |  | 100 | 96800 |
| 6.13%, 06/15/30 |  | 100 | 101738 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(d)</sup> |  | 482 | 476649 |
| Terex Corp., 5.00%, 05/15/29<sup>(d)</sup> |  | 25 | 24403 |
| Thermo Fisher Scientific, Inc., 0.88%, 10/01/31 | EUR | 541 | 559218 |
| T-Mobile U.S., Inc. |  |  |  |
| 3.80%, 02/11/45 |  | 100 | 108925 |
| 4.50%, 04/15/50 | USD | 196 | 162063 |
| 5.65%, 01/15/53 |  | 414 | 400539 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| T-Mobile U.S., Inc. (continued) |  |  |  |
| 5.75%, 01/15/54 | USD | 1207 | $1182375 |
| TransDigm, Inc. |  |  |  |
| 6.75%, 08/15/28<sup>(d)</sup> |  | 133 | 135812 |
| 6.38%, 03/01/29<sup>(d)</sup> |  | 308 | 315990 |
| 4.88%, 05/01/29 |  | 120 | 117910 |
| 6.63%, 03/01/32<sup>(d)</sup> |  | 98 | 101469 |
| 6.00%, 01/15/33<sup>(d)</sup> |  | 100 | 100543 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(d)</sup> |  | 113 | 114878 |
| Transocean, Inc., 8.25%, 05/15/29<sup>(d)</sup> |  | 131 | 121115 |
| Travel & Leisure Co., 6.00%, 04/01/27 |  | 100 | 100888 |
| Tronox, Inc., 4.63%, 03/15/29<sup>(d)</sup> |  | 200 | 172582 |
| U.S. Bancorp, (3-mo. EURIBOR + 0.80%), 2.88%, <br> 05/21/28<sup>(b)</sup><br>| EUR | 400 | 471335 |
| U.S. Foods, Inc.<sup>(d)</sup> <br>|  |  |  |
| 6.88%, 09/15/28 | USD | 118 | 122009 |
| 4.75%, 02/15/29 |  | 132 | 129684 |
| Uber Technologies, Inc., 5.35%, 09/15/54 |  | 87 | 81150 |
| UKG, Inc., 6.88%, 02/01/31<sup>(d)</sup> |  | 183 | 189876 |
| Union Pacific Corp. |  |  |  |
| 3.84%, 03/20/60 |  | 814 | 585799 |
| 2.97%, 09/16/62 |  | 128 | 74397 |
| 5.15%, 01/20/63 |  | 495 | 451056 |
| 3.85%, 02/14/72 |  | 121 | 83059 |
| United Airlines Pass-Through Trust, Series 2019-2, <br> Class A, 2.90%, 11/01/29<br>|  | 35 | 32732 |
| United Rentals North America, Inc. |  |  |  |
| 3.75%, 01/15/32 |  | 204 | 187386 |
| 6.13%, 03/15/34<sup>(d)</sup> |  | 2 | 2060 |
| United Wholesale Mortgage LLC<sup>(d)</sup> <br>|  |  |  |
| 5.75%, 06/15/27 |  | 119 | 118715 |
| 5.50%, 04/15/29 |  | 99 | 96095 |
| UnitedHealth Group, Inc. |  |  |  |
| 2.90%, 05/15/50 |  | 277 | 172363 |
| 6.05%, 02/15/63 |  | 78 | 79148 |
| 5.75%, 07/15/64 |  | 66 | 64193 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<sup>(d)</sup> <br>|  |  |  |
| 10.50%, 02/15/28 |  | 164 | 173847 |
| 4.75%, 04/15/28 |  | 200 | 196017 |
| Univision Communications, Inc.<sup>(d)</sup> <br>|  |  |  |
| 8.00%, 08/15/28 |  | 125 | 126847 |
| 4.50%, 05/01/29 |  | 200 | 181840 |
| 7.38%, 06/30/30 |  | 85 | 83532 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(d)</sup><br>|  | 133 | 136316 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(d)</sup> |  | 121 | 121125 |
| Venture Global Calcasieu Pass LLC<sup>(d)</sup> <br>|  |  |  |
| 6.25%, 01/15/30 |  | 163 | 168114 |
| 4.13%, 08/15/31 |  | 100 | 92559 |
| Venture Global LNG, Inc.<sup>(d)</sup> <br>|  |  |  |
| 8.13%, 06/01/28 |  | 200 | 206709 |
| 7.00%, 01/15/30 |  | 200 | 202183 |
| 8.38%, 06/01/31 |  | 191 | 198379 |
| 9.88%, 02/01/32 |  | 200 | 215993 |
| Venture Global Plaque<sup>(d)</sup> <br>|  |  |  |
| 6.50%, 01/15/34 |  | 57 | 57000 |
| 6.75%, 01/15/36 |  | 60 | 60000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Venture Global Plaquemines LNG LLC, 7.50%, <br> 05/01/33<sup>(d)</sup><br>| USD | 100 | $107082 |
| Verizon Communications, Inc., 3.70%, 03/22/61 |  | 2287 | 1578398 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(d)</sup> |  | 173 | 172322 |
| Viking Cruises Ltd.<sup>(d)</sup> <br>|  |  |  |
| 5.88%, 09/15/27 |  | 133 | 133074 |
| 7.00%, 02/15/29 |  | 159 | 160394 |
| Vistra Operations Co. LLC<sup>(d)</sup> <br>|  |  |  |
| 5.63%, 02/15/27 |  | 200 | 200137 |
| 5.00%, 07/31/27 |  | 100 | 99877 |
| Vital Energy, Inc. |  |  |  |
| 9.75%, 10/15/30 |  | 122 | 110426 |
| 7.88%, 04/15/32<sup>(d)</sup> |  | 61 | 52156 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(d)</sup> |  | 50 | 52021 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(d)</sup> |  | 144 | 148425 |
| Weekley Homes LLC/Weekley Finance Corp., 4.88%, <br> 09/15/28<sup>(d)</sup><br>|  | 4 | 3874 |
| Wells Fargo & Co. |  |  |  |
| 1.38%, 10/26/26<sup>(a)</sup> | EUR | 798 | 928277 |
| 1.00%, 02/02/27<sup>(a)</sup> |  | 4733 | 5451470 |
| 1.50%, 05/24/27<sup>(a)</sup> |  | 100 | 115836 |
| (1-day SOFR + 2.13%), 4.61%, 04/25/53<sup>(b)</sup> | USD | 600 | 511328 |
| (3-mo. CME Term SOFR + 4.50%), 5.01%, <br> 04/04/51<sup>(b)</sup><br>|  | 495 | 450706 |
| WESCO Distribution, Inc.<sup>(d)</sup> <br>|  |  |  |
| 6.38%, 03/15/29 |  | 200 | 205766 |
| 6.63%, 03/15/32 |  | 171 | 177698 |
| Westbay, 11.00%, 02/06/30<sup>(e)</sup> |  | 1688 | 1690194 |
| Western Digital Corp., 4.75%, 02/15/26 |  | 5 | 4987 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(d)</sup> |  | 88 | 87417 |
| Williams Scotsman, Inc., 6.63%, 06/15/29<sup>(d)</sup> |  | 200 | 205305 |
| WR Grace Holdings LLC, 4.88%, 06/15/27<sup>(d)</sup> |  | 121 | 120301 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., <br> 5.13%, 10/01/29<sup>(d)</sup><br>|  | 100 | 99278 |
| Xerox Holdings Corp.<sup>(d)</sup> <br>|  |  |  |
| 5.50%, 08/15/28 |  | 276 | 210548 |
| 8.88%, 11/30/29 |  | 93 | 70215 |
| XHR LP, 4.88%, 06/01/29<sup>(d)</sup> |  | 25 | 24229 |
| XPO, Inc., 7.13%, 02/01/32<sup>(d)</sup> |  | 14 | 14673 |
| Yum! Brands, Inc. |  |  |  |
| 4.75%, 01/15/30<sup>(d)</sup> |  | 100 | 99058 |
| 5.38%, 04/01/32 |  | 83 | 83061 |
| Zayo Group Holdings, Inc., 4.00%, 03/01/27<sup>(d)</sup> |  | 40 | 37511 |
|  |  |  | 153061625 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |
| Navoi Mining & Metallurgical Combinat |  |  |  |
| 6.70%, 10/17/28<sup>(a)</sup> |  | 200 | 204438 |
| 6.95%, 10/17/31<sup>(d)</sup> |  | 200 | 204502 |
|  |  |  | 408940 |
| **Venezuela**<sup>(a)(f)(i)</sup> **— 0.0%** | **Venezuela**<sup>(a)(f)(i)</sup> **— 0.0%** | **Venezuela**<sup>(a)(f)(i)</sup> **— 0.0%** | **Venezuela**<sup>(a)(f)(i)</sup> **— 0.0%** |
| Petroleos de Venezuela SA |  |  |  |
| 6.00%, 11/15/26 |  | 185 | 23415 |
| 9.75%, 05/17/35 |  | 214 | 30616 |
|  |  |  | 54031 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Vietnam — 0.1%** | **Vietnam — 0.1%** | **Vietnam — 0.1%** | **Vietnam — 0.1%** |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(a)</sup> | USD | 678 | $660915 |
| **Total Corporate Bonds — 32.8%** <br>**(Cost: $276,058,418)** | **Total Corporate Bonds — 32.8%** <br>**(Cost: $276,058,418)** | **Total Corporate Bonds — 32.8%** <br>**(Cost: $276,058,418)** | 286617026 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| Vedanta Hold Mauritius II Ltd., Delayed Draw Term Loan, <br> 18.00%, 04/17/26<sup>(e)</sup><br>|  | 364 | 367519 |
| **Total Fixed Rate Loan Interests — 0.1%** <br>**(Cost: $363,880)** | **Total Fixed Rate Loan Interests — 0.1%** <br>**(Cost: $363,880)** | **Total Fixed Rate Loan Interests — 0.1%** <br>**(Cost: $363,880)** | 367519 |
| **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> | **Floating Rate Loan Interests**<sup>(b)</sup> |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |
| Usavflow II Ltd., Term Loan B, (1-mo. CME Term SOFR <br> + 6.50%), 10.81%, 08/16/29<sup>(e)</sup><br>|  | 339 | 339848 |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |
| Euro Parfums Fze, Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 6.25%), 10.44%, 06/23/28<sup>(e)</sup><br>|  | 192 | 196805 |
| **United States — 1.0%** | **United States — 1.0%** | **United States — 1.0%** | **United States — 1.0%** |
| Arctera U.S. Holdings LLC, 2024 Priority Term Loan, <br> (3-mo. CME Term SOFR at 2.50% Floor + 8.00%, <br> 4.50% PIK), 16.80%, 12/09/29<sup>(j)</sup><br>|  | 89 | 89160 |
| Cirkul, Inc., 2nd Lien PIK Term Loan, (3-mo. CME Term <br> SOFR at 4.00% Floor + 7.50%, 3.50% PIK), 15.38%, <br> 04/23/28<sup>(e)(j)</sup><br>|  | 371 | 353860 |
| ConnectWise LLC, 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.76%), 8.06%, 09/29/28<br>|  | 236 | 237049 |
| Coreweave Compute Acquisition Co. II, LLC, Delayed <br> Draw Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 9.62%), 14.32%, 07/31/28<sup>(e)</sup><br>|  | 1049 | 1040221 |
| Coreweave Compute Acquisition Co., IV, LLC, <br> 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.00%), 10.30%, 05/16/29<sup>(e)</sup><br>|  | 988 | 978426 |
| CPPIB OVM Member US LLC, Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 08/20/31<br>|  | 238 | 237307 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 9.00%, 04/15/27<br>|  | 90 | 87530 |
| CVR CHC LP, Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.30%, 12/30/27<br>|  | 243 | 242055 |
| Digital Room Holdings, Inc., 2021 Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 5.35%), 9.68%, <br> 12/21/28<br>|  | 133 | 130643 |
| Directv Financing LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 5.50%), 9.83%, <br> 02/17/31<br>|  | 338 | 321988 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27<br>|  | 26 | 25723 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.83%, 09/03/30<br>|  | 459 | 458796 |
| EIS Group Ltd.<sup>(e)</sup> <br>|  |  |  |
| Revolver, (1-mo. CME Term SOFR at 0.75% Floor + <br> 7.00%), 11.33%, 07/10/28<br>|  | 53 | 51316 |
| Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + <br> 7.00%), 11.33%, 05/01/28<br>|  | 532 | 513163 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Emerald Electronics Manufacturing Services, Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 6.40%), <br> 10.73%, 12/29/27<sup>(e)</sup><br>| USD | 150 | $103332 |
| Flexsys Holdings, Inc., 2025 Second Out Refinancing <br> Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + <br> 5.36%), 9.69%, 08/01/29<br>|  | 87 | 43827 |
| Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.76%), 10.04%, <br> 10/25/28<br>|  | 92 | 74165 |
| Jack Ohio Finance LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.00%), 8.33%, <br> 02/02/32<br>|  | 64 | 63281 |
| Maverick Gaming LLC |  |  |  |
| 2024 PIK Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 9.50%), 13.78%, 06/03/28<br>|  | 68 | 61205 |
| 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 9.50%), 13.78%, 06/03/28<br>|  | 119 | 71559 |
| Medical Solutions Holdings, Inc., 2021 2nd Lien Term <br> Loan, (3-mo. CME Term SOFR at 0.50% Floor + <br> 7.10%), 11.38%, 11/01/29<br>|  | 74 | 31204 |
| Naked Juice LLC |  |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.80%, 01/24/29<br>|  | 28 | 28122 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.35%), 7.65%, 01/24/29<br>|  | 50 | 39851 |
| Northwind Midstream Partners LLC, Term Loan, (3-mo. <br> CME Term SOFR at 3.00% Floor + 6.25%), 10.70%, <br> 03/03/32<sup>(e)</sup><br>|  | 1717 | 1684892 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27<br>|  | 233 | 178557 |
| Project Montage<sup>(e)</sup> <br>|  |  |  |
| Revolver, (3-mo. CME Term SOFR + 6.00%, 5.29% <br> PIK), 10.32%, 02/16/29<sup>(j)</sup><br>|  | 41 | 39801 |
| Term Loan, (3-mo. CME Term SOFR + 6.00%), <br> 10.33%, 02/16/29<br>|  | 254 | 248057 |
| Sabre GLBL, Inc. |  |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 37 | 36079 |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 58 | 57238 |
| 2022 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.10%), 9.43%, 06/30/28<br>|  | 150 | 148087 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 92 | 91550 |
| Solaris Oilfield Infrastructure, Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.00%), 10.30%, <br> 09/11/29<sup>(e)</sup><br>|  | 911 | 911000 |
| Vaco Holdings LLC, 2022 Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.15%), 9.45%, 01/21/29<br>|  | 156 | 142964 |
|  |  |  | 8822008 |
| **Total Floating Rate Loan Interests — 1.1%** <br>**(Cost: $9,598,944)** | **Total Floating Rate Loan Interests — 1.1%** <br>**(Cost: $9,598,944)** | **Total Floating Rate Loan Interests — 1.1%** <br>**(Cost: $9,598,944)** | 9358661 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Angola — 0.0%** | **Angola — 0.0%** | **Angola — 0.0%** |  |
| Angolan Government International Bonds, 8.25%, <br> 05/09/28<sup>(a)</sup><br>|  | 200 | 188850 |
| **Argentina — 0.0%** | **Argentina — 0.0%** | **Argentina — 0.0%** |  |
| Argentine Republic Government International Bonds |  |  |  |
| 1.00%, 07/09/29 |  | 38 | 31755 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Argentina (continued)** | **Argentina (continued)** | **Argentina (continued)** |  |
| Argentine Republic Government International <br> Bonds (continued)<br>|  |  |  |
| 1.75%, 07/09/30<sup>(l)</sup> | USD | 107 | $85094 |
| 4.88%, 07/09/41<sup>(l)</sup> |  | 79 | 49019 |
|  |  |  | 165868 |
| **Australia**<sup>(a)</sup> **— 0.0%** | **Australia**<sup>(a)</sup> **— 0.0%** | **Australia**<sup>(a)</sup> **— 0.0%** |  |
| Australia Government Bonds |  |  |  |
| Series 136, 4.75%, 04/21/27 | AUD | 220 | 148653 |
| Series 144, 3.75%, 04/21/37 |  | 80 | 50099 |
| Series 149, 2.25%, 05/21/28 |  | 90 | 57599 |
|  |  |  | 256351 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |  |
| Republic of Austria Government Bonds, 1.50%, <br> 02/20/47<sup>(a)(d)</sup><br>| EUR | 222 | 183224 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |  |
| Barbados Government International Bonds, 8.00%, <br> 06/26/35<sup>(d)</sup><br>| USD | 209 | 210254 |
| **Belgium**<sup>(a)(d)</sup> **— 0.0%** | **Belgium**<sup>(a)(d)</sup> **— 0.0%** | **Belgium**<sup>(a)(d)</sup> **— 0.0%** |  |
| Kingdom of Belgium Government Bonds |  |  |  |
| Series 78, 1.60%, 06/22/47 | EUR | 351 | 279177 |
| Series 85, 0.80%, 06/22/28 |  | 5 | 5667 |
|  |  |  | 284844 |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |  |
| Benin Government International Bonds, 4.95%, <br> 01/22/35<sup>(a)</sup><br>|  | 100 | 100220 |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |  |
| Brazil Notas do Tesouro Nacional, 10.00%, 01/01/27 | BRL | 17 | 2986027 |
| Brazilian Government International Bonds, 3.75%, <br> 09/12/31<br>| USD | 3900 | 3514680 |
|  |  |  | 6500707 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |  |
| Bulgaria Government International Bonds, 5.00%, <br> 03/05/37<sup>(a)</sup><br>|  | 22 | 21505 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| Canadian Government Bonds |  |  |  |
| 2.75%, 03/01/30 | CAD | 76 | 55618 |
| 3.50%, 12/01/45 |  | 140 | 102714 |
| 2.75%, 12/01/48 |  | 210 | 134665 |
|  |  |  | 292997 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |  |
| Chile Government International Bonds |  |  |  |
| 2.75%, 01/31/27 | USD | 200 | 194800 |
| 3.75%, 01/14/32 | EUR | 487 | 583569 |
|  |  |  | 778369 |
| **China — 6.1%** | **China — 6.1%** | **China — 6.1%** |  |
| China Government Bonds |  |  |  |
| 1.67%, 06/15/26 | CNY | 127370 | 17825145 |
| 2.05%, 04/15/29 |  | 74580 | 10623216 |
| 2.68%, 05/21/30 |  | 12080 | 1777361 |
| 3.02%, 05/27/31 |  | 105780 | 15992792 |
| 2.88%, 02/25/33 |  | 15000 | 2280280 |
| 2.11%, 08/25/34 |  | 6180 | 892531 |
| 3.19%, 04/15/53 |  | 21580 | 3802295 |
| 3.25%, 11/22/28 |  | 100 | 14857 |
|  |  |  | 53208477 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Colombia — 0.7%** | **Colombia — 0.7%** | **Colombia — 0.7%** |  |
| Colombia Government International Bonds |  |  |  |
| 7.38%, 04/25/30 | USD | 206 | $213107 |
| 8.00%, 04/20/33 |  | 200 | 206900 |
| Colombian TES<sup>(c)</sup> <br>|  |  |  |
| Series B, 11/03/27 | COP | 13018400 | 2928762 |
| Series B, 09/18/30 |  | 12302700 | 2592594 |
|  |  |  | 5941363 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |  |
| Costa Rica Government International Bonds, 7.30%, <br> 11/13/54<sup>(a)</sup><br>| USD | 351 | 363408 |
| **Czech Republic — 0.7%** | **Czech Republic — 0.7%** | **Czech Republic — 0.7%** |  |
| Czech Republic Government Bonds |  |  |  |
| 0.95%, 05/15/30<sup>(a)</sup> | CZK | 14940 | 622937 |
| Series 105, 2.75%, 07/23/29 |  | 18230 | 836640 |
| Series 150, 5.00%, 09/30/30 |  | 56780 | 2856109 |
| Series 154, 4.50%, 11/11/32 |  | 26400 | 1294019 |
| Series 49, 4.20%, 12/04/36<sup>(a)</sup> |  | 5530 | 258789 |
|  |  |  | 5868494 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |  |
| Denmark Government Bonds |  |  |  |
| 1.75%, 11/15/25 | DKK | 500 | 78953 |
| 4.50%, 11/15/39 |  | 450 | 85580 |
|  |  |  | 164533 |
| **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** |  |
| Dominican Republic International Bonds |  |  |  |
| 5.95%, 01/25/27<sup>(a)</sup> | USD | 136 | 137224 |
| 4.50%, 01/30/30<sup>(d)</sup> |  | 350 | 332500 |
| 10.75%, 06/01/36<sup>(d)</sup> | DOP | 53550 | 926200 |
| 10.75%, 06/01/36<sup>(a)</sup> |  | 8000 | 138368 |
|  |  |  | 1534292 |
| **Ecuador**<sup>(a)(l)</sup> **— 0.0%** | **Ecuador**<sup>(a)(l)</sup> **— 0.0%** | **Ecuador**<sup>(a)(l)</sup> **— 0.0%** |  |
| Ecuador Government International Bonds |  |  |  |
| 6.90%, 07/31/30 | USD | 120 | 104174 |
| 6.90%, 07/31/35 |  | 136 | 98658 |
| 5.50%, 07/31/40 |  | 159 | 99952 |
|  |  |  | 302784 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |  |
| Egypt Government Bonds |  |  |  |
| 24.14%, 12/03/27 | EGP | 1535 | 31222 |
| 07/01/28<sup>(c)</sup> |  | 21314 | 432433 |
| Series 3Y, 25.32%, 08/13/27 |  | 582 | 11964 |
| Series 3Y, 24.46%, 10/01/27 |  | 12853 | 261426 |
| Series 3Y, 21.38%, 02/04/28 |  | 18123 | 358880 |
| Egypt Government International Bonds |  |  |  |
| 4.75%, 04/16/26<sup>(a)</sup> | EUR | 258 | 305906 |
| 7.50%, 01/31/27<sup>(a)</sup> | USD | 200 | 202990 |
| 7.63%, 05/29/32<sup>(a)</sup> |  | 200 | 185100 |
| 7.90%, 02/21/48<sup>(a)</sup> |  | 200 | 153328 |
| 7.50%, 02/16/61<sup>(d)</sup> |  | 428 | 311049 |
| 7.50%, 02/16/61<sup>(a)</sup> |  | 200 | 145350 |
|  |  |  | 2399648 |
| **El Salvador**<sup>(a)</sup> **— 0.0%** | **El Salvador**<sup>(a)</sup> **— 0.0%** | **El Salvador**<sup>(a)</sup> **— 0.0%** |  |
| El Salvador Government International Bonds |  |  |  |
| 8.63%, 02/28/29 |  | 80 | 83430 |
| 9.25%, 04/17/30 |  | 153 | 162324 |
|  |  |  | 245754 |
| **Ethiopia — 0.0%** | **Ethiopia — 0.0%** | **Ethiopia — 0.0%** |  |
| Ethiopia International Bonds, 6.63%, 12/11/24<sup>(a)</sup> |  | 200 | 184000 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France**<sup>(a)(d)</sup> **— 0.2%** | **France**<sup>(a)(d)</sup> **— 0.2%** | **France**<sup>(a)(d)</sup> **— 0.2%** |  |
| French Republic Government Bond OAT |  |  |  |
| 2.50%, 05/25/30 | EUR | 40 | $47060 |
| 1.50%, 05/25/31 |  | 190 | 209440 |
| 3.20%, 05/25/35 |  | 2 | 2342 |
| 1.50%, 05/25/50 |  | 2536 | 1844072 |
|  |  |  | 2102914 |
| **Gabon — 0.0%** | **Gabon — 0.0%** | **Gabon — 0.0%** |  |
| Gabon Government International Bonds, Series 4Y, <br> 9.50%, 02/18/29<sup>(a)</sup><br>| USD | 400 | 365096 |
| **Ghana**<sup>(l)</sup> **— 0.1%** | **Ghana**<sup>(l)</sup> **— 0.1%** | **Ghana**<sup>(l)</sup> **— 0.1%** |  |
| Ghana Government International Bonds |  |  |  |
| 6.00%, 07/03/29<sup>(a)</sup> |  | 348 | 325426 |
| 6.00%, 07/03/35<sup>(d)</sup> |  | 176 | 135994 |
|  |  |  | 461420 |
| **Greece**<sup>(a)(d)</sup> **— 0.2%** | **Greece**<sup>(a)(d)</sup> **— 0.2%** | **Greece**<sup>(a)(d)</sup> **— 0.2%** |  |
| Hellenic Republic Government Bonds |  |  |  |
| 2.00%, 04/22/27 | EUR | 92 | 108366 |
| 1.50%, 06/18/30 |  | 1740 | 1945752 |
|  |  |  | 2054118 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |  |
| Guatemala Government Bonds, 6.60%, 06/13/36<sup>(d)</sup> | USD | 405 | 411885 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |  |
| Hungary Government Bonds, 7.00%, 10/24/35 | HUF | 287100 | 842801 |
| Hungary Government International Bonds |  |  |  |
| 5.25%, 06/16/29<sup>(d)</sup> | USD | 400 | 403000 |
| 5.50%, 06/16/34<sup>(a)</sup> |  | 200 | 195950 |
| Series 10Y, 5.38%, 09/12/33<sup>(a)</sup> | EUR | 53 | 67251 |
| Series 4Y, 5.00%, 02/22/27<sup>(a)</sup> |  | 186 | 227972 |
| Series 6Y, 4.00%, 07/25/29<sup>(a)</sup> |  | 131 | 158459 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(a)</sup> |  | 100 | 126925 |
| MFB Magyar Fejlesztesi Bank Zrt, 6.50%, 06/29/28<sup>(a)</sup> | USD | 200 | 206166 |
|  |  |  | 2228524 |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |  |
| India Government Bonds |  |  |  |
| 7.30%, 06/19/53 | INR | 14700 | 175801 |
| 7.09%, 08/05/54 |  | 46700 | 546721 |
|  |  |  | 722522 |
| **Indonesia — 1.1%** | **Indonesia — 1.1%** | **Indonesia — 1.1%** |  |
| Indonesia Treasury Bonds |  |  |  |
| 6.50%, 07/15/30 | IDR | 4405000 | 273440 |
| 7.13%, 08/15/40 |  | 1899000 | 118705 |
| Series 103, 07/15/35<sup>(c)</sup> |  | 62459000 | 3878499 |
| Series FR59, 05/15/27<sup>(c)</sup> |  | 27017000 | 1692488 |
| Series FR72, 05/15/36<sup>(c)</sup> |  | 17206000 | 1178796 |
| Series FR98, 06/15/38<sup>(c)</sup> |  | 32911000 | 2072472 |
|  |  |  | 9214400 |
| **Ireland**<sup>(a)</sup> **— 1.4%** | **Ireland**<sup>(a)</sup> **— 1.4%** | **Ireland**<sup>(a)</sup> **— 1.4%** |  |
| Ireland Government Bonds |  |  |  |
| 2.60%, 10/18/34 | EUR | 8064 | 9262469 |
| 3.15%, 10/18/55 |  | 2325 | 2547191 |
|  |  |  | 11809660 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy**<sup>(a)(d)</sup> **— 0.1%** | **Italy**<sup>(a)(d)</sup> **— 0.1%** | **Italy**<sup>(a)(d)</sup> **— 0.1%** |  |
| Italy Buoni Poliennali Del Tesoro |  |  |  |
| Series 30Y, 3.85%, 09/01/49 | EUR | 700 | $792086 |
| Series 31Y, 4.75%, 09/01/44 |  | 232 | 301540 |
|  |  |  | 1093626 |
| **Ivory Coast**<sup>(a)</sup> **— 0.1%** | **Ivory Coast**<sup>(a)</sup> **— 0.1%** | **Ivory Coast**<sup>(a)</sup> **— 0.1%** |  |
| Ivory Coast Government International Bonds |  |  |  |
| 6.38%, 03/03/28 | USD | 200 | 199626 |
| 5.25%, 03/22/30 | EUR | 266 | 299724 |
| 5.88%, 10/17/31 |  | 200 | 222559 |
| 7.63%, 01/30/33 | USD | 200 | 197250 |
|  |  |  | 919159 |
| **Japan — 0.9%** | **Japan — 0.9%** | **Japan — 0.9%** |  |
| Japan Government Forty Year Bonds, Series 15, 1.00%, <br> 03/20/62<br>| JPY | 800000 | 3101003 |
| Japan Government Thirty Year Bonds |  |  |  |
| 2.40%, 03/20/55 |  | 246700 | 1571990 |
| Series 64, 0.40%, 09/20/49 |  | 707400 | 2997454 |
| Japan Government Twenty Year Bonds, 1.30%, <br> 12/20/43<br>|  | 61000 | 361074 |
|  |  |  | 8031521 |
| **Jordan — 0.0%** | **Jordan — 0.0%** | **Jordan — 0.0%** |  |
| Jordan Government International Bonds, 7.50%, <br> 01/13/29<sup>(a)</sup><br>| USD | 200 | 204094 |
| **Kenya — 0.0%** | **Kenya — 0.0%** | **Kenya — 0.0%** |  |
| Republic of Kenya Government International Bonds, <br> 7.25%, 02/28/28<sup>(a)</sup><br>|  | 400 | 390500 |
| **Lebanon**<sup>(a)(f)(i)</sup> **— 0.0%** | **Lebanon**<sup>(a)(f)(i)</sup> **— 0.0%** | **Lebanon**<sup>(a)(f)(i)</sup> **— 0.0%** |  |
| Lebanon Government International Bonds |  |  |  |
| 6.65%, 11/03/28 |  | 336 | 63504 |
| Series 10Y, 6.85%, 03/23/27 |  | 182 | 34398 |
| Series 15YR, 7.00%, 03/23/32 |  | 50 | 9450 |
|  |  |  | 107352 |
| **Malaysia — 0.2%** | **Malaysia — 0.2%** | **Malaysia — 0.2%** |  |
| Malaysia Government Bonds, 3.83%, 07/05/34 | MYR | 6598 | 1605020 |
| **Mexico — 2.0%** | **Mexico — 2.0%** | **Mexico — 2.0%** |  |
| Mexican Bonos |  |  |  |
| Series M, 7.00%, 09/03/26 | MXN | 622 | 3270438 |
| Series M, 7.50%, 06/03/27 |  | 275 | 1448526 |
| Series M, 8.50%, 03/01/29 |  | 305 | 1624162 |
| Series M, 8.50%, 05/31/29 |  | 9 | 49888 |
| Series M, 7.75%, 05/29/31 |  | 533 | 2707038 |
| Series M, 7.50%, 05/26/33 |  | 326 | 1588121 |
| Series M, 7.75%, 11/13/42 |  | 113 | 497485 |
| Series M, 8.00%, 11/07/47 |  | 50 | 220590 |
| Mexico Government International Bonds |  |  |  |
| 5.40%, 02/09/28 | USD | 200 | 203900 |
| 6.00%, 05/13/30 |  | 4065 | 4218454 |
| 01/29/38<sup>(c)</sup> |  | 200 | 202100 |
| 6.34%, 05/04/53 |  | 200 | 183900 |
| 7.38%, 05/13/55 |  | 958 | 991530 |
|  |  |  | 17206132 |
| **Mongolia — 0.1%** | **Mongolia — 0.1%** | **Mongolia — 0.1%** |  |
| City of Ulaanbaatar Mongolia, 7.75%, 08/21/27<sup>(a)</sup> |  | 600 | 598500 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |  |
| Morocco Government International Bonds, 4.75%, <br> 04/02/35<sup>(d)</sup><br>| EUR | 100 | $117822 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** | **Netherlands — 0.0%** |  |
| Netherlands Government Bonds, 2.75%, 01/15/47<sup>(a)(d)</sup> |  | 311 | 344408 |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |  |
| Nigeria Government International Bonds |  |  |  |
| 6.13%, 09/28/28<sup>(a)</sup> | USD | 200 | 190376 |
| 8.38%, 03/24/29<sup>(a)</sup> |  | 200 | 201250 |
| 7.14%, 02/23/30<sup>(a)</sup> |  | 215 | 204317 |
| 10.38%, 12/09/34<sup>(d)</sup> |  | 200 | 210200 |
|  |  |  | 806143 |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |  |
| Oman Government International Bonds, 6.75%, <br> 01/17/48<sup>(a)</sup><br>|  | 200 | 206100 |
| **Pakistan**<sup>(a)</sup> **— 0.1%** | **Pakistan**<sup>(a)</sup> **— 0.1%** | **Pakistan**<sup>(a)</sup> **— 0.1%** |  |
| Pakistan Global Sukuk Programme Co. Ltd., 7.95%, <br> 01/31/29<br>|  | 200 | 193000 |
| Pakistan Government International Bonds |  |  |  |
| 6.00%, 04/08/26 |  | 200 | 196900 |
| 6.88%, 12/05/27 |  | 200 | 189000 |
|  |  |  | 578900 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |  |
| Panama Government International Bonds |  |  |  |
| 7.13%, 01/29/26 |  | 100 | 101200 |
| 7.50%, 03/01/31 |  | 400 | 425600 |
|  |  |  | 526800 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |  |
| Corp. Financiera de Desarrollo SA, 2.40%, 09/28/27<sup>(a)</sup> |  | 200 | 188900 |
| Fondo Mivivienda SA, 4.63%, 04/12/27<sup>(a)</sup> |  | 150 | 149417 |
| Peruvian Government International Bonds |  |  |  |
| 2.78%, 01/23/31 |  | 11 | 9874 |
| 1.86%, 12/01/32 |  | 52 | 41600 |
| 6.85%, 08/12/35<sup>(d)</sup> | PEN | 9505 | 2763524 |
|  |  |  | 3153315 |
| **Philippines — 0.4%** | **Philippines — 0.4%** | **Philippines — 0.4%** |  |
| Philippine Government Bonds |  |  |  |
| 6.25%, 02/28/29 | PHP | 120795 | 2158264 |
| 6.38%, 07/27/30 |  | 11000 | 197659 |
| 6.38%, 04/28/35 |  | 37880 | 671236 |
|  |  |  | 3027159 |
| **Poland — 1.2%** | **Poland — 1.2%** | **Poland — 1.2%** |  |
| Republic of Poland Government Bonds |  |  |  |
| 2.00%, 08/25/36 | PLN | 1752 | 430730 |
| Series 0130, 5.00%, 01/25/30 |  | 2394 | 667336 |
| Series 0429, 5.75%, 04/25/29 |  | 16817 | 4800965 |
| Series 0729, 4.75%, 07/25/29 |  | 9204 | 2541120 |
| Series 1029, 2.75%, 10/25/29 |  | 1597 | 408409 |
| Series 1034, 5.00%, 10/25/34 |  | 4471 | 1200267 |
| Republic of Poland Government International Bonds |  |  |  |
| 4.88%, 02/12/30 | USD | 110 | 111849 |
| 4.88%, 10/04/33 |  | 18 | 17862 |
| 5.50%, 04/04/53 |  | 63 | 58606 |
|  |  |  | 10237144 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Qatar — 0.0%** | **Qatar — 0.0%** | **Qatar — 0.0%** |  |
| Qatar Government International Bonds, 3.25%, <br> 06/02/26<sup>(a)</sup><br>| USD | 200 | $197850 |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |  |
| Romanian Government International Bonds |  |  |  |
| 5.00%, 09/27/26<sup>(a)</sup> | EUR | 83 | 100428 |
| 5.25%, 11/25/27<sup>(a)</sup> | USD | 118 | 117853 |
| 5.25%, 11/25/27<sup>(d)</sup> |  | 28 | 27965 |
| 6.63%, 02/17/28<sup>(a)</sup> |  | 16 | 16497 |
| 2.13%, 03/07/28<sup>(a)</sup> | EUR | 206 | 233922 |
| 5.88%, 01/30/29<sup>(a)</sup> | USD | 570 | 572850 |
| 2.12%, 07/16/31<sup>(a)</sup> | EUR | 104 | 101911 |
| 3.63%, 03/27/32<sup>(a)</sup> | USD | 48 | 41145 |
| 5.88%, 07/11/32<sup>(d)</sup> | EUR | 85 | 100903 |
| 6.25%, 09/10/34<sup>(d)</sup> |  | 82 | 97262 |
| 2.75%, 04/14/41<sup>(a)</sup> |  | 32 | 23500 |
|  |  |  | 1434236 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |  |
| Saudi Government International Bonds |  |  |  |
| 5.13%, 01/13/28<sup>(d)</sup> | USD | 200 | 203200 |
| 4.75%, 01/18/28<sup>(a)</sup> |  | 200 | 201198 |
| 4.50%, 04/17/30<sup>(a)</sup> |  | 200 | 199750 |
| 3.45%, 02/02/61<sup>(a)</sup> |  | 303 | 186915 |
|  |  |  | 791063 |
| **Senegal — 0.0%** | **Senegal — 0.0%** | **Senegal — 0.0%** |  |
| Senegal Government International Bonds, 4.75%, <br> 03/13/28<sup>(a)</sup><br>| EUR | 132 | 122837 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |  |
| Singapore Government Bonds, 3.25%, 06/01/54<sup>(a)</sup> | SGD | 150 | 140489 |
| **South Africa — 1.9%** | **South Africa — 1.9%** | **South Africa — 1.9%** |  |
| Republic of South Africa Government Bonds |  |  |  |
| 8.50%, 01/31/37 | ZAR | 20355 | 1000050 |
| Series 2030, 8.00%, 01/31/30 |  | 178685 | 9920044 |
| Series 2040, 9.00%, 01/31/40 |  | 23385 | 1141255 |
| Series R213, 7.00%, 02/28/31 |  | 83241 | 4325049 |
| Republic of South Africa Government International <br> Bonds, 5.75%, 09/30/49<br>| USD | 250 | 187750 |
|  |  |  | 16574148 |
| **Spain — 5.2%** | **Spain — 5.2%** | **Spain — 5.2%** |  |
| Spain Government Bonds |  |  |  |
| 2.70%, 01/31/30 | EUR | 3673 | 4372652 |
| 1.25%, 10/31/30<sup>(a)(d)</sup> |  | 431 | 474950 |
| 3.15%, 04/30/33<sup>(a)(d)</sup> |  | 711 | 851253 |
| 3.55%, 10/31/33<sup>(a)(d)</sup> |  | 6700 | 8215845 |
| 3.45%, 10/31/34<sup>(a)(d)</sup> |  | 1769 | 2140359 |
| 3.15%, 04/30/35<sup>(a)(d)</sup> |  | 22885 | 26917773 |
| 3.90%, 07/30/39<sup>(a)(d)</sup> |  | 462 | 564603 |
| 2.90%, 10/31/46<sup>(a)(d)</sup> |  | 866 | 887321 |
| 3.45%, 07/30/66<sup>(a)(d)</sup> |  | 688 | 708455 |
|  |  |  | 45133211 |
| **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** |  |
| Sri Lanka Government International Bonds |  |  |  |
| 4.00%, 04/15/28<sup>(a)</sup> | USD | 211 | 197572 |
| 4.00%, 04/15/28<sup>(d)</sup> |  | 30 | 28054 |
| 3.35%, 01/15/30<sup>(d)(l)</sup> |  | 32 | 28765 |
| 3.35%, 01/15/30<sup>(a)(l)</sup> |  | 4 | 3562 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Sri Lanka (continued)** | **Sri Lanka (continued)** | **Sri Lanka (continued)** |  |
| Sri Lanka Government International Bonds (continued) |  |  |  |
| 3.60%, 03/15/33<sup>(d)(l)</sup> | USD | 64 | $51749 |
| 5.10%, 06/15/35<sup>(d)(l)</sup> |  | 43 | 28969 |
| 5.10%, 06/15/35<sup>(a)(l)</sup> |  | 15 | 10232 |
| 3.85%, 05/15/36<sup>(d)(l)</sup> |  | 30 | 24584 |
| 3.85%, 02/15/38<sup>(d)(l)</sup> |  | 59 | 48153 |
|  |  |  | 421640 |
| **Sweden**<sup>(a)</sup> **— 0.0%** | **Sweden**<sup>(a)</sup> **— 0.0%** | **Sweden**<sup>(a)</sup> **— 0.0%** |  |
| Sweden Government Bonds |  |  |  |
| Series 1053, 3.50%, 03/30/39 | SEK | 250 | 29786 |
| Series 1059, 1.00%, 11/12/26 |  | 960 | 100486 |
|  |  |  | 130272 |
| **Thailand — 0.5%** | **Thailand — 0.5%** | **Thailand — 0.5%** |  |
| Thailand Government Bonds, 2.50%, 11/17/29 | THB | 126375 | 4055837 |
| **Trinidad And Tobago**<sup>(a)</sup> **— 0.1%** | **Trinidad And Tobago**<sup>(a)</sup> **— 0.1%** | **Trinidad And Tobago**<sup>(a)</sup> **— 0.1%** |  |
| Trinidad & Tobago Government International Bonds |  |  |  |
| 4.50%, 08/04/26 | USD | 200 | 197400 |
| 6.40%, 06/26/34 |  | 200 | 196400 |
|  |  |  | 393800 |
| **Tunisia — 0.0%** | **Tunisia — 0.0%** | **Tunisia — 0.0%** |  |
| Tunisian Republic, 6.38%, 07/15/26<sup>(a)</sup> | EUR | 216 | 250801 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |  |
| Turkiye Government Bonds |  |  |  |
| Series 10Y, 26.20%, 10/05/33 | TRY | 9120 | 214070 |
| Series 5Y, 31.08%, 11/08/28 |  | 9921 | 237699 |
| Series 5Y, 30.00%, 09/12/29 |  | 9530 | 223693 |
| Turkiye Government International Bonds, 9.13%, <br> 07/13/30<br>| USD | 200 | 221313 |
|  |  |  | 896775 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |  |
| Ukraine Government International Bonds |  |  |  |
| 4.50%, 02/01/29<sup>(d)(l)</sup> |  | 164 | 101257 |
| 4.50%, 02/01/29<sup>(a)(l)</sup> |  | 158 | 97368 |
| 3.00%, 02/01/30<sup>(d)(l)</sup> |  | 7 | 3203 |
| 3.00%, 02/01/34<sup>(a)(l)</sup> |  | 40 | 15320 |
| 3.00%, 02/01/34<sup>(d)(l)</sup> |  | 25 | 9591 |
| 4.50%, 02/01/34<sup>(d)(l)</sup> |  | 61 | 31589 |
| 4.50%, 02/01/34<sup>(a)(l)</sup> |  | 27 | 13905 |
| 3.00%, 02/01/35<sup>(a)(l)</sup> |  | 115 | 53769 |
| 3.00%, 02/01/35<sup>(d)(l)</sup> |  | 21 | 9917 |
| 4.50%, 02/01/35<sup>(d)(l)</sup> |  | 37 | 18697 |
| 3.00%, 02/01/36<sup>(a)(l)</sup> |  | 92 | 43166 |
| 4.50%, 02/01/36<sup>(a)(l)</sup> |  | 156 | 77455 |
| 4.50%, 02/01/36<sup>(d)(l)</sup> |  | 25 | 12178 |
| 7.75%, 08/01/41<sup>(a)(f)(i)</sup> |  | 281 | 200915 |
|  |  |  | 688330 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| Abu Dhabi Government International Bonds, 4.88%, <br> 04/30/29<sup>(a)</sup><br>|  | 200 | 204626 |
| **United Kingdom**<sup>(a)</sup> **— 1.1%** | **United Kingdom**<sup>(a)</sup> **— 1.1%** | **United Kingdom**<sup>(a)</sup> **— 1.1%** |  |
| United Kingdom Gilt |  |  |  |
| 4.38%, 03/07/30 | GBP | 2971 | 4150728 |
| 4.50%, 03/07/35 |  | 5 | 6866 |
| 1.75%, 09/07/37 |  | 60 | 60143 |
| 4.75%, 12/07/38 |  | 30 | 41091 |
| 3.25%, 01/22/44 |  | 165 | 175696 |
| 3.50%, 01/22/45 |  | 700 | 765321 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| United Kingdom Gilt (continued) |  |  |  |
| 1.50%, 07/22/47 | GBP | 1040 | $740759 |
| 3.75%, 07/22/52 |  | 1000 | 1076492 |
| 3.75%, 10/22/53 |  | 804 | 856611 |
| 0.50%, 10/22/61 |  | 4373 | 1561072 |
|  |  |  | 9434779 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 | USD | 77 | 69668 |
| Uruguay Government International Bonds, 9.75%, <br> 07/20/33<br>| UYU | 8028 | 211964 |
|  |  |  | 281632 |
| **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** |  |
| Republic of Uzbekistan International Bonds |  |  |  |
| 5.38%, 05/29/27<sup>(a)</sup> | EUR | 151 | 182207 |
| 5.38%, 05/29/27<sup>(d)</sup> |  | 138 | 166520 |
| 7.85%, 10/12/28<sup>(a)</sup> | USD | 200 | 213040 |
|  |  |  | 561767 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** |  |
| Venezuela Government International Bonds, 11.95%, <br> 08/05/31<sup>(a)(f)(i)</sup><br>|  | 247 | 46560 |
| **Zambia**<sup>(a)</sup> **— 0.0%** | **Zambia**<sup>(a)</sup> **— 0.0%** | **Zambia**<sup>(a)</sup> **— 0.0%** |  |
| Zambia Government International Bonds |  |  |  |
| 7.50%, 06/30/33<sup>(l)</sup> |  | 66 | 60705 |
| 0.50%, 12/31/53 |  | 82 | 55555 |
|  |  |  | 116260 |
| **Total Foreign Agency Obligations — 27.5%** <br>**(Cost: $239,531,158)** | **Total Foreign Agency Obligations — 27.5%** <br>**(Cost: $239,531,158)** | **Total Foreign Agency Obligations — 27.5%** <br>**(Cost: $239,531,158)** | 239597089 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Grantor Trust** | **Grantor Trust** | **Grantor Trust** |
| **United States — 0.2%** | **United States — 0.2%** |  |
| iShares Bitcoin Trust<sup>(f)(n)(o)</sup> | 34418 | 2106726 |
| **Total Grantor Trust — 0.2%** <br>**(Cost: $1,439,084)** | **Total Grantor Trust — 0.2%** <br>**(Cost: $1,439,084)** | 2106726 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 1.2%** | **United States — 1.2%** |  |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(n)</sup> | 91573 | 7385362 |
| iShares JP Morgan USD Emerging Markets Bond ETF<sup>(n)</sup> | 17814 | 1649933 |
| iShares MSCI Brazil ETF<sup>(n)</sup> | 4886 | 140961 |
| iShares Russell 2000 ETF<sup>(n)</sup> | 476 | 102716 |
| SPDR S&P Regional Banking ETF | 3159 | 187613 |
| VanEck J.P. Morgan EM Local Currency Bond ETF | 21689 | 549816 |
| VanEck Semiconductor ETF | 1256 | 350273 |
| **Total Investment Companies — 1.2%** <br>**(Cost: $9,862,658)** | **Total Investment Companies — 1.2%** <br>**(Cost: $9,862,658)** | 10366674 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |  |
| Maricopa County Industrial Development Authority, RB, <br> 7.38%, 10/01/29<sup>(d)</sup><br>| USD | 170 | $176090 |
| **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |  |
| California Pollution Control Financing Authority, RB, AMT, <br> 5.00%, 11/21/45<sup>(d)</sup><br>|  | 180 | 169899 |
| City of San Francisco California Public Utilities <br> Commission Water Revenue, Refunding RB, 5.00%, <br> 11/01/55<br>|  | 80 | 81854 |
| San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding RB, <br> Series B, 5.00%, 05/01/52<br>|  | 265 | 269600 |
| University of California, Refunding RB, Series BE, <br> 4.00%, 05/15/50<br>|  | 1000 | 885584 |
|  |  |  | 1406937 |
| **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |  |
| Mesa County Valley School District No. 51 Grand <br> Junction, GO, (SAW), 5.25%, 12/01/49<br>|  | 125 | 131161 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
| District of Columbia Income Tax Revenue, Refunding <br> RB, Series A, 5.25%, 06/01/50<br>|  | 320 | 334395 |
| **Florida — 0.1%** | **Florida — 0.1%** | **Florida — 0.1%** |  |
| Hillsborough County Aviation Authority, ARB, Series B, <br> AMT, 5.50%, 10/01/49<br>|  | 75 | 77943 |
| Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 5.25%, 11/15/49<br>|  | 150 | 154362 |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54 |  | 235 | 243885 |
|  |  |  | 476190 |
| **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |  |
| State of Georgia, GO |  |  |  |
| Series A, 4.00%, 07/01/40 |  | 70 | 68764 |
| Series A, 4.00%, 07/01/41 |  | 145 | 142030 |
|  |  |  | 210794 |
| **Kansas — 0.0%** | **Kansas — 0.0%** | **Kansas — 0.0%** |  |
| Johnson County Unified School District No. 231 Gardner <br> - Edgerton, Refunding GO, (AG), 10/01/50<sup>(c)</sup><br>|  | 100 | 103171 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** | **Louisiana — 0.0%** |  |
| Louisiana Public Facilities Authority, Refunding RB, <br> Series A, 3.00%, 05/15/47<br>|  | 155 | 112752 |
| **Massachusetts — 0.1%** | **Massachusetts — 0.1%** | **Massachusetts — 0.1%** |  |
| Commonwealth of Massachusetts, GO, Series C, 5.00%, <br> 06/01/51<br>|  | 235 | 239598 |
| Commonwealth of Massachusetts, GOL, Series C, <br> 5.00%, 05/01/49<br>|  | 1000 | 1006036 |
|  |  |  | 1245634 |
| **Michigan — 0.1%** | **Michigan — 0.1%** | **Michigan — 0.1%** |  |
| Great Lakes Water Authority Water Supply System <br> Revenue, RB, Series B, Senior Lien, 5.25%, 07/01/53<br>|  | 190 | 195275 |
| Great Lakes Water Authority Water Supply System <br> Revenue, Refunding RB, Series C, Senior Lien, <br> 5.25%, 07/01/55<br>|  | 85 | 87590 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Michigan (continued)** | **Michigan (continued)** | **Michigan (continued)** |  |
| Michigan State Building Authority, Refunding RB, <br> Series I, 10/15/50<sup>(c)</sup><br>| USD | 75 | $76217 |
| Michigan State University, Refunding RB, Series A, <br> 5.00%, 02/15/55<br>|  | 120 | 121245 |
|  |  |  | 480327 |
| **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |  |
| New Jersey Health Care Facilities Financing Authority, <br> RB, 3.00%, 07/01/51<br>|  | 95 | 64336 |
| New Jersey Transportation Trust Fund Authority, RB, <br> Series CC, 5.25%, 06/15/50<br>|  | 230 | 235760 |
| New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>|  | 90 | 93431 |
|  |  |  | 393527 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |  |
| City of New York, GO, Series G-1, 5.25%, 02/01/50 |  | 310 | 320758 |
| Long Island Power Authority, Refunding RB, Series A, <br> 5.00%, 09/01/49<br>|  | 75 | 76261 |
| New York City Transitional Finance Authority, RB, <br> Series D, 5.25%, 05/01/48<br>|  | 285 | 296809 |
| New York State Dormitory Authority, RB, Series A, <br> 5.00%, 03/15/53<br>|  | 230 | 232570 |
| Triborough Bridge & Tunnel Authority, RB, Series D-2, <br> Senior Lien, 5.25%, 05/15/47<br>|  | 145 | 150309 |
|  |  |  | 1076707 |
| **North Carolina — 0.0%** | **North Carolina — 0.0%** | **North Carolina — 0.0%** |  |
| City of Charlotte North Carolina Airport Revenue, <br> Refunding ARB, Series A, 3.00%, 07/01/46<br>|  | 230 | 164389 |
| **Ohio — 0.1%** | **Ohio — 0.1%** | **Ohio — 0.1%** |  |
| Columbus Regional Airport Authority, Refunding ARB, <br> Class A, AMT, 5.50%, 01/01/55<br>|  | 440 | 453048 |
| **Oklahoma — 0.0%** | **Oklahoma — 0.0%** | **Oklahoma — 0.0%** |  |
| Oklahoma Capitol Improvement Authority, RB, Series A, <br> 5.25%, 07/01/50<br>|  | 235 | 246617 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |  |
| Allegheny County Airport Authority, ARB, Class A, AMT, <br> (AG), 5.50%, 01/01/50<br>|  | 75 | 78778 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |  |
| Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(b)(f)(i)</sup><br>|  | 1809 | 956809 |
| **Texas — 0.3%** | **Texas — 0.3%** | **Texas — 0.3%** |  |
| City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series B, 5.00%, 02/01/54<br>|  | 335 | 339115 |
| Eagle Mountain & Saginaw Independent School District, <br> GO, (PSF), 4.00%, 08/15/52<br>|  | 295 | 250954 |
| Hutto Independent School District, GO, (PSF), <br> 08/01/50<sup>(c)</sup><br>|  | 160 | 163145 |
| Katy Independent School District, GO, (PSF), 4.00%, <br> 02/15/47<br>|  | 1410 | 1257258 |
| Lyford Consolidated Independent School District, GO, <br> (PSF), 4.00%, 08/15/47<br>|  | 155 | 134896 |
| North Texas Municipal Water District, RB, 5.00%, <br> 06/01/55<br>|  | 75 | 75759 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** | **Texas (continued)** |  |
| Northwest Independent School District, GO, (PSF), <br> 02/15/55<sup>(c)</sup><br>| USD | 155 | $161017 |
| Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(d)</sup><br>|  | 360 | 368526 |
|  |  |  | 2750670 |
| **Total Municipal Bonds — 1.2%** <br>**(Cost: $11,142,957)** | **Total Municipal Bonds — 1.2%** <br>**(Cost: $11,142,957)** | **Total Municipal Bonds — 1.2%** <br>**(Cost: $11,142,957)** | 10797996 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Australia — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** |
| SAPPHIRE XXXII Trust, Series 2025-1, Class A1L, (1-<br> Month BBSW + 1.10%), 4.84%, 06/14/66<sup>(a)(b)</sup><br>| AUD | 1000 | 655689 |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |
| AREIT Ltd., Series 2024-CRE9, Class A, (1 mo. Term <br> SOFR + 1.69%), 6.00%, 05/17/41<sup>(b)(d)</sup><br>| USD | 875 | 877204 |
| **Ireland**<sup>(a)(b)</sup> **— 0.1%** | **Ireland**<sup>(a)(b)</sup> **— 0.1%** | **Ireland**<sup>(a)(b)</sup> **— 0.1%** | **Ireland**<sup>(a)(b)</sup> **— 0.1%** |
| Last Mile Securities PE, Series 2021-1X, Class A1, (3-<br> mo. EURIBOR + 0.90%), 3.03%, 08/17/31<br>| EUR | 300 | 352927 |
| Taurus, Series 2025-UK2X, Class A, (1-day SONIA GBP <br> 1.50%), 5.72%, 02/18/35<br>| GBP | 313 | 431734 |
| Thunder Logistics, Class A, (3-mo. EURIBOR + 1.50%), <br> 5.59%, 11/17/36<br>| EUR | 155 | 181252 |
|  |  |  | 965913 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** | **Netherlands — 0.0%** | **Netherlands — 0.0%** |
| Domi BV, Series 2021-1, Class A, (3-mo. EURIBOR + <br> 0.63%), 2.61%, 06/15/53<sup>(a)(b)</sup><br>|  | 92 | 108774 |
| **United Kingdom**<sup>(a)(b)</sup> **— 0.6%** | **United Kingdom**<sup>(a)(b)</sup> **— 0.6%** | **United Kingdom**<sup>(a)(b)</sup> **— 0.6%** | **United Kingdom**<sup>(a)(b)</sup> **— 0.6%** |
| Atlas Funding PLC, Series 2024-1, Class A, (1-day <br> SONIA GBP 0.85%), 5.07%, 09/20/61<br>| GBP | 238 | 327809 |
| Braccan Mortgage Funding |  |  |  |
| Series 2024-1, Class A, (1-day SONIA GBP 0.84%), <br> 6.19%, 02/15/67<br>|  | 373 | 514292 |
| Series 2025-1X, Class A, (1-day SONIA GBP 0.84%), <br> 5.07%, 05/17/67<br>|  | 271 | 373588 |
| Canada Square Funding PLC, Series 2021-2, Class B, <br> (1-day SONIA GBP 1.20%), 5.42%, 06/17/58<br>|  | 112 | 153822 |
| Castell PLC, Series 2025-1, Class A, (1-day SONIA GBP <br> 0.97%), 5.19%, 01/27/62<br>|  | 240 | 330392 |
| Citadel, Series 2024-1, Class A, (1-day SONIA GBP <br> 1.02%), 6.23%, 04/28/60<br>|  | 326 | 448569 |
| Exmoor Funding PLC |  |  |  |
| Series 2024-1, Class A, (1-day SONIA GBP 0.88%), <br> 5.10%, 03/25/94<br>|  | 221 | 303693 |
| Series 2024-1, Class B, (1-day SONIA GBP 1.50%), <br> 5.72%, 03/25/94<br>|  | 100 | 138496 |
| London Wall Mortgage Capital PLC, Series 2021-FL1, <br> Class A, (1-day SONIA GBP 0.75%), 4.98%, 05/15/51<br>|  | 68 | 93892 |
| Mortimer BTL PLC, Series 2021-1, Class B, (1-day <br> SONIA GBP 1.10%), 5.32%, 06/23/53<br>|  | 100 | 137112 |
| Precise Mortgage Funding, Series 2024-1, Class A, (1-<br> day SONIA GBP 0.98%), 5.20%, 07/16/60<br>|  | 220 | 303592 |
| Stratton Mortgage Funding, Series 2024-3, Class A, <br> (1-day SONIA GBP 0.98%), 5.19%, 06/25/49<br>|  | 164 | 224686 |
| Together Asset Backed Securitisation PLC |  |  |  |
| Series 2023-1, Class A, (1-day SONIA GBP 1.23%), <br> 5.45%, 04/20/65<br>|  | 217 | 300476 |
| Series 2024-1ST2X, Class A, (1-day SONIA GBP <br> 0.96%), 5.18%, 10/12/65<br>|  | 323 | 445492 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Together Asset Backed Securitisation PLC (continued) |  |  |  |
| Series 2025-2ND1X, Class A, (1-day SONIA GBP <br> 0.93%), 5.15%, 09/12/56<br>| GBP | 144 | $198169 |
| Series 2025-CRE1, Class A, 01/15/57<sup>(c)</sup> |  | 479 | 673214 |
| Tower Bridge Funding PLC, Series 2024-3X, Class A, <br> (1-day SONIA GBP 0.79%), 5.01%, 12/20/66<br>|  | 163 | 223409 |
| UK Logistics, Series 2024-2X, Class A, (1-day SONIA <br> GBP 1.35%), 5.57%, 02/17/35<br>|  | 277 | 380616 |
|  |  |  | 5571319 |
| **United States — 11.1%** | **United States — 11.1%** | **United States — 11.1%** | **United States — 11.1%** |
| 1345T<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2025-AOA, Class A, (1 mo. Term SOFR + <br> 1.60%), 5.90%, 06/15/30<br>| USD | 600 | 600936 |
| Series 2025-AOA, Class B, (1 mo. Term SOFR + <br> 2.00%), 6.30%, 06/15/30<br>|  | 330 | 330411 |
| 245 Park Avenue Trust, Series 2017-245P, Class E, <br> 3.78%, 06/05/37<sup>(b)(d)</sup><br>|  | 250 | 233689 |
| 280 Park Avenue Mortgage Trust, Series 2017-280P, <br> Class E, (1 mo. Term SOFR + 2.42%), 6.73%, <br> 09/15/34<sup>(b)(d)</sup><br>|  | 635 | 610753 |
| Angel Oak Mortgage Trust, Series 2025-7, Class A1, <br> 5.51%, 06/25/70<sup>(b)(d)</sup><br>|  | 2000 | 2009833 |
| Arbor Multifamily Mortgage Securities Trust<sup>(d)</sup> <br>|  |  |  |
| Series 2020-MF1, Class E, 1.75%, 05/15/53 |  | 1326 | 1059762 |
| Series 2020-MF1, Class XA, 1.05%, 05/15/53<sup>(b)</sup> |  | 14495 | 520105 |
| ARES, Series 2024-IND, Class A, (1 mo. Term SOFR + <br> 1.44%), 5.75%, 10/15/34<sup>(b)(d)</sup><br>|  | 590 | 590552 |
| Ares Commercial Mortgage Trust, Series 2024-IND, <br> Class A, (1 mo. Term SOFR + 1.69%), 6.00%, <br> 07/15/41<sup>(b)(d)</sup><br>|  | 340 | 340531 |
| Atrium Hotel Portfolio Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2017-ATRM, Class D, (1 mo. Term SOFR + <br> 2.25%), 6.56%, 12/15/36<br>|  | 200 | 188000 |
| Series 2024-ATRM, Class A, 5.59%, 11/10/29 |  | 170 | 173345 |
| Series 2024-ATRM, Class E, 9.52%, 11/10/29 |  | 420 | 430501 |
| BAHA Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-MAR, Class A, 6.17%, 12/10/41 |  | 1140 | 1180170 |
| Series 2024-MAR, Class C, 7.77%, 12/10/41 |  | 360 | 375637 |
| BAMLL Trust, Series 2024-BHP, Class A, (1 mo. Term <br> SOFR + 2.35%), 6.66%, 08/15/39<sup>(b)(d)</sup><br>|  | 250 | 251247 |
| Bank, Series 2024-5YR6, Class A3, 6.23%, 05/15/57 |  | 940 | 989634 |
| BBCMS Mortgage Trust |  |  |  |
| Series 2017-C1, Class AS, 3.90%, 02/15/50 |  | 1200 | 1157978 |
| Series 2018-TALL, Class A, (1 mo. Term SOFR + <br> 0.92%), 5.23%, 03/15/37<sup>(b)(d)</sup><br>|  | 625 | 590724 |
| Benchmark Mortgage Trust, Series 2020-B21, Class XA, <br> 1.53%, 12/17/53<sup>(b)(d)</sup><br>|  | 4808 | 276285 |
| BFLD Commercial Mortgage Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-UNIV, Class A, (1 mo. Term SOFR + <br> 1.49%), 5.80%, 11/15/41<br>|  | 710 | 710887 |
| Series 2024-UNIV, Class D, (1 mo. Term SOFR + <br> 2.69%), 7.00%, 11/15/41<br>|  | 360 | 360450 |
| BFLD Mortgage Trust, Series 2024-VICT, Class A, (1 mo. <br> Term SOFR + 1.89%), 6.20%, 07/15/41<sup>(b)(d)</sup><br>|  | 240 | 240600 |
| BHMS<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2018-ATLS, Class A, (1 mo. Term SOFR + <br> 1.55%), 5.86%, 07/15/35<br>|  | 170 | 169911 |
| Series 2018-ATLS, Class B, (1 mo. Term SOFR + <br> 1.80%), 6.11%, 07/15/35<br>|  | 1145 | 1144416 |
| BMP, Series 2024-MF23, Class E, (1 mo. Term SOFR + <br> 3.39%), 7.70%, 06/15/41<sup>(b)(d)</sup><br>|  | 310 | 309003 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| BX Commercial Mortgage Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2022-CSMO, Class B, (1 mo. Term SOFR + <br> 3.14%), 7.45%, 06/15/27<br>| USD | 1429 | $1439717 |
| Series 2023-XL3, Class A, (1 mo. Term SOFR + <br> 1.76%), 6.07%, 12/09/40<br>|  | 2148 | 2154050 |
| Series 2023-XL3, Class D, (1 mo. Term SOFR + <br> 3.59%), 7.90%, 12/09/40<br>|  | 544 | 545771 |
| Series 2024-AIR2, Class A, (1 mo. Term SOFR + <br> 1.49%), 5.80%, 10/15/41<br>|  | 144 | 144146 |
| Series 2024-AIRC, Class A, (1 mo. Term SOFR + <br> 1.69%), 6.00%, 08/15/39<br>|  | 291 | 292308 |
| Series 2024-BRBK, Class A, (1 mo. Term SOFR + <br> 2.88%), 7.19%, 10/15/41<br>|  | 560 | 563493 |
| Series 2024-BRBK, Class B, (1 mo. Term SOFR + <br> 3.93%), 8.24%, 10/15/41<br>|  | 250 | 250624 |
| Series 2024-GPA3, Class A, (1 mo. Term SOFR + <br> 1.29%), 5.60%, 12/15/39<br>|  | 347 | 347279 |
| Series 2024-MDHS, Class A, (1 mo. Term SOFR + <br> 1.64%), 5.95%, 05/15/41<br>|  | 388 | 388296 |
| Series 2024-MF, Class E, (1 mo. Term SOFR + <br> 3.74%), 8.05%, 02/15/39<br>|  | 664 | 665393 |
| Series 2024-XL4, Class D, (1 mo. Term SOFR + <br> 3.14%), 7.45%, 02/15/39<br>|  | 616 | 617261 |
| BX Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2021-LBA, Class GJV, (1 mo. Term SOFR + <br> 3.11%), 7.43%, 02/15/36<br>|  | 134 | 132077 |
| Series 2021-LBA, Class GV, (1 mo. Term SOFR + <br> 3.11%), 7.43%, 02/15/36<br>|  | 712 | 702832 |
| Series 2021-MFM1, Class F, (1 mo. Term SOFR + <br> 3.11%), 7.43%, 01/15/34<br>|  | 155 | 155208 |
| Series 2021-VIEW, Class F, (1 mo. Term SOFR + <br> 4.04%), 8.36%, 06/15/36<br>|  | 790 | 770187 |
| Series 2023-DELC, Class A, (1 mo. Term SOFR + <br> 2.69%), 7.00%, 05/15/38<br>|  | 1385 | 1393638 |
| Series 2024-BIO, Class A, (1 mo. Term SOFR + <br> 1.64%), 5.95%, 02/15/41<br>|  | 435 | 435000 |
| Series 2024-CNYN, Class E, (1 mo. Term SOFR + <br> 3.69%), 8.00%, 04/15/41<br>|  | 629 | 626130 |
| Series 2024-PALM, Class A, (1 mo. Term SOFR + <br> 1.54%), 5.85%, 06/15/37<br>|  | 519 | 519231 |
| Series 2024-PAT, Class C, (1 mo. Term SOFR + <br> 4.44%), 8.75%, 03/15/41<br>|  | 1100 | 1085640 |
| Series 2024-PAT, Class D, (1 mo. Term SOFR + <br> 5.39%), 9.70%, 03/15/41<br>|  | 350 | 343790 |
| Series 2024-VLT4, Class A, (1 mo. Term SOFR + <br> 1.49%), 5.80%, 07/15/29<br>|  | 647 | 646798 |
| Series 2024-VLT4, Class F, (1 mo. Term SOFR + <br> 3.94%), 8.25%, 07/15/29<br>|  | 375 | 373689 |
| Series 2025-TAIL, Class A, (1 mo. Term SOFR + <br> 1.40%), 5.71%, 06/15/35<br>|  | 840 | 841310 |
| BXP Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2017-CC, Class D, 3.67%, 08/13/37 |  | 110 | 91873 |
| Series 2017-CC, Class E, 3.67%, 08/13/37 |  | 220 | 176540 |
| Cali, Series 2024-SUN, Class A, (1 mo. Term SOFR + <br> 1.89%), 6.20%, 07/15/41<sup>(b)(d)</sup><br>|  | 140 | 140175 |
| CENT Trust, Series 2023-CITY, Class A, (1 mo. Term <br> SOFR + 2.62%), 6.93%, 09/15/38<sup>(b)(d)</sup><br>|  | 1495 | 1496661 |
| CFCRE Commercial Mortgage Trust, Series 2016-C4, <br> Class AM, 3.69%, 05/10/58<br>|  | 1700 | 1677713 |
| CFSP Mortgage Trust, Series 2024-AHP1, Class A, <br> 6.50%, 04/15/37<br>|  | 317 | 303371 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Citigroup Commercial Mortgage Trust |  |  |  |
| Series 2016-C2, Class B, 3.18%, 08/10/49 | USD | 750 | $730154 |
| Series 2020-420K, Class D, 3.42%, 11/10/42<sup>(b)(d)</sup> |  | 360 | 318500 |
| Series 2020-420K, Class X, 0.91%, 11/10/42<sup>(b)(d)</sup> |  | 20000 | 744686 |
| COLT Mortgage Loan Trust, Series 2025-5, Class A1, <br> 5.54%, 05/25/70<sup>(d)</sup><br>|  | 1875 | 1878972 |
| Commercial Mortgage Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2016-DC2, Class B, 4.84%, 02/10/49 |  | 100 | 98681 |
| Series 2016-DC2, Class C, 4.84%, 02/10/49 |  | 100 | 98091 |
| Series 2019-GC44, Class 180B, 3.51%, 08/15/57<sup>(d)</sup> |  | 1000 | 903535 |
| Series 2024-WCL1, Class A, (1 mo. Term SOFR + <br> 1.84%), 6.15%, 06/15/41<sup>(d)</sup><br>|  | 170 | 169947 |
| Series 2024-WCL1, Class E, (1 mo. Term SOFR + <br> 4.49%), 8.80%, 06/15/41<sup>(d)</sup><br>|  | 235 | 232854 |
| CONE Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-DFW1, Class A, (1 mo. Term SOFR + <br> 1.64%), 5.95%, 08/15/41<br>|  | 130 | 129511 |
| Series 2024-DFW1, Class E, (1 mo. Term SOFR + <br> 3.89%), 8.20%, 08/15/41<br>|  | 160 | 158784 |
| CSAIL Commercial Mortgage Trust, Series 2018-CX12, <br> Class C, 4.88%, 08/15/51<sup>(b)</sup><br>|  | 750 | 687883 |
| CSMC, Series 2021-BHAR, Class A, (1 mo. Term SOFR <br> + 1.26%), 5.58%, 11/15/38<sup>(b)(d)</sup><br>|  | 1850 | 1843062 |
| CSTL Commercial Mortgage Trust, Series 2024-GATE, <br> Class A, 4.92%, 11/10/41<sup>(b)(d)</sup><br>|  | 460 | 459629 |
| DBGS, Series 2024-SBL, Class A, (1 mo. Term SOFR + <br> 1.88%), 6.19%, 08/15/34<sup>(b)(d)</sup><br>|  | 190 | 190000 |
| DBSG Mortgage Trust, Series 2024-ALTA, Class A, <br> 6.14%, 06/10/37<sup>(b)(d)</sup><br>|  | 312 | 317490 |
| DC Trust, Series 2024-HLTN, Class F, 10.66%, <br> 04/13/40<sup>(b)(d)</sup><br>|  | 750 | 750993 |
| DK Trust, Series 2024-SPBX, Class E, (1 mo. Term <br> SOFR + 4.00%), 8.31%, 03/15/34<sup>(b)(d)</sup><br>|  | 1100 | 1101914 |
| ELM Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-ELM, Class A10, 5.99%, 06/10/39 |  | 330 | 333481 |
| Series 2024-ELM, Class A15, 5.99%, 06/10/39 |  | 330 | 332495 |
| Series 2024-ELM, Class E10, 8.05%, 06/10/39 |  | 350 | 350953 |
| EQT Trust, Series 2024-EXTR, Class A, 5.33%, <br> 07/05/41<sup>(b)(d)</sup><br>|  | 1200 | 1226757 |
| Extended Stay America Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2021-ESH, Class E, (1 mo. Term SOFR + <br> 2.96%), 7.28%, 07/15/38<br>|  | 600 | 601910 |
| Series 2021-ESH, Class F, (1 mo. Term SOFR + <br> 3.81%), 8.13%, 07/15/38<br>|  | 1055 | 1055005 |
| Fontainebleau Miami Beach Mortgage Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-FBLU, Class A, (1 mo. Term SOFR + <br> 1.45%), 5.76%, 12/15/39<br>|  | 410 | 410000 |
| Series 2024-FBLU, Class F, (1 mo. Term SOFR + <br> 4.25%), 8.56%, 12/15/39<br>|  | 410 | 409231 |
| Great Wolf Trust, Series 2024-WOLF, Class A, (1 mo. <br> Term SOFR + 1.54%), 5.85%, 03/15/39<sup>(b)(d)</sup><br>|  | 1100 | 1101719 |
| GS Mortgage Securities Corp. Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2021-ROSS, Class A, (1 mo. Term SOFR + <br> 1.41%), 5.73%, 05/15/26<br>|  | 100 | 93803 |
| Series 2023-FUN, Class B, (1 mo. Term SOFR + <br> 2.79%), 7.10%, 03/15/28<br>|  | 1500 | 1504687 |
| Series 2023-SHIP, Class C, 5.69%, 09/10/38 |  | 1370 | 1371089 |
| Series 2023-SHIP, Class E, 7.68%, 09/10/38 |  | 420 | 422559 |
| Series 2024-RVR, Class E, 7.72%, 08/10/41 |  | 250 | 248679 |
| GS Mortgage Securities Trust, Series 2020-GSA2, <br> Class XA, 1.77%, 12/12/53<sup>(b)(d)</sup><br>|  | 3424 | 232179 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| GWT, Series 2024-WLF2, Class A, (1 mo. Term SOFR + <br> 1.69%), 6.00%, 05/15/41<sup>(b)(d)</sup><br>| USD | 1100 | $1102781 |
| HIH Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-2061, Class A, (1 mo. Term SOFR + <br> 1.84%), 6.15%, 10/15/41<br>|  | 108 | 108446 |
| Series 2024-2061, Class D, (1 mo. Term SOFR + <br> 3.64%), 7.95%, 10/15/41<br>|  | 414 | 412772 |
| HILT Commercial Mortgage Trust, Series 2024-ORL, <br> Class D, (1 mo. Term SOFR + 3.19%), 7.50%, <br> 05/15/37<sup>(b)(d)</sup><br>|  | 750 | 748594 |
| Homes Trust<sup>(d)</sup> <br>|  |  |  |
| Series 2023-NQM1, Class A1, 6.18%, 01/25/68 |  | 1981 | 1981017 |
| Series 2025-NQM3, Class A1, 5.63%, 02/25/70 |  | 2300 | 2316521 |
| Hono Lulu Mortgage Trust, Series 2021-LULU, Class A, <br> (1 mo. Term SOFR + 1.26%), 5.58%, 10/15/36<sup>(b)(d)</sup><br>|  | 825 | 818812 |
| HTL Commercial Mortgage Trust, Series 2024-T53, <br> Class E, 10.60%, 05/10/39<sup>(b)(d)</sup><br>|  | 750 | 771251 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, <br> Class A, 5.65%, 01/13/40<sup>(b)(d)</sup><br>|  | 157 | 161844 |
| INV Mortgage Trust, Series 2024-IND, Class A, (1 mo. <br> Term SOFR + 1.74%), 6.05%, 11/15/41<sup>(b)(d)</sup><br>|  | 940 | 939463 |
| JP Morgan Chase Commercial Mortgage Securities <br> Trust<sup>(d)</sup> <br>|  |  |  |
| Series 2016-NINE, Class B, 2.95%, 09/06/38<sup>(b)</sup> |  | 450 | 435430 |
| Series 2018-AON, Class A, 4.13%, 07/05/31 |  | 600 | 550500 |
| Series 2021-MHC, Class E, (1 mo. Term SOFR + <br> 2.81%), 7.13%, 04/15/38<sup>(b)</sup><br>|  | 745 | 745466 |
| Series 2024-IGLG, Class A, 5.35%, 11/09/39<sup>(b)</sup> |  | 790 | 796077 |
| Series 2024-IGLG, Class D, 6.70%, 11/09/39<sup>(b)</sup> |  | 370 | 369678 |
| Series 2024-OMNI, Class A, 5.99%, 10/05/39<sup>(b)</sup> |  | 250 | 255050 |
| JW Commercial Mortgage Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-MRCO, Class A, (1 mo. Term SOFR + <br> 1.62%), 5.93%, 06/15/39<br>|  | 814 | 814507 |
| Series 2024-MRCO, Class D, (1 mo. Term SOFR + <br> 3.19%), 7.50%, 06/15/39<br>|  | 375 | 373406 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, <br> Class A, (1 mo. Term SOFR + 1.54%), 5.85%, <br> 12/15/39<sup>(b)(d)</sup><br>|  | 160 | 159691 |
| LBA Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-BOLT, Class A, (1 mo. Term SOFR + <br> 1.59%), 5.90%, 06/15/39<br>|  | 520 | 520324 |
| Series 2024-BOLT, Class F, (1 mo. Term SOFR + <br> 4.44%), 8.75%, 06/15/39<br>|  | 250 | 248678 |
| MCM Trust<sup>(e)</sup> <br>|  |  |  |
| 0.00%, 09/25/31<sup>(m)</sup> |  | 715 | 492478 |
| 2.50%, 09/25/31<sup>(d)</sup> |  | 608 | 584261 |
| MCR Mortgage Trust<sup>(d)</sup> <br>|  |  |  |
| Series 2024-HF1, Class A, (1 mo. Term SOFR + <br> 1.79%), 6.10%, 12/15/41<sup>(b)</sup><br>|  | 601 | 601376 |
| Series 2024-HTL, Class E, (1 mo. Term SOFR + <br> 4.65%), 8.97%, 02/15/37<sup>(b)</sup><br>|  | 604 | 601446 |
| Series 2024-TWA, Class A, 5.92%, 06/12/39 |  | 160 | 161933 |
| Series 2024-TWA, Class E, 8.73%, 06/12/39 |  | 235 | 237665 |
| MFA Trust, Series 2025-NQM2, Class A1, 5.68%, <br> 05/27/70<sup>(d)</sup><br>|  | 1578 | 1586383 |
| MHP Trust, Series 2021-STOR, Class G, (1 mo. Term <br> SOFR + 2.86%), 7.18%, 07/15/38<sup>(b)(d)</sup><br>|  | 760 | 759525 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Morgan Stanley Capital I Trust |  |  |  |
| Series 2017-ASHF, Class F, (1 mo. Term SOFR + <br> 4.65%), 8.96%, 11/15/34<sup>(b)(d)</sup><br>| USD | 260 | $245469 |
| Series 2018-MP, Class A, 4.42%, 07/11/40<sup>(b)(d)</sup> |  | 1000 | 944011 |
| Series 2021-L5, Class A2, 1.52%, 05/15/54 |  | 719 | 692251 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(d)</sup> <br>|  |  |  |
| Series 2025-DSC1, Class A1, 5.56%, 03/25/70 |  | 1588 | 1596626 |
| Series 2025-NQM4, Class A1, 5.59%, 06/25/70 |  | 1355 | 1354983 |
| NCMF Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2025-MFS, Class A, 4.88%, 06/10/33 |  | 910 | 908233 |
| Series 2025-MFS, Class B, 5.51%, 06/10/33 |  | 593 | 597306 |
| NYC Trust, Series 2024-3ELV, Class A, (1 mo. Term <br> SOFR + 1.99%), 6.30%, 08/15/29<sup>(b)(d)</sup><br>|  | 140 | 140739 |
| Olympic Tower Mortgage Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2017-OT, Class D, 4.08%, 05/10/39 |  | 130 | 102317 |
| Series 2017-OT, Class E, 4.08%, 05/10/39 |  | 160 | 120122 |
| One Market Plaza Trust, Series 2017-1MKT, Class D, <br> 4.15%, 02/10/32<sup>(d)</sup><br>|  | 850 | 766377 |
| One New York Plaza Trust, Series 2020-1NYP, Class D, <br> (1 mo. Term SOFR + 2.86%), 7.18%, 01/15/36<sup>(b)(d)</sup><br>|  | 270 | 252005 |
| Open Trust, Series 2023-AIR, Class A, (1 mo. Term <br> SOFR + 3.09%), 7.40%, 11/15/40<sup>(b)(d)</sup><br>|  | 242 | 241999 |
| ORL Trust, Series 2024-GLKS, Class A, (1 mo. Term <br> SOFR + 1.49%), 5.80%, 12/15/39<sup>(b)(d)</sup><br>|  | 220 | 219931 |
| PGA Trust, Series 2024-RSR2, Class A, (1 mo. Term <br> SOFR + 1.89%), 6.20%, 06/15/39<sup>(b)(d)</sup><br>|  | 750 | 751200 |
| RCKT Mortgage Trust, Series 2023-CES1, Class M2, <br> 7.98%, 06/25/43<sup>(b)(d)</sup><br>|  | 740 | 751735 |
| ROCK Trust<sup>(d)</sup> <br>|  |  |  |
| Series 2024-CNTR, Class A, 5.39%, 11/13/41 |  | 346 | 353953 |
| Series 2024-CNTR, Class E, 8.82%, 11/13/41 |  | 150 | 157812 |
| SELF Commercial Mortgage Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-STRG, Class A, (1 mo. Term SOFR + <br> 1.54%), 5.85%, 11/15/34<br>|  | 630 | 634078 |
| Series 2024-STRG, Class E, (1 mo. Term SOFR + <br> 4.19%), 8.50%, 11/15/34<br>|  | 410 | 408895 |
| SHR Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2024-LXRY, Class A, (1 mo. Term SOFR + <br> 1.95%), 6.26%, 10/15/41<br>|  | 420 | 419737 |
| Series 2024-LXRY, Class E, (1 mo. Term SOFR + <br> 4.45%), 8.76%, 10/15/41<br>|  | 420 | 418454 |
| TTAN, Series 2021-MHC, Class F, (1 mo. Term SOFR + <br> 3.01%), 7.33%, 03/15/38<sup>(b)(d)</sup><br>|  | 254 | 254023 |
| TVC DSCR<sup>(e)</sup> <br>|  |  |  |
| Series 2021-1, 0.00%, 03/25/28 |  | 314 | 269665 |
| Series 2021-1, Class A, 0.00%, 02/01/51<sup>(d)</sup> |  | 641 | 587695 |
| UBS Commercial Mortgage Trust, Series 2017-C4, <br> Class AS, 3.84%, 10/15/50<sup>(b)</sup><br>|  | 1700 | 1627252 |
| VEGAS, Series 2024-GCS, Class C, 6.42%, <br> 07/10/36<sup>(b)(d)</sup><br>|  | 600 | 590933 |
| VEGAS Trust, Series 2024-TI, Class A, 5.52%, <br> 11/10/39<sup>(d)</sup><br>|  | 380 | 385083 |
| Velocity Commercial Capital Loan Trust<sup>(b)(d)</sup> <br>|  |  |  |
| Series 2020-1, Class M3, 3.19%, 02/25/50 |  | 50 | 37243 |
| Series 2025-3, Class A, 5.87%, 06/25/55 |  | 2252 | 2271135 |
| Verus Securitization Trust, Series 2023-3, Class A1, <br> 5.93%, 03/25/68<sup>(d)</sup><br>|  | 1415 | 1415514 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2016-NXS5, Class B, 5.09%, 01/15/59<sup>(b)</sup> |  | 1400 | 1369711 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Wells Fargo Commercial Mortgage Trust (continued) |  |  |  |
| Series 2019-C50, Class XA, 1.57%, 05/15/52<sup>(b)</sup> | USD | 12185 | $489761 |
| Series 2021-C59, Class XA, 1.62%, 04/15/54<sup>(b)</sup> |  | 978 | 60474 |
| Series 2024-1CHI, Class A, 5.48%, 07/15/35<sup>(b)(d)</sup> |  | 106 | 106635 |
| Series 2024-BPRC, Class C, 6.43%, 07/15/43<sup>(d)</sup> |  | 400 | 402249 |
| WHARF Commercial Mortgage Trust, Series 2025-DC, <br> Class B, 5.54%, 07/15/40<sup>(b)(d)</sup><br>|  | 108 | 109852 |
|  |  |  | 96385627 |
| **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $104,280,327)** | **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $104,280,327)** | **Total Non-Agency Mortgage-Backed Securities — 12.0%** <br>**(Cost: $104,280,327)** | 104564526 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 1.5%**<sup>(b)</sup> | **Capital Trusts — 1.5%**<sup>(b)</sup> | **Capital Trusts — 1.5%**<sup>(b)</sup> | **Capital Trusts — 1.5%**<sup>(b)</sup> |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |  |
| Bell Telephone Co. of Canada or Bell Canada |  |  |  |
| 6.88%, 09/15/55 |  | 68 | 69701 |
| 7.00%, 09/15/55 |  | 58 | 58829 |
| Rogers Communications, Inc., 5.25%, 03/15/82<sup>(d)</sup> |  | 191 | 189349 |
| South Bow Canadian Infrastructure Holdings Ltd., <br> 7.63%, 03/01/55<sup>(d)</sup><br>|  | 100 | 103816 |
|  |  |  | 421695 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |  |
| Orsted A/S, 2.50%<sup>(a)</sup> | GBP | 200 | 203310 |
| **France**<sup>(a)(k)</sup> **— 0.2%** | **France**<sup>(a)(k)</sup> **— 0.2%** | **France**<sup>(a)(k)</sup> **— 0.2%** |  |
| Electricite de France SA |  |  |  |
| 3.38% | EUR | 400 | 446544 |
| 5.13% |  | 200 | 241495 |
| 5.63% |  | 200 | 244096 |
| 6.00% | GBP | 200 | 274218 |
| 7.38% |  | 100 | 138616 |
|  |  |  | 1344969 |
| **Germany**<sup>(a)</sup> **— 0.1%** | **Germany**<sup>(a)</sup> **— 0.1%** | **Germany**<sup>(a)</sup> **— 0.1%** |  |
| Bayer AG |  |  |  |
| 4.50%, 03/25/82 | EUR | 100 | 118377 |
| 5.38%, 03/25/82 |  | 100 | 118416 |
| 7.00%, 09/25/83 |  | 100 | 126659 |
| Commerzbank AG, 6.50%<sup>(k)</sup> |  | 200 | 248253 |
| Volkswagen International Finance NV, 5.99%<sup>(k)</sup> |  | 100 | 118918 |
|  |  |  | 730623 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |  |
| MTR Corp. CI Ltd., 5.63%<sup>(a)(k)</sup> | USD | 700 | 705040 |
| **India — 0.1%**  | **India — 0.1%**  | **India — 0.1%**  |  |
| Axis Bank Ltd., 4.10%<sup>(a)(k)</sup> |  | 1000 | 970000 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| Bank Negara Indonesia Persero Tbk PT, 4.30%<sup>(a)(k)</sup> |  | 1000 | 957500 |
| **Italy**<sup>(a)(k)</sup> **— 0.1%** | **Italy**<sup>(a)(k)</sup> **— 0.1%** | **Italy**<sup>(a)(k)</sup> **— 0.1%** |  |
| Enel SpA, 4.25% | EUR | 125 | 148627 |
| Eni SpA, 4.50% |  | 100 | 118678 |
| Prysmian SpA, Series ., 5.25% |  | 175 | 211559 |
|  |  |  | 478864 |
| **Japan**<sup>(k)</sup> **— 0.2%** | **Japan**<sup>(k)</sup> **— 0.2%** | **Japan**<sup>(k)</sup> **— 0.2%** |  |
| Nomura Holdings, Inc., 7.00%<sup>(c)</sup> | USD | 700 | 708926 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |  |
| Rakuten Group, Inc., 4.25%<sup>(a)</sup> | EUR | 200 | $222350 |
| Sumitomo Mitsui Financial Group, Inc., 6.45% | USD | 800 | 783845 |
|  |  |  | 1715121 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |  |
| Banco Mercantil del Norte SA, 5.88%<sup>(d)(k)</sup> |  | 200 | 195250 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** | **Netherlands — 0.0%** |  |
| Cooperatieve Rabobank UA, 4.38%<sup>(a)(k)</sup> | EUR | 200 | 234881 |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |  |
| Var Energi ASA, 7.86%, 11/15/83<sup>(a)</sup> |  | 250 | 323200 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |  |
| EDP SA, 4.75%, 05/29/54<sup>(a)</sup> |  | 100 | 120657 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| Shinhan Financial Group Co. Ltd., 2.88%<sup>(a)(k)</sup> | USD | 414 | 403406 |
| **Spain**<sup>(a)(k)</sup> **— 0.1%** | **Spain**<sup>(a)(k)</sup> **— 0.1%** | **Spain**<sup>(a)(k)</sup> **— 0.1%** |  |
| Banco Bilbao Vizcaya Argentaria SA, 6.00% | EUR | 200 | 238474 |
| CaixaBank SA, 5.88% |  | 200 | 244162 |
| Telefonica Europe BV |  |  |  |
| 5.75% |  | 200 | 244347 |
| 6.75% |  | 100 | 129428 |
|  |  |  | 856411 |
| **Switzerland**<sup>(k)</sup> **— 0.0%** | **Switzerland**<sup>(k)</sup> **— 0.0%** | **Switzerland**<sup>(k)</sup> **— 0.0%** |  |
| UBS Group AG |  |  |  |
| 5.13%<sup>(a)</sup> | USD | 200 | 198486 |
| 6.85%<sup>(d)</sup> |  | 200 | 200878 |
|  |  |  | 399364 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| British Telecommunications PLC, 8.38%, 12/20/83<sup>(a)</sup> | GBP | 100 | 147094 |
| Centrica PLC, 6.50%, 05/21/55<sup>(a)</sup> |  | 100 | 138809 |
| NatWest Group PLC, 7.50%<sup>(k)</sup> |  | 200 | 272443 |
| Vodafone Group PLC |  |  |  |
| 7.00%, 04/04/79 | USD | 113 | 117898 |
| 2.63%, 08/27/80<sup>(a)</sup> | EUR | 149 | 174884 |
| 3.25%, 06/04/81 | USD | 100 | 98437 |
|  |  |  | 949565 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |  |
| Edison International, 8.13%, 06/15/53 |  | 160 | 154543 |
| Global Atlantic Fin Co., 7.95%, 10/15/54<sup>(d)</sup> |  | 100 | 104108 |
| PG&E Corp., 7.38%, 03/15/55 |  | 327 | 309675 |
| Southern Co., 1.88%, 09/15/81 | EUR | 1048 | 1181044 |
| Venture Global LNG, Inc., 9.00%<sup>(d)(k)</sup> | USD | 149 | 144858 |
|  |  |  | 1894228 |
|  |  |  | 12904084 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** | **Preferred Stocks — 0.7%** |
| **United States — 0.7%** | **United States — 0.7%** |  |
| Boeing Co.<sup>(h)</sup> | 1700 | 115600 |
| Cap Hill Brands<sup>(e)(f)</sup> | 265896 | 7977 |
| CW Opportunity 2 LP, 03/25/49<sup>(e)</sup> | 418000 | 1471360 |
| Davidson Homes, Inc.<sup>(e)(f)</sup> | 1474 | 1523128 |
| Dream Finders Homes, Inc.<sup>(e)(k)</sup> | 1320 | 1300200 |
| Insight M, Inc., Series D<sup>(e)(f)</sup> | 270943 | 61640 |
| Lessen Holdings, Inc., Series CX<sup>(e)(f)</sup> | 10022 | 29364 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Verge Genomics, Inc., Series B-1<sup>(e)</sup> | 34837 | $66887 |
| Veritas Kapital Assurance PLC<sup>(e)(f)(k)</sup> <br>|  |  |
| Series G | 1131 | 25448 |
| Series G-1 | 780 | 17550 |
| Versa Networks, Inc., Series E, (Acquired 10/14/22, Cost: <br> $491,084), 10/07/32<sup>(e)(f)(g)</sup><br>| 168283 | 859926 |
| X.Ai Holdings Corp., Series C<sup>(e)(f)</sup> | 28169 | 934366 |
|  |  | 6413446 |
| **Total Preferred Securities — 2.2%** <br>**(Cost: $17,384,955)** | **Total Preferred Securities — 2.2%** <br>**(Cost: $17,384,955)** | 19317530 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Agency Obligations — 0.1%** | **Agency Obligations — 0.1%** | **Agency Obligations — 0.1%** |  |
| Tennessee Valley Authority, 5.25%, 02/01/55 | USD | 675 | 658403 |
| **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 1.8%** | **Collateralized Mortgage Obligations**<sup>(b)</sup> **— 1.8%** |  |
| Fannie Mae |  |  |  |
| Series 2025-31, Class FA, (30-day Avg SOFR + <br> 1.30%), 5.61%, 06/25/54<br>|  | 2362 | 2365338 |
| Series 2025-32, Class FA, (30-day Avg SOFR + <br> 1.25%), 5.56%, 05/25/55<br>|  | 1637 | 1636463 |
| Fannie Mae REMICS |  |  |  |
| Series 2024-30, Class FC, (30-day Avg SOFR + <br> 1.05%), 5.36%, 06/25/54<br>|  | 1111 | 1107153 |
| Series 2024-38, Class FE, (30-day Avg SOFR + <br> 1.05%), 5.36%, 06/25/54<br>|  | 1208 | 1204553 |
| Series 2024-5469, Class F, (30-day Avg SOFR + <br> 1.10%), 5.41%, 09/25/54<br>|  | 453 | 449866 |
| Series 2024-75, Class FC, (30-day Avg SOFR + <br> 0.95%), 5.26%, 10/25/54<br>|  | 1226 | 1217755 |
| Series 5458, Class DF, (30-day Avg SOFR + 1.10%), <br> 5.41%, 10/25/54<br>|  | 226 | 223821 |
| Series 5458, Class FB, (30-day Avg SOFR + 1.15%), <br> 5.46%, 10/25/54<br>|  | 1917 | 1906981 |
| Series 5467, Class FC, (30-day Avg SOFR + 1.06%), <br> 5.37%, 10/25/54<br>|  | 1955 | 1946140 |
| Series 5470, Class AF, (30-day Avg SOFR + 1.10%), <br> 5.41%, 11/25/54<br>|  | 650 | 645917 |
| Freddie Mac REMICS |  |  |  |
| Series 5386, Class FD, (30-day Avg SOFR + 1.25%), <br> 5.56%, 03/25/54<br>|  | 434 | 435221 |
| Series 5424, Class FA, (30-day Avg SOFR + 1.20%), <br> 5.51%, 06/25/54<br>|  | 968 | 970444 |
| Freddie Mac Strips, Series 413, Class F26, (30-day Avg <br> SOFR + 1.20%), 5.51%, 05/25/54<br>|  | 957 | 959384 |
| Ginnie Mae |  |  |  |
| Series 2024-51, Class TF, (30-day Avg SOFR + <br> 1.00%), 5.30%, 03/20/54<br>|  | 408 | 407171 |
| Series 2024-96, Class FL, (30-day Avg SOFR + <br> 1.15%), 5.45%, 06/20/54<br>|  | 602 | 600968 |
|  |  |  | 16077175 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 0.1%** | **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 0.1%** | **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 0.1%** |  |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates<br>|  |  |  |
| Series K121, Class X1, 1.11%, 10/25/30 | USD | 3990 | $169393 |
| Series KW09, Class X1, 0.92%, 05/25/29 |  | 13790 | 305838 |
| FREMF Mortgage Trust, Series 2020-K104, Class B, <br> 3.65%, 02/25/52<sup>(d)</sup><br>|  | 750 | 706298 |
|  |  |  | 1181529 |
| **Mortgage-Backed Securities — 18.0%** | **Mortgage-Backed Securities — 18.0%** | **Mortgage-Backed Securities — 18.0%** |  |
| Fannie Mae Mortgage-Backed Securities |  |  |  |
| 6.50%, 11/01/38 |  | 4 | 4072 |
| 6.00%, 07/01/39 |  | 19 | 19562 |
| 4.00%, 01/01/41 |  | 1 | 888 |
| 3.00%, 02/01/44 |  | 31 | 27534 |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| 2.50%, 01/01/29 - 04/01/31 |  | 40 | 38526 |
| 3.50%, 04/01/31 - 01/01/48 |  | 117 | 113229 |
| 3.00%, 10/01/32 - 12/01/46 |  | 120 | 109835 |
| 5.00%, 05/01/38 - 11/01/48 |  | 41 | 41740 |
| 5.50%, 01/01/39 |  | 12 | 12788 |
| 4.00%, 08/01/40 - 12/01/45 |  | 11 | 9797 |
| 4.50%, 09/01/40 - 08/01/48 |  | 113 | 110653 |
| Ginnie Mae Mortgage-Backed Securities<sup>(p)</sup> <br>|  |  |  |
| 4.00%, 10/20/40 - 08/15/54 |  | 1930 | 1803121 |
| 3.50%, 01/15/42 - 08/15/54 |  | 3640 | 3315715 |
| 5.00%, 10/20/44 - 07/15/54 |  | 2162 | 2124101 |
| 3.00%, 02/15/45 - 07/15/54 |  | 2796 | 2473818 |
| 4.50%, 03/15/47 - 07/15/54 |  | 1694 | 1621824 |
| 2.00%, 08/20/50 - 07/15/54 |  | 3870 | 3151273 |
| 2.50%, 04/20/51 - 07/15/54 |  | 3898 | 3312877 |
| 5.50%, 07/15/54 |  | 2396 | 2399144 |
| 6.00%, 07/15/54 |  | 1509 | 1531042 |
| 6.50%, 07/15/54 |  | 757 | 777083 |
| Uniform Mortgage-Backed Securities<sup>(p)</sup> <br>|  |  |  |
| 2.50%, 09/01/27 - 07/14/55 |  | 13288 | 11225071 |
| 3.00%, 07/01/29 - 07/15/54 |  | 7223 | 6357325 |
| 3.50%, 07/01/29 - 07/15/54 |  | 35109 | 31648383 |
| 2.00%, 10/01/31 - 07/15/54 |  | 19673 | 16046173 |
| 4.00%, 09/01/33 - 07/15/54 |  | 4340 | 4075891 |
| 5.00%, 09/01/35 - 07/15/54 |  | 3782 | 3723420 |
| 5.50%, 12/01/38 - 07/15/54<sup>(q)</sup> |  | 5199 | 5209011 |
| 1.50%, 07/15/39 - 11/01/51 |  | 4434 | 3639338 |
| 4.50%, 07/15/39 - 07/15/54 |  | 24859 | 23812280 |
| 6.00%, 11/01/52 - 08/15/54 |  | 23819 | 24211677 |
| 6.50%, 10/01/53 - 08/15/54 |  | 3828 | 3956896 |
|  |  |  | 156904087 |
| **Total U.S. Government Sponsored Agency Securities — 20.0%** <br>**(Cost: $176,252,119)** | **Total U.S. Government Sponsored Agency Securities — 20.0%** <br>**(Cost: $176,252,119)** | **Total U.S. Government Sponsored Agency Securities — 20.0%** <br>**(Cost: $176,252,119)** | 174821194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **United States**<sup>(f)</sup> **— 0.0%** | **United States**<sup>(f)</sup> **— 0.0%** |  |
| Davidson Homes, Inc., (Issued 05/16/24, Expires <br> 05/16/34, Strike Price USD 8.47)<sup>(e)</sup><br>| 10230 | 41432 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Flagstar Financial, Inc., PIPE, (Acquired 03/07/24, Cost: <br> $0), (Issued/Exercisable 03/11/24, 1,000 Shares for <br> 1 Warrant, Expires 03/11/31, Strike Price USD <br> 2.50)<sup>(e)(g)</sup><br>| 74 | $141315 |
| Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(e)</sup><br>| 280744 | 27569 |
| Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for <br> 1 Warrant, Expires 06/04/26, Strike Price USD <br> 11.50)<sup>(e)</sup><br>| 12334 | 1 |
| Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, <br> 1 Share for 1 Warrant, Expires 09/01/26, Strike Price <br> USD 11.50)<br>| 8529 | 44 |
| Palladyne AI Corp., (Issued/Exercisable 12/21/20, <br> 1 Share for 1 Warrant, Expires 09/24/26, Strike Price <br> USD 11.50)<br>| 28519 | 10894 |
| Sonder Holdings, Inc., (Expires 04/11/30, Strike Price <br> USD 1.00)<sup>(e)</sup><br>| 22714 | 42929 |
| Sonder Holdings, Inc., (Expires 12/30/29, Strike Price <br> USD 0.01)<sup>(e)</sup><br>| 2277 | 6125 |
| Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $0), (Exercisable 10/14/22, 1 Share for <br> 1 Warrant, Expires 10/07/32, Strike Price USD <br> 0.01)<sup>(e)(g)</sup><br>| 20741 | 83794 |
| Volato Group, Inc., (Acquired 12/03/23, Cost: $6,834), <br> (Issued 12/04/23, Expires 12/03/28, Strike Price USD <br> 11.50)<sup>(g)</sup><br>| 6834 | 174 |
|  |  | 354277 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** |  |
| Venezuela Government International Bond<sup>(f)(k)</sup> | 3000 | 12000 |
| **Total Warrants — 0.0%** <br>**(Cost: $84,981)** | **Total Warrants — 0.0%** <br>**(Cost: $84,981)** | 366277 |
| **Total Long-Term Investments — 108.6%** <br>**(Cost: $932,768,574)** | **Total Long-Term Investments — 108.6%** <br>**(Cost: $932,768,574)** | 948116110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Commercial Paper — 0.2%** | **Commercial Paper — 0.2%** | **Commercial Paper — 0.2%** |  |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |  |
| HSBC USA, Inc., 5.16%, 08/19/25<sup>(d)(r)</sup> | USD | 2050 | 2037283 |
|  |  |  | 2037283 |
| **Foreign Agency Obligations — 0.4%** | **Foreign Agency Obligations — 0.4%** | **Foreign Agency Obligations — 0.4%** |  |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |  |
| Bahrain Government International Bonds, 7.00%, <br> 01/26/26<sup>(a)</sup><br>|  | 200 | 201000 |
| **Brazil**<sup>(r)</sup> **— 0.1%** | **Brazil**<sup>(r)</sup> **— 0.1%** | **Brazil**<sup>(r)</sup> **— 0.1%** |  |
| Brazil Letras do Tesouro Nacional |  |  |  |
| 0.00%, 01/01/26 | BRL | 2 | 398946 |
| 14.57%, 01/01/26 |  | 1 | 105220 |
| 14.68%, 01/01/26 |  | 1 | 228434 |
| 14.70%, 01/01/26 |  | 1 | 105906 |
| 14.74%, 01/01/26 |  |  | 29476 |
|  |  |  | 867982 |
| **Egypt**<sup>(r)</sup> **— 0.1%** | **Egypt**<sup>(r)</sup> **— 0.1%** | **Egypt**<sup>(r)</sup> **— 0.1%** |  |
| Egypt Treasury Bills |  |  |  |
| 0.00%, 07/29/25 | EGP | 950 | 18684 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Egypt (continued)** | **Egypt (continued)** | **Egypt (continued)** |  |
| Egypt Treasury Bills (continued) |  |  |  |
| 0.00%, 11/11/25 | EGP | 375 | $6847 |
| 26.89%, 11/11/25 |  | 350 | 6391 |
| 0.00%, 11/18/25 |  | 4350 | 79054 |
| 26.26%, 11/18/25 |  | 4025 | 73148 |
| 26.45%, 11/18/25 |  | 3800 | 69059 |
| 26.90%, 11/18/25 |  | 1050 | 19082 |
| 28.50%, 11/18/25 |  | 1025 | 18628 |
| 0.00%, 11/25/25 |  | 3525 | 64167 |
| 27.00%, 11/25/25 |  | 600 | 10922 |
| 28.50%, 11/25/25 |  | 600 | 10922 |
| 0.00%, 12/09/25 |  | 3900 | 69783 |
| 28.50%, 12/09/25 |  | 575 | 10289 |
| 0.00%, 12/16/25 |  | 24275 | 432961 |
| 26.45%, 12/16/25 |  | 8550 | 152495 |
| 28.50%, 12/16/25 |  | 3400 | 60641 |
|  |  |  | 1103073 |
| **Namibia — 0.0%** | **Namibia — 0.0%** | **Namibia — 0.0%** |  |
| Namibia International Bonds, 5.25%, 10/29/25<sup>(a)</sup> | USD | 200 | 198876 |
| **Nigeria — 0.2%** | **Nigeria — 0.2%** | **Nigeria — 0.2%** |  |
| Nigeria Government International Bonds, 7.63%, <br> 11/21/25<sup>(a)</sup><br>|  | 200 | 201250 |
| Nigeria Treasury Bills<sup>(r)</sup> <br>|  |  |  |
| 0.00%, 12/11/25 | NGN | 177233 | 104702 |
| 19.86%, 12/11/25 |  | 49650 | 29331 |
| 22.10%, 12/11/25 |  | 382079 | 225716 |
| 22.15%, 12/11/25 |  | 175655 | 103769 |
| 28.70%, 12/11/25 |  | 1318094 | 778674 |
|  |  |  | 1443442 |
|  |  |  | 3814373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.20%<sup>(n)(s)</sup><br>| 7551158 | 7551158 |
| **Total Short-Term Securities — 1.5%** <br>**(Cost: $13,323,611)** | **Total Short-Term Securities — 1.5%** <br>**(Cost: $13,323,611)** | 13402814 |
| **Options Purchased — 0.2%** <br>**(Cost: $1,930,342)** | **Options Purchased — 0.2%** <br>**(Cost: $1,930,342)** | 1686883 |
| **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 110.3%** <br>**(Cost: $948,022,527)** | **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 110.3%** <br>**(Cost: $948,022,527)** | 963205807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **TBA Sale Commitments**<sup>(p)</sup> | **TBA Sale Commitments**<sup>(p)</sup> | **TBA Sale Commitments**<sup>(p)</sup> | **TBA Sale Commitments**<sup>(p)</sup> |
| **United States — (0.6)%** | **United States — (0.6)%** | **United States — (0.6)%** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| 2.00%, 07/15/54 | USD | (106)<br>| (86305)<br>|
| 2.50%, 07/15/54 |  | (107)<br>| (90890)<br>|
| 3.00%, 07/15/54 |  | (76)<br>| (67211)<br>|
| 3.50%, 07/15/54 |  | (1537)<br>| (1397184)<br>|
| 4.00%, 07/15/54 |  | (457)<br>| (424836)<br>|
| 4.50%, 07/15/54 |  | (46)<br>| (44025)<br>|
| 5.00%, 07/15/54 |  | (57)<br>| (55982)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| Ginnie Mae Mortgage-Backed Securities (continued) |  |  |  |
| 5.50%, 07/15/54 |  | (62)<br>| $(62081)<br>|
| 6.00%, 07/15/54 |  | (29)<br>| (29424)<br>|
| 6.50%, 07/15/54 |  | (35)<br>| (35929)<br>|
| Uniform Mortgage-Backed Securities |  |  |  |
| 2.00%, 07/15/39 - 07/15/54 | USD | (779)<br>| (636771)<br>|
| 2.50%, 07/15/39 - 07/14/55 |  | (421)<br>| (352759)<br>|
| 3.00%, 07/15/39 - 07/15/54 |  | (222)<br>| (192944)<br>|
| 3.50%, 07/15/39 - 07/15/54 |  | (159)<br>| (143844)<br>|
| 4.00%, 07/15/54 |  | (117)<br>| (108778)<br>|
| 4.50%, 07/15/54 |  | (93)<br>| (88947)<br>|
| 5.00%, 07/15/54 |  | (104)<br>| (101910)<br>|
| 5.50%, 07/15/54 |  | (137)<br>| (136969)<br>|
| 6.00%, 07/15/54 |  | (128)<br>| (129896)<br>|
| 6.50%, 07/15/54 |  | (1004)<br>| (1036606)<br>|
| **Total TBA Sale Commitments — (0.6)%** <br>**(Proceeds: $(5191709))** | **Total TBA Sale Commitments — (0.6)%** <br>**(Proceeds: $(5191709))** | **Total TBA Sale Commitments — (0.6)%** <br>**(Proceeds: $(5191709))** | (5223291)<br>|
| **Options Written — (0.2)%** <br>**(Premiums Received: $(2226658))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(2226658))** | **Options Written — (0.2)%** <br>**(Premiums Received: $(2226658))** | (2038625)<br>|
| **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 109.5%** <br>**(Cost: $940,604,160)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 109.5%** <br>**(Cost: $940,604,160)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 109.5%** <br>**(Cost: $940,604,160)** | 955943891 |
| **Liabilities in Excess of Other Assets — (9.5)%** | **Liabilities in Excess of Other Assets — (9.5)%** | **Liabilities in Excess of Other Assets — (9.5)%** | (83227428)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $872716463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> When-issued security.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(f)</sup> Non-income producing security.

<sup>(g)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,158,050, representing 0.4% of its net assets as of period end, and an original cost of $1,865,722. 

<sup>(h)</sup> Convertible security.

<sup>(i)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(j)</sup> 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. 

<sup>(k)</sup> Perpetual security with no stated maturity date.

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

<sup>(m)</sup> Zero-coupon bond.

<sup>(n)</sup> Affiliate of the Fund.

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

<sup>(p)</sup> Represents or includes a TBA transaction.

<sup>(q)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments. 

<sup>(r)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(s)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | &nbsp;&nbsp; $27049345 | $— | $(19498187 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $7551158 | 7551158 | $321960 | $— |
| iShares 0-5 Year TIPS Bond ETF<sup>(b)</sup> | &nbsp;&nbsp; 709230 |  | (721849)<br>| &nbsp;&nbsp; 26402 | (13783)<br>|  |  | 9982 |  |
| iShares Biotechnology ETF<sup>(b)</sup> | &nbsp;&nbsp; 462735 |  | (464729)<br>| &nbsp;&nbsp; (36066)<br>| 38060 |  |  | 424 |  |
| iShares Bitcoin Trust | &nbsp;&nbsp; 1576646 | 1062798 | (619034)<br>| &nbsp;&nbsp; (11913)<br>| 98229 | 2106726 | 34418 |  |  |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(b)</sup> | &nbsp;&nbsp; 3412787 | 2044900 | (5444952)<br>| &nbsp;&nbsp; (38460)<br>| 25725 |  |  | 50949 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 1218131 | 6050526 |  | &nbsp;&nbsp; — | 116705 | 7385362 | 91573 | 47185 |  |
| iShares JP Morgan USD Emerging Markets Bond ETF | &nbsp;&nbsp; 1586159 |  |  | &nbsp;&nbsp; — | 63774 | 1649933 | 17814 | 36235 |  |
| iShares Latin America 40 ETF<sup>(b)</sup> | &nbsp;&nbsp; 122721 |  | (141866)<br>| &nbsp;&nbsp; (11458)<br>| 30603 |  |  |  |  |
| iShares MSCI Brazil ETF | &nbsp;&nbsp; 109984 |  |  | &nbsp;&nbsp; — | 30977 | 140961 | 4886 | 2517 |  |
| iShares MSCI Emerging Markets ETF<sup>(b)</sup> | &nbsp;&nbsp; 549849 |  | (588779)<br>| &nbsp;&nbsp; 24225 | 14705 |  |  |  |  |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 105177 |  |  | &nbsp;&nbsp; — | (2461)<br>| 102716 | 476 | 493 |  |
| iShares Russell Mid-Cap Growth ETF<sup>(b)</sup> | &nbsp;&nbsp; 130933 |  | (124279)<br>| &nbsp;&nbsp; 25799 | (32453)<br>|  |  | 102 |  |
|  |  |  |  | &nbsp;&nbsp; $(21471)<br>| $370081 | $18936856 |  | $469847 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> As of period end, the entity is no longer held.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| Euro BTP | &nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; $28934 | &nbsp;&nbsp;&nbsp;&nbsp; $567 |
| Euro OAT | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 28738 | &nbsp;&nbsp;&nbsp;&nbsp; (241965)<br>|
| Euro-Schatz | &nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23751 | &nbsp;&nbsp;&nbsp;&nbsp; (33205)<br>|
| Short Term Euro BTP | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1526 | &nbsp;&nbsp;&nbsp;&nbsp; (3333)<br>|
| 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 31858 | &nbsp;&nbsp;&nbsp;&nbsp; 11374 |
| 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11240 | &nbsp;&nbsp;&nbsp;&nbsp; 102833 |
| 3-Year Australian Treasury Bonds | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5956 | &nbsp;&nbsp;&nbsp;&nbsp; 23457 |
| 10-Year Canadian Bond | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 29386 | &nbsp;&nbsp;&nbsp;&nbsp; 154586 |
| Euro Stoxx 50 Index | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 941 | &nbsp;&nbsp;&nbsp;&nbsp; 5443 |
| Euro Stoxx Banks Index | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp;&nbsp; 3472 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 9615 | &nbsp;&nbsp;&nbsp;&nbsp; 429927 |
| U.S. Long Bond | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3922 | &nbsp;&nbsp;&nbsp;&nbsp; 131969 |
| Long Gilt | &nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10344 | &nbsp;&nbsp;&nbsp;&nbsp; 243399 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 1046 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 217617 | &nbsp;&nbsp;&nbsp;&nbsp; 676041 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1504565 |
| Short Contracts  |  |  |  |  |
| 30-Year Euro Buxl Bond | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp;&nbsp; 13655 |
| Euro BOBL | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp;&nbsp; 1395 |
| Euro Bund | &nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24070 | &nbsp;&nbsp;&nbsp;&nbsp; 122225 |
| Nikkei 225 Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 09/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp; (30005)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 1449 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 162469 | &nbsp;&nbsp;&nbsp;&nbsp; (3189497)<br>|
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19765 | &nbsp;&nbsp;&nbsp;&nbsp; (416739)<br>|
| E-mini Russell 2000 Index | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2520 | &nbsp;&nbsp;&nbsp;&nbsp; (84391)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 14384 | &nbsp;&nbsp;&nbsp;&nbsp; (431814)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 6900 | &nbsp;&nbsp;&nbsp;&nbsp; (127733)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 1147 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 125041 | &nbsp;&nbsp;&nbsp;&nbsp; (1355906)<br>|
| 3-Month SOFR | &nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 60932 | &nbsp;&nbsp;&nbsp;&nbsp; (161887)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (5660697)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(4156132)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 334972 | USD | 58379 | Barclays Bank PLC | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3275 |
| BRL | 3171592 | USD | 556449 | Barclays Bank PLC | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27305 |
| BRL | 15375667 | USD | 2817553 | Barclays Bank PLC | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12446 |
| BRL | 17545876 | USD | 3057412 | Barclays Bank PLC | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172029 |
| BRL | 487563 | USD | 89345 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395 |
| BRL | 791936 | USD | 142459 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3302 |
| BRL | 2233212 | USD | 404900 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6138 |
| BRL | 2785276 | USD | 510395 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2255 |
| BRL | 4248695 | USD | 778563 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3439 |
| BRL | 16685596 | USD | 3057594 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13506 |
| BRL | 20634222 | USD | 3745514 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52359 |
| BRL | 334972 | USD | 61383 | Goldman Sachs International | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 |
| BRL | 968800 | USD | 177530 | Goldman Sachs International | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784 |
| BRL | 2760800 | USD | 505910 | Goldman Sachs International | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2235 |
| BRL | 4364585 | USD | 765000 | Goldman Sachs International | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38332 |
| BRL | 653328 | USD | 117541 | JPMorgan Chase Bank N.A. | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2709 |
| BRL | 2612349 | USD | 478706 | JPMorgan Chase Bank N.A. | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2115 |
| BRL | 2646206 | USD | 484911 | JPMorgan Chase Bank N.A. | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2142 |
| AUD | 310000 | USD | 200277 | Barclays Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3752 |
| AUD | 4027071 | USD | 2632765 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17685 |
| AUD | 1730000 | USD | 1126147 | UBS AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12467 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CAD | 910000 | USD | 663449 | Citibank N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4843 |
| CAD | 13550000 | USD | 9913827 | Natwest Markets PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37112 |
| CAD | 7000000 | USD | 5100287 | Societe Generale | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40419 |
| CAD | 10810000 | USD | 7910962 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27757 |
| CAD | 1890000 | USD | 1378432 | Wells Fargo Bank N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9559 |
| CHF | 70000 | USD | 85610 | Barclays Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2623 |
| CHF | 150000 | USD | 185464 | Barclays Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3608 |
| CHF | 10000 | USD | 12537 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| CNH | 30000000 | USD | 4177498 | Bank of America N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13815 |
| CNH | 222449600 | USD | 31053547 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24982 |
| CZK | 14200000 | USD | 646488 | Toronto-Dominion Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30035 |
| EUR | 150000 | JPY | 24439440 | Standard Chartered Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6973 |
| EUR | 80000 | USD | 93268 | BNP Paribas SA | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974 |
| EUR | 33719261 | USD | 38751018 | BNP Paribas SA | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971217 |
| EUR | 5870000 | USD | 6815315 | Canadian Imperial Bank of Commerce | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99710 |
| EUR | 2380000 | USD | 2736691 | Commonwealth Bank of Australia | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67016 |
| EUR | 3320000 | USD | 3848064 | Commonwealth Bank of Australia | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62989 |
| EUR | 3260000 | USD | 3720573 | Natwest Markets PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119799 |
| EUR | 20620000 | USD | 23412529 | The Bank of New York Mellon | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878409 |
| EUR | 450000 | USD | 518570 | UBS AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11543 |
| GBP | 10126784 | USD | 13863420 | Canadian Imperial Bank of Commerce | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37169 |
| GBP | 210000 | USD | 284400 | Commonwealth Bank of Australia | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3857 |
| HKD | 993000 | USD | 126497 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| HUF | 27310000 | USD | 80123 | Goldman Sachs International | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| JPY | 657163000 | USD | 4549799 | BNP Paribas SA | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14180 |
| JPY | 36000000 | USD | 247143 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2876 |
| JPY | 904020000 | USD | 6240071 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38324 |
| MXN | 38000000 | USD | 1963508 | Barclays Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61391 |
| MXN | 215220000 | USD | 11334931 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133455 |
| NOK | 1320000 | USD | 129875 | Bank of America N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| NOK | 2730000 | USD | 270080 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771 |
| NOK | 6640000 | USD | 658425 | Societe Generale | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| NZD | 140000 | USD | 84082 | Bank of America N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| PLN | 16000000 | USD | 4261992 | Nomura International PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176985 |
| SEK | 1750000 | USD | 184397 | Deutsche Bank AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |
| SEK | 4840000 | USD | 505756 | JPMorgan Chase Bank N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5856 |
| SGD | 4000000 | USD | 3103682 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42437 |
| SGD | 210000 | USD | 164748 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| THB | 103972513 | USD | 3170000 | Citibank N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28525 |
| THB | 98740000 | USD | 3035399 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2158 |
| USD | 126791 | HKD | 993000 | UBS AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 |
| USD | 4634899 | JPY | 661100000 | Bank of America N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43577 |
| USD | 6044796 | JPY | 867250000 | Standard Chartered Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21768 |
| USD | 539845 | NOK | 5440000 | Natwest Markets PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 |
| ZAR | 8580000 | USD | 478653 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951 |
| ZAR | 3150000 | USD | 177228 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 |
| AUD | 40000 | USD | 25958 | JPMorgan Chase Bank N.A. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| CLP | 6659300 | USD | 7036 | Royal Bank of Canada | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| MXN | 7325397 | USD | 387484 | Bank of America N.A. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2548 |
| PLN | 6364295 | USD | 1676906 | Natwest Markets PLC | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88447 |
| ZAR | 290995 | USD | 15609 | Morgan Stanley & Co. International PLC | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 |
| ZAR | 3136989 | USD | 176637 | State Street Bank and Trust Co. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432 |
| USD | 12000 | TWD | 345048 | Barclays Bank PLC | 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| USD | 415549 | JPY | 59000000 | Goldman Sachs International | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5201 |
| CZK | 8089256 | USD | 360614 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24999 |
| INR | 39142074 | USD | 455535 | BNP Paribas SA | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 |
| INR | 59858122 | USD | 696628 | BNP Paribas SA | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1182 |
| MXN | 9595066 | USD | 507112 | UBS AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3175 |
| USD | 327561 | COP | 1335792580 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477 |
| USD | 286861 | INR | 24519449 | JPMorgan Chase Bank N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020 |
| USD | 440449 | INR | 37647361 | JPMorgan Chase Bank N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1566 |
| USD | 171635 | INR | 14622625 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 260702 | INR | 22210761 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1775 |
| USD | 755720 | PHP | 42343010 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4172 |
| USD | 240444 | THB | 7801193 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| USD | 266205 | THB | 8637035 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| USD | 70065 | THB | 2273254 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| USD | 70065 | THB | 2273254 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| ZAR | 8802392 | USD | 495410 | Canadian Imperial Bank of Commerce | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| AUD | 671000 | USD | 432048 | HSBC Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9751 |
| CAD | 231329 | USD | 169000 | JPMorgan Chase Bank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072 |
| CAD | 620072 | USD | 453000 | JPMorgan Chase Bank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2875 |
| CHF | 64348 | USD | 79000 | Barclays Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2333 |
| CLP | 158876900 | USD | 169000 | Societe Generale | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| CLP | 425865300 | USD | 453000 | Societe Generale | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125 |
| CNH | 1213157 | USD | 169600 | JPMorgan Chase Bank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 |
| CNH | 8046342 | USD | 1122070 | UBS AG | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3968 |
| CNH | 36411784 | USD | 5077248 | UBS AG | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18365 |
| CZK | 18710723 | USD | 863850 | BNP Paribas SA | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28167 |
| CZK | 80690511 | USD | 3725037 | BNP Paribas SA | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121809 |
| CZK | 2628106 | USD | 124400 | Canadian Imperial Bank of Commerce | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 893 |
| EUR | 403020 | USD | 463282 | Canadian Imperial Bank of Commerce | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12177 |
| EUR | 186305 | USD | 214205 | Morgan Stanley & Co. International PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5586 |
| EUR | 6200 | USD | 7272 | Standard Chartered Bank | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| GBP | 264290 | USD | 354039 | Bank of America N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8775 |
| HUF | 91780936 | USD | 260000 | HSBC Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10212 |
| HUF | 768084368 | USD | 2174792 | HSBC Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86526 |
| HUF | 24784645 | USD | 72600 | UBS AG | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368 |
| IDR | 3248884800 | USD | 200400 | Bank of America N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| IDR | 11429951256 | USD | 696040 | Morgan Stanley & Co. International PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9730 |
| IDR | 98531093110 | USD | 6000164 | Morgan Stanley & Co. International PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83880 |
| INR | 50492500 | USD | 582580 | Citibank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5969 |
| INR | 518426339 | USD | 5981578 | Citibank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61283 |
| JPY | 97148088 | USD | 660682 | Bank of America N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15669 |
| JPY | 3179935 | USD | 22100 | Toronto-Dominion Bank | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| KRW | 48583829 | USD | 35900 | Barclays Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| KRW | 469100520 | USD | 343000 | Deutsche Bank AG | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4174 |
| KRW | 1471307112 | USD | 1075800 | Deutsche Bank AG | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13092 |
| MXN | 3543597 | USD | 187100 | Bank of America N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| MXN | 30472147 | USD | 1577099 | Goldman Sachs International | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42970 |
| MXN | 108261406 | USD | 5600811 | Goldman Sachs International | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154967 |
| MYR | 1013286 | USD | 240400 | Barclays Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| MYR | 3324622 | USD | 783610 | Barclays Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5798 |
| MYR | 30541670 | USD | 7198640 | Barclays Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53263 |
| NOK | 1753090 | USD | 173000 | Barclays Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951 |
| NOK | 4489127 | USD | 443000 | Barclays Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2435 |
| PLN | 13359330 | USD | 3580186 | Canadian Imperial Bank of Commerce | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124218 |
| PLN | 433526 | USD | 119600 | Goldman Sachs International | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612 |
| PLN | 1640331 | USD | 439620 | State Street Bank and Trust Co. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15227 |
| RON | 135310 | USD | 31200 | Goldman Sachs International | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| RON | 4121477 | USD | 934562 | Goldman Sachs International | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20032 |
| SGD | 16789 | USD | 13200 | Societe Generale | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| SGD | 511350 | USD | 396300 | State Street Bank and Trust Co. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6545 |
| THB | 29069789 | USD | 881330 | Citibank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14382 |
| THB | 208289176 | USD | 6314855 | Citibank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103047 |
| USD | 11300 | CLP | 10515893 | Bank of America N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| USD | 216840 | COP | 885433614 | Citibank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771 |
| USD | 1100 | NOK | 11074 | Bank of Montreal | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| ZAR | 7794243 | USD | 429380 | JPMorgan Chase Bank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| ZAR | 92592924 | USD | 5093028 | JPMorgan Chase Bank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128117 |
| ZAR | 3020717 | USD | 170100 | Wells Fargo Bank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233 |
| TRY | 433100 | USD | 10521 | Goldman Sachs International | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| TRY | 580374 | USD | 14100 | Goldman Sachs International | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 |
| TRY | 839690 | USD | 20400 | Goldman Sachs International | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| TRY | 1733500 | USD | 42100 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $429 |
| TRY | 2326416 | USD | 56500 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576 |
| TRY | 3359921 | USD | 81600 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832 |
| TRY | 6904815 | USD | 167000 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2402 |
| TRY | 11234652 | USD | 271722 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3909 |
| TRY | 13395306 | USD | 323979 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4660 |
| TRY | 15144906 | USD | 366295 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5269 |
| TRY | 21275947 | USD | 514580 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7402 |
| TRY | 35767771 | USD | 865080 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12444 |
| BRL | 563469 | USD | 101200 | Bank of America N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1709 |
| BRL | 4280940 | USD | 765000 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16850 |
| BRL | 16812713 | USD | 3028761 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41830 |
| BRL | 4914800 | USD | 880000 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17615 |
| BRL | 334972 | USD | 60368 | Goldman Sachs International | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 |
| PEN | 1522776 | USD | 421261 | Standard Chartered Bank | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8264 |
| AUD | 140000 | USD | 91516 | Bank of America N.A. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683 |
| CAD | 2663000 | USD | 1951364 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7536 |
| CZK | 14200000 | USD | 673382 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3814 |
| EUR | 150000 | JPY | 25333500 | Toronto-Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 |
| EUR | 55459261 | USD | 65132371 | Deutsche Bank AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342763 |
| EUR | 4000000 | USD | 4705895 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16500 |
| MXN | 225650000 | USD | 11917135 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65844 |
| NZD | 140000 | USD | 84957 | State Street Bank and Trust Co. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 |
| PLN | 984000 | USD | 271733 | Natwest Markets PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| SEK | 1750000 | USD | 184605 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 |
| SEK | 4156000 | USD | 438004 | Toronto-Dominion Bank | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2245 |
| THB | 102952724 | USD | 3170000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4783 |
| USD | 109835 | GBP | 80000 | Commonwealth Bank of Australia | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| USD | 126942 | HKD | 993000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| EUR | 158502 | USD | 187051 | Morgan Stanley & Co. International PLC | 08/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| INR | 21764426 | USD | 253000 | BNP Paribas SA | 08/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 |
| NGN | 107698032 | USD | 65232 | Bank of America N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3257 |
| NGN | 103007208 | USD | 64866 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 |
| NGN | 103007208 | USD | 64866 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640 |
| NGN | 121002424 | USD | 76198 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751 |
| NGN | 121002424 | USD | 76198 | Citibank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751 |
| NGN | 104443800 | USD | 65400 | JPMorgan Chase Bank N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| NGN | 106644450 | USD | 64633 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3186 |
| NGN | 125274600 | USD | 75924 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3742 |
| NGN | 221039900 | USD | 130100 | Morgan Stanley & Co. International PLC | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10466 |
| AUD | 25302810 | USD | 16520911 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158528 |
| BRL | 24000000 | USD | 4242929 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90863 |
| CAD | 1931383 | USD | 1419655 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4121 |
| CAD | 6072680 | USD | 4463470 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13188 |
| CAD | 23427448 | USD | 17220000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50244 |
| CHF | 485968 | USD | 600000 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18383 |
| CNH | 26686 | JPY | 534673 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| CNH | 36318894 | USD | 5082313 | Canadian Imperial Bank of Commerce | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21280 |
| CNH | 141421501 | USD | 19790000 | Canadian Imperial Bank of Commerce | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82789 |
| CNH | 2270000 | USD | 316523 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2461 |
| CNH | 2270000 | USD | 316519 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2465 |
| COP | 8000000000 | USD | 1882225 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55403 |
| CZK | 11398024 | USD | 530000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14294 |
| DKK | 2580801 | USD | 400000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9811 |
| DKK | 7306228 | USD | 1132449 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27722 |
| EUR | 1843672 | AUD | 3261629 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32757 |
| EUR | 4493991 | USD | 5293090 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27535 |
| EUR | 6833922 | USD | 7906896 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184072 |
| EUR | 3370493 | USD | 3971587 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18882 |
| EUR | 22483380 | USD | 25977790 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641229 |
| IDR | 26928247495 | USD | 1650622 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12231 |
| INR | 23515521 | USD | 271856 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| INR | 9238240 | USD | 106967 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $441 |
| INR | 9238241 | USD | 106825 | HSBC Bank USA N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 |
| INR | 76362007 | USD | 883308 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4514 |
| JPY | 3086520834 | USD | 21546664 | Commonwealth Bank of Australia | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72086 |
| JPY | 7572938261 | USD | 52875952 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166768 |
| KRW | 817404960 | USD | 600000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6991 |
| KRW | 2045905000 | USD | 1501681 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17574 |
| MXN | 24800933 | USD | 1294000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17026 |
| MXN | 168691717 | USD | 8812618 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104755 |
| MYR | 2316508 | USD | 550000 | Wells Fargo Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1221 |
| NOK | 19155663 | USD | 1900000 | Natwest Markets PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1367 |
| NZD | 283189 | USD | 171576 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1486 |
| PLN | 6565968 | USD | 1770000 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48374 |
| SEK | 34650399 | USD | 3646000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34936 |
| SGD | 2298393 | USD | 1800000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17724 |
| THB | 10300000 | USD | 318353 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 |
| THB | 5150000 | USD | 159319 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| THB | 5100000 | USD | 155989 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802 |
| TRY | 947045 | USD | 22000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 |
| USD | 57758 | HKD | 450000 | Societe Generale | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| USD | 4426683 | INR | 379940000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9315 |
| USD | 4298880 | INR | 368970291 | HSBC Bank USA N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9051 |
| USD | 374180 | INR | 32100000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969 |
| USD | 383385 | INR | 32954009 | Standard Chartered Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| USD | 391022 | JPY | 55635968 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| USD | 1740000 | JPY | 247492032 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6505 |
| USD | 434976 | MYR | 1826899 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 |
| USD | 1138696 | PHP | 63800000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7676 |
| USD | 158135 | THB | 5100000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 |
| ZAR | 133953089 | USD | 7501279 | Natwest Markets PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22955 |
| TRY | 267000 | USD | 6200 | HSBC Bank PLC | 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| USD | 169911 | EGP | 8716440 | Citibank N.A. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| USD | 233918 | EGP | 11999996 | Citibank N.A. | 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 |
| EGP | 715360 | USD | 13600 | Bank of America N.A. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| EGP | 2924113 | USD | 54291 | Citibank N.A. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456 |
| EGP | 2964800 | USD | 54400 | Citibank N.A. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123 |
| EGP | 8777160 | USD | 162000 | Citibank N.A. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5334 |
| EGP | 16161894 | USD | 298300 | Citibank N.A. | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9822 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7399242 |
| USD | 61383 | BRL | 334972 | Barclays Bank PLC | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (271)<br>|
| USD | 581186 | BRL | 3171592 | Barclays Bank PLC | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2567)<br>|
| USD | 2679248 | BRL | 15375667 | Barclays Bank PLC | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150751)<br>|
| USD | 3215238 | BRL | 17545876 | Barclays Bank PLC | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14203)<br>|
| USD | 87000 | BRL | 487563 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2739)<br>|
| USD | 145120 | BRL | 791936 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (641)<br>|
| USD | 409231 | BRL | 2233212 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1808)<br>|
| USD | 497000 | BRL | 2785276 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15650)<br>|
| USD | 765000 | BRL | 4248695 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17002)<br>|
| USD | 3028761 | BRL | 16685596 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42339)<br>|
| USD | 3781170 | BRL | 20634222 | BNP Paribas SA | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16703)<br>|
| USD | 60829 | BRL | 334972 | Goldman Sachs International | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (825)<br>|
| USD | 173000 | BRL | 968800 | Goldman Sachs International | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5314)<br>|
| USD | 493000 | BRL | 2760800 | Goldman Sachs International | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15145)<br>|
| USD | 799799 | BRL | 4364585 | Goldman Sachs International | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3533)<br>|
| USD | 119721 | BRL | 653328 | JPMorgan Chase Bank N.A. | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (529)<br>|
| USD | 458130 | BRL | 2612349 | JPMorgan Chase Bank N.A. | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22691)<br>|
| USD | 481444 | BRL | 2646206 | JPMorgan Chase Bank N.A. | 07/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5609)<br>|
| JPY | 25371775 | EUR | 150000 | Toronto-Dominion Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498)<br>|
| JPY | 661100000 | USD | 4648567 | Standard Chartered Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57245)<br>|
| JPY | 659860000 | USD | 4626175 | Wells Fargo Bank N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43465)<br>|
| TRY | 32530000 | USD | 816788 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (500)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 800228 | AUD | 1227071 | Commonwealth Bank of Australia | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(7379)<br>|
| USD | 1997850 | AUD | 3110000 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49022)<br>|
| USD | 52191 | AUD | 80000 | Societe Generale | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462)<br>|
| USD | 1052519 | AUD | 1650000 | Toronto-Dominion Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33442)<br>|
| USD | 43826 | CAD | 60000 | Bank of America N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (237)<br>|
| USD | 175590 | CAD | 240000 | BNP Paribas SA | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (663)<br>|
| USD | 766764 | CAD | 1047000 | Goldman Sachs International | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2139)<br>|
| USD | 1948175 | CAD | 2663000 | Morgan Stanley & Co. International PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7497)<br>|
| USD | 20619215 | CAD | 28430000 | Natwest Markets PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (259397)<br>|
| USD | 1139455 | CAD | 1570000 | Royal Bank of Canada | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13532)<br>|
| USD | 109651 | CAD | 150000 | Westpac Banking Corp. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (507)<br>|
| USD | 97994 | CHF | 80000 | Royal Bank of Canada | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2844)<br>|
| USD | 183504 | CHF | 150000 | Toronto-Dominion Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5568)<br>|
| USD | 35124025 | CNH | 252449600 | Societe Generale | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145817)<br>|
| USD | 672720 | CZK | 14200000 | Morgan Stanley & Co. International PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3803)<br>|
| USD | 1093503 | EUR | 950000 | Bank of America N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25623)<br>|
| USD | 519208 | EUR | 450000 | Barclays Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10905)<br>|
| USD | 4004300 | EUR | 3480000 | Commonwealth Bank of Australia | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95237)<br>|
| USD | 102937 | EUR | 90000 | Deutsche Bank AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3086)<br>|
| USD | 348056 | EUR | 300000 | Deutsche Bank AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5353)<br>|
| USD | 457280 | EUR | 400000 | Deutsche Bank AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13931)<br>|
| USD | 64990290 | EUR | 55459261 | Deutsche Bank AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (342275)<br>|
| USD | 232209 | EUR | 200000 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3397)<br>|
| USD | 4587935 | EUR | 3990000 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (112397)<br>|
| USD | 806585 | EUR | 700000 | Natwest Markets PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18035)<br>|
| USD | 93726 | EUR | 80000 | Standard Chartered Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (516)<br>|
| USD | 116036 | EUR | 100000 | Standard Chartered Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1766)<br>|
| USD | 205449 | EUR | 180000 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6596)<br>|
| USD | 91942 | EUR | 80000 | Toronto-Dominion Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2300)<br>|
| USD | 1879997 | EUR | 1650000 | Toronto-Dominion Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63750)<br>|
| USD | 57206 | EUR | 50000 | UBS AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1695)<br>|
| USD | 1757719 | EUR | 1540000 | UBS AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56444)<br>|
| USD | 67759 | GBP | 50000 | Barclays Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (874)<br>|
| USD | 95111 | GBP | 70000 | Deutsche Bank AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (975)<br>|
| USD | 4178947 | GBP | 3100000 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76286)<br>|
| USD | 9072046 | GBP | 6696784 | Natwest Markets PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120333)<br>|
| USD | 54160 | GBP | 40000 | Royal Bank of Canada | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (746)<br>|
| USD | 517138 | GBP | 380000 | Westpac Banking Corp. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4471)<br>|
| USD | 78376 | HUF | 27310000 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2120)<br>|
| USD | 9622055 | JPY | 1389793000 | Canadian Imperial Bank of Commerce | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30020)<br>|
| USD | 1448232 | MXN | 27570000 | Goldman Sachs International | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20886)<br>|
| USD | 11959085 | MXN | 225650000 | Morgan Stanley & Co. International PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65083)<br>|
| USD | 516057 | NOK | 5250000 | Natwest Markets PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4811)<br>|
| USD | 84865 | NZD | 140000 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (475)<br>|
| USD | 271949 | PLN | 984000 | Natwest Markets PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1048)<br>|
| USD | 4055301 | PLN | 15016000 | UBS AG | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110679)<br>|
| USD | 255284 | SEK | 2434000 | Royal Bank of Canada | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2002)<br>|
| USD | 437075 | SEK | 4156000 | Toronto-Dominion Bank | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2234)<br>|
| USD | 3281676 | SGD | 4210000 | Bank of America N.A. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29614)<br>|
| USD | 3170000 | THB | 103150215 | HSBC Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3229)<br>|
| USD | 3034125 | THB | 98740000 | Nomura International PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3432)<br>|
| USD | 814543 | TRY | 32530000 | Barclays Bank PLC | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1745)<br>|
| USD | 93270 | ZAR | 1660000 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (488)<br>|
| USD | 146333 | ZAR | 2600000 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (517)<br>|
| USD | 414923 | ZAR | 7470000 | State Street Bank and Trust Co. | 07/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6988)<br>|
| JPY | 13408438 | USD | 95139 | Toronto-Dominion Bank | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1935)<br>|
| USD | 132 | AUD | 207 | The Bank of New York Mellon | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| USD | 66593 | CNH | 481300 | Bank of America N.A. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (693)<br>|
| USD | 50125 | COP | 212459444 | Goldman Sachs International | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1806)<br>|
| USD | 229173 | EUR | 200056 | Deutsche Bank AG | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6623)<br>|
| USD | 895 | GBP | 667 | The Bank of New York Mellon | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21)<br>|
| USD | 10377 | HUF | 3691000 | Natwest Markets PLC | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 17255 | MXN | 341400 | State Street Bank and Trust Co. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(923)<br>|
| USD | 938488 | MXN | 18115175 | State Street Bank and Trust Co. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26031)<br>|
| USD | 360382 | PLN | 1365000 | Bank of America N.A. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18247)<br>|
| USD | 3033501 | PLN | 11793067 | HSBC Bank PLC | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (237705)<br>|
| USD | 647222 | PLN | 2451384 | Natwest Markets PLC | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32752)<br>|
| USD | 5638 | TWD | 179700 | Societe Generale | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (540)<br>|
| USD | 131935 | ZAR | 2414331 | Deutsche Bank AG | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4343)<br>|
| USD | 3233429 | ZAR | 59163501 | Natwest Markets PLC | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106075)<br>|
| USD | 170129 | ZAR | 3075116 | State Street Bank and Trust Co. | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3447)<br>|
| USD | 197030 | ZAR | 3535948 | Toronto-Dominion Bank | 07/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2557)<br>|
| USD | 48075 | TWD | 1417381 | Bank of America N.A. | 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (711)<br>|
| USD | 48200 | TWD | 1413369 | Bank of America N.A. | 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (448)<br>|
| USD | 123750 | TWD | 3716213 | BNP Paribas SA | 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4161)<br>|
| USD | 264150 | TWD | 7932425 | BNP Paribas SA | 07/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8881)<br>|
| JPY | 59000000 | USD | 416658 | Morgan Stanley & Co. International PLC | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6310)<br>|
| USD | 63900 | EUR | 56098 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2241)<br>|
| USD | 99210 | EUR | 87095 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3479)<br>|
| USD | 114518 | EUR | 100554 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4039)<br>|
| USD | 172068 | EUR | 151081 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6062)<br>|
| USD | 318670 | EUR | 279758 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11175)<br>|
| USD | 100965 | EUR | 88652 | Morgan Stanley & Co. International PLC | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3559)<br>|
| USD | 113618 | EUR | 99881 | Morgan Stanley & Co. International PLC | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4146)<br>|
| COP | 520743435 | USD | 127705 | State Street Bank and Trust Co. | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (510)<br>|
| COP | 2406503855 | USD | 590234 | State Street Bank and Trust Co. | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2429)<br>|
| USD | 2097698 | COP | 8769951958 | Citibank N.A. | 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44423)<br>|
| COP | 3845019959 | USD | 942522 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3904)<br>|
| USD | 29144 | CNH | 208475 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | 230091 | CNH | 1656089 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1618)<br>|
| USD | 400727 | CNH | 2873797 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1355)<br>|
| USD | 116266 | CNH | 834202 | HSBC Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (450)<br>|
| USD | 115839 | CNH | 829179 | UBS AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174)<br>|
| USD | 4330069 | COP | 18378327409 | Morgan Stanley & Co. International PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (156316)<br>|
| USD | 1140997 | COP | 4719161728 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11011)<br>|
| USD | 1162910 | COP | 4765256667 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (350)<br>|
| USD | 2401148 | COP | 10286518579 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109922)<br>|
| USD | 130384 | CZK | 2775619 | BNP Paribas SA | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1929)<br>|
| USD | 450015 | CZK | 9870555 | BNP Paribas SA | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20512)<br>|
| USD | 972799 | CZK | 21524617 | Deutsche Bank AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53274)<br>|
| USD | 854326 | CZK | 18760915 | HSBC Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40002)<br>|
| USD | 1590778 | CZK | 34927016 | HSBC Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74186)<br>|
| USD | 458744 | CZK | 9889387 | Natwest Markets PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12681)<br>|
| USD | 1680341 | CZK | 37350798 | Natwest Markets PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100164)<br>|
| USD | 119608 | EUR | 103738 | Deutsche Bank AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2752)<br>|
| USD | 327156 | EUR | 291249 | Deutsche Bank AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16373)<br>|
| USD | 117372 | EUR | 103028 | JPMorgan Chase Bank N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4150)<br>|
| USD | 219995 | HUF | 79189848 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13184)<br>|
| USD | 103558 | HUF | 36401199 | HSBC Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3627)<br>|
| USD | 373707 | HUF | 135193503 | HSBC Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24378)<br>|
| USD | 29461 | HUF | 10189117 | Natwest Markets PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (542)<br>|
| USD | 101359 | HUF | 36167641 | Natwest Markets PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5139)<br>|
| USD | 821453 | IDR | 13621325640 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19240)<br>|
| USD | 1279625 | IDR | 21248169762 | Citibank N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31788)<br>|
| USD | 107525 | IDR | 1745449540 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (202)<br>|
| USD | 170307 | IDR | 2764586206 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (321)<br>|
| USD | 320930 | IDR | 5349490876 | Morgan Stanley & Co. International PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9234)<br>|
| USD | 418932 | IDR | 6846152610 | Morgan Stanley & Co. International PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3604)<br>|
| USD | 423656 | IDR | 6943212800 | Morgan Stanley & Co. International PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4871)<br>|
| USD | 600114 | IDR | 9807010689 | Morgan Stanley & Co. International PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5163)<br>|
| USD | 600654 | IDR | 9843990045 | Morgan Stanley & Co. International PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6906)<br>|
| USD | 1425291 | IDR | 23743212660 | Morgan Stanley & Co. International PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40113)<br>|
| USD | 1918871 | IDR | 31965513741 | Morgan Stanley & Co. International PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54004)<br>|
| USD | 1192376 | MXN | 22708159 | Societe Generale | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15296)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 335288 | MXN | 6377306 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3872)<br>|
| USD | 1173981 | MXN | 22852187 | Toronto-Dominion Bank | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41351)<br>|
| USD | 6946401 | MXN | 135411035 | UBS AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (255069)<br>|
| USD | 17509 | MYR | 73855 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| USD | 26264 | MYR | 110783 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37)<br>|
| USD | 70576 | MYR | 299242 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469)<br>|
| USD | 100369 | MYR | 425565 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (667)<br>|
| USD | 655156 | MYR | 2764758 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1244)<br>|
| USD | 69662 | PEN | 248800 | Citibank N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (537)<br>|
| USD | 254103 | PEN | 918581 | Citibank N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5074)<br>|
| USD | 1695486 | PEN | 6197000 | Deutsche Bank AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52993)<br>|
| USD | 207646 | PHP | 11738244 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (697)<br>|
| USD | 243973 | PHP | 13791819 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (818)<br>|
| USD | 26317 | PHP | 1492589 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175)<br>|
| USD | 102409 | PHP | 5781523 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207)<br>|
| USD | 114805 | PHP | 6527805 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1058)<br>|
| USD | 120326 | PHP | 6792985 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243)<br>|
| USD | 1970562 | PLN | 7417750 | Canadian Imperial Bank of Commerce | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86452)<br>|
| USD | 3529684 | PLN | 13399836 | HSBC Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (186221)<br>|
| USD | 263533 | PLN | 965019 | Societe Generale | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4077)<br>|
| USD | 920543 | PLN | 3425988 | Standard Chartered Bank | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29517)<br>|
| USD | 910280 | PLN | 3400326 | UBS AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32663)<br>|
| USD | 243710 | THB | 7940071 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (890)<br>|
| USD | 263665 | THB | 8590214 | Bank of America N.A. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (963)<br>|
| USD | 516934 | THB | 17068389 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8870)<br>|
| USD | 517469 | THB | 17086040 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8879)<br>|
| USD | 884320 | THB | 29282751 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17756)<br>|
| USD | 887383 | THB | 29384167 | Barclays Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17818)<br>|
| USD | 8696 | UYU | 351656 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138)<br>|
| USD | 25439 | UYU | 1065127 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1316)<br>|
| USD | 26204 | UYU | 1079621 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (915)<br>|
| USD | 50293 | UYU | 2121854 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3007)<br>|
| USD | 93901 | UYU | 3939138 | Goldman Sachs International | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5048)<br>|
| USD | 5347124 | ZAR | 97197572 | HSBC Bank PLC | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134859)<br>|
| USD | 408587 | ZAR | 7391616 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8303)<br>|
| USD | 439874 | ZAR | 7837040 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2138)<br>|
| USD | 3023572 | ZAR | 55409301 | State Street Bank and Trust Co. | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101535)<br>|
| USD | 562067 | ZAR | 10095003 | Toronto-Dominion Bank | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7296)<br>|
| USD | 1506707 | ZAR | 26895001 | Toronto-Dominion Bank | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10182)<br>|
| USD | 1532782 | ZAR | 27745375 | UBS AG | 07/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32069)<br>|
| COP | 1464414058 | GBP | 265390 | Barclays Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6969)<br>|
| COP | 10655674714 | USD | 2609542 | Citibank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9276)<br>|
| COP | 353596000 | USD | 87200 | Societe Generale | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (913)<br>|
| INR | 17136526 | USD | 199800 | Bank of America N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54)<br>|
| THB | 6831051 | USD | 210900 | Nomura International PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (419)<br>|
| USD | 819950 | AUD | 1282671 | Morgan Stanley & Co. International PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24584)<br>|
| USD | 28007 | AUD | 42800 | Wells Fargo Bank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (173)<br>|
| USD | 314020 | AUD | 491490 | Wells Fargo Bank N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9586)<br>|
| USD | 434420 | CAD | 597740 | HSBC Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5036)<br>|
| USD | 825410 | CAD | 1136340 | HSBC Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10023)<br>|
| USD | 12400 | CAD | 16905 | Standard Chartered Bank | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)<br>|
| USD | 8500 | CHF | 6772 | Standard Chartered Bank | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59)<br>|
| USD | 255856 | CHF | 208628 | State Street Bank and Trust Co. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7842)<br>|
| USD | 402252 | CLP | 379331681 | Societe Generale | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4924)<br>|
| USD | 791706 | CLP | 746594592 | Societe Generale | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9691)<br>|
| USD | 91423 | EUR | 79532 | HSBC Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2403)<br>|
| USD | 107345 | EUR | 93384 | HSBC Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2824)<br>|
| USD | 158635 | EUR | 138000 | HSBC Bank PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4169)<br>|
| USD | 342785 | IDR | 5629014728 | Morgan Stanley & Co. International PLC | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4792)<br>|
| USD | 180000 | JPY | 26471271 | Standard Chartered Bank | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4295)<br>|
| USD | 178000 | NOK | 1808044 | Bank of America N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1404)<br>|
| USD | 475000 | NOK | 4826294 | Bank of America N.A. | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3891)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 18600 | PEN | 66495 | Deutsche Bank AG | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(160)<br>|
| USD | 253000 | PEN | 911002 | Deutsche Bank AG | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4021)<br>|
| USD | 556656 | PEN | 2004407 | Deutsche Bank AG | 07/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8848)<br>|
| USD | 122000 | TRY | 5170775 | Barclays Bank PLC | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4859)<br>|
| USD | 165000 | TRY | 7241850 | Barclays Bank PLC | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12671)<br>|
| USD | 214000 | TRY | 9392460 | Barclays Bank PLC | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16434)<br>|
| USD | 314188 | TRY | 12990497 | UBS AG | 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4520)<br>|
| USD | 3717195 | BRL | 20634222 | BNP Paribas SA | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51338)<br>|
| USD | 132753 | BRL | 742381 | JPMorgan Chase Bank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2832)<br>|
| USD | 411054 | PEN | 1513420 | Citibank N.A. | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15832)<br>|
| USD | 589079 | PEN | 2153848 | Deutsche Bank AG | 08/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18452)<br>|
| GBP | 80000 | USD | 109836 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| USD | 2634413 | AUD | 4027071 | State Street Bank and Trust Co. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17672)<br>|
| USD | 12589 | CHF | 10000 | State Street Bank and Trust Co. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68)<br>|
| USD | 31133939 | CNH | 222449600 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21989)<br>|
| USD | 176029 | EUR | 150000 | UBS AG | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1061)<br>|
| USD | 13865448 | GBP | 10126784 | Canadian Imperial Bank of Commerce | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37218)<br>|
| USD | 79986 | HUF | 27310000 | Goldman Sachs International | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (371)<br>|
| USD | 4566588 | JPY | 657163000 | BNP Paribas SA | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14270)<br>|
| USD | 53079 | JPY | 7630000 | Morgan Stanley & Co. International PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108)<br>|
| USD | 270133 | NOK | 2730000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (770)<br>|
| USD | 184760 | SEK | 1750000 | Societe Generale | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (619)<br>|
| USD | 165151 | SGD | 210000 | State Street Bank and Trust Co. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| USD | 3040886 | THB | 98740000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3988)<br>|
| USD | 793004 | TRY | 32530000 | HSBC Bank PLC | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1773)<br>|
| USD | 176799 | ZAR | 3150000 | State Street Bank and Trust Co. | 08/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (683)<br>|
| USD | 179061 | EUR | 158210 | Deutsche Bank AG | 08/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7832)<br>|
| USD | 179393 | EUR | 158502 | Deutsche Bank AG | 08/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7847)<br>|
| USD | 179521 | EUR | 158616 | Deutsche Bank AG | 08/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7852)<br>|
| USD | 306763 | EUR | 271038 | Deutsche Bank AG | 08/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13415)<br>|
| USD | 171000 | TRY | 7380189 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4394)<br>|
| USD | 487000 | TRY | 21018433 | Barclays Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12514)<br>|
| USD | 18800 | TRY | 798373 | HSBC Bank PLC | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174)<br>|
| USD | 75100 | TRY | 3195655 | UBS AG | 09/02/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (846)<br>|
| USD | 140997 | TRY | 6291000 | Barclays Bank PLC | 09/03/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8383)<br>|
| NGN | 25591000 | USD | 16300 | Bank of America N.A. | 09/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| BRL | 11933740 | USD | 2158000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3069)<br>|
| CNH | 10630 | AUD | 2278 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| GBP | 5393251 | EUR | 6322998 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79392)<br>|
| INR | 463550000 | USD | 5400824 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11364)<br>|
| INR | 54977250 | USD | 640541 | HSBC Bank USA N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1349)<br>|
| JPY | 466778339 | AUD | 4988467 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18933)<br>|
| JPY | 3503953586 | EUR | 21166501 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (517359)<br>|
| JPY | 61000000 | USD | 428888 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1629)<br>|
| NOK | 13743042 | CAD | 1854366 | Natwest Markets PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2884)<br>|
| THB | 3000000 | USD | 92980 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162)<br>|
| USD | 2129937 | AUD | 3261246 | The Bank of New York Mellon | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19854)<br>|
| USD | 2790000 | AUD | 4271999 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26073)<br>|
| USD | 4325136 | BRL | 24465000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92624)<br>|
| USD | 2049530 | BRL | 11605856 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46194)<br>|
| USD | 2390921 | BRL | 13539048 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53888)<br>|
| USD | 7813 | CHF | 6328 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (240)<br>|
| USD | 264558 | CNH | 1891137 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1188)<br>|
| USD | 264919 | CNH | 1891137 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (827)<br>|
| USD | 1648421 | CNH | 11779696 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6882)<br>|
| USD | 106133 | CNH | 757726 | Natwest Markets PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (344)<br>|
| USD | 1890427 | CZK | 40654956 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50985)<br>|
| USD | 651630 | EUR | 555000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5458)<br>|
| USD | 4425217 | EUR | 3791765 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64013)<br>|
| USD | 1607494 | EUR | 1378823 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24953)<br>|
| USD | 321885 | EUR | 276469 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5438)<br>|
| USD | 517654 | EUR | 444616 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8745)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 4650000 | EUR | 4024367 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(114617)<br>|
| USD | 49022656 | EUR | 42427625 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1209193)<br>|
| USD | 42582956 | EUR | 36750000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (926913)<br>|
| USD | 2225717 | GBP | 1642976 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30619)<br>|
| USD | 4329564 | GBP | 3195991 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59561)<br>|
| USD | 770354 | HUF | 269785000 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21660)<br>|
| USD | 58530 | IDR | 952612888 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (295)<br>|
| USD | 73779 | IDR | 1217067705 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1376)<br>|
| USD | 117554 | IDR | 1953662634 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3087)<br>|
| USD | 199623 | IDR | 3305552072 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4499)<br>|
| USD | 238900 | IDR | 3945506196 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4740)<br>|
| USD | 992824 | IDR | 16196930000 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7357)<br>|
| USD | 434976 | IDR | 7077059520 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2041)<br>|
| USD | 1578511 | IDR | 25747293392 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11417)<br>|
| USD | 179237 | INR | 15496573 | HSBC Bank USA N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (933)<br>|
| USD | 435109 | INR | 37576000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1768)<br>|
| USD | 553487 | INR | 47824000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2539)<br>|
| USD | 189101 | INR | 16448400 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2136)<br>|
| USD | 19398939 | JPY | 2779206843 | Wells Fargo Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67308)<br>|
| USD | 434976 | MXN | 8301647 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3865)<br>|
| USD | 2049530 | MXN | 39228199 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24149)<br>|
| USD | 21596941 | MXN | 413331604 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252572)<br>|
| USD | 3880018 | NOK | 39109662 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1958)<br>|
| USD | 327869 | PHP | 18600000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1864)<br>|
| USD | 386370 | PLN | 1432744 | Natwest Markets PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10413)<br>|
| USD | 175075 | SEK | 1662911 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1577)<br>|
| USD | 113433 | SGD | 145000 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1243)<br>|
| USD | 561781 | THB | 18450000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9051)<br>|
| USD | 1631 | TRY | 70221 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)<br>|
| USD | 2049530 | ZAR | 36594758 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6022)<br>|
| USD | 434976 | ZAR | 7795031 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2876)<br>|
| USD | 10330946 | ZAR | 184363934 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24899)<br>|
| USD | 122600 | TRY | 5518336 | Barclays Bank PLC | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5887)<br>|
| USD | 53628 | TRY | 2333501 | Goldman Sachs International | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (704)<br>|
| USD | 13000 | TRY | 564296 | HSBC Bank PLC | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139)<br>|
| USD | 52100 | TRY | 2267496 | UBS AG | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (695)<br>|
| USD | 215000 | TRY | 9983525 | UBS AG | 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17452)<br>|
| USD | 129400 | TRY | 5992630 | Barclays Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6834)<br>|
| USD | 167000 | TRY | 7843573 | Barclays Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11313)<br>|
| USD | 227000 | TRY | 10661623 | Barclays Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15377)<br>|
| USD | 13700 | TRY | 610090 | HSBC Bank PLC | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170)<br>|
| USD | 55000 | TRY | 2459710 | UBS AG | 10/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (918)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8999213)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1599971)<br>|

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| Nikkei 225 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 07/11/25 | JPY | 39250.00 | JPY | 161950 | &nbsp;&nbsp;&nbsp; $40137 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 07/11/25 | USD | 615.00 | USD | 6549 | &nbsp;&nbsp;&nbsp; 78334 |
| iShares China Large-Cap ETF | &nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; 07/18/25 | USD | 37.00 | USD | 2235 | &nbsp;&nbsp;&nbsp; 44080 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 07/18/25 | USD | 620.00 | USD | 2595 | &nbsp;&nbsp;&nbsp; 27489 |
| UniCredit SpA | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 54.00 | EUR | 285 | &nbsp;&nbsp;&nbsp; 19083 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 185.00 | USD | 142 | &nbsp;&nbsp;&nbsp; 4660 |
| Eli Lilly & Co. | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 820.00 | USD | 78 | &nbsp;&nbsp;&nbsp; 3053 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 740.00 | USD | 295 | &nbsp;&nbsp;&nbsp; 15650 |
| Microsoft Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 505.00 | USD | 249 | &nbsp;&nbsp;&nbsp; 6900 |
| Netflix, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1320.00 | USD | 268 | &nbsp;&nbsp;&nbsp; 17625 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Exchange-Traded Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| NVIDIA Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 160.00 | USD | 284 | &nbsp;&nbsp;&nbsp; $13770 |
| Walmart, Inc. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 105.00 | USD | 284 | &nbsp;&nbsp;&nbsp; 1885 |
| Walt Disney Co. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 125.00 | USD | 186 | &nbsp;&nbsp;&nbsp; 7237 |
| Wells Fargo & Co. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 85.00 | USD | 449 | &nbsp;&nbsp;&nbsp; 6972 |
| Advanced Micro Devices, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 155.00 | USD | 114 | &nbsp;&nbsp;&nbsp; 5940 |
| Citigroup, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 90.00 | USD | 255 | &nbsp;&nbsp;&nbsp; 6765 |
| Euro Stoxx Banks | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 200.00 | EUR | 513 | &nbsp;&nbsp;&nbsp; 27034 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 270.00 | USD | 426 | &nbsp;&nbsp;&nbsp; 18720 |
| NVIDIA Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 160.00 | USD | 205 | &nbsp;&nbsp;&nbsp; 15860 |
| Walt Disney Co. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 125.00 | USD | 99 | &nbsp;&nbsp;&nbsp; 4920 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; 366114 |
| Put  |  |  |  |  |  |  |  |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 07/18/25 | USD | 198.00 | USD | 3668 | &nbsp;&nbsp;&nbsp; 6120 |
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 07/25/25 | USD | 108.50 | USD | 1308 | &nbsp;&nbsp;&nbsp; 2813 |
| U.S. Long Bond Future | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 07/25/25 | USD | 114.00 | USD | 461 | &nbsp;&nbsp;&nbsp; 3000 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; 11933 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $378047 |

---

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Barrier* <br>*Price/Range* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | Up-and-out | HSBC Bank USA N.A. | 07/02/25 | CNH | 7.35 | CNH | 7.74 | USD | 218 | &nbsp;&nbsp; $— |
| USD Currency | Up-and-out | HSBC Bank USA N.A. | 07/02/25 | CNH | 7.35 | CNH | 7.74 | USD | 218 | &nbsp;&nbsp; — |
| USD Currency | Up-and-out | HSBC Bank USA N.A. | 07/02/25 | CNH | 7.35 | CNH | 7.74 | USD | 434 | &nbsp;&nbsp; — |
| USD Currency | Up-and-out | HSBC Bank USA N.A. | 07/02/25 | CNH | 7.35 | CNH | 7.74 | USD | 1576 | &nbsp;&nbsp; 2 |
| USD Currency | One Touch | UBS AG | 07/18/25 | CAD | 1.52 | CAD | 1.53 | USD | 118 | &nbsp;&nbsp; 1 |
| USD Currency | One Touch | Standard Chartered Bank | 08/29/25 | TWD | 34.60 | TWD | 34.30 | USD | 136 | &nbsp;&nbsp; 43 |
| EUR Currency | Up-and-out | Bank of America N.A. | 09/26/25 | USD | 1.18 | USD | 1.25 | EUR | 2570 | &nbsp;&nbsp; 28569 |
| USD Currency | One Touch | HSBC Bank USA N.A. | 09/29/25 | CNH | 7.50 | CNH | 7.50 | USD | 3 | &nbsp;&nbsp; 55 |
| USD Currency | One Touch | HSBC Bank USA N.A. | 09/29/25 | CNH | 7.50 | CNH | 7.50 | USD | 147 | &nbsp;&nbsp; 2666 |
| EUR Currency | One Touch | HSBC Bank USA N.A. | 10/16/25 | USD | 1.19 | USD | 1.18 - 1.13 | EUR | 53 | &nbsp;&nbsp; 1170 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 32506 |
| Put  |  |  |  |  |  |  |  |  |  |  |
| EUR Currency | One Touch | Goldman Sachs International | 07/14/25 | USD | 1.09 | USD | 1.09 | EUR | 169 | &nbsp;&nbsp; 51 |
| USD Currency | One Touch | Barclays Bank PLC | 07/24/25 | CAD | 1.34 | CAD | 1.34 | USD | 12 | &nbsp;&nbsp; 1316 |
| USD Currency | One Touch | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 07/24/25 | CAD | 1.33 | CAD | 1.34 | USD | 150 | &nbsp;&nbsp; 15924 |
| USD Currency | One Touch | BNP Paribas SA | 07/31/25 | JPY | 135.00 | JPY | 135.00 | USD | 51 | &nbsp;&nbsp; 2007 |
| USD Currency | Down-and-out | UBS AG | 08/07/25 | JPY | 144.00 | JPY | 136.00 | USD | 92 | &nbsp;&nbsp; 820 |
| USD Currency | Down-and-out | Barclays Bank PLC | 08/07/25 | JPY | 144.00 | JPY | 136.00 | USD | 370 | &nbsp;&nbsp; 3284 |
| USD Currency | Down-and-out | Barclays Bank PLC | 08/07/25 | JPY | 144.00 | JPY | 136.00 | USD | 736 | &nbsp;&nbsp; 6539 |
| USD Currency | Down-and-out | UBS AG | 08/07/25 | JPY | 144.00 | JPY | 136.00 | USD | 2488 | &nbsp;&nbsp; 22107 |
| EUR Currency | One Touch | Barclays Bank PLC | 09/10/25 | CZK | 24.25 | CZK | 24.25 | EUR | 38 | &nbsp;&nbsp; 1987 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; 54035 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; $86541 |

---

**OTC Currency Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| EUR Currency | Goldman Sachs International | &nbsp;&nbsp; 07/10/25 | &nbsp;&nbsp; NOK | 11.80 | EUR | &nbsp;&nbsp; 224 | $2314 |
| USD Currency | Citibank N.A. | &nbsp;&nbsp; 07/22/25 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 4200.00 | USD | &nbsp;&nbsp; 24 | 132 |
| USD Currency | Citibank N.A. | &nbsp;&nbsp; 07/22/25 | &nbsp;&nbsp; COP | &nbsp;&nbsp; 4200.00 | USD | &nbsp;&nbsp; 984 | 5418 |
| EUR Currency | Societe Generale | &nbsp;&nbsp; 07/24/25 | &nbsp;&nbsp; USD | 1.17 | EUR | &nbsp;&nbsp; 1287 | 20293 |
| AUD Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp; USD | 0.66 | AUD | &nbsp;&nbsp; 396 | 2672 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**OTC Currency Options Purchased (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| EUR Currency | BNP Paribas SA | &nbsp;&nbsp; 08/11/25 | &nbsp;&nbsp; USD | 1.15 | EUR | &nbsp;&nbsp; 380 | $11498 |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 08/18/25 | &nbsp;&nbsp; CNH | 7.23 | USD | &nbsp;&nbsp; 720 | 1177 |
|  |  |  |  |  |  |  | 43504 |
| Put  |  |  |  |  |  |  |  |
| AUD Currency | HSBC Bank USA N.A. | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; USD | 0.64 | AUD | &nbsp;&nbsp; 648 | 4 |
| USD Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; SGD | 1.27 | USD | &nbsp;&nbsp; 337 | 1281 |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 07/04/25 | &nbsp;&nbsp; CNH | 7.15 | USD | &nbsp;&nbsp; 990 | 1153 |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 07/09/25 | &nbsp;&nbsp; USD | 1.12 | EUR | &nbsp;&nbsp; 200 | 4 |
| EUR Currency | HSBC Bank USA N.A. | &nbsp;&nbsp; 07/09/25 | &nbsp;&nbsp; USD | 1.12 | EUR | &nbsp;&nbsp; 1754 | 35 |
| USD Currency | Goldman Sachs International | &nbsp;&nbsp; 07/10/25 | &nbsp;&nbsp; ZAR | 18.00 | USD | &nbsp;&nbsp; 508 | 9366 |
| USD Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 07/14/25 | &nbsp;&nbsp; NOK | 10.20 | USD | &nbsp;&nbsp; 251 | 3975 |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.14 | EUR | &nbsp;&nbsp; 168 | 50 |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.06 | EUR | &nbsp;&nbsp; 341 |  |
| EUR Currency | Barclays Bank PLC | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.02 | EUR | &nbsp;&nbsp; 2932 | 4 |
| EUR Currency | BNP Paribas SA | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.06 | EUR | &nbsp;&nbsp; 1019 | 1 |
| EUR Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.14 | EUR | &nbsp;&nbsp; 1584 | 474 |
| EUR Currency | UBS AG | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.06 | EUR | &nbsp;&nbsp; 85 |  |
| EUR Currency | UBS AG | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; USD | 1.06 | EUR | &nbsp;&nbsp; 1955 | 2 |
| USD Currency | Citibank N.A. | &nbsp;&nbsp; 07/22/25 | &nbsp;&nbsp; TRY | 41.00 | USD | &nbsp;&nbsp; 253 | 4727 |
| EUR Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 07/24/25 | &nbsp;&nbsp; USD | 1.15 | EUR | &nbsp;&nbsp; 603 | 955 |
| USD Currency | Citibank N.A. | &nbsp;&nbsp; 08/06/25 | &nbsp;&nbsp; CNH | 7.05 | USD | &nbsp;&nbsp; 11235 | 19324 |
| USD Currency | HSBC Bank USA N.A. | &nbsp;&nbsp; 08/14/25 | &nbsp;&nbsp; BRL | 5.52 | USD | &nbsp;&nbsp; 39 | 740 |
| USD Currency | HSBC Bank USA N.A. | &nbsp;&nbsp; 08/14/25 | &nbsp;&nbsp; BRL | 5.52 | USD | &nbsp;&nbsp; 154 | 2961 |
| USD Currency | HSBC Bank USA N.A. | &nbsp;&nbsp; 08/14/25 | &nbsp;&nbsp; BRL | 5.52 | USD | &nbsp;&nbsp; 1349 | 25936 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp; TWD | 29.20 | USD | &nbsp;&nbsp; 823 | 22475 |
| USD Currency | Bank of America N.A. | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; KRW | &nbsp;&nbsp; 1325.00 | USD | &nbsp;&nbsp; 655 | 7877 |
|  |  |  |  |  |  |  | 101344 |
|  |  |  |  |  |  |  | $144848 |

---

**OTC Credit Default Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Credit* <br>*Rating*<br>| *Exercise* <br>*Price*<br>| *Notional* <br>*Amount (000)*<sup>(a)</sup>  | *Notional* <br>*Amount (000)*<sup>(a)</sup>  | *Value* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Bought Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| 5.00% | iTraxx.XO.43.V1 | Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| 08/20/25 |  | EUR 312.50 | EUR | 780 | $3960 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, 07/12/35 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.50% | Annual | Deutsche Bank AG | 07/10/25 | 3.50<br> % <br>| USD | 25302 | $14939 |
| 3-Year Interest Rate Swap, 08/20/28 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.50% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 08/18/25 | 3.50 | USD | 30150 | 192543 |
| 30-Year Interest Rate Swap, 11/28/55 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.65% | Annual | Goldman Sachs <br> International<br>| 11/26/25 | 3.65 | USD | 15555 | 316827 |
| 1-Year Interest Rate Swap, 04/24/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 3.50% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 3.50 | GBP | 51096 | 225414 |
| 1-Year Interest Rate Swap, 05/03/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 3.60% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 3.60 | GBP | 61350 | 323764 |
|  |  |  |  |  |  |  |  |  |  | $1073487 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Interest Rate Caps/Floors Sold** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Exercise* <br>*Rate*<br>| *Counterparty* | *Expiration* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Premiums* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 5Y-30Y CMS Index, Cap | 0.69<br> %% <br>| Deutsche Bank AG | 09/02/25 | USD | 84370 | $(26104)<br>| $(39232)<br>| $13128 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| Nikkei 225 Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 07/11/25 | JPY | 41000.00 | JPY | 161950 | &nbsp;&nbsp;&nbsp; $(9861)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 07/11/25 | USD | 625.00 | USD | 6549 | &nbsp;&nbsp;&nbsp; (25122)<br>|
| iShares China Large-Cap ETF | &nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 07/18/25 | USD | 42.00 | USD | 1720 | &nbsp;&nbsp;&nbsp; (3276)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 07/18/25 | USD | 630.00 | USD | 5190 | &nbsp;&nbsp;&nbsp; (20832)<br>|
| UniCredit SpA | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 07/18/25 | EUR | 62.00 | EUR | 285 | &nbsp;&nbsp;&nbsp; (951)<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 900.00 | USD | 78 | &nbsp;&nbsp;&nbsp; (1068)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 820.00 | USD | 295 | &nbsp;&nbsp;&nbsp; (4590)<br>|
| Netflix, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1500.00 | USD | 268 | &nbsp;&nbsp;&nbsp; (4470)<br>|
| Walmart, Inc. | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 115.00 | USD | 284 | &nbsp;&nbsp;&nbsp; (348)<br>|
| NVIDIA Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 11/21/25 | USD | 200.00 | USD | 205 | &nbsp;&nbsp;&nbsp; (6175)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (76693)<br>|
| Put  |  |  |  |  |  |  |  |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 07/18/25 | USD | 189.00 | USD | 3668 | &nbsp;&nbsp;&nbsp; (2550)<br>|
| 5-Year U.S. Treasury Note Future | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 07/25/25 | USD | 107.75 | USD | 1962 | &nbsp;&nbsp;&nbsp; (1266)<br>|
| U.S. Long Bond Future | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 07/25/25 | USD | 112.00 | USD | 692 | &nbsp;&nbsp;&nbsp; (1781)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 165.00 | USD | 142 | &nbsp;&nbsp;&nbsp; (2880)<br>|
| Eli Lilly & Co. | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 700.00 | USD | 78 | &nbsp;&nbsp;&nbsp; (1615)<br>|
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 620.00 | USD | 295 | &nbsp;&nbsp;&nbsp; (2240)<br>|
| Microsoft Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 440.00 | USD | 249 | &nbsp;&nbsp;&nbsp; (1185)<br>|
| Netflix, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 1100.00 | USD | 268 | &nbsp;&nbsp;&nbsp; (1695)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 110.00 | USD | 186 | &nbsp;&nbsp;&nbsp; (1387)<br>|
| Wells Fargo & Co. | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 08/15/25 | USD | 67.50 | USD | 449 | &nbsp;&nbsp;&nbsp; (1904)<br>|
| Advanced Micro Devices, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 125.00 | USD | 114 | &nbsp;&nbsp;&nbsp; (3600)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 75.00 | USD | 255 | &nbsp;&nbsp;&nbsp; (3360)<br>|
| Euro Stoxx Banks | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 09/19/25 | EUR | 165.00 | EUR | 251 | &nbsp;&nbsp;&nbsp; (1583)<br>|
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 230.00 | USD | 426 | &nbsp;&nbsp;&nbsp; (3920)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 09/19/25 | USD | 110.00 | USD | 99 | &nbsp;&nbsp;&nbsp; (1188)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (32154)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(108847)<br>|

---

**OTC Barrier Options Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Barrier* <br>*Price/Range* | *Barrier* <br>*Price/Range* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Put  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | Down-and-in | Bank of America N.A. | 07/04/25 | CNH | 7.05 | CNH | 6.90 | USD | 990 | $(6) |
| USD Currency | Down-and-in | Bank of America N.A. | 09/15/25 | KRW | 1300.00 | KRW | 1280.00 | USD | 655 | (4207) |
|  |  |  |  |  |  |  |  |  |  | $(4213) |

---

**OTC Currency Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| EUR Currency | Goldman Sachs International | 07/10/25 | NOK | 12.10 | EUR | 337 | &nbsp;&nbsp;&nbsp; $(209)<br>|
| EUR Currency | Morgan Stanley & Co. International PLC | 07/14/25 | NOK | 11.75 | EUR | 224 | &nbsp;&nbsp;&nbsp; (3369)<br>|
| USD Currency | Citibank N.A. | 07/22/25 | TRY | 42.00 | USD | 126 | &nbsp;&nbsp;&nbsp; (811)<br>|
| EUR Currency | Societe Generale | 07/24/25 | USD | 1.18 | EUR | 1287 | &nbsp;&nbsp;&nbsp; (12962)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**OTC Currency Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| EUR Currency | Bank of America N.A. | 07/29/25 | USD | 1.16 | EUR | 18459 | &nbsp;&nbsp;&nbsp; $(374926)<br>|
| EUR Currency | BNP Paribas SA | 08/11/25 | USD | 1.17 | EUR | 761 | &nbsp;&nbsp;&nbsp; (12551)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (404828)<br>|
| Put |  |  |  |  |  |  |  |
| AUD Currency | HSBC Bank USA N.A. | 07/03/25 | USD | 0.63 | AUD | 648 | &nbsp;&nbsp;&nbsp; — |
| USD Currency | JPMorgan Chase Bank N.A. | 07/10/25 | BRL | 5.55 | USD | 260 | &nbsp;&nbsp;&nbsp; (5304)<br>|
| EUR Currency | UBS AG | 07/15/25 | USD | 1.02 | EUR | 2932 | &nbsp;&nbsp;&nbsp; (3)<br>|
| USD Currency | BNP Paribas SA | 07/31/25 | JPY | 135.00 | USD | 979 | &nbsp;&nbsp;&nbsp; (961)<br>|
| USD Currency | Citibank N.A. | 08/06/25 | CNH | 6.90 | USD | 11235 | &nbsp;&nbsp;&nbsp; (5044)<br>|
| AUD Currency | JPMorgan Chase Bank N.A. | 08/29/25 | USD | 0.64 | AUD | 396 | &nbsp;&nbsp;&nbsp; (1573)<br>|
| USD Currency | Barclays Bank PLC | 08/29/25 | TWD | 28.30 | USD | 1646 | &nbsp;&nbsp;&nbsp; (20917)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (33802)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(438630)<br>|

---

**OTC Credit Default Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Paid by the Fund* | *Received by the Fund* |  |  |  |  |  |  |  |  |
| *Description* | *Rate/Reference* | *Rate/Reference* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Exercise* <br>*Price*<br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* |
| Call |  |  |  |  |  |  |  |  |  |  |
| Bought Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| iTraxx.XO.43.V1 | 5.00% | Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| 08/20/25 | NR | EUR 275.00 | EUR | 390 | $(1389)<br>|
| Put |  |  |  |  |  |  |  |  |  |  |
| Sold Protection on 5-Year Credit <br> Default Swap, 06/20/30<br>| iTraxx.XO.43.V1 | 5.00% | Quarterly | Morgan Stanley & <br> Co. International <br> PLC<br>| 08/20/25 | NR | EUR 362.50 | EUR | 780 | (1708)<br>|
|  |  |  |  |  |  |  |  |  |  | $(3097)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration* <br>*Date*<br>| *Exercise* <br>*Rate*<br>| &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |  |  |
| 3-Year Interest Rate Swap, 08/20/28 | 3.20% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | JPMorgan Chase <br> Bank N.A.<br>| 08/18/25 | 3.20<br> % <br>| USD | 30150 | $(73384)<br>|
| 30-Year Interest Rate Swap, <br> 08/29/55<br>| 3.60% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Citibank N.A. | 08/27/25 | 3.60 | USD | 4075 | (24536)<br>|
| 5-Year Interest Rate Swap, 09/04/30 | 2.05% | Annual | 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | Morgan Stanley & Co. <br> International PLC<br>| 09/02/25 | 2.05 | EUR | 5171 | (7699)<br>|
| 2-Year Interest Rate Swap, 09/05/27 | 3.25% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Deutsche Bank AG | 09/03/25 | 3.25 | USD | 10266 | (23435)<br>|
| 5-Year Interest Rate Swap, 09/14/30 | 3.23% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Bank of America N.A. | 09/12/25 | 3.23 | USD | 39001 | (196790)<br>|
| 2-Year Interest Rate Swap, 09/24/27 | 3.05% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Goldman Sachs <br> International<br>| 09/22/25 | 3.05 | USD | 82255 | (146220)<br>|
| 2-Year Interest Rate Swap, 09/24/27 | 3.30% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | JPMorgan Chase <br> Bank N.A.<br>| 09/22/25 | 3.30 | USD | 25166 | (82948)<br>|
| 2-Year Interest Rate Swap, 09/28/27 | 3.08% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Citibank N.A. | 09/26/25 | 3.08 | USD | 76440 | (155931)<br>|
| 2-Year Interest Rate Swap, 10/01/27 | 3.05% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Goldman Sachs <br> International<br>| 09/29/25 | 3.05 | USD | 41832 | (81939)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**OTC Interest Rate Swaptions Written (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date*<br>| *Exercise*<br> *Rate*<br>| &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |  |  |  |
| 5-Year Interest Rate Swap, 10/02/30 | 3.00% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Deutsche Bank AG | 09/30/25 | 3.00<br> % <br>| USD | 30823 | $(97722)<br>|
| 30-Year Interest Rate Swap, <br> 11/28/55<br>| 3.15% | Annual | 1-day SOFR, <br> 4.45%<br>| Annual | Goldman Sachs <br> International<br>| 11/26/25 | 3.15 | USD | 15555 | (73715)<br>|
| 1-Year Interest Rate Swap, 04/22/27 | 3.10% | Annual | 1-day SONIA, <br> 4.22%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 3.10 | GBP | 51096 | (116354)<br>|
| 1-Year Interest Rate Swap, 05/01/27 | 2.80% | Annual | 1-day SONIA, <br> 4.22%<br>| Annual | Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 2.80 | GBP | 61350 | (87565)<br>|
|  |  |  |  |  |  |  |  |  |  | (1168238)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, <br> 07/09/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.75% | Annual | Goldman Sachs <br> International<br>| 07/07/25 | 3.75 | USD | 7031 | (14015)<br>|
| 10-Year Interest Rate Swap, <br> 07/12/35<br>| &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 4.30% | Annual | Deutsche Bank AG | 07/10/25 | 4.30 | USD | 12651 | (3)<br>|
| 2-Year Interest Rate Swap, 09/12/27 | &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | 2.15% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 09/10/25 | 2.15 | EUR | 21419 | (20978)<br>|
| 2-Year Interest Rate Swap, 09/17/27 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.95% | Annual | UBS AG | 09/15/25 | 3.95 | USD | 78003 | (18274)<br>|
| 2-Year Interest Rate Swap, 09/24/27 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.90% | Annual | BNP Paribas SA | 09/22/25 | 3.90 | USD | 42313 | (15172)<br>|
| 5-Year Interest Rate Swap, 09/27/30 | &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | 2.50% | Annual | Deutsche Bank AG | 09/25/25 | 2.50 | EUR | 9210 | (23655)<br>|
| 5-Year Interest Rate Swap, 09/27/30 | &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.05%<br>| Semi-Annual | 2.50% | Annual | Barclays Bank PLC | 09/25/25 | 2.50 | EUR | 13815 | (35482)<br>|
| 2-Year Interest Rate Swap, 11/08/27 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.80% | Annual | Citibank N.A. | 11/06/25 | 3.80 | USD | 42581 | (41093)<br>|
| 5-Year Interest Rate Swap, 11/08/30 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 4.10% | Annual | Deutsche Bank AG | 11/06/25 | 4.10 | USD | 17811 | (26550)<br>|
| 2-Year Interest Rate Swap, 11/12/27 | &nbsp;&nbsp; 1-day SOFR, <br> 4.45%<br>| Annual | 3.95% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 11/10/25 | 3.95 | USD | 5718 | (3346)<br>|
| 1-Year Interest Rate Swap, 04/22/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 4.20% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 04/22/26 | 4.20 | GBP | 51096 | (34495)<br>|
| 1-Year Interest Rate Swap, 05/01/27 | &nbsp;&nbsp; 1-day SONIA, <br> 4.22%<br>| Annual | 4.10% | Annual | Morgan Stanley & Co. <br> International PLC<br>| 05/01/26 | 4.10 | GBP | 61350 | (56433)<br>|
|  |  |  |  |  |  |  |  |  |  | (289496)<br>|
|  |  |  |  |  |  |  |  |  |  | $(1457734)<br>|

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.EM.43.V1 | 1.00<br> % <br>| &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 405 | &nbsp;&nbsp;&nbsp; $9922 | &nbsp;&nbsp;&nbsp; $13921 | &nbsp;&nbsp;&nbsp; $(3999)<br>|
| CDX.NA.HY.44.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 1316 | &nbsp;&nbsp;&nbsp; (101112)<br>| &nbsp;&nbsp;&nbsp; (24295)<br>| &nbsp;&nbsp;&nbsp; (76817)<br>|
| iTraxx.ASIA.XJ.IG.43.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 165 | &nbsp;&nbsp;&nbsp; (1941)<br>| &nbsp;&nbsp;&nbsp; (1744)<br>| &nbsp;&nbsp;&nbsp; (197)<br>|
| iTraxx.FINSR.43.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | EUR | 2265 | &nbsp;&nbsp;&nbsp; (52284)<br>| &nbsp;&nbsp;&nbsp; (41498)<br>| &nbsp;&nbsp;&nbsp; (10786)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(145415)<br>| &nbsp;&nbsp;&nbsp; $(53616)<br>| &nbsp;&nbsp;&nbsp; $(91799)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.43.V1 | 5.00<br> % <br>| Quarterly | 12/20/29 | B | USD | 787 | &nbsp;&nbsp;&nbsp; $58953 | &nbsp;&nbsp;&nbsp; $35815 | &nbsp;&nbsp;&nbsp; $23138 |
| CDX.NA.IG.43.V1 | 1.00 | Quarterly | 12/20/29 | BBB+ | USD | 1750 | &nbsp;&nbsp;&nbsp; 39989 | &nbsp;&nbsp;&nbsp; 33981 | &nbsp;&nbsp;&nbsp; 6008 |
| iTraxx.EUR.43.V1 | 1.00 | Quarterly | 06/20/30 | BB+ | EUR | 2201 | &nbsp;&nbsp;&nbsp; 55929 | &nbsp;&nbsp;&nbsp; 42949 | &nbsp;&nbsp;&nbsp; 12980 |
| iTraxx.XO.43.V1 | 5.00 | Quarterly | 06/20/30 | B+ | EUR | 3778 | &nbsp;&nbsp;&nbsp; 420086 | &nbsp;&nbsp;&nbsp; 307171 | &nbsp;&nbsp;&nbsp; 112915 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $574957 | &nbsp;&nbsp;&nbsp; $419916 | &nbsp;&nbsp;&nbsp; $155041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(b)</sup> 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 Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 2.69% | At Termination | 08/15/32 | EUR | 535 | &nbsp;&nbsp; $20112 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $20101 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 28-day MXIBTIIE, 8.30% | Monthly | 9.74% | Monthly | N/A | 07/28/25 | MXN | 370000 | $23052 | $11 | $23041 |
| 1-day FEDL, 4.33% | At Termination | 4.24% | At Termination | N/A | 07/30/25 | USD | 128830 | (15016)<br>| 102 | (15118)<br>|
| 1-day SOFR, 4.45% | Annual | 4.10% | Annual | N/A | 08/11/25 | USD | 51486 | (280321)<br>| 13 | (280334)<br>|
| 1-day ESTR, 1,956.39% | At Termination | 1.86% | At Termination | 07/30/25 <br><sup>(a)</sup><br>| 09/17/25 | EUR | 114975 | (8010)<br>| (401)<br>| (7609)<br>|
| 1-day FEDL, 4.33% | At Termination | 4.28% | At Termination | 07/30/25 <br><sup>(a)</sup><br>| 09/17/25 | USD | 168135 | 3087 | 193 | 2894 |
| 1-day SOFR, 4.45% | Annual | 4.25% | Annual | N/A | 10/17/25 | USD | 75674 | (163260)<br>| 52 | (163312)<br>|
| 1-day SOFR, 4.45% | Annual | 4.05% | Annual | N/A | 10/18/25 | USD | 39525 | (164111)<br>| 28 | (164139)<br>|
| 0.53% | At Termination | Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 09/22/25 <br><sup>(a)</sup><br>| 10/30/25 | JPY | 3057000 | (265)<br>| 24 | (289)<br>|
| 1-day SOFR, 4.45% | Annual | 3.75% | Annual | N/A | 12/15/25 | USD | 11532 | (66700)<br>| 8 | (66708)<br>|
| 0.59% | At Termination | Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 10/31/25 <br><sup>(a)</sup><br>| 12/19/25 | JPY | 2373000 | (116)<br>| 19 | (135)<br>|
| 5.14% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | N/A | 12/20/25 | PLN | 4197 | (27347)<br>|  | (27347)<br>|
| 7.84% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 01/09/26 | MXN | 6126 | (44)<br>|  | (44)<br>|
| 9.31% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 01/09/26 | MXN | 48461 | (20617)<br>| 3 | (20620)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.79% | Monthly | N/A | 02/25/26 | MXN | 10935 | 28 | 1 | 27 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 8.47% | Monthly | N/A | 02/25/26 | MXN | 112439 | 27973 | 6 | 27967 |
| 0.28% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | N/A | 03/09/26 | JPY | 1 |  |  |  |
| 8.02% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | N/A | 03/26/26 | ZAR | 33027 | (12287)<br>| 4 | (12291)<br>|
| 1-day SOFR, 4.45% | Annual | 4.40% | Annual | N/A | 04/08/26 | USD | 65486 | 192608 | 116 | 192492 |
| 1-day SOFR, 4.45% | Annual | 4.45% | Annual | N/A | 04/09/26 | USD | 16493 | 57074 | 29 | 57045 |
| 1-day SOFR, 4.45% | Annual | 4.05% | Annual | N/A | 04/18/26 | USD | 25833 | (6293)<br>| 47 | (6340)<br>|
| 1-day SOFR, 4.45% | Annual | 4.30% | Annual | N/A | 04/24/26 | USD | 30734 | 72530 | 57 | 72473 |
| 8.15% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | N/A | 05/07/26 | ZAR | 68580 | (36536)<br>| 10 | (36546)<br>|
| 1-day SOFR, 4.45% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 26398 | 124087 | 52 | 124035 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.73% | Monthly | N/A | 05/11/26 | MXN | 29665 | (77)<br>| 2 | (79)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.73% | Monthly | N/A | 05/11/26 | MXN | 4291 | 47 |  | 47 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.66% | Monthly | N/A | 06/01/26 | MXN | 13638 | (7)<br>| 1 | (8)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.72% | Monthly | N/A | 06/01/26 | MXN | 1973 | 51 |  | 51 |
| 7.97% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | N/A | 06/06/26 | ZAR | 16986 | (8196)<br>| 3 | (8199)<br>|
| 7.73% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 06/19/26 | MXN | 100648 | (2712)<br>| 9 | (2721)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.69% | Monthly | N/A | 06/26/26 | MXN | 1266 | 22 |  | 22 |
| 1-day SOFR, 4.45% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 11440 | 20705 | 27 | 20678 |
| 4.02% | At Termination | 1-day SONIA, 4.22% | At Termination | 09/17/25 <br><sup>(a)</sup><br>| 09/16/26 | GBP | 35000 | (176615)<br>| (79747)<br>| (96868)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 4.21% | At termination | 3-mo. WIBOR, 5.23% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/26 | PLN | 3816 | $1946 | $3 | $1943 |
| 4.31% | At termination | 6-mo. WIBOR, 5.04% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/26 | PLN | 1754 | 762 | 2 | 760 |
| 4.43% | At termination | 3-mo. WIBOR, 5.23% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/26 | PLN | 496 | (34)<br>|  | (34)<br>|
| 6.94% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/26 | ZAR | 44524 | 727 | 8 | 719 |
| 6.94% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/26 | ZAR | 5786 | 99 | 168 | (69)<br>|
| 7.03% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/26 | ZAR | 20653 | (611)<br>| 4 | (615)<br>|
| 7.06% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/26 | ZAR | 20469 | (893)<br>| 4 | (897)<br>|
| 5.16% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | N/A | 09/19/26 | PLN | 4577 | (4536)<br>| 4 | (4540)<br>|
| 5.24% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | N/A | 09/19/26 | PLN | 6665 | (8668)<br>| 6 | (8674)<br>|
| 1-day SOFR, 4.45% | At Termination | 4.17% | At Termination | 10/23/25 <br><sup>(a)</sup><br>| 10/23/26 | USD | 8267 | 53305 | 15 | 53290 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.62% | Monthly | N/A | 11/18/26 | MXN | 2687 | 77 | 1 | 76 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 9.26% | Monthly | N/A | 11/18/26 | MXN | 18572 | 22762 | 2 | 22760 |
| 5.13% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | N/A | 03/19/27 | PLN | 6048 | (14460)<br>| 6 | (14466)<br>|
| 5.14% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | N/A | 03/19/27 | PLN | 10081 | (24785)<br>| 10 | (24795)<br>|
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.04% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 03/19/27 | HUF | 27331 | 29 |  | 29 |
| 1-day MIBOR, 5.52% | Semi Annual | 6.15% | Semi Annual | N/A | 03/19/27 | INR | 514125 | 66364 | 28 | 66336 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.50% | Annual | N/A | 03/19/27 | HUF | 446246 | 7034 | 4 | 7030 |
| 7.25% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | N/A | 03/19/27 | ZAR | 16416 | (4032)<br>| 3 | (4035)<br>|
| 0.74% | At Termination | Tokyo Overnight Average <br> Rate, 0.48%<br>| At Termination | 06/17/26 <br><sup>(a)</sup><br>| 06/17/27 | JPY | 751000 | 5205 | 17 | 5188 |
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.06% | Annual | N/A | 06/18/27 | CZK | 1170 | (499)<br>|  | (499)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.41% | Monthly | 06/26/26 <br><sup>(a)</sup><br>| 06/25/27 | MXN | 3505 | 138 |  | 138 |
| 3.21% | At Termination | 1-day SOFR, 4.45% | At Termination | 06/29/26 <br><sup>(a)</sup><br>| 06/29/27 | USD | 166 | (182)<br>|  | (182)<br>|
| 3.97% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | PLN | 5167 | 5280 | 6 | 5274 |
| 4.05% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | PLN | 2376 | 1483 | 3 | 1480 |
| 4.18% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | PLN | 671 | (39)<br>| 1 | (40)<br>|
| 4.27% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | PLN | 2397 | (1251)<br>| 3 | (1254)<br>|
| 6-mo. BUBOR, 6.50% | Semi-Annual | 5.68% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | HUF | 357768 | (5601)<br>| 5 | (5606)<br>|
| 6-mo. BUBOR, 6.50% | Semi-Annual | 5.76% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | HUF | 678097 | (7710)<br>| 9 | (7719)<br>|
| 6-mo. BUBOR, 6.50% | Semi-Annual | 5.94% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | HUF | 164477 | (198)<br>| 2 | (200)<br>|
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.02% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | HUF | 138623 | 393 | 2 | 391 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.10% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | HUF | 46490 | 331 | 1 | 330 |
| 6.93% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | ZAR | 1221 | (7)<br>| 44 | (51)<br>|
| 6.99% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | ZAR | 9398 | (639)<br>| 2 | (641)<br>|
| 7.02% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | ZAR | 4359 | (414)<br>| 1 | (415)<br>|
| 7.08% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | ZAR | 4321 | (699)<br>| 1 | (700)<br>|
| 1-day SOFR, 4.45% | Annual | 3.92% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 2064 | 24993 | 9 | 24984 |
| 1-day SOFR, 4.45% | Annual | 3.95% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 2064 | 26170 | 9 | 26161 |
| 1-day SOFR, 4.45% | Annual | 3.99% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 4128 | 55088 | 19 | 55069 |
| 1-day SOFR, 4.45% | Annual | 4.07% | Annual | 11/03/25 <br><sup>(a)</sup><br>| 11/03/27 | USD | 20964 | 313695 | 95 | 313600 |
| 1-day SOFR, 4.45% | Annual | 3.95% | Annual | 11/06/25 <br><sup>(a)</sup><br>| 11/06/27 | USD | 63560 | 809356 | 289 | 809067 |
| 1-day SOFR, 4.45% | Annual | 3.86% | Annual | 11/10/25 <br><sup>(a)</sup><br>| 11/10/27 | USD | 8552 | 95402 | 39 | 95363 |
| 1-day SOFR, 4.45% | Annual | 3.48% | Annual | 01/23/26 <br><sup>(a)</sup><br>| 01/23/28 | USD | 11120 | 56654 | 48 | 56606 |
| 3.45% | Annual | 1-day SOFR, 4.45% | Annual | 01/26/26 | 01/26/28 | USD | 10280 | (45919)<br>| 44 | (45963)<br>|
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | 01/26/26 | 01/26/28 | USD | 10280 | 152615 | 44 | 152571 |
| 3.27% | Annual | 1-day SOFR, 4.45% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 10488 | (13292)<br>| 45 | (13337)<br>|
| 1-day SOFR, 4.45% | Annual | 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 10488 | 132243 | 45 | 132198 |
| China Fixing Repo Rates <br> 7-day, 1.95%<br>| Quarterly | 1.58% | Quarterly | N/A | 03/19/28 | CNY | 7240 | 3079 | 7 | 3072 |
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.71% | Annual | N/A | 03/19/28 | JPY | 312000 | (3506)<br>| 10 | (3516)<br>|
| 1-day MIBOR, 5.52% | At Termination | 5.71% | At Termination | 06/16/27 <br><sup>(a)</sup><br>| 06/16/28 | INR | 261250 | (2063)<br>| 15 | (2078)<br>|
| 1-day MIBOR, 5.52% | At Termination | 5.79% | At Termination | 06/16/27 <br><sup>(a)</sup><br>| 06/16/28 | INR | 215510 | 112 | 8 | 104 |
| 1-day SONIA, 4.22% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 2670 | 129680 | (5)<br>| 129685 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.40% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 3517922 | (192)<br>| 17 | (209)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.41% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 2061697 | 354 | 10 | 344 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.41% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 135634 | 15 |  | 15 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.44% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 542826 | 479 | 3 | 476 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.48% | Quarterly | 09/17/27 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 3293135 | 508 | 8 | 500 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.53% | Quarterly | 09/17/27 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 3293135 | 1579 | 12 | 1567 |
| 1-day SOFR, 4.45% | Annual | 4.40% | Annual | N/A | 10/31/28 | USD | 13462 | 416982 | 88 | 416894 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1-day SOFR, 4.45% | Annual | 3.25% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/28 | USD | 9063 | $8187 | $41 | $8146 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 6374 | 234173 | 52 | 234121 |
| 1-day SOFR, 4.45% | Annual | 3.79% | Annual | N/A | 03/29/29 | USD | 36848 | 456587 | 255 | 456332 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/08/29 | USD | 28993 | 595202 | 208 | 594994 |
| 1-day SOFR, 4.45% | Annual | 4.05% | Annual | N/A | 04/09/29 | USD | 16493 | 369817 | 119 | 369698 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/18/29 | USD | 25833 | 536334 | 187 | 536147 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 04/24/29 | USD | 12806 | 268032 | 93 | 267939 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 7120 | 232729 | 59 | 232670 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 25628 | 544748 | 188 | 544560 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 5166 | 160628 | 45 | 160583 |
| 3.81% | Annual | 1-day SONIA, 4.22% | Annual | N/A | 10/25/29 | GBP | 12500 | (33829)<br>| (304)<br>| (33525)<br>|
| 7.90% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | N/A | 10/31/29 | ZAR | 35000 | (53324)<br>| 11 | (53335)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.77% | Monthly | N/A | 11/14/29 | MXN | 1222 | 336 | 1 | 335 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 111543 | 317129 | 46 | 317083 |
| 7.78% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 12/14/29 | MXN | 1261 | (352)<br>| 1 | (353)<br>|
| 8.97% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 12/14/29 | MXN | 15180 | (41388)<br>| 7 | (41395)<br>|
| 1-day SONIA, 4.22% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 6330 | 111895 | 204 | 111691 |
| 1-day SONIA, 4.22% | Annual | 4.00% | Annual | N/A | 01/20/30 | GBP | 5129 | 91300 | 167 | 91133 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.18% | Annual | N/A | 01/31/30 | EUR | 153 | (380)<br>| 11 | (391)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.21% | Annual | N/A | 01/31/30 | EUR | 269 | (207)<br>| 50 | (257)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.21% | Annual | N/A | 01/31/30 | EUR | 75 | (95)<br>| (42)<br>| (53)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.42% | Annual | N/A | 01/31/30 | EUR | 337 | 2619 | 90 | 2529 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.63% | Annual | N/A | 01/31/30 | EUR | 580 | 11992 | 12744 | (752)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.18% | Annual | N/A | 02/03/30 | EUR | 113 | (289)<br>|  | (289)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.43% | Annual | N/A | 02/03/30 | EUR | 676 | 5829 | 1565 | 4264 |
| 7.80% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 02/07/30 | MXN | 1387 | (404)<br>| 1 | (405)<br>|
| 8.65% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 02/07/30 | MXN | 9589 | (20090)<br>| 4 | (20094)<br>|
| 0.79% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | N/A | 03/19/30 | JPY | 372000 | 10008 | 25 | 9983 |
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.46% | Annual | N/A | 03/19/30 | CZK | 17731 | (6632)<br>| 8 | (6640)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.60% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 03/19/30 | CZK | 2565 | (94)<br>| 1 | (95)<br>|
| 6-mo. WIBOR, 5.04% | Semi-Annual | 4.88% | Annual | N/A | 03/19/30 | PLN | 2791 | 18477 | 8 | 18469 |
| 6-mo. WIBOR, 5.04% | Semi-Annual | 4.94% | Annual | N/A | 03/19/30 | PLN | 2169 | 15885 | 6 | 15879 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.15% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 03/19/30 | HUF | 10937 | 134 |  | 134 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.55% | Annual | N/A | 03/19/30 | HUF | 112602 | 6089 | 3 | 6086 |
| 7.94% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | N/A | 03/19/30 | ZAR | 50774 | (78217)<br>| 28 | (78245)<br>|
| 1-day MIBOR, 5.52% | Semi Annual | 6.00% | Semi Annual | N/A | 03/19/30 | INR | 84433 | 12603 | 11 | 12592 |
| 7.73% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 05/06/30 | MXN | 5490 | (505)<br>| 3 | (508)<br>|
| 7.82% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 05/06/30 | MXN | 794 | (241)<br>|  | (241)<br>|
| 7.77% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 05/27/30 | MXN | 2569 | (527)<br>| 1 | (528)<br>|
| 7.82% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 05/27/30 | MXN | 372 | (117)<br>|  | (117)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.20% | Annual | N/A | 06/04/30 | EUR | 1614 | (5453)<br>| 18 | (5471)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.82% | Monthly | N/A | 06/07/30 | MXN | 15930 | 4762 | 8 | 4754 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.82% | Monthly | N/A | 06/07/30 | MXN | 1705 | 542 | 1 | 541 |
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.56% | Annual | N/A | 06/18/30 | CZK | 4762 | (724)<br>| 2 | (726)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.62% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 06/18/30 | CZK | 1723 | (52)<br>| 1 | (53)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.66% | Annual | N/A | 06/18/30 | CZK | 7149 | 496 | 846 | (350)<br>|
| 1-day SORA, 1.56% | Semi-Annual | 2.06% | Semi-Annual | 06/21/28 <br><sup>(a)</sup><br>| 06/21/30 | SGD | 1515 | 3960 | 8 | 3952 |
| 7.77% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 06/21/30 | MXN | 238 | (45)<br>|  | (45)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.72% | Monthly | 06/30/25 | 06/24/30 | MXN | 13852 | 1121 | 7 | 1114 |
| 3.70% | Annual | 6-mo. PRIBOR, 3.48% | Semi-Annual | 06/30/25 | 06/30/30 | CZK | 1480 | (233)<br>| 1 | (234)<br>|
| 3.70% | Annual | 6-mo. PRIBOR, 3.48% | Semi-Annual | 06/30/25 | 06/30/30 | CZK | 5384 | (850)<br>| 2 | (852)<br>|
| 3.70% | Annual | 6-mo. PRIBOR, 3.48% | Semi-Annual | 06/30/25 | 06/30/30 | CZK | 2585 | (408)<br>| 1 | (409)<br>|
| 3.70% | Annual | 6-mo. PRIBOR, 3.48% | Semi-Annual | 06/30/25 | 06/30/30 | CZK | 10231 | (1614)<br>| 5 | (1619)<br>|
| 3.70% | Annual | 6-mo. PRIBOR, 3.48% | Semi-Annual | 06/30/25 | 06/30/30 | CZK | 17871 | (2821)<br>| 8 | (2829)<br>|
| 3.70% | Annual | 6-mo. PRIBOR, 3.48% | Semi-Annual | 06/30/25 | 06/30/30 | CZK | 12898 | (2035)<br>| 6 | (2041)<br>|
| 1.46% | Quarterly | China Fixing Repo Rates <br> 7-day, 1.95%<br>| Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CNY | 3168 | 233 | 5 | 228 |
| 1.48% | Quarterly | China Fixing Repo Rates <br> 7-day, 1.95%<br>| Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CNY | 3085 | (186)<br>| 5 | (191)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1.49% | Quarterly | China Fixing Repo Rates <br> 7-day, 1.95%<br>| Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CNY | 6417 | $(644)<br>| $10 | $(654)<br>|
| 2.98% | Quarterly | 3-mo. HIBOR, 1.68% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 7510 | (11902)<br>| 11 | (11913)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.39% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 7802 | (4256)<br>| 4 | (4260)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.41% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 16970 | (8828)<br>| 9 | (8837)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.55% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 31903 | (6511)<br>| 16 | (6527)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.62% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 3162 | (194)<br>| 2 | (196)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.64% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 7000 | (91)<br>| 4 | (95)<br>|
| 6-mo. WIBOR, 5.04% | Semi-Annual | 4.04% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 2858 | (5375)<br>| 8 | (5383)<br>|
| 6-mo. WIBOR, 5.04% | Semi-Annual | 4.14% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 1059 | (586)<br>| 3 | (589)<br>|
| 6-mo. WIBOR, 5.04% | Semi-Annual | 4.23% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 299 | 129 | 1 | 128 |
| 6-mo. WIBOR, 5.04% | Semi-Annual | 4.33% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 1069 | 1804 | 3 | 1801 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 5.96% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HUF | 43283 | (721)<br>| 1 | (722)<br>|
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.16% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HUF | 19899 | 148 | 1 | 147 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.21% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HUF | 5624 | 80 |  | 80 |
| 6-mo. BUBOR, 6.50% | Semi-Annual | 6.22% | Annual | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HUF | 9140 | 135 |  | 135 |
| 7.37% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 3220 | (14)<br>| 353 | (367)<br>|
| 7.49% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 11495 | (3437)<br>| 7 | (3444)<br>|
| 7.60% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 17902 | (9688)<br>| 11 | (9699)<br>|
| 7.63% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 11393 | (7013)<br>| 7 | (7020)<br>|
| 7.77% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 26731 | (25190)<br>| 16 | (25206)<br>|
| 0.02% | Annual | 6-mo. EURIBOR, 2.05% | Semi-Annual | N/A | 08/26/31 | EUR | 8789 | 1473731 | 120 | 1473611 |
| 1-day ESTR, 1,956.39% | Annual | 2.34% | Annual | 01/19/28 <br><sup>(a)</sup><br>| 01/19/33 | EUR | 2870 | (29638)<br>| 40 | (29678)<br>|
| 1-day SOFR, 4.45% | Annual | 3.14% | Annual | 05/12/28 <br><sup>(a)</sup><br>| 05/12/33 | USD | 5752 | (134413)<br>| 53 | (134466)<br>|
| 3.24% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 08/09/33 | USD | 5937 | 227229 | 90 | 227139 |
| 1-day SOFR, 4.45% | Annual | 3.75% | Annual | N/A | 08/09/33 | USD | 8716 | 19552 | 119 | 19433 |
| 1-day SOFR, 4.45% | Annual | 3.93% | Annual | N/A | 10/04/33 | USD | 12560 | 232743 | 178 | 232565 |
| 1-day SOFR, 4.45% | Annual | 3.50% | Annual | N/A | 10/17/33 | USD | 17463 | (263368)<br>| 248 | (263616)<br>|
| 4.40% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 11/01/33 | USD | 5329 | (299633)<br>| 76 | (299709)<br>|
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/12/34 | USD | 4076 | 105057 | 57 | 105000 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 01/17/34 | USD | 2938 | 75798 | 41 | 75757 |
| 3.62% | Annual | 1-day SOFR, 4.45% | Annual | 10/09/29 <br><sup>(a)</sup><br>| 10/09/34 | USD | 10760 | 130482 | 101 | 130381 |
| 1-day SOFR, 4.45% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 1 | (5)<br>|  | (5)<br>|
| 9.11% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly | N/A | 11/08/34 | MXN | 9670 | (36709)<br>| 8 | (36717)<br>|
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 1.07% | Annual | N/A | 03/19/35 | JPY | 95000 | (6788)<br>| 11 | (6799)<br>|
| 6.07% | Semi Annual | 1-day MIBOR, 5.52% | Semi Annual | N/A | 03/19/35 | INR | 33255 | (5897)<br>| 7 | (5904)<br>|
| 3-mo. JIBAR, 7.29% | Quarterly | 10.28% | Quarterly | 06/19/30 <br><sup>(a)</sup><br>| 06/19/35 | ZAR | 713 | 323 | 1 | 322 |
| 1-day THOR, 1.74% | Quarterly | 1.61% | Quarterly | 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | THB | 7833 | 359 | 4 | 355 |
| 3.46% | Annual | 1-day SOFR, 4.45% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 2071 | 54977 | 34 | 54943 |
| 3.65% | Annual | 1-day SOFR, 4.45% | Annual | N/A | 11/03/53 | USD | 5310 | 295333 | 166 | 295167 |
| 1-day SOFR, 4.45% | Annual | 4.00% | Annual | N/A | 11/03/53 | USD | 5310 | 34890 | 166 | 34724 |
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 1.45% | Annual | N/A | 03/06/54 | JPY | 234530 | (253843)<br>| 54 | (253897)<br>|
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 1.45% | Annual | N/A | 03/11/54 | JPY | 234530 | (253499)<br>| 55 | (253554)<br>|
|  |  |  |  |  |  |  |  | $6832705 | $(59190)<br>| $6891895 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Forward Swap.

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Deutsche Bank AG | 1.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 300 | $(5478)<br>| $15437 | $(20915)<br>|
| Deutsche Bank AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 176 | (3214)<br>| 5909 | (9123)<br>|
| Deutsche Bank AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 59 | (1077)<br>| 1981 | (3058)<br>|
| Deutsche Bank AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 65 | (1187)<br>| 2299 | (3486)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**OTC Credit Default Swaps — Buy Protection (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing*<br> *Rate Paid*<br> *by the Fund*<br>| &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| UBS Group AG | 1.00<br> % <br>| Quarterly | BNP Paribas SA | 06/20/28 | EUR | 100 | $(2384)<br>| $2775 | $(5159)<br>|
| UBS Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 63 | (1502)<br>| 2071 | (3573)<br>|
| UBS Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 600 | (14301)<br>| 13115 | (27416)<br>|
| Boeing, Co. | 1.00 | Quarterly | Deutsche Bank AG | 12/20/28 | USD | 300 | (4272)<br>| (1049)<br>| (3223)<br>|
| Boeing, Co. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 300 | (4386)<br>| 2928 | (7314)<br>|
| Federal Republic of Brazil | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | USD | 195 | 4057 | 5096 | (1039)<br>|
| Federal Republic of Brazil | 1.00 | Quarterly | Morgan Stanley & Co. International PLC | 06/20/30 | USD | 1823 | 37963 | 75224 | (37261)<br>|
| Kingdom of Saudi Arabia | 1.00 | Quarterly | Goldman Sachs International | 06/20/30 | USD | 209 | (3061)<br>| (2955)<br>| (106)<br>|
| Republic of Colombia | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | USD | 207 | 10621 | 16123 | (5502)<br>|
| Republic of Korea | 1.00 | Quarterly | Goldman Sachs International | 06/20/30 | USD | 384 | (13068)<br>| (11853)<br>| (1215)<br>|
| Republic of Turkey | 1.00 | Quarterly | Goldman Sachs International | 06/20/30 | USD | 279 | 22180 | 21042 | 1138 |
| United Mexican States | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | USD | 227 | 678 | 3500 | (2822)<br>|
| United Mexican States | 1.00 | Quarterly | BNP Paribas SA | 06/20/30 | USD | 219 | 654 | 5279 | (4625)<br>|
| United Mexican States | 1.00 | Quarterly | BNP Paribas SA | 06/20/30 | USD | 290 | 865 | 6979 | (6114)<br>|
| United Mexican States | 1.00 | Quarterly | Citibank N.A. | 06/20/30 | USD | 203 | 606 | 4710 | (4104)<br>|
| United Mexican States | 1.00 | Quarterly | Citibank N.A. | 06/20/30 | USD | 203 | 606 | 4928 | (4322)<br>|
|  |  |  |  |  |  |  | $24300 | $173539 | $(149239)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty* | *Termination* <br>*Date*<br>| *Credit* <br>*Rating*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CMA CGM SA | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 66 | $6111 | $3003 | $3108 |
| Republic of Chile | 1.00 | Quarterly | Bank of America N.A. | 06/20/30 | A | USD | 101 | 2181 | 1776 | 405 |
| Republic of Chile | 1.00 | Quarterly | Bank of America N.A. | 06/20/30 | A | USD | 122 | 2635 | 2146 | 489 |
| CMBX.NA.9 | 2.00 | Monthly | Goldman Sachs International | 09/17/58 | N/R | USD | 82 | (4390)<br>| (1431)<br>| (2959)<br>|
| CMBX.NA.9 | 2.00 | Monthly | Goldman Sachs International | 09/17/58 | N/R | USD | 94 | (5004)<br>| (1451)<br>| (3553)<br>|
|  |  |  |  |  |  |  |  | $1533 | $4043 | $(2510)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.81% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 7552 | $(19347)<br>| $— | $(19347)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.98% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 4677 | (10527)<br>|  | (10527)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.98% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 11687 | (26306)<br>|  | (26306)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.16% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 10050 | (10035)<br>|  | (10035)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.67% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 12444 | (82)<br>|  | (82)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.67% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 5721 | (48)<br>|  | (48)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.78% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 07/01/25 | BRL | 5772 | (23)<br>|  | (23)<br>|
| 8.62% | At Termination | 1-day COOIS, <br> 8.73%<br>| At Termination | JPMorgan Chase Bank N.A. | N/A | &nbsp;&nbsp; 11/05/25 | COP | 7467468 | 10860 |  | 10860 |
| 14.18% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/26 | BRL | 5183 | (537)<br>|  | (537)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| 14.74% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/26 | BRL | 1364 | $208 | $— | $208 |
| 14.79% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/26 | BRL | 2967 | 283 |  | 283 |
| 14.87% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/26 | BRL | 1376 | 65 |  | 65 |
| 14.95% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/26 | BRL | 385 | (8)<br>|  | (8)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.12% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 39 | (736)<br>|  | (736)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.32% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 97 | (1359)<br>|  | (1359)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.35% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 1 | (17)<br>|  | (17)<br>|
| 10.97% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 7976 | 85503 |  | 85503 |
| 11.57% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 3560 | 28115 |  | 28115 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.84% | At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 353 | (1218)<br>|  | (1218)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.09% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 1627 | (4339)<br>|  | (4339)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.83% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 304 | (251)<br>|  | (251)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.11% | At Termination | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 01/04/27 | BRL | 2967 | (85)<br>|  | (85)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.20% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 151 | 49 |  | 49 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.55% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 2838 | 3908 |  | 3908 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.58% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 405 | 647 |  | 647 |
| 15.41% | At Termination | 1-day BZDIOVER, <br> 0.06%<br>| At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 3869 | (20490)<br>|  | (20490)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.79% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 10929 | (190637)<br>|  | (190637)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 9.99% | At Termination | Citibank N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 2 | (38)<br>|  | (38)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 10.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 2 | (43)<br>|  | (43)<br>|
| 4.91% | Semi Annual | 1-day CLP <br> Interbank Rate, <br> 25,411.83%<br>| Semi Annual | Bank of America N.A. | N/A | &nbsp;&nbsp; 03/15/27 | CLP | 127929 | (1046)<br>|  | (1046)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.38% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/03/28 | BRL | 235 | 118 |  | 118 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.84% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/03/28 | BRL | 118 | 317 |  | 317 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.44% | At Termination | JPMorgan Chase Bank N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 11718 | (46615)<br>|  | (46615)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 12.95% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 3383 | (347)<br>|  | (347)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6057 | 1334 |  | 1334 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 3937 | 867 |  | 867 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.02% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 3072 | (69)<br>|  | (69)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.12% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 15813 | 14180 |  | 14180 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**OTC Interest Rate Swaps (continued)**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective*<br> *Date*<br>| *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.15% | At Termination | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 01/02/29 | BRL | 2233 | $2273 | $— | $2273 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.31% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 409 | 825 |  | 825 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.33% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 1222 | 2291 |  | 2291 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.34% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 6167 | 13266 |  | 13266 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.35% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 2120 | 4631 |  | 4631 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.42% | At Termination | Bank of America N.A. | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 1459 | 3844 |  | 3844 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.43% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 562 | 1447 |  | 1447 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 14.03% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 2135 | 15513 |  | 15513 |
| 8.73% | Quarterly | 1-day COOIS, <br> 8.73%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/14/30 | COP | 1037589 | (912)<br>|  | (912)<br>|
| 8.78% | Quarterly | 1-day COOIS, <br> 8.73%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 01/14/30 | COP | 357248 | (469)<br>|  | (469)<br>|
| 8.64% | Quarterly | 1-day COOIS, <br> 8.73%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 04/04/30 | COP | 3981178 | 942 |  | 942 |
| 8.23% | Quarterly | 1-day COOIS, <br> 8.73%<br>| Quarterly | Barclays Bank PLC | N/A | &nbsp;&nbsp; 09/17/30 | COP | 4536357 | 21053 |  | 21053 |
| 8.34% | Quarterly | 1-day COOIS, <br> 8.73%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 09/17/30 | COP | 3942675 | 14011 |  | 14011 |
| 8.58% | Quarterly | 1-day COOIS, <br> 8.73%<br>| Quarterly | Barclays Bank PLC | N/A | &nbsp;&nbsp; 09/17/30 | COP | 2085510 | 2756 |  | 2756 |
| 8.74% | Quarterly | 1-day COOIS, <br> 8.73%<br>| Quarterly | Barclays Bank PLC | N/A | &nbsp;&nbsp; 09/17/30 | COP | 2104234 | (560)<br>|  | (560)<br>|
| 8.86% | Quarterly | 1-day COOIS, <br> 8.73%<br>| Quarterly | Barclays Bank PLC | N/A | &nbsp;&nbsp; 09/17/30 | COP | 589474 | (838)<br>|  | (838)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.04% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/31 | BRL | 7387 | 3000 |  | 3000 |
|  |  |  |  |  |  |  |  |  | $(104676)<br>| $— | $(104676)<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $455157 | &nbsp;&nbsp;&nbsp; $(148036)<br>| &nbsp;&nbsp;&nbsp; $9737579 | &nbsp;&nbsp;&nbsp; $(2762341)<br>| &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; 196321 | &nbsp;&nbsp;&nbsp; (18739)<br>| &nbsp;&nbsp;&nbsp; 237446 | &nbsp;&nbsp;&nbsp; (493871)<br>| &nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (2226658)<br>| &nbsp;&nbsp;&nbsp; 680625 | &nbsp;&nbsp;&nbsp; (492592)<br>| &nbsp;&nbsp;&nbsp; (2038625)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $438842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1481501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1920343 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7399242 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7399242 |
| Options purchased <br>Investments at value — unaffiliated<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3960 | &nbsp;&nbsp; 372234 | &nbsp;&nbsp; 231389 | &nbsp;&nbsp; 1079300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1686883 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 155041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9562437 | &nbsp;&nbsp; 20101 | &nbsp;&nbsp; 9737579 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 201461 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 232306 | &nbsp;&nbsp; — | &nbsp;&nbsp; 433767 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $360462 | &nbsp;&nbsp; $811076 | &nbsp;&nbsp; $7630631 | &nbsp;&nbsp; $12355544 | &nbsp;&nbsp; $20101 | &nbsp;&nbsp; $21177814 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $546210 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5530265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6076475 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8999213 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8999213 |
| Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3097 | &nbsp;&nbsp; 105800 | &nbsp;&nbsp; 442843 | &nbsp;&nbsp; 1486885 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2038625 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 91799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2670542 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2762341 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 175628 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 336982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 512610 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $270524 | &nbsp;&nbsp; $652010 | &nbsp;&nbsp; $9442056 | &nbsp;&nbsp; $10024674 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20389264 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1511205 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4809333)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3298128)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7678665)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7678665)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (22484)<br>| &nbsp;&nbsp; (964731)<br>| &nbsp;&nbsp; (909253)<br>| &nbsp;&nbsp; (588326)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2484794)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 13641 | &nbsp;&nbsp; 415605 | &nbsp;&nbsp; 670766 | &nbsp;&nbsp; 1067525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2167537 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (143557)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6641345)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6784902)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(152400)<br>| &nbsp;&nbsp; $962079 | &nbsp;&nbsp; $(7917152)<br>| &nbsp;&nbsp; $(10971479)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(18078952)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(29488)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9141845)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9171333)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1118519)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1118519)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (234)<br>| &nbsp;&nbsp; 235471 | &nbsp;&nbsp; (140336)<br>| &nbsp;&nbsp; 298157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 393058 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; 21333 | &nbsp;&nbsp; (276068)<br>| &nbsp;&nbsp; 493215 | &nbsp;&nbsp; — | &nbsp;&nbsp; 238415 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 9345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19510328 | &nbsp;&nbsp; (1059)<br>| &nbsp;&nbsp; 19518614 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9046 | &nbsp;&nbsp; $227316 | &nbsp;&nbsp; $(1534923)<br>| &nbsp;&nbsp; $11159855 | &nbsp;&nbsp; $(1059)<br>| &nbsp;&nbsp; $9860235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $258307967 |
| Average notional value of contracts — short | &nbsp;&nbsp; 607587877 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)**

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $513219316 |
| Average amounts sold — in USD | &nbsp;&nbsp; 510167280 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 765411 |
| Average value of option contracts written | &nbsp;&nbsp; 625386 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; 119544399 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 494613628 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 10710325 |
| Average notional value — sell protection | &nbsp;&nbsp; 9544741 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 236288543 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 1293996480 |
| Inflation swaps: |  |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 604349 |

---

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

**Derivative Financial Instruments — Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $315117 | &nbsp;&nbsp;&nbsp;&nbsp; $914571 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 7399242 | &nbsp;&nbsp;&nbsp;&nbsp; 8999213 |
| Options | &nbsp;&nbsp; 1686883 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2038625 |
| Swaps — centrally cleared | &nbsp;&nbsp; 425170 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 433767 | &nbsp;&nbsp;&nbsp;&nbsp; 512610 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 10260179 | &nbsp;&nbsp;&nbsp;&nbsp; 12465019 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (1118334)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1023418)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $9141845 | &nbsp;&nbsp;&nbsp;&nbsp; $11441601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

<sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $397120 | &nbsp;&nbsp; $(397120)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Bank of Montreal | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Barclays Bank PLC | &nbsp;&nbsp; 636674 | &nbsp;&nbsp; (448986)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 187688 |
| BNP Paribas SA | &nbsp;&nbsp; 1336061 | &nbsp;&nbsp; (518528)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 817533 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 379284 | &nbsp;&nbsp; (153690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 225594 |
| Citibank N.A. | &nbsp;&nbsp; 333453 | &nbsp;&nbsp; (333453)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 205954 | &nbsp;&nbsp; (102616)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 103338 |
| Deutsche Bank AG | &nbsp;&nbsp; 480310 | &nbsp;&nbsp; (480310)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 711390 | &nbsp;&nbsp; (510428)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200962 |
| HSBC Bank PLC | &nbsp;&nbsp; 324225 | &nbsp;&nbsp; (324225)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank USA N.A. | &nbsp;&nbsp; 43204 | &nbsp;&nbsp; (2282)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 40922 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 453336 | &nbsp;&nbsp; (358223)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95113 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 886554 | &nbsp;&nbsp; (788811)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97743 |
| Natwest Markets PLC | &nbsp;&nbsp; 270854 | &nbsp;&nbsp; (270854)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp; 176985 | &nbsp;&nbsp; (3851)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 173134 |
| Royal Bank of Canada | &nbsp;&nbsp; 437343 | &nbsp;&nbsp; (22889)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 414454 |
| Societe Generale | &nbsp;&nbsp; 115183 | &nbsp;&nbsp; (115183)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 37335 | &nbsp;&nbsp; (37335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Assets*<sup>(c)(d)</sup><br>|
| State Street Bank and Trust Co. | &nbsp;&nbsp; $851434 | &nbsp;&nbsp; $(851434)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| The Bank of New York Mellon | &nbsp;&nbsp; 878409 | &nbsp;&nbsp; (19879)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 858530 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 64686 | &nbsp;&nbsp; (64686)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 111037 | &nbsp;&nbsp; (111037)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 11013 | &nbsp;&nbsp; (11013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $9141845 | &nbsp;&nbsp; $(5926833)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3215012 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $761420 | &nbsp;&nbsp; $(397120)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(364300)<br>| &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 448986 | &nbsp;&nbsp; (448986)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 518528 | &nbsp;&nbsp; (518528)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 153690 | &nbsp;&nbsp; (153690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 378707 | &nbsp;&nbsp; (333453)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (45254)<br>| &nbsp;&nbsp; — |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 102616 | &nbsp;&nbsp; (102616)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 2705719 | &nbsp;&nbsp; (480310)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2225409 |
| Goldman Sachs International | &nbsp;&nbsp; 510428 | &nbsp;&nbsp; (510428)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 1102020 | &nbsp;&nbsp; (324225)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 777795 |
| HSBC Bank USA N.A. | &nbsp;&nbsp; 2282 | &nbsp;&nbsp; (2282)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 358223 | &nbsp;&nbsp; (358223)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 788811 | &nbsp;&nbsp; (788811)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Natwest Markets PLC | &nbsp;&nbsp; 675116 | &nbsp;&nbsp; (270854)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 404262 |
| Nomura International PLC | &nbsp;&nbsp; 3851 | &nbsp;&nbsp; (3851)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 22889 | &nbsp;&nbsp; (22889)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 195301 | &nbsp;&nbsp; (115183)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80118 |
| Standard Chartered Bank | &nbsp;&nbsp; 93426 | &nbsp;&nbsp; (37335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56091 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 1633380 | &nbsp;&nbsp; (851434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 781946 |
| The Bank of New York Mellon | &nbsp;&nbsp; 19879 | &nbsp;&nbsp; (19879)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 192004 | &nbsp;&nbsp; (64686)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 127318 |
| UBS AG | &nbsp;&nbsp; 648815 | &nbsp;&nbsp; (111037)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 537778 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 120532 | &nbsp;&nbsp; (11013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109519 |
| Westpac Banking Corp. | &nbsp;&nbsp; 4978 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4978 |
|  | &nbsp;&nbsp; $11441601 | &nbsp;&nbsp; $(5926833)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(409554)<br>| &nbsp;&nbsp; $5105214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $77899147 | &nbsp;&nbsp;&nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp;&nbsp; $78399147 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks  |  |  |  |  |
| Australia | &nbsp;&nbsp; $114957 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $114957 |
| Canada | &nbsp;&nbsp; 181152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181152 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28812 | &nbsp;&nbsp;&nbsp;&nbsp; 28812 |
| China | &nbsp;&nbsp; 172270 | &nbsp;&nbsp;&nbsp;&nbsp; 176314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 348584 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66993 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 276862 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 276862 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139408 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139408 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211707 |
| United Kingdom | &nbsp;&nbsp; 224224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224224 |
| United States | &nbsp;&nbsp; 7590534 | &nbsp;&nbsp;&nbsp;&nbsp; 904599 | &nbsp;&nbsp;&nbsp;&nbsp; 1347913 | &nbsp;&nbsp;&nbsp;&nbsp; 9843046 |
| Corporate Bonds  |  |  |  |  |
| Argentina | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 601239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 601239 |
| Australia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6220350 | &nbsp;&nbsp;&nbsp;&nbsp; 794665 | &nbsp;&nbsp;&nbsp;&nbsp; 7015015 |
| Belgium | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131731 |
| Bermuda | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77900 |
| Brazil | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1820522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1820522 |
| Canada | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4960821 | &nbsp;&nbsp;&nbsp;&nbsp; 902242 | &nbsp;&nbsp;&nbsp;&nbsp; 5863063 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1731357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1731357 |
| China | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2782925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2782925 |
| Colombia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1121350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1121350 |
| Czech Republic | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 812172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 812172 |
| Denmark | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 870586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 870586 |
| Estonia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195157 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195157 |
| Finland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233972 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11658304 | &nbsp;&nbsp;&nbsp;&nbsp; 350380 | &nbsp;&nbsp;&nbsp;&nbsp; 12008684 |
| Germany | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18159756 | &nbsp;&nbsp;&nbsp;&nbsp; 426744 | &nbsp;&nbsp;&nbsp;&nbsp; 18586500 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 626661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 626661 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1623828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1623828 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210569 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210569 |
| India | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7934624 | &nbsp;&nbsp;&nbsp;&nbsp; 1145460 | &nbsp;&nbsp;&nbsp;&nbsp; 9080084 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3900875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3900875 |
| Ireland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 682563 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 682563 |
| Israel | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 753267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 753267 |
| Italy | &nbsp;&nbsp; 213494 | &nbsp;&nbsp;&nbsp;&nbsp; 4350100 | &nbsp;&nbsp;&nbsp;&nbsp; 415533 | &nbsp;&nbsp;&nbsp;&nbsp; 4979127 |
| Jamaica | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164323 | &nbsp;&nbsp;&nbsp;&nbsp; 4262 | &nbsp;&nbsp;&nbsp;&nbsp; 168585 |
| Japan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2308019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2308019 |
| Jersey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317267 |
| Luxembourg | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2038566 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2038566 |
| Macau | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2496176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2496176 |
| Mexico | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5044559 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5044559 |
| Morocco | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 408271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 408271 |
| Netherlands | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7884158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7884158 |
| Nigeria | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 194875 |
| Panama | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141100 |
| Peru | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245415 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1883477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1883477 |
| Portugal | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 469439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 469439 |
| Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 801628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 801628 |
| Singapore | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 445658 |
| Slovenia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357403 |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1855199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1855199 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1718795 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1718795 |
| Spain | &nbsp;&nbsp; 104964 | &nbsp;&nbsp;&nbsp;&nbsp; 2225434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2330398 |
| Sweden | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1106208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1106208 |
| Switzerland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1600222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1600222 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1397386 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1397386 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201784 |
| Ukraine | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 769967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 769967 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606724 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606724 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19931089 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19931089 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146733448 | &nbsp;&nbsp;&nbsp;&nbsp; 6328177 | &nbsp;&nbsp;&nbsp;&nbsp; 153061625 |
| Uzbekistan | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 408940 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 408940 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Corporate Bonds (continued) |  |  |  |  |
| Venezuela | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $54031 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $54031 |
| Vietnam | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 660915 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 660915 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367519 | &nbsp;&nbsp;&nbsp;&nbsp; 367519 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2897940 | &nbsp;&nbsp;&nbsp;&nbsp; 6460721 | &nbsp;&nbsp;&nbsp;&nbsp; 9358661 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239597089 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239597089 |
| Grantor Trust | &nbsp;&nbsp; 2106726 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2106726 |
| Investment Companies | &nbsp;&nbsp; 10366674 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10366674 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10797996 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10797996 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102630427 | &nbsp;&nbsp;&nbsp;&nbsp; 1934099 | &nbsp;&nbsp;&nbsp;&nbsp; 104564526 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12904084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12904084 |
| Preferred Stocks | &nbsp;&nbsp; 115600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6297846 | &nbsp;&nbsp;&nbsp;&nbsp; 6413446 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174821194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174821194 |
| Warrants  |  |  |  |  |
| United States | &nbsp;&nbsp; 10938 | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 343165 | &nbsp;&nbsp;&nbsp;&nbsp; 354277 |
| Venezuela | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12000 |
| Short-Term Securities  |  |  |  |  |
| Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2037283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2037283 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3814373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3814373 |
| Money Market Funds | &nbsp;&nbsp; 7551158 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7551158 |
| Options Purchased  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3960 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3960 |
| Equity Contracts | &nbsp;&nbsp; 372234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 372234 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 231389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 231389 |
| Interest Rate Contracts | &nbsp;&nbsp; 5813 | &nbsp;&nbsp;&nbsp;&nbsp; 1073487 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1079300 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5223291)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5223291)<br>|
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7187)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7187)<br>|
|  | &nbsp;&nbsp; $29130738 | &nbsp;&nbsp;&nbsp;&nbsp; $901204240 | &nbsp;&nbsp;&nbsp;&nbsp; $27640351 | &nbsp;&nbsp;&nbsp;&nbsp; $957975329 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $160181 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $160181 |
| Equity Contracts | &nbsp;&nbsp; 438842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 438842 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7399242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7399242 |
| Interest Rate Contracts | &nbsp;&nbsp; 1481501 | &nbsp;&nbsp;&nbsp;&nbsp; 9794743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11276244 |
| Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20101 |
| Liabilities |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (251785)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (251785)<br>|
| Equity Contracts | &nbsp;&nbsp; (622005)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30005)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (652010)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9442056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9442056)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (5533312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4491362)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10024674)<br>|
|  | &nbsp;&nbsp; $(4234974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3159059 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1075915)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

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

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Asset-Backed* <br>*Securities*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Non-Agency* <br>*Mortgage-Backed* <br>*Securities*<br>| *Preferred* <br>*Stocks*<br>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $— | $1358458 | $9398057 | $623814 | $4929660 | $1861345 | $5274813 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; — |  |  |  |  |  |  |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp; — | (220865)<br>|  | (38959)<br>| (476621)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — |  | 20185 |  | 5616 | 19229 |  |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Asset-Backed*<br> *Securities*<br>| *Common*<br> *Stocks*<br>| *Corporate*<br> *Bonds*<br>| *Fixed*<br> *Rate Loan*<br> *Interests*<br>| *Floating*<br> *Rate Loan*<br> *Interests*<br>| *Non-Agency*<br> *Mortgage-Backed*<br> *Securities*<br>| *Preferred*<br> *Stocks*<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — |  | (119576)<br>|  | 1192 |  |  |
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; $— | $(39501)<br>| $(105649)<br>| $(18856)<br>| $(49606)<br>| $25052 | $1287231 |
| Purchases | &nbsp;&nbsp;&nbsp; 500000 | 278633 | 3989278 |  | 2304936 | 132795 | 676746 |
| Sales | &nbsp;&nbsp;&nbsp; — |  | (2814832)<br>| (198480)<br>| (254456)<br>| (104322)<br>| (940944)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $500000 | $1376725 | $10367463 | $367519 | $6460721 | $1934099 | $6297846 |
| Net change in unrealized appreciation (depreciation) on investments still held at <br> June 30, 2025<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $— | $(39501)<br>| $19012 | $(18856)<br>| $(47576)<br>| $25052 | $1280630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Unfunded* <br>*FloatingRate* <br>*Loan* <br>*Interests*<br>| *Warrants* | *Total*  |
| **Assets/Liabilities** |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $(6427)<br>| $196655 | $23636375 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; — | 129056 | 129056 |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp; — |  | (736445)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — |  | 45030 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — |  | (118384)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; (760)<br>| 17454 | 1115365 |
| Purchases | &nbsp;&nbsp;&nbsp; — |  | 7882388 |
| Sales | &nbsp;&nbsp;&nbsp; — |  | (4313034)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $(7187)<br>| $343165 | $27640351 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $(760)<br>| $17463 | $1235464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $4,571,542.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $1347913 | Market | EBITDA Multiple | 15.75x - 24.87x | 20.23x |
|  |  |  | Revenue Multiple | 1.53x - 15.12x | 13.61x |
|  |  | Income | Discount Rate | 15% |  |
| Corporate Bonds | &nbsp;&nbsp; 9217741 | Income | Discount Rate | 7%- 16% | 12% |
| Floating Rate Loan Interests | &nbsp;&nbsp; 6046458 | Income | Discount Rate | 9%- 17% | 11% |
| Preferred Stocks | &nbsp;&nbsp; 6254848 | Market | Revenue Multiple | 4.87x - 27.78x | 18.09x |
|  |  |  | Time to Exit | 2.0 - 3.0 years | 2.1 years |
|  |  |  | Volatility | 49% - 90% | 52% |
|  |  |  | EBITDA Multiple | 8.50x |  |
|  |  |  | Market Adjustment Multiple | 0.60x |  |
|  |  |  | Direct Profit Multiple | 4.50x |  |
|  |  | Income | Discount Rate | 4% - 15% | 10% |
| Warrants | &nbsp;&nbsp; 201849 | Market | Revenue Multiple | 4.87x - 8.50x | 7.60x |
|  |  |  | Volatility | 33% - 49% | 39% |
|  |  |  | Time to Exit | 4.8 years |  |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Strategic Global Bond Fund, Inc.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Value* | &nbsp;&nbsp;&nbsp; *Valuation*<br> *Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable*<br> *Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of*<br> *Unobservable*<br> *Inputs*<br> *Utilized*<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; *Weighted*<br> *Average of*<br> *Unobservable*<br> *Inputs Based*<br> *on Fair Value* <br>|
|  | Income | Discount Rate | 15% |  |
| &nbsp;&nbsp; $23068809 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.*

Consolidated Schedule of Investments

------

Schedule of Investments (unaudited)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| Affirm Asset Securitization Trust<sup>(a)</sup> <br>|  |  |
| Series 2023-B, Class 1D, 8.78%, 09/15/28 | 1430 | $1439355 |
| Series 2023-B, Class C, 7.81%, 09/15/28 | 6350 | 6380749 |
| Series 2023-B, Class D, 8.78%, 09/15/28 | 2290 | 2304982 |
| Series 2023-X1, Class B, 7.77%, 11/15/28 | 90 | 89481 |
| Series 2024-A, Class 1C, 6.16%, 02/15/29 | 5230 | 5258833 |
| Series 2024-A, Class 1D, 6.89%, 02/15/29 | 4170 | 4208578 |
| Series 2024-A, Class B, 5.93%, 02/15/29 | 3640 | 3658220 |
| Series 2024-B, Class C, 5.06%, 09/15/29 | 4500 | 4484013 |
| Series 2024-B, Class D, 5.50%, 09/15/29 | 5500 | 5482405 |
| Series 2024-X1, Class B, 6.34%, 05/15/29 | 3250 | 3257448 |
| Series 2024-X1, Class C, 6.57%, 05/15/29 | 3333 | 3350575 |
| Series 2024-X1, Class D, 7.29%, 05/15/29 | 6900 | 6993794 |
| Series 2024-X2, Class D, 6.08%, 12/17/29 | 3125 | 3148292 |
| Series 2025-X1, Class B, 5.19%, 04/15/30 | 8600 | 8607854 |
| Series 2025-X1, Class C, 5.34%, 04/15/30 | 4775 | 4778615 |
| Series 2025-X1, Class D, 6.11%, 04/15/30 | 8000 | 8009404 |
| Affirm Master Trust<sup>(a)</sup> <br>|  |  |
| Series 2025-1A, Class B, 5.13%, 02/15/33 | 2500 | 2516205 |
| Series 2025-1A, Class C, 5.28%, 02/15/33 | 3410 | 3427531 |
| Series 2025-2A, Class C, 5.26%, 07/15/33 | 8100 | 8131491 |
| Series 2025-2A, Class D, 5.60%, 07/15/33 | 3750 | 3763992 |
| Avant Loans Funding Trust, Series 2025-REV1, <br> Class C, 6.06%, 05/15/34<sup>(a)</sup><br>| 2110 | 2116605 |
| Carvana Auto Receivables Trust, Series 2021-N2, <br> Class B, 0.75%, 03/10/28<br>| 267 | 259061 |
| Exeter Automobile Receivables Trust, Series 2022-2A, <br> Class C, 3.85%, 07/17/28<br>| 146 | 146217 |
| NetCredit Combined Receivables A LLC, <br> Series 2025-A, Class A, 7.29%, 10/20/31<sup>(a)</sup><br>| 11850 | 11949882 |
| NetCredit Combined Receivables LLC<sup>(a)</sup> <br>|  |  |
| Series 2023-A, Class A, 7.78%, 12/20/27 | 5506 | 5524532 |
| Series 2024-A, Class A, 7.43%, 10/21/30 | 3498 | 3514088 |
| Series 2024-A, Class B, 8.31%, 10/21/30 | 6000 | 6151577 |
| OneMain Financial Issuance Trust, Series 2019-2A, <br> Class A, 3.14%, 10/14/36<sup>(a)</sup><br>| 500 | 487586 |
| Upstart Securitization Trust, Series 2022-4, Class A, <br> 5.98%, 08/20/32<sup>(a)</sup><br>| 567 | 567514 |
| **Total Asset-Backed Securities — 1.6%** <br>**(Cost: $119,462,322)** | **Total Asset-Backed Securities — 1.6%** <br>**(Cost: $119,462,322)** | 120008879 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |  |
| AeroVironment, Inc.<sup>(b)</sup> | 307 | 87480 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 159 | 131642 |
| BWX Technologies, Inc. | 461 | 66412 |
| Curtiss-Wright Corp. | 146 | 71328 |
| General Dynamics Corp. | 495 | 144372 |
| General Electric Co. | 1493 | 384283 |
| HEICO Corp. | 304 | 99712 |
| Howmet Aerospace, Inc. | 763 | 142017 |
| L3Harris Technologies, Inc. | 20336 | 5101082 |
| Loar Holdings, Inc.<sup>(b)</sup> | 633 | 54546 |
| Lockheed Martin Corp. | 16136 | 7473227 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |  |
| Northrop Grumman Corp. | 270 | $134995 |
| RTX Corp. | 1991 | 290726 |
| TransDigm Group, Inc. | 100 | 152064 |
| Woodward, Inc. | 262 | 64213 |
|  |  | 14398099 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |  |
| Expeditors International of Washington, Inc. | 563 | 64323 |
| United Parcel Service, Inc., Class B | 77095 | 7781969 |
|  |  | 7846292 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |  |
| Gentex Corp. | 2307 | 50731 |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** |  |
| Tesla, Inc.<sup>(b)</sup> | 3217 | 1021912 |
| **Beverages — 0.1%** | **Beverages — 0.1%** |  |
| Brown-Forman Corp., Class B | 1877 | 50510 |
| Coca-Cola Co. | 6024 | 426198 |
| Constellation Brands, Inc., Class A | 459 | 74670 |
| Keurig Dr. Pepper, Inc. | 3053 | 100932 |
| Monster Beverage Corp.<sup>(b)</sup> | 1900 | 119016 |
| PepsiCo, Inc. | 58048 | 7664658 |
|  |  | 8435984 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |  |
| AbbVie, Inc. | 40382 | 7495707 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 1001 | 55025 |
| Exelixis, Inc.<sup>(b)</sup> | 1350 | 59501 |
| Gilead Sciences, Inc. | 71061 | 7878533 |
| Natera, Inc.<sup>(b)</sup> | 451 | 76192 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 486 | 61086 |
| Regeneron Pharmaceuticals, Inc. | 182 | 95550 |
| United Therapeutics Corp.<sup>(b)</sup> | 195 | 56033 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 411 | 182977 |
|  |  | 15960604 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |  |
| Amazon.com, Inc.<sup>(b)</sup> | 5657 | 1241089 |
| **Building Products — 0.0%** | **Building Products — 0.0%** |  |
| AAON, Inc. | 556 | 41005 |
| Allegion PLC | 418 | 60242 |
| Armstrong World Industries, Inc. | 337 | 54742 |
| Carlisle Cos., Inc. | 165 | 61611 |
| CSW Industrials, Inc. | 163 | 46753 |
| Lennox International, Inc. | 120 | 68789 |
| Masco Corp. | 940 | 60499 |
| Simpson Manufacturing Co., Inc. | 330 | 51252 |
| Trane Technologies PLC | 374 | 163592 |
|  |  | 608485 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| FactSet Research Systems, Inc. | 149 | 66645 |
| Moody's Corp. | 311 | 155994 |
| S&P Global, Inc. | 472 | 248881 |
| Tradeweb Markets, Inc., Class A | 603 | 88279 |
|  |  | 559799 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** |  |
| Air Products and Chemicals, Inc. | 435 | 122696 |
| DuPont de Nemours, Inc. | 1129 | 77438 |
| Ecolab, Inc. | 518 | 139570 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** |  |
| Linde PLC | 668 | $313412 |
| RPM International, Inc. | 540 | 59314 |
| Sherwin-Williams Co. | 433 | 148675 |
|  |  | 861105 |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |  |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup> | 471 | 54344 |
| Cintas Corp. | 696 | 155118 |
| Clean Harbors, Inc.<sup>(b)</sup> | 263 | 60800 |
| Copart, Inc.<sup>(b)</sup> | 2048 | 100495 |
| GFL Environmental, Inc. | 1389 | 70089 |
| Republic Services, Inc. | 567 | 139828 |
| Rollins, Inc. | 1388 | 78311 |
| Veralto Corp. | 744 | 75107 |
| Waste Connections, Inc. | 560 | 104563 |
| Waste Management, Inc. | 694 | 158801 |
|  |  | 997456 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |  |
| Arista Networks, Inc.<sup>(b)</sup> | 1960 | 200527 |
| Cisco Systems, Inc. | 123016 | 8534850 |
| Motorola Solutions, Inc. | 308 | 129502 |
|  |  | 8864879 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| EMCOR Group, Inc. | 146 | 78094 |
| Quanta Services, Inc. | 308 | 116449 |
| Stantec, Inc. | 575 | 62491 |
|  |  | 257034 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |  |
| CRH PLC | 1305 | 119799 |
| Eagle Materials, Inc. | 253 | 51134 |
| Vulcan Materials Co. | 323 | 84245 |
|  |  | 255178 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 567 | 61139 |
| Casey's General Stores, Inc. | 147 | 75010 |
| Costco Wholesale Corp. | 607 | 600893 |
| Dollar General Corp. | 18107 | 2071079 |
| Kroger Co. | 61841 | 4435855 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 400 | 65856 |
| Sysco Corp. | 1213 | 91872 |
| U.S. Foods Holding Corp.<sup>(b)</sup> | 868 | 66845 |
| Walmart, Inc. | 10424 | 1019259 |
|  |  | 8487808 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |  |
| Amcor PLC | 447175 | 4109538 |
| AptarGroup, Inc. | 365 | 57097 |
| Avery Dennison Corp. | 23421 | 4109683 |
| Packaging Corp. of America | 15824 | 2982033 |
|  |  | 11258351 |
| **Distributors — 0.1%** | **Distributors — 0.1%** |  |
| Genuine Parts Co. | 50332 | 6105775 |
| LKQ Corp. | 83485 | 3089780 |
|  |  | 9195555 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |  |
| H&R Block, Inc. | 101102 | 5549489 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |  |
| AT&T, Inc. | 281028 | 8132950 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |  |
| TELUS Corp. | 4665 | $74920 |
| Verizon Communications, Inc. | 6320 | 273467 |
|  |  | 8481337 |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |  |
| Alliant Energy Corp. | 1041 | 62949 |
| American Electric Power Co., Inc. | 74635 | 7744128 |
| Duke Energy Corp. | 66143 | 7804874 |
| Emera, Inc. | 1363 | 62453 |
| Entergy Corp. | 1080 | 89770 |
| Evergy, Inc. | 47818 | 3296095 |
| Exelon Corp. | 169813 | 7373280 |
| FirstEnergy Corp. | 92448 | 3721956 |
| Fortis, Inc./Canada | 1559 | 74411 |
| IDACORP, Inc. | 9527 | 1099892 |
| OGE Energy Corp. | 70626 | 3134382 |
| Pinnacle West Capital Corp. | 29289 | 2620487 |
| Portland General Electric Co. | 1653 | 67161 |
| PPL Corp. | 2228 | 75507 |
| Southern Co. | 86281 | 7923184 |
| Xcel Energy, Inc. | 1365 | 92957 |
|  |  | 45243486 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |  |
| AMETEK, Inc. | 525 | 95004 |
| Hubbell, Inc. | 171 | 69838 |
|  |  | 164842 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |  |
| Amphenol Corp., Class A | 1975 | 195031 |
| Badger Meter, Inc. | 212 | 51929 |
| Cognex Corp. | 1645 | 52180 |
| Ralliant Corp.<sup>(b)</sup> | 338 | 16406 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 146 | 74797 |
|  |  | 390343 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** |  |
| Electronic Arts, Inc. | 621 | 99174 |
| Netflix, Inc.<sup>(b)</sup> | 570 | 763304 |
| Spotify Technology SA<sup>(b)</sup> | 334 | 256292 |
| TKO Group Holdings, Inc., Class A | 518 | 94250 |
| Walt Disney Co. | 2611 | 323790 |
|  |  | 1536810 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** |  |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 2311 | 1122614 |
| Fiserv, Inc.<sup>(b)</sup> | 973 | 167755 |
| Jack Henry & Associates, Inc. | 338 | 60897 |
| Mastercard, Inc., Class A | 1206 | 677700 |
| Visa, Inc., Class A | 2571 | 912834 |
|  |  | 2941800 |
| **Food Products — 0.6%** | **Food Products — 0.6%** |  |
| Conagra Brands, Inc. | 333399 | 6824678 |
| Flowers Foods, Inc. | 102894 | 1644246 |
| General Mills, Inc. | 140726 | 7291014 |
| Hershey Co. | 519 | 86128 |
| Hormel Foods Corp. | 247256 | 7479494 |
| Ingredion, Inc. | 403 | 54655 |
| Kraft Heinz Co. | 186230 | 4808459 |
| McCormick & Co., Inc. | 947 | 71802 |
| Mondelez International, Inc., Class A | 115058 | 7759511 |
| Pilgrim's Pride Corp. | 1212 | 54516 |
| Post Holdings, Inc.<sup>(b)</sup> | 480 | 52334 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** |  |
| The Campbell's Co. | 144603 | $4432082 |
| Tyson Foods, Inc., Class A | 36561 | 2045222 |
|  |  | 42604141 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |  |
| Atmos Energy Corp. | 485 | 74743 |
| National Fuel Gas Co. | 653 | 55316 |
|  |  | 130059 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Canadian National Railway Co. | 1186 | 123391 |
| Canadian Pacific Kansas City Ltd. | 1681 | 133253 |
| CSX Corp. | 3628 | 118382 |
| JB Hunt Transport Services, Inc. | 420 | 60312 |
| Norfolk Southern Corp. | 454 | 116210 |
| Old Dominion Freight Line, Inc. | 521 | 84558 |
| Union Pacific Corp. | 8019 | 1845012 |
|  |  | 2481118 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |  |
| Abbott Laboratories | 2481 | 337441 |
| Alcon AG | 1124 | 99227 |
| Becton Dickinson & Co. | 602 | 103695 |
| Boston Scientific Corp.<sup>(b)</sup> | 2280 | 244895 |
| Cooper Cos., Inc.<sup>(b)</sup> | 771 | 54864 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 1306 | 102142 |
| Glaukos Corp.<sup>(b)</sup> | 542 | 55983 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 914 | 53944 |
| Hologic, Inc.<sup>(b)</sup> | 964 | 62814 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 183 | 98150 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 519 | 282030 |
| Medtronic PLC | 88397 | 7705567 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 538 | 50292 |
| Penumbra, Inc.<sup>(b)</sup> | 215 | 55176 |
| ResMed, Inc. | 358 | 92364 |
| STERIS PLC | 302 | 72546 |
| Stryker Corp. | 586 | 231839 |
|  |  | 9702969 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |  |
| Chemed Corp. | 96 | 46745 |
| Cigna Group | 24261 | 8020202 |
| Encompass Health Corp. | 494 | 60579 |
| Ensign Group, Inc. | 370 | 57076 |
| Labcorp Holdings, Inc. | 282 | 74028 |
| Quest Diagnostics, Inc. | 400 | 71852 |
|  |  | 8330482 |
| **Health Care Technology**<sup>(b)</sup> **— 0.0%** | **Health Care Technology**<sup>(b)</sup> **— 0.0%** |  |
| Doximity, Inc., Class A | 1050 | 64407 |
| Veeva Systems, Inc., Class A | 353 | 101657 |
|  |  | 166064 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |  |
| Booking Holdings, Inc. | 49 | 283673 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 2552 | 143295 |
| Darden Restaurants, Inc. | 32612 | 7108438 |
| Hilton Worldwide Holdings, Inc. | 468 | 124647 |
| Marriott International, Inc., Class A | 500 | 136605 |
| McDonald's Corp. | 1033 | 301811 |
| Restaurant Brands International, Inc. | 1199 | 79482 |
| Texas Roadhouse, Inc. | 300 | 56223 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |  |
| Vail Resorts, Inc. | 22720 | $3569993 |
| Yum! Brands, Inc. | 654 | 96910 |
|  |  | 11901077 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** |  |
| D.R. Horton, Inc. | 745 | 96045 |
| Garmin Ltd. | 453 | 94550 |
| NVR, Inc.<sup>(b)</sup> | 10 | 73857 |
| PulteGroup, Inc. | 690 | 72767 |
|  |  | 337219 |
| **Household Products — 0.2%** | **Household Products — 0.2%** |  |
| Church & Dwight Co., Inc. | 754 | 72467 |
| Clorox Co. | 18608 | 2234263 |
| Colgate-Palmolive Co. | 15137 | 1375953 |
| Kimberly-Clark Corp. | 53161 | 6853516 |
| Procter & Gamble Co. | 47725 | 7603547 |
|  |  | 18139746 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |  |
| Honeywell International, Inc. | 987 | 229852 |
| **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |  |
| STAG Industrial, Inc. | 1728 | 62692 |
| **Insurance — 0.1%** | **Insurance — 0.1%** |  |
| Old Republic International Corp. | 134407 | 5166605 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |  |
| Alphabet, Inc., Class A | 6856 | 1208233 |
| Meta Platforms, Inc., Class A | 1807 | 1333729 |
| Reddit, Inc., Class A<sup>(b)</sup> | 650 | 97870 |
|  |  | 2639832 |
| **IT Services — 0.1%** | **IT Services — 0.1%** |  |
| Amdocs Ltd. | 82812 | 7555767 |
| CGI, Inc. | 702 | 73591 |
| Cognizant Technology Solutions Corp., Class A | 1161 | 90593 |
| Gartner, Inc.<sup>(b)</sup> | 196 | 79227 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 424 | 76345 |
| International Business Machines Corp. | 1309 | 385867 |
| Shopify, Inc., Class A<sup>(b)</sup> | 2020 | 233007 |
| VeriSign, Inc. | 283 | 81730 |
|  |  | 8576127 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |  |
| Agilent Technologies, Inc. | 729 | 86029 |
| Bio-Techne Corp. | 1113 | 57264 |
| Danaher Corp. | 1094 | 216109 |
| QIAGEN NV | 168244 | 8085807 |
| Thermo Fisher Scientific, Inc. | 568 | 230301 |
| West Pharmaceutical Services, Inc. | 299 | 65421 |
|  |  | 8740931 |
| **Machinery — 0.0%** | **Machinery — 0.0%** |  |
| Allison Transmission Holdings, Inc. | 519 | 49300 |
| Cummins, Inc. | 295 | 96612 |
| Donaldson Co., Inc. | 785 | 54440 |
| Dover Corp. | 412 | 75491 |
| Federal Signal Corp. | 533 | 56722 |
| Fortive Corp. | 1015 | 52912 |
| Graco, Inc. | 727 | 62500 |
| IDEX Corp. | 332 | 58289 |
| Illinois Tool Works, Inc. | 535 | 132279 |
| Ingersoll Rand, Inc. | 1025 | 85259 |
| ITT, Inc. | 379 | 59439 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** |  |
| Kadant, Inc. | 152 | $48252 |
| Lincoln Electric Holdings, Inc. | 291 | 60330 |
| Mueller Industries, Inc. | 697 | 55391 |
| Mueller Water Products, Inc., Class A | 1989 | 47816 |
| Nordson Corp. | 275 | 58952 |
| Otis Worldwide Corp. | 948 | 93871 |
| Parker-Hannifin Corp. | 222 | 155060 |
| Pentair PLC | 625 | 64163 |
| RBC Bearings, Inc.<sup>(b)</sup> | 155 | 59644 |
| Snap-on, Inc. | 200 | 62236 |
| SPX Technologies, Inc.<sup>(b)</sup> | 346 | 58017 |
| Westinghouse Air Brake Technologies Corp. | 429 | 89811 |
| Xylem, Inc. | 648 | 83825 |
|  |  | 1720611 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |  |
| Kirby Corp.<sup>(b)</sup> | 471 | 53416 |
| **Media — 0.2%** | **Media — 0.2%** |  |
| Comcast Corp., Class A | 218161 | 7786166 |
| Fox Corp., Class A | 1342 | 75206 |
| New York Times Co., Class A | 928 | 51949 |
| News Corp., Class A | 2312 | 68712 |
| Omnicom Group, Inc. | 83755 | 6025335 |
|  |  | 14007368 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |  |
| Franco-Nevada Corp. | 507 | 83107 |
| Newmont Corp. | 74675 | 4350566 |
| Reliance, Inc. | 213 | 66861 |
| Royal Gold, Inc. | 331 | 58865 |
|  |  | 4559399 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |  |
| Ameren Corp. | 805 | 77312 |
| CenterPoint Energy, Inc. | 2039 | 74913 |
| CMS Energy Corp. | 97055 | 6723971 |
| Consolidated Edison, Inc. | 74126 | 7438544 |
| NiSource, Inc. | 1738 | 70111 |
| Public Service Enterprise Group, Inc. | 1179 | 99248 |
| Sempra | 1384 | 104866 |
| WEC Energy Group, Inc. | 71241 | 7423312 |
|  |  | 22012277 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |  |
| Antero Midstream Corp. | 46623 | 883506 |
| Cheniere Energy, Inc. | 469 | 114211 |
| Chevron Corp. | 35913 | 5142382 |
| DT Midstream, Inc. | 553 | 60780 |
| Enbridge, Inc. | 3694 | 167412 |
| EOG Resources, Inc. | 1054 | 126069 |
| Expand Energy Corp. | 685 | 80104 |
| Exxon Mobil Corp. | 78511 | 8463486 |
| Kinder Morgan, Inc. | 21233 | 624250 |
| New Fortress Energy, Inc., Class A, (Acquired <br> 12/24/24, Cost: $—)<sup>(b)(c)</sup><br>| 155741 | 517060 |
| Pembina Pipeline Corp. | 1914 | 71794 |
| TC Energy Corp. | 2196 | 107143 |
| Williams Cos., Inc. | 17360 | 1090382 |
|  |  | 17448579 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |  |
| BellRing Brands, Inc.<sup>(b)</sup> | 880 | 50978 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |  |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 728 | 53435 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |  |
| Eli Lilly & Co. | 1243 | $968956 |
| Johnson & Johnson | 52264 | 7983326 |
| Merck & Co., Inc. | 101665 | 8047802 |
| Zoetis, Inc., Class A | 814 | 126943 |
|  |  | 17180462 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** |  |
| Automatic Data Processing, Inc. | 23794 | 7338070 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 1152 | 50446 |
| Genpact Ltd. | 1241 | 54616 |
| Leidos Holdings, Inc. | 453 | 71465 |
| Paychex, Inc. | 724 | 105313 |
| Thomson Reuters Corp. | 797 | 160301 |
| Verisk Analytics, Inc. | 313 | 97499 |
|  |  | 7877710 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |  |
| Camden Property Trust | 5485 | 618105 |
| Mid-America Apartment Communities, Inc. | 49610 | 7342776 |
|  |  | 7960881 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |  |
| NNN REIT, Inc. | 60642 | 2618522 |
| Regency Centers Corp. | 105696 | 7528726 |
|  |  | 10147248 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |  |
| Analog Devices, Inc. | 800 | 190416 |
| Applied Materials, Inc. | 1214 | 222247 |
| NVIDIA Corp. | 8096 | 1279087 |
| Texas Instruments, Inc. | 1316 | 273228 |
|  |  | 1964978 |
| **Software — 0.1%** | **Software — 0.1%** |  |
| Appfolio, Inc., Class A<sup>(b)</sup> | 248 | 57109 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 494 | 152226 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(b)</sup> | 2365 | 51865 |
| CyberArk Software Ltd.<sup>(b)</sup> | 179 | 72832 |
| Descartes Systems Group, Inc.<sup>(b)</sup> | 496 | 50416 |
| Fair Isaac Corp.<sup>(b)</sup> | 57 | 104194 |
| Guidewire Software, Inc.<sup>(b)</sup> | 312 | 73460 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 307 | 60623 |
| Microsoft Corp. | 2520 | 1253473 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 3456 | 471122 |
| Roper Technologies, Inc. | 212 | 120170 |
| Synopsys, Inc.<sup>(b)</sup> | 292 | 149703 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 129 | 76476 |
|  |  | 2693669 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |  |
| CubeSmart | 55785 | 2370863 |
| Public Storage | 24929 | 7314667 |
| VICI Properties, Inc. | 238232 | 7766363 |
|  |  | 17451893 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |  |
| AutoZone, Inc.<sup>(b)</sup> | 33 | 122503 |
| Home Depot, Inc. | 21591 | 7916124 |
| Lowe's Cos., Inc. | 18248 | 4048684 |
| Murphy USA, Inc. | 126 | 51257 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1560 | 140603 |
| Ross Stores, Inc. | 720 | 91858 |
| TJX Cos., Inc. | 1723 | 212773 |
| Tractor Supply Co. | 1518 | 80105 |
|  |  | 12663907 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |  |
| Apple, Inc. | 5749 | $1179522 |
| **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.0%** | **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.0%** |  |
| Deckers Outdoor Corp. | 592 | 61018 |
| Lululemon Athletica, Inc. | 278 | 66047 |
|  |  | 127065 |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** |  |
| Altria Group, Inc. | 2870 | 168268 |
| Philip Morris International, Inc. | 2196 | 399958 |
|  |  | 568226 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| Applied Industrial Technologies, Inc. | 237 | 55091 |
| Fastenal Co. | 2480 | 104160 |
| Ferguson Enterprises, Inc. | 415 | 90366 |
| MSC Industrial Direct Co., Inc., Class A | 602 | 51182 |
| Watsco, Inc. | 146 | 64476 |
| WW Grainger, Inc. | 99 | 102984 |
|  |  | 468259 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |  |
| American Water Works Co., Inc. | 53863 | 7492882 |
| Essential Utilities, Inc. | 57273 | 2127119 |
|  |  | 9620001 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
| T-Mobile U.S., Inc. | 1598 | 380739 |
| **Total Common Stocks — 5.4%** <br>**(Cost: $397,563,775)** | **Total Common Stocks — 5.4%** <br>**(Cost: $397,563,775)** | 423954570 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** |
| Interpublic Group of Cos., Inc., 2.40%, 03/01/31 | $430 | 382167 |
| **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
| General Dynamics Corp. |  |  |
| 3.50%, 04/01/27 | 3532 | 3503883 |
| 3.75%, 05/15/28 | 1243 | 1236093 |
| Lockheed Martin Corp., 4.75%, 02/15/34 | 28270 | 28103789 |
| Moog, Inc., 4.25%, 12/15/27<sup>(a)</sup> | 145 | 141565 |
| RTX Corp. |  |  |
| 5.75%, 01/15/29 | 785 | 822174 |
| 6.00%, 03/15/31 | 1530 | 1643878 |
| 6.10%, 03/15/34 | 350 | 378389 |
| TransDigm, Inc.<sup>(a)</sup> <br>|  |  |
| 6.75%, 08/15/28 | 2730 | 2787712 |
| 6.38%, 03/01/29 | 4700 | 4821925 |
| 6.88%, 12/15/30 | 4500 | 4669145 |
| 6.38%, 05/31/33 | 2495 | 2497262 |
|  |  | 50605815 |
| **Automobile Components**<sup>(a)</sup> **— 0.2%** | **Automobile Components**<sup>(a)</sup> **— 0.2%** | **Automobile Components**<sup>(a)</sup> **— 0.2%** |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<br>| 6571 | 6841265 |
| IHO Verwaltungs GmbH<sup>(d)</sup> <br>|  |  |
| (7.75% PIK), 7.75%, 11/15/30 | 3194 | 3278194 |
| (8.00% PIK), 8.00%, 11/15/32 | 3769 | 3853953 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| Phinia, Inc. |  |  |
| 6.75%, 04/15/29 | 1631 | $1683486 |
| 6.63%, 10/15/32 | 3594 | 3650007 |
|  |  | 19306905 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| American Honda Finance Corp., 1.20%, 07/08/25 | 1395 | 1394051 |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)</sup><br>| 6599 | 6248517 |
| Carvana Co.<sup>(a)(d)</sup> <br>|  |  |
| (9.00% PIK), 9.00%, 12/01/28 | 2734 | 2804066 |
| (9.00% PIK), 9.00%, 06/01/30 | 4929 | 5183027 |
| (9.00% PIK), 9.00%, 06/01/31 | 3132 | 3544369 |
| General Motors Co., 6.13%, 10/01/25 | 375 | 375667 |
| General Motors Financial Co., Inc., 2.35%, 02/26/27 | 14390 | 13867789 |
| Honda Motor Co. Ltd. |  |  |
| 2.53%, 03/10/27 | 4480 | 4346400 |
| 07/08/30<sup>(e)</sup> | 9080 | 9095618 |
| 07/08/35<sup>(e)</sup> | 10460 | 10486650 |
| Jaguar Land Rover Automotive PLC, 4.50%, <br> 10/01/27<sup>(a)</sup><br>| 1457 | 1430659 |
| New Flyer Holdings, Inc., 9.25%, 07/01/30<sup>(a)</sup> | 3014 | 3179896 |
| Nissan Motor Acceptance Co. LLC, 6.95%, 09/15/26<sup>(a)</sup> | 692 | 698797 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive <br> LLC, 10.00%, 01/15/31<sup>(a)</sup><br>| 1720 | 1689938 |
| Toyota Motor Credit Corp., 4.95%, 01/09/30 | 5661 | 5789080 |
|  |  | 70134524 |
| **Banks — 8.1%** | **Banks — 8.1%** | **Banks — 8.1%** |
| Banco Bilbao Vizcaya Argentaria SA, (5-year CMT + <br> 3.25%), 7.75%<sup>(f)(g)</sup><br>| 5600 | 5676767 |
| Banco Santander SA, (1-year CMT + 0.90%), 1.72%, <br> 09/14/27<sup>(g)</sup><br>| 2800 | 2704736 |
| Bank of America Corp.<sup>(g)</sup> <br>|  |  |
| (1-day SOFR + 0.96%), 1.73%, 07/22/27 | 14345 | 13943036 |
| (1-day SOFR + 1.05%), 2.55%, 02/04/28 | 1625 | 1579324 |
| (1-day SOFR + 1.21%), 2.57%, 10/20/32 | 655 | 577292 |
| (1-day SOFR + 1.32%), 2.69%, 04/22/32 | 290 | 260253 |
| (1-day SOFR + 1.33%), 2.97%, 02/04/33 | 3252 | 2912123 |
| (1-day SOFR + 1.83%), 4.57%, 04/27/33 | 1625 | 1599115 |
| (1-day SOFR + 1.91%), 5.29%, 04/25/34 | 11570 | 11801791 |
| (1-day SOFR + 1.99%), 6.20%, 11/10/28 | 8160 | 8491932 |
| (1-day SOFR + 2.04%), 4.95%, 07/22/28 | 5610 | 5674640 |
| (3-mo. CME Term SOFR + 1.25%), 2.50%, <br> 02/13/31<br>| 28465 | 25998839 |
| (3-mo. CME Term SOFR + 1.30%), 3.42%, <br> 12/20/28<br>| 3765 | 3680226 |
| (3-mo. CME Term SOFR + 1.32%), 3.56%, <br> 04/23/27<br>| 1500 | 1489225 |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26 | 2260 | 2180614 |
| 5.72%, 09/25/28 | 3110 | 3241694 |
| Bank of New York Mellon Corp. |  |  |
| 3.00%, 10/30/28 | 332 | 319750 |
| (1-day SOFR + 1.15%), 3.99%, 06/13/28<sup>(g)</sup> | 73 | 72741 |
| (1-day SOFR + 1.17%), 4.54%, 02/01/29<sup>(g)</sup> | 4130 | 4161584 |
| (1-day SOFR + 1.35%), 4.41%, 07/24/26<sup>(g)</sup> | 717 | 716690 |
| (1-day SOFR Index + 1.80%), 5.80%, 10/25/28<sup>(g)</sup> | 427 | 442132 |
| Bank of Nova Scotia |  |  |
| 1.05%, 03/02/26 | 3798 | 3715319 |
| 1.35%, 06/24/26 | 14962 | 14535402 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.95%, 08/04/25 | 5373 | 5368882 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Canadian Imperial Bank of Commerce (continued) |  |  |
| 0.95%, 10/23/25 | $1870 | $1850359 |
| Citigroup, Inc. |  |  |
| 4.45%, 09/29/27 | 240 | 240230 |
| (1-day SOFR + 1.14%), 4.64%, 05/07/28<sup>(g)</sup> | 7590 | 7610118 |
| (1-day SOFR + 1.35%), 3.06%, 01/25/33<sup>(g)</sup> | 18490 | 16524721 |
| (1-day SOFR + 2.11%), 2.57%, 06/03/31<sup>(g)</sup> | 23540 | 21348695 |
| Fifth Third Bancorp<sup>(g)</sup> <br>|  |  |
| (1-day SOFR + 1.84%), 5.63%, 01/29/32 | 390 | 405866 |
| (1-day SOFR + 2.34%), 6.34%, 07/27/29 | 2325 | 2448925 |
| Goldman Sachs Group, Inc. |  |  |
| 4.25%, 10/21/25 | 8100 | 8090064 |
| 3.75%, 02/25/26 | 75 | 74664 |
| 2.60%, 02/07/30 | 3090 | 2855700 |
| (1-day SOFR + 0.79%), 1.09%, 12/09/26<sup>(g)</sup> | 6100 | 6005255 |
| (1-day SOFR + 0.80%), 1.43%, 03/09/27<sup>(g)</sup> | 14815 | 14494966 |
| (1-day SOFR + 1.25%), 2.38%, 07/21/32<sup>(g)</sup> | 8880 | 7755311 |
| (1-day SOFR + 1.28%), 2.62%, 04/22/32<sup>(g)</sup> | 1545 | 1373278 |
| (1-day SOFR + 1.51%), 4.39%, 06/15/27<sup>(g)</sup> | 5985 | 5976008 |
| (3-mo. CME Term SOFR + 1.42%), 3.81%, <br> 04/23/29<sup>(g)</sup><br>| 3015 | 2966988 |
| HSBC Holdings PLC<sup>(g)</sup> <br>|  |  |
| (1-day SOFR + 1.29%), 5.29%, 11/19/30 | 23435 | 23940530 |
| (1-day SOFR + 1.56%), 5.45%, 03/03/36 | 11560 | 11623719 |
| (1-day SOFR + 2.61%), 5.21%, 08/11/28 | 15205 | 15419976 |
| (1-day SOFR + 2.98%), 6.55%, 06/20/34 | 1900 | 2018447 |
| JPMorgan Chase & Co.<sup>(g)</sup> <br>|  |  |
| (1-day SOFR + 0.77%), 1.47%, 09/22/27 | 22140 | 21360305 |
| (1-day SOFR + 0.80%), 1.05%, 11/19/26 | 8505 | 8390174 |
| (1-day SOFR + 0.80%), 4.92%, 01/24/29 | 852 | 863441 |
| (1-day SOFR + 1.04%), 4.60%, 10/22/30 | 1300 | 1304441 |
| (1-day SOFR + 1.26%), 2.96%, 01/25/33 | 3385 | 3042543 |
| (1-day SOFR + 1.34%), 4.95%, 10/22/35 | 2650 | 2622241 |
| (1-day SOFR + 1.46%), 5.29%, 07/22/35 | 3389 | 3448722 |
| (1-day SOFR + 1.85%), 5.35%, 06/01/34 | 8025 | 8256293 |
| (1-day SOFR + 1.99%), 4.85%, 07/25/28 | 14675 | 14827985 |
| (1-day SOFR + 2.08%), 4.91%, 07/25/33 | 5300 | 5330683 |
| (3-mo. CME Term SOFR + 1.11%), 1.76%, 11/19/31 | 5525 | 4787300 |
| (3-mo. CME Term SOFR + 1.25%), 2.58%, <br> 04/22/32<br>| 428 | 382236 |
| (3-mo. CME Term SOFR + 1.52%), 4.20%, <br> 07/23/29<br>| 35 | 34852 |
| Lloyds Banking Group PLC |  |  |
| 4.58%, 12/10/25 | 3110 | 3106929 |
| (1-year CMT + 1.75%), 4.72%, 08/11/26<sup>(g)</sup> | 5380 | 5377757 |
| M&T Bank Corp., (1-day SOFR + 2.80%), 7.41%, <br> 10/30/29<sup>(g)</sup><br>| 21874 | 23723591 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(g)</sup> <br>|  |  |
| (1-year CMT + 0.67%), 1.64%, 10/13/27 | 4770 | 4604603 |
| (1-year CMT + 0.83%), 2.34%, 01/19/28 | 485 | 469632 |
| (1-year CMT + 1.97%), 5.41%, 04/19/34 | 780 | 801396 |
| Mizuho Financial Group, Inc., 07/08/31<sup>(e)(g)</sup> | 8120 | 8118973 |
| Morgan Stanley |  |  |
| 3.95%, 04/23/27 | 509 | 505803 |
| 3.59%, 07/22/28<sup>(g)</sup> | 325 | 319311 |
| (1-day SOFR + 0.72%), 0.99%, 12/10/26<sup>(g)</sup> | 14490 | 14259274 |
| (1-day SOFR + 1.00%), 2.48%, 01/21/28<sup>(g)</sup> | 13 | 12618 |
| (1-day SOFR + 1.03%), 1.79%, 02/13/32<sup>(g)</sup> | 19064 | 16310106 |
| (1-day SOFR + 1.14%), 2.70%, 01/22/31<sup>(g)</sup> | 14427 | 13303373 |
| (1-day SOFR + 1.18%), 2.24%, 07/21/32<sup>(g)</sup> | 3212 | 2781424 |
| (1-day SOFR + 1.20%), 2.51%, 10/20/32<sup>(g)</sup> | 19787 | 17327676 |
| (1-day SOFR + 1.42%), 5.59%, 01/18/36<sup>(g)</sup> | 2595 | 2663806 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley (continued) |  |  |
| (1-day SOFR + 1.45%), 5.17%, 01/16/30<sup>(g)</sup> | 2005 | $2047002 |
| (1-day SOFR + 1.58%), 5.83%, 04/19/35<sup>(g)</sup> | 4540 | 4756373 |
| (1-day SOFR + 1.73%), 5.47%, 01/18/35<sup>(g)</sup> | 1115 | 1140701 |
| (1-day SOFR + 1.87%), 5.25%, 04/21/34<sup>(g)</sup> | 10910 | 11098178 |
| PNC Financial Services Group, Inc.<sup>(g)</sup> <br>|  |  |
| (1-day SOFR + 1.26%), 4.81%, 10/21/32 | 12580 | 12608926 |
| (1-day SOFR + 1.60%), 5.40%, 07/23/35 | 1197 | 1218886 |
| Royal Bank of Canada |  |  |
| 1.20%, 04/27/26 | 1495 | 1458883 |
| 2.05%, 01/21/27 | 8000 | 7757496 |
| 5.20%, 08/01/28 | 1220 | 1255028 |
| 4.95%, 02/01/29 | 1840 | 1882147 |
| 5.00%, 02/01/33 | 1880 | 1909143 |
| (1-day SOFR + 0.83%), 4.97%, 01/24/29<sup>(g)</sup> | 6940 | 7039980 |
| Santander Holdings USA, Inc., (1-day SOFR + 2.14%), <br> 6.34%, 05/31/35<sup>(g)</sup><br>| 5259 | 5491792 |
| Santander U.K. Group Holdings PLC, (1-year CMT + <br> 1.25%), 1.53%, 08/21/26<sup>(g)</sup><br>| 3000 | 2986159 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 1.47%, 07/08/25 | 7252 | 7247652 |
| 5.46%, 01/13/26 | 5130 | 5155648 |
| 1.40%, 09/17/26 | 7800 | 7530748 |
| 2.17%, 01/14/27 | 2735 | 2650895 |
| 5.52%, 01/13/28 | 5590 | 5755325 |
| Toronto-Dominion Bank, 4.69%, 09/15/27 | 6755 | 6819971 |
| Truist Financial Corp. |  |  |
| 1.20%, 08/05/25 | 3401 | 3390240 |
| (1-day SOFR + 0.86%), 1.89%, 06/07/29<sup>(g)</sup> | 199 | 185185 |
| (1-day SOFR + 1.62%), 5.44%, 01/24/30<sup>(g)</sup> | 4635 | 4773923 |
| U.S. Bancorp<sup>(g)</sup> <br>|  |  |
| (1-day SOFR + 1.41%), 5.42%, 02/12/36 | 12910 | 13155031 |
| (1-day SOFR + 1.86%), 5.68%, 01/23/35 | 1445 | 1500164 |
| Wells Fargo & Co.<sup>(g)</sup> <br>|  |  |
| (1-day SOFR + 1.11%), 5.24%, 01/24/31 | 2631 | 2698979 |
| (1-day SOFR + 1.50%), 3.35%, 03/02/33 | 1875 | 1712344 |
| (1-day SOFR + 1.98%), 4.81%, 07/25/28 | 5564 | 5610904 |
| (1-day SOFR + 2.10%), 2.39%, 06/02/28 | 3 | 2890 |
| (3-mo. CME Term SOFR + 1.26%), 2.57%, <br> 02/11/31<br>| 18075 | 16558808 |
| (3-mo. CME Term SOFR + 1.43%), 2.88%, <br> 10/30/30<br>| 13455 | 12571424 |
| (3-mo. CME Term SOFR + 1.57%), 3.58%, <br> 05/22/28<br>| 31 | 30523 |
| (3-mo. CME Term SOFR + 4.03%), 4.48%, <br> 04/04/31<br>| 5840 | 5812441 |
|  |  | 628319204 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Coca-Cola Co., 5.00%, 05/13/34 | 3770 | 3882060 |
| Coca-Cola Femsa SAB de C.V., 2.75%, 01/22/30 | 8207 | 7665830 |
| Constellation Brands, Inc. |  |  |
| 4.35%, 05/09/27 | 5582 | 5582489 |
| 2.88%, 05/01/30 | 310 | 286671 |
| Diageo Capital PLC |  |  |
| 2.38%, 10/24/29 | 405 | 375891 |
| 2.00%, 04/29/30 | 2710 | 2437763 |
| 5.50%, 01/24/33 | 18405 | 19158710 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., <br> 4.38%, 04/30/29<sup>(a)</sup><br>| 2171 | 2104850 |
|  |  | 41494264 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Amgen, Inc. |  |  |
| 4.05%, 08/18/29 | $1225 | $1210796 |
| 3.35%, 02/22/32 | 3035 | 2810278 |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(a)</sup> | 6743 | 6399107 |
| Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 | 20690 | 17969696 |
|  |  | 28389877 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Kohl's Corp., 5.13%, 05/01/31 | 2555 | 1834150 |
| Macy's Retail Holdings LLC, 6.13%, 03/15/32<sup>(a)</sup> | 2415 | 2302399 |
|  |  | 4136549 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Builders FirstSource, Inc., 6.75%, 05/15/35<sup>(a)</sup> | 3835 | 3948574 |
| CRH America Finance, Inc., 5.50%, 01/09/35 | 16350 | 16755589 |
| Eagle Materials, Inc., 2.50%, 07/01/31 | 3285 | 2912996 |
| Martin Marietta Materials, Inc., 5.15%, 12/01/34 | 2055 | 2064543 |
| Masco Corp., 3.50%, 11/15/27 | 2925 | 2862544 |
| Sisecam U.K. PLC<sup>(a)</sup> <br>|  |  |
| 8.25%, 05/02/29 | 2277 | 2297311 |
| 8.63%, 05/02/32 | 2184 | 2209247 |
| Trane Technologies Financing Ltd., 3.50%, 03/21/26 | 1555 | 1544679 |
|  |  | 34595483 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Home Depot, Inc., 2.50%, 04/15/27 | 150 | 146005 |
| Lowe's Cos., Inc. |  |  |
| 3.10%, 05/03/27 | 9171 | 8994117 |
| 2.63%, 04/01/31 | 1155 | 1041877 |
| Patrick Industries, Inc., 6.38%, 11/01/32<sup>(a)</sup> | 2920 | 2928021 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(a)</sup> | 5629 | 5799007 |
|  |  | 18909027 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Ameriprise Financial, Inc. |  |  |
| 5.70%, 12/15/28 | 7590 | 7953396 |
| 5.15%, 05/15/33 | 7000 | 7182576 |
| Ares Capital Corp. |  |  |
| 2.15%, 07/15/26 | 3936 | 3835421 |
| 2.88%, 06/15/27 | 6210 | 6001628 |
| 2.88%, 06/15/28 | 7695 | 7251256 |
| Blue Owl Finance LLC, 6.25%, 04/18/34 | 6150 | 6328083 |
| Brookfield Finance, Inc., 3.90%, 01/25/28 | 55 | 54355 |
| Charles Schwab Corp. |  |  |
| 1.15%, 05/13/26 | 2135 | 2076616 |
| 5.88%, 08/24/26 | 6560 | 6669881 |
| 2.45%, 03/03/27 | 1495 | 1452876 |
| 3.20%, 01/25/28 | 129 | 126283 |
| 2.00%, 03/20/28 | 13 | 12304 |
| 1.65%, 03/11/31 | 84 | 72120 |
| 2.30%, 05/13/31 | 394 | 350576 |
| 1.95%, 12/01/31 | 3118 | 2665200 |
| 2.90%, 03/03/32 | 148 | 133114 |
| (1-day SOFR + 1.88%), 6.20%, 11/17/29<sup>(g)</sup> | 6824 | 7240618 |
| (1-day SOFR + 2.21%), 5.64%, 05/19/29<sup>(g)</sup> | 2734 | 2833826 |
| (1-day SOFR + 2.50%), 5.85%, 05/19/34<sup>(g)</sup> | 2347 | 2493245 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | 5275 | 5058203 |
| 3.25%, 07/15/27 | 2810 | 2694816 |
| 3.13%, 10/12/28 | 4080 | 3741370 |
| 6.13%, 01/15/30 | 4840 | 4806799 |
| Golub Capital BDC, Inc., 2.50%, 08/24/26 | 620 | 603363 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| 9.75%, 01/15/29 | 3011 | $2924982 |
| 10.00%, 11/15/29<sup>(a)</sup> | 746 | 738558 |
| 9.00%, 06/15/30 | 2428 | 2270414 |
| Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(a)</sup><br>| 1660 | 1706822 |
| LPL Holdings, Inc., 5.65%, 03/15/35 | 6855 | 6892175 |
| Nomura Holdings, Inc. |  |  |
| 5.10%, 07/03/25 | 7720 | 7720139 |
| 1.85%, 07/16/25 | 7520 | 7510802 |
| Stonex Escrow Issuer LLC, 07/15/32<sup>(a)(e)</sup> | 960 | 969656 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(a)</sup> | 5447 | 5709796 |
| VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, <br> 06/15/31<sup>(a)</sup><br>| 6513 | 6834736 |
|  |  | 124916005 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Products and Chemicals, Inc., 2.05%, 05/15/30 | 1125 | 1017578 |
| CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, <br> 06/15/28<sup>(a)</sup><br>| 6009 | 6001411 |
| Ecolab, Inc., 2.13%, 02/01/32 | 1920 | 1656816 |
| LYB International Finance II BV, 3.50%, 03/02/27 | 2480 | 2444157 |
| OCI NV, 6.70%, 03/16/33<sup>(a)</sup> | 4492 | 4972646 |
| PPG Industries, Inc., 1.20%, 03/15/26 | 8910 | 8703996 |
| Rain Carbon, Inc., 12.25%, 09/01/29<sup>(a)</sup> | 3261 | 3497263 |
| Sherwin-Williams Co., 4.80%, 09/01/31 | 4335 | 4381463 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(a)</sup> | 6407 | 6204432 |
|  |  | 38879762 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| Automatic Data Processing, Inc., 4.75%, 05/08/32 | 3805 | 3859651 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | 2074 | 2091304 |
| Deluxe Corp.<sup>(a)</sup> <br>|  |  |
| 8.00%, 06/01/29 | 4390 | 4232352 |
| 8.13%, 09/15/29 | 3992 | 4120015 |
| Equifax, Inc., 4.80%, 09/15/29 | 5130 | 5172815 |
| Fortress Transportation and Infrastructure Investors <br> LLC, 7.88%, 12/01/30<sup>(a)</sup><br>| 900 | 954912 |
| GEO Group, Inc. |  |  |
| 8.63%, 04/15/29 | 5396 | 5712907 |
| 10.25%, 04/15/31 | 4689 | 5142698 |
| Hertz Corp., 12.63%, 07/15/29<sup>(a)</sup> | 3698 | 3867214 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/30 | 4900 | 4517114 |
| 2.35%, 01/15/32 | 5895 | 5075256 |
| RELX Capital, Inc., 5.25%, 03/27/35 | 1090 | 1115358 |
| S&P Global, Inc. |  |  |
| 2.45%, 03/01/27 | 11965 | 11643302 |
| 2.50%, 12/01/29 | 115 | 106923 |
| 1.25%, 08/15/30 | 1905 | 1640043 |
| 2.90%, 03/01/32 | 11640 | 10582064 |
| TriNet Group, Inc., 3.50%, 03/01/29<sup>(a)</sup> | 1524 | 1432184 |
| Upbound Group, Inc., 6.38%, 02/15/29<sup>(a)</sup> | 3666 | 3626564 |
| Williams Scotsman, Inc.<sup>(a)</sup> <br>|  |  |
| 6.63%, 06/15/29 | 560 | 574853 |
| 6.63%, 04/15/30 | 492 | 511065 |
| 7.38%, 10/01/31 | 1698 | 1787313 |
|  |  | 77765907 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| CommScope LLC, 8.25%, 03/01/27<sup>(a)</sup> | 7409 | 7380449 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Construction & Engineering**<sup>(a)</sup> **— 0.0%** | **Construction & Engineering**<sup>(a)</sup> **— 0.0%** | **Construction & Engineering**<sup>(a)</sup> **— 0.0%** |
| Dycom Industries, Inc., 4.50%, 04/15/29 | $1476 | $1436580 |
| Tutor Perini Corp., 11.88%, 04/30/29 | 1988 | 2237930 |
|  |  | 3674510 |
| **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** |
| American Express Co. |  |  |
| 4.05%, 05/03/29 | 3650 | 3648536 |
| (1-day SOFR + 1.93%), 5.63%, 07/28/34<sup>(g)</sup> | 1440 | 1472525 |
| (1-day SOFR Index + 1.32%), 5.44%, 01/30/36<sup>(g)</sup> | 7670 | 7829593 |
| Bread Financial Holdings, Inc., 9.75%, 03/15/29<sup>(a)</sup> | 8010 | 8625192 |
| Capital One Financial Corp.<sup>(g)</sup> <br>|  |  |
| (1-day SOFR + 1.56%), 5.46%, 07/26/30 | 10255 | 10552561 |
| (1-day SOFR + 1.79%), 3.27%, 03/01/30 | 69 | 65999 |
| (1-day SOFR + 2.04%), 6.18%, 01/30/36 | 2250 | 2290606 |
| (1-day SOFR + 2.26%), 6.05%, 02/01/35 | 12755 | 13295596 |
| (1-day SOFR + 2.37%), 5.27%, 05/10/33 | 3079 | 3105874 |
| (1-day SOFR + 2.60%), 5.25%, 07/26/30 | 595 | 608253 |
| (1-day SOFR + 2.64%), 6.31%, 06/08/29 | 2746 | 2882474 |
| Enova International, Inc.<sup>(a)</sup> <br>|  |  |
| 11.25%, 12/15/28 | 4007 | 4304556 |
| 9.13%, 08/01/29 | 1464 | 1541265 |
| EZCORP, Inc., 7.38%, 04/01/32<sup>(a)</sup> | 1021 | 1074714 |
| goeasy Ltd.<sup>(a)</sup> <br>|  |  |
| 9.25%, 12/01/28 | 2498 | 2642926 |
| 7.63%, 07/01/29 | 5941 | 6124301 |
| 7.38%, 10/01/30 | 1075 | 1098444 |
| 6.88%, 05/15/30 | 1625 | 1633718 |
| Mastercard, Inc. |  |  |
| 2.95%, 06/01/29 | 260 | 249794 |
| 1.90%, 03/15/31 | 167 | 147406 |
| 4.95%, 03/15/32 | 8000 | 8231537 |
| 4.55%, 01/15/35 | 4385 | 4312352 |
| OneMain Finance Corp. |  |  |
| 7.88%, 03/15/30 | 5379 | 5715562 |
| 7.50%, 05/15/31 | 5851 | 6113429 |
| 7.13%, 11/15/31 | 1143 | 1189263 |
| SLM Corp., 6.50%, 01/31/30 | 2516 | 2640882 |
| Synchrony Financial, 7.25%, 02/02/33 | 6319 | 6611851 |
|  |  | 108009209 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Costco Wholesale Corp., 1.60%, 04/20/30 | 1375 | 1226911 |
| Walgreens Boots Alliance, Inc. |  |  |
| 8.13%, 08/15/29 | 5334 | 5657113 |
| 4.10%, 04/15/50 | 5997 | 5212314 |
|  |  | 12096338 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(a)</sup><br>| 11406 | 10412275 |
| Ardagh Packaging Finance PLC/Ardagh Holdings <br> USA, Inc.<sup>(a)</sup> <br>|  |  |
| 4.13%, 08/15/26 | 7034 | 6604012 |
| 5.25%, 08/15/27 | 4922 | 2194867 |
| Klabin Austria GmbH<sup>(a)</sup> <br>|  |  |
| 3.20%, 01/12/31 | 3084 | 2725485 |
| 7.00%, 04/03/49 | 3987 | 4030857 |
| Packaging Corp. of America, 5.70%, 12/01/33 | 10640 | 11112273 |
|  |  | 37079769 |
| **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** | **Diversified REITs — 0.7%** |
| American Tower Corp. |  |  |
| 5.80%, 11/15/28 | 3975 | 4147019 |
| 5.00%, 01/31/30 | 1215 | 1238547 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| American Tower Corp. (continued) |  |  |
| 5.40%, 01/31/35 | 730 | $745216 |
| Crown Castle, Inc. |  |  |
| 3.65%, 09/01/27 | 7183 | 7059322 |
| 3.80%, 02/15/28 | 1116 | 1095882 |
| 2.10%, 04/01/31 | 6112 | 5243885 |
| Equinix, Inc., 1.45%, 05/15/26 | 3465 | 3370094 |
| ERP Operating LP, 4.65%, 09/15/34 | 3185 | 3090687 |
| Iron Mountain, Inc., 5.25%, 03/15/28<sup>(a)</sup> | 1508 | 1501414 |
| Mid-America Apartments LP, 1.10%, 09/15/26 | 260 | 250550 |
| Prologis LP |  |  |
| 4.88%, 06/15/28 | 1245 | 1270054 |
| 4.75%, 06/15/33 | 3435 | 3423567 |
| Rithm Capital Corp.<sup>(a)</sup> <br>|  |  |
| 8.00%, 04/01/29 | 5857 | 5917427 |
| 8.00%, 07/15/30 | 1015 | 1020075 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC<sup>(a)</sup> <br>|  |  |
| 10.50%, 02/15/28 | 2118 | 2245170 |
| 6.50%, 02/15/29 | 3335 | 3223374 |
| VICI Properties LP, 5.63%, 04/01/35 | 6575 | 6635441 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> <br>|  |  |
| 5.75%, 02/01/27 | 160 | 162213 |
| 3.75%, 02/15/27 | 615 | 605574 |
| 3.88%, 02/15/29 | 620 | 599761 |
| 4.63%, 12/01/29 | 100 | 98244 |
| 4.13%, 08/15/30 | 300 | 287946 |
|  |  | 53231462 |
| **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** |
| AT&T, Inc. |  |  |
| 1.70%, 03/25/26 | 19033 | 18651587 |
| 2.30%, 06/01/27 | 1125 | 1084690 |
| 4.35%, 03/01/29 | 162 | 162340 |
| 2.75%, 06/01/31 | 10350 | 9384393 |
| Cisco Systems, Inc. |  |  |
| 4.95%, 02/24/32 | 5450 | 5586445 |
| 5.05%, 02/26/34 | 3320 | 3398185 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(a)</sup><br>| 3168 | 3184246 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | 5112 | 4942993 |
| Hughes Satellite Systems Corp. |  |  |
| 5.25%, 08/01/26 | 4100 | 3649264 |
| 6.63%, 08/01/26 | 6330 | 4507359 |
| Level 3 Financing, Inc.<sup>(a)</sup> <br>|  |  |
| 4.25%, 07/01/28 | 2500 | 2292425 |
| 10.75%, 12/15/30 | 2052 | 2326455 |
| 6.88%, 06/30/33 | 3470 | 3530805 |
| Lumen Technologies, Inc., 10.00%, 10/15/32<sup>(a)</sup> | 2909 | 2970816 |
| Sprint Capital Corp., 8.75%, 03/15/32 | 2510 | 3044856 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/30 | 2273 | 1966668 |
| 5.25%, 04/02/35 | 7765 | 7829695 |
|  |  | 78513222 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| AEP Texas, Inc. |  |  |
| 3.95%, 06/01/28 | 50 | 49412 |
| 5.40%, 06/01/33 | 125 | 126802 |
| AEP Transmission Co. LLC, 5.15%, 04/01/34 | 565 | 571453 |
| AES Corp., 1.38%, 01/15/26 | 3584 | 3515878 |
| Alabama Power Co., 3.05%, 03/15/32 | 1465 | 1336019 |
| Ameren Corp., 3.50%, 01/15/31 | 140 | 132258 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Ameren Illinois Co. |  |  |
| 3.85%, 09/01/32 | $2750 | $2603665 |
| 4.95%, 06/01/33 | 470 | 476299 |
| American Electric Power Co., Inc., Series N, 1.00%, <br> 11/01/25<br>| 3000 | 2963050 |
| Appalachian Power Co. |  |  |
| Series AA, 2.70%, 04/01/31 | 800 | 718564 |
| Series BB, 4.50%, 08/01/32 | 2120 | 2067914 |
| Arizona Public Service Co., 2.20%, 12/15/31 | 2310 | 1984360 |
| Atlantic City Electric Co., 4.00%, 10/15/28 | 50 | 49761 |
| Avangrid, Inc., 3.80%, 06/01/29 | 100 | 97690 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.25%, 04/15/28 | 100 | 97868 |
| 3.70%, 07/15/30 | 5170 | 5016188 |
| 1.65%, 05/15/31 | 245 | 208676 |
| Black Hills Corp., 3.15%, 01/15/27 | 1960 | 1916551 |
| CenterPoint Energy Houston Electric LLC |  |  |
| Series AG, 3.00%, 03/01/32 | 635 | 574651 |
| Series AI, 4.45%, 10/01/32 | 1850 | 1811255 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | 170 | 154793 |
| 4.90%, 02/01/33 | 665 | 669833 |
| 5.30%, 06/01/34 | 3570 | 3672971 |
| Connecticut Light and Power Co., 4.95%, 01/15/30 | 1780 | 1821739 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 5.38%, 05/15/34 | 3845 | 3968672 |
| Series 20A, 3.35%, 04/01/30 | 330 | 317151 |
| Dominion Energy, Inc. |  |  |
| 4.25%, 06/01/28 | 165 | 164760 |
| Series A, 1.45%, 04/15/26 | 621 | 606121 |
| Series B, 3.60%, 03/15/27 | 1300 | 1285848 |
| Series C, 3.38%, 04/01/30 | 916 | 870499 |
| Series C, 2.25%, 08/15/31 | 1375 | 1202264 |
| DTE Electric Co., Series C, 2.63%, 03/01/31 | 390 | 354791 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | 5000 | 4912183 |
| 5.85%, 06/01/34 | 610 | 638077 |
| Series C, 3.40%, 06/15/29 | 122 | 117063 |
| Duke Energy Carolinas LLC, 4.95%, 01/15/33 | 4050 | 4120849 |
| Duke Energy Corp. |  |  |
| 2.65%, 09/01/26 | 4283 | 4202553 |
| 3.40%, 06/15/29 | 255 | 245602 |
| 2.55%, 06/15/31 | 3870 | 3448314 |
| 5.75%, 09/15/33 | 640 | 672191 |
| Duke Energy Florida LLC, 1.75%, 06/15/30 | 115 | 101437 |
| Duke Energy Progress LLC |  |  |
| 5.25%, 03/15/33 | 755 | 779429 |
| 5.05%, 03/15/35 | 980 | 984152 |
| Entergy Arkansas LLC, 5.30%, 09/15/33 | 720 | 739019 |
| Entergy Corp., 0.90%, 09/15/25 | 290 | 287822 |
| Entergy Louisiana LLC, 1.60%, 12/15/30 | 2520 | 2179066 |
| Entergy Mississippi LLC, 5.00%, 09/01/33 | 920 | 921291 |
| Entergy Texas, Inc., 4.00%, 03/30/29 | 50 | 49383 |
| Evergy Kansas Central, Inc., 5.90%, 11/15/33 | 860 | 911709 |
| Evergy, Inc., 2.90%, 09/15/29 | 100 | 93901 |
| Eversource Energy |  |  |
| 5.13%, 05/15/33 | 3070 | 3072265 |
| Series M, 3.30%, 01/15/28 | 1000 | 973543 |
| Exelon Corp., 5.15%, 03/15/28 | 2050 | 2095382 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50 | 2590 | 1755320 |
| Florida Power & Light Co., 2.45%, 02/03/32 | 190 | 167555 |
| Georgia Power Co. |  |  |
| 3.25%, 03/30/27 | 50 | 49309 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Georgia Power Co. (continued) |  |  |
| 4.65%, 05/16/28 | $3000 | $3041226 |
| 4.70%, 05/15/32 | 900 | 899825 |
| Series B, 2.65%, 09/15/29 | 700 | 656248 |
| Interstate Power and Light Co. |  |  |
| 2.30%, 06/01/30 | 310 | 279165 |
| 4.95%, 09/30/34 | 900 | 882174 |
| ITC Holdings Corp., 3.35%, 11/15/27 | 5420 | 5304188 |
| MidAmerican Energy Co., 3.65%, 04/15/29 | 310 | 304025 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 1.00%, 06/15/26 | 6475 | 6274578 |
| 5.05%, 09/15/28 | 790 | 808062 |
| 3.70%, 03/15/29 | 100 | 98045 |
| 2.40%, 03/15/30 | 1105 | 1016671 |
| 5.80%, 01/15/33 | 2350 | 2497299 |
| Nevada Power Co., Series DD, 2.40%, 05/01/30 | 700 | 641885 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.75%, 09/01/25 | 70 | 70103 |
| 1.90%, 06/15/28 | 1335 | 1247420 |
| 3.50%, 04/01/29 | 150 | 145268 |
| 2.75%, 11/01/29 | 1005 | 938775 |
| 5.30%, 03/15/32 | 1405 | 1447218 |
| 5.05%, 02/28/33 | 7450 | 7510230 |
| Ohio Power Co. |  |  |
| 5.00%, 06/01/33 | 500 | 497704 |
| 5.65%, 06/01/34 | 1295 | 1329910 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.30%, 05/15/28 | 1405 | 1411430 |
| 4.15%, 06/01/32 | 555 | 535552 |
| 4.55%, 09/15/32 | 385 | 380133 |
| 5.65%, 11/15/33 | 355 | 373075 |
| Pacific Gas and Electric Co. |  |  |
| 3.15%, 01/01/26 | 2350 | 2327526 |
| 3.00%, 06/15/28 | 1265 | 1201370 |
| 4.55%, 07/01/30 | 35 | 34161 |
| 2.50%, 02/01/31 | 1265 | 1098085 |
| 3.25%, 06/01/31 | 1750 | 1570450 |
| 6.40%, 06/15/33 | 3358 | 3510158 |
| PacifiCorp., 5.30%, 02/15/31 | 725 | 746613 |
| PECO Energy Co., 4.90%, 06/15/33 | 1510 | 1533082 |
| PG&E Corp. |  |  |
| 5.00%, 07/01/28 | 603 | 587354 |
| 5.25%, 07/01/30 | 9009 | 8582355 |
| PPL Capital Funding, Inc., 3.10%, 05/15/26 | 1070 | 1057284 |
| PPL Electric Utilities Corp. |  |  |
| 5.00%, 05/15/33 | 500 | 507583 |
| 4.85%, 02/15/34 | 2265 | 2265498 |
| Public Service Co. of Colorado |  |  |
| 5.35%, 05/15/34 | 2085 | 2114685 |
| Series 38, 4.10%, 06/01/32 | 1370 | 1314708 |
| Public Service Co. of New Hampshire, Series V, <br> 2.20%, 06/15/31<br>| 380 | 333925 |
| Public Service Co. of Oklahoma, 5.20%, 01/15/35 | 1900 | 1896578 |
| Public Service Electric and Gas Co. |  |  |
| 2.45%, 01/15/30 | 1350 | 1247609 |
| 4.65%, 03/15/33 | 1575 | 1565313 |
| 5.20%, 08/01/33 | 740 | 762565 |
| 4.85%, 08/01/34 | 270 | 269143 |
| Series Q, 5.05%, 03/01/35 | 4490 | 4538412 |
| Public Service Enterprise Group, Inc. |  |  |
| 1.60%, 08/15/30 | 110 | 95001 |
| 5.45%, 04/01/34 | 300 | 306572 |
| Puget Energy, Inc., 2.38%, 06/15/28 | 170 | 160458 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Puget Sound Energy, Inc., 5.69%, 06/15/54 | 240 | $235186 |
| San Diego Gas & Electric Co., 4.95%, 08/15/28 | 3365 | 3435654 |
| Sempra |  |  |
| 3.40%, 02/01/28 | 50 | 48816 |
| 3.70%, 04/01/29 | 350 | 341141 |
| 5.50%, 08/01/33 | 640 | 653272 |
| Southern Co., 5.20%, 06/15/33 | 1320 | 1343030 |
| Southern Power Co., 0.90%, 01/15/26 | 2000 | 1958073 |
| Southwestern Electric Power Co., 5.30%, 04/01/33 | 920 | 926960 |
| System Energy Resources, Inc., 5.30%, 12/15/34 | 10440 | 10317620 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(a)</sup> | 1862 | 1995442 |
| Tampa Electric Co., 5.15%, 03/01/35 | 7765 | 7801253 |
| Tucson Electric Power Co., 1.50%, 08/01/30 | 30 | 25835 |
| Union Electric Co. |  |  |
| 3.50%, 03/15/29 | 50 | 48795 |
| 2.95%, 03/15/30 | 240 | 226104 |
| Virginia Electric and Power Co. |  |  |
| 2.30%, 11/15/31 | 5135 | 4487226 |
| 5.30%, 08/15/33 | 310 | 316112 |
| 5.15%, 03/15/35 | 1670 | 1675113 |
| WEC Energy Group, Inc., 5.60%, 09/12/26 | 516 | 522788 |
| Wisconsin Electric Power Co., 1.70%, 06/15/28 | 175 | 163710 |
| Wisconsin Power and Light Co., 3.95%, 09/01/32 | 1155 | 1091711 |
| Xcel Energy, Inc. |  |  |
| 4.60%, 06/01/32 | 860 | 840971 |
| 5.45%, 08/15/33 | 260 | 265185 |
| 5.50%, 03/15/34 | 350 | 355523 |
|  |  | 192217388 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Amphenol Corp. |  |  |
| 4.75%, 03/30/26 | 785 | 786730 |
| 2.80%, 02/15/30 | 1000 | 938191 |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.28%, 12/01/28 | 1763 | 1682765 |
| 3.25%, 02/15/29 | 9100 | 8620495 |
| 3.57%, 12/01/31 | 15580 | 14340198 |
| Honeywell International, Inc., 4.50%, 01/15/34 | 7150 | 7004078 |
| Jabil, Inc. |  |  |
| 1.70%, 04/15/26 | 2580 | 2519768 |
| 4.25%, 05/15/27 | 4140 | 4128624 |
| 5.45%, 02/01/29 | 3345 | 3430032 |
| Keysight Technologies, Inc., 4.95%, 10/15/34 | 2055 | 2031671 |
| WESCO Distribution, Inc., 6.38%, 03/15/33<sup>(a)</sup> | 1195 | 1235130 |
|  |  | 46717682 |
| **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** | **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** | **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** |
| Bristow Group, Inc., 6.88%, 03/01/28 | 472 | 474363 |
| Tidewater, Inc., 07/15/30<sup>(e)</sup> | 405 | 416688 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<br>| 3184 | 3263384 |
| Viridien, 10.00%, 10/15/30 | 3984 | 3920461 |
| Weatherford International Ltd., 8.63%, 04/30/30 | 2482 | 2558265 |
|  |  | 10633161 |
| **Entertainment**<sup>(a)</sup> **— 0.2%** | **Entertainment**<sup>(a)</sup> **— 0.2%** | **Entertainment**<sup>(a)</sup> **— 0.2%** |
| Live Nation Entertainment, Inc., 3.75%, 01/15/28 | 1447 | 1400180 |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<br>|  |  |
| 5.63%, 09/01/29 | 9190 | 5261275 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp. (continued)<br>|  |  |
| 5.88%, 09/01/31 | 4025 | $2203688 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |  |
| 4.63%, 04/16/29 | 1455 | 1284081 |
| 8.45%, 07/27/30 | 4669 | 4605385 |
|  |  | 14754609 |
| **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** |
| Republic Services, Inc. |  |  |
| 0.88%, 11/15/25 | 2553 | 2518145 |
| 3.95%, 05/15/28 | 2485 | 2474598 |
| 4.75%, 07/15/30 | 9280 | 9453542 |
| Waste Connections, Inc. |  |  |
| 4.25%, 12/01/28 | 4000 | 4016111 |
| 2.60%, 02/01/30 | 110 | 102351 |
| 3.20%, 06/01/32 | 1390 | 1269083 |
| Waste Management, Inc., 4.95%, 07/03/31 | 9985 | 10249667 |
|  |  | 30083497 |
| **Financial Services — 1.1%** | **Financial Services — 1.1%** | **Financial Services — 1.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust, 4.95%, 09/10/34<br>| 13416 | 13123154 |
| Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, <br> 01/17/40<sup>(g)</sup><br>| 2451 | 2409576 |
| Burford Capital Global Finance LLC<sup>(a)</sup> <br>|  |  |
| 6.25%, 04/15/28 | 1217 | 1205627 |
| 6.88%, 04/15/30 | 2595 | 2592279 |
| 9.25%, 07/01/31 | 7468 | 7859764 |
| Coinbase Global, Inc.<sup>(a)</sup> <br>|  |  |
| 3.38%, 10/01/28 | 8250 | 7734375 |
| 3.63%, 10/01/31 | 881 | 784496 |
| Credit Acceptance Corp.<sup>(a)</sup> <br>|  |  |
| 9.25%, 12/15/28 | 5458 | 5778068 |
| 6.63%, 03/15/30 | 2356 | 2385061 |
| Intercontinental Exchange, Inc., 1.85%, 09/15/32 | 10687 | 8870969 |
| Nationstar Mortgage Holdings, Inc.<sup>(a)</sup> <br>|  |  |
| 6.50%, 08/01/29 | 2890 | 2952002 |
| 5.13%, 12/15/30 | 2079 | 2104112 |
| 5.75%, 11/15/31 | 2751 | 2793894 |
| PennyMac Financial Services, Inc.<sup>(a)</sup> <br>|  |  |
| 7.13%, 11/15/30 | 2861 | 2965098 |
| 5.75%, 09/15/31 | 4416 | 4330323 |
| 6.88%, 05/15/32 | 1281 | 1309784 |
| 6.88%, 02/15/33 | 1619 | 1659475 |
| Rocket Cos., Inc.<sup>(a)</sup> <br>|  |  |
| 6.13%, 08/01/30 | 1125 | 1146409 |
| 6.38%, 08/01/33 | 1295 | 1325045 |
| United Wholesale Mortgage LLC, 5.50%, 04/15/29<sup>(a)</sup> | 5278 | 5123118 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(a)</sup> | 4580 | 4584733 |
|  |  | 83037362 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Hershey Co., 4.50%, 05/04/33 | 7530 | 7465377 |
| Kroger Co. |  |  |
| 2.20%, 05/01/30 | 40 | 36187 |
| 5.00%, 09/15/34 | 4110 | 4080605 |
| Mondelez International, Inc., 2.63%, 03/17/27 | 2070 | 2016511 |
| Post Holdings, Inc.<sup>(a)</sup> <br>|  |  |
| 6.38%, 03/01/33 | 3131 | 3159545 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Post Holdings, Inc.<sup>(a)</sup> (continued) |  |  |
| 6.25%, 10/15/34 | 1053 | $1058980 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(a)</sup> | 2155 | 2126903 |
|  |  | 19944108 |
| **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** | **Gas Utilities — 0.4%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 5.75%, 05/20/27 | 3628 | 3601794 |
| 9.38%, 06/01/28<sup>(a)</sup> | 3617 | 3729626 |
| Atmos Energy Corp. |  |  |
| 5.90%, 11/15/33 | 690 | 740685 |
| 5.20%, 08/15/35 | 80 | 80935 |
| CenterPoint Energy Resources Corp., 5.25%, <br> 03/01/28<br>| 885 | 906376 |
| National Fuel Gas Co., 5.95%, 03/15/35 | 4450 | 4548631 |
| NiSource, Inc., 0.95%, 08/15/25 | 4330 | 4309971 |
| ONE Gas, Inc., 4.25%, 09/01/32 | 1625 | 1569081 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 3.50%, 06/01/29 | 50 | 48471 |
| 5.40%, 06/15/33 | 1255 | 1293213 |
| Southern California Gas Co., 5.20%, 06/01/33 | 2630 | 2665679 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.75%, 09/15/33 | 380 | 398469 |
| 4.95%, 09/15/34 | 1220 | 1207570 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30 | 25 | 22457 |
| 4.05%, 03/15/32 | 2995 | 2840051 |
| Venture Global Plaque, 6.75%, 01/15/36 | 2035 | 2035000 |
|  |  | 29998009 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |
| Canadian National Railway Co., 3.85%, 08/05/32 | 1400 | 1331656 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | 4903 | 5117506 |
| Edwards Lifesciences Corp., 4.30%, 06/15/28 | 6885 | 6874387 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 12420 | 12487176 |
| 5.35%, 12/01/28 | 2700 | 2783438 |
|  |  | 27262507 |
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(a)</sup> | 1098 | 1070732 |
| Charles River Laboratories International, Inc., 4.25%, <br> 05/01/28<sup>(a)</sup><br>| 2391 | 2320080 |
| DaVita, Inc.<sup>(a)</sup> <br>|  |  |
| 4.63%, 06/01/30 | 5360 | 5135532 |
| 6.88%, 09/01/32 | 3488 | 3614196 |
| 6.75%, 07/15/33 | 985 | 1017108 |
| HCA, Inc. |  |  |
| 3.50%, 09/01/30 | 3740 | 3536667 |
| 5.45%, 04/01/31 | 7947 | 8194457 |
| 3.63%, 03/15/32 | 9030 | 8329143 |
| 5.60%, 04/01/34 | 13781 | 14099994 |
| IQVIA, Inc., 6.25%, 02/01/29 | 1865 | 1949207 |
| MPH Acquisition Holdings LLC<sup>(a)</sup> <br>|  |  |
| 5.75%, 12/31/30 | 1872 | 1542060 |
| (11.50% PIK), 11.50%, 12/31/30<sup>(d)</sup> | 1561 | 1548083 |
| Tenet Healthcare Corp. |  |  |
| 4.63%, 06/15/28 | 1717 | 1695471 |
| 6.13%, 10/01/28 | 2424 | 2427396 |
| 4.38%, 01/15/30 | 2103 | 2035704 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| UnitedHealth Group, Inc. |  |  |
| 2.00%, 05/15/30 | 3585 | $3208098 |
| 4.90%, 04/15/31 | 10340 | 10507737 |
| Universal Health Services, Inc. |  |  |
| 2.65%, 10/15/30 | 9248 | 8245689 |
| 2.65%, 01/15/32 | 9342 | 7929699 |
| 5.05%, 10/15/34 | 1425 | 1359760 |
|  |  | 89766813 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Diversified Healthcare Trust, 4.38%, 03/01/31 | 1809 | 1527824 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 5.00%, 10/15/27 | 1997 | 1844605 |
| 4.63%, 08/01/29 | 5032 | 3964688 |
| 8.50%, 02/15/32<sup>(a)</sup> | 475 | 497114 |
| Omega Healthcare Investors, Inc., 5.20%, 07/01/30 | 11600 | 11665106 |
| Ventas Realty LP, 5.10%, 07/15/32 | 6700 | 6776431 |
| Welltower OP LLC |  |  |
| 4.50%, 07/01/30 | 5730 | 5757121 |
| 3.85%, 06/15/32 | 6180 | 5859300 |
| 5.13%, 07/01/35 | 6840 | 6866633 |
|  |  | 44758822 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Host Hotels & Resorts LP, 5.50%, 04/15/35 | 2150 | 2128042 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)</sup> | 3032 | 2829299 |
|  |  | 4957341 |
| **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| Amer Sports Co., 6.75%, 02/16/31<sup>(a)</sup> | 4226 | 4400069 |
| Darden Restaurants, Inc. |  |  |
| 3.85%, 05/01/27 | 10 | 9917 |
| 4.35%, 10/15/27 | 1055 | 1057019 |
| 4.55%, 10/15/29 | 1755 | 1749927 |
| 6.30%, 10/10/33 | 2820 | 3021984 |
| Genting New York LLC/GENNY Capital, Inc., 7.25%, <br> 10/01/29<sup>(a)</sup><br>| 4000 | 4150044 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<sup>(a)</sup> <br>|  |  |
| 5.00%, 06/01/29 | 1889 | 1816929 |
| 4.88%, 07/01/31 | 3757 | 3461912 |
| 6.63%, 01/15/32 | 434 | 440739 |
| Hyatt Hotels Corp. |  |  |
| 5.75%, 01/30/27 | 2180 | 2224878 |
| 5.38%, 12/15/31 | 4855 | 4922861 |
| Las Vegas Sands Corp., 6.00%, 08/15/29 | 2260 | 2322831 |
| Life Time, Inc., 6.00%, 11/15/31<sup>(a)</sup> | 1770 | 1798231 |
| Marriott International, Inc. |  |  |
| 5.00%, 10/15/27 | 2480 | 2520674 |
| 5.55%, 10/15/28 | 2120 | 2199095 |
| 4.90%, 04/15/29 | 605 | 615766 |
| 5.10%, 04/15/32 | 2495 | 2523111 |
| 5.30%, 05/15/34 | 2620 | 2651718 |
| Series AA, 4.65%, 12/01/28 | 193 | 194496 |
| Series FF, 4.63%, 06/15/30 | 170 | 170402 |
| Series HH, 2.85%, 04/15/31 | 8145 | 7395835 |
| McDonald's Corp., 4.60%, 09/09/32 | 12453 | 12474516 |
| Sabre GLBL, Inc.<sup>(a)</sup> <br>|  |  |
| 8.63%, 06/01/27 | 710 | 726862 |
| 11.25%, 12/15/27 | 3627 | 3793479 |
| 11.13%, 07/15/30 | 2025 | 2118150 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Starbucks Corp., 3.55%, 08/15/29 | 40 | $38915 |
| Travel & Leisure Co., 4.50%, 12/01/29<sup>(a)</sup> | 1462 | 1412963 |
|  |  | 70213323 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(a)</sup> <br>|  |  |
| 6.25%, 09/15/27 | 285 | 283794 |
| 4.88%, 02/15/30 | 3618 | 3229398 |
| Forestar Group, Inc., 6.50%, 03/15/33<sup>(a)</sup> | 1428 | 1438831 |
| NVR, Inc., 3.00%, 05/15/30 | 10320 | 9612271 |
| Somnigroup International, Inc.<sup>(a)</sup> <br>|  |  |
| 4.00%, 04/15/29 | 2697 | 2578537 |
| 3.88%, 10/15/31 | 1713 | 1557398 |
| Toll Brothers Finance Corp. |  |  |
| 4.35%, 02/15/28 | 5010 | 4983302 |
| 3.80%, 11/01/29 | 2750 | 2668629 |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/30 | 1115 | 1124799 |
| 6.50%, 06/15/33 | 1185 | 1188795 |
|  |  | 28665754 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| NRG Energy, Inc., 7.00%, 03/15/33<sup>(a)</sup> | 7070 | 7760704 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| Eaton Corp. |  |  |
| 4.35%, 05/18/28 | 1820 | 1834632 |
| 4.15%, 03/15/33 | 1715 | 1662934 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(a)</sup> | 435 | 444710 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(a)</sup> | 3406 | 3381187 |
| Pentair Finance SARL, 4.50%, 07/01/29 | 4300 | 4293752 |
| Teledyne Technologies, Inc., 2.75%, 04/01/31 | 3000 | 2721538 |
|  |  | 14338753 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(a)</sup><br>| 510 | 517228 |
| Aflac, Inc., 1.13%, 03/15/26 | 2360 | 2305074 |
| Allstate Corp., 5.05%, 06/24/29 | 5130 | 5264543 |
| American International Group, Inc., 4.85%, 05/07/30 | 5385 | 5470718 |
| Aon Corp., 2.80%, 05/15/30 | 405 | 375246 |
| Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 | 495 | 482393 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31 | 1450 | 1270761 |
| 5.50%, 03/02/33 | 3360 | 3470803 |
| 6.50%, 02/15/34 | 8190 | 8985509 |
| 5.45%, 07/15/34 | 1400 | 1431251 |
| Assurant, Inc. |  |  |
| 4.90%, 03/27/28 | 4810 | 4847591 |
| 3.70%, 02/22/30 | 3500 | 3329304 |
| Assured Guaranty U.S. Holdings, Inc., 6.13%, <br> 09/15/28<br>| 4188 | 4401153 |
| Athene Holding Ltd., 3.50%, 01/15/31 | 1665 | 1567281 |
| Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(a)</sup><br>| 4082 | 4243611 |
| Brown & Brown, Inc. |  |  |
| 4.50%, 03/15/29 | 4320 | 4318413 |
| 4.20%, 03/17/32 | 10550 | 10094178 |
| 5.65%, 06/11/34 | 2640 | 2711715 |
| Enstar Group Ltd., 3.10%, 09/01/31 | 16139 | 14347414 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | 1005 | 932780 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Fairfax Financial Holdings Ltd. (continued) |  |  |
| 5.63%, 08/16/32 | 6370 | $6542102 |
| 6.00%, 12/07/33 | 14566 | 15192246 |
| Marsh & McLennan Cos., Inc. |  |  |
| 2.25%, 11/15/30 | 4215 | 3773845 |
| 2.38%, 12/15/31 | 2381 | 2084718 |
| 5.75%, 11/01/32 | 21330 | 22715246 |
| 5.40%, 09/15/33 | 9993 | 10365050 |
| MGIC Investment Corp., 5.25%, 08/15/28 | 597 | 597007 |
| Principal Financial Group, Inc., 5.38%, 03/15/33 | 2650 | 2721926 |
| Progressive Corp., 3.20%, 03/26/30 | 4830 | 4608173 |
| RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 | 6590 | 6781183 |
| Unum Group, 4.00%, 06/15/29 | 4996 | 4903943 |
| Willis North America, Inc., 5.35%, 05/15/33 | 12160 | 12466703 |
|  |  | 173119108 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Alphabet, Inc., 4.50%, 05/15/35 | 2250 | 2220456 |
| Baidu, Inc., 1.72%, 04/09/26 | 2170 | 2127576 |
| Cogent Communications Group LLC, 7.00%, <br> 06/15/27<sup>(a)</sup><br>| 3392 | 3407542 |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/30 | 2890 | 2975442 |
| 4.75%, 08/15/34 | 170 | 170796 |
| Snap, Inc., 6.88%, 03/01/33<sup>(a)</sup> | 2042 | 2095349 |
|  |  | 12997161 |
| **Internet Software & Services — 0.7%** | **Internet Software & Services — 0.7%** | **Internet Software & Services — 0.7%** |
| GrubHub Holdings, Inc., 5.50%, 07/01/27<sup>(a)</sup> | 5126 | 4974315 |
| Match Group Holdings II LLC, 4.13%, 08/01/30<sup>(a)</sup> | 1626 | 1520613 |
| Rakuten Group, Inc.<sup>(a)</sup> <br>|  |  |
| 11.25%, 02/15/27 | 7217 | 7836676 |
| 9.75%, 04/15/29 | 9927 | 10873825 |
| Uber Technologies, Inc., 4.80%, 09/15/34 | 4000 | 3928945 |
| VeriSign, Inc. |  |  |
| 2.70%, 06/15/31 | 14505 | 12997950 |
| 5.25%, 06/01/32 | 2345 | 2389826 |
| Wayfair LLC<sup>(a)</sup> <br>|  |  |
| 7.25%, 10/31/29 | 6696 | 6699000 |
| 7.75%, 09/15/30 | 4025 | 4049979 |
|  |  | 55271129 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Accenture Capital, Inc., 4.50%, 10/04/34 | 605 | 588794 |
| ASGN, Inc., 4.63%, 05/15/28<sup>(a)</sup> | 1611 | 1571168 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(a)</sup> | 3082 | 3180464 |
| CGI, Inc., 4.95%, 03/14/30<sup>(a)</sup> | 8740 | 8826883 |
| Fortinet, Inc., 2.20%, 03/15/31 | 750 | 659939 |
| IBM International Capital Pte. Ltd., 4.75%, 02/05/31 | 16600 | 16818266 |
| International Business Machines Corp. |  |  |
| 2.20%, 02/09/27 | 5120 | 4966291 |
| 4.15%, 07/27/27 | 19620 | 19617724 |
| Leidos, Inc., 2.30%, 02/15/31 | 5070 | 4436260 |
|  |  | 60665789 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| IDEX Corp., 2.63%, 06/15/31 | 4980 | 4433981 |
| Otis Worldwide Corp., 2.29%, 04/05/27 | 65 | 62890 |
| Westinghouse Air Brake Technologies Corp., 5.61%, <br> 03/11/34<br>| 4940 | 5113867 |
|  |  | 9610738 |
| **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> <br>|  |  |
| 5.38%, 06/01/29 | 1725 | 1718693 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp.<sup>(a)</sup> (continued)<br>|  |  |
| 6.38%, 09/01/29 | 1061 | $1082258 |
| 4.50%, 08/15/30 | 885 | 843741 |
| 4.25%, 02/01/31 | 420 | 392353 |
| 7.38%, 03/01/31 | 18551 | 19356299 |
| 4.75%, 02/01/32 | 1400 | 1327938 |
| 4.50%, 06/01/33 | 7019 | 6415579 |
| 4.25%, 01/15/34 | 4730 | 4210585 |
| CSC Holdings LLC<sup>(a)</sup> <br>|  |  |
| 5.50%, 04/15/27 | 2524 | 2409780 |
| 7.50%, 04/01/28 | 2000 | 1484581 |
| 11.25%, 05/15/28 | 2852 | 2841266 |
| 11.75%, 01/31/29 | 2497 | 2375036 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc.<sup>(a)</sup> <br>|  |  |
| 5.88%, 08/15/27 | 3242 | 3231419 |
| 10.00%, 02/15/31 | 7771 | 7544269 |
| DISH DBS Corp. |  |  |
| 7.75%, 07/01/26 | 1696 | 1506539 |
| 5.25%, 12/01/26<sup>(a)</sup> | 2333 | 2117197 |
| 7.38%, 07/01/28 | 847 | 611702 |
| 5.13%, 06/01/29 | 1272 | 847813 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(a)</sup> | 3747 | 3862505 |
| FactSet Research Systems, Inc. |  |  |
| 2.90%, 03/01/27 | 9015 | 8784368 |
| 3.45%, 03/01/32 | 5934 | 5409583 |
| Gray Media, Inc., 4.75%, 10/15/30<sup>(a)</sup> | 307 | 231785 |
| Nexstar Media, Inc.<sup>(a)</sup> <br>|  |  |
| 5.63%, 07/15/27 | 1077 | 1074480 |
| 4.75%, 11/01/28 | 6984 | 6802807 |
| Sinclair Television Group, Inc.<sup>(a)</sup> <br>|  |  |
| 5.50%, 03/01/30 | 2675 | 2163406 |
| 4.38%, 12/31/32 | 3325 | 2330625 |
| 9.75%, 02/15/33 | 2150 | 2295125 |
| Sirius XM Radio LLC, 4.13%, 07/01/30<sup>(a)</sup> | 6216 | 5731398 |
| TEGNA, Inc. |  |  |
| 4.63%, 03/15/28 | 9433 | 9167367 |
| 5.00%, 09/15/29 | 12955 | 12374405 |
|  |  | 120544902 |
| **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** |
| Algoma Steel, Inc., 9.13%, 04/15/29<sup>(a)</sup> | 2660 | 2461538 |
| Aris Mining Corp., 8.00%, 10/31/29<sup>(a)</sup> | 2824 | 2871584 |
| BHP Billiton Finance USA Ltd., 4.75%, 02/28/28 | 23560 | 23926430 |
| Champion Iron Canada, Inc., 07/15/32<sup>(a)(e)</sup> | 1095 | 1110207 |
| Compass Minerals International, Inc., 8.00%, <br> 07/01/30<sup>(a)</sup><br>| 3108 | 3211000 |
| Eldorado Gold Corp., 6.25%, 09/01/29<sup>(a)</sup> | 4445 | 4453757 |
| First Quantum Minerals Ltd., 9.38%, 03/01/29<sup>(a)</sup> | 5187 | 5496405 |
| FMG Resources August 2006 Pty. Ltd.<sup>(a)</sup> <br>|  |  |
| 4.38%, 04/01/31 | 1773 | 1656694 |
| 6.13%, 04/15/32 | 3864 | 3930368 |
| Freeport-McMoRan, Inc. |  |  |
| 4.13%, 03/01/28 | 975 | 963171 |
| 4.38%, 08/01/28 | 240 | 238705 |
| 4.25%, 03/01/30 | 750 | 734344 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)</sup> | 4602 | 4580417 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(a)</sup> | 340 | 350396 |
| Novelis Corp.<sup>(a)</sup> <br>|  |  |
| 4.75%, 01/30/30 | 1881 | 1800117 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Novelis Corp.<sup>(a)</sup> (continued) |  |  |
| 6.88%, 01/30/30 | 5105 | $5278218 |
| Reliance, Inc. |  |  |
| 1.30%, 08/15/25 | 6690 | 6659992 |
| 2.15%, 08/15/30 | 2000 | 1772758 |
| Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | 699 | 757504 |
| Rio Tinto Finance USA PLC, 5.25%, 03/14/35 | 8315 | 8460387 |
| Stillwater Mining Co.<sup>(a)</sup> <br>|  |  |
| 4.00%, 11/16/26 | 3801 | 3693503 |
| 4.50%, 11/16/29 | 4969 | 4428621 |
| SunCoke Energy, Inc., 4.88%, 06/30/29<sup>(a)</sup> | 4245 | 3950727 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(a)</sup> | 4255 | 4454466 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(a)</sup> | 2185 | 2290448 |
|  |  | 99531757 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.2%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.2%** |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, <br> 06/15/29<br>| 2673 | 2541112 |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 | 2991 | 3181568 |
| Starwood Property Trust, Inc. |  |  |
| 7.25%, 04/01/29 | 3691 | 3882269 |
| 6.00%, 04/15/30 | 955 | 965928 |
| 6.50%, 10/15/30 | 1523 | 1572406 |
|  |  | 12143283 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| Steelcase, Inc., 5.13%, 01/18/29 | 1838 | 1831163 |
| **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** | **Oil, Gas & Consumable Fuels — 4.1%** |
| California Resources Corp., 8.25%, 06/15/29<sup>(a)</sup> | 7923 | 8132777 |
| Canadian Natural Resources Ltd., 2.05%, 07/15/25 | 4231 | 4226113 |
| Cheniere Corpus Christi Holdings LLC, 5.13%, <br> 06/30/27<br>| 3417 | 3449031 |
| Cheniere Energy Partners LP, 10/30/35<sup>(a)(e)</sup> | 2455 | 2474301 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 3590 | 3585044 |
| 5.65%, 04/15/34 | 3200 | 3277375 |
| Chevron Corp., 2.24%, 05/11/30 | 170 | 155236 |
| Chevron USA, Inc., 4.98%, 04/15/35 | 16530 | 16718174 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(a)</sup> | 3406 | 3479648 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(a)</sup> | 489 | 461896 |
| CNX Resources Corp.<sup>(a)</sup> <br>|  |  |
| 6.00%, 01/15/29 | 193 | 193776 |
| 7.38%, 01/15/31 | 1370 | 1429042 |
| 7.25%, 03/01/32 | 2055 | 2127772 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(a)</sup> | 9410 | 9419379 |
| CVR Energy, Inc., 8.50%, 01/15/29<sup>(a)</sup> | 2672 | 2673047 |
| DCP Midstream Operating LP |  |  |
| 5.13%, 05/15/29 | 2440 | 2478630 |
| 8.13%, 08/16/30 | 240 | 278742 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<sup>(a)</sup> <br>|  |  |
| 8.63%, 03/15/29 | 9388 | 9743636 |
| 7.38%, 06/30/33 | 655 | 651948 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)</sup><br>| 4467 | 4651206 |
| Diamondback Energy, Inc. |  |  |
| 6.25%, 03/15/33 | 545 | 580433 |
| 5.40%, 04/18/34 | 8065 | 8088866 |
| Enbridge, Inc. |  |  |
| 4.25%, 12/01/26 | 1690 | 1686722 |
| 5.63%, 04/05/34 | 2615 | 2686691 |
| Energean PLC, 6.50%, 04/30/27<sup>(a)</sup> | 1300 | 1274000 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Energy Transfer LP |  |  |
| 5.63%, 05/01/27<sup>(a)</sup> | $4250 | $4258405 |
| 5.75%, 02/15/33 | 5945 | 6170873 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 8.25%, 01/15/29 | 1809 | 1891653 |
| 8.88%, 04/15/30 | 1150 | 1221048 |
| 7.88%, 05/15/32 | 3639 | 3783636 |
| 8.00%, 05/15/33 | 1431 | 1496142 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)</sup><br>| 3522 | 3704024 |
| Greenfire Resources Ltd., 12.00%, 10/01/28<sup>(a)</sup> | 1821 | 1916674 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(a)</sup> | 5190 | 5318985 |
| Hess Corp., 4.30%, 04/01/27 | 1255 | 1252057 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(a)</sup> | 7410 | 7631203 |
| Karoon USA Finance, Inc., 10.50%, 05/14/29<sup>(a)</sup> | 1669 | 1692950 |
| Kinder Morgan, Inc. |  |  |
| 1.75%, 11/15/26 | 3850 | 3718367 |
| 5.10%, 08/01/29 | 9430 | 9622328 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(a)</sup><br>| 3731 | 3757382 |
| Matador Resources Co., 6.88%, 04/15/28<sup>(a)</sup> | 1182 | 1205312 |
| MEG Energy Corp., 5.88%, 02/01/29<sup>(a)</sup> | 1708 | 1706257 |
| MPLX LP |  |  |
| 1.75%, 03/01/26 | 8000 | 7845468 |
| 4.25%, 12/01/27 | 12830 | 12779053 |
| 5.00%, 03/01/33 | 20410 | 20126021 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | 7188 | 7318986 |
| Northern Oil & Gas, Inc.<sup>(a)</sup> <br>|  |  |
| 8.13%, 03/01/28 | 2045 | 2063172 |
| 8.75%, 06/15/31 | 2750 | 2833861 |
| ONEOK, Inc. |  |  |
| 2.20%, 09/15/25 | 6880 | 6839452 |
| 5.85%, 01/15/26 | 8156 | 8197607 |
| 6.35%, 01/15/31 | 2330 | 2489328 |
| Ovintiv, Inc., 5.38%, 01/01/26 | 605 | 605542 |
| Parkland Corp., 6.63%, 08/15/32<sup>(a)</sup> | 1606 | 1641462 |
| Pioneer Natural Resources Co., 5.10%, 03/29/26 | 1070 | 1075109 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | 5320 | 5469164 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 3.55%, 12/15/29 | 3162 | 3022425 |
| 5.70%, 09/15/34 | 1485 | 1513811 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(a)</sup><br>| 2557 | 2677357 |
| Strathcona Resources Ltd./Alberta, 6.88%, 08/01/26<sup>(a)</sup> | 3843 | 3843288 |
| Summit Midstream Holdings LLC, 8.63%, 10/31/29<sup>(a)</sup> | 4493 | 4596501 |
| Sunoco LP, 7.00%, 05/01/29<sup>(a)</sup> | 2528 | 2632616 |
| Talos Production, Inc.<sup>(a)</sup> <br>|  |  |
| 9.00%, 02/01/29 | 5108 | 5229897 |
| 9.38%, 02/01/31 | 3636 | 3712209 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | 4680 | 4742744 |
| 5.55%, 08/15/35 | 9930 | 9980239 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 6.50%, 07/15/27 | 1174 | 1174770 |
| 5.00%, 01/15/28 | 4159 | 4161926 |
| 4.88%, 02/01/31 | 5230 | 5188047 |
| Venture Global LNG, Inc.<sup>(a)</sup> <br>|  |  |
| 9.50%, 02/01/29 | 5458 | 5945825 |
| 8.38%, 06/01/31 | 6109 | 6345025 |
| 9.88%, 02/01/32 | 5901 | 6372862 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Vermilion Energy, Inc., 7.25%, 02/15/33<sup>(a)</sup> | 663 | $622121 |
| Western Midstream Operating LP |  |  |
| 6.35%, 01/15/29 | 860 | 900321 |
| 6.15%, 04/01/33 | 2560 | 2664213 |
| Williams Cos., Inc. |  |  |
| 4.00%, 09/15/25 | 3000 | 2995418 |
| 2.60%, 03/15/31 | 11280 | 10105975 |
|  |  | 321982596 |
| **Passenger Airlines**<sup>(a)</sup> **— 0.2%** | **Passenger Airlines**<sup>(a)</sup> **— 0.2%** | **Passenger Airlines**<sup>(a)</sup> **— 0.2%** |
| American Airlines, Inc. |  |  |
| 7.25%, 02/15/28 | 6963 | 7110957 |
| 8.50%, 05/15/29 | 1761 | 1846468 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<br>| 6971 | 6781955 |
|  |  | 15739380 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| AbbVie, Inc. |  |  |
| 2.95%, 11/21/26 | 3818 | 3754725 |
| 5.05%, 03/15/34 | 7360 | 7493677 |
| Cardinal Health, Inc. |  |  |
| 4.70%, 11/15/26 | 5700 | 5728610 |
| 5.35%, 11/15/34 | 4420 | 4507671 |
| Cencora, Inc. |  |  |
| 3.45%, 12/15/27 | 849 | 833223 |
| 2.70%, 03/15/31 | 7190 | 6491422 |
| 5.15%, 02/15/35 | 560 | 564752 |
| Eli Lilly & Co., 4.70%, 02/27/33 | 1010 | 1017947 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)</sup> | 3715 | 3588381 |
| Merck & Co., Inc. |  |  |
| 2.15%, 12/10/31 | 1500 | 1309239 |
| 4.50%, 05/17/33 | 3805 | 3794239 |
| Novartis Capital Corp., 2.20%, 08/14/30 | 180 | 163718 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.65%, 05/19/30 | 2600 | 2635959 |
| 4.75%, 05/19/33 | 3885 | 3873320 |
| Zoetis, Inc. |  |  |
| 3.00%, 09/12/27 | 11280 | 11014231 |
| 3.90%, 08/20/28 | 250 | 248232 |
| 2.00%, 05/15/30 | 2215 | 1990643 |
|  |  | 59009989 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
| Howard Hughes Corp., 4.38%, 02/01/31<sup>(a)</sup> | 2973 | 2743612 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Realty Income Corp., 4.75%, 02/15/29 | 7390 | 7471171 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/26<sup>(a)</sup><br>| 1499 | 1494930 |
| Simon Property Group LP |  |  |
| 1.38%, 01/15/27 | 2920 | 2795922 |
| 5.50%, 03/08/33 | 2760 | 2880862 |
| 4.75%, 09/26/34 | 4320 | 4205925 |
|  |  | 11377639 |
| **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
| ams-OSRAM AG, 12.25%, 03/30/29<sup>(a)</sup> | 1522 | 1623398 |
| Analog Devices, Inc. |  |  |
| 1.70%, 10/01/28 | 1770 | 1640916 |
| 2.10%, 10/01/31 | 1335 | 1166474 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| Broadcom Corp./Broadcom Cayman Finance Ltd., <br> 3.88%, 01/15/27<br>| 12295 | $12209882 |
| Broadcom, Inc. |  |  |
| 3.15%, 11/15/25 | 520 | 517268 |
| 1.95%, 02/15/28<sup>(a)</sup> | 2460 | 2320121 |
| 5.05%, 04/15/30 | 6951 | 7120537 |
| NVIDIA Corp., 2.85%, 04/01/30 | 25 | 23710 |
| Texas Instruments, Inc. |  |  |
| 1.75%, 05/04/30 | 145 | 129296 |
| 1.90%, 09/15/31 | 2445 | 2131353 |
| 4.90%, 03/14/33 | 12480 | 12784237 |
|  |  | 41667192 |
| **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
| Adobe, Inc., 2.30%, 02/01/30 | 2130 | 1964155 |
| Autodesk, Inc., 5.30%, 06/15/35 | 4170 | 4241612 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(a)</sup> | 7398 | 7563222 |
| Electronic Arts, Inc., 1.85%, 02/15/31 | 2000 | 1737510 |
| Fair Isaac Corp., 6.00%, 05/15/33<sup>(a)</sup> | 1375 | 1387603 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/28 | 950 | 976219 |
| 5.38%, 08/21/28 | 7660 | 7875973 |
| 5.60%, 03/02/33 | 9930 | 10296469 |
| 5.45%, 03/15/34 | 2800 | 2868054 |
| Intuit, Inc. |  |  |
| 1.65%, 07/15/30 | 438 | 386492 |
| 5.20%, 09/15/33 | 7585 | 7858487 |
| Microsoft Corp., 1.35%, 09/15/30 | 250 | 218952 |
| Oracle Corp. |  |  |
| 1.65%, 03/25/26 | 4960 | 4858575 |
| 2.88%, 03/25/31 | 21445 | 19558259 |
| 5.25%, 02/03/32 | 4810 | 4934030 |
| 4.90%, 02/06/33 | 7650 | 7670469 |
| 5.50%, 08/03/35 | 8060 | 8238575 |
| Roper Technologies, Inc. |  |  |
| 1.00%, 09/15/25 | 590 | 585388 |
| 4.50%, 10/15/29 | 5950 | 5961816 |
| 2.00%, 06/30/30 | 75 | 66647 |
| ServiceNow, Inc., 1.40%, 09/01/30 | 1000 | 866683 |
| VMware LLC, 4.65%, 05/15/27 | 2000 | 2011667 |
|  |  | 102126857 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| AutoZone, Inc. |  |  |
| 5.05%, 07/15/26 | 8785 | 8840492 |
| 4.50%, 02/01/28 | 3325 | 3350514 |
| 5.40%, 07/15/34 | 1455 | 1489809 |
| Bath & Body Works, Inc. |  |  |
| 6.88%, 11/01/35 | 5959 | 6180269 |
| 6.75%, 07/01/36 | 5391 | 5480350 |
| FirstCash, Inc.<sup>(a)</sup> <br>|  |  |
| 5.63%, 01/01/30 | 965 | 962243 |
| 6.88%, 03/01/32 | 2712 | 2806359 |
| Gap, Inc., 3.88%, 10/01/31<sup>(a)</sup> | 3493 | 3122143 |
| Nordstrom, Inc., 5.00%, 01/15/44 | 2714 | 1881233 |
|  |  | 34113412 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Apple, Inc., 3.35%, 08/08/32 | 2195 | 2071418 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(a)</sup> | 694 | 736261 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** | **Technology Hardware, Storage & Peripherals (continued)** |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | 6568 | $7194344 |
| NetApp, Inc., 5.70%, 03/17/35 | 3777 | 3878839 |
|  |  | 13880862 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Ralph Lauren Corp., 5.00%, 06/15/32 | 13000 | 13193494 |
| Tapestry, Inc., 5.10%, 03/11/30 | 9216 | 9335904 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(a)</sup> | 2332 | 2361629 |
| William Carter Co., 5.63%, 03/15/27<sup>(a)</sup> | 2059 | 2046201 |
| Wolverine World Wide, Inc., 4.00%, 08/15/29<sup>(a)</sup> | 2460 | 2205639 |
|  |  | 29142867 |
| **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
| Altria Group, Inc. |  |  |
| 4.80%, 02/14/29 | 70 | 70777 |
| 3.40%, 05/06/30 | 265 | 251658 |
| 2.45%, 02/04/32 | 22040 | 19009008 |
| 6.88%, 11/01/33 | 8120 | 9062853 |
| 5.63%, 02/06/35 | 1125 | 1146806 |
| BAT Capital Corp. |  |  |
| 6.34%, 08/02/30 | 7307 | 7873870 |
| 6.00%, 02/20/34 | 780 | 822212 |
| 5.63%, 08/15/35 | 6630 | 6746495 |
| BAT International Finance PLC, 1.67%, 03/25/26 | 5000 | 4896299 |
| Philip Morris International, Inc. |  |  |
| 0.88%, 05/01/26 | 7476 | 7259621 |
| 3.13%, 08/17/27 | 50 | 48896 |
| 3.38%, 08/15/29 | 4436 | 4278819 |
| 5.63%, 11/17/29 | 19819 | 20810671 |
| 2.10%, 05/01/30 | 790 | 711672 |
| 5.50%, 09/07/30 | 13 | 13589 |
| 5.75%, 11/17/32 | 7800 | 8246142 |
| 5.38%, 02/15/33 | 2340 | 2416557 |
| 5.63%, 09/07/33 | 4590 | 4809639 |
| 4.90%, 11/01/34 | 8240 | 8200768 |
| Turning Point Brands, Inc., 7.63%, 03/15/32<sup>(a)</sup> | 2409 | 2522136 |
|  |  | 109198488 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| RB Global Holdings, Inc., 6.75%, 03/15/28<sup>(a)</sup> | 1848 | 1895623 |
| WW Grainger, Inc., 4.45%, 09/15/34 | 8340 | 8135253 |
|  |  | 10030876 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| United Parcel Service, Inc., 4.45%, 04/01/30 | 1200 | 1213985 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| American Water Capital Corp. |  |  |
| 4.45%, 06/01/32 | 2055 | 2028649 |
| 5.15%, 03/01/34 | 505 | 512312 |
| Essential Utilities, Inc. |  |  |
| 3.57%, 05/01/29 | 55 | 53357 |
| 2.70%, 04/15/30 | 220 | 202568 |
| 5.38%, 01/15/34 | 645 | 653451 |
|  |  | 3450337 |
| **Wireless Telecommunication Services — 1.1%** | **Wireless Telecommunication Services — 1.1%** | **Wireless Telecommunication Services — 1.1%** |
| Millicom International Cellular SA<sup>(a)</sup> <br>|  |  |
| 4.50%, 04/27/31 | 4997 | 4548519 |
| 7.38%, 04/02/32 | 7629 | 7802846 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 650 | 653232 |
| 2.30%, 11/15/30 | 200 | 177539 |
| 2.75%, 05/24/31 | 3485 | 3124486 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| Motorola Solutions, Inc. (continued) |  |  |
| 5.60%, 06/01/32 | 11250 | $11719308 |
| 5.40%, 04/15/34 | 5765 | 5879455 |
| 5.55%, 08/15/35 | 4950 | 5046999 |
| T-Mobile U.S., Inc. |  |  |
| 2.05%, 02/15/28 | 6900 | 6521769 |
| 2.88%, 02/15/31 | 4975 | 4527106 |
| 5.15%, 04/15/34 | 3045 | 3083837 |
| 4.70%, 01/15/35 | 9750 | 9446342 |
| 5.30%, 05/15/35 | 7870 | 7968662 |
| Viasat, Inc.<sup>(a)</sup> <br>|  |  |
| 6.50%, 07/15/28 | 1629 | 1539553 |
| 7.50%, 05/30/31 | 5189 | 4493567 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(a)</sup> | 6985 | 7456487 |
|  |  | 83989707 |
| **Total Corporate Bonds — 45.5%** <br>**(Cost: $3,501,021,278)** | **Total Corporate Bonds — 45.5%** <br>**(Cost: $3,501,021,278)** | 3547115937 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 24.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 24.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 24.8%** |
| Connecticut Avenue Securities Trust<sup>(a)</sup> <br>|  |  |
| Series 2019-HRP1, Class M2B, (30-day Avg SOFR <br> + 2.26%), 6.57%, 11/25/39<br>| 970 | 971645 |
| Series 2020-SBT1, Class 1B1, (30-day Avg SOFR + <br> 6.86%), 11.17%, 02/25/40<br>| 5419 | 5766630 |
| Series 2020-SBT1, Class 1M2, (30-day Avg SOFR + <br> 3.76%), 8.07%, 02/25/40<br>| 62984 | 65434701 |
| Series 2020-SBT1, Class 2M2, (30-day Avg SOFR + <br> 3.76%), 8.07%, 02/25/40<br>| 68287 | 70920727 |
| Series 2021-R01, Class 1B1, (30-day Avg SOFR + <br> 3.10%), 7.41%, 10/25/41<br>| 78368 | 80266853 |
| Series 2021-R03, Class 1B1, (30-day Avg SOFR + <br> 2.75%), 7.06%, 12/25/41<br>| 24490 | 25007555 |
| Series 2022-R01, Class 1B1, (30-day Avg SOFR + <br> 3.15%), 7.46%, 12/25/41<br>| 75317 | 77317656 |
| Series 2022-R02, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.81%, 01/25/42<br>| 65302 | 68144962 |
| Series 2022-R02, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 7.31%, 01/25/42<br>| 60303 | 61678270 |
| Series 2022-R03, Class 1B1, (30-day Avg SOFR + <br> 6.25%), 10.56%, 03/25/42<br>| 46113 | 49916824 |
| Series 2022-R04, Class 1B1, (30-day Avg SOFR + <br> 5.25%), 9.56%, 03/25/42<br>| 22692 | 24158015 |
| Series 2022-R04, Class 1M2, (30-day Avg SOFR + <br> 3.10%), 7.41%, 03/25/42<br>| 2000 | 2060128 |
| Series 2022-R05, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.81%, 04/25/42<br>| 20011 | 21007332 |
| Series 2022-R05, Class 2B2, (30-day Avg SOFR + <br> 7.00%), 11.31%, 04/25/42<br>| 7000 | 7572114 |
| Series 2022-R05, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 7.31%, 04/25/42<br>| 12130 | 12454806 |
| Series 2022-R07 1B-1, Class B1, (30-day Avg <br> SOFR + 6.80%), 11.11%, 06/25/42<br>| 9455 | 10401226 |
| Series 2022-R08, Class 1B1, (30-day Avg SOFR + <br> 5.60%), 9.91%, 07/25/42<br>| 23162 | 24965041 |
| Series 2022-R09, Class 2M2, (30-day Avg SOFR + <br> 4.75%), 9.06%, 09/25/42<br>| 3750 | 4017597 |
| Series 2023-R02, Class 1B1, (30-day Avg SOFR + <br> 5.55%), 9.86%, 01/25/43<br>| 5000 | 5451859 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Connecticut Avenue Securities Trust<sup>(a)</sup> (continued) |  |  |
| Series 2024-R01, Class 1B1, (30-day Avg SOFR + <br> 2.70%), 7.01%, 01/25/44<br>| $47500 | $48640598 |
| Series 2024-R02, Class 1B1, (30-day Avg SOFR + <br> 2.50%), 6.81%, 02/25/44<br>| 15516 | 15777030 |
| Series 2024-R02, Class 1M2, (30-day Avg SOFR + <br> 1.80%), 6.11%, 02/25/44<br>| 2250 | 2268942 |
| Series 2024-R05, Class 2B1, (30-day Avg SOFR + <br> 2.00%), 6.31%, 07/25/44<br>| 11450 | 11485382 |
| Series 2024-R05, Class 2M2, (30-day Avg SOFR + <br> 1.70%), 6.01%, 07/25/44<br>| 4852 | 4869762 |
| Series 2024-R06, Class 1B1, (30-day Avg SOFR + <br> 2.05%), 6.36%, 09/25/44<br>| 6297 | 6326476 |
| Series 2025-R02, Class 1B1, (30-day Avg SOFR + <br> 1.95%), 6.26%, 02/25/45<br>| 2750 | 2744943 |
| Series 2025-R02, Class 1M2, (30-day Avg SOFR + <br> 1.60%), 5.91%, 02/25/45<br>| 6925 | 6940166 |
| Fannie Mae Connecticut Avenue Securities |  |  |
| Series 2017-C03, Class 1M2C, (30-day Avg SOFR <br> + 3.11%), 7.42%, 10/25/29<br>| 2047 | 2080889 |
| Series 2017-C06, Class 1M2C, (30-day Avg SOFR <br> + 2.76%), 7.07%, 02/25/30<br>| 5179 | 5297539 |
| Series 2018-C01, Class 1M2C, (30-day Avg SOFR <br> + 2.36%), 6.67%, 07/25/30<br>| 4082 | 4122212 |
| Series 2018-C02, Class 2M2, (30-day Avg SOFR + <br> 2.31%), 6.62%, 08/25/30<br>| 1062 | 1079040 |
| Series 2018-C04, Class 2M2, (30-day Avg SOFR + <br> 2.66%), 6.97%, 12/25/30<br>| 1783 | 1836667 |
| Series 2021-R02, Class 2B1, (30-day Avg SOFR + <br> 3.30%), 7.61%, 11/25/41<sup>(a)</sup><br>| 59545 | 61110694 |
| Series 2021-R02, Class 2M2, (30-day Avg SOFR + <br> 2.00%), 6.31%, 11/25/41<sup>(a)</sup><br>| 17174 | 17290939 |
| Fannie Mae REMIC Trust, Series 2021-DNA2, <br> Class B2, (30-day Avg SOFR + 6.00%), 10.31%, <br> 08/25/33<sup>(a)</sup><br>| 18266 | 22179122 |
| Federal Home Loan Mortgage Corp., Series 2021-<br> HQA1, Class B2, (30-day Avg SOFR + 5.00%), <br> 9.31%, 08/25/33<sup>(a)</sup><br>| 12510 | 14385180 |
| Freddie Mac<sup>(a)</sup> <br>|  |  |
| Series 2021-DNA1, Class B2, (30-day Avg SOFR + <br> 4.75%), 9.06%, 01/25/51<br>| 10833 | 11944918 |
| Series 2021-DNA3, Class B2, (30-day Avg SOFR + <br> 6.25%), 10.56%, 10/25/33<br>| 11444 | 14110835 |
| Series 2021-HQA2, Class B2, (30-day Avg SOFR + <br> 5.45%), 9.76%, 12/25/33<br>| 14800 | 17304996 |
| Series 2025-HQA1, Class M2, (30-day Avg SOFR + <br> 1.65%), 5.96%, 02/25/45<br>| 5200 | 5190276 |
| Freddie Mac STACR REMIC Trust<sup>(a)</sup> <br>|  |  |
| Series 2020-HQA5, Class B1, (30-day Avg SOFR + <br> 4.00%), 8.31%, 11/25/50<br>| 34063 | 37681137 |
| Series 2021-DNA1, Class B1, (30-day Avg SOFR + <br> 2.65%), 6.96%, 01/25/51<br>| 51948 | 54525307 |
| Series 2021-DNA2, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.71%, 08/25/33<br>| 56875 | 63294976 |
| Series 2021-DNA3, Class B1, (30-day Avg SOFR + <br> 3.50%), 7.81%, 10/25/33<br>| 43269 | 48770417 |
| Series 2021-DNA5, Class B1, (30-day Avg SOFR + <br> 3.05%), 7.36%, 01/25/34<br>| 49122 | 52437358 |
| Series 2021-DNA5, Class B2, (30-day Avg SOFR + <br> 5.50%), 9.81%, 01/25/34<br>| 13545 | 15977647 |
| Series 2021-DNA6, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.71%, 10/25/41<br>| 69408 | 71278147 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Freddie Mac STACR REMIC Trust<sup>(a)</sup> (continued) |  |  |
| Series 2021-DNA7, Class B1, (30-day Avg SOFR + <br> 3.65%), 7.96%, 11/25/41<br>| $72342 | $74711107 |
| Series 2021-HQA1, Class B1, (30-day Avg SOFR + <br> 3.00%), 7.31%, 08/25/33<br>| 77265 | 84864997 |
| Series 2021-HQA2, Class B1, (30-day Avg SOFR + <br> 3.15%), 7.46%, 12/25/33<br>| 7450 | 8225803 |
| Series 2021-HQA3, Class B1, (30-day Avg SOFR + <br> 3.35%), 7.66%, 09/25/41<br>| 59777 | 61106342 |
| Series 2021-HQA3, Class M2, (30-day Avg SOFR + <br> 2.10%), 6.41%, 09/25/41<br>| 30450 | 30695942 |
| Series 2021-HQA4, Class B1, (30-day Avg SOFR + <br> 3.75%), 8.06%, 12/25/41<br>| 57744 | 59431643 |
| Series 2021-HQA4, Class M2, (30-day Avg SOFR + <br> 2.35%), 6.66%, 12/25/41<br>| 4010 | 4054872 |
| Series 2022-DNA1, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.71%, 01/25/42<br>| 21320 | 21942039 |
| Series 2022-DNA1, Class M2, (30-day Avg SOFR + <br> 2.50%), 6.81%, 01/25/42<br>| 21565 | 21955973 |
| Series 2022-DNA2, Class B1, (30-day Avg SOFR + <br> 4.75%), 9.06%, 02/25/42<br>| 13444 | 14078406 |
| Series 2022-DNA2, Class M2, (30-day Avg SOFR + <br> 3.75%), 8.06%, 02/25/42<br>| 21377 | 22198321 |
| Series 2022-DNA3, Class B1, (30-day Avg SOFR + <br> 5.65%), 9.96%, 04/25/42<br>| 1620 | 1731407 |
| Series 2022-DNA3, Class M2, (30-day Avg SOFR + <br> 4.35%), 8.66%, 04/25/42<br>| 51341 | 54041190 |
| Series 2022-DNA4, Class M2, (30-day Avg SOFR + <br> 5.25%), 9.56%, 05/25/42<br>| 36250 | 38757692 |
| Series 2022-DNA5, Class M2, (30-day Avg SOFR + <br> 6.75%), 11.06%, 06/25/42<br>| 7500 | 8247159 |
| Series 2022-DNA6, Class M2, (30-day Avg SOFR + <br> 5.75%), 10.06%, 09/25/42<br>| 13000 | 14182288 |
| Series 2022-DNA7, Class M2, (30-day Avg SOFR + <br> 7.00%), 11.31%, 03/25/52<br>| 53705 | 60168187 |
| Series 2022-HQA1, Class M2, (30-day Avg SOFR + <br> 5.25%), 9.56%, 03/25/42<br>| 73766 | 78280450 |
| Series 2022-HQA2, Class M2, (30-day Avg SOFR + <br> 6.00%), 10.31%, 07/25/42<br>| 25860 | 28079923 |
| Series 2023-HQA1, Class M1B, (30-day Avg SOFR <br> + 3.50%), 7.81%, 05/25/43<br>| 5500 | 5809117 |
| Freddie Mac Structured Agency Credit Risk Debt <br> Notes<sup>(a)</sup> <br>|  |  |
| Series 2018-SPI1, Class M2, 3.78%, 02/25/48 | 45 | 43501 |
| Series 2018-SPI2, Class M2, 3.85%, 05/25/48 | 63 | 60526 |
|  |  | 1931132421 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Mortgage-Backed Securities**<sup>(a)(g)</sup> **— 0.3%** | **Commercial Mortgage-Backed Securities**<sup>(a)(g)</sup> **— 0.3%** | **Commercial Mortgage-Backed Securities**<sup>(a)(g)</sup> **— 0.3%** |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| Series 2019-01, Class M10, (30-day Avg SOFR + <br> 3.36%), 7.67%, 10/25/49<br>| $22141 | $22473694 |
| Series 2024-01, Class M7, (30-day Avg SOFR + <br> 2.75%), 7.06%, 07/25/54<br>| 5210 | 5247269 |
|  |  | 27720963 |
| **Total Non-Agency Mortgage-Backed Securities — 25.1%** <br>**(Cost: $1,935,336,472)** | **Total Non-Agency Mortgage-Backed Securities — 25.1%** <br>**(Cost: $1,935,336,472)** | 1958853384 |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Collateralized Mortgage Obligations**<sup>(a)(g)</sup> **— 0.3%** | **Collateralized Mortgage Obligations**<sup>(a)(g)</sup> **— 0.3%** |  |
| Fannie Mae, Series 2023-R05, Class 1B1, (30-day Avg <br> SOFR + 4.75%), 9.06%, 06/25/43<br>| 5000 | 5389168 |
| Freddie Mac STACR REMIC Trust, Series 2020-DNA6, <br> Class B1, (30-day Avg SOFR + 3.00%), 7.31%, <br> 12/25/50<br>| 16535 | 17647288 |
|  |  | 23036456 |
| **Mortgage-Backed Securities — 11.3%** | **Mortgage-Backed Securities — 11.3%** |  |
| Fannie Mae Mortgage-Backed Securities, 4.00%, <br> 02/01/47 - 02/01/57<br>| 56 | 52725 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| 4.50%, 05/01/42 - 01/01/49 | 71 | 69921 |
| 3.50%, 10/01/44 - 06/01/49 | 250 | 231670 |
| 3.00%, 08/01/46 - 02/01/47 | 12 | 10515 |
| 4.00%, 10/01/46 - 01/01/49 | 35 | 33433 |
| Ginnie Mae Mortgage-Backed Securities<sup>(h)</sup> <br>|  |  |
| 3.50%, 06/20/42 - 08/15/54 | 34646 | 31540676 |
| 3.00%, 05/20/45 - 07/15/54 | 34790 | 30822699 |
| 4.00%, 11/20/47 - 07/15/54 | 15599 | 14544145 |
| 4.50%, 10/20/48 - 07/15/54 | 20382 | 19528359 |
| 5.00%, 12/20/48 - 07/15/54 | 14894 | 14635619 |
| 2.50%, 08/20/50 - 07/15/54 | 41686 | 35335813 |
| 5.50%, 12/20/52 - 07/15/54 | 20397 | 20427605 |
| 2.00%, 07/15/54 | 73475 | 59823352 |
| 6.00%, 07/15/54 | 16850 | 17096133 |
| 6.50%, 07/15/54 - 08/15/54 | 11659 | 11964934 |
| Uniform Mortgage-Backed Securities<sup>(h)</sup> <br>|  |  |
| 3.00%, 03/01/30 - 07/15/54 | 91105 | 80876911 |
| 2.50%, 04/01/32 - 07/14/55 | 130164 | 109267269 |
| 1.50%, 07/15/39 - 07/15/54 | 23100 | 17685788 |
| 2.00%, 07/15/39 - 07/15/54 | 165045 | 135234603 |
| 3.50%, 07/15/39 - 07/15/54 | 48748 | 44200925 |
| 4.00%, 07/15/39 - 07/15/54 | 47881 | 44901737 |
| 5.00%, 02/01/41 - 07/15/54 | 43722 | 42864521 |
| 4.50%, 06/01/44 - 07/15/54 | 30329 | 29071843 |
| 5.50%, 11/01/52 - 07/15/54 | 52039 | 52093321 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Uniform Mortgage-Backed Securities<sup>(h)</sup> (continued) |  |  |
| 6.00%, 07/15/54 | 43850 | $44556987 |
| 6.50%, 07/15/54 | 25550 | 26379777 |
|  |  | 883251281 |
| **Total U.S. Government Sponsored Agency Securities — 11.6%** <br>**(Cost: $899,756,639)** | **Total U.S. Government Sponsored Agency Securities — 11.6%** <br>**(Cost: $899,756,639)** | 906287737 |
| **Total Long-Term Investments — 89.2%** <br>**(Cost: $6,853,140,486)** | **Total Long-Term Investments — 89.2%** <br>**(Cost: $6,853,140,486)** | 6956220507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | <br>*Shares*<br>|
| **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.20%<sup>(i)(j)</sup><br>| 18222026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 19.5%** | **U.S. Treasury Obligations — 19.5%** |  |
| U.S. Treasury Bills<sup>(k)</sup> <br>|  |  |
| 4.32%, 07/22/25 - 08/19/25 | $151729 | 150869405 |
| 4.30%, 07/24/25<sup>(l)</sup> | 194795 | 194276656 |
| 4.31%, 07/29/25 | 31100 | 30999616 |
| 4.36%, 07/31/25 - 09/11/25 | 152600 | 151445297 |
| 4.33%, 08/12/25 | 50400 | 50147050 |
| 4.38%, 08/14/25 | 14700 | 14622631 |
| 4.29%, 08/21/25 | 391800 | 389403109 |
| 4.48%, 08/26/25 | 468400 | 465252352 |
| 4.35%, 09/09/25 - 09/23/25<sup>(l)</sup> | 68400 | 67815101 |
|  |  | 1514831217 |
| **Total Short-Term Securities — 19.7%** <br>**(Cost: $1,533,250,988)** | **Total Short-Term Securities — 19.7%** <br>**(Cost: $1,533,250,988)** | 1533053243 |
| **Total Investments Before TBA Sale Commitments — 108.9%** <br>**(Cost: $8,386,391,474)** | **Total Investments Before TBA Sale Commitments — 108.9%** <br>**(Cost: $8,386,391,474)** | 8489273750 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **TBA Sale Commitments**<sup>(h)</sup> | **TBA Sale Commitments**<sup>(h)</sup> | **TBA Sale Commitments**<sup>(h)</sup> |
| **Mortgage-Backed Securities — (0.1)%** | **Mortgage-Backed Securities — (0.1)%** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 3.50%, 07/15/54 | $(8000)<br>| $(7272268)<br>|
| 6.50%, 07/15/54 | (1834)<br>| (1882864)<br>|
| **Total TBA Sale Commitments — (0.1)%** <br>**(Proceeds: $(9141583))** | **Total TBA Sale Commitments — (0.1)%** <br>**(Proceeds: $(9141583))** | (9155132)<br>|
| **Total Investments, Net of TBA Sale Commitments — 108.8%** <br>**(Cost: $8,377,249,891)** | **Total Investments, Net of TBA Sale Commitments — 108.8%** <br>**(Cost: $8,377,249,891)** | 8480118618 |
| **Liabilities in Excess of Other Assets — (8.8)%** | **Liabilities in Excess of Other Assets — (8.8)%** | (685552056)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7794566562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $517,060, representing less than 0.05% of its net assets as of period end, and an original cost of $0. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> When-issued security.

<sup>(f)</sup> Perpetual security with no stated maturity date.

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

<sup>(h)</sup> Represents or includes a TBA transaction.

<sup>(i)</sup> Affiliate of the Fund.

<sup>(j)</sup> Annualized 7-day yield as of period end.

<sup>(k)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(l)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $9202298<br> $9019728 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $18222026 | 18222026 | $3112007 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; $119944 | &nbsp;&nbsp;&nbsp;&nbsp; $1297243 |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 4582 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 523494 | &nbsp;&nbsp;&nbsp;&nbsp; 7692618 |
| Long Gilt | &nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp;&nbsp;&nbsp; 97689 | &nbsp;&nbsp;&nbsp;&nbsp; 2298766 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 12238 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2546078 | &nbsp;&nbsp;&nbsp;&nbsp; 9551785 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 3323 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 362259 | &nbsp;&nbsp;&nbsp;&nbsp; 3719910 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24560322 |
| Short Contracts  |  |  |  |  |
| Euro Bund | &nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp;&nbsp; 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 152084 | &nbsp;&nbsp;&nbsp;&nbsp; 1031716 |
| 10-Year Canadian Bond | &nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp;&nbsp; 09/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55905 | &nbsp;&nbsp;&nbsp;&nbsp; (344707)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 11282 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1264994 | &nbsp;&nbsp;&nbsp;&nbsp; (20123552)<br>|
| U.S. Long Bond | &nbsp;&nbsp; 1387 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 159982 | &nbsp;&nbsp;&nbsp;&nbsp; (5577868)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 46398 | &nbsp;&nbsp;&nbsp;&nbsp; (826522)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (25840933)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1280611)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BRL | 5390000 | USD | 946660 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26637 |
| BRL | 1240000 | USD | 219050 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4862 |
| BRL | 65850000 | USD | 11761239 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129604 |
| CAD | 178760000 | USD | 131268250 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510027 |
| CAD | 6600000 | USD | 4849663 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15725 |
| CAD | 9280000 | USD | 6829043 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11986 |
| CAD | 23760000 | USD | 17406083 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109311 |
| CHF | 780000 | USD | 963552 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28978 |
| CHF | 5240000 | USD | 6521866 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145903 |
| CHF | 6940000 | USD | 8621546 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209431 |
| CHF | 9830000 | USD | 12260151 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248279 |
| CLP | 7270000000 | USD | 7743104 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59251 |
| COP | 18290000000 | USD | 4421078 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8823 |
| COP | 8370000000 | USD | 1983944 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43299 |
| COP | 1290000000 | USD | 305360 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7083 |
| COP | 10370000000 | USD | 2501688 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9962 |
| CZK | 36000000 | USD | 1665539 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53582 |
| CZK | 369490000 | USD | 17093744 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550653 |
| CZK | 6400000 | USD | 298069 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7553 |
| EUR | 960000 | USD | 1131513 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| EUR | 143030000 | USD | 165161790 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4177438 |
| EUR | 680000 | USD | 791263 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13818 |
| GBP | 6830000 | USD | 9264730 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115061 |
| GBP | 7880000 | USD | 10589696 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232083 |
| GBP | 9260000 | USD | 12469973 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246990 |
| GBP | 11680000 | USD | 15648966 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391437 |
| GBP | 6090000 | USD | 8255482 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108050 |
| GBP | 6130000 | USD | 8329381 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89084 |
| GBP | 14760000 | USD | 20043711 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226524 |
| IDR | 29170000000 | USD | 1761069 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40215 |
| IDR | 62350000000 | USD | 3812989 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37202 |
| IDR | 39030000000 | USD | 2401107 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9045 |
| IDR | 711800000000 | USD | 43599167 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355384 |
| IDR | 37210000000 | USD | 2287453 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10311 |
| IDR | 13010000000 | USD | 794944 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8440 |
| IDR | 114200000000 | USD | 6941827 | Standard Chartered Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110167 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| INR | 170200000 | USD | 1977947 | Standard Chartered Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $881 |
| JPY | 7091000000 | USD | 49315899 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351206 |
| JPY | 1887000000 | USD | 13131114 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85898 |
| KRW | 6830000000 | USD | 5054205 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17640 |
| KRW | 1120000000 | USD | 823770 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7923 |
| KRW | 4110000000 | USD | 3051769 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| KRW | 24680000000 | USD | 18285545 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41415 |
| MXN | 140200000 | USD | 7320346 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90899 |
| MXN | 35700000 | USD | 1858785 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28386 |
| NOK | 107600000 | USD | 10637765 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42478 |
| NOK | 87700000 | USD | 8699571 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5422 |
| NZD | 1030000 | USD | 621253 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8198 |
| NZD | 15220000 | USD | 9190978 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110226 |
| NZD | 13810000 | USD | 8348680 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90848 |
| NZD | 17310000 | USD | 10519460 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58978 |
| NZD | 2670000 | USD | 1617887 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13796 |
| SEK | 90000000 | USD | 9298712 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262051 |
| SEK | 131200000 | USD | 13890904 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46564 |
| SEK | 39400000 | USD | 4153673 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31817 |
| SEK | 43300000 | USD | 4515362 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84427 |
| SGD | 14240000 | USD | 11187097 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74854 |
| SGD | 95560000 | USD | 74729988 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845299 |
| SGD | 1950000 | USD | 1539267 | Standard Chartered Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2925 |
| SGD | 2230000 | USD | 1749888 | Standard Chartered Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13746 |
| THB | 63300000 | USD | 1949636 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8828 |
| TWD | 39800000 | USD | 1375449 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17182 |
| TWD | 21000000 | USD | 728747 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6059 |
| USD | 88820 | CAD | 120000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| USD | 25614387 | GBP | 18630000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29395 |
| USD | 2319803 | JPY | 331000000 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1398 |
| USD | 522269 | NOK | 5200000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6124 |
| USD | 419479 | NOK | 4200000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2592 |
| USD | 43620311 | PHP | 2440600000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354357 |
| USD | 3795471 | PHP | 211700000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42541 |
| USD | 5725964 | PHP | 322200000 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14135 |
| USD | 3039921 | SEK | 28600000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1723 |
| ZAR | 62100000 | USD | 3447044 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41154 |
| ZAR | 1394600000 | USD | 77997109 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338501 |
| ZAR | 11800000 | USD | 662602 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11537956 |
| CAD | 5670000 | USD | 4197727 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17917)<br>|
| CLP | 1419000000 | USD | 1529012 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6104)<br>|
| COP | 18280000000 | USD | 4433536 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6056)<br>|
| INR | 417400000 | USD | 4859880 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6983)<br>|
| JPY | 257000000 | USD | 1806005 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5914)<br>|
| JPY | 586000000 | USD | 4110874 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6386)<br>|
| NOK | 3700000 | USD | 372124 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4867)<br>|
| SEK | 105600000 | USD | 11229025 | UBS AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11064)<br>|
| USD | 1967461 | AUD | 3030000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29894)<br>|
| USD | 6136014 | AUD | 9330000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14258)<br>|
| USD | 7801739 | AUD | 12040000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134946)<br>|
| USD | 16223418 | AUD | 24920000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (203675)<br>|
| USD | 19000845 | AUD | 29020000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (128940)<br>|
| USD | 7242256 | AUD | 11120000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87972)<br>|
| USD | 40289824 | AUD | 61840000 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (474680)<br>|
| USD | 12457501 | AUD | 19140000 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (159456)<br>|
| USD | 1316152 | BRL | 7400000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20100)<br>|
| USD | 14345524 | BRL | 81550000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (380341)<br>|
| USD | 644309 | CAD | 880000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4410)<br>|
| USD | 6130056 | CAD | 8420000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76998)<br>|
| USD | 7913146 | CAD | 10790000 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41025)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 4954108 | CHF | 4010000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(148517)<br>|
| USD | 7372537 | CHF | 5920000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (160515)<br>|
| USD | 32406752 | CHF | 26330000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1097517)<br>|
| USD | 6157827 | COP | 26180000000 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183060)<br>|
| USD | 4925851 | EUR | 4230000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82223)<br>|
| USD | 3642780 | EUR | 3080000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3762)<br>|
| USD | 24317679 | EUR | 21070000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (627979)<br>|
| USD | 1623605 | EUR | 1400000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33914)<br>|
| USD | 3417691 | EUR | 2940000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63098)<br>|
| USD | 2395218 | EUR | 2070000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55542)<br>|
| USD | 46160 | EUR | 40000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1198)<br>|
| USD | 16299011 | EUR | 13980000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252499)<br>|
| USD | 1264671 | GBP | 940000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26252)<br>|
| USD | 6295927 | GBP | 4665000 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110621)<br>|
| USD | 2662066 | GBP | 1940000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2179)<br>|
| USD | 3186812 | HUF | 1111000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74773)<br>|
| USD | 5390680 | HUF | 1901000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190123)<br>|
| USD | 5667053 | HUF | 1991000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177965)<br>|
| USD | 13758495 | HUF | 4861000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (512038)<br>|
| USD | 3620618 | HUF | 1268000000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101874)<br>|
| USD | 5884787 | HUF | 2081000000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (224445)<br>|
| USD | 22848010 | HUF | 8043000000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (763982)<br>|
| USD | 4900422 | HUF | 1708000000 | Royal Bank of Canada | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113787)<br>|
| USD | 938260 | INR | 81100000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4648)<br>|
| USD | 1953461 | INR | 170200000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25367)<br>|
| USD | 3379614 | INR | 293800000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36248)<br>|
| USD | 1604570 | JPY | 235000000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41428)<br>|
| USD | 2405353 | JPY | 345000000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11112)<br>|
| USD | 14736171 | JPY | 2125000000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147851)<br>|
| USD | 275261 | KRW | 376369327 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4225)<br>|
| USD | 325367 | KRW | 440000000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1370)<br>|
| USD | 5487498 | KRW | 7530000000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104155)<br>|
| USD | 3244136 | KRW | 4433630673 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48205)<br>|
| USD | 40966088 | KRW | 56003100000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (620887)<br>|
| USD | 1473837 | MXN | 28400000 | BNP Paribas SA | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27442)<br>|
| USD | 4419821 | MXN | 85800000 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (115734)<br>|
| USD | 10615865 | MXN | 204050000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170615)<br>|
| USD | 67024365 | NZD | 110880000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (736306)<br>|
| USD | 3129851 | NZD | 5170000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29625)<br>|
| USD | 996766 | PHP | 56400000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3070)<br>|
| USD | 5135723 | PHP | 291600000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33642)<br>|
| USD | 4198470 | PHP | 241200000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77424)<br>|
| USD | 2648517 | PHP | 152800000 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60259)<br>|
| USD | 3148277 | PHP | 180900000 | Standard Chartered Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58644)<br>|
| USD | 371930 | PLN | 1350000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1938)<br>|
| USD | 6663167 | PLN | 24750000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191080)<br>|
| USD | 1231861 | PLN | 4550000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28213)<br>|
| USD | 736332 | PLN | 2750000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25250)<br>|
| USD | 5226868 | PLN | 19450000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (159600)<br>|
| USD | 66205350 | PLN | 247150000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2240190)<br>|
| USD | 1379503 | PLN | 5150000 | Nomura International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46734)<br>|
| USD | 7129573 | PLN | 26350000 | Nomura International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (167777)<br>|
| USD | 2920564 | SEK | 27500000 | Deutsche Bank AG | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (780)<br>|
| USD | 95707705 | SEK | 914200000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1408397)<br>|
| USD | 734372 | SEK | 7000000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9243)<br>|
| USD | 8266924 | SEK | 78100000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29694)<br>|
| USD | 2837466 | SGD | 3610000 | Barclays Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17565)<br>|
| USD | 3050967 | SGD | 3880000 | Standard Chartered Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17599)<br>|
| USD | 547473 | TWD | 15700000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1881)<br>|
| USD | 6423954 | TWD | 188800000 | Bank of America N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (182296)<br>|
| USD | 4616596 | ZAR | 83400000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68038)<br>|
| USD | 4864827 | ZAR | 88045000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80720)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 6169580 | ZAR | 112055000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(124624)<br>|
| USD | 9121659 | ZAR | 165900000 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (197054)<br>|
| USD | 2070441 | ZAR | 37700000 | Goldman Sachs International | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47193)<br>|
| ZAR | 83400000 | USD | 4701815 | Citibank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17181)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14251153)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2713197)<br>|

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Paid* <br>*by the Fund*<br>| &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| CDX.NA.HY.43.V1 | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/29 | USD | 91 | &nbsp;&nbsp;&nbsp; $(6833)<br>| &nbsp;&nbsp;&nbsp; $(5570)<br>| &nbsp;&nbsp;&nbsp; $(1263)<br>|

---

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 1.91% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 04/15/35 | EUR | 5900 | &nbsp;&nbsp; $39178 | &nbsp;&nbsp; $5575 | &nbsp;&nbsp; $33603 |
| 1.94% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 05/15/35 | EUR | 12280 | &nbsp;&nbsp; 40089 | &nbsp;&nbsp; 8953 | &nbsp;&nbsp; 31136 |
| 1.95% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 05/15/35 | EUR | 6120 | &nbsp;&nbsp; 13263 | &nbsp;&nbsp; 5034 | &nbsp;&nbsp; 8229 |
| 2.53% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 05/16/35 | USD | 7200 | &nbsp;&nbsp; (31774)<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; (31924)<br>|
| 2.46% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/13/35 | USD | 7640 | &nbsp;&nbsp; 22083 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 21924 |
| 2.49% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/13/35 | USD | 7640 | &nbsp;&nbsp; (1623)<br>| &nbsp;&nbsp; 159 | &nbsp;&nbsp; (1782)<br>|
| 1.93% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 06/15/35 | EUR | 6040 | &nbsp;&nbsp; 40558 | &nbsp;&nbsp; (345)<br>| &nbsp;&nbsp; 40903 |
| 3.18% | At Termination | UK RPI All Items NSA | At Termination | 06/15/35 | GBP | 10540 | &nbsp;&nbsp; 3495 | &nbsp;&nbsp; 69901 | &nbsp;&nbsp; (66406)<br>|
| 3.23% | At Termination | UK RPI All Items NSA | At Termination | 06/15/35 | GBP | 4620 | &nbsp;&nbsp; (26065)<br>| &nbsp;&nbsp; 1193 | &nbsp;&nbsp; (27258)<br>|
| 3.24% | At Termination | UK RPI All Items NSA | At Termination | 06/15/35 | GBP | 5300 | &nbsp;&nbsp; (37025)<br>| &nbsp;&nbsp; 12585 | &nbsp;&nbsp; (49610)<br>|
| 3.24% | At Termination | UK RPI All Items NSA | At Termination | 06/15/35 | GBP | 11160 | &nbsp;&nbsp; (86079)<br>| &nbsp;&nbsp; 44799 | &nbsp;&nbsp; (130878)<br>|
| 2.45% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/16/35 | USD | 11450 | &nbsp;&nbsp; 41415 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 41177 |
| 2.45% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/16/35 | USD | 11450 | &nbsp;&nbsp; 36539 | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 36301 |
| 2.47% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/17/35 | USD | 7610 | &nbsp;&nbsp; 14667 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 14509 |
| 2.47% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/18/35 | USD | 7620 | &nbsp;&nbsp; 11486 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 11327 |
| 2.50% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/20/35 | USD | 22940 | &nbsp;&nbsp; (27986)<br>| &nbsp;&nbsp; 477 | &nbsp;&nbsp; (28463)<br>|
| 2.50% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/23/35 | USD | 22820 | &nbsp;&nbsp; (7782)<br>| &nbsp;&nbsp; 475 | &nbsp;&nbsp; (8257)<br>|
| 2.51% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/24/35 | USD | 22850 | &nbsp;&nbsp; (36527)<br>| &nbsp;&nbsp; 475 | &nbsp;&nbsp; (37002)<br>|
| 2.51% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 06/25/35 | USD | 30360 | &nbsp;&nbsp; (46808)<br>| &nbsp;&nbsp; (15069)<br>| &nbsp;&nbsp; (31739)<br>|
| 2.50% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 07/02/35 | USD | 4750 | &nbsp;&nbsp; (3684)<br>| &nbsp;&nbsp; (2179)<br>| &nbsp;&nbsp; (1505)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(42580)<br>| &nbsp;&nbsp; $133135 | &nbsp;&nbsp; $(175715)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.77% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 5286511 | $(4847)<br>| $176 | $(5023)<br>|
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.77% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 3524877 | (2023)<br>| 117 | (2140)<br>|
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.79% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 21146946 | 45898 | 698 | 45200 |
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.79% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 5318952 | 7531 | 177 | 7354 |
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.80% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 3683723 | 10017 | 121 | 9896 |
| Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual | 0.81% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | JPY | 7720992 | 34768 | 254 | 34514 |
| 1.98% | Annual | 6-mo. EURIBOR, 2.05% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | EUR | 215440 | 117539 | (102398)<br>| 219937 |
| 3.36% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 160650 | (35296)<br>| 49909 | (85205)<br>|
| 3.38% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 88550 | (49367)<br>| (1945)<br>| (47422)<br>|
| 3.57% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 91290 | (385262)<br>| 20021 | (405283)<br>|
| 3.57% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | GBP | 89345 | (61403)<br>| (58735)<br>| (2668)<br>|
| 3.60% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 1341250 | (6272637)<br>| (878251)<br>| (5394386)<br>|
| 3.65% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | GBP | 251540 | (705896)<br>| (226881)<br>| (479015)<br>|
| 3.66% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | USD | 96470 | (562124)<br>| (17200)<br>| (544924)<br>|
| 3.76% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | GBP | 185360 | (1053190)<br>| (163260)<br>| (889930)<br>|
| 3.76% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/27 | GBP | 127840 | (735513)<br>| (325881)<br>| (409632)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.76% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 182840 | 28863 | 88 | 28775 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.77% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 181580 | 29659 | 86 | 29573 |
| 7.77% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 95760 | (16166)<br>| 47 | (16213)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.81% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 241940 | 60723 | 112 | 60611 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.82% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 148390 | 42121 | 73 | 42048 |
| 7.83% | Monthly | 1-day TIIEFONDEO, 8.14% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 130380 | (38437)<br>| 62 | (38499)<br>|
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.85% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 217360 | 75987 | 106 | 75881 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 7.86% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 202210 | 75121 | 97 | 75024 |
| 1-day TIIEFONDEO, 8.14% | Monthly | 8.01% | Monthly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/11/30 | MXN | 97770 | 67384 | 45 | 67339 |
| 0.00% | Quarterly | 3-mo. KRW CDC, 2.56% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 3025900 | 10022 | 24 | 9998 |
| 1-day SSARON, (0.03%) | Annual | 0.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CHF | 5920 | 19278 | 1251 | 18027 |
| 1-day SSARON, (0.03%) | Annual | 0.26% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CHF | 6160 | 33165 | 12083 | 21082 |
| 1.29% | Quarterly | 1-day THOR, 1.74% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | THB | 281190 | (6019)<br>| 96 | (6115)<br>|
| 1.39% | Quarterly | 1-day THOR, 1.74% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | THB | 262720 | (47080)<br>| 90 | (47170)<br>|
| 1.51% | Quarterly | 1-day THOR, 1.74% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | THB | 66880 | (23385)<br>| 22 | (23407)<br>|
| 1.52% | Quarterly | 1-day THOR, 1.74% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | THB | 321740 | (118005)<br>| 108 | (118113)<br>|
| 1.83% | Semi-Annual | 1-day SORA, 1.56% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 5570 | (35045)<br>| 48 | (35093)<br>|
| 1.92% | Semi-Annual | 1-day SORA, 1.56% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 4765 | (45406)<br>| 41 | (45447)<br>|
| 1.94% | Semi-Annual | 1-day SORA, 1.56% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 8535 | (87779)<br>| 74 | (87853)<br>|
| 2.11% | Semi-Annual | 1-day SORA, 1.56% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SGD | 2890 | (48140)<br>| 25 | (48165)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.18% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 17226010 | (182088)<br>| 137 | (182225)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.21% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 8380 | (38620)<br>| (4017)<br>| (34603)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.21% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 5740 | (24901)<br>| (4404)<br>| (20497)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.23% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 7890 | (27136)<br>| (2279)<br>| (24857)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.23% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 15720 | (56971)<br>| (22083)<br>| (34888)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.24% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 15584420 | (131320)<br>| 124 | (131444)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.25% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 18073200 | (151655)<br>| 142 | (151797)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.25% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 415830 | (913693)<br>| 666409 | (1580102)<br>|
| 2.26% | Annual | 3-mo. STIBOR, 2.13% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 72970 | (27751)<br>| 17764 | (45515)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.26% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 9460 | (16732)<br>| (9431)<br>| (7301)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.27% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 5760 | (5724)<br>| (14933)<br>| 9209 |
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.27% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 10600 | (10319)<br>| 1138 | (11457)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.28% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 12220 | (8982)<br>| (10778)<br>| 1796 |
| 2.29% | Annual | 3-mo. STIBOR, 2.13% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 87950 | (49816)<br>| (3074)<br>| (46742)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.30% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 11179640 | (74162)<br>| 89 | (74251)<br>|
| 2.30% | Annual | 3-mo. STIBOR, 2.13% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 100310 | (61362)<br>| (10627)<br>| (50735)<br>|
| 2.30% | Annual | 3-mo. STIBOR, 2.13% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 89400 | (54082)<br>| 10183 | (64265)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.30% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 7380 | 4787 | 16881 | (12094)<br>|
| 6-mo. EURIBOR, 2.05% | Semi-Annual | 2.30% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | EUR | 34000 | 8910 | 71248 | (62338)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.31% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 11206710 | $(67645)<br>| $(30410)<br>| $(37235)<br>|
| 2.31% | Annual | 3-mo. STIBOR, 2.13% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | SEK | 81250 | (53124)<br>| 20077 | (73201)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.33% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 5775209 | (31206)<br>| 44 | (31250)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.36% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 15741020 | (71222)<br>| 126 | (71348)<br>|
| 2.36% | Quarterly | 3-mo. KRW CDC, 2.56% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 7528050 | 31945 | 60 | 31885 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.37% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 15541031 | (63489)<br>| 118 | (63607)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.37% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 11437480 | (46925)<br>| 94 | (47019)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.40% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 19764700 | (59902)<br>| 152 | (60054)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.40% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 4599280 | (13131)<br>| 36 | (13167)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.40% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 12702190 | (36487)<br>| 101 | (36588)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.44% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 12415710 | (18600)<br>| 103 | (18703)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.45% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 10179120 | (13497)<br>| 83 | (13580)<br>|
| 2.47% | Quarterly | 3-mo. KRW CDC, 2.56% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 4497648 | 1774 | 37 | 1737 |
| 2.50% | Quarterly | 3-mo. KRW CDC, 2.56% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 11283572 | (4474)<br>| 92 | (4566)<br>|
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.58% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 10894210 | 36486 | 82 | 36404 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.60% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 11365490 | 47253 | 86 | 47167 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.62% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 10286780 | 48192 | 78 | 48114 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.62% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 11672440 | 57761 | 89 | 57672 |
| 3-mo. KRW CDC, 2.56% | Quarterly | 2.63% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | KRW | 15078060 | 78854 | 115 | 78739 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.66% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 2330 | 2421 | (5710)<br>| 8131 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.74% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 13410 | 49616 | 8555 | 41061 |
| 1-day CORRA, 2.75% | Semi-Annual | 2.74% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CAD | 10560 | 40786 | 8174 | 32612 |
| 2.89% | Quarterly | 3-mo. HIBOR, 1.68% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 58760 | (62066)<br>| 84 | (62150)<br>|
| 2.93% | Quarterly | 3-mo. HIBOR, 1.68% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 64590 | (83906)<br>| 92 | (83998)<br>|
| 2.95% | Quarterly | 3-mo. HIBOR, 1.68% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 56570 | (78638)<br>| 80 | (78718)<br>|
| 2.96% | Quarterly | 3-mo. HIBOR, 1.68% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 60670 | (89861)<br>| 86 | (89947)<br>|
| 2.98% | Quarterly | 3-mo. HIBOR, 1.68% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 76160 | (119737)<br>| 108 | (119845)<br>|
| 2.99% | Quarterly | 3-mo. HIBOR, 1.68% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | HKD | 63110 | (104122)<br>| 91 | (104213)<br>|
| 1-day SOFR, 4.45% | Annual | 3.40% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 62250 | 19761 | (40877)<br>| 60638 |
| 3.43% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 6850 | (12766)<br>| 76 | (12842)<br>|
| 1-day SOFR, 4.45% | Annual | 3.43% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 1920 | 3431 | 678 | 2753 |
| 3-mo. BBR, 3.60% | Quarterly | 3.49% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NZD | 9050 | (30601)<br>| 60 | (30661)<br>|
| 3.50% | Annual | 6-mo. PRIBOR, 3.48% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 126110 | 40135 | 63 | 40072 |
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.54% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 143810 | (31875)<br>| 74 | (31949)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.56% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 113230 | (20000)<br>| 58 | (20058)<br>|
| 6-mo. PRIBOR, 3.48% | Semi-Annual | 3.57% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | CZK | 178490 | (29764)<br>| 92 | (29856)<br>|
| 6-mo. BBSW, 3.78% | Semi-Annual | 3.59% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 11160 | (9926)<br>| 80 | (10006)<br>|
| 3.61% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 11410 | (113964)<br>| 43977 | (157941)<br>|
| 1-day SOFR, 4.45% | Annual | 3.63% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 37430 | 406603 | 9406 | 397197 |
| 1-day SOFR, 4.45% | Annual | 3.63% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 564910 | 6298988 | 894018 | 5404970 |
| 3.66% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 10360 | (126067)<br>| 13735 | (139802)<br>|
| 3-mo. BBR, 3.60% | Quarterly | 3.66% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NZD | 11290 | 15828 | 76 | 15752 |
| 1-day SONIA, 4.22% | Annual | 3.67% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 37125 | 56443 | 59660 | (3217)<br>|
| 6-mo. BBSW, 3.78% | Semi-Annual | 3.67% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 14810 | 21240 | 105 | 21135 |
| 3.68% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 9350 | (123050)<br>| 24643 | (147693)<br>|
| 3-mo. BBR, 3.60% | Quarterly | 3.68% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NZD | 11260 | 21412 | 76 | 21336 |
| 1-day SOFR, 4.45% | Annual | 3.70% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 36070 | 517725 | 36012 | 481713 |
| 3.70% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 12530 | (180280)<br>| (35029)<br>| (145251)<br>|
| 3.71% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 4780 | (19443)<br>| 3998 | (23441)<br>|
| 3.72% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 8250 | (39312)<br>| 11038 | (50350)<br>|
| 3.73% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 11910 | (58767)<br>| 10613 | (69380)<br>|
| 3.74% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 8880 | (142698)<br>| (16896)<br>| (125802)<br>|
| 3.74% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 8310 | (46005)<br>| (6160)<br>| (39845)<br>|
| 3.74% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 9740 | (58381)<br>| 8764 | (67145)<br>|
| 1-day SONIA, 4.22% | Annual | 3.75% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 239640 | 1559482 | 734020 | 825462 |
| 3.76% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 9160 | (63203)<br>| 5257 | (68460)<br>|
| 3.78% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | USD | 71090 | (1266574)<br>| (430788)<br>| (835786)<br>|
| 3.82% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 7640 | (81893)<br>| 18661 | (100554)<br>|
| 3.82% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 16930 | 75358 | 51 | 75307 |
| 1-day SONIA, 4.22% | Annual | 3.85% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 104655 | 1332950 | 243141 | 1089809 |
| 1-day SONIA, 4.22% | Annual | 3.86% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 47920 | 620853 | 291697 | 329156 |

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Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Centrally Cleared Interest Rate Swaps (continued)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.89% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | GBP | 6030 | $(90391)<br>| $22003 | $(112394)<br>|
| 6-mo. NIBOR, 4.37% | Semi-Annual | 3.92% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NOK | 104780 | 109526 | (19097)<br>| 128623 |
| 6-mo. NIBOR, 4.37% | Semi-Annual | 3.95% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NOK | 23220 | 26908 | (850)<br>| 27758 |
| 6-mo. NIBOR, 4.37% | Semi-Annual | 3.95% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NOK | 100710 | 118165 | 19003 | 99162 |
| 6-mo. BBSW, 3.78% | Semi-Annual | 3.97% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | AUD | 15370 | 159383 | 110 | 159273 |
| 6-mo. NIBOR, 4.37% | Semi-Annual | 3.97% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NOK | 71410 | 90328 | (3789)<br>| 94117 |
| 3.99% | Annual | 1-day SHIR, 4.50% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ILS | 10165 | (26767)<br>| 32 | (26799)<br>|
| 6-mo. NIBOR, 4.37% | Semi-Annual | 3.99% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NOK | 101830 | 134776 | 28502 | 106274 |
| 4.01% | Annual | 1-day SHIR, 4.50% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ILS | 10165 | (29444)<br>| 32 | (29476)<br>|
| 6-mo. NIBOR, 4.37% | Semi-Annual | 4.02% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NOK | 78170 | 113544 | (16897)<br>| 130441 |
| 4.04% | Annual | 1-day SHIR, 4.50% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ILS | 24200 | (81887)<br>| 76 | (81963)<br>|
| 6-mo. NIBOR, 4.37% | Semi-Annual | 4.06% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NOK | 69800 | 115341 | 5972 | 109369 |
| 6-mo. NIBOR, 4.37% | Semi-Annual | 4.08% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | NOK | 95760 | 166840 | 12234 | 154606 |
| 4.11% | Annual | 1-day SHIR, 4.50% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ILS | 20480 | (86557)<br>| 65 | (86622)<br>|
| 4.15% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 27880 | 12800 | 81 | 12719 |
| 4.20% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 12090 | (2054)<br>| 36 | (2090)<br>|
| 4.85% | Annual | 6-mo. WIBOR, 5.04% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | PLN | 161970 | (1282495)<br>| 469 | (1282964)<br>|
| 5.67% | Semi Annual | 1-day MIBOR, 5.52% | Semi Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 69311 | 1914 | 9 | 1905 |
| 5.67% | Semi Annual | 1-day MIBOR, 5.52% | Semi Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 69311 | 1965 | 9 | 1956 |
| 5.69% | Semi Annual | 1-day MIBOR, 5.52% | Semi Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 68277 | 1251 | 9 | 1242 |
| 5.69% | Semi Annual | 1-day MIBOR, 5.52% | Semi Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 622360 | 10334 | 81 | 10253 |
| 5.77% | Semi Annual | 1-day MIBOR, 5.52% | Semi Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | INR | 436250 | (9196)<br>| 57 | (9253)<br>|
| 7.53% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 65180 | (24980)<br>| 41 | (25021)<br>|
| 3-mo. JIBAR, 7.29% | Quarterly | 7.53% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 108670 | 40376 | 67 | 40309 |
| 3-mo. JIBAR, 7.29% | Quarterly | 7.61% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 182560 | 102848 | 112 | 102736 |
| 3-mo. JIBAR, 7.29% | Quarterly | 7.62% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 190500 | 114228 | 118 | 114110 |
| 7.66% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 47370 | (32449)<br>| 29 | (32478)<br>|
| 3-mo. JIBAR, 7.29% | Quarterly | 7.69% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 181100 | 135068 | 111 | 134957 |
| 7.71% | Quarterly | 3-mo. JIBAR, 7.29% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 95110 | (76497)<br>| 58 | (76555)<br>|
| 3-mo. JIBAR, 7.29% | Quarterly | 7.72% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 187620 | 155731 | 116 | 155615 |
| 3-mo. JIBAR, 7.29% | Quarterly | 7.80% | Quarterly<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/30 | ZAR | 74800 | 75035 | 45 | 74990 |
| 2.57% | Annual | 6-mo. EURIBOR, 2.05% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | EUR | 46930 | 279408 | (188604)<br>| 468012 |
| 2.61% | Annual | 6-mo. EURIBOR, 2.05% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | EUR | 18820 | 28695 | (80306)<br>| 109001 |
| 1-day SOFR, 4.45% | Annual | 3.69% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 19620 | 12132 | (11724)<br>| 23856 |
| 1-day SOFR, 4.45% | Annual | 3.73% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | USD | 39590 | 152201 | 40703 | 111498 |
| 1-day SONIA, 4.22% | Annual | 4.02% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 5970 | 12666 | 13467 | (801)<br>|
| 1-day SONIA, 4.22% | Annual | 4.08% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 267260 | 2241243 | 1596804 | 644439 |
| 1-day SONIA, 4.22% | Annual | 4.16% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 30100 | 527608 | 295690 | 231918 |
| 1-day SONIA, 4.22% | Annual | 4.17% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | GBP | 930 | 17267 | 17371 | (104)<br>|
| 1.28% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 780272 | (14917)<br>| 98 | (15015)<br>|
| 1.30% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 1635430 | (54861)<br>| 205 | (55066)<br>|
| 1.34% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 1119768 | (68037)<br>| 142 | (68179)<br>|
| 1.34% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 746626 | (44386)<br>| 94 | (44480)<br>|
| 1.36% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 1126640 | (83230)<br>| 143 | (83373)<br>|
| 1.37% | Annual | Tokyo Overnight Average <br> Rate, 0.48%<br>| Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/35 | JPY | 4479264 | (352935)<br>| 563 | (353498)<br>|
| 2.63% | Annual | 6-mo. EURIBOR, 2.05% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | EUR | 2540 | 86454 | (2870)<br>| 89324 |
| 2.66% | Annual | 6-mo. EURIBOR, 2.05% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | EUR | 51610 | 1327259 | (616738)<br>| 1943997 |
| 2.68% | Annual | 6-mo. EURIBOR, 2.05% | Semi-Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | EUR | 920 | 18723 | (7778)<br>| 26501 |
| 3.91% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 9310 | 272 | 3986 | (3714)<br>|
| 3.95% | Annual | 1-day SOFR, 4.45% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | USD | 9530 | (72388)<br>| (25675)<br>| (46713)<br>|
| 4.46% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 1810 | (1648)<br>| (5476)<br>| 3828 |
| 4.47% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 173330 | (801224)<br>| (2067126)<br>| 1265902 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 4.53% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 14320 | $(245639)<br>| $(229145)<br>| $(16494)<br>|
| 4.56% | Annual | 1-day SONIA, 4.22% | Annual<br> 09/17/25 <br><sup>(a)</sup><br>| 09/17/55 | GBP | 6745 | (163738)<br>| (52861)<br>| (110877)<br>|
|  |  |  |  |  |  |  | $(839296)<br>| $(373102)<br>| $(466194)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Forward Swap.

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 3.21% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | BNP Paribas SA | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 23470 | $(4873)<br>| $— | $(4873)<br>|
| 3.25% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | BNP Paribas SA | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 20820 | (14367)<br>|  | (14367)<br>|
| 3.26% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | Goldman Sachs <br> International<br>| 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 8780 | (6540)<br>|  | (6540)<br>|
| 3.26% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | Bank of America N.A. | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 9120 | (7043)<br>|  | (7043)<br>|
| 3.26% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | Citibank N.A. | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 9130 | (7101)<br>|  | (7101)<br>|
| 3.28% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | Goldman Sachs <br> International<br>| 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 23850 | (22604)<br>|  | (22604)<br>|
| 3.28% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | BNP Paribas SA | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 11730 | (11349)<br>|  | (11349)<br>|
| 3.29% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | BNP Paribas SA | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 12495 | (13144)<br>|  | (13144)<br>|
| 3.30% | Quarterly | 3-mo. KLIBOR, <br> 3.50%<br>| Quarterly | BNP Paribas SA | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | MYR | 12495 | (15473)<br>|  | (15473)<br>|
| 4.72% | Semi Annual | 1-day CLP <br> Interbank Rate, <br> 25,411.83%<br>| Semi Annual | HSBC Bank PLC | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | CLP | 5657570 | (12385)<br>|  | (12385)<br>|
| 4.77% | Semi Annual | 1-day CLP <br> Interbank Rate, <br> 25,411.83%<br>| Semi Annual | Citibank N.A. | 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | CLP | 4525760 | (20762)<br>|  | (20762)<br>|
| 4.80% | Semi Annual | 1-day CLP <br> Interbank Rate, <br> 25,411.83%<br>| Semi Annual | Morgan Stanley & Co. <br> International PLC<br>| 09/17/25 <br><sup>(a)</sup><br>| &nbsp;&nbsp; 09/17/30 | CLP | 4432380 | (27775)<br>|  | (27775)<br>|
|  |  |  |  |  |  |  |  |  | $(163416)<br>| $— | $(163416)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Forward Swap.

**Equity Swap contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| ADT, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $30448656 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $661129 |
| AES Corp. | HSBC Bank PLC | 26331656 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (871268)<br>|
| Aflac, Inc. | Barclays Bank PLC | 191648 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1133 |
| Albertsons Cos, Inc., Class A | BNP Paribas SA | 30098883 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13986)<br>|
| Albertsons Cos, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3668556 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (102779)<br>|
| Alcoa Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 32458258 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 843452 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Alexandria Real Estate Equities, Inc. | BNP Paribas SA | $31367386 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $7902 |
| Allison Transmission Holdings, Inc. | Bank of America N.A. | 618198 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 852 |
| Allstate Corp. | Barclays Bank PLC | 6425378 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 114781 |
| Allstate Corp. | HSBC Bank PLC | 24183148 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 65044 |
| Allstate Corp. | HSBC Bank PLC | 19110969 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 288269 |
| Ally Financial, Inc. | BNP Paribas SA | 16310585 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1037784 |
| Altria Group, Inc. | Bank of America N.A. | 687712 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5786)<br>|
| Altria Group, Inc. | Barclays Bank PLC | 31735232 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (975823)<br>|
| Amazon.com, Inc. | SG Americas Securities LLC | 2764945 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 94803 |
| American Electric Power Co., Inc. | Barclays Bank PLC | 18890902 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 91990 |
| American International Group, Inc. | Bank of America N.A. | 34551439 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 62270 |
| American International Group, Inc. | HSBC Bank PLC | 30372377 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 146192 |
| American Tower Corp. | HSBC Bank PLC | 33804737 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1104046 |
| American Water Works Co., Inc. | Bank of America N.A. | 8446878 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (75655)<br>|
| APA Corp. | Bank of America N.A. | 7194072 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (657372)<br>|
| APA Corp. | Barclays Bank PLC | 21608728 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (117503)<br>|
| AT&T, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 22990879 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 597594 |
| AutoZone, Inc. | Bank of America N.A. | 732629 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 39515 |
| AutoZone, Inc. | Barclays Bank PLC | 31005810 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 61843 |
| Avantor, Inc. | Barclays Bank PLC | 30730741 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 68646 |
| Baker Hughes Co., Class A | Bank of America N.A. | 36101075 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (601839)<br>|
| Ball Corp. | HSBC Bank PLC | 192679 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6609 |
| Barrick Mining Corp. | Bank of America N.A. | 36241970 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (998728)<br>|
| Barrick Mining Corp. | BNP Paribas SA | 30887072 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (851162)<br>|
| Bath & Body Works, Inc. | Bank of America N.A. | 26764271 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4279382 |
| Bath & Body Works, Inc. | BNP Paribas SA | 31130129 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4944587 |
| Becton Dickinson & Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 23275209 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 307194 |
| Best Buy Co., Inc. | Bank of America N.A. | 9656572 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (521186)<br>|
| Best Buy Co., Inc. | HSBC Bank PLC | 28023390 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1992255)<br>|
| Bio-Rad Laboratories, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 147448 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 3618 |
| Block, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3033191 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 134657 |
| Booking Holdings, Inc. | Barclays Bank PLC | 33909884 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2898104 |
| BorgWarner, Inc. | Goldman Sachs Bank USA | 23223531 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 83538 |
| BorgWarner, Inc. | HSBC Bank PLC | 31159972 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 801911 |
| Boston Scientific Corp. | Bank of America N.A. | 30065601 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1753753 |
| Boyd Gaming Corp. | Bank of America N.A. | 26864276 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1221311 |
| Boyd Gaming Corp. | Goldman Sachs Bank USA | 1381604 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 64321 |
| Bristol-Myers Squibb Co. | Barclays Bank PLC | 29555454 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (392708)<br>|
| Bristol-Myers Squibb Co. | Barclays Bank PLC | 34345219 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (456217)<br>|
| Broadridge Financial Solutions, Inc. | Barclays Bank PLC | 34063791 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 408800 |
| Builders FirstSource, Inc. | Citibank N.A. | 36183474 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (741104)<br>|
| Camden Property Trust | BNP Paribas SA | 26979638 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (786537)<br>|
| Cardinal Health, Inc. | Bank of America N.A. | 31510788 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1084572 |
| Carnival Corp. | BNP Paribas SA | 21691968 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3894363 |
| Carnival Corp. | Goldman Sachs Bank USA | 27239584 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 4890328 |
| Centene Corp. | Barclays Bank PLC | 14079030 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 166594 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 26475140 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1108072)<br>|
| Charter Communications, Inc., <br> Class A<br>| Barclays Bank PLC | 33745392 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1395098 |
| Cheniere Energy, Inc. | Bank of America N.A. | 5831000 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12019 |
| Chevron Corp. | Citibank N.A. | 35706366 | 02/24/28 | 0.10% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (892294)<br>|
| Chord Energy Corp. | Barclays Bank PLC | 6827931 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (153416)<br>|
| Chubb Ltd. | Bank of America N.A. | 30796381 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 353734 |
| Church & Dwight Co., Inc. | Bank of America N.A. | 28937723 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (497141)<br>|
| Cisco Systems, Inc. | SG Americas Securities LLC | 16087837 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 849555 |
| Clorox Co. | HSBC Bank PLC | 36533505 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2016142)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Coca-Cola Consolidated, Inc. | Barclays Bank PLC | $32997469 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $862738 |
| Colgate-Palmolive Co. | Barclays Bank PLC | 17429441 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 415501 |
| Comcast Corp., Class A | Bank of America N.A. | 31218056 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 515707 |
| Conagra Brands, Inc. | Bank of America N.A. | 17834210 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (903637)<br>|
| Consolidated Edison, Inc. | Bank of America N.A. | 12802623 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (42919)<br>|
| Constellation Brands, Inc., Class A | Bank of America N.A. | 3835776 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15185 |
| Corteva, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10591529 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 15357 |
| CRH PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34606863 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 719613 |
| Crocs, Inc. | Barclays Bank PLC | 33884663 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1360676 |
| Crown Castle, Inc. | Goldman Sachs Bank USA | 4221972 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 146210 |
| Crown Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10724822 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (122516)<br>|
| CVS Health Corp. | Barclays Bank PLC | 26169136 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 763277 |
| CVS Health Corp. | Goldman Sachs Bank USA | 5733707 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 151805 |
| Darden Restaurants, Inc. | HSBC Bank PLC | 31148187 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (245272)<br>|
| DaVita, Inc. | Barclays Bank PLC | 29617956 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1327312 |
| DaVita, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 33981245 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1522850 |
| Deere & Co. | Bank of America N.A. | 14301178 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (89900)<br>|
| Delta Air Lines, Inc. | BNP Paribas SA | 30503120 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (172682)<br>|
| Delta Air Lines, Inc. | Goldman Sachs Bank USA | 8402552 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 79080 |
| Devon Energy Corp. | BNP Paribas SA | 31283082 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2539153)<br>|
| Dominion Energy, Inc. | Barclays Bank PLC | 29548735 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 360575 |
| Dow, Inc. | Barclays Bank PLC | 13634791 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (215971)<br>|
| DuPont de Nemours, Inc. | Bank of America N.A. | 34897601 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 313144 |
| Eagle Materials, Inc. | SG Americas Securities LLC | 27241301 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 33848 |
| Eastman Chemical Co. | Barclays Bank PLC | 22847808 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (105550)<br>|
| Electronic Arts, Inc. | Barclays Bank PLC | 4598484 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 157542 |
| EQT Corp. | Citibank N.A. | 1888382 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (33397)<br>|
| Equinix, Inc. | Barclays Bank PLC | 19300789 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1440897)<br>|
| Equity Residential | Barclays Bank PLC | 190882 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4339)<br>|
| Essex Property Trust, Inc. | Citibank N.A. | 709356 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5957)<br>|
| Eversource Energy | HSBC Bank PLC | 33782151 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1039609)<br>|
| Exelon Corp. | Bank of America N.A. | 2615027 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 37023 |
| Exelon Corp. | Barclays Bank PLC | 26191598 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 133383 |
| Exelon Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3664224 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 18660 |
| Expedia Group, Inc. | Bank of America N.A. | 16115648 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 398461 |
| Fair Isaac Corp. | Bank of America N.A. | 15443227 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3035 |
| Federal Realty Investment Trust | HSBC Bank PLC | 35644925 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (648424)<br>|
| FedEx Corp. | Bank of America N.A. | 1994669 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4750 |
| FedEx Corp. | Barclays Bank PLC | 30869946 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (258563)<br>|
| Fiserv, Inc. | Barclays Bank PLC | 35857229 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 393181 |
| Fiserv, Inc. | Citibank N.A. | 31292896 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 343132 |
| Flex, Ltd. | Bank of America N.A. | 14448146 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1977530 |
| Fortune Brands Innovations, Inc. | BNP Paribas SA | 2674715 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9916 |
| Fox Corp., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 35218464 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (25120)<br>|
| Gap, Inc. | Bank of America N.A. | 29620022 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 909878 |
| Gap, Inc. | Barclays Bank PLC | 34064978 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 604045 |
| Gartner, Inc. | Bank of America N.A. | 35284866 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (389362)<br>|
| Gen Digital, Inc. | Citibank N.A. | 33927051 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 689656 |
| General Mills, Inc. | Bank of America N.A. | 242191 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6912 |
| General Motors Co. | BNP Paribas SA | 29846897 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10680 |
| Gilead Sciences Inc. | Barclays Bank PLC | 33436258 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1473601 |
| Global Payments Inc. | Barclays Bank PLC | 23309785 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1057113 |
| GoDaddy, Inc., Class A | Bank of America N.A. | 17408041 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 142407 |
| H&R Block, Inc. | Barclays Bank PLC | 20098081 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (83651)<br>|
| H&R Block, Inc. | BNP Paribas SA | 29371464 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 23613 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Halliburton Co. | BNP Paribas SA | $37588634 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(3969134)<br>|
| Halliburton Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 29933663 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (558400)<br>|
| Hartford Insurance Group, Inc. | Barclays Bank PLC | 16504224 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (72529)<br>|
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1088342 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 60382 |
| Honeywell International, Inc. | Bank of America N.A. | 31825038 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1248347 |
| Host Hotels & Resorts, Inc. | Barclays Bank PLC | 29652205 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (770920)<br>|
| Host Hotels & Resorts, Inc. | BNP Paribas SA | 17877099 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (320050)<br>|
| HP, Inc. | Bank of America N.A. | 29868572 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (73088)<br>|
| HP, Inc. | Bank of America N.A. | 677712 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7606)<br>|
| Illumina, Inc. | HSBC Bank PLC | 14667803 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1800249 |
| IQVIA Holdings, Inc. | BNP Paribas SA | 378537 | 06/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6)<br>|
| JB Hunt Transport Services, Inc. | Barclays Bank PLC | 30134686 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 155580 |
| Johnson Controls International PLC | Citibank N.A. | 26688414 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 489091 |
| Johnson Controls International PLC | HSBC Bank PLC | 23947903 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 451479 |
| KB Home | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1399970 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (9190)<br>|
| Keysight Technologies Inc. | Goldman Sachs Bank USA | 11254699 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 88018 |
| Kimberly-Clark Corp. | Bank of America N.A. | 246650 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1960)<br>|
| Kinder Morgan, Inc. | HSBC Bank PLC | 3288555 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 213925 |
| Kinder Morgan, Inc. | HSBC Bank PLC | 354141 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 23472 |
| Kinross Gold Corp. | Bank of America N.A. | 9814398 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (90366)<br>|
| Kroger Co. | Barclays Bank PLC | 31147488 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (955470)<br>|
| Lamb Weston Holdings, Inc. | BNP Paribas SA | 10175019 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (633063)<br>|
| Las Vegas Sands Corp. | BNP Paribas SA | 15547681 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 317196 |
| Lincoln National Corp. | Barclays Bank PLC | 10399509 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 564020 |
| Lincoln National Corp. | Barclays Bank PLC | 29514698 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1600736 |
| Linde PLC | Citibank N.A. | 22851414 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 468709 |
| Lithia Motors, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 35834813 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 223080 |
| Lowe's Cos., Inc. | Barclays Bank PLC | 12786126 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 193047 |
| Lowe's Cos., Inc. | BNP Paribas SA | 3204466 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 85866 |
| Manulife Financial Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34010964 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 656879 |
| Marathon Petroleum Corp. | SG Americas Securities LLC | 9785468 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1235 |
| Marvell Technology, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2886621 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 269983 |
| MasTec, Inc. | Barclays Bank PLC | 4745847 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 116692 |
| Match Group, Inc. | Bank of America N.A. | 33702857 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 109460 |
| McDonald's Corp. | Bank of America N.A. | 7368865 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 91112 |
| McDonald's Corp. | Barclays Bank PLC | 29410889 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 269200 |
| McKesson Corp. | Goldman Sachs Bank USA | 29809626 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 547251 |
| Merck & Co., Inc. | Bank of America N.A. | 6503112 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (144585)<br>|
| MetLife, Inc. | BNP Paribas SA | 13320474 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 343206 |
| MGM Resorts International | Barclays Bank PLC | 2511100 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 72071 |
| MGM Resorts International | BNP Paribas SA | 4166464 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1123 |
| Mid-America Apartment Communities, <br> Inc.<br>| Bank of America N.A. | 3310440 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6464 |
| Mohawk Industries, Inc. | BNP Paribas SA | 26468891 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 454545 |
| Moody's Corp. | Barclays Bank PLC | 10499848 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 558205 |
| Motorola Solutions, Inc. | HSBC Bank PLC | 30535074 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 568875 |
| Motorola Solutions, Inc. | SG Americas Securities LLC | 34453086 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 641869 |
| MSCI, Inc. | HSBC Bank PLC | 35485452 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1191752 |
| Murphy USA, Inc. | Barclays Bank PLC | 36183670 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1566617)<br>|
| NetApp, Inc. | Barclays Bank PLC | 3246446 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 70988 |
| Netflix, Inc. | Bank of America N.A. | 29837272 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2770543 |
| New Gold, Inc. | Barclays Bank PLC | 2506220 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10167 |
| Newmont Corp. | BNP Paribas SA | 30934021 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 74514 |
| Newmont Corp. | Citibank N.A. | 36183491 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (730242)<br>|
| Norwegian Cruise Line Holdings Ltd. | BNP Paribas SA | 29982662 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2796227 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| NRG Energy, Inc. | HSBC Bank PLC | $5845695 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(15838)<br>|
| NRG Energy, Inc. | SG Americas Securities LLC | 8391545 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 220681 |
| Omega Healthcare Investors, Inc. | BNP Paribas SA | 14541657 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 233828 |
| Omnicom Group, Inc. | HSBC Bank PLC | 21627146 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 112331 |
| Omnicom Group, Inc. | SG Americas Securities LLC | 676004 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3685 |
| OneMain Holdings, Inc. | Bank of America N.A. | 10116367 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 732671 |
| O'Reilly Automotive, Inc. | Goldman Sachs Bank USA | 5895852 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 97522 |
| Otis Worldwide Corp. | Citibank N.A. | 34603285 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1095999 |
| Ovintiv, Inc. | BNP Paribas SA | 13468414 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1089835)<br>|
| Owens Corning | Bank of America N.A. | 10604496 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 80808 |
| Packaging Corp. of America | Goldman Sachs Bank USA | 30018611 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (160027)<br>|
| Pan American Silver Corp. | HSBC Bank PLC | 3874142 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (41)<br>|
| PayPal Holdings, Inc. | BNP Paribas SA | 19339417 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 774920 |
| PepsiCo, Inc. | Barclays Bank PLC | 34211485 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 784132 |
| Phillips 66 | Goldman Sachs Bank USA | 867442 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (30313)<br>|
| Pilgrim's Pride Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 35051306 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (798766)<br>|
| Post Holdings, Inc. | Barclays Bank PLC | 14817673 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (296076)<br>|
| Principal Financial Group, Inc. | Bank of America N.A. | 18302100 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 644020 |
| Procter & Gamble, Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34337715 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (364637)<br>|
| Prudential Financial, Inc. | BNP Paribas SA | 5385416 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 128298 |
| Quest Diagnostics, Inc. | Citibank N.A. | 29544307 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 79733 |
| Ralph Lauren Corp., Class A | Citibank N.A. | 2429810 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 33499 |
| Raymond James Financial, Inc. | Barclays Bank PLC | 17787919 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 283975 |
| Regal Rexnord Corp. | Barclays Bank PLC | 34740211 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 973150 |
| Reinsurance Group of America, Inc. | SG Americas Securities LLC | 30737454 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (732132)<br>|
| Rexford Industrial Realty Inc. | BNP Paribas SA | 4135031 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (88730)<br>|
| Rockwell Automation, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4847112 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 125141 |
| Ross Stores, Inc. | Bank of America N.A. | 17464017 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (458878)<br>|
| RTX Corp. | Citibank N.A. | 18308825 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 53774 |
| Ryder System, Inc. | Barclays Bank PLC | 17460371 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 595033 |
| Ryman Hospitality Properties, Inc. | Bank of America N.A. | 30896153 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 308235 |
| Ryman Hospitality Properties, Inc. | Barclays Bank PLC | 3328388 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (73561)<br>|
| S&P Global, Inc. | Barclays Bank PLC | 32678426 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 803434 |
| SBA Communications Corp., Class A | Bank of America N.A. | 19880450 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 323775 |
| Schlumberger NV | BNP Paribas SA | 36661187 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2096935)<br>|
| Scotts Miracle-Gro Co. | Barclays Bank PLC | 18722604 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 657829 |
| Sempra | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 26442373 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (6978)<br>|
| Service Corporation International | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 33861118 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 828795 |
| Simon Property Group, Inc. | Barclays Bank PLC | 2309046 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 24385 |
| Simon Property Group, Inc. | BNP Paribas SA | 2639419 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 48488 |
| Sirius XM Holdings Inc. | Bank of America N.A. | 4700782 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 239927 |
| SLM Corp. | Citibank N.A. | 3333290 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 109562 |
| Smurfit WestRock PLC | HSBC Bank PLC | 33089889 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (414163)<br>|
| Southern Copper Corp. | SG Americas Securities LLC | 33520526 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1466285 |
| SS&C Technologies Holdings, Inc. | Citibank N.A. | 34886744 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 876812 |
| Stanley Black & Decker Inc. | Bank of America N.A. | 34509480 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1075462 |
| Sun Communities, Inc. | HSBC Bank PLC | 35109047 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 384426 |
| Targa Resources Corp. | HSBC Bank PLC | 21396478 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1482508 |
| Targa Resources Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 19654595 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1115586 |
| TC Energy Corp. | Barclays Bank PLC | 34123082 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1114373 |
| Teledyne Technologies, Inc. | Barclays Bank PLC | 10958321 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 371414 |
| Tenet Healthcare Corp. | Citibank N.A. | 35465479 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1442777 |
| The Cigna Group | SG Americas Securities LLC | 15753180 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 926234 |
| TJX Cos, Inc. | HSBC Bank PLC | 30078347 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (462851)<br>|
| T-Mobile U.S., Inc. | BNP Paribas SA | 30418863 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1000722 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| T-Mobile U.S., Inc. | Citibank N.A. | $25560899 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $1270275 |
| Toll Brothers, Inc. | BNP Paribas SA | 4068700 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 211517 |
| Toll Brothers, Inc. | SG Americas Securities LLC | 24493034 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1026319 |
| TopBuild Corp. | Bank of America N.A. | 19238075 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1491969 |
| Twilio, Inc., Class A | Bank of America N.A. | 34687508 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2286337 |
| Tyson Foods, Inc., Class A | Barclays Bank PLC | 14519115 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 218669 |
| Tyson Foods, Inc., Class A | SG Americas Securities LLC | 364042 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1749 |
| Uber Technologies Inc. | Barclays Bank PLC | 18130633 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1714370 |
| UDR, Inc. | Goldman Sachs Bank USA | 2707066 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (16573)<br>|
| Union Pacific Corp. | BNP Paribas SA | 31496155 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 761291 |
| United Airlines Holdings, Inc. | BNP Paribas SA | 4035256 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21176 |
| United Parcel Service, Inc., Class B | HSBC Bank PLC | 31547212 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 517792 |
| United Rentals, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7494741 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 331578 |
| UnitedHealth Group, Inc. | HSBC Bank PLC | 29591647 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 856937 |
| Universal Health Services, Inc., <br> Class B<br>| SG Americas Securities LLC | 30284879 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 635796 |
| Vail Resorts, Inc. | HSBC Bank PLC | 35114091 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 327052 |
| Valero Energy Corp. | Bank of America N.A. | 12769579 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (283843)<br>|
| VeriSign, Inc. | BNP Paribas SA | 35377853 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 971670 |
| Verisk Analytics, Inc. | Barclays Bank PLC | 34395669 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 352156 |
| Verizon Communications, Inc. | SG Americas Securities LLC | 29107099 | 08/12/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 720427 |
| Vistra Corp. | Barclays Bank PLC | 21897946 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 828796 |
| Vistra Corp. | BNP Paribas SA | 21319289 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1941012 |
| Walmart, Inc. | HSBC Bank PLC | 29994231 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 111644 |
| Walt Disney Co. | Barclays Bank PLC | 30195574 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1605302 |
| WEC Energy Group, Inc. | BNP Paribas SA | 29538919 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14181 |
| WESCO International, Inc. | Bank of America N.A. | 13992549 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 724739 |
| Weyerhaeuser Co. | Barclays Bank PLC | 4623697 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (154819)<br>|
| Weyerhaeuser Co. | Citibank N.A. | 12563755 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (420683)<br>|
| Willis Towers Watson PLC | Bank of America N.A. | 3938930 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 68558 |
| Workday, Inc., Class A | Barclays Bank PLC | 34412935 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 467705 |
| WP Carey, Inc. | Barclays Bank PLC | 916197 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (30526)<br>|
| Wynn Resorts Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34291323 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1517687 |
| Yum! Brands, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34669959 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1664962 |
| Yum! Brands, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 29836542 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1432846 |
| Zebra Technologies Corp., Class A | BNP Paribas SA | 34395866 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1795730 |
| Zoetis, Inc. | Bank of America N.A. | 35928520 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1806816)<br>|
| Total long positions of equity swaps | Total long positions of equity swaps |  |  |  |  |  | &nbsp;&nbsp; 76086579 |
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| 3M Co. | Bank of America N.A. | (486420) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24041)<br>|
| Advance Auto Parts, Inc. | BNP Paribas SA | (9525491) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 387231 |
| Advanced Micro Devices, Inc. | BNP Paribas SA | (26225030) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2671770)<br>|
| AGCO Corp. | Barclays Bank PLC | (34815739) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (903720)<br>|
| Air Products and Chemicals, Inc. | BNP Paribas SA | (4896013) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (40883)<br>|
| Albemarle Corp. | Barclays Bank PLC | (11649458) | 01/23/26 | (0.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (977168)<br>|
| Albemarle Corp. | Goldman Sachs Bank USA | (21577782) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (720142)<br>|
| Ally Financial, Inc. | Bank of America N.A. | (30054437) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1912257)<br>|
| Amazon.com, Inc. | Citibank N.A. | (35803570) | 02/24/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; — |
| Amcor PLC | BNP Paribas SA | (1661074) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; — |
| American Airlines Group, Inc. | Barclays Bank PLC | (30692471) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (901063)<br>|
| American Express Co. | Bank of America N.A. | (33574033) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2825413)<br>|
| American Express Co. | Bank of America N.A. | (6518429) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (531029)<br>|
| Amgen, Inc. | BNP Paribas SA | (9363234) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 462298 |
| Amphenol Corp., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (35531965) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1305636)<br>|
| APA Corp. | Barclays Bank PLC | (35018383) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 154131 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Apollo Global Management, Inc. | HSBC Bank PLC | $(34288381) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(2144402)<br>|
| Aramark | Bank of America N.A. | (8920351) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (340623)<br>|
| Archer-Daniels-Midland., Co. | Barclays Bank PLC | (20980359) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10285 |
| Arrow Electronics, Inc. | BNP Paribas SA | (21491911) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (365392)<br>|
| Arthur J Gallagher & Co. | Bank of America N.A. | (19025035) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (227942)<br>|
| Arthur J Gallagher & Co. | BNP Paribas SA | (14467985) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (173343)<br>|
| Assurant, Inc. | BNP Paribas SA | (483259) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3159)<br>|
| AutoNation, Inc. | HSBC Bank PLC | (20887775) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (700514)<br>|
| Avis Budget Group, Inc. | Barclays Bank PLC | (19703292) | 01/23/26 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2955494)<br>|
| Ball Corp. | Barclays Bank PLC | (21046203) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 230643 |
| Baxter International, Inc. | Bank of America N.A. | (9205626) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 161293 |
| Baxter International, Inc. | HSBC Bank PLC | (7183213) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 158888 |
| BCE, Inc. | Bank of America N.A. | (31541137) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 292743 |
| BCE, Inc. | BNP Paribas SA | (3206132) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (48291)<br>|
| Boeing Co. | Bank of America N.A. | (29785671) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1161700)<br>|
| Boeing Co. | BNP Paribas SA | (34463148) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1280365)<br>|
| Booz Allen Hamilton Holdings, Corp., <br> Class A<br>| Barclays Bank PLC | (34166131) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1167261)<br>|
| Broadcom, Inc. | Barclays Bank PLC | (33990208) | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2930629)<br>|
| Broadcom, Inc. | HSBC Bank PLC | (29444534) | 02/09/28 | 0.01% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3781214)<br>|
| Brookfield Corp., Class A | Bank of America N.A. | (34538026) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1959102)<br>|
| Brown-Forman Corp. | Bank of America N.A. | (27684697) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1056286)<br>|
| Bunge Global SA | Barclays Bank PLC | (17805489) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 698062 |
| Caesars Entertainment, Inc. | BNP Paribas SA | (9759247) | 06/16/26 | 0.13% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (523554)<br>|
| Caesars Entertainment, Inc. | BNP Paribas SA | (5461592) | 06/16/26 | 0.13% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 90090 |
| Canadian Natural Resources, Ltd. | Bank of America N.A. | (26213677) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1510512 |
| Canadian Natural Resources, Ltd. | Bank of America N.A. | (35997706) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2061685 |
| Canadian Natural Resources, Ltd. | BNP Paribas SA | (5109022) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 294397 |
| Capital One Financial Corp. | Barclays Bank PLC | (34662118) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1911539)<br>|
| Capital One Financial Corp. | BNP Paribas SA | (6814728) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (522088)<br>|
| Capital One Financial Corp. | HSBC Bank PLC | (22933598) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1586992)<br>|
| Cardinal Health, Inc. | SG Americas Securities LLC | (11770518) | 08/12/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1101810)<br>|
| Carlisle Cos, Inc. | Bank of America N.A. | (206715) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8364)<br>|
| Caterpillar, Inc. | BNP Paribas SA | (19261164) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (447870)<br>|
| Caterpillar, Inc. | HSBC Bank PLC | (4340048) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14116)<br>|
| CBRE Group, Inc., Class A | BNP Paribas SA | (890539) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13796)<br>|
| CDW Corp. | HSBC Bank PLC | (35274395) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (255372)<br>|
| Celanese Corp., Class A | Bank of America N.A. | (22577998) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 365327 |
| Cencora, Inc. | Barclays Bank PLC | (21065787) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (482933)<br>|
| Cenovus Energy, Inc. | Bank of America N.A. | (3397862) | 02/15/28 | (0.05)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 243533 |
| Cenovus Energy, Inc. | BNP Paribas SA | (2545087) | 06/16/26 | (0.65)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 110769 |
| CenterPoint Energy, Inc. | BNP Paribas SA | (33307254) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (731474)<br>|
| Charles River Laboratories <br> International, Inc.<br>| BNP Paribas SA | (491010) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (12734)<br>|
| Charter Communications, Inc., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12417305) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (513355)<br>|
| Cleveland-Cliffs, Inc. | Barclays Bank PLC | (29215048) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2855189)<br>|
| Cleveland-Cliffs, Inc. | BNP Paribas SA | (35774089) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1481316)<br>|
| Coca-Cola Co. | Barclays Bank PLC | (34611683) | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (501259)<br>|
| ConocoPhillips | BNP Paribas SA | (6481698) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 321675 |
| Coterra Energy, Inc. | Bank of America N.A. | (12672260) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 531001 |
| CSX Corp. | BNP Paribas SA | (579112) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1245)<br>|
| Cummins, Inc. | Barclays Bank PLC | (34146372) | 01/23/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1204633)<br>|
| D.R. Horton, Inc. | HSBC Bank PLC | (34493227) | 02/09/28 | 0.01% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1763331)<br>|
| D.R. Horton, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3411034) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (6893)<br>|
| D.R. Horton, Inc. | SG Americas Securities LLC | (27256264) | 08/12/25 | (0.01)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1393370)<br>|
| Danaher Corp. | Bank of America N.A. | (31823244) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 564910 |
| Darden Restaurants, Inc. | BNP Paribas SA | (5028040) | 06/16/26 | 0.07% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 128292 |
| Dell Technologies, Inc., Class C | Barclays Bank PLC | (28692554) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1028506)<br>|
| Dell Technologies, Inc., Class C | HSBC Bank PLC | (32808781) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2407088)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Devon Energy Corp. | Barclays Bank PLC | $(32530459) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $1010694 |
| Diamondback Energy, Inc. | BNP Paribas SA | (1184859) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15310 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (31371308) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (3929667)<br>|
| Digital Realty Trust, Inc. | Bank of America N.A. | (30529105) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 277969 |
| Dollar General Corp. | Barclays Bank PLC | (21865789) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 108425 |
| Dollar Tree, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (36737511) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 537301 |
| Dow, Inc. | BNP Paribas SA | (12994910) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1738606 |
| Eastman Chemical Co. | Barclays Bank PLC | (583203) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2721 |
| Ecolab, Inc. | BNP Paribas SA | (295100) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6942)<br>|
| Edison International | HSBC Bank PLC | (34713599) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1515741)<br>|
| Elevance Health, Inc. | BNP Paribas SA | (15244570) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (503253)<br>|
| Enbridge, Inc. | Barclays Bank PLC | (30188737) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (262043)<br>|
| Equity Residential | BNP Paribas SA | (30327366) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 695139 |
| Estee Lauder Cos, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (20435574) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (510695)<br>|
| Estee Lauder Cos, Inc., Class A | SG Americas Securities LLC | (13295955) | 08/12/25 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2273801)<br>|
| FirstEnergy Corp. | BNP Paribas SA | (4928586) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10833)<br>|
| FMC Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (35223455) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 936226 |
| Ford Motor Co. | BNP Paribas SA | (36097582) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (781774)<br>|
| Ford Motor Co. | BNP Paribas SA | (31037916) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (672196)<br>|
| Freeport-McMoRan, Inc. | BNP Paribas SA | (5697950) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19447 |
| Freeport-McMoRan, Inc. | HSBC Bank PLC | (6881464) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51021 |
| FTAI Aviation, Ltd. | HSBC Bank PLC | (17753943) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1379265 |
| General Electric Co. | BNP Paribas SA | (265049) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6755)<br>|
| General Electric Co. | SG Americas Securities LLC | (29215109) | 08/12/25 | (0.11)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (862456)<br>|
| General Mills, Inc. | Barclays Bank PLC | (30841872) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 895692 |
| General Motors Co. | BNP Paribas SA | (2483307) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3024 |
| Genuine Parts Co. | Barclays Bank PLC | (14363647) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2368)<br>|
| Goodyear Tire & Rubber, Co. | Bank of America N.A. | (3478049) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 100955 |
| Graphic Packaging Holding, Co. | BNP Paribas SA | (5444268) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 86335 |
| HCA Healthcare, Inc. | Bank of America N.A. | (29192328) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1149192)<br>|
| HCA Healthcare, Inc. | BNP Paribas SA | (326674) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4708)<br>|
| HCA Healthcare, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (34013222) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (393372)<br>|
| HEICO Corp. | BNP Paribas SA | (4333376) | 06/16/26 | 0.13% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (72976)<br>|
| Hewlett Packard Enterprise Co. | BNP Paribas SA | (1349269) | 06/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (165)<br>|
| Hf Sinclair Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (35617021) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (60795)<br>|
| Hilton Worldwide Holdings Inc. | Bank of America N.A. | (29017865) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2227812)<br>|
| Home Depot, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (29788669) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (807806)<br>|
| Honeywell International, Inc. | BNP Paribas SA | (9152732) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (359019)<br>|
| Howmet Aerospace, Inc. | Bank of America N.A. | (25753213) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2180619)<br>|
| Huntington Ingalls Industries, Inc. | BNP Paribas SA | (34591895) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1840797)<br>|
| Hyatt Hotels Corp., Class A | Barclays Bank PLC | (34480987) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1816841)<br>|
| Intel Corp. | HSBC Bank PLC | (15347953) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1401669)<br>|
| International Business Machines <br> Corp.<br>| Bank of America N.A. | (34711310) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1594974)<br>|
| International Business Machines <br> Corp.<br>| Citibank N.A. | (31801125) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (615832)<br>|
| International Paper Co. | Bank of America N.A. | (28714403) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (153294)<br>|
| Iron Mountain, Inc. | Barclays Bank PLC | (24184495) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 112650 |
| Iron Mountain, Inc. | BNP Paribas SA | (7149493) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (35022)<br>|
| Jabil, Inc. | BNP Paribas SA | (3811490) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (78978)<br>|
| KB Home | Bank of America N.A. | (13073534) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4934 |
| Keurig Dr Pepper, Inc. | Bank of America N.A. | (2975094) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3595 |
| KKR & Co, Inc. | Bank of America N.A. | (33260002) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2595574)<br>|
| KLA Corp. | BNP Paribas SA | (6036656) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (63334)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Kohl's Corp. | Bank of America N.A. | $(302888) | 02/15/28 | (5.44)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $15263 |
| Kohl's Corp. | Barclays Bank PLC | (12833195) | 01/23/26 | (3.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (602051)<br>|
| Kohl's Corp. | BNP Paribas SA | (2063643) | 06/16/26 | (3.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 103991 |
| Kohl's Corp. | Citibank N.A. | (1139630) | 02/24/28 | (3.58)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (53464)<br>|
| Kraft Heinz Co. | SG Americas Securities LLC | (29034181) | 08/12/25 | 0.11% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 723662 |
| Lamb Weston Holdings, Inc. | BNP Paribas SA | (107207) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6670 |
| Lennar Corp., Class A | Barclays Bank PLC | (30679469) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5546 |
| LKQ Corp. | HSBC Bank PLC | (36058638) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1993560 |
| Lyondellbasell Industries NV, Class A | SG Americas Securities LLC | (35104082) | 08/12/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 372171 |
| Macy's, Inc. | BNP Paribas SA | (37626374) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 536579 |
| Macy's, Inc. | BNP Paribas SA | (30252396) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 560230 |
| Marathon Petroleum Corp. | BNP Paribas SA | (21365685) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 85832 |
| Marriott International, Inc., Class A | Barclays Bank PLC | (35139836) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1210755)<br>|
| Marriott International, Inc., Class A | BNP Paribas SA | (29534564) | 06/16/26 | 0.07% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1752079)<br>|
| Marsh & McLennan Cos., Inc. | Citibank N.A. | (9318310) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19988 |
| Martin Marietta Materials Inc. | BNP Paribas SA | (18199749) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (206880)<br>|
| Mattel, Inc. | BNP Paribas SA | (1612558) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (50430)<br>|
| McKesson Corp. | Barclays Bank PLC | (36162239) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (548573)<br>|
| Medtronic PLC | BNP Paribas SA | (22484945) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 85655 |
| Meritage Homes Corp. | Bank of America N.A. | (28902392) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1069630)<br>|
| MetLife, Inc. | Barclays Bank PLC | (16195070) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (160669)<br>|
| MetLife, Inc. | BNP Paribas SA | (5600149) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (100262)<br>|
| Microchip Technology, Inc. | Barclays Bank PLC | (33680118) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (879082)<br>|
| Micron Technology, Inc. | HSBC Bank PLC | (31386535) | 02/09/28 | 0.01% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3479535)<br>|
| Molina Healthcare, Inc. | Barclays Bank PLC | (8467516) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (196608)<br>|
| Mondelez International, Inc., Class A | Goldman Sachs Bank USA | (30885818) | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (105695)<br>|
| Mondelez International, Inc., Class A | Goldman Sachs Bank USA | (34220039) | 08/18/26 | 0.00% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (117105)<br>|
| Mosaic Co. | Bank of America N.A. | (34163587) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (445901)<br>|
| Murphy Oil Corp. | Bank of America N.A. | (10956120) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1006395 |
| Murphy Oil Corp. | Barclays Bank PLC | (28858351) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1029046 |
| Nasdaq Inc. | Barclays Bank PLC | (34378298) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1066270)<br>|
| Newell Brands, Inc. | Barclays Bank PLC | (17248456) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (392010)<br>|
| NextEra Energy, Inc. | Goldman Sachs Bank USA | (30730255) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1815992 |
| Nutrien Ltd. | Bank of America N.A. | (1693704) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 97346 |
| nVent Electric PLC | Bank of America N.A. | (35213939) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1425564)<br>|
| NXP Semiconductors NV | SG Americas Securities LLC | (24753717) | 08/12/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (628485)<br>|
| Occidental Petroleum Corp. | Barclays Bank PLC | (4737678) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 209126 |
| Oracle Corp. | Bank of America N.A. | (34813442) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1333749)<br>|
| Oracle Corp. | BNP Paribas SA | (30550603) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1089749)<br>|
| Patterson-UTI Energy, Inc. | Bank of America N.A. | (4615258) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 113154 |
| Performance Food Group Co. | HSBC Bank PLC | (16979676) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 136715 |
| Pfizer, Inc. | Barclays Bank PLC | (20723688) | 01/23/26 | 0.10% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (181106)<br>|
| PG&E Corp. | HSBC Bank PLC | (31066241) | 02/09/28 | 0.01% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1223921 |
| Philip Morris International, Inc. | Bank of America N.A. | (33902785) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 214563 |
| Post Holdings, Inc. | HSBC Bank PLC | (7896705) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 78164 |
| Prologis, Inc. | BNP Paribas SA | (1677501) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26697 |
| Prudential Financial, Inc. | Barclays Bank PLC | (16634429) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (289842)<br>|
| Prudential Financial, Inc. | Citibank N.A. | (7345853) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (127996)<br>|
| Prudential Financial, Inc. | HSBC Bank PLC | (7868775) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (120463)<br>|
| PulteGroup, Inc. | Barclays Bank PLC | (2664763) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (15503)<br>|
| Qorvo, Inc. | SG Americas Securities LLC | (24959826) | 08/12/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1175811)<br>|
| Quanta Services, Inc. | HSBC Bank PLC | (33916093) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2137994)<br>|
| Rocket Cos, Inc., Class A | SG Americas Securities LLC | (163366) | 08/12/25 | (8.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18323)<br>|
| Royal Caribbean Cruises Ltd. | BNP Paribas SA | (27864698) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5097984)<br>|
| Royalty Pharma PLC, Class A | Bank of America N.A. | (35632853) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (944118)<br>|
| Seagate Technology Holdings PLC | BNP Paribas SA | (33704667) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3418308)<br>|
| Sealed Air Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (13999505) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (109122)<br>|
| Sempra | Bank of America N.A. | (33836910) | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (912652)<br>|
| Sherwin-Williams Co. | HSBC Bank PLC | (30113287) | 02/09/28 | 0.01% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1112072 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Sirius XM Holdings Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(20447157) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $(989228)<br>|
| Sirius XM Holdings Inc. | SG Americas Securities LLC | (7291152) | 08/12/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (321474)<br>|
| Skyworks Solutions, Inc. | Bank of America N.A. | (8659516) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (300322)<br>|
| Southern Co. | Barclays Bank PLC | (30646369) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (392079)<br>|
| Southwest Airlines Co. | Bank of America N.A. | (27386390) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (204122)<br>|
| Southwest Airlines Co. | BNP Paribas SA | (29752478) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (221758)<br>|
| Steel Dynamics, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3662975) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (16672)<br>|
| Stellantis NV | Bank of America N.A. | (13475047) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (218440)<br>|
| Stellantis NV | Barclays Bank PLC | (9327203) | 01/23/26 | (0.63)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (667652)<br>|
| Take-Two Interactive Software, Inc. | HSBC Bank PLC | (35207831) | 02/09/28 | 0.01% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1409821)<br>|
| Target Corp. | Bank of America N.A. | (24849790) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (331313)<br>|
| Target Corp. | BNP Paribas SA | (676031) | 06/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (17)<br>|
| TC Energy Corp. | Bank of America N.A. | (1352834) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 229 |
| TD SYNNEX Corp. | HSBC Bank PLC | (33281791) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2590640)<br>|
| Teck Resources Ltd. | Bank of America N.A. | (8848843) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (306918)<br>|
| Teck Resources Ltd. | BNP Paribas SA | (6182241) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (405110)<br>|
| Tempur Sealy International, Inc. | Bank of America N.A. | (34860114) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1770997)<br>|
| Tenet Healthcare Corp. | Barclays Bank PLC | (27850174) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1132978)<br>|
| Tesla, Inc. | Citibank N.A. | (26546395) | 02/24/28 | 0.15% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1696488 |
| Texas Instruments, Inc. | BNP Paribas SA | (234815) | 06/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3)<br>|
| The Campbell's Co. | SG Americas Securities LLC | (20712942) | 08/12/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2065850 |
| Thermo Fisher Scientific, Inc. | BNP Paribas SA | (160007) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (150)<br>|
| TransDigm Group, Inc. | BNP Paribas SA | (27847083) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1771943)<br>|
| Transocean Ltd. | Bank of America N.A. | (18271857) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2567187 |
| Transocean Ltd. | Barclays Bank PLC | (19706636) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1346856 |
| Transocean Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (30944555) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1973566 |
| Trimble, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (175231) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (7881)<br>|
| United Parcel Service, Inc., Class B | BNP Paribas SA | (4181859) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13308)<br>|
| United Rentals, Inc. | Bank of America N.A. | (27292139) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2354151)<br>|
| UnitedHealth Group, Inc. | Barclays Bank PLC | (3722418) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (139770)<br>|
| VF Corp. | BNP Paribas SA | (27306850) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1423527 |
| Viatris, Inc. | Barclays Bank PLC | (35423904) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (320216)<br>|
| Walmart, Inc. | BNP Paribas SA | (11489802) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (425277)<br>|
| Warner Bros Discovery, Inc. | Barclays Bank PLC | (34661427) | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2531453)<br>|
| Westinghouse Air Brake Technologies <br> Corp.<br>| BNP Paribas SA | (3546283) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (91801)<br>|
| Westlake Corp. | BNP Paribas SA | (502228) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (33534)<br>|
| Whirlpool Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (16311479) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1330733)<br>|
| Williams Cos., Inc. | Bank of America N.A. | (28595125) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1627225)<br>|
| Xcel Energy Inc. | Barclays Bank PLC | (13751639) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (38475)<br>|
| Xylem Inc. | Barclays Bank PLC | (35339615) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1089842)<br>|
| Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (97784925)<br>|
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (21698346)<br>|
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (3083768)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $(24782114)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

<sup>(b)</sup> The Fund pays the total return on a reference entity and receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying position. 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $5528609 | &nbsp;&nbsp;&nbsp; $(5774146)<br>| &nbsp;&nbsp;&nbsp; $16722886 | &nbsp;&nbsp;&nbsp; $(17366058)<br>|
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 158391833 | &nbsp;&nbsp;&nbsp; (183337363)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25592038 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25592038 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11537956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11537956 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16483777 | &nbsp;&nbsp; 239109 | &nbsp;&nbsp; 16722886 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158391833 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 158391833 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $158391833 | &nbsp;&nbsp; $11537956 | &nbsp;&nbsp; $42075815 | &nbsp;&nbsp; $239109 | &nbsp;&nbsp; $212244713 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26872649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26872649 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14251153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14251153 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1263 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16949971 | &nbsp;&nbsp; 414824 | &nbsp;&nbsp; 17366058 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums <br> received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 183173947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163416 | &nbsp;&nbsp; — | &nbsp;&nbsp; 183337363 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1263 | &nbsp;&nbsp; $183173947 | &nbsp;&nbsp; $14251153 | &nbsp;&nbsp; $43986036 | &nbsp;&nbsp; $414824 | &nbsp;&nbsp; $241827223 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements 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). 

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1751763 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(17323212)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15571449)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2025466)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2025466)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (16184507)<br>| &nbsp;&nbsp; 72718286 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1728492 | &nbsp;&nbsp; (1723508)<br>| &nbsp;&nbsp; 56538763 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16184507)<br>| &nbsp;&nbsp; $74470049 | &nbsp;&nbsp; $(2025466)<br>| &nbsp;&nbsp; $(15594720)<br>| &nbsp;&nbsp; $(1723508)<br>| &nbsp;&nbsp; $38941848 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4801314)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4801314)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2939211)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2939211)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 1946458 | &nbsp;&nbsp; (4061335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 156284 | &nbsp;&nbsp; (182766)<br>| &nbsp;&nbsp; (2141359)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1946458 | &nbsp;&nbsp; $(4061335)<br>| &nbsp;&nbsp; $(2939211)<br>| &nbsp;&nbsp; $(4645030)<br>| &nbsp;&nbsp; $(182766)<br>| &nbsp;&nbsp; $(9881884)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3445012308 |
| Average notional value of contracts — short | &nbsp;&nbsp; 1480923861 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 837103362 |
| Average amounts sold — in USD | &nbsp;&nbsp; 893726976 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 30310571 |
| Average notional value — sell protection | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 3033672108 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 2713421363 |
| Inflation swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 161301103 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 52989333 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 4878690707 |
| Average notional value — short | &nbsp;&nbsp; 4240678893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

**Derivative Financial Instruments — Offsetting as of Period End**

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $3702182 | &nbsp;&nbsp;&nbsp;&nbsp; $5947079 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 11537956 | &nbsp;&nbsp;&nbsp;&nbsp; 14251153 |
| Swaps — centrally cleared | &nbsp;&nbsp; 1043139 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 158391833 | &nbsp;&nbsp;&nbsp;&nbsp; 183337363 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 174675110 | &nbsp;&nbsp;&nbsp;&nbsp; 203535595 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (4745321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5947079)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $169929789 | &nbsp;&nbsp;&nbsp;&nbsp; $197588516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $35907058 | &nbsp;&nbsp; $(35907058)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 39450438 | &nbsp;&nbsp; (39450438)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 29172325 | &nbsp;&nbsp; (29172325)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 10002121 | &nbsp;&nbsp; (4930906)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5071215)<br>| &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 915975 | &nbsp;&nbsp; (915975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 7964065 | &nbsp;&nbsp; (1149855)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4470000)<br>| &nbsp;&nbsp; 2344210 |
| Goldman Sachs International | &nbsp;&nbsp; 1535181 | &nbsp;&nbsp; (1535181)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 16948100 | &nbsp;&nbsp; (16948100)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 222939 | &nbsp;&nbsp; (222939)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 16833387 | &nbsp;&nbsp; (16662720)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 170667 |
| Royal Bank of Canada | &nbsp;&nbsp; 857285 | &nbsp;&nbsp; (857285)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 9784169 | &nbsp;&nbsp; (8507662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1276507 |
| Standard Chartered Bank | &nbsp;&nbsp; 127719 | &nbsp;&nbsp; (76243)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51476 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 195209 | &nbsp;&nbsp; (147851)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47358 |
| UBS AG | &nbsp;&nbsp; 13818 | &nbsp;&nbsp; (11064)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2754 |
|  | &nbsp;&nbsp; $169929789 | &nbsp;&nbsp; $(156495602)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9541215)<br>| &nbsp;&nbsp; $3892972 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $41780879 | &nbsp;&nbsp; $(35907058)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5873821)<br>| &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 41727516 | &nbsp;&nbsp; (39450438)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2277078)<br>| &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 40084308 | &nbsp;&nbsp; (29172325)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6430000)<br>| &nbsp;&nbsp; 4481983 |
| Citibank N.A. | &nbsp;&nbsp; 4930906 | &nbsp;&nbsp; (4930906)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 1174611 | &nbsp;&nbsp; (915975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (258636)<br>| &nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 1149855 | &nbsp;&nbsp; (1149855)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 2616143 | &nbsp;&nbsp; (1535181)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1080962 |
| HSBC Bank PLC | &nbsp;&nbsp; 33800734 | &nbsp;&nbsp; (16948100)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (16852634)<br>| &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 390524 | &nbsp;&nbsp; (222939)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (167585)<br>| &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 16662720 | &nbsp;&nbsp; (16662720)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp; 214511 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 214511 |
| Royal Bank of Canada | &nbsp;&nbsp; 1229221 | &nbsp;&nbsp; (857285)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 371936 |
| SG Americas Securities LLC | &nbsp;&nbsp; 8507662 | &nbsp;&nbsp; (8507662)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 76243 | &nbsp;&nbsp; (76243)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Toronto-Dominion Bank | &nbsp;&nbsp; 147851 | &nbsp;&nbsp; (147851)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 11064 | &nbsp;&nbsp; (11064)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $194504748 | &nbsp;&nbsp; $(156495602)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31859754)<br>| &nbsp;&nbsp; $6149392 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default.

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $120008879 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $120008879 |
| Common Stocks  |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp; 14398099 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14398099 |
| Air Freight & Logistics | &nbsp;&nbsp; 7846292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7846292 |
| Automobile Components | &nbsp;&nbsp; 50731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50731 |
| Automobiles | &nbsp;&nbsp; 1021912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1021912 |
| Beverages | &nbsp;&nbsp; 8435984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8435984 |
| Biotechnology | &nbsp;&nbsp; 15960604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15960604 |
| Broadline Retail | &nbsp;&nbsp; 1241089 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1241089 |
| Building Products | &nbsp;&nbsp; 608485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608485 |
| Capital Markets | &nbsp;&nbsp; 559799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 559799 |
| Chemicals | &nbsp;&nbsp; 861105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 861105 |
| Commercial Services & Supplies | &nbsp;&nbsp; 997456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 997456 |
| Communications Equipment | &nbsp;&nbsp; 8864879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8864879 |
| Construction & Engineering | &nbsp;&nbsp; 257034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257034 |
| Construction Materials | &nbsp;&nbsp; 255178 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255178 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp; 8487808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8487808 |
| Containers & Packaging | &nbsp;&nbsp; 11258351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11258351 |
| Distributors | &nbsp;&nbsp; 9195555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9195555 |
| Diversified Consumer Services | &nbsp;&nbsp; 5549489 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5549489 |
| Diversified Telecommunication Services | &nbsp;&nbsp; 8481337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8481337 |
| Electric Utilities | &nbsp;&nbsp; 45243486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45243486 |
| Electrical Equipment | &nbsp;&nbsp; 164842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164842 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp; 390343 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 390343 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| Entertainment | &nbsp;&nbsp; $1536810 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1536810 |
| Financial Services | &nbsp;&nbsp; 2941800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2941800 |
| Food Products | &nbsp;&nbsp; 42604141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42604141 |
| Gas Utilities | &nbsp;&nbsp; 130059 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130059 |
| Ground Transportation | &nbsp;&nbsp; 2481118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2481118 |
| Health Care Equipment & Supplies | &nbsp;&nbsp; 9702969 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9702969 |
| Health Care Providers & Services | &nbsp;&nbsp; 8330482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8330482 |
| Health Care Technology | &nbsp;&nbsp; 166064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 166064 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 11901077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11901077 |
| Household Durables | &nbsp;&nbsp; 337219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 337219 |
| Household Products | &nbsp;&nbsp; 18139746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18139746 |
| Industrial Conglomerates | &nbsp;&nbsp; 229852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229852 |
| Industrial REITs | &nbsp;&nbsp; 62692 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62692 |
| Insurance | &nbsp;&nbsp; 5166605 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5166605 |
| Interactive Media & Services | &nbsp;&nbsp; 2639832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2639832 |
| IT Services | &nbsp;&nbsp; 8576127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8576127 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 8740931 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8740931 |
| Machinery | &nbsp;&nbsp; 1720611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1720611 |
| Marine Transportation | &nbsp;&nbsp; 53416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53416 |
| Media | &nbsp;&nbsp; 14007368 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14007368 |
| Metals & Mining | &nbsp;&nbsp; 4559399 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4559399 |
| Multi-Utilities | &nbsp;&nbsp; 22012277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22012277 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 16931519 | &nbsp;&nbsp;&nbsp;&nbsp; 517060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17448579 |
| Personal Care Products | &nbsp;&nbsp; 50978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50978 |
| Pharmaceuticals | &nbsp;&nbsp; 17180462 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17180462 |
| Professional Services | &nbsp;&nbsp; 7877710 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7877710 |
| Residential REITs | &nbsp;&nbsp; 7960881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7960881 |
| Retail REITs | &nbsp;&nbsp; 10147248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10147248 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp; 1964978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1964978 |
| Software | &nbsp;&nbsp; 2693669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2693669 |
| Specialized REITs | &nbsp;&nbsp; 17451893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17451893 |
| Specialty Retail | &nbsp;&nbsp; 12663907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12663907 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp; 1179522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1179522 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp; 127065 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127065 |
| Tobacco | &nbsp;&nbsp; 568226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 568226 |
| Trading Companies & Distributors | &nbsp;&nbsp; 468259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 468259 |
| Water Utilities | &nbsp;&nbsp; 9620001 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9620001 |
| Wireless Telecommunication Services | &nbsp;&nbsp; 380739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380739 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3547115937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3547115937 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1958853384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1958853384 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 906287737 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 906287737 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 18222026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18222026 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1514831217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1514831217 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9155132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9155132)<br>|
|  | &nbsp;&nbsp; $441659536 | &nbsp;&nbsp;&nbsp;&nbsp; $8038459082 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8480118618 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $158391833 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $158391833 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11537956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11537956 |
| Interest Rate Contracts | &nbsp;&nbsp; 25592038 | &nbsp;&nbsp;&nbsp;&nbsp; 16483777 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42075815 |
| Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239109 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1263)<br>|
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (183173947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (183173947)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14251153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14251153)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities (continued) |  |  |  |  |
| Interest Rate Contracts | &nbsp;&nbsp; $(26872649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(17113387)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(43986036)<br>|
| Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (414824)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (414824)<br>|
|  | &nbsp;&nbsp; $(1280611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(28301899)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(29582510)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts and options written. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Strategic Global <br>Bond Fund, Inc.<sup>(a)</sup> <br>| BlackRock Systematic <br>Multi-Strategy Fund<br>|
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(b)</sup> | $944268951 | $8471051724 |
| Investments, at value — affiliated<sup>(c)</sup> | 18936856 | 18222026 |
| Cash |  | 12669864 |
| Cash pledged: |  |  |
| Collateral — exchange-traded options written | 2800000 |  |
| Collateral — OTC derivatives | 832000 | 94345000 |
| Futures contracts | 8296792 | 31631000 |
| Centrally cleared swaps | 9913230 | 36056000 |
| Foreign currency, at value<sup>(d)</sup> | 6651062 | 36468314 |
| Receivables: |  |  |
| Investments sold | 8159450 | 3523733 |
| Options written | 318581 |  |
| Swaps | 97299 | 540406926 |
| TBA sale commitments | 5191709 | 9141583 |
| Capital shares sold | 1384482 | 22465574 |
| Dividends — unaffiliated | 15337 | 761470 |
| Dividends — affiliated | 48703 | 165668 |
| Interest — unaffiliated | 10218802 | 51055532 |
| Principal paydowns | 38105 |  |
| Variation margin on futures contracts | 315117 | 3702182 |
| Variation margin on centrally cleared swaps | 425170 | 1043139 |
| Swap premiums paid | 196321 |  |
| Unrealized appreciation on: |  |  |
| Forward foreign currency exchange contracts | 7399242 | 11537956 |
| OTC swaps | 237446 | 158391833 |
| Prepaid expenses | 46442 | 138457 |
| Total assets | 1025791097 | 9502777981 |
| **LIABILITIES** |  |  |
| Bank overdraft | 350940 |  |
| Cash received: |  |  |
| Collateral — OTC derivatives |  | 19040000 |
| Collateral — TBA commitments | 610154 | 11371299 |
| Options written, at value<sup>(e)</sup> | 2038625 |  |
| TBA sale commitments, at value<sup>(f)</sup> | 5223291 | 9155132 |
| Payables: |  |  |
| Investments purchased | 126192793 | 859293940 |
| Swaps | 686 | 582174450 |
| Accounting services fees | 85648 | 462855 |
| Administration fees |  | 347168 |
| Capital shares redeemed | 1336454 | 14257123 |
| Custodian fees | 189482 | 197804 |
| Deferred foreign capital gain tax | 7317 |  |
| Income dividend distributions | 488870 |  |
| Interest expense | 544 |  |
| Investment advisory fees | 279474 | 4654858 |
| Directors' and Officer's fees | 1643 | 33366 |
| Options written | 21788 |  |
| Other accrued expenses | 74295 | 77552 |
| Professional fees | 47992 | 54119 |
| Service and distribution fees | 19516 | 84615 |
| Transfer agent fees | 137223 | 3471543 |
| Variation margin on futures contracts | 914571 | 5947079 |
| Swap premiums received | 18739 |  |
| Unrealized depreciation on: |  |  |
| Forward foreign currency exchange contracts | 8999213 | 14251153 |
| OTC swaps | 493871 | 183337363 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Strategic Global<br> Bond Fund, Inc.<sup>(a)</sup><br>| BlackRock Systematic<br> Multi-Strategy Fund<br>|
| Unfunded floating rate loan interests | $7187 | $— |
| Other liabilities | 5534318 |  |
| Total liabilities | 153074634 | 1708211419 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $872716463 | $7794566562 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $942639644 | $7833271600 |
| Accumulated loss | (69923181) | (38705038) |
| NET ASSETS | $872716463 | $7794566562 |
| <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. |
| <sup>(b)</sup> Investments, at cost—unaffiliated | $930004119 | $8368169448 |
| <sup>(c)</sup> Investments, at cost—affiliated | $18018408 | $18222026 |
| <sup>(d)</sup> Foreign currency, at cost | $6887051 | $35780844 |
| <sup>(e)</sup> Premiums received | $2226658 | $— |
| <sup>(f)</sup> Proceeds from TBA sale commitments | $5191709 | $9141583 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Strategic Global <br>Bond Fund, Inc.<br>| BlackRock Systematic <br>Multi-Strategy Fund<br>|
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | $557126685 | $7215563652 |
| Shares outstanding | 103024091 | 689913219 |
| Net asset value | $5.41 | $10.46 |
| Shares authorized | 1 billion | Unlimited |
| Par value | $0.10 | $0.001 |
| **Investor A** |  |  |
| Net assets | $89704107 | $362533432 |
| Shares outstanding | 16599194 | 34761993 |
| Net asset value | $5.40 | $10.43 |
| Shares authorized | 1 billion | Unlimited |
| Par value | $0.10 | $0.001 |
| **Investor C** |  |  |
| Net assets | $2710809 | $15749431 |
| Shares outstanding | 502081 | 1527700 |
| Net asset value | $5.40 | $10.31 |
| Shares authorized | 1 billion | Unlimited |
| Par value | $0.10 | $0.001 |
| **Class K** |  |  |
| Net assets | $223174862 | $200720047 |
| Shares outstanding | 41304053 | 19196347 |
| Net asset value | $5.40 | $10.46 |
| Shares authorized | 1 billion | Unlimited |
| Par value | $0.10 | $0.001 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Strategic Global <br>Bond Fund, Inc.<sup>(a)</sup> <br>| &nbsp;&nbsp; BlackRock Systematic <br>Multi-Strategy Fund<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $1499 | &nbsp;&nbsp;&nbsp; $7562957 |
| Dividends — affiliated | &nbsp;&nbsp; 469847 | &nbsp;&nbsp;&nbsp; 3112007 |
| Interest — unaffiliated | &nbsp;&nbsp; 20201415 | &nbsp;&nbsp;&nbsp; 198623007 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 156401 | &nbsp;&nbsp;&nbsp; 330312 |
| Other income — unaffiliated | &nbsp;&nbsp; 24023 | &nbsp;&nbsp;&nbsp; 803 |
| Foreign taxes withheld | &nbsp;&nbsp; (90854)<br>| &nbsp;&nbsp;&nbsp; 8475 |
| Total investment income | &nbsp;&nbsp; 20762331 | &nbsp;&nbsp;&nbsp; 209637561 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 2070584 | &nbsp;&nbsp;&nbsp; 26841127 |
| Transfer agent — class specific | &nbsp;&nbsp; 494036 | &nbsp;&nbsp;&nbsp; 4066800 |
| Custodian | &nbsp;&nbsp; 128692 | &nbsp;&nbsp;&nbsp; 150096 |
| Service and distribution — class specific | &nbsp;&nbsp; 115463 | &nbsp;&nbsp;&nbsp; 534985 |
| Professional | &nbsp;&nbsp; 92842 | &nbsp;&nbsp;&nbsp; 115888 |
| Accounting services | &nbsp;&nbsp; 66444 | &nbsp;&nbsp;&nbsp; 360496 |
| Printing and postage | &nbsp;&nbsp; 50984 | &nbsp;&nbsp;&nbsp; 16000 |
| Registration | &nbsp;&nbsp; 47872 | &nbsp;&nbsp;&nbsp; 105553 |
| Directors and Officer | &nbsp;&nbsp; 6631 | &nbsp;&nbsp;&nbsp; 51265 |
| Administration | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1283918 |
| Administration — class specific | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 732885 |
| Miscellaneous | &nbsp;&nbsp; 53187 | &nbsp;&nbsp;&nbsp; 115994 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 3126735 | &nbsp;&nbsp;&nbsp; 34375007 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 5906 | &nbsp;&nbsp;&nbsp; 199 |
| Total expenses | &nbsp;&nbsp; 3132641 | &nbsp;&nbsp;&nbsp; 34375206 |
| Less: |  |  |
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11757)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (546394)<br>| &nbsp;&nbsp;&nbsp; (55316)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (339784)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 2246463 | &nbsp;&nbsp;&nbsp; 34308133 |
| Net investment income | &nbsp;&nbsp; 18515868 | &nbsp;&nbsp;&nbsp; 175329428 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (893936)<br>| &nbsp;&nbsp;&nbsp; 14037986 |
| Investments — affiliated | &nbsp;&nbsp; (21471)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (7678665)<br>| &nbsp;&nbsp;&nbsp; (2025466)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 1352100 | &nbsp;&nbsp;&nbsp; 847009 |
| Futures contracts | &nbsp;&nbsp; (3298128)<br>| &nbsp;&nbsp;&nbsp; (15571449)<br>|
| Options written | &nbsp;&nbsp; 2167537 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (6784902)<br>| &nbsp;&nbsp;&nbsp; 56538763 |
|  | &nbsp;&nbsp; (15157465)<br>| &nbsp;&nbsp;&nbsp; 53826843 |

---

Statements of Operations

------

Statements of Operations (unaudited) (continued)

Six Months Ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Strategic Global<br> Bond Fund, Inc.<sup>(a)</sup><br>| &nbsp;&nbsp; BlackRock Systematic<br> Multi-Strategy Fund<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; $37907256 | &nbsp;&nbsp;&nbsp; $29083162 |
| Investments — affiliated | &nbsp;&nbsp; 370081 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (1118519)<br>| &nbsp;&nbsp;&nbsp; (2939211)<br>|
| Foreign currency translations | &nbsp;&nbsp; 640614 | &nbsp;&nbsp;&nbsp; 1354121 |
| Futures contracts | &nbsp;&nbsp; (9171333)<br>| &nbsp;&nbsp;&nbsp; (4801314)<br>|
| Options written | &nbsp;&nbsp; 238415 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 19518614 | &nbsp;&nbsp;&nbsp; (2141359)<br>|
| Unfunded floating rate loan interests | &nbsp;&nbsp; (760)<br>| &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 48384368 | &nbsp;&nbsp;&nbsp; 20555399 |
| Net realized and unrealized gain | &nbsp;&nbsp; 33226903 | &nbsp;&nbsp;&nbsp; 74382242 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $51742771 | &nbsp;&nbsp;&nbsp; $249711670 |
| <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. |
| <sup>(b)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $6697 | &nbsp;&nbsp;&nbsp; $— |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $3321 | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Global <br>Bond Fund, Inc.<sup>(a)</sup>  | BlackRock Strategic Global <br>Bond Fund, Inc.<sup>(a)</sup>  | BlackRock Systematic <br>Multi-Strategy Fund | BlackRock Systematic <br>Multi-Strategy Fund |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $18515868 | &nbsp;&nbsp;&nbsp; $36191962 | &nbsp;&nbsp;&nbsp; $175329428 | &nbsp;&nbsp;&nbsp; $322103202 |
| Net realized gain (loss) | &nbsp;&nbsp; (15157465)<br>| &nbsp;&nbsp;&nbsp; (23995814)<br>| &nbsp;&nbsp;&nbsp; 53826843 | &nbsp;&nbsp;&nbsp; 56674546 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 48384368 | &nbsp;&nbsp;&nbsp; (7891051)<br>| &nbsp;&nbsp;&nbsp; 20555399 | &nbsp;&nbsp;&nbsp; 59343376 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 51742771 | &nbsp;&nbsp;&nbsp; 4305097 | &nbsp;&nbsp;&nbsp; 249711670 | &nbsp;&nbsp;&nbsp; 438121124 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| From net investment income |  |  |  |  |
| Institutional | &nbsp;&nbsp; (11342923)<br>| &nbsp;&nbsp;&nbsp; (9336371)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (250278628)<br>|
| Investor A | &nbsp;&nbsp; (1633832)<br>| &nbsp;&nbsp;&nbsp; (1208257)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13371237)<br>|
| Investor C | &nbsp;&nbsp; (44212)<br>| &nbsp;&nbsp;&nbsp; (25539)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (471935)<br>|
| Class K | &nbsp;&nbsp; (4551547)<br>| &nbsp;&nbsp;&nbsp; (3714527)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7878739)<br>|
| Return of capital |  |  |  |  |
| Institutional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5790533)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investor A | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (870283)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investor C | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36835)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class K | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2236490)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (17572514)<br>| &nbsp;&nbsp;&nbsp; (23218835)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (272000539)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 24629823 | &nbsp;&nbsp;&nbsp; 73435767 | &nbsp;&nbsp;&nbsp; 676717095 | &nbsp;&nbsp;&nbsp; (1967425)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 58800080 | &nbsp;&nbsp;&nbsp; 54522029 | &nbsp;&nbsp;&nbsp; 926428765 | &nbsp;&nbsp;&nbsp; 164153160 |
| Beginning of period | &nbsp;&nbsp; 813916383 | &nbsp;&nbsp;&nbsp; 759394354 | &nbsp;&nbsp;&nbsp; 6868137797 | &nbsp;&nbsp;&nbsp; 6703984637 |
| End of period | &nbsp;&nbsp; $872716463 | &nbsp;&nbsp;&nbsp; $813916383 | &nbsp;&nbsp;&nbsp; $7794566562 | &nbsp;&nbsp;&nbsp; $6868137797 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statements of Changes in Net Assets. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Global Bond Fund, Inc. | BlackRock Strategic Global Bond Fund, Inc. | BlackRock Strategic Global Bond Fund, Inc. | BlackRock Strategic Global Bond Fund, Inc. | BlackRock Strategic Global Bond Fund, Inc. | BlackRock Strategic Global Bond Fund, Inc. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.20 | &nbsp;&nbsp;&nbsp; $6.38 | &nbsp;&nbsp;&nbsp; $6.13 |
| Net investment income<sup>(b)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 0.21 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net increase (decrease) from investment operations | 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $5.41 | &nbsp;&nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.20 | &nbsp;&nbsp;&nbsp; $6.38 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.46 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95<br> %<br>| &nbsp;&nbsp;&nbsp; (14.85)%<br>| &nbsp;&nbsp;&nbsp; (1.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.04<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.76 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.53 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.53 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | 4.49 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $557127 | &nbsp;&nbsp;&nbsp; $526430 | &nbsp;&nbsp;&nbsp; $489081 | &nbsp;&nbsp;&nbsp; $479103 | &nbsp;&nbsp;&nbsp; $717250 | &nbsp;&nbsp;&nbsp; $671817 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 293<br> %<br>| &nbsp;&nbsp;&nbsp; 382<br> %<br>| &nbsp;&nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp;&nbsp; 354<br> %<br>| &nbsp;&nbsp;&nbsp; 330<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 0.78%, 0.55% and 0.53%, respectively. 

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 0.73%, 0.53% and 0.53%, respectively. 

<sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 223<br> %<br>| &nbsp;&nbsp;&nbsp; 195<br> %<br>| &nbsp;&nbsp;&nbsp; 228<br> %<br>| &nbsp;&nbsp;&nbsp; 234<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.38 | &nbsp;&nbsp;&nbsp; $6.12 |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net increase (decrease) from investment operations | 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $5.40 | &nbsp;&nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.38 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.13 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.69<br> %<br>| &nbsp;&nbsp;&nbsp; (14.92)%<br>| &nbsp;&nbsp;&nbsp; (1.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.95<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.05 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.78 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.78 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Net investment income | 4.24 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $89704 | &nbsp;&nbsp;&nbsp; $79628 | &nbsp;&nbsp;&nbsp; $76849 | &nbsp;&nbsp;&nbsp; $83094 | &nbsp;&nbsp;&nbsp; $109613 | &nbsp;&nbsp;&nbsp; $91388 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 293<br> %<br>| &nbsp;&nbsp;&nbsp; 382<br> %<br>| &nbsp;&nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp;&nbsp; 354<br> %<br>| &nbsp;&nbsp;&nbsp; 330<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 1.08%, 0.80% and 0.78%, respectively. 

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 1.00%, 0.78% and 0.78%, respectively. 

<sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 223<br> %<br>| &nbsp;&nbsp;&nbsp; 195<br> %<br>| &nbsp;&nbsp;&nbsp; 228<br> %<br>| &nbsp;&nbsp;&nbsp; 234<br> %<br>|

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $5.18 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.37 | &nbsp;&nbsp;&nbsp; $6.12 |
| Net investment income<sup>(b)</sup> | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | 0.22 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net increase (decrease) from investment operations | 0.31 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $5.40 | &nbsp;&nbsp;&nbsp; $5.18 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.37 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.94 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.89<br> %<br>| &nbsp;&nbsp;&nbsp; (15.56)%<br>| &nbsp;&nbsp;&nbsp; (2.07)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.97<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.74 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.53 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.53 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>|
| Net investment income | 3.48 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $2711 | &nbsp;&nbsp;&nbsp; $2980 | &nbsp;&nbsp;&nbsp; $3624 | &nbsp;&nbsp;&nbsp; $4055 | &nbsp;&nbsp;&nbsp; $5555 | &nbsp;&nbsp;&nbsp; $3055 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 293<br> %<br>| &nbsp;&nbsp;&nbsp; 382<br> %<br>| &nbsp;&nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp;&nbsp; 354<br> %<br>| &nbsp;&nbsp;&nbsp; 330<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 1.75%, 1.55% and 1.53%, respectively. 

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 1.73%, 1.53% and 1.53%, respectively. 

<sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 223<br> %<br>| &nbsp;&nbsp;&nbsp; 195<br> %<br>| &nbsp;&nbsp;&nbsp; 228<br> %<br>| &nbsp;&nbsp;&nbsp; 234<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) | BlackRock Strategic Global Bond Fund, Inc. (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/24<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.38 | &nbsp;&nbsp;&nbsp; $6.13 |
| Net investment income<sup>(b)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Net increase (decrease) from investment operations | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $5.40 | &nbsp;&nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.38 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 6.28 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.01<br> %<br>| &nbsp;&nbsp;&nbsp; (14.67)%<br>| &nbsp;&nbsp;&nbsp; (1.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.10<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.61 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.48 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.48 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 4.54 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $223175 | &nbsp;&nbsp;&nbsp; $204879 | &nbsp;&nbsp;&nbsp; $189840 | &nbsp;&nbsp;&nbsp; $136087 | &nbsp;&nbsp;&nbsp; $119076 | &nbsp;&nbsp;&nbsp; $55297 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 170<br> %<br>| &nbsp;&nbsp;&nbsp; 293<br> %<br>| &nbsp;&nbsp;&nbsp; 382<br> %<br>| &nbsp;&nbsp;&nbsp; 288<br> %<br>| &nbsp;&nbsp;&nbsp; 354<br> %<br>| &nbsp;&nbsp;&nbsp; 330<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 0.62%, 0.49% and 0.47%, respectively. 

<sup>(i)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 0.60%, 0.48% and 0.48%, respectively. 

<sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21<sup>(a)</sup>  | &nbsp;&nbsp; Year Ended <br>12/31/20<sup>(a)</sup>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 168<br> %<br>| &nbsp;&nbsp;&nbsp; 223<br> %<br>| &nbsp;&nbsp;&nbsp; 195<br> %<br>| &nbsp;&nbsp;&nbsp; 228<br> %<br>| &nbsp;&nbsp;&nbsp; 234<br> %<br>|

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Systematic Multi-Strategy Fund | BlackRock Systematic Multi-Strategy Fund | BlackRock Systematic Multi-Strategy Fund | BlackRock Systematic Multi-Strategy Fund | BlackRock Systematic Multi-Strategy Fund | BlackRock Systematic Multi-Strategy Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.84 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.88 |
| Net investment income<sup>(a)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net increase (decrease) from investment operations | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.84 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $10.10 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.56 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.44<br> %<br>| &nbsp;&nbsp;&nbsp; (2.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.92 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.92 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Net investment income | 4.80 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $7215564 | &nbsp;&nbsp;&nbsp; $6301630 | &nbsp;&nbsp;&nbsp; $6214876 | &nbsp;&nbsp;&nbsp; $8887596 | &nbsp;&nbsp;&nbsp; $7451022 | &nbsp;&nbsp;&nbsp; $3091298 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 242<br> %<br>| &nbsp;&nbsp;&nbsp; 344<br> %<br>| &nbsp;&nbsp;&nbsp; 847<br> %<br>| &nbsp;&nbsp;&nbsp; 936<br> %<br>| &nbsp;&nbsp;&nbsp; 503<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 198<br> %<br>| &nbsp;&nbsp;&nbsp; 399<br> %<br>| &nbsp;&nbsp;&nbsp; 417<br> %<br>| &nbsp;&nbsp;&nbsp; 258<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $10.43 | &nbsp;&nbsp;&nbsp; $10.09 | &nbsp;&nbsp;&nbsp; $9.87 |
| Net investment income<sup>(a)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net increase (decrease) from investment operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.43 | &nbsp;&nbsp;&nbsp; $10.09 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $10.43 | &nbsp;&nbsp;&nbsp; $10.09 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.37 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.19<br> %<br>| &nbsp;&nbsp;&nbsp; (3.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.20 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Net investment income | 4.56 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $362533 | &nbsp;&nbsp;&nbsp; $359115 | &nbsp;&nbsp;&nbsp; $283451 | &nbsp;&nbsp;&nbsp; $453650 | &nbsp;&nbsp;&nbsp; $369323 | &nbsp;&nbsp;&nbsp; $179389 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 242<br> %<br>| &nbsp;&nbsp;&nbsp; 344<br> %<br>| &nbsp;&nbsp;&nbsp; 847<br> %<br>| &nbsp;&nbsp;&nbsp; 936<br> %<br>| &nbsp;&nbsp;&nbsp; 503<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 198<br> %<br>| &nbsp;&nbsp;&nbsp; 399<br> %<br>| &nbsp;&nbsp;&nbsp; 417<br> %<br>| &nbsp;&nbsp;&nbsp; 258<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.05 | &nbsp;&nbsp;&nbsp; $9.87 |
| Net investment income<sup>(a)</sup> | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net increase (decrease) from investment operations | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.31 | &nbsp;&nbsp;&nbsp; $10.01 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.05 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.00 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.48<br> %<br>| &nbsp;&nbsp;&nbsp; (3.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.90 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.90 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>|
| Net investment income | 2.94 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $15749 | &nbsp;&nbsp;&nbsp; $15508 | &nbsp;&nbsp;&nbsp; $16432 | &nbsp;&nbsp;&nbsp; $21457 | &nbsp;&nbsp;&nbsp; $17977 | &nbsp;&nbsp;&nbsp; $4868 |
| Portfolio turnover rate<sup>(i)(j)</sup> | &nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 242<br> %<br>| &nbsp;&nbsp;&nbsp; 344<br> %<br>| &nbsp;&nbsp;&nbsp; 847<br> %<br>| &nbsp;&nbsp;&nbsp; 936<br> %<br>| &nbsp;&nbsp;&nbsp; 503<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 198<br> %<br>| &nbsp;&nbsp;&nbsp; 399<br> %<br>| &nbsp;&nbsp;&nbsp; 417<br> %<br>| &nbsp;&nbsp;&nbsp; 258<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(j)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) | BlackRock Systematic Multi-Strategy Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Period from <br>09/29/20<sup>(a)</sup> <br>to 12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Period from <br>09/29/20<sup>(a)</sup> <br>to 12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $10.22 |
| Net investment income<sup>(b)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net increase (decrease) from investment operations | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| Total distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $10.10 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.56 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.59<br> %<br>| &nbsp;&nbsp;&nbsp; (2.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.28<br> %<br>| &nbsp;&nbsp;&nbsp; (0.53 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.81 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(h)</sup><br>|
| Net investment income | 4.94 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $200720 | &nbsp;&nbsp;&nbsp; $191884 | &nbsp;&nbsp;&nbsp; $189225 | &nbsp;&nbsp;&nbsp; $123188 | &nbsp;&nbsp;&nbsp; $37071 | &nbsp;&nbsp;&nbsp; $296 |
| Portfolio turnover rate<sup>(j)(k)</sup> | &nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 242<br> %<br>| &nbsp;&nbsp;&nbsp; 344<br> %<br>| &nbsp;&nbsp;&nbsp; 847<br> %<br>| &nbsp;&nbsp;&nbsp; 936<br> %<br>| &nbsp;&nbsp;&nbsp; 503<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(j)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Period from <br>09/29/20<sup>(a)</sup> <br>to 12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Period from <br>09/29/20<sup>(a)</sup> <br>to 12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 134<br> %<br>| &nbsp;&nbsp;&nbsp; 198<br> %<br>| &nbsp;&nbsp;&nbsp; 399<br> %<br>| &nbsp;&nbsp;&nbsp; 417<br> %<br>| &nbsp;&nbsp;&nbsp; 258<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(k)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

Financial Highlights

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Strategic Global Bond Fund, Inc. (the "Fund") and BlackRock Funds IV (the "Trust") are each registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies. The Fund is organized as a Maryland corporation and the Trust is organized as a Massachusetts business trust. BlackRock Systematic Multi-Strategy Fund is a series of the Trust. The following are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Herein Referred To As*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Strategic Global Bond Fund, Inc. | Strategic Global Bond | Diversified |
| BlackRock Systematic Multi-Strategy Fund | Systematic Multi-Strategy | Diversified |

---

Each 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 and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. 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 and Class K Shares | No | No |  |
| Investor A Shares | Yes | No<sup>(a)</sup> |  |
| Investor C Shares | No | Yes<sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

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

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

**Basis of Consolidation:** The accompanying consolidated financial statements of Strategic Global Bond include the account of BlackRock Strategic Global Fund (Cayman) (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of Strategic Global Bond and primarily invests in commodity-related instruments. The Cayman Subsidiary enables Strategic Global Bond to hold these commodity-related instruments and satisfy regulated investment company tax requirements. Strategic Global Bond may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $1,976,341, which is 0.2% of Strategic Global Bond's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to Strategic Global Bond, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The 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 financial statements, disclosure of contingent assets and liabilities at the date of the 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. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**Foreign Currency Translation:** Each 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.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements 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. Each 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared daily and paid monthly for Strategic Global Bond and declared and paid at least annually for Systematic Multi-Strategy. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Funds' ordinary income and/or capital gains for that year.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by each Board of Directors of the Fund and Board of Trustees of the Trust (the "Board"), the directors who are not "interested persons" of the Funds, as defined in the 1940 Act ("Independent Directors"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors' and Officer's fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

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

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

The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.

**Segment Reporting:** The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exchange-traded funds ("ETFs") and closed-end funds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

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

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

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

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances.

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

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

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

**Stripped Mortgage-Backed Securities:** Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

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

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

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

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 Funds 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 Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Funds had the following unfunded floating rate loan interests:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Strategic Global Bond | Coreweave Compute Acquisition Co., IV, LLC | &nbsp;&nbsp; $527814 | $528124 | &nbsp;&nbsp; $522601 | $(5523) |
|  | Project Montage | &nbsp;&nbsp; 66539 | 66539 | &nbsp;&nbsp; 64875 | (1664) |
|  |  |  |  |  | $(7187) |

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**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Funds 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 Funds 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 Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume 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 Funds' maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.

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

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

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

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

**Commitments:** Commitments are agreements to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Such agreements may obligate a fund to make future cash payments. As of June 30, 2025, Strategic Global Bond had outstanding commitments of $1,127,994. These commitments are not included in the net assets of Strategic Global Bond as of June 30, 2025.

**Reverse Repurchase Agreements:** Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended June 30, 2025, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were as follows:

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| | | |
|:---|:---|:---|
| *Fund Name* | *Average Amount* <br>*Outstanding*<br>| *Weighted Average* <br>*Interest Rate*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $193536.4 | 9.36<br> % <br>|

---

Borrowed bond agreements are entered into by a fund under Master Repurchase Agreements (each, an "MRA"), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With borrowed bond agreements, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor to the extent that the aggregate market value of the cash collateral and the purchased securities it holds is less than the repurchase price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA could be delayed or not received at all.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund's use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund's obligation to repurchase the securities.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their 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 Schedules 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 exchange-traded agreements between the Funds 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 Funds are 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 Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

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 Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements 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 Statements 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 Statements of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Options:** The Funds may purchase and write call and put options to increase or decrease their 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 Statements 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 Statements 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 Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Swaptions — The Funds may purchase and write options on swaps ("swaptions") primarily to preserve a return or spread on a particular investment or portion of the Funds' 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate caps and floors — Interest rate caps and floors 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." Floors are agreements whereby one party agrees to make payments to the other, in return for a premium, to the extent that interest rate indexes fall below a specified rate, or "floor." The maximum potential amount of future payments that a 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Barrier options – The Funds may purchase and write a variety of options with non-standard payout structures or other features ("barrier options") that are generally traded OTC.

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

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they 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 Funds 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 Statements 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 Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Funds' counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each 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 Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 Funds 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 Funds 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 Funds 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity swaps — Equity 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).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund 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. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward swaps — The Funds may enter into forward interest rate swaps and forward total return swaps. In a forward swap, each Fund and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements 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, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules 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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** Strategic Global Bond, and the Trust, on behalf of Systematic Multi-Strategy, entered into an Investment Advisory Agreement with the Manager, the Funds' 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 each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets:

---

| | | |
|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Average Daily Net Assets* | *Strategic Global Bond* | *Systematic Multi-Strategy* |
| First $1 billion | 0.50<br> % <br>| 0.80<br> % <br>|
| $1 billion — $3 billion | 0.47 | 0.75 |
| $3 billion — $5 billion | 0.45 | 0.72 |
| $5 billion — $10 billion | 0.44 | 0.70 |
| Greater than $10 billion | 0.43 | 0.68 |

---

With respect to Strategic Global Bond, the Manager entered into separate sub-advisory agreements with each of BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL") and with respect to Systematic Multi-Strategy, the Manager entered into separate sub-advisory agreement with BIL (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Fund for which BIL or BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

**Service and Distribution Fees:** Strategic Global Bond, and the Trust, on behalf of Systematic Multi-Strategy, entered into a Distribution Agreement and Distribution and Service Plans with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each 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 each Fund as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strategic Global Bond | Strategic Global Bond | Systematic Multi-Strategy | Systematic Multi-Strategy |
| *Share Class* | *Service Fees* | *Distribution Fees* | *Service Fees* | *Distribution Fees* |
| Investor A | 0.25<br> % <br>| &nbsp;&nbsp; N/A | 0.25<br> % <br>| &nbsp;&nbsp; N/A |
| Investor C | 0.25 | 0.75<br> % <br>| 0.25 | 0.75<br> % <br>|

---

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

For the six months ended June 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* | *Total* |
| Strategic Global Bond | &nbsp;&nbsp; $101871 | &nbsp;&nbsp; $13592 | &nbsp;&nbsp; $115463 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 456552 | &nbsp;&nbsp; 78433 | &nbsp;&nbsp; 534985 |

---

**Administration:** The Trust, on behalf of Systematic Multi-Strategy, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
| First $500 million | 0.0425<br> % <br>|
| $500 million - $1 billion | 0.0400 |
| $1 billion - $2 billion | 0.0375 |
| $2 billion - $4 billion | 0.0350 |
| $4 billion - $13 billion | 0.0325 |
| Greater than $13 billion | 0.0300 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration – class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended June 30, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Systematic Multi-Strategy | &nbsp;&nbsp; $675828 | &nbsp;&nbsp; $36524 | &nbsp;&nbsp; $1569 | &nbsp;&nbsp; $18964 | &nbsp;&nbsp; $732885 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended June 30, 2025, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended June 30, 2025, each 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 Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Strategic Global Bond | &nbsp;&nbsp; $1612 | $1276 | $112 | $481 | $3481 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 4107 | 804 | 104 | 215 | 5230 |

---

For the six months ended June 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Strategic Global Bond | &nbsp;&nbsp; $410241 | $78544 | $1745 | $3506 | $494036 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 3794039 | 265948 | 6598 | 215 | 4066800 |

---

**Other Fees:** For the six months ended June 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor A* |
| Strategic Global Bond | &nbsp;&nbsp; $587 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 1659 |

---

For the six months ended June 30, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor C* |
| Systematic Multi-Strategy | &nbsp;&nbsp; $1780 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $5852 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 55316 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of Strategic Global Bond Fund assets invested in (i) affiliated equity and fixed-income exchange-traded funds that have a contractual management fee and (ii) other exchange-traded products sponsored by BlackRock or its affiliates, through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $21293 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* |
| Strategic Global Bond | 0.53<br> % <br>| 0.78<br> % <br>| 1.53<br> % <br>| 0.48<br> % <br>|
| Systematic Multi-Strategy | 0.95 | 1.20 | 1.95 | 0.90 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended June 30, 2025, amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $519249 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended June 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* |
| *Fund Name* | *Institutional* | *Investor A* | *Total* |
| Systematic Multi-Strategy | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11757 | &nbsp;&nbsp; $11757 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* |
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Strategic Global Bond | &nbsp;&nbsp; $277041 | &nbsp;&nbsp; $58171 | &nbsp;&nbsp; $1066 | &nbsp;&nbsp; $3506 | &nbsp;&nbsp; $339784 |

---

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), each Fund could 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 each Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

**Directors and Officers:** Certain directors and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds' Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.

**Other Transactions:** The Funds 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 June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Systematic Multi-Strategy | &nbsp;&nbsp;&nbsp; $26807825 | &nbsp;&nbsp;&nbsp; $191685294 | &nbsp;&nbsp;&nbsp; $22360574 |

---

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Fund Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| Strategic Global Bond | &nbsp;&nbsp; $909699506 | &nbsp;&nbsp; $882314640 | &nbsp;&nbsp; $689039255 | &nbsp;&nbsp; $576108876 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 8157239508 | &nbsp;&nbsp; 7807473182 | &nbsp;&nbsp; 1479056720 | &nbsp;&nbsp; 2357231985 |

---

For the six months ended June 30, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| Strategic Global Bond | &nbsp;&nbsp; $542223558 | &nbsp;&nbsp; $542399156 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 4569771674 | &nbsp;&nbsp; 4570654154 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***8.*** ***INCOME TAX INFORMATION*** 

It is each 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.

Each 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 each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each 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 Funds as of June 30, 2025, 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 Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

As of December 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $(67491694)<br>| &nbsp;&nbsp; $(2765128)<br>|
| Systematic Multi-Strategy | &nbsp;&nbsp; (272857397)<br>| &nbsp;&nbsp; (47710039)<br>|

---

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $948566168 | &nbsp;&nbsp; $53147300 | &nbsp;&nbsp; $(37388500)<br>| &nbsp;&nbsp; $15758800 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 8421265447 | &nbsp;&nbsp; 374734020 | &nbsp;&nbsp; (336321776)<br>| &nbsp;&nbsp; 38412244 |

---

***9.*** ***BANK BORROWINGS*** 

Strategic Global Bond, and the Trust, on behalf of Systematic Multi-Strategy, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple SOFR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 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 June 30, 2025, the Funds did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each 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, tariffs 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 Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Each 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 each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

**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. A Fund may invest in illiquid investments. An illiquid investment is any investment that a 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. A 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 each 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 a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A 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.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a 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 a 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 a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage 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 Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

For OTC options purchased, each 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 Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option.

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Funds' performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

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

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Strategic Global Bond  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 20788337 | &nbsp;&nbsp;&nbsp; $109900623 | &nbsp;&nbsp;&nbsp; 36322580 | &nbsp;&nbsp;&nbsp; $189863340 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1968138 | &nbsp;&nbsp;&nbsp; 10415678 | &nbsp;&nbsp;&nbsp; 2636983 | &nbsp;&nbsp;&nbsp; 13827971 |
| Shares redeemed | &nbsp;&nbsp; (21111883) | &nbsp;&nbsp;&nbsp; (111530386) | &nbsp;&nbsp;&nbsp; (29442709) | &nbsp;&nbsp;&nbsp; (154252405) |
|  | &nbsp;&nbsp; 1644592 | &nbsp;&nbsp;&nbsp; $8785915 | &nbsp;&nbsp;&nbsp; 9516854 | &nbsp;&nbsp;&nbsp; $49438906 |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 3280331 | &nbsp;&nbsp;&nbsp; $17307873 | &nbsp;&nbsp;&nbsp; 4316471 | &nbsp;&nbsp;&nbsp; $22644526 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 295602 | &nbsp;&nbsp;&nbsp; 1563906 | &nbsp;&nbsp;&nbsp; 374615 | &nbsp;&nbsp;&nbsp; 1963763 |
| Shares redeemed | &nbsp;&nbsp; (2322003) | &nbsp;&nbsp;&nbsp; (12204740) | &nbsp;&nbsp;&nbsp; (3790410) | &nbsp;&nbsp;&nbsp; (19851597) |
|  | &nbsp;&nbsp; 1253930 | &nbsp;&nbsp;&nbsp; $6667039 | &nbsp;&nbsp;&nbsp; 900676 | &nbsp;&nbsp;&nbsp; $4756692 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 39130 | &nbsp;&nbsp;&nbsp; $206987 | &nbsp;&nbsp;&nbsp; 135864 | &nbsp;&nbsp;&nbsp; $713631 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 8401 | &nbsp;&nbsp;&nbsp; 44380 | &nbsp;&nbsp;&nbsp; 11898 | &nbsp;&nbsp;&nbsp; 62273 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (120190) | &nbsp;&nbsp;&nbsp; (629343) | &nbsp;&nbsp;&nbsp; (254817) | &nbsp;&nbsp;&nbsp; (1329545) |
|  | &nbsp;&nbsp; (72659) | &nbsp;&nbsp;&nbsp; $(377976) | &nbsp;&nbsp;&nbsp; (107055) | &nbsp;&nbsp;&nbsp; $(553641) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7702145 | &nbsp;&nbsp;&nbsp; $40494442 | &nbsp;&nbsp;&nbsp; 14331097 | &nbsp;&nbsp;&nbsp; $74981284 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 770224 | &nbsp;&nbsp;&nbsp; 4075000 | &nbsp;&nbsp;&nbsp; 1003064 | &nbsp;&nbsp;&nbsp; 5258266 |
| Shares redeemed | &nbsp;&nbsp; (6656988) | &nbsp;&nbsp;&nbsp; (35014597) | &nbsp;&nbsp;&nbsp; (11533721) | &nbsp;&nbsp;&nbsp; (60445740) |
|  | &nbsp;&nbsp; 1815381 | &nbsp;&nbsp;&nbsp; $9554845 | &nbsp;&nbsp;&nbsp; 3800440 | &nbsp;&nbsp;&nbsp; $19793810 |
|  | &nbsp;&nbsp; 4641244 | &nbsp;&nbsp;&nbsp; $24629823 | &nbsp;&nbsp;&nbsp; 14110915 | &nbsp;&nbsp;&nbsp; $73435767 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 | Six Months Ended <br>06/30/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Systematic Multi-Strategy  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 162159051 | &nbsp;&nbsp;&nbsp; $1673769509 | &nbsp;&nbsp;&nbsp; 180306521 | &nbsp;&nbsp;&nbsp; $1861769508 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23632658 | &nbsp;&nbsp;&nbsp; 238689843 |
| Shares redeemed | &nbsp;&nbsp; (95990216) | &nbsp;&nbsp;&nbsp; (990366300) | &nbsp;&nbsp;&nbsp; (211633875) | &nbsp;&nbsp;&nbsp; (2168619063) |
|  | &nbsp;&nbsp; 66168835 | &nbsp;&nbsp;&nbsp; $683403209 | &nbsp;&nbsp;&nbsp; (7694696) | &nbsp;&nbsp;&nbsp; $(68159712) |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 8326313 | &nbsp;&nbsp;&nbsp; $86068048 | &nbsp;&nbsp;&nbsp; 12861853 | &nbsp;&nbsp;&nbsp; $132936120 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1324102 | &nbsp;&nbsp;&nbsp; 13346952 |
| Shares redeemed | &nbsp;&nbsp; (9162997) | &nbsp;&nbsp;&nbsp; (94678242) | &nbsp;&nbsp;&nbsp; (7414474) | &nbsp;&nbsp;&nbsp; (75635851) |
|  | &nbsp;&nbsp; (836684) | &nbsp;&nbsp;&nbsp; $(8610194) | &nbsp;&nbsp;&nbsp; 6771481 | &nbsp;&nbsp;&nbsp; $70647221 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 162319 | &nbsp;&nbsp;&nbsp; $1653867 | &nbsp;&nbsp;&nbsp; 196930 | &nbsp;&nbsp;&nbsp; $2031328 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45857 | &nbsp;&nbsp;&nbsp; 458573 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (184342) | &nbsp;&nbsp;&nbsp; (1881608) | &nbsp;&nbsp;&nbsp; (377899) | &nbsp;&nbsp;&nbsp; (3821692) |
|  | &nbsp;&nbsp; (22023) | &nbsp;&nbsp;&nbsp; $(227741) | &nbsp;&nbsp;&nbsp; (135112) | &nbsp;&nbsp;&nbsp; $(1331791) |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 06/30/25 | Six Months Ended<br> 06/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Systematic Multi-Strategy (continued) |  |  |  |  |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3610973 | &nbsp;&nbsp;&nbsp; $37304732 | &nbsp;&nbsp;&nbsp; 5653206 | &nbsp;&nbsp;&nbsp; $58023354 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 356843 | &nbsp;&nbsp;&nbsp; 3600544 |
| Shares redeemed | &nbsp;&nbsp; (3422342) | &nbsp;&nbsp;&nbsp; (35152911) | &nbsp;&nbsp;&nbsp; (6242348) | &nbsp;&nbsp;&nbsp; (64747041) |
|  | &nbsp;&nbsp; 188631 | &nbsp;&nbsp;&nbsp; $2151821 | &nbsp;&nbsp;&nbsp; (232299) | &nbsp;&nbsp;&nbsp; $(3123143) |
|  | &nbsp;&nbsp; 65498759 | &nbsp;&nbsp;&nbsp; $676717095 | &nbsp;&nbsp;&nbsp; (1290626) | &nbsp;&nbsp;&nbsp; $(1967425) |

---

As of June 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

<u> *Fund Name* </u> <u> *Class K* </u> <br> Systematic Multi-Strategy 29,354

***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds 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.

Notes to Financial Statements

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others**

Compensation to the independent directors/trustees of the Fund and the Trust, as applicable, is paid by the Fund and the Trust, on behalf of the Funds.

**General Information**

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

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

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

**Shareholder Privileges**

**Account Information**

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

**Automatic Investment Plans**

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

**Systematic Withdrawal Plans**

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

**Retirement Plans**

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Administrator**

BlackRock Advisors, LLC<sup>(a)</sup>

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited<sup>(b)</sup>

079912 Singapore

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

<sup>(a)</sup> For Systematic Multi-Strategy Fund only

<sup>(b)</sup> For Strategic Global Bond Fund only

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Willkie Farr & Gallagher LLP

New York, NY 10019

**Address of the Funds**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Board of Directors/Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock Strategic Global Bond Fund, Inc. (the "Company") and BlackRock Funds IV (the "Trust") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreements (the "Advisory Agreements") between each of the Company, on behalf of BlackRock Strategic Global Bond Fund, Inc. (the "Strategic Global Bond Fund"), and the Trust, on behalf of BlackRock Systematic Multi-Strategy Fund (the "Systematic Multi-Strategy Fund"), (together, the "Funds" and each, a "Fund,"), and BlackRock Advisors, LLC (the "Manager"), each Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the "Sub-Advisory Agreements") between (1) the Manager and BlackRock International Limited ("BIL"), with respect to each Fund and (2) BlackRock (Singapore) Limited ("BSL" and together with BIL, the "Sub-Advisors"), with respect to the Strategic Global Bond Fund. The Manager and the Sub-Advisors are referred to herein as "BlackRock." The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of each Trust, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock's implementation of each Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.

***B. The Investment Performance of each Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-, three- and five-year periods reported, the Strategic Global Bond Fund ranked in the second quartile against its Performance Peers.

The Board noted that for the one-, three-, and five-year periods reported, the Systematic Multi-Strategy Fund ranked in the second, third and second quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Systematic Multi-Strategy Fund's underperformance relative to its Performance Peers during the applicable period.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

------

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Strategic Global Bond Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Strategic Global Bond Fund's Expense Peers. The Board also noted that the Strategic Global Bond Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Strategic Global Bond Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Strategic Global Bond Fund decreases below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Strategic Global Bond Fund's total expenses as a percentage of the Strategic Global Bond Fund's average daily net assets on a class-by-class basis.

The Board noted that the Systematic Multi-Strategy Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Systematic Multi-Strategy Fund's Expense Peers. The Board further noted that the Systematic Multi-Strategy Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Systematic Multi-Strategy Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Systematic Multi-Strategy Fund decreases below certain contractually specified levels. The Board also noted that BlackRock and the Board have contractually agreed to a cap on the Systematic Multi-Strategy Fund's total expenses as a percentage of the Systematic Multi-Strategy Fund's average daily net assets on a class-by-class basis.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to each Fund, including for administrative, distribution, securities lending, and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that each Fund's fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each of the Company, on behalf of the Strategic Global Bond Fund, and the Trust, on behalf of the Systematic Multi-Strategy Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements between (1) the Manager and BIL, with respect to each Fund, and (2)the Manager and BSL, with respect to the Strategic Global Bond Fund, for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

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Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| DOP | Dominican Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NGN | Nigerian Naira |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peru Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BBR | Bank Bill Rate  |
| BBSW | Bank Bill Swap Rate |
| BUBOR | Budapest Interbank Offered Rate |
| BZDIOVER | Overnight Brazil Interbank Deposit (CETIP) |
| CDC | Certificate of Deposit Rate |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| COOIS | Columbia Overnight Interbank Reference Rate |
| CORRA | Overnight Bank of Canada Repo Rate |
| CPI | Consumer Price Index |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| ESTR | Euro Short Term Rate |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FEDL | Fed Funds Effective Rate |
| FREMF | Freddie Mac Multifamily Securities |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| HIBOR | Hong Kong Interbank Offered Rate |
| JIBAR | Johannesburg Interbank Average Rate |
| KLIBOR | Kuala Lumpur Interbank Offered Rate |
| MIBOR | Mumbai Interbank Offered Rate |
| MSCI | Morgan Stanley Capital International |
| MXIBTIIE | Mexico Interbank TIIE 28-Day  |
| NIBOR | Norwegian Interbank Offered Rate  |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| PIPE | Private Investment in Public Equity |
| PRIBOR | Prague Interbank Offer Rate |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| SAW | State Aid Withholding |
| SCA | Societe en Commandite par Actions |
| SHIR | ILS - Shekel Overnight Interest Rate  |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SORA | Singapore Overnight Rate Average |
| SPDR | Standard & Poor's Depository Receipt  |
| SSARON | Swiss Average Overnight Rate |
| STACR | Structured Agency Credit Risk |
| STIBOR | Stockholm Interbank Offered Rate |
| TBA | To-Be-Announced |
| THOR | Thai Overnight Repurchase Rate |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate  |

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2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Glossary of Terms Used in these Financial Statements (continued)

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| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| UK RPI | United Kingdom Retail Price Index  |
| WIBOR | Warsaw Interbank Offered Rate |

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Glossary of Terms Used in these Financial Statements

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Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' 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.

![](g118933imgfd33bd552.jpg)

![](g118933img1b2854b11.jpg)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940

------

Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

(a)(3) [Section 302 Certifications are attached](d118933dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Section 906 Certifications are attached](d118933dex99906cert.htm)

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

BlackRock Funds IV

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| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds IV |

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Date: August 22, 2025

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.

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| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds IV |

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Date: August 22, 2025

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| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds IV |

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Date: August 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds IV, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds IV

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds IV, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds IV (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds IV

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds IV (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds IV

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**